# EDGAR Filing Document

**Accession Number:** 0001004655
**File Stem:** 0001104659-25-125086
**Filing Date:** 2025-12
**Character Count:** 950658
**Document Hash:** a795512ed02b13887d2e8d728ffecb22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-125086.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001104659-25-125086

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WHITEHALL FUNDS
- **CENTRAL INDEX KEY:** 0001004655

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07443
- **FILM NUMBER:** 251611918

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WHITEHALL FUNDS INC
- **DATE OF NAME CHANGE:** 19951207

## Series and Classes Contracts Data

### Vanguard Mid-Cap Growth Fund (Series ID: S000004408)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012166 | Investor Shares | VMGRX           |

### Vanguard Selected Value Fund (Series ID: S000004409)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012167 | Investor Shares | VASVX           |

### Vanguard Emerging Markets Government Bond Index Fund (Series ID: S000040750)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000126407 | Admiral Shares       | VGAVX           |
| C000126408 | ETF Shares           | VWOB            |
| C000126409 | Institutional Shares | VGIVX           |

### Vanguard Global Minimum Volatility Fund (Series ID: S000043242)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000133791 | Admiral Shares  | VMNVX           |
| C000133792 | Investor Shares | VMVFX           |

### Vanguard International Dividend Appreciation Index Fund (Series ID: S000051871)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000163310 | Admiral Shares | VIAAX           |
| C000163311 | ETF Shares     | VIGI            |

### Vanguard International High Dividend Yield Index Fund (Series ID: S000051872)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000163313 | Admiral Shares | VIHAX           |
| C000163314 | ETF Shares     | VYMI            |

### Vanguard International Dividend Growth Fund (Series ID: S000082943)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000246320 | Investor Shares | VIDGX           |

?xml version='1.0' encoding='ASCII'? 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**: 811-07443**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Whitehall Funds** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| **Name and address of agent for service:** | **Natalie Lamarque, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: October 31

Date of reporting period: November 1, 2024—October 31, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Mid-Cap Growth Fund](#classname4c2fa81b-acd2-42eb-a83d-82b9fd8be774)<br> **[Investor Shares - VMGRX](#classname4c2fa81b-acd2-42eb-a83d-82b9fd8be774)**  |
|  [Selected Value Fund](#classname185f6979-f74a-4c9e-8978-2002110b6fd2)<br> **[Investor Shares - VASVX](#classname185f6979-f74a-4c9e-8978-2002110b6fd2)**  |
|  [Emerging Markets Government Bond Index Fund](#classname3c00f328-f841-4576-aa1f-4a9ccaecb1c5)<br> **[ETF Shares - VWOB](#classname3c00f328-f841-4576-aa1f-4a9ccaecb1c5)**  |
|  [Emerging Markets Government Bond Index Fund](#classnamea328b5ba-3c97-4f89-be89-7dadbe9e749d)<br> **[Admiral™ Shares - VGAVX](#classnamea328b5ba-3c97-4f89-be89-7dadbe9e749d)**  |
|  [Emerging Markets Government Bond Index Fund](#classnamef7b631c1-c588-4031-ad2e-25c1f90fe7e1)<br> **[Institutional Shares - VGIVX](#classnamef7b631c1-c588-4031-ad2e-25c1f90fe7e1)**  |
|  [Global Minimum Volatility Fund](#classnamed1f864ea-6960-4f8b-a832-c6266bfd34f2)<br> **[Investor Shares - VMVFX](#classnamed1f864ea-6960-4f8b-a832-c6266bfd34f2)**  |
|  [Global Minimum Volatility Fund](#classnameed4036f1-6217-465d-a87a-6abf641ae1c1)<br> **[Admiral™ Shares - VMNVX](#classnameed4036f1-6217-465d-a87a-6abf641ae1c1)**  |
|  [International Dividend Appreciation Index Fund](#classname8073b905-0585-4bdd-be23-449c82a1cfd5)<br> **[ETF Shares - VIGI](#classname8073b905-0585-4bdd-be23-449c82a1cfd5)**  |
|  [International Dividend Appreciation Index Fund](#classname7a139d33-1c88-4213-b5f0-fd444a19b999)<br> **[Admiral™ Shares - VIAAX](#classname7a139d33-1c88-4213-b5f0-fd444a19b999)**  |
|  [International High Dividend Yield Index Fund](#classnamed5faae50-6f9a-42eb-9f57-c34f5b84d784)<br> **[ETF Shares - VYMI](#classnamed5faae50-6f9a-42eb-9f57-c34f5b84d784)**  |
|  [International High Dividend Yield Index Fund](#classname3342f835-b675-484f-913b-cf710edd6544)<br> **[Admiral™ Shares - VIHAX](#classname3342f835-b675-484f-913b-cf710edd6544)**  |
|  [International Dividend Growth Fund](#classname8b5ac11a-03b9-459f-ab8f-0363b3ebe1e4)<br> **[Investor Shares - VIDGX](#classname8b5ac11a-03b9-459f-ab8f-0363b3ebe1e4)**  |

---

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard Mid-Cap Growth Fund

# Investor Shares (VMGRX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard Mid-Cap Growth Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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 year?** 
(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 | $34 | 0.32% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund underperformed its benchmark. 

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was occasionally tempered by market concerns about interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals. 

* Only three of the Fund's 11 industry sectors contributed positively to relative performance. Health care detracted most, mainly due to stock selection. Industrials contributed most. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: October 31, 2015, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from October 31, 2015 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Investor Shares $25,084 Russell Midcap Growth Index $32,914 Dow Jones U.S. Total Stock Market Float Adjusted Index $37,150.](tm2530396d12_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Russell Midcap Growth Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $8869 | $9054 | $9292 |
| **2016** | $9455 | $9846 | $10003 |
| **2016** | $9746 | $10502 | $10609 |
| **2016** | $9451 | $10040 | $10421 |
| **2017** | $10056 | $10864 | $11311 |
| **2017** | $10563 | $11405 | $11860 |
| **2017** | $10900 | $11907 | $12320 |
| **2017** | $11595 | $12675 | $12917 |
| **2018** | $12674 | $13915 | $14157 |
| **2018** | $12475 | $13329 | $13410 |
| **2018** | $13280 | $14179 | $14344 |
| **2018** | $12710 | $13454 | $13765 |
| **2019** | $13028 | $13985 | $13828 |
| **2019** | $14594 | $15680 | $15097 |
| **2019** | $14930 | $16185 | $15334 |
| **2019** | $14434 | $16001 | $15608 |
| **2020** | $15422 | $17152 | $16645 |
| **2020** | $13782 | $15716 | $14918 |
| **2020** | $16788 | $19114 | $16990 |
| **2020** | $17079 | $19382 | $17167 |
| **2021** | $20035 | $22964 | $20065 |
| **2021** | $21870 | $24198 | $22528 |
| **2021** | $22629 | $25709 | $23604 |
| **2021** | $23515 | $27024 | $24733 |
| **2022** | $19568 | $22622 | $23776 |
| **2022** | $17256 | $20149 | $21771 |
| **2022** | $16925 | $20114 | $21767 |
| **2022** | $15939 | $19204 | $20542 |
| **2023** | $17169 | $20694 | $21774 |
| **2023** | $16778 | $20471 | $22049 |
| **2023** | $18946 | $22735 | $24514 |
| **2023** | $16097 | $19847 | $22267 |
| **2024** | $19321 | $23827 | $25943 |
| **2024** | $20071 | $24708 | $26992 |
| **2024** | $20839 | $25542 | $29687 |
| **2024** | $21856 | $27522 | $30727 |
| **2025** | $24269 | $31118 | $32760 |
| **2025** | $21009 | $28081 | $30030 |
| **2025** | $24549 | $32766 | $34357 |
| **2025** | $25084 | $32914 | $37150 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 14.77% | 7.99% | 9.63% |
| Russell Midcap Growth Index | 19.59% | 11.17% | 12.65% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.90% | 16.69% | 14.02% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $3116 |
| Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 128% |
| Total Investment Advisory Fees (in thousands) | $3837 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Communication Services | 10.5% |
| Consumer Discretionary | 17.9% |
| Consumer Staples | 2.0% |
| Energy | 2.4% |
| Financials | 6.4% |
| Health Care | 11.6% |
| Industrials | 22.3% |
| Information Technology | 21.3% |
| Materials | 0.7% |
| Real Estate | 0.6% |
| Utilities | 2.7% |
| Other Assets and Liabilities—Net | 1.6% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR301

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard Selected Value Fund

# Investor Shares (VASVX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard Selected Value Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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 year?** 
(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 | $35 | 0.34% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund underperformed its benchmark. 

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was occasionally tempered by market concerns about interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid market signals.

* Consumer discretionary, health care, and communication services were the largest detractors by industry sector, mostly because of poor stock selection.

* Strong selection in materials and industrials helped offset some of the negative results. An underweight allocation to real estate also added value. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: October 31, 2015, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from October 31, 2015 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Investor Shares $24,984 Russell Midcap Value Index $24,116 Dow Jones U.S. Total Stock Market Float Adjusted Index $37,150.](tm2530396d12_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Russell Midcap Value Index** | **Dow Jones U.S. Total Stock Market Float Adjusted Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $8910 | $9182 | $9292 |
| **2016** | $10119 | $10316 | $10003 |
| **2016** | $10239 | $11029 | $10609 |
| **2016** | $10220 | $10784 | $10421 |
| **2017** | $11593 | $11858 | $11311 |
| **2017** | $11930 | $12123 | $11860 |
| **2017** | $12310 | $12429 | $12320 |
| **2017** | $12996 | $12630 | $12917 |
| **2018** | $13916 | $13522 | $14157 |
| **2018** | $12786 | $12951 | $13410 |
| **2018** | $13105 | $13556 | $14344 |
| **2018** | $11807 | $12650 | $13765 |
| **2019** | $12138 | $12787 | $13828 |
| **2019** | $12813 | $13697 | $15097 |
| **2019** | $13005 | $13797 | $15334 |
| **2019** | $13284 | $13925 | $15608 |
| **2020** | $13514 | $14445 | $16645 |
| **2020** | $10103 | $11404 | $14918 |
| **2020** | $11376 | $12637 | $16990 |
| **2020** | $11790 | $12959 | $17167 |
| **2021** | $14635 | $15427 | $20065 |
| **2021** | $18017 | $18326 | $22528 |
| **2021** | $17760 | $18585 | $23604 |
| **2021** | $18428 | $19257 | $24733 |
| **2022** | $18570 | $18997 | $23776 |
| **2022** | $17864 | $18325 | $21771 |
| **2022** | $17301 | $18055 | $21767 |
| **2022** | $17085 | $17298 | $20542 |
| **2023** | $19423 | $18867 | $21774 |
| **2023** | $18517 | $17689 | $22049 |
| **2023** | $20414 | $19170 | $24514 |
| **2023** | $18384 | $16681 | $22267 |
| **2024** | $21788 | $19324 | $25943 |
| **2024** | $22130 | $20180 | $26992 |
| **2024** | $23987 | $21813 | $29687 |
| **2024** | $23957 | $22359 | $30727 |
| **2025** | $24366 | $23030 | $32760 |
| **2025** | $22388 | $21238 | $30030 |
| **2025** | $24052 | $23354 | $34357 |
| **2025** | $24984 | $24116 | $37150 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 4.29% | 16.21% | 9.59% |
| Russell Midcap Value Index | 7.86% | 13.23% | 9.20% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.90% | 16.69% | 14.02% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6227 |
| Number of Portfolio Holdings | 129 |
| Portfolio Turnover Rate | 28% |
| Total Investment Advisory Fees (in thousands) | $11894 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Communication Services | 1.9% |
| Consumer Discretionary | 12.7% |
| Consumer Staples | 4.0% |
| Energy | 2.8% |
| Financials | 26.1% |
| Health Care | 9.7% |
| Industrials | 17.5% |
| Information Technology | 5.0% |
| Materials | 9.1% |
| Real Estate | 5.1% |
| Utilities | 0.7% |
| Other Assets and Liabilities—Net | 5.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR934

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard Emerging Markets Government Bond Index Fund

# ETF Shares (VWOB) Nasdaq

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard Emerging Markets Government Bond Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 
(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** |
| ETF Shares | $17 | 0.16% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund performed roughly in line with its benchmark.

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Amid these conditions, U.S. dollar-denominated emerging-market debt performed positively across almost all countries, sectors, maturities, and credit ratings. Among the 10 largest countries in the index, by market value, returns ranged from about 7% for bonds issued by Indonesia to about 33% for those issued by Argentina. 

* At period-end, the Fund's 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—was about 5.6%.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: October 31, 2015, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from October 31, 2015 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $14,730 Bloomberg USD Emerging Markets Government RIC Capped Index $14,793 Bloomberg Global Aggregate Index ex USD $10,358.](tm2530396d12_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Bloomberg USD Emerging Markets Government RIC Capped Index** | **Bloomberg Global Aggregate Index ex USD** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9842 | $9847 | $9892 |
| **2016** | $10500 | $10504 | $10872 |
| **2016** | $10992 | $11007 | $11109 |
| **2016** | $11084 | $11105 | $10647 |
| **2017** | $10963 | $10991 | $10176 |
| **2017** | $11349 | $11380 | $10383 |
| **2017** | $11489 | $11526 | $10884 |
| **2017** | $11701 | $11742 | $10781 |
| **2018** | $11696 | $11741 | $11374 |
| **2018** | $11398 | $11454 | $11180 |
| **2018** | $11428 | $11484 | $10855 |
| **2018** | $11252 | $11308 | $10556 |
| **2019** | $11778 | $11844 | $11004 |
| **2019** | $12062 | $12134 | $10899 |
| **2019** | $12699 | $12772 | $11260 |
| **2019** | $12767 | $12829 | $11384 |
| **2020** | $13217 | $13286 | $11438 |
| **2020** | $11633 | $11714 | $11273 |
| **2020** | $13169 | $13248 | $11929 |
| **2020** | $12977 | $13036 | $11949 |
| **2021** | $13571 | $13629 | $12371 |
| **2021** | $13329 | $13392 | $12029 |
| **2021** | $13661 | $13739 | $12127 |
| **2021** | $13504 | $13584 | $11711 |
| **2022** | $13092 | $13178 | $11391 |
| **2022** | $11558 | $11561 | $10159 |
| **2022** | $11272 | $11262 | $9889 |
| **2022** | $10441 | $10448 | $8831 |
| **2023** | $11618 | $11622 | $9775 |
| **2023** | $11526 | $11531 | $9763 |
| **2023** | $11854 | $11866 | $9646 |
| **2023** | $11132 | $11153 | $9060 |
| **2024** | $12248 | $12277 | $9758 |
| **2024** | $12293 | $12326 | $9415 |
| **2024** | $12846 | $12883 | $9760 |
| **2024** | $13160 | $13212 | $9844 |
| **2025** | $13284 | $13332 | $9621 |
| **2025** | $13400 | $13458 | $10308 |
| **2025** | $13986 | $14044 | $10257 |
| **2025** | $14730 | $14793 | $10358 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ETF Shares Net Asset Value | 11.93% | 2.57% | 3.95% |
| ETF Shares Market Price | 12.31% | 2.50% | 3.94% |
| Bloomberg USD Emerging Markets Government RIC Capped Index | 11.96% | 2.56% | 3.99% |
| Bloomberg Global Aggregate Index ex USD | 5.22% | -2.82% | 0.35% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5769 |
| Number of Portfolio Holdings | 838 |
| Portfolio Turnover Rate | 27% |
| Total Investment Advisory Fees (in thousands) | $496 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Africa | 8.3% |
| Asia | 48.2% |
| Europe | 6.7% |
| North America | 17.7% |
| Oceania | 0.0% |
| South America | 17.3% |
| Other Assets and Liabilities—Net | 1.8% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR3820

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard Emerging Markets Government Bond Index Fund

# Admiral™ Shares (VGAVX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard Emerging Markets Government Bond Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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 year?** 
(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 | $21 | 0.20% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund performed roughly in line with its benchmark.

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Amid these conditions, U.S. dollar-denominated emerging-market debt performed positively across almost all countries, sectors, maturities, and credit ratings. Among the 10 largest countries in the index, by market value, returns ranged from about 7% for bonds issued by Indonesia to about 33% for those issued by Argentina. 

* At period-end, the Fund's 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—was about 5.6%.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: October 31, 2015, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from October 31, 2015 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $14,631 Bloomberg USD Emerging Markets Government RIC Capped Index $14,793 Bloomberg Global Aggregate Index ex USD $10,358.](tm2530396d12_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **Bloomberg USD Emerging Markets Government RIC Capped Index** | **Bloomberg Global Aggregate Index ex USD** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9845 | $9847 | $9892 |
| **2016** | $10502 | $10504 | $10872 |
| **2016** | $10995 | $11007 | $11109 |
| **2016** | $11089 | $11105 | $10647 |
| **2017** | $10965 | $10991 | $10176 |
| **2017** | $11353 | $11380 | $10383 |
| **2017** | $11493 | $11526 | $10884 |
| **2017** | $11707 | $11742 | $10781 |
| **2018** | $11701 | $11741 | $11374 |
| **2018** | $11403 | $11454 | $11180 |
| **2018** | $11434 | $11484 | $10855 |
| **2018** | $11262 | $11308 | $10556 |
| **2019** | $11783 | $11844 | $11004 |
| **2019** | $12073 | $12134 | $10899 |
| **2019** | $12709 | $12772 | $11260 |
| **2019** | $12777 | $12829 | $11384 |
| **2020** | $13229 | $13286 | $11438 |
| **2020** | $11645 | $11714 | $11273 |
| **2020** | $13181 | $13248 | $11929 |
| **2020** | $12989 | $13036 | $11949 |
| **2021** | $13584 | $13629 | $12371 |
| **2021** | $13341 | $13392 | $12029 |
| **2021** | $13671 | $13739 | $12127 |
| **2021** | $13514 | $13584 | $11711 |
| **2022** | $13105 | $13178 | $11391 |
| **2022** | $11565 | $11561 | $10159 |
| **2022** | $11283 | $11262 | $9889 |
| **2022** | $10451 | $10448 | $8831 |
| **2023** | $11626 | $11622 | $9775 |
| **2023** | $11537 | $11531 | $9763 |
| **2023** | $11863 | $11866 | $9646 |
| **2023** | $11145 | $11153 | $9060 |
| **2024** | $12264 | $12277 | $9758 |
| **2024** | $12307 | $12326 | $9415 |
| **2024** | $12858 | $12883 | $9760 |
| **2024** | $13169 | $13212 | $9844 |
| **2025** | $13294 | $13332 | $9621 |
| **2025** | $13412 | $13458 | $10308 |
| **2025** | $13999 | $14044 | $10257 |
| **2025** | $14631 | $14793 | $10358 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares<sup>Footnote Reference1</sup> | 11.10% | 2.41% | 3.88% |
| Bloomberg USD Emerging Markets Government RIC Capped Index | 11.96% | 2.56% | 3.99% |
| Bloomberg Global Aggregate Index ex USD | 5.22% | -2.82% | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Vanguard fund returns are adjusted to reflect the 0.75% fee on purchases of fund shares. |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5769 |
| Number of Portfolio Holdings | 838 |
| Portfolio Turnover Rate | 27% |
| Total Investment Advisory Fees (in thousands) | $496 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Africa | 8.3% |
| Asia | 48.2% |
| Europe | 6.7% |
| North America | 17.7% |
| Oceania | 0.0% |
| South America | 17.3% |
| Other Assets and Liabilities—Net | 1.8% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR520

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard Emerging Markets Government Bond Index Fund

# Institutional Shares (VGIVX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard Emerging Markets Government Bond Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 
(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 | $15 | 0.14% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund performed roughly in line with its benchmark.

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Amid these conditions, U.S. dollar-denominated emerging-market debt performed positively across almost all countries, sectors, maturities, and credit ratings. Among the 10 largest countries in the index, by market value, returns ranged from about 7% for bonds issued by Indonesia to about 33% for those issued by Argentina. 

* At period-end, the Fund's 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—was about 5.6%.

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: October 31, 2015, Through October 31, 2025** 

### Initial Investment of $5,000,000
![Line graph showing cumulative performance of $5,000,000 investment from October 31, 2015 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Institutional Shares $7,327,953 Bloomberg USD Emerging Markets Government RIC Capped Index $7,396,372 Bloomberg Global Aggregate Index ex USD $5,179,036.](tm2530396d12_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg USD Emerging Markets Government RIC Capped Index** | **Bloomberg Global Aggregate Index ex USD** |
| **2015** | $5000000 | $5000000 | $5000000 |
| **2016** | $4920884 | $4923547 | $4945786 |
| **2016** | $5251186 | $5252014 | $5436245 |
| **2016** | $5496942 | $5503393 | $5554431 |
| **2016** | $5544552 | $5552338 | $5323437 |
| **2017** | $5484663 | $5495416 | $5088247 |
| **2017** | $5677839 | $5690208 | $5191252 |
| **2017** | $5748186 | $5763168 | $5442076 |
| **2017** | $5854483 | $5871183 | $5390438 |
| **2018** | $5851870 | $5870511 | $5687090 |
| **2018** | $5704520 | $5726784 | $5589913 |
| **2018** | $5718019 | $5741809 | $5427257 |
| **2018** | $5631033 | $5654157 | $5278046 |
| **2019** | $5893372 | $5921969 | $5501815 |
| **2019** | $6036505 | $6066850 | $5449700 |
| **2019** | $6354576 | $6386083 | $5630051 |
| **2019** | $6388978 | $6414591 | $5691961 |
| **2020** | $6614033 | $6642869 | $5718900 |
| **2020** | $5823209 | $5857211 | $5636594 |
| **2020** | $6591947 | $6624247 | $5964427 |
| **2020** | $6496017 | $6518096 | $5974260 |
| **2021** | $6793165 | $6814713 | $6185478 |
| **2021** | $6673706 | $6695962 | $6014664 |
| **2021** | $6840210 | $6869445 | $6063345 |
| **2021** | $6762059 | $6792088 | $5855364 |
| **2022** | $6556887 | $6589099 | $5695324 |
| **2022** | $5786906 | $5780410 | $5079500 |
| **2022** | $5644388 | $5631015 | $4944429 |
| **2022** | $5229947 | $5224188 | $4415736 |
| **2023** | $5818027 | $5811035 | $4887484 |
| **2023** | $5772539 | $5765406 | $4881418 |
| **2023** | $5939077 | $5933087 | $4823219 |
| **2023** | $5577391 | $5576312 | $4530082 |
| **2024** | $6135440 | $6138708 | $4878794 |
| **2024** | $6159084 | $6162940 | $4707632 |
| **2024** | $6437364 | $6441587 | $4879880 |
| **2024** | $6595261 | $6606215 | $4921928 |
| **2025** | $6656943 | $6666005 | $4810607 |
| **2025** | $6713823 | $6729179 | $5153992 |
| **2025** | $7009955 | $7022008 | $5128713 |
| **2025** | $7327953 | $7396372 | $5179036 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares<sup>Footnote Reference1</sup> | 11.11% | 2.44% | 3.90% |
| Bloomberg USD Emerging Markets Government RIC Capped Index | 11.96% | 2.56% | 3.99% |
| Bloomberg Global Aggregate Index ex USD | 5.22% | -2.82% | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Vanguard fund returns are adjusted to reflect the 0.75% fee on purchases of fund shares. |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5769 |
| Number of Portfolio Holdings | 838 |
| Portfolio Turnover Rate | 27% |
| Total Investment Advisory Fees (in thousands) | $496 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Africa | 8.3% |
| Asia | 48.2% |
| Europe | 6.7% |
| North America | 17.7% |
| Oceania | 0.0% |
| South America | 17.3% |
| Other Assets and Liabilities—Net | 1.8% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.

This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR2020

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard Global Minimum Volatility Fund

# Investor Shares (VMVFX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard Global Minimum Volatility Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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 year?** 
(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 | $22 | 0.21% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund underperformed its benchmark.

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* By region, North America, the Pacific region, and Europe weighed on the Fund's relative results. However, North America—which had the biggest weighting in the Fund—was by far the biggest detractor. 

* Just three of the Fund's 11 sectors helped performance. The biggest detractors were information technology, industrials, and consumer staples. On the other side of the ledger, stock selection drove positive contributions in energy and health care, while an underweight allocation to real estate also contributed modestly. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: October 31, 2015, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from October 31, 2015 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Investor Shares $20,927 FTSE Global All Cap Index (USD Hedged) $32,093 FTSE Global All Cap Index $29,474.](tm2530396d12_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **FTSE Global All Cap Index (USD Hedged)** | **FTSE Global All Cap Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9671 | $9300 | $9154 |
| **2016** | $10012 | $9804 | $9958 |
| **2016** | $10729 | $10273 | $10361 |
| **2016** | $10423 | $10309 | $10274 |
| **2017** | $10813 | $11001 | $10908 |
| **2017** | $11469 | $11603 | $11532 |
| **2017** | $11756 | $12021 | $12154 |
| **2017** | $12187 | $12682 | $12717 |
| **2018** | $12661 | $13548 | $13904 |
| **2018** | $12431 | $13068 | $13205 |
| **2018** | $13093 | $13608 | $13550 |
| **2018** | $12661 | $12856 | $12639 |
| **2019** | $12900 | $12992 | $12872 |
| **2019** | $13717 | $14111 | $13827 |
| **2019** | $14180 | $14215 | $13897 |
| **2019** | $14485 | $14554 | $14235 |
| **2020** | $15117 | $15289 | $14921 |
| **2020** | $12728 | $13558 | $13051 |
| **2020** | $13521 | $15146 | $14827 |
| **2020** | $13150 | $15232 | $14903 |
| **2021** | $14312 | $17744 | $17576 |
| **2021** | $15048 | $19576 | $19330 |
| **2021** | $15573 | $20290 | $19963 |
| **2021** | $15584 | $21061 | $20604 |
| **2022** | $15526 | $20426 | $19806 |
| **2022** | $15320 | $19157 | $18202 |
| **2022** | $15254 | $18979 | $17844 |
| **2022** | $14917 | $17992 | $16512 |
| **2023** | $15624 | $19476 | $18365 |
| **2023** | $15863 | $19795 | $18560 |
| **2023** | $15977 | $21534 | $20155 |
| **2023** | $15521 | $19812 | $18174 |
| **2024** | $17025 | $22620 | $20943 |
| **2024** | $17507 | $23827 | $21770 |
| **2024** | $18612 | $25677 | $23540 |
| **2024** | $18836 | $26328 | $24101 |
| **2025** | $19280 | $27835 | $25179 |
| **2025** | $19878 | $26290 | $24282 |
| **2025** | $20268 | $29544 | $27195 |
| **2025** | $20927 | $32093 | $29474 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 11.10% | 9.74% | 7.66% |
| FTSE Global All Cap Index (USD Hedged) | 21.89% | 16.07% | 12.37% |
| FTSE Global All Cap Index | 22.29% | 14.61% | 11.42% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $2039 |
| Number of Portfolio Holdings | 238 |
| Portfolio Turnover Rate | 43% |
| Total Investment Advisory Fees (in thousands) | $1867 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Asia | 15.6% |
| Europe | 17.0% |
| North America | 62.8% |
| Oceania | 3.1% |
| South America | 1.0% |
| Other Assets and Liabilities—Net | 0.5% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1194

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard Global Minimum Volatility Fund

# Admiral™ Shares (VMNVX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard Global Minimum Volatility Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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 year?** 
(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 | $15 | 0.14% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund underperformed its benchmark.

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* By region, North America, the Pacific region, and Europe weighed on the Fund's relative results. However, North America—which had the biggest weighting in the Fund—was by far the biggest detractor. 

* Just three of the Fund's 11 sectors helped performance. The biggest detractors were information technology, industrials, and consumer staples. On the other side of the ledger, stock selection drove positive contributions in energy and health care, while an underweight allocation to real estate also contributed modestly. 

## How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: October 31, 2015, Through October 31, 2025** 

### Initial Investment of $50,000
![Line graph showing cumulative performance of $50,000 investment from October 31, 2015 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $105,443 FTSE Global All Cap Index (USD Hedged) $160,464 FTSE Global All Cap Index $147,370.](tm2530396d12_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **FTSE Global All Cap Index (USD Hedged)** | **FTSE Global All Cap Index** |
| **2015** | $50000 | $50000 | $50000 |
| **2016** | $48369 | $46498 | $45770 |
| **2016** | $50119 | $49020 | $49790 |
| **2016** | $53706 | $51365 | $51807 |
| **2016** | $52197 | $51546 | $51372 |
| **2017** | $54138 | $55004 | $54541 |
| **2017** | $57445 | $58017 | $57662 |
| **2017** | $58907 | $60104 | $60771 |
| **2017** | $61066 | $63409 | $63586 |
| **2018** | $63420 | $67742 | $69522 |
| **2018** | $62339 | $65341 | $66025 |
| **2018** | $65630 | $68039 | $67748 |
| **2018** | $63466 | $64282 | $63194 |
| **2019** | $64674 | $64958 | $64358 |
| **2019** | $68796 | $70554 | $69133 |
| **2019** | $71141 | $71075 | $69484 |
| **2019** | $72696 | $72772 | $71174 |
| **2020** | $75863 | $76443 | $74607 |
| **2020** | $63904 | $67788 | $65253 |
| **2020** | $67881 | $75729 | $74134 |
| **2020** | $66022 | $76160 | $74513 |
| **2021** | $71889 | $88722 | $87881 |
| **2021** | $75557 | $97880 | $96651 |
| **2021** | $78249 | $101449 | $99817 |
| **2021** | $78302 | $105306 | $103020 |
| **2022** | $78016 | $102132 | $99030 |
| **2022** | $76978 | $95786 | $91008 |
| **2022** | $76704 | $94896 | $89222 |
| **2022** | $74983 | $89959 | $82559 |
| **2023** | $78557 | $97381 | $91827 |
| **2023** | $79791 | $98974 | $92798 |
| **2023** | $80393 | $107668 | $100775 |
| **2023** | $78098 | $99060 | $90871 |
| **2024** | $85699 | $113099 | $104717 |
| **2024** | $88125 | $119135 | $108852 |
| **2024** | $93689 | $128387 | $117701 |
| **2024** | $94813 | $131642 | $120506 |
| **2025** | $97084 | $139175 | $125895 |
| **2025** | $100096 | $131449 | $121412 |
| **2025** | $102093 | $147721 | $135976 |
| **2025** | $105443 | $160464 | $147370 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Admiral Shares | 11.21% | 9.82% | 7.75% |
| FTSE Global All Cap Index (USD Hedged) | 21.89% | 16.07% | 12.37% |
| FTSE Global All Cap Index | 22.29% | 14.61% | 11.42% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $2039 |
| Number of Portfolio Holdings | 238 |
| Portfolio Turnover Rate | 43% |
| Total Investment Advisory Fees (in thousands) | $1867 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Asia | 15.6% |
| Europe | 17.0% |
| North America | 62.8% |
| Oceania | 3.1% |
| South America | 1.0% |
| Other Assets and Liabilities—Net | 0.5% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR594

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard International Dividend Appreciation Index Fund

# ETF Shares (VIGI) Nasdaq

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard International Dividend Appreciation Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 
(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** |
| ETF Shares | $11 | 0.11% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund performed roughly in line with its benchmark. 

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Financials, industrials, technology, and consumer discretionary were the sectors that contributed most to the index's return, while health care was the biggest detractor. 

* The Pacific region, which had the second-largest weighting in the index, contributed most to overall returns, followed by North America. Europe, which had the largest weighting, had only a modest gain.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 25, 2016, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from February 25, 2016 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $22,440 Spliced S&P Global Ex-U.S. Dividend Growers Index $22,773 S&P Global Ex-U.S. BMI (USD) $18,626.](tm2530396d12_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **Spliced S&P Global Ex-U.S. Dividend Growers Index** | **S&P Global Ex-U.S. BMI (USD)** |
| **2/25/16** | $10000 | $10000 | $10000 |
| **1/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10917 | $11036 | $11080 |
| **7/31/16** | $11501 | $11589 | $11183 |
| **10/31/16** | $10964 | $11047 | $11159 |
| **1/31/17** | $11007 | $11086 | $11522 |
| **4/30/17** | $11989 | $12080 | $12190 |
| **7/31/17** | $12906 | $13006 | $12976 |
| **10/31/17** | $13177 | $13278 | $13486 |
| **1/31/18** | $14146 | $14297 | $14656 |
| **4/30/18** | $13489 | $13651 | $13848 |
| **7/31/18** | $13810 | $13956 | $13460 |
| **10/31/18** | $12249 | $12381 | $12054 |
| **1/31/19** | $12859 | $12992 | $12432 |
| **4/30/19** | $13975 | $14105 | $12965 |
| **7/31/19** | $14067 | $14340 | $12725 |
| **10/31/19** | $14572 | $14770 | $13033 |
| **1/31/20** | $15070 | $15334 | $13323 |
| **4/30/20** | $13398 | $13609 | $11175 |
| **7/31/20** | $14986 | $15185 | $12557 |
| **10/31/20** | $15116 | $15305 | $12528 |
| **1/31/21** | $17456 | $17730 | $14999 |
| **4/30/21** | $18351 | $18660 | $15907 |
| **7/31/21** | $19177 | $19463 | $15976 |
| **10/31/21** | $19640 | $20003 | $16043 |
| **1/31/22** | $18686 | $18836 | $15203 |
| **4/30/22** | $17459 | $17946 | $13863 |
| **7/31/22** | $16835 | $17087 | $13068 |
| **10/31/22** | $15143 | $15427 | $11651 |
| **1/31/23** | $17586 | $17814 | $13843 |
| **4/30/23** | $18086 | $18407 | $13761 |
| **7/31/23** | $18381 | $18717 | $14340 |
| **10/31/23** | $16799 | $17000 | $12651 |
| **1/31/24** | $19191 | $19689 | $14296 |
| **4/30/24** | $19108 | $19523 | $14712 |
| **7/31/24** | $20790 | $21181 | $15358 |
| **10/31/24** | $20576 | $20974 | $15349 |
| **1/31/25** | $20412 | $20871 | $15401 |
| **4/30/25** | $21478 | $21790 | $15951 |
| **7/31/25** | $21481 | $21974 | $17178 |
| **10/31/25** | $22440 | $22773 | $18626 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/25/16** |
| ETF Shares Net Asset Value | 9.06% | 8.22% | 8.71% |
| ETF Shares Market Price | 8.82% | 8.17% | 8.70% |
| Spliced S&P Global Ex-U.S. Dividend Growers Index | 8.58% | 8.27% | 8.87% |
| S&P Global Ex-U.S. BMI (USD) | 21.35% | 8.25% | 6.64% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9176 |
| Number of Portfolio Holdings | 347 |
| Portfolio Turnover Rate | 14% |
| Total Investment Advisory Fees (in thousands) | $534 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Asia | 38.2% |
| Europe | 41.7% |
| North America | 17.3% |
| Oceania | 2.0% |
| South America | 0.1% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks.

This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR4415

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard International Dividend Appreciation Index Fund

# Admiral™ Shares (VIAAX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard International Dividend Appreciation Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 
(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 | $17 | 0.16% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund performed roughly in line with its benchmark. 

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Financials, industrials, technology, and consumer discretionary were the sectors that contributed most to the index's return, while health care was the biggest detractor. 

* The Pacific region, which had the second-largest weighting in the index, contributed most to overall returns, followed by North America. Europe, which had the largest weighting, had only a modest gain.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: March 2, 2016, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from March 02, 2016 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $21,702 Spliced S&P Global Ex-U.S. Dividend Growers Index $22,106 S&P Global Ex-U.S. BMI (USD) $18,082.](tm2530396d12_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **Spliced S&P Global Ex-U.S. Dividend Growers Index** | **S&P Global Ex-U.S. BMI (USD)** |
| **3/2/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10609 | $10712 | $10756 |
| **7/31/16** | $11178 | $11250 | $10856 |
| **10/31/16** | $10654 | $10723 | $10833 |
| **1/31/17** | $10694 | $10762 | $11186 |
| **4/30/17** | $11650 | $11726 | $11834 |
| **7/31/17** | $12543 | $12625 | $12597 |
| **10/31/17** | $12805 | $12889 | $13092 |
| **1/31/18** | $13744 | $13878 | $14228 |
| **4/30/18** | $13110 | $13251 | $13444 |
| **7/31/18** | $13419 | $13547 | $13067 |
| **10/31/18** | $11905 | $12018 | $11702 |
| **1/31/19** | $12499 | $12611 | $12069 |
| **4/30/19** | $13583 | $13692 | $12586 |
| **7/31/19** | $13670 | $13920 | $12353 |
| **10/31/19** | $14162 | $14338 | $12653 |
| **1/31/20** | $14643 | $14885 | $12934 |
| **4/30/20** | $13018 | $13210 | $10848 |
| **7/31/20** | $14565 | $14740 | $12190 |
| **10/31/20** | $14689 | $14856 | $12162 |
| **1/31/21** | $16962 | $17210 | $14560 |
| **4/30/21** | $17836 | $18113 | $15443 |
| **7/31/21** | $18638 | $18893 | $15509 |
| **10/31/21** | $19090 | $19417 | $15574 |
| **1/31/22** | $18161 | $18284 | $14758 |
| **4/30/22** | $16969 | $17420 | $13458 |
| **7/31/22** | $16369 | $16586 | $12686 |
| **10/31/22** | $14728 | $14975 | $11311 |
| **1/31/23** | $17109 | $17292 | $13439 |
| **4/30/23** | $17583 | $17868 | $13359 |
| **7/31/23** | $17868 | $18169 | $13921 |
| **10/31/23** | $16331 | $16502 | $12281 |
| **1/31/24** | $18653 | $19112 | $13879 |
| **4/30/24** | $18571 | $18951 | $14282 |
| **7/31/24** | $20210 | $20561 | $14910 |
| **10/31/24** | $19997 | $20359 | $14900 |
| **1/31/25** | $19839 | $20260 | $14951 |
| **4/30/25** | $20869 | $21151 | $15485 |
| **7/31/25** | $20871 | $21330 | $16676 |
| **10/31/25** | $21702 | $22106 | $18082 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/2/16** |
| Admiral Shares<sup>Footnote Reference1</sup> | 8.48% | 8.12% | 8.35% |
| Spliced S&P Global Ex-U.S. Dividend Growers Index | 8.58% | 8.27% | 8.56% |
| S&P Global Ex-U.S. BMI (USD) | 21.35% | 8.25% | 6.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions of fund shares. |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $9176 |
| Number of Portfolio Holdings | 347 |
| Portfolio Turnover Rate | 14% |
| Total Investment Advisory Fees (in thousands) | $534 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Asia | 38.2% |
| Europe | 41.7% |
| North America | 17.3% |
| Oceania | 2.0% |
| South America | 0.1% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and index concentration risk as principal risks.

This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR515

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard International High Dividend Yield Index Fund

# ETF Shares (VYMI) Nasdaq

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard International High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 
(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** |
| ETF Shares | $20 | 0.18% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund performed in line with its benchmark. 

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Financials, by far the largest sector in the index by weighting, also had the highest return, accounting for more than half the benchmark's overall results.

* By region, Europe, which had the largest weighting in the index, also had double-digit gains, contributing more than half the index's results. For U.S.-based investors, Europe's returns were partly boosted by the U.S. dollar weakening relative to the major European currencies.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: February 25, 2016, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from February 25, 2016 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are ETF Shares Net Asset Value $25,288 FTSE All-World ex US High Dividend Yield Index $26,088 FTSE Global All Cap ex US Index $24,042.](tm2530396d12_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF Shares Net Asset Value** | **FTSE All-World ex US High Dividend Yield Index** | **FTSE Global All Cap ex US Index** |
| **2/25/16** | $10000 | $10000 | $10000 |
| **1/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $11117 | $11245 | $11159 |
| **7/31/16** | $11165 | $11288 | $11362 |
| **10/31/16** | $11337 | $11471 | $11388 |
| **1/31/17** | $11983 | $12115 | $11809 |
| **4/30/17** | $12626 | $12785 | $12591 |
| **7/31/17** | $13470 | $13636 | $13478 |
| **10/31/17** | $13834 | $14010 | $14066 |
| **1/31/18** | $15005 | $15256 | $15326 |
| **4/30/18** | $14183 | $14458 | $14605 |
| **7/31/18** | $13986 | $14217 | $14320 |
| **10/31/18** | $12861 | $13106 | $12900 |
| **1/31/19** | $13274 | $13500 | $13346 |
| **4/30/19** | $13873 | $14106 | $14037 |
| **7/31/19** | $13468 | $13830 | $13913 |
| **10/31/19** | $14002 | $14280 | $14342 |
| **1/31/20** | $14047 | $14401 | $14703 |
| **4/30/20** | $11211 | $11493 | $12426 |
| **7/31/20** | $12314 | $12559 | $14055 |
| **10/31/20** | $11964 | $12178 | $14041 |
| **1/31/21** | $14562 | $14902 | $16852 |
| **4/30/21** | $16082 | $16465 | $18021 |
| **7/31/21** | $16397 | $16762 | $18216 |
| **10/31/21** | $16697 | $17072 | $18388 |
| **1/31/22** | $17124 | $17398 | $17586 |
| **4/30/22** | $16024 | $16564 | $16260 |
| **7/31/22** | $15255 | $15551 | $15442 |
| **10/31/22** | $14166 | $14526 | $13855 |
| **1/31/23** | $16791 | $17157 | $16574 |
| **4/30/23** | $16837 | $17261 | $16630 |
| **7/31/23** | $17650 | $18145 | $17468 |
| **10/31/23** | $16223 | $16606 | $15508 |
| **1/31/24** | $18018 | $18708 | $17587 |
| **4/30/24** | $18792 | $19453 | $18253 |
| **7/31/24** | $19877 | $20470 | $19211 |
| **10/31/24** | $20018 | $20648 | $19300 |
| **1/31/25** | $20234 | $20966 | $19432 |
| **4/30/25** | $22008 | $22687 | $20346 |
| **7/31/25** | $23509 | $24358 | $22056 |
| **10/31/25** | $25288 | $26088 | $24042 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 2/25/16** |
| ETF Shares Net Asset Value | 26.33% | 16.15% | 10.06% |
| ETF Shares Market Price | 26.02% | 16.06% | 10.07% |
| FTSE All-World ex US High Dividend Yield Index | 26.35% | 16.46% | 10.41% |
| FTSE Global All Cap ex US Index | 24.57% | 11.36% | 9.49% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $13781 |
| Number of Portfolio Holdings | 1558 |
| Portfolio Turnover Rate | 9% |
| Total Investment Advisory Fees (in thousands) | $684 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Africa | 1.4% |
| Asia | 36.2% |
| Europe | 43.6% |
| North America | 8.8% |
| Oceania | 7.2% |
| South America | 2.1% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.

This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR4430

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard International High Dividend Yield Index Fund

# Admiral™ Shares (VIHAX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard International High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 
(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 | $20 | 0.18% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund performed in line with its benchmark. 

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Financials, by far the largest sector in the index by weighting, also had the highest return, accounting for more than half the benchmark's overall results.

* By region, Europe, which had the largest weighting in the index, also had double-digit gains, contributing more than half the index's results. For U.S.-based investors, Europe's returns were partly boosted by the U.S. dollar weakening relative to the major European currencies.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: March 2, 2016, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from March 02, 2016 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Admiral Shares $24,377 FTSE All-World ex US High Dividend Yield Index $25,215 FTSE Global All Cap ex US Index $23,328.](tm2530396d12_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Admiral Shares** | **FTSE All-World ex US High Dividend Yield Index** | **FTSE Global All Cap ex US Index** |
| **3/2/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10765 | $10869 | $10828 |
| **7/31/16** | $10811 | $10910 | $11025 |
| **10/31/16** | $10973 | $11087 | $11050 |
| **1/31/17** | $11597 | $11710 | $11459 |
| **4/30/17** | $12221 | $12357 | $12217 |
| **7/31/17** | $13039 | $13180 | $13078 |
| **10/31/17** | $13391 | $13541 | $13648 |
| **1/31/18** | $14526 | $14745 | $14871 |
| **4/30/18** | $13733 | $13974 | $14171 |
| **7/31/18** | $13540 | $13741 | $13895 |
| **10/31/18** | $12454 | $12667 | $12517 |
| **1/31/19** | $12855 | $13048 | $12950 |
| **4/30/19** | $13432 | $13633 | $13621 |
| **7/31/19** | $13036 | $13367 | $13500 |
| **10/31/19** | $13554 | $13802 | $13917 |
| **1/31/20** | $13596 | $13919 | $14267 |
| **4/30/20** | $10847 | $11108 | $12058 |
| **7/31/20** | $11916 | $12139 | $13638 |
| **10/31/20** | $11576 | $11770 | $13624 |
| **1/31/21** | $14088 | $14404 | $16352 |
| **4/30/21** | $15564 | $15914 | $17486 |
| **7/31/21** | $15872 | $16201 | $17675 |
| **10/31/21** | $16160 | $16501 | $17842 |
| **1/31/22** | $16577 | $16815 | $17064 |
| **4/30/22** | $15511 | $16010 | $15777 |
| **7/31/22** | $14769 | $15031 | $14984 |
| **10/31/22** | $13718 | $14040 | $13444 |
| **1/31/23** | $16265 | $16583 | $16082 |
| **4/30/23** | $16299 | $16683 | $16137 |
| **7/31/23** | $17085 | $17538 | $16949 |
| **10/31/23** | $15702 | $16050 | $15048 |
| **1/31/24** | $17444 | $18082 | $17065 |
| **4/30/24** | $18190 | $18802 | $17711 |
| **7/31/24** | $19242 | $19785 | $18641 |
| **10/31/24** | $19382 | $19957 | $18727 |
| **1/31/25** | $19586 | $20265 | $18856 |
| **4/30/25** | $21305 | $21928 | $19742 |
| **7/31/25** | $22759 | $23542 | $21401 |
| **10/31/25** | $24377 | $25215 | $23328 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/2/16** |
| Admiral Shares<sup>Footnote Reference1</sup> | 25.68% | 16.05% | 9.66% |
| FTSE All-World ex US High Dividend Yield Index | 26.35% | 16.46% | 10.04% |
| FTSE Global All Cap ex US Index | 24.57% | 11.36% | 9.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions of fund shares. |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $13781 |
| Number of Portfolio Holdings | 1558 |
| Portfolio Turnover Rate | 9% |
| Total Investment Advisory Fees (in thousands) | $684 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Africa | 1.4% |
| Asia | 36.2% |
| Europe | 43.6% |
| North America | 8.8% |
| Oceania | 7.2% |
| South America | 2.1% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
During the reporting period, the expense ratio for the Admiral Share class was reduced.

This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR530

![Image](tm2530396d12_tsrimg004.jpg)

# Vanguard International Dividend Growth Fund

# Investor Shares (VIDGX)

# Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about Vanguard International Dividend Growth Fund (the "Fund") for the period of November 1, 2024, to October 31, 2025. 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 year?** 
(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 | $55 | 0.53% |

---

## How did the Fund perform during the reporting period?
* For the 12 months ended October 31, 2025, the Fund underperformed its benchmark. 

* Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.

* Seven of the 11 industry sectors detracted from relative performance, with materials, information technology, and financials detracting most. Stock selection in materials weighed particularly heavily. On the positive side, selection in health care, industrials, and consumer staples provided meaningful offsets. 

* Across regions, North America and the Pacific region detracted. On the other side of the ledger, selection in Europe, which accounted for nearly 70% of the Fund by weight, helped results.

## How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

### **Cumulative Performance: November 15, 2023, Through October 31, 2025** 

### Initial Investment of $10,000
![Line graph showing cumulative performance of $10,000 investment from November 15, 2023 through October 31, 2025. By the end of the period, the respective class' and index(es)' ending values are Investor Shares $11,853 S&P International Developed Dividend Growers Index NTR $12,299 MSCI All Country World Index ex USA Net $14,459.](tm2530396d12_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **S&P International Developed Dividend Growers Index NTR** | **MSCI All Country World Index ex USA Net** |
| **11/15/23** | $10000 | $10000 | $10000 |
| **2024** | $11080 | $11448 | $11574 |
| **2025** | $11853 | $12299 | $14459 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/15/23** |
| Investor Shares | 6.98% | 9.07% |
| S&P International Developed Dividend Growers Index NTR | 7.43% | 11.14% |
| MSCI All Country World Index ex USA Net | 24.93% | 20.71% |

---

## Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $122 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 34% |
| Total Investment Advisory Fees (in thousands) | $247 |

---

## Portfolio Composition % of Net Assets (as of October 31, 2025)

---

| | |
|:---|:---|
| Asia | 20.2% |
| Europe | 67.9% |
| North America | 9.9% |
| Other Assets and Liabilities—Net | 2.0% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## 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.

![Image](tm2530396d12_tsrimg004.jpg)

**Connect with Vanguard<sup>®</sup>** • 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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

ARV021

**Item 2**: **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

**Item 3: Audit Committee Financial Expert.**

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

**Item 4: Principal Accountant Fees and Services.**

Includes fees billed in connection with services to the Registrant only.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended <br> October 31, 2025 | Fiscal Year Ended <br> October 31, 2024 |
| (a) Audit Fees. | $473000 | $484000 |
| (b) Audit-Related Fees. | 0 | 0 |
| (c) Tax Fees. | 0 | 0 |
| (d) All Other Fees. | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total. | $473000 | $484000 |

---

(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were <u>not</u> performed by persons other than full-time, permanent employees of the principal accountant.

(g) Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended <br> October 31, 2025 | Fiscal Year Ended<br> October 31, 2024 |
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $0 | $0 |
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees. | $3793970 | $1517669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Fees. | $1617438 | $1916879 |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Fees. | $25000 | $268000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total. | $5436408 | $3702548 |

---

(h) For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

**Item 5**: **Audit Committee of Listed Registrants.**

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

**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.**

![](tm2530396d12midcapgrowthi001.jpg)

#### Financial Statements

#### For the year ended October 31, 2025

#### Vanguard Mid-Cap Growth Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 12 |
| Tax information<br>| 13 |

---

------

Mid-Cap Growth Fund

Financial Statements

#### Schedule of Investments
As of October 31, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (98.4%)** | **Common Stocks (98.4%)** | **Common Stocks (98.4%)** | **Common Stocks (98.4%)** |
| **Communication Services (10.5%)** | **Communication Services (10.5%)** | **Communication Services (10.5%)** | **Communication Services (10.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;123346 | &nbsp;&nbsp;&nbsp;&nbsp; 80831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 2781788 | &nbsp;&nbsp;&nbsp;&nbsp; 62451 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;378259 | &nbsp;&nbsp;&nbsp;&nbsp; 56561 |
|  | &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254498 | &nbsp;&nbsp;&nbsp;&nbsp; 47948 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;326859 | &nbsp;&nbsp;&nbsp;&nbsp; 37170 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71531 | &nbsp;&nbsp;&nbsp;&nbsp; 18338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;149256 | &nbsp;&nbsp;&nbsp;&nbsp; 14903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;151130 | &nbsp;&nbsp;&nbsp;&nbsp; 7599 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **325801** |
| **Consumer Discretionary (17.9%)** | **Consumer Discretionary (17.9%)** | **Consumer Discretionary (17.9%)** | **Consumer Discretionary (17.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;299706 | &nbsp;&nbsp;&nbsp;&nbsp; 76236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | 2179216 | &nbsp;&nbsp;&nbsp;&nbsp; 66662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 1770902 | &nbsp;&nbsp;&nbsp;&nbsp; 56616 |
|  | &nbsp;&nbsp;&nbsp;Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255322 | &nbsp;&nbsp;&nbsp;&nbsp; 55310 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;168240 | &nbsp;&nbsp;&nbsp;&nbsp; 48256 |
|  | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;576896 | &nbsp;&nbsp;&nbsp;&nbsp; 42362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | 1074441 | &nbsp;&nbsp;&nbsp;&nbsp; 37874 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145610 | &nbsp;&nbsp;&nbsp;&nbsp; 37416 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Global-e Online Ltd. | 1023625 | &nbsp;&nbsp;&nbsp;&nbsp; 37291 |
|  | &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57693 | &nbsp;&nbsp;&nbsp;&nbsp; 15408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53277 | &nbsp;&nbsp;&nbsp;&nbsp; 14576 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;240295 | &nbsp;&nbsp;&nbsp;&nbsp; 13002 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;394026 | &nbsp;&nbsp;&nbsp;&nbsp; 12487 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;186997 | &nbsp;&nbsp;&nbsp;&nbsp; 11684 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chewy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;332243 | &nbsp;&nbsp;&nbsp;&nbsp; 11203 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17127 | &nbsp;&nbsp;&nbsp;&nbsp; 6824 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;On Holding AG Class A | &nbsp;&nbsp;&nbsp;&nbsp;137424 | &nbsp;&nbsp;&nbsp;&nbsp; 5105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260468 | &nbsp;&nbsp;&nbsp;&nbsp; 4787 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **557724** |
| **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283324 | &nbsp;&nbsp;&nbsp;&nbsp; 17065 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24634 | &nbsp;&nbsp;&nbsp;&nbsp; 12642 |
|  | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186113 | &nbsp;&nbsp;&nbsp;&nbsp; 11489 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110816 | &nbsp;&nbsp;&nbsp;&nbsp; 8750 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70774 | &nbsp;&nbsp;&nbsp;&nbsp; 6206 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49717 | &nbsp;&nbsp;&nbsp;&nbsp; 6072 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **62224** |
| **Energy (2.4%)** | **Energy (2.4%)** | **Energy (2.4%)** | **Energy (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260517 | &nbsp;&nbsp;&nbsp;&nbsp; 40130 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136933 | &nbsp;&nbsp;&nbsp;&nbsp; 29030 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;415440 | &nbsp;&nbsp;&nbsp;&nbsp; 5218 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **74378** |
| **Financials (6.4%)** | **Financials (6.4%)** | **Financials (6.4%)** | **Financials (6.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;635042 | &nbsp;&nbsp;&nbsp;&nbsp; 45647 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163560 | &nbsp;&nbsp;&nbsp;&nbsp; 42583 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;298544 | &nbsp;&nbsp;&nbsp;&nbsp; 22671 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180499 | &nbsp;&nbsp;&nbsp;&nbsp; 21358 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;247053 | &nbsp;&nbsp;&nbsp;&nbsp; 17383 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;164421 | &nbsp;&nbsp;&nbsp;&nbsp; 17328 |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217664 | &nbsp;&nbsp;&nbsp;&nbsp; 11606 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;28564 | &nbsp;&nbsp;&nbsp;&nbsp; 9731 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81291 | &nbsp;&nbsp;&nbsp;&nbsp; 6950 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582 | &nbsp;&nbsp;&nbsp;&nbsp; 3874 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **199871** |

---

------

Mid-Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Health Care (11.6%)** | **Health Care (11.6%)** | **Health Care (11.6%)** | **Health Care (11.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;233112 | &nbsp;&nbsp;&nbsp;&nbsp; 67882 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87659 | &nbsp;&nbsp;&nbsp;&nbsp; 55182 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141152 | &nbsp;&nbsp;&nbsp;&nbsp; 47683 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171936 | &nbsp;&nbsp;&nbsp;&nbsp; 34203 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59176 | &nbsp;&nbsp;&nbsp;&nbsp; 26359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84168 | &nbsp;&nbsp;&nbsp;&nbsp; 26345 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55207 | &nbsp;&nbsp;&nbsp;&nbsp; 25177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60948 | &nbsp;&nbsp;&nbsp;&nbsp; 11556 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;&nbsp; 9822 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36897 | &nbsp;&nbsp;&nbsp;&nbsp; 9109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62270 | &nbsp;&nbsp;&nbsp;&nbsp; 8586 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55394 | &nbsp;&nbsp;&nbsp;&nbsp; 8107 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;29541 | &nbsp;&nbsp;&nbsp;&nbsp; 6963 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117603 | &nbsp;&nbsp;&nbsp;&nbsp; 6847 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88822 | &nbsp;&nbsp;&nbsp;&nbsp; 6657 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30465 | &nbsp;&nbsp;&nbsp;&nbsp; 5486 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;67268 | &nbsp;&nbsp;&nbsp;&nbsp; 4970 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **360934** |
| **Industrials (22.3%)** | **Industrials (22.3%)** | **Industrials (22.3%)** | **Industrials (22.3%)** |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372468 | &nbsp;&nbsp;&nbsp;&nbsp; 76710 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99054 | &nbsp;&nbsp;&nbsp;&nbsp; 72530 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;669446 | &nbsp;&nbsp;&nbsp;&nbsp; 64601 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;968268 | &nbsp;&nbsp;&nbsp;&nbsp; 60981 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281276 | &nbsp;&nbsp;&nbsp;&nbsp; 60083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grab Holdings Ltd. Class A | 9236212 | &nbsp;&nbsp;&nbsp;&nbsp; 55510 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251660 | &nbsp;&nbsp;&nbsp;&nbsp; 51449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203360 | &nbsp;&nbsp;&nbsp;&nbsp; 29257 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;130311 | &nbsp;&nbsp;&nbsp;&nbsp; 25132 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;404176 | &nbsp;&nbsp;&nbsp;&nbsp; 23285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104355 | &nbsp;&nbsp;&nbsp;&nbsp; 21968 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;126169 | &nbsp;&nbsp;&nbsp;&nbsp; 21815 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145003 | &nbsp;&nbsp;&nbsp;&nbsp; 16845 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98372 | &nbsp;&nbsp;&nbsp;&nbsp; 15148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143584 | &nbsp;&nbsp;&nbsp;&nbsp; 14210 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37980 | &nbsp;&nbsp;&nbsp;&nbsp; 10980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23361 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;API Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250752 | &nbsp;&nbsp;&nbsp;&nbsp; 9233 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196011 | &nbsp;&nbsp;&nbsp;&nbsp; 8844 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;99546 | &nbsp;&nbsp;&nbsp;&nbsp; 8081 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12917 | &nbsp;&nbsp;&nbsp;&nbsp; 7263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341071 | &nbsp;&nbsp;&nbsp;&nbsp; 6027 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;35895 | &nbsp;&nbsp;&nbsp;&nbsp; 6019 |
|  | &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55818 | &nbsp;&nbsp;&nbsp;&nbsp; 5758 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46802 | &nbsp;&nbsp;&nbsp;&nbsp; 4955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91903 | &nbsp;&nbsp;&nbsp;&nbsp; 4441 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18627 | &nbsp;&nbsp;&nbsp;&nbsp; 3414 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114 | &nbsp;&nbsp;&nbsp;&nbsp; 1924 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **696474** |
| **Information Technology (21.3%)** | **Information Technology (21.3%)** | **Information Technology (21.3%)** | **Information Technology (21.3%)** |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70150 | &nbsp;&nbsp;&nbsp;&nbsp; 70501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Monday.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;279595 | &nbsp;&nbsp;&nbsp;&nbsp; 57384 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nCino Inc. | 2063610 | &nbsp;&nbsp;&nbsp;&nbsp; 55057 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Q2 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;751541 | &nbsp;&nbsp;&nbsp;&nbsp; 46415 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207384 | &nbsp;&nbsp;&nbsp;&nbsp; 37694 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104433 | &nbsp;&nbsp;&nbsp;&nbsp; 37577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;142501 | &nbsp;&nbsp;&nbsp;&nbsp; 36095 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;202049 | &nbsp;&nbsp;&nbsp;&nbsp; 32896 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Procore Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307918 | &nbsp;&nbsp;&nbsp;&nbsp; 22730 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five9 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;895711 | &nbsp;&nbsp;&nbsp;&nbsp; 21748 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228206 | &nbsp;&nbsp;&nbsp;&nbsp; 20888 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PAR Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;564273 | &nbsp;&nbsp;&nbsp;&nbsp; 19941 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39223 | &nbsp;&nbsp;&nbsp;&nbsp; 19295 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;285248 | &nbsp;&nbsp;&nbsp;&nbsp; 17834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450895 | &nbsp;&nbsp;&nbsp;&nbsp; 17089 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43515 | &nbsp;&nbsp;&nbsp;&nbsp; 14410 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58249 | &nbsp;&nbsp;&nbsp;&nbsp; 13609 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46073 | &nbsp;&nbsp;&nbsp;&nbsp; 12665 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92282 | &nbsp;&nbsp;&nbsp;&nbsp; 12096 |

---

------

Mid-Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86140 | &nbsp;&nbsp;&nbsp;&nbsp; 11367 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74203 | &nbsp;&nbsp;&nbsp;&nbsp; 10799 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115093 | &nbsp;&nbsp;&nbsp;&nbsp; 10789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pure Storage Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;81839 | &nbsp;&nbsp;&nbsp;&nbsp; 8077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp;&nbsp;&nbsp; 7899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11896 | &nbsp;&nbsp;&nbsp;&nbsp; 7582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209657 | &nbsp;&nbsp;&nbsp;&nbsp; 6273 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80846 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30330 | &nbsp;&nbsp;&nbsp;&nbsp; 4834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30445 | &nbsp;&nbsp;&nbsp;&nbsp; 4801 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68446 | &nbsp;&nbsp;&nbsp;&nbsp; 4539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27639 | &nbsp;&nbsp;&nbsp;&nbsp; 3728 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;26621 | &nbsp;&nbsp;&nbsp;&nbsp; 3709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17799 | &nbsp;&nbsp;&nbsp;&nbsp; 2911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33270 | &nbsp;&nbsp;&nbsp;&nbsp; 2876 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 829 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **662836** |
| **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52639 | &nbsp;&nbsp;&nbsp;&nbsp; 11176 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;James Hardie Industries plc | &nbsp;&nbsp;&nbsp;&nbsp;499309 | &nbsp;&nbsp;&nbsp;&nbsp; 10451 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21627** |
| **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184856 | &nbsp;&nbsp;&nbsp;&nbsp; 12720 |
|  | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129092 | &nbsp;&nbsp;&nbsp;&nbsp; 7136 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **19856** |
| **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Talen Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93354 | &nbsp;&nbsp;&nbsp;&nbsp; 37321 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133841 | &nbsp;&nbsp;&nbsp;&nbsp; 25202 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133426 | &nbsp;&nbsp;&nbsp;&nbsp; 22931 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **85454** |
| **Total Common Stocks (Cost $2,659,933)** | **Total Common Stocks (Cost $2,659,933)** | **Total Common Stocks (Cost $2,659,933)** | &nbsp;&nbsp;&nbsp;&nbsp;**3067179** |
| **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** |
| **Money Market Fund (2.0%)** | **Money Market Fund (2.0%)** | **Money Market Fund (2.0%)** | **Money Market Fund (2.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% **(Cost $61,343)** | &nbsp;&nbsp;&nbsp;&nbsp;613499 | &nbsp;&nbsp;&nbsp;&nbsp; **61350** |
| **Total Investments (100.4%) (Cost $2,721,276)** | **Total Investments (100.4%) (Cost $2,721,276)** | **Total Investments (100.4%) (Cost $2,721,276)** | &nbsp;&nbsp;&nbsp;&nbsp;**3128529** |
| **Other Assets and Liabilities—Net (-0.4%)** | **Other Assets and Liabilities—Net (-0.4%)** | **Other Assets and Liabilities—Net (-0.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12901)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**3115628** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> \* Non-income-producing security. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini Russell 2000 Index | December 2025 | 175 | 21787 | &nbsp;&nbsp;298 |
| E-mini S&P 500 Index | December 2025 | 15 | 5155 | &nbsp;&nbsp;(37) |
| E-mini S&P Mid-Cap 400 Index | December 2025 | 68 | 22152 | &nbsp;&nbsp;(338) |
|  |  |  |  | &nbsp;&nbsp;(77) |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Mid-Cap Growth Fund

Statement of Assets and Liabilities

As of October 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $2,659,933) | 3067179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $61,343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61350 |
| Total Investments in Securities | 3128529 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7474 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;228485 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
| **Total Assets** | **3370871** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;253292 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**255243** |
| **Net Assets** | **3115628** |
| **At October 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 2243910 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;871718 |
| **Net Assets** | **3115628** |
| **Net Assets** |  |
| **Applicable to 105,424,783 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **3115628** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$29.55** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Mid-Cap Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> October 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;13681 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4129 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Total Income | &nbsp;&nbsp;&nbsp;17823 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;5944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(2107) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;5847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;9930 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;9782 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**8041** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 783658 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;8493 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | **792151** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (379066) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 |
| **Change in Unrealized Appreciation (Depreciation)** | **(378594)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **421598** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $70. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,926, ($7), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $122,490 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Mid-Cap Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11105 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;792151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252505 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(378594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609475 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;421598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873085 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(55892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11688) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;361542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217184 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11042 |
| Redeemed | &nbsp;&nbsp;&nbsp;(706586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576889) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(292441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348663) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512734 |
| **Net Assets** |  |  |
| **Beginning of Period** | **3042363** | &nbsp;&nbsp;&nbsp;&nbsp;**2529629** |
| **End of Period** | **3115628** | &nbsp;&nbsp;&nbsp;&nbsp;**3042363** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Mid-Cap Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$26.21** | &nbsp;&nbsp;&nbsp;**$19.38** | &nbsp;&nbsp;&nbsp;**$19.24** | &nbsp;&nbsp;&nbsp;**$38.72** | &nbsp;&nbsp;&nbsp;**$29.89** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.013) |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.113 | &nbsp;&nbsp;&nbsp;&nbsp;(10.190) | &nbsp;&nbsp;&nbsp;&nbsp;10.957 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.189 | &nbsp;&nbsp;&nbsp;&nbsp;(10.159) | &nbsp;&nbsp;&nbsp;&nbsp;10.944 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.051) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9.316) | &nbsp;&nbsp;&nbsp;&nbsp;(2.063) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.049) | &nbsp;&nbsp;&nbsp;&nbsp;(9.321) | &nbsp;&nbsp;&nbsp;&nbsp;(2.114) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$29.55** | &nbsp;&nbsp;&nbsp;**$26.21** | &nbsp;&nbsp;&nbsp;**$19.38** | &nbsp;&nbsp;&nbsp;**$19.24** | &nbsp;&nbsp;&nbsp;**$38.72** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**14.77%** | &nbsp;&nbsp;&nbsp;**35.77%** | &nbsp;&nbsp;&nbsp;**0.99%** | &nbsp;&nbsp;&nbsp;**-32.22%** | &nbsp;&nbsp;&nbsp;**37.68%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$3116 | &nbsp;&nbsp;&nbsp;$3042 | &nbsp;&nbsp;&nbsp;$2530 | &nbsp;&nbsp;&nbsp;$2956 | &nbsp;&nbsp;&nbsp;$5290 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.32%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.33%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.37%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.35%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.33% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;(0.04%) |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;128%<sup>5</sup> | &nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;98% |

---

---

| | |
|:---|:---|
| 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 | Includes performance-based investment advisory fee increases (decreases) of (0.07%), (0.07%), (0.02%), (0.05%), and (0.06%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.32%, 0.33%, 0.37%, and 0.35%, respectively. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Mid-Cap Growth Fund

Notes to Financial Statements

Vanguard Mid-Cap Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**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. 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 objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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 year ended October 31, 2025, the fund's average investments in long and short futures contracts represented 2% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. 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.

5. 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.

6. 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.

7. 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

------

Mid-Cap Growth Fund

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 year ended October 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. 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.

**B.** Until October 2025, the investment advisory firms Frontier Capital Management Co., LLC, and Wellington Management Company LLP each provided investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the
advisor. The basic fees paid to Frontier Capital Management Co., LLC, and Wellington Management Company LLP were subject to quarterly adjustments based on performance relative to the Russell Midcap Growth Index for the preceding three years.

Vanguard manages the cash reserves of the fund as described below.

For the year ended October 31, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual rate of 0.19% of the fund's average net assets, before a net decrease of $2,107,000 (0.07%) based on performance.

In September 2025, the board of trustees approved Tremblant Advisors LP as an investment advisor to the fund, replacing both Frontier Capital Management Co., LLC, and Wellington Management Company LLP, effective November 2025. The fund's expense ratio is expected to increase as a result of the changes in investment advisory arrangements, offset by a partial fee waiver for one year. This advisor change could result in portfolio transactions that may generate capital gains distributions.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $76,000, representing less than 0.01% of the fund's net assets and 0.03% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the year ended October 31, 2025, these arrangements reduced the fund's expenses by $148,000 (an annual rate of
less than 0.01% of average net assets).

**E.** 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.**

At October 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**F.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;154552 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(154552) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples

------

Mid-Cap Growth Fund

of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;65123 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;404139 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;402456 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;871718 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;55892 | &nbsp;&nbsp;&nbsp;&nbsp;11688 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;55892 | &nbsp;&nbsp;&nbsp;&nbsp;11688 |

---

\* Includes short-term capital gains, if any.

As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;2726073 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500445 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97989) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402456 |

---

**G.** During the year ended October 31, 2025, the fund purchased $3,805,631,000 of investment securities and sold $3,948,038,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $0 and $146,284,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisors or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended October 31, 2025, such purchases were $31,463,000 and sales were $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**H.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;12697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8967 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 |
| Redeemed | (25309) | &nbsp;&nbsp;(23897) |
| Net Increase (Decrease) in Shares Outstanding | (10665) | &nbsp;&nbsp;(14452) |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.

------

Mid-Cap Growth Fund

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure
in these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard Mid-Cap Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Mid-Cap Growth Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 20.8%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $12,879,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $1,027,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.

The fund distributed $27,551,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

The fund hereby designates $701,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

Q3010 122025

------

![](tm2530396d12selectvaluei001.jpg)

#### Financial Statements

#### For the year ended October 31, 2025

#### Vanguard Selected Value Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 12 |
| Tax information<br>| 13 |

---

------

Selected Value Fund

Financial Statements

#### Schedule of Investments
As of October 31, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (94.6%)** | **Common Stocks (94.6%)** | **Common Stocks (94.6%)** | **Common Stocks (94.6%)** |
| **Communication Services (1.9%)** | **Communication Services (1.9%)** | **Communication Services (1.9%)** | **Communication Services (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;Warner Music Group Corp. Class A | 1855030 | &nbsp;&nbsp;&nbsp;&nbsp; 59287 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;757350 | &nbsp;&nbsp;&nbsp;&nbsp; 56816 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **116103** |
| **Consumer Discretionary (12.7%)** | **Consumer Discretionary (12.7%)** | **Consumer Discretionary (12.7%)** | **Consumer Discretionary (12.7%)** |
|  | &nbsp;&nbsp;&nbsp;Gildan Activewear Inc. | 1640263 | &nbsp;&nbsp;&nbsp;&nbsp; 95611 |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | 2619683 | &nbsp;&nbsp;&nbsp;&nbsp; 83725 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | 1651046 | &nbsp;&nbsp;&nbsp;&nbsp; 77814 |
|  | &nbsp;&nbsp;&nbsp;Magna International Inc. | 1625479 | &nbsp;&nbsp;&nbsp;&nbsp; 76739 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Inc. | 2211318 | &nbsp;&nbsp;&nbsp;&nbsp; 59661 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;545377 | &nbsp;&nbsp;&nbsp;&nbsp; 57074 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | &nbsp;&nbsp;&nbsp;&nbsp;911143 | &nbsp;&nbsp;&nbsp;&nbsp; 54003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398370 | &nbsp;&nbsp;&nbsp;&nbsp; 49872 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;621727 | &nbsp;&nbsp;&nbsp;&nbsp; 48700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valvoline Inc. | 1283830 | &nbsp;&nbsp;&nbsp;&nbsp; 42379 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;515866 | &nbsp;&nbsp;&nbsp;&nbsp; 39366 |
|  | &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;933520 | &nbsp;&nbsp;&nbsp;&nbsp; 35362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;747970 | &nbsp;&nbsp;&nbsp;&nbsp; 31347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp; 23751 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 4134510 | &nbsp;&nbsp;&nbsp;&nbsp; 14057 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **789461** |
| **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;818086 | &nbsp;&nbsp;&nbsp;&nbsp; 80712 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;870421 | &nbsp;&nbsp;&nbsp;&nbsp; 44748 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 1569662 | &nbsp;&nbsp;&nbsp;&nbsp; 38818 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;657142 | &nbsp;&nbsp;&nbsp;&nbsp; 35407 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229248 | &nbsp;&nbsp;&nbsp;&nbsp; 26458 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 2062450 | &nbsp;&nbsp;&nbsp;&nbsp; 24605 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **250748** |
| **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 1145210 | &nbsp;&nbsp;&nbsp;&nbsp; 47183 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 2754742 | &nbsp;&nbsp;&nbsp;&nbsp; 40219 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources Inc. | 1278899 | &nbsp;&nbsp;&nbsp;&nbsp; 36871 |
|  | &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;645900 | &nbsp;&nbsp;&nbsp;&nbsp; 26514 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232050 | &nbsp;&nbsp;&nbsp;&nbsp; 24560 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **175347** |
| **Financials (26.1%)** | **Financials (26.1%)** | **Financials (26.1%)** | **Financials (26.1%)** |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 3057100 | &nbsp;&nbsp;&nbsp;&nbsp; 99539 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 1621223 | &nbsp;&nbsp;&nbsp;&nbsp; 89556 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;304988 | &nbsp;&nbsp;&nbsp;&nbsp; 77494 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40338 | &nbsp;&nbsp;&nbsp;&nbsp; 76826 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;534714 | &nbsp;&nbsp;&nbsp;&nbsp; 70320 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;899568 | &nbsp;&nbsp;&nbsp;&nbsp; 66982 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 7889900 | &nbsp;&nbsp;&nbsp;&nbsp; 66591 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;836527 | &nbsp;&nbsp;&nbsp;&nbsp; 65048 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;783820 | &nbsp;&nbsp;&nbsp;&nbsp; 62565 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;191630 | &nbsp;&nbsp;&nbsp;&nbsp; 60272 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;255964 | &nbsp;&nbsp;&nbsp;&nbsp; 56310 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;522827 | &nbsp;&nbsp;&nbsp;&nbsp; 52706 |
|  | &nbsp;&nbsp;&nbsp;Glacier Bancorp Inc. | 1283724 | &nbsp;&nbsp;&nbsp;&nbsp; 52440 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;701468 | &nbsp;&nbsp;&nbsp;&nbsp; 51502 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;839547 | &nbsp;&nbsp;&nbsp;&nbsp; 50851 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;581090 | &nbsp;&nbsp;&nbsp;&nbsp; 50154 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;252610 | &nbsp;&nbsp;&nbsp;&nbsp; 46447 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;917826 | &nbsp;&nbsp;&nbsp;&nbsp; 45341 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 1149100 | &nbsp;&nbsp;&nbsp;&nbsp; 44780 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 1839738 | &nbsp;&nbsp;&nbsp;&nbsp; 44522 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22370 | &nbsp;&nbsp;&nbsp;&nbsp; 44170 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380870 | &nbsp;&nbsp;&nbsp;&nbsp; 44051 |

---

------

Selected Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 1054296 | &nbsp;&nbsp;&nbsp;&nbsp; 42193 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 2309245 | &nbsp;&nbsp;&nbsp;&nbsp; 42028 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;817897 | &nbsp;&nbsp;&nbsp;&nbsp; 34041 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. ADR | 4642430 | &nbsp;&nbsp;&nbsp;&nbsp; 33054 |
|  | &nbsp;&nbsp;&nbsp;Comerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370173 | &nbsp;&nbsp;&nbsp;&nbsp; 28318 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;495478 | &nbsp;&nbsp;&nbsp;&nbsp; 28262 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;814430 | &nbsp;&nbsp;&nbsp;&nbsp; 27642 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 1492763 | &nbsp;&nbsp;&nbsp;&nbsp; 26258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;378700 | &nbsp;&nbsp;&nbsp;&nbsp; 25256 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;397860 | &nbsp;&nbsp;&nbsp;&nbsp; 21508 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1627027** |
| **Health Care (9.7%)** | **Health Care (9.7%)** | **Health Care (9.7%)** | **Health Care (9.7%)** |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 4732842 | &nbsp;&nbsp;&nbsp;&nbsp; 87416 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276717 | &nbsp;&nbsp;&nbsp;&nbsp; 76980 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;319667 | &nbsp;&nbsp;&nbsp;&nbsp; 69371 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG ADR | 2539431 | &nbsp;&nbsp;&nbsp;&nbsp; 68158 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261720 | &nbsp;&nbsp;&nbsp;&nbsp; 66467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;291200 | &nbsp;&nbsp;&nbsp;&nbsp; 52436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;804006 | &nbsp;&nbsp;&nbsp;&nbsp; 50813 |
|  | &nbsp;&nbsp;&nbsp;Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;404970 | &nbsp;&nbsp;&nbsp;&nbsp; 50407 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | 1393211 | &nbsp;&nbsp;&nbsp;&nbsp; 28895 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 2215570 | &nbsp;&nbsp;&nbsp;&nbsp; 27938 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;339167 | &nbsp;&nbsp;&nbsp;&nbsp; 23416 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **602297** |
| **Industrials (17.5%)** | **Industrials (17.5%)** | **Industrials (17.5%)** | **Industrials (17.5%)** |
|  | &nbsp;&nbsp;&nbsp;AerCap Holdings NV | 1213146 | &nbsp;&nbsp;&nbsp;&nbsp; 158000 |
|  | &nbsp;&nbsp;&nbsp;RB Global Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;700859 | &nbsp;&nbsp;&nbsp;&nbsp; 69539 |
|  | &nbsp;&nbsp;&nbsp;Ashtead Group plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;223200 | &nbsp;&nbsp;&nbsp;&nbsp; 60262 |
|  | &nbsp;&nbsp;&nbsp;Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227855 | &nbsp;&nbsp;&nbsp;&nbsp; 59723 |
|  | &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351239 | &nbsp;&nbsp;&nbsp;&nbsp; 55155 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;439237 | &nbsp;&nbsp;&nbsp;&nbsp; 54154 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 1554564 | &nbsp;&nbsp;&nbsp;&nbsp; 49482 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;821515 | &nbsp;&nbsp;&nbsp;&nbsp; 47139 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;597050 | &nbsp;&nbsp;&nbsp;&nbsp; 46874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317550 | &nbsp;&nbsp;&nbsp;&nbsp; 45686 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;API Group Corp. | 1207157 | &nbsp;&nbsp;&nbsp;&nbsp; 44448 |
|  | &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;364270 | &nbsp;&nbsp;&nbsp;&nbsp; 42554 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129560 | &nbsp;&nbsp;&nbsp;&nbsp; 42113 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;845612 | &nbsp;&nbsp;&nbsp;&nbsp; 38154 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443806 | &nbsp;&nbsp;&nbsp;&nbsp; 37688 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;437170 | &nbsp;&nbsp;&nbsp;&nbsp; 37120 |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;885440 | &nbsp;&nbsp;&nbsp;&nbsp; 35692 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | 1181134 | &nbsp;&nbsp;&nbsp;&nbsp; 30934 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113575 | &nbsp;&nbsp;&nbsp;&nbsp; 29476 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;421550 | &nbsp;&nbsp;&nbsp;&nbsp; 28547 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;732019 | &nbsp;&nbsp;&nbsp;&nbsp; 27927 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;144630 | &nbsp;&nbsp;&nbsp;&nbsp; 23975 |
|  | &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351105 | &nbsp;&nbsp;&nbsp;&nbsp; 10765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;572191 | &nbsp;&nbsp;&nbsp;&nbsp; 7227 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Air France-KLM ADR | 4102756 | &nbsp;&nbsp;&nbsp;&nbsp; 5395 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1088029** |
| **Information Technology (5.0%)** | **Information Technology (5.0%)** | **Information Technology (5.0%)** | **Information Technology (5.0%)** |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;499655 | &nbsp;&nbsp;&nbsp;&nbsp; 71805 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;851563 | &nbsp;&nbsp;&nbsp;&nbsp; 66183 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | 1266705 | &nbsp;&nbsp;&nbsp;&nbsp; 61372 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;734208 | &nbsp;&nbsp;&nbsp;&nbsp; 53509 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 34547 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219271 | &nbsp;&nbsp;&nbsp;&nbsp; 24460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **311876** |
| **Materials (9.1%)** | **Materials (9.1%)** | **Materials (9.1%)** | **Materials (9.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAMGOLD Corp. (XTSE) | 5541700 | &nbsp;&nbsp;&nbsp;&nbsp; 64173 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eldorado Gold Corp. | 2197714 | &nbsp;&nbsp;&nbsp;&nbsp; 56349 |
|  | &nbsp;&nbsp;&nbsp;Ternium SA ADR | 1310696 | &nbsp;&nbsp;&nbsp;&nbsp; 47224 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;457235 | &nbsp;&nbsp;&nbsp;&nbsp; 44695 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | 1597050 | &nbsp;&nbsp;&nbsp;&nbsp; 43839 |
|  | &nbsp;&nbsp;&nbsp;Centerra Gold Inc. | 3528116 | &nbsp;&nbsp;&nbsp;&nbsp; 41385 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 1700299 | &nbsp;&nbsp;&nbsp;&nbsp; 40552 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | 1910565 | &nbsp;&nbsp;&nbsp;&nbsp; 39549 |

---

------

Selected Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;210380 | &nbsp;&nbsp;&nbsp;&nbsp; 36793 |
|  | &nbsp;&nbsp;&nbsp;Gerdau SA ADR | 9025500 | &nbsp;&nbsp;&nbsp;&nbsp; 31499 |
|  | &nbsp;&nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;517990 | &nbsp;&nbsp;&nbsp;&nbsp; 29717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Equinox Gold Corp. | 2671383 | &nbsp;&nbsp;&nbsp;&nbsp; 29351 |
|  | &nbsp;&nbsp;&nbsp;Hudbay Minerals Inc. | 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 20560 |
|  | &nbsp;&nbsp;&nbsp;Huntsman Corp. | 2166323 | &nbsp;&nbsp;&nbsp;&nbsp; 17937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Equinox Gold Corp. (XTSE) | 1311730 | &nbsp;&nbsp;&nbsp;&nbsp; 14390 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;428135 | &nbsp;&nbsp;&nbsp;&nbsp; 6495 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **564508** |
| **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;710120 | &nbsp;&nbsp;&nbsp;&nbsp; 64067 |
|  | &nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc. | 6066808 | &nbsp;&nbsp;&nbsp;&nbsp; 62427 |
|  | &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 6227712 | &nbsp;&nbsp;&nbsp;&nbsp; 48701 |
|  | &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;502745 | &nbsp;&nbsp;&nbsp;&nbsp; 43694 |
|  | &nbsp;&nbsp;&nbsp;Healthcare Realty Trust Inc. | 2225240 | &nbsp;&nbsp;&nbsp;&nbsp; 39431 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;224640 | &nbsp;&nbsp;&nbsp;&nbsp; 34242 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366157 | &nbsp;&nbsp;&nbsp;&nbsp; 29029 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **321591** |
| **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251263 | &nbsp;&nbsp;&nbsp;&nbsp; 43147 |
| **Total Common Stocks (Cost $5,319,660)** | **Total Common Stocks (Cost $5,319,660)** | **Total Common Stocks (Cost $5,319,660)** | &nbsp;&nbsp;&nbsp;&nbsp;**5890134** |
| **Temporary Cash Investments (4.7%)** | **Temporary Cash Investments (4.7%)** | **Temporary Cash Investments (4.7%)** | **Temporary Cash Investments (4.7%)** |
| **Money Market Fund (4.7%)** | **Money Market Fund (4.7%)** | **Money Market Fund (4.7%)** | **Money Market Fund (4.7%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% **(Cost $295,533)** | 2955847 | &nbsp;&nbsp;&nbsp;&nbsp; **295585** |
| **Total Investments (99.3%) (Cost $5,615,193)** | **Total Investments (99.3%) (Cost $5,615,193)** | **Total Investments (99.3%) (Cost $5,615,193)** | &nbsp;&nbsp;&nbsp;&nbsp;**6185719** |
| **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;**41702** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**6227421** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | 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 $7,182. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $7,493 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini Russell 2000 Index | December 2025 | 620 | 77187 | &nbsp;&nbsp;1363 |
| E-mini S&P Mid-Cap 400 Index | December 2025 | 235 | 76556 | &nbsp;&nbsp;577 |
|  |  |  |  | &nbsp;&nbsp;1940 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Selected Value Fund

Statement of Assets and Liabilities

As of October 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $5,319,660) | 5890134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $295,533) | &nbsp;&nbsp;&nbsp;&nbsp;295585 |
| Total Investments in Securities | 6185719 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25627 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044 |
| Foreign Currency, at Value (Cost $26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50463 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| **Total Assets** | **6272233** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32321 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44812** |
| **Net Assets** | **6227421** |
| 1 Includes $7,182 of securities on loan. |  |
| **At October 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 4953295 |
| Total Distributable Earnings (Loss) | 1274126 |
| **Net Assets** | **6227421** |
| **Net Assets** |  |
| **Applicable to 217,154,586 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **6227421** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$28.68** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Selected Value Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> October 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 136552 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;12102 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| Total Income | 148832 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;14083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(2189) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;9904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;22236 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |
| Net Expenses | &nbsp;&nbsp;&nbsp;22115 |
| **Net Investment Income** | **126717** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 669030 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;12534 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Realized Net Gain (Loss)** | **681567** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (555901) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;3609 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **Change in Unrealized Appreciation (Depreciation)** | **(552290)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **255994** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $2,566. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $11,781, $20, and $12, respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Selected Value Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;126717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122773 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;681567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746324 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(552290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854026 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;255994 | &nbsp;&nbsp;&nbsp;&nbsp;1723123 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(843523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528557) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;391051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599078 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;776173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486741 |
| Redeemed | (1299032) | &nbsp;&nbsp;&nbsp;&nbsp;(1111173) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(131808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25354) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(719337) | &nbsp;&nbsp;&nbsp;&nbsp;1169212 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**6946758** | &nbsp;&nbsp;&nbsp;&nbsp;**5777546** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**6227421** | &nbsp;&nbsp;&nbsp;&nbsp;**6946758** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Selected Value Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$31.48** | &nbsp;&nbsp;&nbsp;**$26.17** | &nbsp;&nbsp;&nbsp;**$27.62** | &nbsp;&nbsp;&nbsp;**$32.26** | &nbsp;&nbsp;&nbsp;**$22.78** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.389 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.358 | &nbsp;&nbsp;&nbsp;&nbsp;(2.674) | &nbsp;&nbsp;&nbsp;&nbsp;11.737 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.851 | &nbsp;&nbsp;&nbsp;&nbsp;(2.257) | &nbsp;&nbsp;&nbsp;&nbsp;12.126 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.360) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(3.348) | &nbsp;&nbsp;&nbsp;&nbsp;(1.903) | &nbsp;&nbsp;&nbsp;&nbsp;(2.861) | &nbsp;&nbsp;&nbsp;&nbsp;(1.990) | &nbsp;&nbsp;&nbsp;&nbsp;(2.286) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.883) | &nbsp;&nbsp;&nbsp;&nbsp;(2.397) | &nbsp;&nbsp;&nbsp;&nbsp;(3.301) | &nbsp;&nbsp;&nbsp;&nbsp;(2.383) | &nbsp;&nbsp;&nbsp;&nbsp;(2.646) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$28.68** | &nbsp;&nbsp;&nbsp;**$31.48** | &nbsp;&nbsp;&nbsp;**$26.17** | &nbsp;&nbsp;&nbsp;**$27.62** | &nbsp;&nbsp;&nbsp;**$32.26** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**4.29%** | &nbsp;&nbsp;&nbsp;**30.31%** | &nbsp;&nbsp;&nbsp;**7.60%** | &nbsp;&nbsp;&nbsp;**-7.29%** | &nbsp;&nbsp;&nbsp;**56.30%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$6227 | &nbsp;&nbsp;&nbsp;$6947 | &nbsp;&nbsp;&nbsp;$5778 | &nbsp;&nbsp;&nbsp;$5787 | &nbsp;&nbsp;&nbsp;$6800 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.34%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.42%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.43%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.38%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.32% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.30% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;30% |

---

---

| | |
|:---|:---|
| 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 | Includes performance-based investment advisory fee increases (decreases) of (0.03%), 0.04%, 0.05%, 0.00%, and (0.05%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.34%, 0.43% and 0.38%, respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.42%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Selected Value Fund

Notes to Financial Statements

Vanguard Selected Value Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**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. Other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

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 objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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 year ended October 31, 2025, the fund's average investments in long and short futures contracts represented 2% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. 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.

5. 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.

6. 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.

7. 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

------

Selected Value Fund

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 year ended October 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. 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.

**B.** The investment advisory firms Cooke & Bieler, LP, Pzena Investment Management, LLC, and Donald Smith & Co., Inc., each provide investment advisory services to a portion of the fund for a fee calculated at an
annual percentage rate of average net assets managed by the advisor. The basic fee of Cooke & Bieler, LP, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index for the
preceding five years. The basic fee of Pzena Investment Management, LLC, is subject to quarterly adjustments based on performance relative to the Russell Midcap Value Index for the preceding three years. The basic fee
of Donald Smith & Co., Inc., is subject to quarterly adjustments based on performance relative to the MSCI Investable Market 2500 Index for the preceding five years.

Vanguard manages the cash reserves of the fund as described below.

For the year ended October 31, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.22% of the fund's average net assets, before a net decrease of $2,189,000 (0.03%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $157,000, representing less than 0.01% of the fund's net assets and 0.06% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the year ended October 31, 2025, these arrangements reduced the fund's expenses by $121,000 (an annual rate of
less than 0.01% of average net assets).

**E.** 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.**

At October 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**F.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;51468 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(51468) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples

------

Selected Value Fund

of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149988 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573928 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550210 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;1274126 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;207152 | &nbsp;&nbsp;&nbsp;&nbsp;146429 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;636371 | &nbsp;&nbsp;&nbsp;&nbsp;382128 |
| Total | &nbsp;&nbsp;&nbsp;843523 | &nbsp;&nbsp;&nbsp;&nbsp;528557 |

---

\* Includes short-term capital gains, if any.

As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5635509 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1433966 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(883756) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550210 |

---

**G.** During the year ended October 31, 2025, the fund purchased $1,726,673,000 of investment securities and sold $2,539,335,000 of investment securities, other than temporary cash investments.

**H.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;13943 | &nbsp;&nbsp;&nbsp;&nbsp;20317 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;28929 | &nbsp;&nbsp;&nbsp;&nbsp;16924 |
| Redeemed | (46383) | &nbsp;&nbsp;(37313) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;(3511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its

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Selected Value Fund

prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard Selected Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Selected Value Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 46.1%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $123,103,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $5,739,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.

The fund distributed $674,642,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

Q9340 122025

------

![](tm2530396d12emergemrkti001.jpg)

#### Financial Statements

#### For the year ended October 31, 2025

#### Vanguard Emerging Markets Government Bond Index Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 27 |
| Tax information<br>| 28 |

---

------

Emerging Markets Government Bond Index Fund

Financial Statements

#### Schedule of Investments
As of October 31, 2025

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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Corporate Bonds (12.7%)** | **Corporate Bonds (12.7%)** | **Corporate Bonds (12.7%)** | **Corporate Bonds (12.7%)** |  |  |
| **Chile (0.3%)** | **Chile (0.3%)** | **Chile (0.3%)** | **Chile (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 6.440% | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp; 7404 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 11688 | &nbsp;&nbsp; 8478 |
|  |  |  |  |  | &nbsp;&nbsp; **15882** |
| **China (0.7%)** | **China (0.7%)** | **China (0.7%)** | **China (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8788 | &nbsp;&nbsp; 8640 |
|  | &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co. Ltd. | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 8800 | &nbsp;&nbsp; 9231 |
|  | &nbsp;&nbsp;&nbsp;CNAC HK Finbridge Co. Ltd. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8080 | &nbsp;&nbsp; 8242 |
|  | &nbsp;&nbsp;&nbsp;Sinopec Group Overseas Development 2018 Ltd. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5334 |
|  | &nbsp;&nbsp;&nbsp;State Grid Overseas Investment BVI Ltd. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9894 | &nbsp;&nbsp; 9831 |
|  |  |  |  |  | &nbsp;&nbsp; **41278** |
| **Colombia (0.7%)** | **Colombia (0.7%)** | **Colombia (0.7%)** | **Colombia (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9090 | &nbsp;&nbsp; 9311 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7761 | &nbsp;&nbsp; 8030 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10346 | &nbsp;&nbsp; 11199 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8227 | &nbsp;&nbsp; 8529 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 8704 | &nbsp;&nbsp; 6664 |
|  |  |  |  |  | &nbsp;&nbsp; **43733** |
| **Indonesia (0.4%)** | **Indonesia (0.4%)** | **Indonesia (0.4%)** | **Indonesia (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Freeport Indonesia PT | 5.315% | &nbsp;&nbsp;&nbsp;&nbsp; 4/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6525 | &nbsp;&nbsp; 6660 |
|  | &nbsp;&nbsp;&nbsp;Pertamina Persero PT | 6.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5/30/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 6550 | &nbsp;&nbsp; 7084 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7174 | &nbsp;&nbsp; 7155 |
|  |  |  |  |  | &nbsp;&nbsp; **20899** |
| **Kazakhstan (0.1%)** | **Kazakhstan (0.1%)** | **Kazakhstan (0.1%)** | **Kazakhstan (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/24/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 6518 | &nbsp;&nbsp; 6572 |
| **Malaysia (1.0%)** | **Malaysia (1.0%)** | **Malaysia (1.0%)** | **Malaysia (1.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9695 | &nbsp;&nbsp; 9419 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6758 | &nbsp;&nbsp; 6978 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 362 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.340% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6168 | &nbsp;&nbsp; 6439 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.340% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2923 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 6125 | &nbsp;&nbsp; 5558 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 4/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 12438 | &nbsp;&nbsp; 11062 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.848% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7100 | &nbsp;&nbsp; 7569 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 3.404% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 7475 | &nbsp;&nbsp; 5206 |
|  |  |  |  |  | &nbsp;&nbsp; **55516** |
| **Mexico (3.0%)** | **Mexico (3.0%)** | **Mexico (3.0%)** | **Mexico (3.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mexico City Airport Trust | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 8429 | &nbsp;&nbsp; 7405 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7915 | &nbsp;&nbsp; 8544 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.840% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10431 | &nbsp;&nbsp; 10713 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 17337 | &nbsp;&nbsp; 16950 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 30426 | &nbsp;&nbsp; 30405 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9045 | &nbsp;&nbsp; 10590 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 12046 | &nbsp;&nbsp; 11528 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 7045 | &nbsp;&nbsp; 6190 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 24674 | &nbsp;&nbsp; 20342 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5605 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 7.690% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 35791 | &nbsp;&nbsp; 32444 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 16885 | &nbsp;&nbsp; 13881 |
|  |  |  |  |  | &nbsp;&nbsp; **174597** |
| **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 8775 | &nbsp;&nbsp; 6326 |
| **Qatar (0.7%)** | **Qatar (0.7%)** | **Qatar (0.7%)** | **Qatar (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Qatar Energy | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 16192 | &nbsp;&nbsp; 14625 |
|  | &nbsp;&nbsp;&nbsp;Qatar Energy | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/12/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 15386 | &nbsp;&nbsp; 12028 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Qatar Energy | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 7/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 17250 | &nbsp;&nbsp; 12458 |
|  |  |  |  |  | &nbsp;&nbsp; **39111** |
| **Saudi Arabia (4.6%)** | **Saudi Arabia (4.6%)** | **Saudi Arabia (4.6%)** | **Saudi Arabia (4.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8319 | &nbsp;&nbsp; 8483 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11350 | &nbsp;&nbsp; 11681 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7130 | &nbsp;&nbsp; 7239 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7150 | &nbsp;&nbsp; 7423 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7230 | &nbsp;&nbsp; 7477 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/29/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8175 | &nbsp;&nbsp; 8661 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9423 | &nbsp;&nbsp; 9453 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9300 | &nbsp;&nbsp; 9335 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp; 6731 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6865 | &nbsp;&nbsp; 6549 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp; 6378 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1596 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6870 | &nbsp;&nbsp; 6760 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 2.694% | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 13276 | &nbsp;&nbsp; 12096 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 | &nbsp;&nbsp; 5214 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1125 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8170 | &nbsp;&nbsp; 7998 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11574 | &nbsp;&nbsp; 11345 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6603 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1016 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8725 | &nbsp;&nbsp; 7877 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8750 | &nbsp;&nbsp; 9058 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 12768 | &nbsp;&nbsp; 11667 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 13335 | &nbsp;&nbsp; 11477 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/24/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 9412 | &nbsp;&nbsp; 6508 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9416 | &nbsp;&nbsp; 9451 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 9200 | &nbsp;&nbsp; 9935 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 432 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 8895 | &nbsp;&nbsp; 8871 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;11/24/2070 | &nbsp;&nbsp;&nbsp;&nbsp; 9450 | &nbsp;&nbsp; 6263 |
|  | &nbsp;&nbsp;&nbsp;Saudi Electricity Sukuk Programme Co. | 5.225% | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6990 | &nbsp;&nbsp; 7194 |
|  | &nbsp;&nbsp;&nbsp;Saudi Electricity Sukuk Programme Co. | 5.684% | &nbsp;&nbsp;&nbsp;&nbsp; 4/11/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6520 | &nbsp;&nbsp; 6621 |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6595 | &nbsp;&nbsp; 6602 |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9130 | &nbsp;&nbsp; 9593 |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | 5.171% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9011 | &nbsp;&nbsp; 9306 |
|  |  |  |  |  | &nbsp;&nbsp; **264018** |
| **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Abu Dhabi Crude Oil Pipeline LLC | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 9395 | &nbsp;&nbsp; 8836 |
|  | &nbsp;&nbsp;&nbsp;Adnoc Murban Rsc Ltd. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7147 | &nbsp;&nbsp; 7115 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Adnoc Murban Rsc Ltd. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp; 3911 |
|  | &nbsp;&nbsp;&nbsp;Adnoc Murban Rsc Ltd. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp; 1980 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Adnoc Murban Sukuk Ltd. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6650 | &nbsp;&nbsp; 6749 |
|  | &nbsp;&nbsp;&nbsp;DP World Crescent Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6830 | &nbsp;&nbsp; 7126 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;DP World Crescent Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5800 | &nbsp;&nbsp; 6044 |
|  | &nbsp;&nbsp;&nbsp;DP World Crescent Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1043 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;DP World Ltd. | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 7270 | &nbsp;&nbsp; 8378 |
|  | &nbsp;&nbsp;&nbsp;MDGH GMTN RSC Ltd. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 7248 | &nbsp;&nbsp; 5685 |
|  | &nbsp;&nbsp;&nbsp;MDGH GMTN RSC Ltd. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 5/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 8275 | &nbsp;&nbsp; 6743 |
|  |  |  |  |  | &nbsp;&nbsp; **63610** |
| **Total Corporate Bonds (Cost $741,255)** | **Total Corporate Bonds (Cost $741,255)** | **Total Corporate Bonds (Cost $741,255)** | **Total Corporate Bonds (Cost $741,255)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**731542** |
| **Sovereign Bonds (85.5%)** | **Sovereign Bonds (85.5%)** | **Sovereign Bonds (85.5%)** | **Sovereign Bonds (85.5%)** |  |  |
| **Angola (0.7%)** | **Angola (0.7%)** | **Angola (0.7%)** | **Angola (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7593 | &nbsp;&nbsp; 7495 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7423 | &nbsp;&nbsp; 7091 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Angola | 9.244% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4424 | &nbsp;&nbsp; 4320 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7925 | &nbsp;&nbsp; 7426 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Angola | 9.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp; 3266 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 7734 | &nbsp;&nbsp; 6648 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 9.125% | &nbsp;&nbsp;&nbsp;&nbsp;11/26/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 6032 | &nbsp;&nbsp; 5069 |
|  |  |  |  |  | &nbsp;&nbsp; **41315** |
| **Argentina (3.7%)** | **Argentina (3.7%)** | **Argentina (3.7%)** | **Argentina (3.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Provincia de Buenos Aires | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 25812 | &nbsp;&nbsp; 18825 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9449 | &nbsp;&nbsp; 8047 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 50717 | &nbsp;&nbsp; 37213 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 1.750% coupon rate effective 7/9/2027 | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 57247 | &nbsp;&nbsp; 46835 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.375% coupon rate effective 7/9/2027 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 9042 | &nbsp;&nbsp; 6199 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.750% coupon rate effective 7/9/2027 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 91176 | &nbsp;&nbsp; 63940 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.875% coupon rate effective 7/9/2029 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 46617 | &nbsp;&nbsp; 30314 |
|  |  |  |  |  | &nbsp;&nbsp; **211373** |
| **Armenia (0.1%)** | **Armenia (0.1%)** | **Armenia (0.1%)** | **Armenia (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Armenia | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2050 |
|  | &nbsp;&nbsp;&nbsp;Republic of Armenia | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3175 | &nbsp;&nbsp; 2900 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Armenia | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3425 | &nbsp;&nbsp; 3565 |
|  |  |  |  |  | &nbsp;&nbsp; **8515** |
| **Azerbaijan (0.1%)** | **Azerbaijan (0.1%)** | **Azerbaijan (0.1%)** | **Azerbaijan (0.1%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Azerbaijan | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4710 | &nbsp;&nbsp; 4402 |
| **Bahamas (0.1%)** | **Bahamas (0.1%)** | **Bahamas (0.1%)** | **Bahamas (0.1%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas | 8.950% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2879 | &nbsp;&nbsp; 3181 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | &nbsp;&nbsp; 4500 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 380 |
|  |  |  |  |  | &nbsp;&nbsp; **8061** |
| **Bahrain (2.0%)** | **Bahrain (2.0%)** | **Bahrain (2.0%)** | **Bahrain (2.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3941 | &nbsp;&nbsp; 3909 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 | &nbsp;&nbsp; 4071 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4123 | &nbsp;&nbsp; 3957 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp; 4731 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4183 | &nbsp;&nbsp; 4323 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 | &nbsp;&nbsp; 5423 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 511 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9502 | &nbsp;&nbsp; 9930 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3866 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 5.874% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6792 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1938 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp; 7647 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4978 | &nbsp;&nbsp; 5198 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4683 | &nbsp;&nbsp; 5056 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4045 | &nbsp;&nbsp; 4063 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5175 | &nbsp;&nbsp; 5062 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4655 | &nbsp;&nbsp; 4499 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4322 | &nbsp;&nbsp; 4208 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4740 | &nbsp;&nbsp; 5296 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp; 4514 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2877 | &nbsp;&nbsp; 3176 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 331 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4255 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 5545 | &nbsp;&nbsp; 5149 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4034 | &nbsp;&nbsp; 4333 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2191 | &nbsp;&nbsp; 2040 |
|  |  |  |  |  | &nbsp;&nbsp; **114278** |
| **Barbados (0.0%)** | **Barbados (0.0%)** | **Barbados (0.0%)** | **Barbados (0.0%)** |  |  |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Government of Barbados | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp; 2102 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Government of Barbados | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 230 |
|  |  |  |  |  | &nbsp;&nbsp; **2332** |
| **Benin (0.1%)** | **Benin (0.1%)** | **Benin (0.1%)** | **Benin (0.1%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Benin Government International Bond | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 7.960% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3124 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 7.960% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2345 |
|  |  |  |  |  | &nbsp;&nbsp; **5890** |
| **Bermuda (0.2%)** | **Bermuda (0.2%)** | **Bermuda (0.2%)** | **Bermuda (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 3.717% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2460 | &nbsp;&nbsp; 2437 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3002 | &nbsp;&nbsp; 2720 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3785 | &nbsp;&nbsp; 3851 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3230 | &nbsp;&nbsp; 2296 |
|  |  |  |  |  | &nbsp;&nbsp; **11304** |
| **Bolivia (0.1%)** | **Bolivia (0.1%)** | **Bolivia (0.1%)** | **Bolivia (0.1%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Bolivian Government | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4266 | &nbsp;&nbsp; 3487 |
|  | &nbsp;&nbsp;&nbsp;Bolivian Government | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3730 | &nbsp;&nbsp; 3111 |
|  |  |  |  |  | &nbsp;&nbsp; **6598** |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Brazil (3.3%)** | **Brazil (3.3%)** | **Brazil (3.3%)** | **Brazil (3.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Brazilian Government International Bond | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 11108 | &nbsp;&nbsp; 11251 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 10.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3526 | &nbsp;&nbsp; 3833 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12807 | &nbsp;&nbsp; 12858 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8780 | &nbsp;&nbsp; 8741 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15445 | &nbsp;&nbsp; 14817 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9969 | &nbsp;&nbsp; 10171 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8390 | &nbsp;&nbsp; 8824 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6777 | &nbsp;&nbsp; 6290 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8975 | &nbsp;&nbsp; 9339 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9981 | &nbsp;&nbsp; 10209 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6090 | &nbsp;&nbsp; 7128 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 9990 | &nbsp;&nbsp; 10192 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 16881 | &nbsp;&nbsp; 17579 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 7777 | &nbsp;&nbsp; 8584 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/7/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 8750 | &nbsp;&nbsp; 8258 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 13773 | &nbsp;&nbsp; 11262 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 11062 | &nbsp;&nbsp; 9585 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 15178 | &nbsp;&nbsp; 11414 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8454 | &nbsp;&nbsp; 8586 |
|  |  |  |  |  | &nbsp;&nbsp; **188921** |
| **Bulgaria (0.1%)** | **Bulgaria (0.1%)** | **Bulgaria (0.1%)** | **Bulgaria (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6470 | &nbsp;&nbsp; 6491 |
| **Cameroon (0.0%)** | **Cameroon (0.0%)** | **Cameroon (0.0%)** | **Cameroon (0.0%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Cameroon | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2277 |
| **Chile (2.0%)** | **Chile (2.0%)** | **Chile (2.0%)** | **Chile (2.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4222 | &nbsp;&nbsp; 4147 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.240% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8209 | &nbsp;&nbsp; 8065 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7301 | &nbsp;&nbsp; 7465 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6422 | &nbsp;&nbsp; 5857 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6490 | &nbsp;&nbsp; 5804 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9862 | &nbsp;&nbsp; 8552 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8250 | &nbsp;&nbsp; 7598 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8235 | &nbsp;&nbsp; 8334 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8933 | &nbsp;&nbsp; 9474 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 11985 | &nbsp;&nbsp; 9285 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.340% | &nbsp;&nbsp;&nbsp;&nbsp; 3/7/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 8744 | &nbsp;&nbsp; 7855 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.860% | &nbsp;&nbsp;&nbsp;&nbsp; 6/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5005 | &nbsp;&nbsp; 4065 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 9250 | &nbsp;&nbsp; 6894 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3937 | &nbsp;&nbsp; 3169 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6006 | &nbsp;&nbsp; 4394 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 5.330% | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp; 6529 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 8575 | &nbsp;&nbsp; 5466 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/2071 | &nbsp;&nbsp;&nbsp;&nbsp; 4978 | &nbsp;&nbsp; 3178 |
|  |  |  |  |  | &nbsp;&nbsp; **116131** |
| **China (0.8%)** | **China (0.8%)** | **China (0.8%)** | **China (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4084 | &nbsp;&nbsp; 4033 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4580 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4992 | &nbsp;&nbsp; 5025 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2591 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8725 | &nbsp;&nbsp; 8354 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;10/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10236 | &nbsp;&nbsp; 9274 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4650 | &nbsp;&nbsp; 4263 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp; 1938 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/19/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2680 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1899 | &nbsp;&nbsp; 1331 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/26/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 | &nbsp;&nbsp; 1816 |
|  |  |  |  |  | &nbsp;&nbsp; **45885** |
| **Colombia (2.5%)** | **Colombia (2.5%)** | **Colombia (2.5%)** | **Colombia (2.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3984 | &nbsp;&nbsp; 3948 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6074 | &nbsp;&nbsp; 5979 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 | &nbsp;&nbsp; 4604 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8449 | &nbsp;&nbsp; 9071 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8678 | &nbsp;&nbsp; 7638 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6253 | &nbsp;&nbsp; 5336 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7286 | &nbsp;&nbsp; 8016 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10202 | &nbsp;&nbsp; 10849 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8339 | &nbsp;&nbsp; 9394 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8849 | &nbsp;&nbsp; 9656 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 9270 | &nbsp;&nbsp; 9887 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8095 | &nbsp;&nbsp; 8419 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 9344 | &nbsp;&nbsp; 8493 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 8563 | &nbsp;&nbsp; 7138 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 12509 | &nbsp;&nbsp; 9582 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 7958 | &nbsp;&nbsp; 6062 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp; 2379 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/14/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 8329 | &nbsp;&nbsp; 9574 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7551 | &nbsp;&nbsp; 8332 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 2692 | &nbsp;&nbsp; 1651 |
|  |  |  |  |  | &nbsp;&nbsp; **146008** |
| **Costa Rica (0.6%)** | **Costa Rica (0.6%)** | **Costa Rica (0.6%)** | **Costa Rica (0.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5583 | &nbsp;&nbsp; 5837 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6235 | &nbsp;&nbsp; 6723 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp; 3108 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp; 4362 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.158% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5561 | &nbsp;&nbsp; 6101 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp;11/13/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6545 | &nbsp;&nbsp; 7312 |
|  |  |  |  |  | &nbsp;&nbsp; **33443** |
| **Dominican Republic (2.2%)** | **Dominican Republic (2.2%)** | **Dominican Republic (2.2%)** | **Dominican Republic (2.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6843 | &nbsp;&nbsp; 6938 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5971 | &nbsp;&nbsp; 6145 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7925 | &nbsp;&nbsp; 8058 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9017 | &nbsp;&nbsp; 8811 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5337 | &nbsp;&nbsp; 5748 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13990 | &nbsp;&nbsp; 13409 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 8444 | &nbsp;&nbsp; 8636 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7116 | &nbsp;&nbsp; 7104 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2854 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 7730 | &nbsp;&nbsp; 8271 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1830 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.300% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 6930 | &nbsp;&nbsp; 6311 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.450% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp; 7012 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 8555 | &nbsp;&nbsp; 8967 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4297 | &nbsp;&nbsp; 4348 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 5930 | &nbsp;&nbsp; 5945 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.150% | &nbsp;&nbsp;&nbsp;&nbsp; 2/24/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3820 | &nbsp;&nbsp; 4137 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.150% | &nbsp;&nbsp;&nbsp;&nbsp; 2/24/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp; 726 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 14845 | &nbsp;&nbsp; 13484 |
|  |  |  |  |  | &nbsp;&nbsp; **129262** |
| **Ecuador (0.8%)** | **Ecuador (0.8%)** | **Ecuador (0.8%)** | **Ecuador (0.8%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp; 3496 |
|  | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13588 | &nbsp;&nbsp; 12401 |
|  | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 28920 | &nbsp;&nbsp; 22182 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador, 5.500% coupon rate effective 7/31/2026 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 13266 | &nbsp;&nbsp; 9036 |
|  |  |  |  |  | &nbsp;&nbsp; **47115** |
| **Egypt (1.9%)** | **Egypt (1.9%)** | **Egypt (1.9%)** | **Egypt (1.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8683 | &nbsp;&nbsp; 8875 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4707 | &nbsp;&nbsp; 4720 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 6.588% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5486 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7020 | &nbsp;&nbsp; 7343 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2837 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | &nbsp;&nbsp; 4448 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp; 6479 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.053% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4525 | &nbsp;&nbsp; 4509 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7769 | &nbsp;&nbsp; 7895 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 9.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1911 | &nbsp;&nbsp; 2085 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 9.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1475 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 | &nbsp;&nbsp; 4957 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2755 | &nbsp;&nbsp; 2449 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 10701 | &nbsp;&nbsp; 9870 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.903% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 7174 | &nbsp;&nbsp; 6230 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 6730 | &nbsp;&nbsp; 6266 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 8215 | &nbsp;&nbsp; 7756 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3112 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.150% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp; 1871 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 7050 | &nbsp;&nbsp; 5772 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Egypt Taskeek Co. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2633 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Egypt Taskeek Co. | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4058 | &nbsp;&nbsp; 4184 |
|  |  |  |  |  | &nbsp;&nbsp; **111252** |
| **El Salvador (0.5%)** | **El Salvador (0.5%)** | **El Salvador (0.5%)** | **El Salvador (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2189 | &nbsp;&nbsp; 2336 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4814 | &nbsp;&nbsp; 5219 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2189 | &nbsp;&nbsp; 2352 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 7.650% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3963 | &nbsp;&nbsp; 4123 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2226 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 | &nbsp;&nbsp; 2760 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4120 | &nbsp;&nbsp; 4550 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp; 4332 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 619 |
|  |  |  |  |  | &nbsp;&nbsp; **28517** |
| **Gabon (0.1%)** | **Gabon (0.1%)** | **Gabon (0.1%)** | **Gabon (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Gabon | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2253 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Gabon | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp; 3093 |
|  | &nbsp;&nbsp;&nbsp;Republic of Gabon | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 | &nbsp;&nbsp; 1736 |
|  |  |  |  |  | &nbsp;&nbsp; **7082** |
| **Ghana (0.6%)** | **Ghana (0.6%)** | **Ghana (0.6%)** | **Ghana (0.6%)** |  |  |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1968 | &nbsp;&nbsp; 1695 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp; 460 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4505 | &nbsp;&nbsp; 2292 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 204 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11099 | &nbsp;&nbsp; 10794 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1781 | &nbsp;&nbsp; 1733 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 14670 | &nbsp;&nbsp; 12580 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp; 3216 |
|  |  |  |  |  | &nbsp;&nbsp; **32974** |
| **Guatemala (0.8%)** | **Guatemala (0.8%)** | **Guatemala (0.8%)** | **Guatemala (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1991 | &nbsp;&nbsp; 1976 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3088 | &nbsp;&nbsp; 3095 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2571 | &nbsp;&nbsp; 2602 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2541 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 8/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2651 | &nbsp;&nbsp; 2771 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1919 | &nbsp;&nbsp; 1943 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp; 2265 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3679 | &nbsp;&nbsp; 3313 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp; 4148 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3536 | &nbsp;&nbsp; 3730 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3436 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1991 | &nbsp;&nbsp; 1745 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 6281 | &nbsp;&nbsp; 6165 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3553 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 215 |
|  |  |  |  |  | &nbsp;&nbsp; **43498** |
| **Honduras (0.2%)** | **Honduras (0.2%)** | **Honduras (0.2%)** | **Honduras (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Honduras | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2860 | &nbsp;&nbsp; 2864 |
|  | &nbsp;&nbsp;&nbsp;Republic of Honduras | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2347 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Honduras | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp; 2724 |
|  | &nbsp;&nbsp;&nbsp;Republic of Honduras | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 | &nbsp;&nbsp; 2069 |
|  |  |  |  |  | &nbsp;&nbsp; **10004** |
| **Hungary (1.6%)** | **Hungary (1.6%)** | **Hungary (1.6%)** | **Hungary (1.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9339 | &nbsp;&nbsp; 9720 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7525 | &nbsp;&nbsp; 7682 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5510 | &nbsp;&nbsp; 5670 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3089 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9305 | &nbsp;&nbsp; 8017 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp; 8461 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5305 | &nbsp;&nbsp; 5405 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3149 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1470 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 11220 | &nbsp;&nbsp; 11330 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 6804 | &nbsp;&nbsp; 8179 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8190 | &nbsp;&nbsp; 5314 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 | &nbsp;&nbsp; 5102 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6120 | &nbsp;&nbsp; 6645 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp; 2064 |
|  |  |  |  |  | &nbsp;&nbsp; **91297** |
| **Indonesia (5.7%)** | **Indonesia (5.7%)** | **Indonesia (5.7%)** | **Indonesia (5.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8351 | &nbsp;&nbsp; 8364 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp; 7531 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7190 | &nbsp;&nbsp; 7239 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4080 | &nbsp;&nbsp; 4236 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5860 | &nbsp;&nbsp; 5908 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3503 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3675 | &nbsp;&nbsp; 3787 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4285 | &nbsp;&nbsp; 4016 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5275 | &nbsp;&nbsp; 5329 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3031 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3597 | &nbsp;&nbsp; 3277 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5875 | &nbsp;&nbsp; 5950 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp; 4522 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4637 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 | &nbsp;&nbsp; 2557 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1136 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3493 | &nbsp;&nbsp; 3598 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3193 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp; 2788 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2077 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2281 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2625 | &nbsp;&nbsp; 2689 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp; 4995 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4670 | &nbsp;&nbsp; 4654 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp; 3380 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5461 | &nbsp;&nbsp; 5401 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp; 4812 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4275 | &nbsp;&nbsp; 4281 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5508 | &nbsp;&nbsp; 5611 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2224 | &nbsp;&nbsp; 2244 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3336 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp; 4267 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5119 | &nbsp;&nbsp; 4849 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7325 | &nbsp;&nbsp; 7209 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 | &nbsp;&nbsp; 4474 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3001 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp; 4416 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4340 | &nbsp;&nbsp; 4120 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6650 | &nbsp;&nbsp; 6710 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5555 | &nbsp;&nbsp; 5639 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 | &nbsp;&nbsp; 2998 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp; 5070 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 | &nbsp;&nbsp; 5566 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6730 | &nbsp;&nbsp; 8650 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5013 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6487 | &nbsp;&nbsp; 7423 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 9070 | &nbsp;&nbsp; 11344 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 10770 | &nbsp;&nbsp; 10956 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 6860 | &nbsp;&nbsp; 6449 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 8435 | &nbsp;&nbsp; 9865 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 8901 | &nbsp;&nbsp; 8906 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5766 | &nbsp;&nbsp; 6227 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 6350 | &nbsp;&nbsp; 6418 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4380 | &nbsp;&nbsp; 4146 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 7030 | &nbsp;&nbsp; 6184 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/11/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4623 | &nbsp;&nbsp; 4696 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;10/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4505 | &nbsp;&nbsp; 3500 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 | &nbsp;&nbsp; 2416 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 7825 | &nbsp;&nbsp; 6576 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8895 | &nbsp;&nbsp; 6099 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3823 | &nbsp;&nbsp; 3237 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2115 | &nbsp;&nbsp; 2131 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp; 3229 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3825 | &nbsp;&nbsp; 3716 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3025 | &nbsp;&nbsp; 2967 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp; 2023 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2070 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 | &nbsp;&nbsp; 3734 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2071 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp; 2317 |
|  |  |  |  |  | &nbsp;&nbsp; **327931** |
| **Iraq (0.1%)** | **Iraq (0.1%)** | **Iraq (0.1%)** | **Iraq (0.1%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Iraq | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3623 | &nbsp;&nbsp; 3612 |
| **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2204 | &nbsp;&nbsp; 2241 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4754 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6390 | &nbsp;&nbsp; 6217 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 8.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 421 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6475 | &nbsp;&nbsp; 6873 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 8.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 7387 | &nbsp;&nbsp; 7757 |
|  |  |  |  |  | &nbsp;&nbsp; **28263** |
| **Jamaica (0.4%)** | **Jamaica (0.4%)** | **Jamaica (0.4%)** | **Jamaica (0.4%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Jamaica | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 | &nbsp;&nbsp; 5212 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Jamaica | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp; 7572 |
|  | &nbsp;&nbsp;&nbsp;Jamaica | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 7805 | &nbsp;&nbsp; 9426 |
|  |  |  |  |  | &nbsp;&nbsp; **22210** |
| **Jordan (0.4%)** | **Jordan (0.4%)** | **Jordan (0.4%)** | **Jordan (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4424 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp; 3103 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5831 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5561 | &nbsp;&nbsp; 5628 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4525 | &nbsp;&nbsp; 4566 |
|  |  |  |  |  | &nbsp;&nbsp; **23552** |
| **Kazakhstan (0.6%)** | **Kazakhstan (0.6%)** | **Kazakhstan (0.6%)** | **Kazakhstan (0.6%)** |  |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.412% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5954 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5372 | &nbsp;&nbsp; 5454 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1423 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.714% | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6550 | &nbsp;&nbsp; 6459 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5800 | &nbsp;&nbsp; 5921 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/14/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp; 2747 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/14/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/21/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 6685 | &nbsp;&nbsp; 7492 |
|  |  |  |  |  | &nbsp;&nbsp; **36306** |
| **Kenya (0.6%)** | **Kenya (0.6%)** | **Kenya (0.6%)** | **Kenya (0.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6671 | &nbsp;&nbsp; 7160 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5337 | &nbsp;&nbsp; 5335 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Kenya | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp; 3285 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 6.300% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4447 | &nbsp;&nbsp; 3941 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Kenya | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6475 | &nbsp;&nbsp; 6621 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Kenya | 8.800% | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3354 | &nbsp;&nbsp; 3270 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4447 | &nbsp;&nbsp; 4078 |
|  |  |  |  |  | &nbsp;&nbsp; **33894** |
| **Kuwait (1.2%)** | **Kuwait (1.2%)** | **Kuwait (1.2%)** | **Kuwait (1.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kuwait | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 18165 | &nbsp;&nbsp; 18014 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kuwait | 4.016% | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 16300 | &nbsp;&nbsp; 16255 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kuwait | 4.136% | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13800 | &nbsp;&nbsp; 13749 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kuwait | 4.652% | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 22100 | &nbsp;&nbsp; 22188 |
|  |  |  |  |  | &nbsp;&nbsp; **70206** |
| **Kyrgyzstan (0.1%)** | **Kyrgyzstan (0.1%)** | **Kyrgyzstan (0.1%)** | **Kyrgyzstan (0.1%)** |  |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kyrgyz Republic International Bond | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3020 |
| **Lebanon (0.2%)** | **Lebanon (0.2%)** | **Lebanon (0.2%)** | **Lebanon (0.2%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp;11/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6645 | &nbsp;&nbsp; 1519 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5245 | &nbsp;&nbsp; 1201 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4654 | &nbsp;&nbsp; 1065 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4130 | &nbsp;&nbsp; 948 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4420 | &nbsp;&nbsp; 1012 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6615 | &nbsp;&nbsp; 1512 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4480 | &nbsp;&nbsp; 1029 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2855 | &nbsp;&nbsp; 657 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3530 | &nbsp;&nbsp; 809 |
|  |  |  |  |  | &nbsp;&nbsp; **9752** |
| **Malaysia (0.2%)** | **Malaysia (0.2%)** | **Malaysia (0.2%)** | **Malaysia (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Malaysia Sovereign Sukuk Bhd. | 4.236% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2497 | &nbsp;&nbsp; 2284 |
|  | &nbsp;&nbsp;&nbsp;Malaysia Sukuk Global Bhd. | 4.080% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2053 |
|  | &nbsp;&nbsp;&nbsp;Malaysia Wakala Sukuk Bhd. | 2.070% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 | &nbsp;&nbsp; 2927 |
|  | &nbsp;&nbsp;&nbsp;Malaysia Wakala Sukuk Bhd. | 3.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 1613 |
|  |  |  |  |  | &nbsp;&nbsp; **8877** |
| **Mexico (7.6%)** | **Mexico (7.6%)** | **Mexico (7.6%)** | **Mexico (7.6%)** |  |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 52860 | &nbsp;&nbsp; 53695 |
|  | &nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4650 | &nbsp;&nbsp; 4723 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7706 | &nbsp;&nbsp; 7699 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7118 | &nbsp;&nbsp; 7055 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp; 5225 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11278 | &nbsp;&nbsp; 11337 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3560 | &nbsp;&nbsp; 3628 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8497 | &nbsp;&nbsp; 8061 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6785 | &nbsp;&nbsp; 7152 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6513 | &nbsp;&nbsp; 6482 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 2.659% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 13337 | &nbsp;&nbsp; 11968 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 8.300% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4555 | &nbsp;&nbsp; 5479 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp; 9727 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 17830 | &nbsp;&nbsp; 18473 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 19867 | &nbsp;&nbsp; 19913 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3066 | &nbsp;&nbsp; 3525 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9175 | &nbsp;&nbsp; 8920 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 12453 | &nbsp;&nbsp; 10863 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6955 | &nbsp;&nbsp; 7633 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11652 | &nbsp;&nbsp; 12324 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11986 | &nbsp;&nbsp; 11944 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 17789 | &nbsp;&nbsp; 18276 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 17367 | &nbsp;&nbsp; 18818 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 13209 | &nbsp;&nbsp; 13955 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 12235 | &nbsp;&nbsp; 12413 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.280% | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 11402 | &nbsp;&nbsp; 9382 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 16632 | &nbsp;&nbsp; 14063 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 11807 | &nbsp;&nbsp; 11156 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 10429 | &nbsp;&nbsp; 8502 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5506 | &nbsp;&nbsp; 4324 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 8428 | &nbsp;&nbsp; 6760 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 8557 | &nbsp;&nbsp; 6731 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 10772 | &nbsp;&nbsp; 9017 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 9826 | &nbsp;&nbsp; 7452 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.338% | &nbsp;&nbsp;&nbsp;&nbsp; 5/4/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 13171 | &nbsp;&nbsp; 13082 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 11354 | &nbsp;&nbsp; 11356 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 11054 | &nbsp;&nbsp; 12406 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.771% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 13365 | &nbsp;&nbsp; 8653 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2071 | &nbsp;&nbsp;&nbsp;&nbsp; 13342 | &nbsp;&nbsp; 8305 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2110 | &nbsp;&nbsp;&nbsp;&nbsp; 11988 | &nbsp;&nbsp; 10520 |
|  |  |  |  |  | &nbsp;&nbsp; **440997** |
| **Mongolia (0.1%)** | **Mongolia (0.1%)** | **Mongolia (0.1%)** | **Mongolia (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mongolia | 8.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp; 2579 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Mongolia | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1795 |
|  | &nbsp;&nbsp;&nbsp;Mongolia | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 410 |
|  | &nbsp;&nbsp;&nbsp;Mongolia | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2102 |
|  |  |  |  |  | &nbsp;&nbsp; **6886** |
| **Montenegro (0.1%)** | **Montenegro (0.1%)** | **Montenegro (0.1%)** | **Montenegro (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Montenegro | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3607 |
| **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp; 3188 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5900 | &nbsp;&nbsp; 6104 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp; 3740 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/8/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp; 5798 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/11/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3260 | &nbsp;&nbsp; 3154 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 4187 |
|  |  |  |  |  | &nbsp;&nbsp; **26171** |
| **Mozambique (0.1%)** | **Mozambique (0.1%)** | **Mozambique (0.1%)** | **Mozambique (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Mozambique | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3985 | &nbsp;&nbsp; 3459 |
| **Nigeria (1.3%)** | **Nigeria (1.3%)** | **Nigeria (1.3%)** | **Nigeria (1.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;11/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6408 | &nbsp;&nbsp; 6442 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5427 | &nbsp;&nbsp; 5338 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5843 | &nbsp;&nbsp; 6061 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.143% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5371 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.747% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4122 | &nbsp;&nbsp; 4316 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp; 439 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3272 | &nbsp;&nbsp; 3563 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6015 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6553 | &nbsp;&nbsp; 6327 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp; 5661 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2809 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.696% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5867 | &nbsp;&nbsp; 5515 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/28/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 6513 | &nbsp;&nbsp; 5783 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.248% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3460 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5427 | &nbsp;&nbsp; 5027 |
|  |  |  |  |  | &nbsp;&nbsp; **72127** |
| **Oman (1.5%)** | **Oman (1.5%)** | **Oman (1.5%)** | **Oman (1.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Oman Sovereign Sukuk Co. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7458 | &nbsp;&nbsp; 7668 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Oman Sovereign Sukuk Co. | 4.525% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4401 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6470 | &nbsp;&nbsp; 6556 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5710 | &nbsp;&nbsp; 5964 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10300 | &nbsp;&nbsp; 10562 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10522 | &nbsp;&nbsp; 11087 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 | &nbsp;&nbsp; 8561 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4972 | &nbsp;&nbsp; 5792 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 8565 | &nbsp;&nbsp; 9425 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 11100 | &nbsp;&nbsp; 12482 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp; 6130 |
|  |  |  |  |  | &nbsp;&nbsp; **88628** |
| **Pakistan (0.4%)** | **Pakistan (0.4%)** | **Pakistan (0.4%)** | **Pakistan (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 12/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6550 | &nbsp;&nbsp; 6544 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6045 | &nbsp;&nbsp; 5966 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3820 | &nbsp;&nbsp; 3646 |
|  | &nbsp;&nbsp;&nbsp;Pakistan Global Sukuk Programme Co. Ltd. | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4489 | &nbsp;&nbsp; 4556 |
|  |  |  |  |  | &nbsp;&nbsp; **20712** |
| **Panama (2.1%)** | **Panama (2.1%)** | **Panama (2.1%)** | **Panama (2.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp; 2882 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6690 | &nbsp;&nbsp; 6588 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3939 | &nbsp;&nbsp; 4495 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.160% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3913 | &nbsp;&nbsp; 3667 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4790 | &nbsp;&nbsp; 5327 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 2.252% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 12194 | &nbsp;&nbsp; 10058 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.298% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4387 | &nbsp;&nbsp; 3843 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10931 | &nbsp;&nbsp; 11528 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 11196 | &nbsp;&nbsp; 12035 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp; 5155 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5309 | &nbsp;&nbsp; 6193 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5191 | &nbsp;&nbsp; 4154 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 10570 | &nbsp;&nbsp; 8275 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 4/29/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7415 | &nbsp;&nbsp; 5673 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.853% | &nbsp;&nbsp;&nbsp;&nbsp; 3/28/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6320 | &nbsp;&nbsp; 6701 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 10849 | &nbsp;&nbsp; 8287 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp; 3973 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.870% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 12693 | &nbsp;&nbsp; 8613 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 6138 | &nbsp;&nbsp; 4666 |
|  |  |  |  |  | &nbsp;&nbsp; **122113** |
| **Papua New Guinea (0.0%)** | **Papua New Guinea (0.0%)** | **Papua New Guinea (0.0%)** | **Papua New Guinea (0.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Papua New Guinea | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2273 |
| **Paraguay (0.5%)** | **Paraguay (0.5%)** | **Paraguay (0.5%)** | **Paraguay (0.5%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4360 | &nbsp;&nbsp; 4410 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 2.739% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3365 | &nbsp;&nbsp; 2975 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 3.849% | &nbsp;&nbsp;&nbsp;&nbsp; 6/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2059 | &nbsp;&nbsp; 1937 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2364 | &nbsp;&nbsp; 2495 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1980 | &nbsp;&nbsp; 2112 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 8/11/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4330 | &nbsp;&nbsp; 4488 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2360 | &nbsp;&nbsp; 2259 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp; 4678 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2751 |
|  |  |  |  |  | &nbsp;&nbsp; **28105** |
| **Peru (1.7%)** | **Peru (1.7%)** | **Peru (1.7%)** | **Peru (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.783% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11828 | &nbsp;&nbsp; 10951 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 1.862% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4447 | &nbsp;&nbsp; 3697 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 8972 | &nbsp;&nbsp; 11334 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10252 | &nbsp;&nbsp; 8931 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5720 | &nbsp;&nbsp; 5879 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8332 | &nbsp;&nbsp; 8563 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Peru | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 | &nbsp;&nbsp; 6740 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5875 | &nbsp;&nbsp; 4583 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/18/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 10501 | &nbsp;&nbsp; 10454 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 7164 | &nbsp;&nbsp; 5174 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/8/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7575 | &nbsp;&nbsp; 7678 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 6.200% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6922 | &nbsp;&nbsp; 7301 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 7936 | &nbsp;&nbsp; 4495 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2072 | &nbsp;&nbsp;&nbsp;&nbsp; 3501 | &nbsp;&nbsp; 2260 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.230% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2121 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 | &nbsp;&nbsp; 2866 |
|  |  |  |  |  | &nbsp;&nbsp; **100906** |
| **Philippines (3.0%)** | **Philippines (3.0%)** | **Philippines (3.0%)** | **Philippines (3.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.229% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1926 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.170% | &nbsp;&nbsp;&nbsp;&nbsp;10/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2653 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8485 | &nbsp;&nbsp; 8296 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2102 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6075 | &nbsp;&nbsp; 6015 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8924 | &nbsp;&nbsp; 10744 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2283 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 2.457% | &nbsp;&nbsp;&nbsp;&nbsp; 5/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp; 3905 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8392 | &nbsp;&nbsp; 9771 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 1.648% | &nbsp;&nbsp;&nbsp;&nbsp; 6/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4930 | &nbsp;&nbsp; 4300 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/6/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 | &nbsp;&nbsp; 2601 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4055 | &nbsp;&nbsp; 4496 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.556% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3025 | &nbsp;&nbsp; 2871 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.609% | &nbsp;&nbsp;&nbsp;&nbsp; 4/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp; 4008 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6150 | &nbsp;&nbsp; 6333 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5236 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8449 | &nbsp;&nbsp; 9535 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 | &nbsp;&nbsp; 5927 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5236 | &nbsp;&nbsp; 5280 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5699 | &nbsp;&nbsp; 5794 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 9025 | &nbsp;&nbsp; 8104 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 8775 | &nbsp;&nbsp; 7484 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 9220 | &nbsp;&nbsp; 7741 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 5/5/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp; 4115 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;12/10/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 7400 | &nbsp;&nbsp; 4991 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/6/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 9511 | &nbsp;&nbsp; 6994 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp; 3899 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;10/13/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 3625 | &nbsp;&nbsp; 3902 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp; 5234 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/14/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4330 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.175% | &nbsp;&nbsp;&nbsp;&nbsp; 9/5/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3816 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.900% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp; 5027 |
|  | &nbsp;&nbsp;&nbsp;ROP Sukuk Trust | 5.045% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp; 4882 |
|  |  |  |  |  | &nbsp;&nbsp; **174595** |
| **Poland (2.1%)** | **Poland (2.1%)** | **Poland (2.1%)** | **Poland (2.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7775 | &nbsp;&nbsp; 8117 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp; 7780 |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 855 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6575 | &nbsp;&nbsp; 6972 |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp; 1010 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;11/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6835 | &nbsp;&nbsp; 7049 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6515 | &nbsp;&nbsp; 6638 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12260 | &nbsp;&nbsp; 12627 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6615 | &nbsp;&nbsp; 7101 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 11120 | &nbsp;&nbsp; 11313 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 12830 | &nbsp;&nbsp; 13187 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 12630 | &nbsp;&nbsp; 13202 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 10960 | &nbsp;&nbsp; 10771 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 15637 | &nbsp;&nbsp; 15372 |
|  |  |  |  |  | &nbsp;&nbsp; **121994** |
| **Qatar (2.9%)** | **Qatar (2.9%)** | **Qatar (2.9%)** | **Qatar (2.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp; 3380 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12535 | &nbsp;&nbsp; 12738 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp; 17611 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4349 | &nbsp;&nbsp; 4466 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13204 | &nbsp;&nbsp; 13137 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6203 | &nbsp;&nbsp; 7725 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6275 | &nbsp;&nbsp; 6531 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp; 7143 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2417 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4430 | &nbsp;&nbsp; 5155 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp; 5026 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 9536 | &nbsp;&nbsp; 9006 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 5.103% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 27560 | &nbsp;&nbsp; 27644 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.817% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 25983 | &nbsp;&nbsp; 25066 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 22038 | &nbsp;&nbsp; 20025 |
|  |  |  |  |  | &nbsp;&nbsp; **167070** |
| **Romania (1.9%)** | **Romania (1.9%)** | **Romania (1.9%)** | **Romania (1.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5376 | &nbsp;&nbsp; 5279 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3770 | &nbsp;&nbsp; 3820 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8302 | &nbsp;&nbsp; 8639 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8566 | &nbsp;&nbsp; 8819 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9070 | &nbsp;&nbsp; 9278 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1248 |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6468 | &nbsp;&nbsp; 5814 |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4318 | &nbsp;&nbsp; 3888 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7612 | &nbsp;&nbsp; 8215 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8324 | &nbsp;&nbsp; 8548 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4610 | &nbsp;&nbsp; 4627 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8026 | &nbsp;&nbsp; 7838 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1319 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Romania | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp; 8085 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp; 854 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Romania | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp; 5202 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4370 | &nbsp;&nbsp; 4203 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5334 | &nbsp;&nbsp; 4437 |
|  | &nbsp;&nbsp;&nbsp;Romania | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8386 | &nbsp;&nbsp; 5790 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5178 | &nbsp;&nbsp; 5761 |
|  |  |  |  |  | &nbsp;&nbsp; **111949** |
| **Rwanda (0.0%)** | **Rwanda (0.0%)** | **Rwanda (0.0%)** | **Rwanda (0.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Rwanda | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2278 |
| **Saudi Arabia (8.4%)** | **Saudi Arabia (8.4%)** | **Saudi Arabia (8.4%)** | **Saudi Arabia (8.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4810 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 21913 | &nbsp;&nbsp; 22381 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14271 | &nbsp;&nbsp; 14461 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 22286 | &nbsp;&nbsp; 22052 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16475 | &nbsp;&nbsp; 16592 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14103 | &nbsp;&nbsp; 14395 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13575 | &nbsp;&nbsp; 13748 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7774 | &nbsp;&nbsp; 7418 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12948 | &nbsp;&nbsp; 13589 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3996 | &nbsp;&nbsp; 3650 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10800 | &nbsp;&nbsp; 11479 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 11720 | &nbsp;&nbsp; 10103 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 14303 | &nbsp;&nbsp; 14581 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp; 18489 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 12950 | &nbsp;&nbsp; 13862 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/26/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 27825 | &nbsp;&nbsp; 24594 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 18748 | &nbsp;&nbsp; 16663 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 15474 | &nbsp;&nbsp; 14395 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 16192 | &nbsp;&nbsp; 15747 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/17/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5640 | &nbsp;&nbsp; 3878 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 14208 | &nbsp;&nbsp; 13032 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 20352 | &nbsp;&nbsp; 20842 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 12130 | &nbsp;&nbsp; 8936 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 13200 | &nbsp;&nbsp; 11031 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 10318 | &nbsp;&nbsp; 6904 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;KSA Ijarah Sukuk Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10285 | &nbsp;&nbsp; 10257 |
|  | &nbsp;&nbsp;&nbsp;KSA Ijarah Sukuk Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1396 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;KSA Ijarah Sukuk Ltd. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18900 | &nbsp;&nbsp; 19133 |
|  | &nbsp;&nbsp;&nbsp;KSA Ijarah Sukuk Ltd. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2429 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 3.628% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20593 | &nbsp;&nbsp; 20464 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6025 | &nbsp;&nbsp; 6133 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.268% | &nbsp;&nbsp;&nbsp;&nbsp;10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11305 | &nbsp;&nbsp; 11652 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 4.303% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9476 | &nbsp;&nbsp; 9513 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 4.274% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14227 | &nbsp;&nbsp; 14264 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 2.969% | &nbsp;&nbsp;&nbsp;&nbsp;10/29/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10795 | &nbsp;&nbsp; 10321 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6445 | &nbsp;&nbsp; 6722 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8347 | &nbsp;&nbsp; 7510 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 4.511% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 14210 | &nbsp;&nbsp; 14167 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 | &nbsp;&nbsp; 10622 |
|  |  |  |  |  | &nbsp;&nbsp; **482215** |
| **Senegal (0.2%)** | **Senegal (0.2%)** | **Senegal (0.2%)** | **Senegal (0.2%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4828 | &nbsp;&nbsp; 3805 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/23/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp; 3427 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp; 2747 |
|  |  |  |  |  | &nbsp;&nbsp; **9979** |
| **Serbia (0.3%)** | **Serbia (0.3%)** | **Serbia (0.3%)** | **Serbia (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 | &nbsp;&nbsp; 3363 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5570 | &nbsp;&nbsp; 4886 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4910 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5715 | &nbsp;&nbsp; 6005 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp; 971 |
|  |  |  |  |  | &nbsp;&nbsp; **20135** |
| **South Africa (1.5%)** | **South Africa (1.5%)** | **South Africa (1.5%)** | **South Africa (1.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 9/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4875 | &nbsp;&nbsp; 4931 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8895 | &nbsp;&nbsp; 8830 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8325 | &nbsp;&nbsp; 8318 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5839 | &nbsp;&nbsp; 6039 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp; 6495 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.100% | &nbsp;&nbsp;&nbsp;&nbsp;11/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp; 7423 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.100% | &nbsp;&nbsp;&nbsp;&nbsp;11/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp; 2357 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 3856 | &nbsp;&nbsp; 3685 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4405 | &nbsp;&nbsp; 3741 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 4648 | &nbsp;&nbsp; 3638 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/27/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 6513 | &nbsp;&nbsp; 5487 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 6.300% | &nbsp;&nbsp;&nbsp;&nbsp; 6/22/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2805 | &nbsp;&nbsp; 2539 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 13290 | &nbsp;&nbsp; 11206 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6775 | &nbsp;&nbsp; 6815 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp;11/19/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5850 | &nbsp;&nbsp; 6250 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp;11/19/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 857 | &nbsp;&nbsp; 917 |
|  |  |  |  |  | &nbsp;&nbsp; **88671** |
| **Sri Lanka (0.6%)** | **Sri Lanka (0.6%)** | **Sri Lanka (0.6%)** | **Sri Lanka (0.6%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5230 | &nbsp;&nbsp; 5018 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.350% coupon rate effective 7/15/2027 | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4899 | &nbsp;&nbsp; 4620 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.600% coupon rate effective 9/15/2027 | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9482 | &nbsp;&nbsp; 8268 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 11/15/2027 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4539 | &nbsp;&nbsp; 4146 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 8/15/2027 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 8869 | &nbsp;&nbsp; 8189 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/2027 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6394 | &nbsp;&nbsp; 4951 |
|  |  |  |  |  | &nbsp;&nbsp; **35192** |
| **Suriname (0.1%)** | **Suriname (0.1%)** | **Suriname (0.1%)** | **Suriname (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Suriname | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2986 | &nbsp;&nbsp; 2976 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Suriname | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
|  |  |  |  |  | &nbsp;&nbsp; **3233** |
| **Trinidad & Tobago (0.1%)** | **Trinidad & Tobago (0.1%)** | **Trinidad & Tobago (0.1%)** | **Trinidad & Tobago (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp; 2331 |
|  | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2279 | &nbsp;&nbsp; 2272 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3335 | &nbsp;&nbsp; 3310 |
|  |  |  |  |  | &nbsp;&nbsp; **7913** |
| **Turkiye (6.3%)** | **Turkiye (6.3%)** | **Turkiye (6.3%)** | **Turkiye (6.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13450 |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 8.509% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10878 | &nbsp;&nbsp; 11944 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp; 8904 |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1528 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4575 |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8847 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13146 | &nbsp;&nbsp; 13395 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 8.600% | &nbsp;&nbsp;&nbsp;&nbsp; 9/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8150 | &nbsp;&nbsp; 8719 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15565 | &nbsp;&nbsp; 17124 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10525 | &nbsp;&nbsp; 10561 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12528 | &nbsp;&nbsp; 12828 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9775 | &nbsp;&nbsp; 10948 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13425 | &nbsp;&nbsp; 14334 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 11.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6552 | &nbsp;&nbsp; 8198 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9074 | &nbsp;&nbsp; 8937 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10470 | &nbsp;&nbsp; 11897 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9445 | &nbsp;&nbsp; 9436 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp; 7727 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10750 | &nbsp;&nbsp; 11183 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10515 | &nbsp;&nbsp; 11006 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8220 | &nbsp;&nbsp; 8540 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 12325 | &nbsp;&nbsp; 14353 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6702 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6029 | &nbsp;&nbsp; 6627 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 14425 | &nbsp;&nbsp; 15394 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 15163 | &nbsp;&nbsp; 14983 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9700 | &nbsp;&nbsp; 9832 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 12959 | &nbsp;&nbsp; 13131 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.800% | &nbsp;&nbsp;&nbsp;&nbsp; 11/4/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 10375 | &nbsp;&nbsp; 10317 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3925 | &nbsp;&nbsp; 4185 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/30/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 8080 | &nbsp;&nbsp; 7882 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 12340 | &nbsp;&nbsp; 10941 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 14300 | &nbsp;&nbsp; 10862 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 12300 | &nbsp;&nbsp; 11263 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/11/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 15817 | &nbsp;&nbsp; 12860 |
|  |  |  |  |  | &nbsp;&nbsp; **363413** |
| **Ukraine (0.6%)** | **Ukraine (0.6%)** | **Ukraine (0.6%)** | **Ukraine (0.6%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2416 | &nbsp;&nbsp; 1274 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8653 | &nbsp;&nbsp; 3639 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5491 | &nbsp;&nbsp; 2793 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp; 901 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4745 | &nbsp;&nbsp; 2415 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 499 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5195 | &nbsp;&nbsp; 3574 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 14120 | &nbsp;&nbsp; 7943 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11159 | &nbsp;&nbsp; 6181 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1970 | &nbsp;&nbsp; 1099 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 9113 | &nbsp;&nbsp; 5004 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp; 1109 |
|  |  |  |  |  | &nbsp;&nbsp; **36431** |
| **United Arab Emirates (4.6%)** | **United Arab Emirates (4.6%)** | **United Arab Emirates (4.6%)** | **United Arab Emirates (4.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dubai DOF Sukuk Ltd. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4930 | &nbsp;&nbsp; 5130 |
|  | &nbsp;&nbsp;&nbsp;Dubai DOF Sukuk Ltd. | 2.763% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6425 | &nbsp;&nbsp; 6091 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17829 | &nbsp;&nbsp; 17659 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8107 | &nbsp;&nbsp; 7658 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp; 4280 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp; 9845 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12648 | &nbsp;&nbsp; 12039 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12575 | &nbsp;&nbsp; 12244 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp; 6437 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6254 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4860 | &nbsp;&nbsp; 4383 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7683 | &nbsp;&nbsp; 7760 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.917% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7955 | &nbsp;&nbsp; 8486 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp; 7180 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.857% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5931 |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.857% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp; 2064 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 12300 | &nbsp;&nbsp; 12272 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/19/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4737 | &nbsp;&nbsp; 3708 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/11/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 15298 | &nbsp;&nbsp; 13525 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 16737 | &nbsp;&nbsp; 12399 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 16350 | &nbsp;&nbsp; 13688 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5840 | &nbsp;&nbsp; 4154 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.951% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5324 | &nbsp;&nbsp; 5258 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8471 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/19/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 8350 | &nbsp;&nbsp; 5934 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 9/2/2070 | &nbsp;&nbsp;&nbsp;&nbsp; 7661 | &nbsp;&nbsp; 4571 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Dubai | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4425 | &nbsp;&nbsp; 4468 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Dubai | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 6392 | &nbsp;&nbsp; 4933 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;11/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4299 | &nbsp;&nbsp; 4673 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4025 | &nbsp;&nbsp; 3643 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4075 | &nbsp;&nbsp; 4300 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4333 | &nbsp;&nbsp; 3034 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2178 | &nbsp;&nbsp; 1616 |
|  | &nbsp;&nbsp;&nbsp;RAK Capital | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4443 | &nbsp;&nbsp; 4603 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 2.942% | &nbsp;&nbsp;&nbsp;&nbsp; 6/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4465 | &nbsp;&nbsp; 4347 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 4.226% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp; 5383 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.234% | &nbsp;&nbsp;&nbsp;&nbsp;10/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4436 | &nbsp;&nbsp; 4217 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.886% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3175 | &nbsp;&nbsp; 3092 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3320 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 6.092% | &nbsp;&nbsp;&nbsp;&nbsp; 3/19/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp; 4094 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 5.433% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3690 | &nbsp;&nbsp; 3798 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 5.433% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 825 |
|  |  |  |  |  | &nbsp;&nbsp; **267767** |
| **Uruguay (1.4%)** | **Uruguay (1.4%)** | **Uruguay (1.4%)** | **Uruguay (1.4%)** |  |  |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5986 | &nbsp;&nbsp; 6000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8704 | &nbsp;&nbsp; 8806 |
|  | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3884 | &nbsp;&nbsp; 4664 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 9821 | &nbsp;&nbsp; 10557 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/21/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4466 | &nbsp;&nbsp; 5458 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.442% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8895 | &nbsp;&nbsp; 9329 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 | &nbsp;&nbsp; 2881 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/18/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 17210 | &nbsp;&nbsp; 16600 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.975% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 12002 | &nbsp;&nbsp; 11172 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 5370 | &nbsp;&nbsp; 5142 |
|  |  |  |  |  | &nbsp;&nbsp; **80609** |
| **Uzbekistan (0.3%)** | **Uzbekistan (0.3%)** | **Uzbekistan (0.3%)** | **Uzbekistan (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3229 | &nbsp;&nbsp; 3478 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2142 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 | &nbsp;&nbsp; 2271 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;10/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2659 | &nbsp;&nbsp; 2472 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2356 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 488 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.947% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2199 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.947% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 217 |
|  |  |  |  |  | &nbsp;&nbsp; **15623** |
| **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Zambia | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/31/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5950 | &nbsp;&nbsp; 4153 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Zambia, 7.500% coupon rate effective 6/30/2031 | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5349 | &nbsp;&nbsp; 5145 |
|  |  |  |  |  | &nbsp;&nbsp; **9298** |
| **Total Sovereign Bonds (Cost $4,919,032)** | **Total Sovereign Bonds (Cost $4,919,032)** | **Total Sovereign Bonds (Cost $4,919,032)** | **Total Sovereign Bonds (Cost $4,919,032)** |  | **4936197** |

---

------

Emerging Markets Government Bond Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** |  |  |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**37,876)** | 4.141% | &nbsp;&nbsp;&nbsp;&nbsp;378777 | &nbsp;&nbsp; **37878** |
| **Total Investments (98.9%) (Cost $5,698,163)** | **Total Investments (98.9%) (Cost $5,698,163)** | **Total Investments (98.9%) (Cost $5,698,163)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5705617** |
| **Other Assets and Liabilities—Net (1.1%)** | **Other Assets and Liabilities—Net (1.1%)** | **Other Assets and Liabilities—Net (1.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63109** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5768726** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | 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 October 31, 2025, the aggregate value was $590,312, representing 10.2% of net assets. |
| 2 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 3 | Step bond. |
| 4 | Non-income-producing security—security in default. |
| 5 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of October 31, 2025. |
| 6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | GMTN—Global Medium Term Note. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| Ultra Long U.S. Treasury Bond | December 2025 | 51 | 6185 | &nbsp;&nbsp;(50) |
| Short Futures Contracts |  |  |  |  |
| Ultra 10-Year U.S. Treasury Note | December 2025 | (81) | (9354) | &nbsp;&nbsp;84 |
|  |  |  |  | &nbsp;&nbsp;34 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Government Bond Index Fund

Statement of Assets and Liabilities

As of October 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $5,660,287) | 5667739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $37,876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37878 |
| Total Investments in Securities | 5705617 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Cash Collateral Received for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562 |
| Foreign Currency, at Value (Cost $14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;141551 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72079 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| **Total Assets** | **5924022** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;149924 |
| Collateral for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**155296** |
| **Net Assets** | **5768726** |
| **At October 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 6226883 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(458157) |
| **Net Assets** | **5768726** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 78,324,077 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **5319569** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$67.92** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 9,723,909 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**165562** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.03** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 10,385,940 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**283595** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$27.31** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Government Bond Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> October 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | 341974 |
| Total Income | 341974 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;6321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;8753 |
| **Net Investment Income** | **333221** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(866) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(227) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**(1093)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | 262685 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
| **Change in Unrealized Appreciation (Depreciation)** | **262587** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **594715** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $933, less than $1, and $4, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $62,849 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Government Bond Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;333221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294376 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115234) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;262587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536991 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;594715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716133 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(313867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(15029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8321) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(338464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280823) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(393344) | &nbsp;&nbsp;&nbsp;&nbsp;1847269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86050 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(328492) | &nbsp;&nbsp;&nbsp;&nbsp;1923198 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(72241) | &nbsp;&nbsp;&nbsp;&nbsp;2358508 |
| **Net Assets** |  |  |
| **Beginning of Period** | **5840967** | &nbsp;&nbsp;&nbsp;&nbsp;**3482459** |
| **End of Period** | **5768726** | &nbsp;&nbsp;&nbsp;&nbsp;**5840967** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Government Bond Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$64.61** | &nbsp;&nbsp;&nbsp;**$57.98** | &nbsp;&nbsp;&nbsp;**$57.55** | &nbsp;&nbsp;&nbsp;**$78.02** | &nbsp;&nbsp;&nbsp;**$78.01** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.190 |
| Net Realized and Unrealized Gain (Loss) on Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.484 | &nbsp;&nbsp;&nbsp;&nbsp;(20.455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.036) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.364 | &nbsp;&nbsp;&nbsp;&nbsp;10.346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.891 | &nbsp;&nbsp;&nbsp;&nbsp;(17.285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.154 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(4.054) | &nbsp;&nbsp;&nbsp;&nbsp;(3.716) | &nbsp;&nbsp;&nbsp;&nbsp;(3.461) | &nbsp;&nbsp;&nbsp;&nbsp;(3.185) | &nbsp;&nbsp;&nbsp;&nbsp;(3.144) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(4.054) | &nbsp;&nbsp;&nbsp;&nbsp;(3.716) | &nbsp;&nbsp;&nbsp;&nbsp;(3.461) | &nbsp;&nbsp;&nbsp;&nbsp;(3.185) | &nbsp;&nbsp;&nbsp;&nbsp;(3.144) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$67.92** | &nbsp;&nbsp;&nbsp;**$64.61** | &nbsp;&nbsp;&nbsp;**$57.98** | &nbsp;&nbsp;&nbsp;**$57.55** | &nbsp;&nbsp;&nbsp;**$78.02** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**11.93%** | &nbsp;&nbsp;&nbsp;**18.21%** | &nbsp;&nbsp;&nbsp;**6.62%** | &nbsp;&nbsp;&nbsp;**-22.68%** | &nbsp;&nbsp;&nbsp;**4.06%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$5320 | &nbsp;&nbsp;&nbsp;$5478 | &nbsp;&nbsp;&nbsp;$3223 | &nbsp;&nbsp;&nbsp;$2582 | &nbsp;&nbsp;&nbsp;$3024 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;6.21% | &nbsp;&nbsp;&nbsp;6.09% | &nbsp;&nbsp;&nbsp;5.58% | &nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;4.02% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;16% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase fees of $.00, $.00, $.02, $.02, and $.00. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.20%. |
| 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.

------

Emerging Markets Government Bond Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$16.18** | &nbsp;&nbsp;&nbsp;**$14.53** | &nbsp;&nbsp;&nbsp;**$14.42** | &nbsp;&nbsp;&nbsp;**$19.58** | &nbsp;&nbsp;&nbsp;**$19.58** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.806 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.127 | &nbsp;&nbsp;&nbsp;&nbsp;(5.149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.015) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.983 | &nbsp;&nbsp;&nbsp;&nbsp;(4.351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.791 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.791) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.791) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$17.03** | &nbsp;&nbsp;&nbsp;**$16.18** | &nbsp;&nbsp;&nbsp;**$14.53** | &nbsp;&nbsp;&nbsp;**$14.42** | &nbsp;&nbsp;&nbsp;**$19.58** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**11.94%** | &nbsp;&nbsp;&nbsp;**18.16%** | &nbsp;&nbsp;&nbsp;**6.65%** | &nbsp;&nbsp;&nbsp;**-22.67%** | &nbsp;&nbsp;&nbsp;**4.04%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$166 | &nbsp;&nbsp;&nbsp;$154 | &nbsp;&nbsp;&nbsp;$148 | &nbsp;&nbsp;&nbsp;$156 | &nbsp;&nbsp;&nbsp;$242 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;6.17% | &nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;5.57% | &nbsp;&nbsp;&nbsp;4.69% | &nbsp;&nbsp;&nbsp;4.03% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;16% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.20%. |
| 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.

------

Emerging Markets Government Bond Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$25.96** | &nbsp;&nbsp;&nbsp;**$23.30** | &nbsp;&nbsp;&nbsp;**$23.13** | &nbsp;&nbsp;&nbsp;**$31.41** | &nbsp;&nbsp;&nbsp;**$31.40** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.298 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.196 | &nbsp;&nbsp;&nbsp;&nbsp;(8.261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.014) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.577 | &nbsp;&nbsp;&nbsp;&nbsp;(6.975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.284 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.629) | &nbsp;&nbsp;&nbsp;&nbsp;(1.525) | &nbsp;&nbsp;&nbsp;&nbsp;(1.407) | &nbsp;&nbsp;&nbsp;&nbsp;(1.305) | &nbsp;&nbsp;&nbsp;&nbsp;(1.274) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.629) | &nbsp;&nbsp;&nbsp;&nbsp;(1.525) | &nbsp;&nbsp;&nbsp;&nbsp;(1.407) | &nbsp;&nbsp;&nbsp;&nbsp;(1.305) | &nbsp;&nbsp;&nbsp;&nbsp;(1.274) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$27.31** | &nbsp;&nbsp;&nbsp;**$25.96** | &nbsp;&nbsp;&nbsp;**$23.30** | &nbsp;&nbsp;&nbsp;**$23.13** | &nbsp;&nbsp;&nbsp;**$31.41** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**11.95%** | &nbsp;&nbsp;&nbsp;**18.25%** | &nbsp;&nbsp;&nbsp;**6.64%** | &nbsp;&nbsp;&nbsp;**-22.66%** | &nbsp;&nbsp;&nbsp;**4.10%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$284 | &nbsp;&nbsp;&nbsp;$208 | &nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;$54 | &nbsp;&nbsp;&nbsp;$45 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.18%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.18%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.18%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.18% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;6.21% | &nbsp;&nbsp;&nbsp;6.12% | &nbsp;&nbsp;&nbsp;5.60% | &nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;4.05% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;16% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.18%. |
| 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.

------

Emerging Markets Government Bond Index Fund

Notes to Financial Statements

Vanguard Emerging Markets Government Bond Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; 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. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. 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.

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 futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 year ended October 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

4. 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.

5. 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.

6. Collateral for ETF Capital Activity: When an authorized participant fails to deliver one or more of the securities within a designated basket (in the case of a subscription), fails to deliver the fund ETF Shares (in the case of a redemption), or is required by the fund, prior to settlement, to accommodate the trading of foreign securities in local markets (in the case of redemption for an international equity ETF), the fund may require the authorized participant to deliver and maintain cash collateral in accordance with the authorized participant agreement. The fund may invest the collateral in short-term debt instruments or U.S. Treasury securities, or maintain the balance as cash. Daily market fluctuations could cause the value of the missing securities or fund ETF Shares to be more or less than the value of the collateral received; when this occurs the collateral is adjusted. The fund earns interest income from investments and/or custody fee offsets from the cash balance. The fund records an asset (cash or investment, as applicable) and a corresponding liability for the return of the collateral in the Statement of Assets and Liabilities. Interest income and custody fee offsets earned on the investment of collateral are included in the Statement of Operations.

7. 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.

------

Emerging Markets Government Bond Index Fund

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 year ended October 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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. Fees assessed on capital share transactions are credited to paid-in capital.

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), shareholder reporting, and proxy fees. 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $134,000, representing less than 0.01% of the fund's net assets and 0.05% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** 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 October 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;731542 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;731542 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4936197 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4936197 |
| Temporary Cash Investments | 37878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37878 |
| Total | 37878 | &nbsp;&nbsp;&nbsp;5667739 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5705617 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (50) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(50) |

---

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.

**D.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;62815 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(62815) |

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Emerging Markets Government Bond Index Fund

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24999 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381) |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(482608) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) |
| Total | &nbsp;&nbsp;&nbsp;(458157) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;338464 | &nbsp;&nbsp;&nbsp;&nbsp;280823 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;338464 | &nbsp;&nbsp;&nbsp;&nbsp;280823 |

---

\* Includes short-term capital gains, if any.

As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5705998 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206591 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(206972) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381) |

---

**E.** During the year ended October 31, 2025, the fund purchased $1,060,471,000 of investment securities and sold $1,020,366,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $432,095,000 and $432,292,000, respectively. In addition, the fund purchased and sold investment securities of $1,306,331,000 and $1,714,170,000,
respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

**F.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;1353611 | &nbsp;&nbsp;&nbsp;&nbsp;20736 | &nbsp;&nbsp;2158866 | &nbsp;&nbsp;&nbsp;34202 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (1746955) | &nbsp;&nbsp;(27200) | &nbsp;&nbsp;&nbsp;(311597) | &nbsp;&nbsp;(5000) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;&nbsp;(393344) | &nbsp;&nbsp;&nbsp;&nbsp;(6464) | &nbsp;&nbsp;1847269 | &nbsp;&nbsp;&nbsp;29202 |
| **Admiral Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16609 | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(33497) | &nbsp;&nbsp;&nbsp;&nbsp;(2063) | &nbsp;&nbsp;&nbsp;&nbsp;(33736) | &nbsp;&nbsp;(2126) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;(10121) | &nbsp;&nbsp;&nbsp;&nbsp;(648) |

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------

Emerging Markets Government Bond Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Institutional Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92857 | &nbsp;&nbsp;&nbsp;&nbsp;3512 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(18473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711) | &nbsp;&nbsp;&nbsp;&nbsp;(15128) | &nbsp;&nbsp;&nbsp;&nbsp;(604) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86050 | &nbsp;&nbsp;&nbsp;&nbsp;3232 |

---

---

| | |
|:---|:---|
| 1 | Includes purchase fees for fiscal 2025 and 2024 of $109 and $836, respectively (fund totals). |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

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.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard Emerging Markets Government Bond Index Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Emerging Markets Government Bond Index Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The fund hereby designates for the fiscal year $710,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates 100%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder for the fiscal year.

Q11200 122025

------

![](tm2530396d12globminvolfii001.jpg)

#### Financial Statements

#### For the year ended October 31, 2025

#### Vanguard Global Minimum Volatility Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 17 |
| Tax information<br>| 18 |

---

------

Global Minimum Volatility Fund

Financial Statements

#### Schedule of Investments
As of October 31, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
| **Australia (3.1%)** | **Australia (3.1%)** | **Australia (3.1%)** | **Australia (3.1%)** |
|  | &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;278824 | &nbsp;&nbsp;&nbsp;&nbsp; 15303 |
|  | &nbsp;&nbsp;&nbsp;Brambles Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;795787 | &nbsp;&nbsp;&nbsp;&nbsp; 12931 |
|  | &nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | 4006169 | &nbsp;&nbsp;&nbsp;&nbsp; 12786 |
|  | &nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | 1240901 | &nbsp;&nbsp;&nbsp;&nbsp; 6379 |
|  | &nbsp;&nbsp;&nbsp;CAR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;216225 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
|  | &nbsp;&nbsp;&nbsp;Coles Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;216019 | &nbsp;&nbsp;&nbsp;&nbsp; 3116 |
|  | &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;357539 | &nbsp;&nbsp;&nbsp;&nbsp; 2865 |
|  | &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56854 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
|  | &nbsp;&nbsp;&nbsp;SEEK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60526 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
|  | &nbsp;&nbsp;&nbsp;CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8676 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
|  | &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;283821 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47847 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **62998** |
| **Belgium (0.1%)** | **Belgium (0.1%)** | **Belgium (0.1%)** | **Belgium (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Colruyt Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40419 | &nbsp;&nbsp;&nbsp;&nbsp; 1509 |
| **Brazil (1.0%)** | **Brazil (1.0%)** | **Brazil (1.0%)** | **Brazil (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | 2865123 | &nbsp;&nbsp;&nbsp;&nbsp; 21087 |
| **Canada (4.0%)** | **Canada (4.0%)** | **Canada (4.0%)** | **Canada (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Dollarama Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172689 | &nbsp;&nbsp;&nbsp;&nbsp; 22447 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hydro One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;507688 | &nbsp;&nbsp;&nbsp;&nbsp; 18725 |
|  | &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | &nbsp;&nbsp;&nbsp;&nbsp;464573 | &nbsp;&nbsp;&nbsp;&nbsp; 17575 |
|  | &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84672 | &nbsp;&nbsp;&nbsp;&nbsp; 15795 |
|  | &nbsp;&nbsp;&nbsp;Fortis Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99554 | &nbsp;&nbsp;&nbsp;&nbsp; 5004 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30351 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
|  | &nbsp;&nbsp;&nbsp;TMX Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11365 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **82017** |
| **China (1.2%)** | **China (1.2%)** | **China (1.2%)** | **China (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd. Class H | 3058800 | &nbsp;&nbsp;&nbsp;&nbsp; 7624 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Shanghai Fudan Microelectronics Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;988000 | &nbsp;&nbsp;&nbsp;&nbsp; 5374 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;441200 | &nbsp;&nbsp;&nbsp;&nbsp; 3929 |
|  | &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;486500 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 |
|  | &nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;390500 | &nbsp;&nbsp;&nbsp;&nbsp; 2033 |
|  | &nbsp;&nbsp;&nbsp;China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;530600 | &nbsp;&nbsp;&nbsp;&nbsp; 1459 |
|  | &nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
|  | &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23634** |
| **Denmark (0.1%)** | **Denmark (0.1%)** | **Denmark (0.1%)** | **Denmark (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;111348 | &nbsp;&nbsp;&nbsp;&nbsp; 2745 |
| **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Sampo OYJ Class A (XHEL) | &nbsp;&nbsp;&nbsp;&nbsp;668003 | &nbsp;&nbsp;&nbsp;&nbsp; 7446 |
| **France (3.7%)** | **France (3.7%)** | **France (3.7%)** | **France (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Orange SA | 1702788 | &nbsp;&nbsp;&nbsp;&nbsp; 27239 |
|  | &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;281090 | &nbsp;&nbsp;&nbsp;&nbsp; 24825 |
|  | &nbsp;&nbsp;&nbsp;Engie SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;507213 | &nbsp;&nbsp;&nbsp;&nbsp; 11875 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59838 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 |
|  | &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94914 | &nbsp;&nbsp;&nbsp;&nbsp; 3627 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sodexo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28267 | &nbsp;&nbsp;&nbsp;&nbsp; 1565 |
|  | &nbsp;&nbsp;&nbsp;Sodexo SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114 | &nbsp;&nbsp;&nbsp;&nbsp; 671 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **75855** |
| **Germany (1.1%)** | **Germany (1.1%)** | **Germany (1.1%)** | **Germany (1.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Scout24 SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74063 | &nbsp;&nbsp;&nbsp;&nbsp; 8565 |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27358 | &nbsp;&nbsp;&nbsp;&nbsp; 7115 |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;191557 | &nbsp;&nbsp;&nbsp;&nbsp; 3564 |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29363 | &nbsp;&nbsp;&nbsp;&nbsp; 3113 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22357** |
| **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | 1388605 | &nbsp;&nbsp;&nbsp;&nbsp; 11844 |
|  | &nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;644770 | &nbsp;&nbsp;&nbsp;&nbsp; 4096 |
|  | &nbsp;&nbsp;&nbsp;ASMPT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp; 359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16299** |
| **India (3.8%)** | **India (3.8%)** | **India (3.8%)** | **India (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;966187 | &nbsp;&nbsp;&nbsp;&nbsp; 29275 |
|  | &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories Ltd. ADR | 1700285 | &nbsp;&nbsp;&nbsp;&nbsp; 22597 |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;511256 | &nbsp;&nbsp;&nbsp;&nbsp; 18518 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;379330 | &nbsp;&nbsp;&nbsp;&nbsp; 6285 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **76675** |
| **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT ADR | &nbsp;&nbsp;&nbsp;&nbsp;135171 | &nbsp;&nbsp;&nbsp;&nbsp; 2648 |
| **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983 | &nbsp;&nbsp;&nbsp;&nbsp; 2834 |
|  | &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;109473 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4457** |
| **Italy (0.5%)** | **Italy (0.5%)** | **Italy (0.5%)** | **Italy (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;589825 | &nbsp;&nbsp;&nbsp;&nbsp; 10876 |
| **Japan (2.2%)** | **Japan (2.2%)** | **Japan (2.2%)** | **Japan (2.2%)** |
|  | &nbsp;&nbsp;&nbsp;Softbank Corp. | 13712700 | &nbsp;&nbsp;&nbsp;&nbsp; 19486 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146900 | &nbsp;&nbsp;&nbsp;&nbsp; 5747 |
|  | &nbsp;&nbsp;&nbsp;Kyushu Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;219400 | &nbsp;&nbsp;&nbsp;&nbsp; 5564 |
|  | &nbsp;&nbsp;&nbsp;Toho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 |
|  | &nbsp;&nbsp;&nbsp;Nippon Building Fund Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518 | &nbsp;&nbsp;&nbsp;&nbsp; 2324 |
|  | &nbsp;&nbsp;&nbsp;Yamada Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;643000 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
|  | &nbsp;&nbsp;&nbsp;Kagome Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107700 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 |
|  | &nbsp;&nbsp;&nbsp;MOS Food Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
|  | &nbsp;&nbsp;&nbsp;Canon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
|  | &nbsp;&nbsp;&nbsp;Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
|  | &nbsp;&nbsp;&nbsp;Ferrotec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
|  | &nbsp;&nbsp;&nbsp;Rohm Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
|  | &nbsp;&nbsp;&nbsp;Brother Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **44714** |
| **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51291 | &nbsp;&nbsp;&nbsp;&nbsp; 4840 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;151487 | &nbsp;&nbsp;&nbsp;&nbsp; 3449 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8289** |
| **Netherlands (0.6%)** | **Netherlands (0.6%)** | **Netherlands (0.6%)** | **Netherlands (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 2533509 | &nbsp;&nbsp;&nbsp;&nbsp; 11724 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12136** |
| **Norway (0.3%)** | **Norway (0.3%)** | **Norway (0.3%)** | **Norway (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;263132 | &nbsp;&nbsp;&nbsp;&nbsp; 2672 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86963 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49723 | &nbsp;&nbsp;&nbsp;&nbsp; 1269 |
|  | &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37506 | &nbsp;&nbsp;&nbsp;&nbsp; 558 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6582** |
| **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;560561 | &nbsp;&nbsp;&nbsp;&nbsp; 7333 |
|  | &nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82126 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8399** |
| **South Korea (1.7%)** | **South Korea (1.7%)** | **South Korea (1.7%)** | **South Korea (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152609 | &nbsp;&nbsp;&nbsp;&nbsp; 14362 |
|  | &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31678 | &nbsp;&nbsp;&nbsp;&nbsp; 5937 |
|  | &nbsp;&nbsp;&nbsp;LEENO Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116634 | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |
|  | &nbsp;&nbsp;&nbsp;HMM Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;300353 | &nbsp;&nbsp;&nbsp;&nbsp; 4325 |
|  | &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;200339 | &nbsp;&nbsp;&nbsp;&nbsp; 2715 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Douzone Bizon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26665 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
|  | &nbsp;&nbsp;&nbsp;LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60111 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **34342** |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Spain (0.7%)** | **Spain (0.7%)** | **Spain (0.7%)** | **Spain (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;729345 | &nbsp;&nbsp;&nbsp;&nbsp; 10994 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51548 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
|  | &nbsp;&nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40008 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
|  | &nbsp;&nbsp;&nbsp;Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18859 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13388** |
| **Sweden (0.4%)** | **Sweden (0.4%)** | **Sweden (0.4%)** | **Sweden (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;280452 | &nbsp;&nbsp;&nbsp;&nbsp; 4455 |
|  | &nbsp;&nbsp;&nbsp;Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80766 | &nbsp;&nbsp;&nbsp;&nbsp; 2219 |
|  | &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;399540 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8247** |
| **Switzerland (2.9%)** | **Switzerland (2.9%)** | **Switzerland (2.9%)** | **Switzerland (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Swisscom AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43380 | &nbsp;&nbsp;&nbsp;&nbsp; 31777 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;165348 | &nbsp;&nbsp;&nbsp;&nbsp; 20464 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Galenica AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32533 | &nbsp;&nbsp;&nbsp;&nbsp; 3506 |
|  | &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17241 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
|  | &nbsp;&nbsp;&nbsp;PSP Swiss Property AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **58465** |
| **Taiwan (4.7%)** | **Taiwan (4.7%)** | **Taiwan (4.7%)** | **Taiwan (4.7%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United Microelectronics Corp. ADR | 4208896 | &nbsp;&nbsp;&nbsp;&nbsp; 32451 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;106827 | &nbsp;&nbsp;&nbsp;&nbsp; 32094 |
|  | &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. ADR | 1687909 | &nbsp;&nbsp;&nbsp;&nbsp; 27023 |
|  | &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;110046 | &nbsp;&nbsp;&nbsp;&nbsp; 4686 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **96254** |
| **United Kingdom (6.0%)** | **United Kingdom (6.0%)** | **United Kingdom (6.0%)** | **United Kingdom (6.0%)** |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;844123 | &nbsp;&nbsp;&nbsp;&nbsp; 31646 |
|  | &nbsp;&nbsp;&nbsp;Compass Group plc | &nbsp;&nbsp;&nbsp;&nbsp;907281 | &nbsp;&nbsp;&nbsp;&nbsp; 30031 |
|  | &nbsp;&nbsp;&nbsp;Pearson plc | 1099156 | &nbsp;&nbsp;&nbsp;&nbsp; 15298 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;712769 | &nbsp;&nbsp;&nbsp;&nbsp; 10774 |
|  | &nbsp;&nbsp;&nbsp;GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;395740 | &nbsp;&nbsp;&nbsp;&nbsp; 9266 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;134865 | &nbsp;&nbsp;&nbsp;&nbsp; 8092 |
|  | &nbsp;&nbsp;&nbsp;Haleon plc | 1459146 | &nbsp;&nbsp;&nbsp;&nbsp; 6785 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31205 | &nbsp;&nbsp;&nbsp;&nbsp; 5147 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;299178 | &nbsp;&nbsp;&nbsp;&nbsp; 3069 |
|  | &nbsp;&nbsp;&nbsp;RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37057 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **121746** |
| **United States (58.4%)** | **United States (58.4%)** | **United States (58.4%)** | **United States (58.4%)** |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;446300 | &nbsp;&nbsp;&nbsp;&nbsp; 32629 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94811 | &nbsp;&nbsp;&nbsp;&nbsp; 32028 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;167427 | &nbsp;&nbsp;&nbsp;&nbsp; 31622 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;454772 | &nbsp;&nbsp;&nbsp;&nbsp; 31334 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59944 | &nbsp;&nbsp;&nbsp;&nbsp; 31040 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102778 | &nbsp;&nbsp;&nbsp;&nbsp; 30672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;304406 | &nbsp;&nbsp;&nbsp;&nbsp; 30660 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37749 | &nbsp;&nbsp;&nbsp;&nbsp; 30627 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150284 | &nbsp;&nbsp;&nbsp;&nbsp; 30431 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;355191 | &nbsp;&nbsp;&nbsp;&nbsp; 29928 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107057 | &nbsp;&nbsp;&nbsp;&nbsp; 28945 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135421 | &nbsp;&nbsp;&nbsp;&nbsp; 28200 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90550 | &nbsp;&nbsp;&nbsp;&nbsp; 27836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290955 | &nbsp;&nbsp;&nbsp;&nbsp; 27478 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46934 | &nbsp;&nbsp;&nbsp;&nbsp; 27384 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136747 | &nbsp;&nbsp;&nbsp;&nbsp; 27318 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55449 | &nbsp;&nbsp;&nbsp;&nbsp; 27274 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66613 | &nbsp;&nbsp;&nbsp;&nbsp; 27092 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;291280 | &nbsp;&nbsp;&nbsp;&nbsp; 25542 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178677 | &nbsp;&nbsp;&nbsp;&nbsp; 25040 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99728 | &nbsp;&nbsp;&nbsp;&nbsp; 24497 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116675 | &nbsp;&nbsp;&nbsp;&nbsp; 24035 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;239827 | &nbsp;&nbsp;&nbsp;&nbsp; 22553 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124654 | &nbsp;&nbsp;&nbsp;&nbsp; 22251 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11516 | &nbsp;&nbsp;&nbsp;&nbsp; 21933 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;451809 | &nbsp;&nbsp;&nbsp;&nbsp; 21059 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;261536 | &nbsp;&nbsp;&nbsp;&nbsp; 20151 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44288 | &nbsp;&nbsp;&nbsp;&nbsp; 19759 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155713 | &nbsp;&nbsp;&nbsp;&nbsp; 18064 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;410358 | &nbsp;&nbsp;&nbsp;&nbsp; 17247 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70781 | &nbsp;&nbsp;&nbsp;&nbsp; 16973 |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21550 | &nbsp;&nbsp;&nbsp;&nbsp; 16548 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169012 | &nbsp;&nbsp;&nbsp;&nbsp; 16463 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97239 | &nbsp;&nbsp;&nbsp;&nbsp; 16045 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124108 | &nbsp;&nbsp;&nbsp;&nbsp; 16012 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46139 | &nbsp;&nbsp;&nbsp;&nbsp; 15913 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58070 | &nbsp;&nbsp;&nbsp;&nbsp; 15417 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426525 | &nbsp;&nbsp;&nbsp;&nbsp; 13636 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30048 | &nbsp;&nbsp;&nbsp;&nbsp; 12960 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;209417 | &nbsp;&nbsp;&nbsp;&nbsp; 12232 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;181994 | &nbsp;&nbsp;&nbsp;&nbsp; 12070 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41594 | &nbsp;&nbsp;&nbsp;&nbsp; 11696 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43331 | &nbsp;&nbsp;&nbsp;&nbsp; 11279 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92033 | &nbsp;&nbsp;&nbsp;&nbsp; 11017 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38766 | &nbsp;&nbsp;&nbsp;&nbsp; 10925 |
|  | &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143467 | &nbsp;&nbsp;&nbsp;&nbsp; 10475 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43215 | &nbsp;&nbsp;&nbsp;&nbsp; 10118 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66748 | &nbsp;&nbsp;&nbsp;&nbsp; 10037 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60486 | &nbsp;&nbsp;&nbsp;&nbsp; 9766 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28388 | &nbsp;&nbsp;&nbsp;&nbsp; 9671 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | 1102008 | &nbsp;&nbsp;&nbsp;&nbsp; 9610 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54116 | &nbsp;&nbsp;&nbsp;&nbsp; 9293 |
|  | &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144169 | &nbsp;&nbsp;&nbsp;&nbsp; 8802 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68228 | &nbsp;&nbsp;&nbsp;&nbsp; 8434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29384 | &nbsp;&nbsp;&nbsp;&nbsp; 6300 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28413 | &nbsp;&nbsp;&nbsp;&nbsp; 6195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;190558 | &nbsp;&nbsp;&nbsp;&nbsp; 6115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29872 | &nbsp;&nbsp;&nbsp;&nbsp; 5845 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44261 | &nbsp;&nbsp;&nbsp;&nbsp; 5502 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108594 | &nbsp;&nbsp;&nbsp;&nbsp; 4977 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68481 | &nbsp;&nbsp;&nbsp;&nbsp; 4885 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp; 4733 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12959 | &nbsp;&nbsp;&nbsp;&nbsp; 4416 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66730 | &nbsp;&nbsp;&nbsp;&nbsp; 4314 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29510 | &nbsp;&nbsp;&nbsp;&nbsp; 3915 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33399 | &nbsp;&nbsp;&nbsp;&nbsp; 3732 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970 | &nbsp;&nbsp;&nbsp;&nbsp; 3685 |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40959 | &nbsp;&nbsp;&nbsp;&nbsp; 3586 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 2863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96124 | &nbsp;&nbsp;&nbsp;&nbsp; 2790 |
|  | &nbsp;&nbsp;&nbsp;H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53015 | &nbsp;&nbsp;&nbsp;&nbsp; 2637 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35273 | &nbsp;&nbsp;&nbsp;&nbsp; 2594 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13722 | &nbsp;&nbsp;&nbsp;&nbsp; 2452 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18331 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30654 | &nbsp;&nbsp;&nbsp;&nbsp; 1807 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp; 1796 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10199 | &nbsp;&nbsp;&nbsp;&nbsp; 1795 |
|  | &nbsp;&nbsp;&nbsp;Reynolds Consumer Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59302 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726 | &nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp; 1348 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23045 | &nbsp;&nbsp;&nbsp;&nbsp; 1334 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17025 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80423 | &nbsp;&nbsp;&nbsp;&nbsp; 959 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7294 | &nbsp;&nbsp;&nbsp;&nbsp; 859 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp; 830 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13649 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908 | &nbsp;&nbsp;&nbsp;&nbsp; 746 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573 | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stride Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1191958** |
| **Total Common Stocks (Cost $1,536,086)** | **Total Common Stocks (Cost $1,536,086)** | **Total Common Stocks (Cost $1,536,086)** | &nbsp;&nbsp;&nbsp;&nbsp;**2015123** |
| **Preferred Stocks (0.7%)** | **Preferred Stocks (0.7%)** | **Preferred Stocks (0.7%)** | **Preferred Stocks (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;165166 | &nbsp;&nbsp;&nbsp;&nbsp; 9747 |
|  | &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44368 | &nbsp;&nbsp;&nbsp;&nbsp; 3594 |
| **Total Preferred Stocks (Cost $11,522)** | **Total Preferred Stocks (Cost $11,522)** | **Total Preferred Stocks (Cost $11,522)** | &nbsp;&nbsp;&nbsp;&nbsp;**13341** |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (2.4%)** | **Temporary Cash Investments (2.4%)** | **Temporary Cash Investments (2.4%)** | **Temporary Cash Investments (2.4%)** |
| **Money Market Fund (2.4%)** | **Money Market Fund (2.4%)** | **Money Market Fund (2.4%)** | **Money Market Fund (2.4%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% **(Cost** $**49,799)** | &nbsp;&nbsp;&nbsp;&nbsp;498057 | &nbsp;&nbsp;&nbsp;&nbsp; **49806** |
| **Total Investments (101.9%) (Cost $1,597,407)** | **Total Investments (101.9%) (Cost $1,597,407)** | **Total Investments (101.9%) (Cost $1,597,407)** | &nbsp;&nbsp;&nbsp;&nbsp;**2078270** |
| **Other Assets and Liabilities—Net (-1.9%)** | **Other Assets and Liabilities—Net (-1.9%)** | **Other Assets and Liabilities—Net (-1.9%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(39027)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**2039243** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | 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 October 31, 2025, the aggregate value was $37,794, representing 1.9% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $41,096. |
| 3 | Securities with a value of $737 have been segregated as initial margin for open futures contracts. |
| 4 | Securities with a value of $449 have been segregated as collateral for open forward currency contracts. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $43,097 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 25 | 8593 | &nbsp;&nbsp;130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Royal Bank of Canada | 11/18/2025 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(26) |
| State Street Bank & Trust Co. | 11/18/2025 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;20624 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9) |
| Toronto-Dominion Bank | 11/18/2025 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(15) |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;2811 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3269 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(26) |
| State Street Bank & Trust Co. | 11/18/2025 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;20118 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2587 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs International | 11/18/2025 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;216999 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;— |
| Bank of Montreal | 11/18/2025 | &nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1431 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8) |
| State Street Bank & Trust Co. | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;70511 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;107028 | &nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;23709 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;127899 | &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;85627 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;119210 | &nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;62937 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;50199 | &nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2756 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;17673 | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;— |
| Citibank, N.A. | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;146558 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;125914 | &nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;4416 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;120512 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;89873 | &nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2219 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;43870 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;341087 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(41) |
| Citibank, N.A. | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;46808552 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;17528 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(26) |
| Royal Bank of Canada | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;80795 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;7187487 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(93) |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;46166 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;7019283 | &nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;41386 | &nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;58847284 | &nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;2355167 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;8109 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;149429 | &nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;— |

---

------

Global Minimum Volatility Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Barclays Bank plc | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7571 | &nbsp;&nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;75565 | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;8248 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;77594 | &nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;9901 | &nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;12793 | &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;88134 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;2691529 | &nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 11/18/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;190563 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;7066 | &nbsp;&nbsp;&nbsp;(247) |

---

---

| |
|:---|
| AUD—Australian dollar. |
| BRL—Brazilian real. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| DKK—Danish krone. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| IDR—Indonesian rupiah. |
| ILS—Israeli shekel. |
| INR—Indian rupee. |
| JPY—Japanese yen. |
| KRW—Korean won. |
| MXN—Mexican peso. |
| NOK—Norwegian krone. |
| SEK—Swedish krona. |
| SGD—Singapore dollar. |
| TWD—Taiwanese dollar. |
| USD—U.S. dollar. |

---

At October 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $5,383 in connection with open forward currency contracts.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Minimum Volatility Fund

Statement of Assets and Liabilities

As of October 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $1,547,608) | 2028464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $49,799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49806 |
| Total Investments in Securities | 2078270 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Foreign Currency, at Value (Cost $231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7066 |
| **Total Assets** | **2090323** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43097 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51080** |
| **Net Assets** | **2039243** |
| 1 Includes $41,096 of securities on loan. |  |
| **At October 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1386435 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;652808 |
| **Net Assets** | **2039243** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 13,641,548 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**233929** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$17.15** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 52,620,201 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1805314** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$34.31** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Minimum Volatility Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> October 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;49253 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;3360 |
| Total Income | &nbsp;&nbsp;53231 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;3093 |
| **Net Investment Income** | &nbsp;&nbsp;**50138** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 165164 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1488 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;(2581) |
| **Realized Net Gain (Loss)** | **164222** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;14845 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;(5793) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**9495** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **223855** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $2,921. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $596, ($2), and $5, respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Minimum Volatility Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41764 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;164222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41085 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297954 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;223855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380803 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(67215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52399) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(75211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58888) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(166610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90183) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(168977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112714) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(20333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209201 |
| **Net Assets** |  |  |
| **Beginning of Period** | **2059576** | &nbsp;&nbsp;&nbsp;&nbsp;**1850375** |
| **End of Period** | **2039243** | &nbsp;&nbsp;&nbsp;&nbsp;**2059576** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Minimum Volatility Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$16.02** | &nbsp;&nbsp;&nbsp;**$13.61** | &nbsp;&nbsp;&nbsp;**$13.72** | &nbsp;&nbsp;&nbsp;**$14.83** | &nbsp;&nbsp;&nbsp;**$12.77** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.252 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.085 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.337 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.277) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.285) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.323) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.277) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$17.15** | &nbsp;&nbsp;&nbsp;**$16.02** | &nbsp;&nbsp;&nbsp;**$13.61** | &nbsp;&nbsp;&nbsp;**$13.72** | &nbsp;&nbsp;&nbsp;**$14.83** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**11.10%** | &nbsp;&nbsp;&nbsp;**21.35%** | &nbsp;&nbsp;&nbsp;**4.05%** | &nbsp;&nbsp;&nbsp;**-4.28%** | &nbsp;&nbsp;&nbsp;**18.51%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$234 | &nbsp;&nbsp;&nbsp;$221 | &nbsp;&nbsp;&nbsp;$208 | &nbsp;&nbsp;&nbsp;$260 | &nbsp;&nbsp;&nbsp;$301 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.21%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.21%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.21% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;1.77% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;51%<sup>4</sup> | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 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 0.21%. |
| 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. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Minimum Volatility Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$32.04** | &nbsp;&nbsp;&nbsp;**$27.23** | &nbsp;&nbsp;&nbsp;**$27.44** | &nbsp;&nbsp;&nbsp;**$29.67** | &nbsp;&nbsp;&nbsp;**$25.56** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.520 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.310 | &nbsp;&nbsp;&nbsp;&nbsp;(1.910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.177 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.142 | &nbsp;&nbsp;&nbsp;&nbsp;(1.198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.697 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.706) | &nbsp;&nbsp;&nbsp;&nbsp;(1.032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.587) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.570) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.646) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.881) | &nbsp;&nbsp;&nbsp;&nbsp;(1.352) | &nbsp;&nbsp;&nbsp;&nbsp;(1.032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.587) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$34.31** | &nbsp;&nbsp;&nbsp;**$32.04** | &nbsp;&nbsp;&nbsp;**$27.23** | &nbsp;&nbsp;&nbsp;**$27.44** | &nbsp;&nbsp;&nbsp;**$29.67** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**11.21%** | &nbsp;&nbsp;&nbsp;**21.40%** | &nbsp;&nbsp;&nbsp;**4.15%** | &nbsp;&nbsp;&nbsp;**-4.24%** | &nbsp;&nbsp;&nbsp;**18.60%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1805 | &nbsp;&nbsp;&nbsp;$1839 | &nbsp;&nbsp;&nbsp;$1642 | &nbsp;&nbsp;&nbsp;$1816 | &nbsp;&nbsp;&nbsp;$2449 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;1.83% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;51%<sup>4</sup> | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 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 0.14%. |
| 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. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Minimum Volatility Fund

Notes to Financial Statements

Vanguard Global Minimum Volatility Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**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 objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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 year ended October 31, 2025, 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 year ended October 31, 2025, the fund's average investment in forward currency contracts represented 45% of net assets, based on the average of the notional amounts at each quarter-end during the period.

------

Global Minimum Volatility Fund

5. 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.

6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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 year ended October 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Taxes on foreign dividends and capital gains have been provided for in accordance with the 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), shareholder reporting, and proxy fees. 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $50,000, representing less than 0.01% of the fund's net assets and 0.02% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

Global Minimum Volatility Fund

**C.** 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 October 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 1303351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1303351 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;175577 | &nbsp;&nbsp;&nbsp;536195 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;711772 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13341 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13341 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49806 |
| Total | 1528734 | &nbsp;&nbsp;&nbsp;549536 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2078270 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7066 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7066 |
| Total | 130 | &nbsp;&nbsp;&nbsp;7066 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7196 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(247) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(247) |

---

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.

**D.** At October 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 130 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;130 |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;7066 | &nbsp;&nbsp;&nbsp;7066 |
| Total Assets | 130 | &nbsp;&nbsp;&nbsp;7066 | &nbsp;&nbsp;&nbsp;7196 |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(247) | &nbsp;&nbsp;&nbsp;(247) |
| Total Liabilities |  | &nbsp;&nbsp;&nbsp;(247) | &nbsp;&nbsp;&nbsp;(247) |

---

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 year ended October 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 1488 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1488 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;151 |
| Realized Net Gain (Loss) on Derivatives | 1488 | &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;1639 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | 315 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;315 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(5793) | &nbsp;&nbsp;&nbsp;(5793) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 315 | &nbsp;&nbsp;&nbsp;(5793) | &nbsp;&nbsp;&nbsp;(5478) |

---

------

Global Minimum Volatility Fund

**E.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;29652 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(29652) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;59290 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;112608 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;480955 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| Total | &nbsp;&nbsp;&nbsp;652808 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;38819 | &nbsp;&nbsp;&nbsp;&nbsp;58888 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;36392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;75211 | &nbsp;&nbsp;&nbsp;&nbsp;58888 |

---

\* Includes short-term capital gains, if any.

As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1598083 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521010 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40129) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480881 |

---

**F.** During the year ended October 31, 2025, the fund purchased $897,651,000 of investment securities and sold $1,087,388,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended October 31, 2025, such purchases were $2,346,000 and sales were $11,957,000, resulting in net realized loss of $673,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

Global Minimum Volatility Fund

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;53773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28843 | &nbsp;&nbsp;&nbsp;&nbsp;1915 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
| Redeemed | &nbsp;&nbsp;(63461) | &nbsp;&nbsp;&nbsp;&nbsp;(3902) | &nbsp;&nbsp;&nbsp;&nbsp;(57344) | &nbsp;&nbsp;(3841) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(2367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;(22531) | &nbsp;&nbsp;(1496) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;387849 | &nbsp;&nbsp;&nbsp;&nbsp;11777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94554 | &nbsp;&nbsp;&nbsp;&nbsp;3143 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;60170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46733 | &nbsp;&nbsp;&nbsp;&nbsp;1685 |
| Redeemed | (614629) | &nbsp;&nbsp;(18511) | &nbsp;&nbsp;(231470) | &nbsp;&nbsp;(7749) |
| Net Increase (Decrease)—Admiral Shares | (166610) | &nbsp;&nbsp;&nbsp;&nbsp;(4770) | &nbsp;&nbsp;&nbsp;&nbsp;(90183) | &nbsp;&nbsp;(2921) |

---

**H.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.

**I.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard Global Minimum Volatility Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Global Minimum Volatility Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

For corporate shareholders, 51.3%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $38,819,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $309,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund distributed $58,752,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.

Q11940 122025

------

![](tm2530396d12intdivindexi001.jpg)

#### Financial Statements

#### For the year ended October 31, 2025

#### Vanguard International Dividend Index Funds
Vanguard International Dividend Appreciation Index Fund <br> Vanguard International High Dividend Yield Index Fund

------

#### Contents

---

| | |
|:---|:---|
| International Dividend Appreciation Index Fund<br>| 1 |
| International High Dividend Yield Index Fund<br>| 18 |
| Report of Independent Registered Public Accounting Firm<br>| 54 |
| Tax information<br>| 55 |

---

------

International Dividend Appreciation Index Fund

Financial Statements

#### Schedule of Investments
As of October 31, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.2%)** | **Common Stocks (99.2%)** | **Common Stocks (99.2%)** | **Common Stocks (99.2%)** |
| **Australia (1.7%)** | **Australia (1.7%)** | **Australia (1.7%)** | **Australia (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2673975 | &nbsp;&nbsp;&nbsp;&nbsp; 43117 |
|  | &nbsp;&nbsp;&nbsp;Computershare Ltd. (XASX) | &nbsp;&nbsp;&nbsp;&nbsp;1016718 | &nbsp;&nbsp;&nbsp;&nbsp; 24289 |
|  | &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103465 | &nbsp;&nbsp;&nbsp;&nbsp; 17766 |
|  | &nbsp;&nbsp;&nbsp;CAR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709036 | &nbsp;&nbsp;&nbsp;&nbsp; 16556 |
|  | &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666194 | &nbsp;&nbsp;&nbsp;&nbsp; 16369 |
|  | &nbsp;&nbsp;&nbsp;Technology One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570362 | &nbsp;&nbsp;&nbsp;&nbsp; 13737 |
|  | &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924378 | &nbsp;&nbsp;&nbsp;&nbsp; 12794 |
|  | &nbsp;&nbsp;&nbsp;Steadfast Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2062064 | &nbsp;&nbsp;&nbsp;&nbsp; 7554 |
|  | &nbsp;&nbsp;&nbsp;AUB Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219139 | &nbsp;&nbsp;&nbsp;&nbsp; 5293 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **157475** |
| **Belgium (0.9%)** | **Belgium (0.9%)** | **Belgium (0.9%)** | **Belgium (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225461 | &nbsp;&nbsp;&nbsp;&nbsp; 57976 |
|  | &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93787 | &nbsp;&nbsp;&nbsp;&nbsp; 11304 |
|  | &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28783 | &nbsp;&nbsp;&nbsp;&nbsp; 7911 |
|  | &nbsp;&nbsp;&nbsp;Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp; 6683 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **83874** |
| **Canada (16.9%)** | **Canada (16.9%)** | **Canada (16.9%)** | **Canada (16.9%)** |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;2628800 | &nbsp;&nbsp;&nbsp;&nbsp; 385113 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4121188 | &nbsp;&nbsp;&nbsp;&nbsp; 189788 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;1038622 | &nbsp;&nbsp;&nbsp;&nbsp; 99593 |
|  | &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732621 | &nbsp;&nbsp;&nbsp;&nbsp; 81852 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483108 | &nbsp;&nbsp;&nbsp;&nbsp; 81021 |
|  | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1432295 | &nbsp;&nbsp;&nbsp;&nbsp; 72792 |
|  | &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360319 | &nbsp;&nbsp;&nbsp;&nbsp; 67306 |
|  | &nbsp;&nbsp;&nbsp;Dollarama Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516206 | &nbsp;&nbsp;&nbsp;&nbsp; 67099 |
|  | &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333470 | &nbsp;&nbsp;&nbsp;&nbsp; 62205 |
|  | &nbsp;&nbsp;&nbsp;Fortis Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941158 | &nbsp;&nbsp;&nbsp;&nbsp; 47308 |
|  | &nbsp;&nbsp;&nbsp;Loblaw Cos. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1065343 | &nbsp;&nbsp;&nbsp;&nbsp; 42339 |
|  | &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612528 | &nbsp;&nbsp;&nbsp;&nbsp; 40231 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704094 | &nbsp;&nbsp;&nbsp;&nbsp; 38088 |
|  | &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294336 | &nbsp;&nbsp;&nbsp;&nbsp; 26033 |
|  | &nbsp;&nbsp;&nbsp;Metro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370602 | &nbsp;&nbsp;&nbsp;&nbsp; 24703 |
|  | &nbsp;&nbsp;&nbsp;Stantec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213093 | &nbsp;&nbsp;&nbsp;&nbsp; 23598 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hydro One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593758 | &nbsp;&nbsp;&nbsp;&nbsp; 21899 |
|  | &nbsp;&nbsp;&nbsp;TMX Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519721 | &nbsp;&nbsp;&nbsp;&nbsp; 19169 |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476371 | &nbsp;&nbsp;&nbsp;&nbsp; 18276 |
|  | &nbsp;&nbsp;&nbsp;Toromont Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151674 | &nbsp;&nbsp;&nbsp;&nbsp; 18223 |
|  | &nbsp;&nbsp;&nbsp;George Weston Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294534 | &nbsp;&nbsp;&nbsp;&nbsp; 17909 |
|  | &nbsp;&nbsp;&nbsp;CCL Industries Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270815 | &nbsp;&nbsp;&nbsp;&nbsp; 15107 |
|  | &nbsp;&nbsp;&nbsp;Finning International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248191 | &nbsp;&nbsp;&nbsp;&nbsp; 13422 |
|  | &nbsp;&nbsp;&nbsp;TFI International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145225 | &nbsp;&nbsp;&nbsp;&nbsp; 13051 |
|  | &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76701 | &nbsp;&nbsp;&nbsp;&nbsp; 12209 |
|  | &nbsp;&nbsp;&nbsp;Saputo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461960 | &nbsp;&nbsp;&nbsp;&nbsp; 11162 |
|  | &nbsp;&nbsp;&nbsp;Empire Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248754 | &nbsp;&nbsp;&nbsp;&nbsp; 8451 |
|  | &nbsp;&nbsp;&nbsp;Boyd Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46519 | &nbsp;&nbsp;&nbsp;&nbsp; 7431 |
|  | &nbsp;&nbsp;&nbsp;Stella-Jones Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103534 | &nbsp;&nbsp;&nbsp;&nbsp; 5877 |
|  | &nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75399 | &nbsp;&nbsp;&nbsp;&nbsp; 5198 |
|  | &nbsp;&nbsp;&nbsp;Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63446 | &nbsp;&nbsp;&nbsp;&nbsp; 3329 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23448 | &nbsp;&nbsp;&nbsp;&nbsp; 2820 |
|  | &nbsp;&nbsp;&nbsp;Maple Leaf Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138869 | &nbsp;&nbsp;&nbsp;&nbsp; 2669 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Jamieson Wellness Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77473 | &nbsp;&nbsp;&nbsp;&nbsp; 1923 |
|  | &nbsp;&nbsp;&nbsp;Savaria Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114592 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 |
|  | &nbsp;&nbsp;&nbsp;StorageVault Canada Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426620 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
|  | &nbsp;&nbsp;&nbsp;Enghouse Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82829 | &nbsp;&nbsp;&nbsp;&nbsp; 1229 |
|  | &nbsp;&nbsp;&nbsp;ADENTRA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46093 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Canada Packers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1553217** |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **China (0.9%)** | **China (0.9%)** | **China (0.9%)** | **China (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187903 | &nbsp;&nbsp;&nbsp;&nbsp; 37796 |
|  | &nbsp;&nbsp;&nbsp;Wuliangye Yibin Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586605 | &nbsp;&nbsp;&nbsp;&nbsp; 9813 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;CGN Power Co. Ltd. Class H | 19840000 | &nbsp;&nbsp;&nbsp;&nbsp; 7861 |
|  | &nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108695 | &nbsp;&nbsp;&nbsp;&nbsp; 6219 |
|  | &nbsp;&nbsp;&nbsp;Luzhou Laojiao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222596 | &nbsp;&nbsp;&nbsp;&nbsp; 4208 |
|  | &nbsp;&nbsp;&nbsp;China National Nuclear Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3104200 | &nbsp;&nbsp;&nbsp;&nbsp; 3918 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;4483600 | &nbsp;&nbsp;&nbsp;&nbsp; 3139 |
|  | &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91500 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Property Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu King's Luck Brewery JSC Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
|  | &nbsp;&nbsp;&nbsp;JCHX Mining Management Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
|  | &nbsp;&nbsp;&nbsp;Thunder Software Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp; 664 |
|  | &nbsp;&nbsp;&nbsp;Guangdong Hongda Holdings Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115100 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Dingli Machinery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76600 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
|  | &nbsp;&nbsp;&nbsp;Weaver Network Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39200 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Southern Publishing & Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123100 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Dian Diagnostics Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98600 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp;Rianlon Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;China Testing & Certification International Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124300 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **81614** |
| **Denmark (3.2%)** | **Denmark (3.2%)** | **Denmark (3.2%)** | **Denmark (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;3898192 | &nbsp;&nbsp;&nbsp;&nbsp; 191914 |
|  | &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368683 | &nbsp;&nbsp;&nbsp;&nbsp; 78680 |
|  | &nbsp;&nbsp;&nbsp;Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223724 | &nbsp;&nbsp;&nbsp;&nbsp; 20235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **290829** |
| **Finland (0.1%)** | **Finland (0.1%)** | **Finland (0.1%)** | **Finland (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Huhtamaki OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174803 | &nbsp;&nbsp;&nbsp;&nbsp; 5875 |
|  | &nbsp;&nbsp;&nbsp;Revenio Group OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40002 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6991** |
| **France (5.4%)** | **France (5.4%)** | **France (5.4%)** | **France (5.4%)** |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;1011791 | &nbsp;&nbsp;&nbsp;&nbsp; 288289 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;2018605 | &nbsp;&nbsp;&nbsp;&nbsp; 204208 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **492497** |
| **Germany (5.1%)** | **Germany (5.1%)** | **Germany (5.1%)** | **Germany (5.1%)** |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;1232813 | &nbsp;&nbsp;&nbsp;&nbsp; 320620 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352097 | &nbsp;&nbsp;&nbsp;&nbsp; 89165 |
|  | &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248250 | &nbsp;&nbsp;&nbsp;&nbsp; 20530 |
|  | &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114309 | &nbsp;&nbsp;&nbsp;&nbsp; 13208 |
|  | &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229518 | &nbsp;&nbsp;&nbsp;&nbsp; 12747 |
|  | &nbsp;&nbsp;&nbsp;Bechtle AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153226 | &nbsp;&nbsp;&nbsp;&nbsp; 6477 |
|  | &nbsp;&nbsp;&nbsp;Atoss Software SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16769 | &nbsp;&nbsp;&nbsp;&nbsp; 2249 |
|  | &nbsp;&nbsp;&nbsp;FUCHS SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50651 | &nbsp;&nbsp;&nbsp;&nbsp; 1797 |
|  | &nbsp;&nbsp;&nbsp;Cewe Stiftung & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
|  | &nbsp;&nbsp;&nbsp;Adesso SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **468483** |
| **Hong Kong (2.1%)** | **Hong Kong (2.1%)** | **Hong Kong (2.1%)** | **Hong Kong (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 19630960 | &nbsp;&nbsp;&nbsp;&nbsp; 191024 |
| **India (5.0%)** | **India (5.0%)** | **India (5.0%)** | **India (5.0%)** |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 12614021 | &nbsp;&nbsp;&nbsp;&nbsp; 211068 |
|  | &nbsp;&nbsp;&nbsp;Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6576809 | &nbsp;&nbsp;&nbsp;&nbsp; 109583 |
|  | &nbsp;&nbsp;&nbsp;Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1668057 | &nbsp;&nbsp;&nbsp;&nbsp; 46326 |
|  | &nbsp;&nbsp;&nbsp;ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5640833 | &nbsp;&nbsp;&nbsp;&nbsp; 26701 |
|  | &nbsp;&nbsp;&nbsp;Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199234 | &nbsp;&nbsp;&nbsp;&nbsp; 13259 |
|  | &nbsp;&nbsp;&nbsp;Pidilite Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584559 | &nbsp;&nbsp;&nbsp;&nbsp; 9514 |
|  | &nbsp;&nbsp;&nbsp;Mphasis Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218597 | &nbsp;&nbsp;&nbsp;&nbsp; 6795 |
|  | &nbsp;&nbsp;&nbsp;Sundaram Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127573 | &nbsp;&nbsp;&nbsp;&nbsp; 6608 |
|  | &nbsp;&nbsp;&nbsp;KEI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117594 | &nbsp;&nbsp;&nbsp;&nbsp; 5338 |
|  | &nbsp;&nbsp;&nbsp;Tata Elxsi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70207 | &nbsp;&nbsp;&nbsp;&nbsp; 4312 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ITC Hotels Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1439771 | &nbsp;&nbsp;&nbsp;&nbsp; 3515 |
|  | &nbsp;&nbsp;&nbsp;Berger Paints India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564038 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
|  | &nbsp;&nbsp;&nbsp;CRISIL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39222 | &nbsp;&nbsp;&nbsp;&nbsp; 2176 |
|  | &nbsp;&nbsp;&nbsp;ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14816 | &nbsp;&nbsp;&nbsp;&nbsp; 2072 |
|  | &nbsp;&nbsp;&nbsp;Honeywell Automation India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp; 1862 |
|  | &nbsp;&nbsp;&nbsp;Grindwell Norton Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89133 | &nbsp;&nbsp;&nbsp;&nbsp; 1696 |
|  | &nbsp;&nbsp;&nbsp;Caplin Point Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48403 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
|  | &nbsp;&nbsp;&nbsp;Kirloskar Pneumatic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75089 | &nbsp;&nbsp;&nbsp;&nbsp; 945 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;FIEM Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20537 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Balaji Amines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24574 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **457189** |
| **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 102621400 | &nbsp;&nbsp;&nbsp;&nbsp; 52541 |
| **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Kerry Group plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305040 | &nbsp;&nbsp;&nbsp;&nbsp; 27827 |
| **Italy (0.4%)** | **Italy (0.4%)** | **Italy (0.4%)** | **Italy (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203237 | &nbsp;&nbsp;&nbsp;&nbsp; 12097 |
|  | &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162092 | &nbsp;&nbsp;&nbsp;&nbsp; 9765 |
|  | &nbsp;&nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151034 | &nbsp;&nbsp;&nbsp;&nbsp; 7795 |
|  | &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43778 | &nbsp;&nbsp;&nbsp;&nbsp; 3877 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33534** |
| **Japan (29.1%)** | **Japan (29.1%)** | **Japan (29.1%)** | **Japan (29.1%)** |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 22564800 | &nbsp;&nbsp;&nbsp;&nbsp; 340847 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | 11499400 | &nbsp;&nbsp;&nbsp;&nbsp; 320253 |
|  | &nbsp;&nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8566700 | &nbsp;&nbsp;&nbsp;&nbsp; 292630 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7263300 | &nbsp;&nbsp;&nbsp;&nbsp; 196645 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7519200 | &nbsp;&nbsp;&nbsp;&nbsp; 180556 |
|  | &nbsp;&nbsp;&nbsp;Tokio Marine Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3615600 | &nbsp;&nbsp;&nbsp;&nbsp; 134837 |
|  | &nbsp;&nbsp;&nbsp;Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3252900 | &nbsp;&nbsp;&nbsp;&nbsp; 84772 |
|  | &nbsp;&nbsp;&nbsp;Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3448300 | &nbsp;&nbsp;&nbsp;&nbsp; 74348 |
|  | &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3630600 | &nbsp;&nbsp;&nbsp;&nbsp; 63435 |
|  | &nbsp;&nbsp;&nbsp;NTT Inc. | 55924843 | &nbsp;&nbsp;&nbsp;&nbsp; 57561 |
|  | &nbsp;&nbsp;&nbsp;Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4479202 | &nbsp;&nbsp;&nbsp;&nbsp; 56974 |
|  | &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1193100 | &nbsp;&nbsp;&nbsp;&nbsp; 54605 |
|  | &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2323800 | &nbsp;&nbsp;&nbsp;&nbsp; 53858 |
|  | &nbsp;&nbsp;&nbsp;Sompo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1747000 | &nbsp;&nbsp;&nbsp;&nbsp; 53241 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2767752 | &nbsp;&nbsp;&nbsp;&nbsp; 44674 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890200 | &nbsp;&nbsp;&nbsp;&nbsp; 38009 |
|  | &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871000 | &nbsp;&nbsp;&nbsp;&nbsp; 36860 |
|  | &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1322600 | &nbsp;&nbsp;&nbsp;&nbsp; 32939 |
|  | &nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814300 | &nbsp;&nbsp;&nbsp;&nbsp; 31443 |
|  | &nbsp;&nbsp;&nbsp;Asahi Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2841329 | &nbsp;&nbsp;&nbsp;&nbsp; 30635 |
|  | &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4988520 | &nbsp;&nbsp;&nbsp;&nbsp; 29675 |
|  | &nbsp;&nbsp;&nbsp;Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1238100 | &nbsp;&nbsp;&nbsp;&nbsp; 26564 |
|  | &nbsp;&nbsp;&nbsp;Shionogi & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1494000 | &nbsp;&nbsp;&nbsp;&nbsp; 25058 |
|  | &nbsp;&nbsp;&nbsp;Obic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614600 | &nbsp;&nbsp;&nbsp;&nbsp; 19065 |
|  | &nbsp;&nbsp;&nbsp;Capcom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637500 | &nbsp;&nbsp;&nbsp;&nbsp; 16647 |
|  | &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2410885 | &nbsp;&nbsp;&nbsp;&nbsp; 14917 |
|  | &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396700 | &nbsp;&nbsp;&nbsp;&nbsp; 13175 |
|  | &nbsp;&nbsp;&nbsp;TIS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380360 | &nbsp;&nbsp;&nbsp;&nbsp; 13104 |
|  | &nbsp;&nbsp;&nbsp;Hulic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1260675 | &nbsp;&nbsp;&nbsp;&nbsp; 13024 |
|  | &nbsp;&nbsp;&nbsp;Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1325900 | &nbsp;&nbsp;&nbsp;&nbsp; 12938 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sony Financial Group Inc. | 11477700 | &nbsp;&nbsp;&nbsp;&nbsp; 11574 |
|  | &nbsp;&nbsp;&nbsp;Hikari Tsushin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp; 11470 |
|  | &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275400 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 |
|  | &nbsp;&nbsp;&nbsp;MEIJI Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491500 | &nbsp;&nbsp;&nbsp;&nbsp; 9461 |
|  | &nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885460 | &nbsp;&nbsp;&nbsp;&nbsp; 8728 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Yakult Honsha Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546900 | &nbsp;&nbsp;&nbsp;&nbsp; 8187 |
|  | &nbsp;&nbsp;&nbsp;Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200300 | &nbsp;&nbsp;&nbsp;&nbsp; 7588 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392100 | &nbsp;&nbsp;&nbsp;&nbsp; 7321 |
|  | &nbsp;&nbsp;&nbsp;Kyowa Kirin Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441100 | &nbsp;&nbsp;&nbsp;&nbsp; 6830 |
|  | &nbsp;&nbsp;&nbsp;MonotaRO Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458967 | &nbsp;&nbsp;&nbsp;&nbsp; 6404 |
|  | &nbsp;&nbsp;&nbsp;Kobe Bussan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274300 | &nbsp;&nbsp;&nbsp;&nbsp; 6365 |
|  | &nbsp;&nbsp;&nbsp;Kandenko Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196634 | &nbsp;&nbsp;&nbsp;&nbsp; 6010 |
|  | &nbsp;&nbsp;&nbsp;Air Water Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428200 | &nbsp;&nbsp;&nbsp;&nbsp; 5980 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62600 | &nbsp;&nbsp;&nbsp;&nbsp; 5771 |
|  | &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1006600 | &nbsp;&nbsp;&nbsp;&nbsp; 5749 |
|  | &nbsp;&nbsp;&nbsp;Open House Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112500 | &nbsp;&nbsp;&nbsp;&nbsp; 5414 |
|  | &nbsp;&nbsp;&nbsp;EXEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368800 | &nbsp;&nbsp;&nbsp;&nbsp; 5319 |
|  | &nbsp;&nbsp;&nbsp;Nisshin Seifun Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465100 | &nbsp;&nbsp;&nbsp;&nbsp; 5258 |
|  | &nbsp;&nbsp;&nbsp;Lion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523634 | &nbsp;&nbsp;&nbsp;&nbsp; 5160 |
|  | &nbsp;&nbsp;&nbsp;Rinnai Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209752 | &nbsp;&nbsp;&nbsp;&nbsp; 4754 |
|  | &nbsp;&nbsp;&nbsp;Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330400 | &nbsp;&nbsp;&nbsp;&nbsp; 4668 |
|  | &nbsp;&nbsp;&nbsp;GMO Payment Gateway Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 4637 |
|  | &nbsp;&nbsp;&nbsp;Yamaguchi Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390667 | &nbsp;&nbsp;&nbsp;&nbsp; 4476 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Maruwa Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp; 4467 |
|  | &nbsp;&nbsp;&nbsp;Organo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47900 | &nbsp;&nbsp;&nbsp;&nbsp; 4111 |
|  | &nbsp;&nbsp;&nbsp;Nichias Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109800 | &nbsp;&nbsp;&nbsp;&nbsp; 4097 |
|  | &nbsp;&nbsp;&nbsp;Nippon Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210967 | &nbsp;&nbsp;&nbsp;&nbsp; 4039 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Century Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338200 | &nbsp;&nbsp;&nbsp;&nbsp; 3991 |
|  | &nbsp;&nbsp;&nbsp;Goldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233200 | &nbsp;&nbsp;&nbsp;&nbsp; 3852 |
|  | &nbsp;&nbsp;&nbsp;Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182800 | &nbsp;&nbsp;&nbsp;&nbsp; 3757 |
|  | &nbsp;&nbsp;&nbsp;Welcia Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184401 | &nbsp;&nbsp;&nbsp;&nbsp; 3677 |
|  | &nbsp;&nbsp;&nbsp;Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138800 | &nbsp;&nbsp;&nbsp;&nbsp; 3517 |
|  | &nbsp;&nbsp;&nbsp;Sundrug Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128624 | &nbsp;&nbsp;&nbsp;&nbsp; 3472 |
|  | &nbsp;&nbsp;&nbsp;Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104320 | &nbsp;&nbsp;&nbsp;&nbsp; 3469 |
|  | &nbsp;&nbsp;&nbsp;Fuyo General Lease Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132100 | &nbsp;&nbsp;&nbsp;&nbsp; 3454 |
|  | &nbsp;&nbsp;&nbsp;Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128100 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 |
|  | &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267900 | &nbsp;&nbsp;&nbsp;&nbsp; 3154 |
|  | &nbsp;&nbsp;&nbsp;Nojima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386300 | &nbsp;&nbsp;&nbsp;&nbsp; 2852 |
|  | &nbsp;&nbsp;&nbsp;Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68200 | &nbsp;&nbsp;&nbsp;&nbsp; 2812 |
|  | &nbsp;&nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87384 | &nbsp;&nbsp;&nbsp;&nbsp; 2773 |
|  | &nbsp;&nbsp;&nbsp;Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51800 | &nbsp;&nbsp;&nbsp;&nbsp; 2636 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Leasing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314335 | &nbsp;&nbsp;&nbsp;&nbsp; 2518 |
|  | &nbsp;&nbsp;&nbsp;Morinaga & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144100 | &nbsp;&nbsp;&nbsp;&nbsp; 2483 |
|  | &nbsp;&nbsp;&nbsp;Rakus Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304600 | &nbsp;&nbsp;&nbsp;&nbsp; 2459 |
|  | &nbsp;&nbsp;&nbsp;Ship Healthcare Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155767 | &nbsp;&nbsp;&nbsp;&nbsp; 2330 |
|  | &nbsp;&nbsp;&nbsp;Pilot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76400 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |
|  | &nbsp;&nbsp;&nbsp;Dentsu Soken Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 2303 |
|  | &nbsp;&nbsp;&nbsp;TS Tech Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192800 | &nbsp;&nbsp;&nbsp;&nbsp; 2285 |
|  | &nbsp;&nbsp;&nbsp;Kato Sangyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56800 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
|  | &nbsp;&nbsp;&nbsp;DTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251200 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Densetsu Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30700 | &nbsp;&nbsp;&nbsp;&nbsp; 1932 |
|  | &nbsp;&nbsp;&nbsp;Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72300 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
|  | &nbsp;&nbsp;&nbsp;Fujimi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116911 | &nbsp;&nbsp;&nbsp;&nbsp; 1828 |
|  | &nbsp;&nbsp;&nbsp;Takara Standard Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97867 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
|  | &nbsp;&nbsp;&nbsp;Raito Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74700 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
|  | &nbsp;&nbsp;&nbsp;Nomura Micro Science Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp; 1562 |
|  | &nbsp;&nbsp;&nbsp;Mani Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158600 | &nbsp;&nbsp;&nbsp;&nbsp; 1517 |
|  | &nbsp;&nbsp;&nbsp;TKC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517 |
|  | &nbsp;&nbsp;&nbsp;PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51154 | &nbsp;&nbsp;&nbsp;&nbsp; 1509 |
|  | &nbsp;&nbsp;&nbsp;Valor Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81812 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 |
|  | &nbsp;&nbsp;&nbsp;Hogy Medical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
|  | &nbsp;&nbsp;&nbsp;Nextage Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96762 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
|  | &nbsp;&nbsp;&nbsp;Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp; 1413 |
|  | &nbsp;&nbsp;&nbsp;Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95200 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
|  | &nbsp;&nbsp;&nbsp;JCU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 |
|  | &nbsp;&nbsp;&nbsp;Yellow Hat Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129600 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
|  | &nbsp;&nbsp;&nbsp;Okinawa Cellular Telephone Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77434 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
|  | &nbsp;&nbsp;&nbsp;Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71900 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
|  | &nbsp;&nbsp;&nbsp;MCJ Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134900 | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
|  | &nbsp;&nbsp;&nbsp;Future Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81747 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
|  | &nbsp;&nbsp;&nbsp;Totech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55700 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
|  | &nbsp;&nbsp;&nbsp;SMS Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132660 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
|  | &nbsp;&nbsp;&nbsp;Funai Soken Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71600 | &nbsp;&nbsp;&nbsp;&nbsp; 1128 |
|  | &nbsp;&nbsp;&nbsp;Komeri Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53767 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
|  | &nbsp;&nbsp;&nbsp;Create SD Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52200 | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122300 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
|  | &nbsp;&nbsp;&nbsp;Kohnan Shoji Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
|  | &nbsp;&nbsp;&nbsp;Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75134 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
|  | &nbsp;&nbsp;&nbsp;Elecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80032 | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Osaka Organic Chemical Industry Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
|  | &nbsp;&nbsp;&nbsp;Zuken Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
|  | &nbsp;&nbsp;&nbsp;Keihanshin Building Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77900 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
|  | &nbsp;&nbsp;&nbsp;Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68534 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
|  | &nbsp;&nbsp;&nbsp;Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  | &nbsp;&nbsp;&nbsp;Kameda Seika Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
|  | &nbsp;&nbsp;&nbsp;Sekisui Jushi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 775 |
|  | &nbsp;&nbsp;&nbsp;AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112900 | &nbsp;&nbsp;&nbsp;&nbsp; 753 |
|  | &nbsp;&nbsp;&nbsp;Senshu Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Research Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp; 711 |
|  | &nbsp;&nbsp;&nbsp;SBS Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp; 688 |
|  | &nbsp;&nbsp;&nbsp;eGuarantee Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66200 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Nippon Parking Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368400 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
|  | &nbsp;&nbsp;&nbsp;RS Technologies Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;G-Tekt Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47100 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;Shizuoka Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81700 | &nbsp;&nbsp;&nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;Belluna Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86700 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;Siix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63700 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;S Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
|  | &nbsp;&nbsp;&nbsp;Retail Partners Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66400 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
|  | &nbsp;&nbsp;&nbsp;Insource Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;Aoyama Zaisan Networks Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;Celsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44434 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
|  | &nbsp;&nbsp;&nbsp;JSB Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
|  | &nbsp;&nbsp;&nbsp;Loadstar Capital KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;Strike Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;Avant Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42234 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Densan System Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16867 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Digital Information Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp; 384 |
|  | &nbsp;&nbsp;&nbsp;Lacto Japan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
|  | &nbsp;&nbsp;&nbsp;GSI Creos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Value HR Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;NJS Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
|  | &nbsp;&nbsp;&nbsp;Transaction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51068 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Intage Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |
|  | &nbsp;&nbsp;&nbsp;G-7 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;FULLCAST Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;MarkLines Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19751 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;YAKUODO Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19067 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Elan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42100 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;Charm Care Corp. KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Creek & River Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2666634** |
| **Malaysia (0.0%)** | **Malaysia (0.0%)** | **Malaysia (0.0%)** | **Malaysia (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;PPB Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;1266800 | &nbsp;&nbsp;&nbsp;&nbsp; 3368 |
| **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;America Movil SAB de CV Series B | 33901756 | &nbsp;&nbsp;&nbsp;&nbsp; 38667 |
| **Netherlands (0.6%)** | **Netherlands (0.6%)** | **Netherlands (0.6%)** | **Netherlands (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445920 | &nbsp;&nbsp;&nbsp;&nbsp; 54663 |
| **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1096373 | &nbsp;&nbsp;&nbsp;&nbsp; 23243 |
|  | &nbsp;&nbsp;&nbsp;EBOS Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379234 | &nbsp;&nbsp;&nbsp;&nbsp; 6271 |
|  | &nbsp;&nbsp;&nbsp;Summerset Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449590 | &nbsp;&nbsp;&nbsp;&nbsp; 2982 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **32496** |
| **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;TOMRA Systems ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410645 | &nbsp;&nbsp;&nbsp;&nbsp; 5013 |
| **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;International Container Terminal Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1508280 | &nbsp;&nbsp;&nbsp;&nbsp; 13604 |
| **Saudi Arabia (0.0%)** | **Saudi Arabia (0.0%)** | **Saudi Arabia (0.0%)** | **Saudi Arabia (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Mouwasat Medical Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164582 | &nbsp;&nbsp;&nbsp;&nbsp; 3373 |
| **South Korea (0.0%)** | **South Korea (0.0%)** | **South Korea (0.0%)** | **South Korea (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Chong Kun Dang Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14323 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kyung Dong Navien Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11179 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
|  | &nbsp;&nbsp;&nbsp;JW Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24464 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1788** |
| **Sweden (1.9%)** | **Sweden (1.9%)** | **Sweden (1.9%)** | **Sweden (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;1853980 | &nbsp;&nbsp;&nbsp;&nbsp; 69866 |
|  | &nbsp;&nbsp;&nbsp;Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;3928888 | &nbsp;&nbsp;&nbsp;&nbsp; 47892 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273217 | &nbsp;&nbsp;&nbsp;&nbsp; 18204 |
|  | &nbsp;&nbsp;&nbsp;Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419600 | &nbsp;&nbsp;&nbsp;&nbsp; 16201 |
|  | &nbsp;&nbsp;&nbsp;AAK AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338680 | &nbsp;&nbsp;&nbsp;&nbsp; 9470 |
|  | &nbsp;&nbsp;&nbsp;Wihlborgs Fastigheter AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505872 | &nbsp;&nbsp;&nbsp;&nbsp; 4916 |
|  | &nbsp;&nbsp;&nbsp;Catena AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79214 | &nbsp;&nbsp;&nbsp;&nbsp; 3838 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bravida Holding AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382547 | &nbsp;&nbsp;&nbsp;&nbsp; 3233 |
|  | &nbsp;&nbsp;&nbsp;Svolder AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177845 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **174659** |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Switzerland (15.8%)** | **Switzerland (15.8%)** | **Switzerland (15.8%)** | **Switzerland (15.8%)** |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;3012971 | &nbsp;&nbsp;&nbsp;&nbsp; 372890 |
|  | &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;3485458 | &nbsp;&nbsp;&nbsp;&nbsp; 333030 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987271 | &nbsp;&nbsp;&nbsp;&nbsp; 319797 |
|  | &nbsp;&nbsp;&nbsp;Givaudan SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15197 | &nbsp;&nbsp;&nbsp;&nbsp; 62257 |
|  | &nbsp;&nbsp;&nbsp;Sika AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299908 | &nbsp;&nbsp;&nbsp;&nbsp; 58778 |
|  | &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822610 | &nbsp;&nbsp;&nbsp;&nbsp; 54849 |
|  | &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40406 | &nbsp;&nbsp;&nbsp;&nbsp; 49482 |
|  | &nbsp;&nbsp;&nbsp;Geberit AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58927 | &nbsp;&nbsp;&nbsp;&nbsp; 43077 |
|  | &nbsp;&nbsp;&nbsp;Logitech International SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278345 | &nbsp;&nbsp;&nbsp;&nbsp; 33462 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 30899 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp; 28493 |
|  | &nbsp;&nbsp;&nbsp;PSP Swiss Property AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85520 | &nbsp;&nbsp;&nbsp;&nbsp; 14792 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40577 | &nbsp;&nbsp;&nbsp;&nbsp; 13766 |
|  | &nbsp;&nbsp;&nbsp;Temenos AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103976 | &nbsp;&nbsp;&nbsp;&nbsp; 9817 |
|  | &nbsp;&nbsp;&nbsp;Siegfried Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71165 | &nbsp;&nbsp;&nbsp;&nbsp; 6865 |
|  | &nbsp;&nbsp;&nbsp;DKSH Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66987 | &nbsp;&nbsp;&nbsp;&nbsp; 4671 |
|  | &nbsp;&nbsp;&nbsp;Tecan Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23968 | &nbsp;&nbsp;&nbsp;&nbsp; 4377 |
|  | &nbsp;&nbsp;&nbsp;Emmi AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019 | &nbsp;&nbsp;&nbsp;&nbsp; 3571 |
|  | &nbsp;&nbsp;&nbsp;ALSO Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10493 | &nbsp;&nbsp;&nbsp;&nbsp; 3015 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1447888** |
| **Taiwan (0.4%)** | **Taiwan (0.4%)** | **Taiwan (0.4%)** | **Taiwan (0.4%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Wistron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5866000 | &nbsp;&nbsp;&nbsp;&nbsp; 28428 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp; 7669 |
|  | &nbsp;&nbsp;&nbsp;Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;&nbsp; 2824 |
|  | &nbsp;&nbsp;&nbsp;Chief Telecom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  | &nbsp;&nbsp;&nbsp;Universal Vision Biotechnology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **40077** |
| **Turkiye (0.0%)** | **Turkiye (0.0%)** | **Turkiye (0.0%)** | **Turkiye (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Borusan Yatirim ve Pazarlama A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11729 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
| **United Kingdom (7.9%)** | **United Kingdom (7.9%)** | **United Kingdom (7.9%)** | **United Kingdom (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;3424793 | &nbsp;&nbsp;&nbsp;&nbsp; 151363 |
|  | &nbsp;&nbsp;&nbsp;BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;5627263 | &nbsp;&nbsp;&nbsp;&nbsp; 138619 |
|  | &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886315 | &nbsp;&nbsp;&nbsp;&nbsp; 110458 |
|  | &nbsp;&nbsp;&nbsp;Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;4160848 | &nbsp;&nbsp;&nbsp;&nbsp; 95707 |
|  | &nbsp;&nbsp;&nbsp;Ashtead Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794454 | &nbsp;&nbsp;&nbsp;&nbsp; 53065 |
|  | &nbsp;&nbsp;&nbsp;Halma plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710342 | &nbsp;&nbsp;&nbsp;&nbsp; 33101 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;1802900 | &nbsp;&nbsp;&nbsp;&nbsp; 27252 |
|  | &nbsp;&nbsp;&nbsp;Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612748 | &nbsp;&nbsp;&nbsp;&nbsp; 18626 |
|  | &nbsp;&nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251195 | &nbsp;&nbsp;&nbsp;&nbsp; 18531 |
|  | &nbsp;&nbsp;&nbsp;Spirax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137798 | &nbsp;&nbsp;&nbsp;&nbsp; 12853 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;DCC plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182653 | &nbsp;&nbsp;&nbsp;&nbsp; 12033 |
|  | &nbsp;&nbsp;&nbsp;Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187722 | &nbsp;&nbsp;&nbsp;&nbsp; 10127 |
|  | &nbsp;&nbsp;&nbsp;Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261268 | &nbsp;&nbsp;&nbsp;&nbsp; 9918 |
|  | &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294049 | &nbsp;&nbsp;&nbsp;&nbsp; 7113 |
|  | &nbsp;&nbsp;&nbsp;Cranswick plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101560 | &nbsp;&nbsp;&nbsp;&nbsp; 6589 |
|  | &nbsp;&nbsp;&nbsp;Drax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650080 | &nbsp;&nbsp;&nbsp;&nbsp; 6161 |
|  | &nbsp;&nbsp;&nbsp;Softcat plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251893 | &nbsp;&nbsp;&nbsp;&nbsp; 5308 |
|  | &nbsp;&nbsp;&nbsp;Chemring Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509113 | &nbsp;&nbsp;&nbsp;&nbsp; 3838 |
|  | &nbsp;&nbsp;&nbsp;Clarkson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47793 | &nbsp;&nbsp;&nbsp;&nbsp; 2278 |
|  | &nbsp;&nbsp;&nbsp;Hilton Food Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148682 | &nbsp;&nbsp;&nbsp;&nbsp; 1257 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **724197** |
| **Total Common Stocks (Cost $7,527,551)** | **Total Common Stocks (Cost $7,527,551)** | **Total Common Stocks (Cost $7,527,551)** | &nbsp;&nbsp;&nbsp;&nbsp;**9104204** |
| **Preferred Stocks (0.1%)** | **Preferred Stocks (0.1%)** | **Preferred Stocks (0.1%)** | **Preferred Stocks (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;FUCHS SE Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123106 | &nbsp;&nbsp;&nbsp;&nbsp; 5511 |
|  | &nbsp;&nbsp;&nbsp;Grupo De Inversiones Suramericana SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303596 | &nbsp;&nbsp;&nbsp;&nbsp; 3221 |
| **Total Preferred Stocks (Cost $8,085)** | **Total Preferred Stocks (Cost $8,085)** | **Total Preferred Stocks (Cost $8,085)** | &nbsp;&nbsp;&nbsp;&nbsp;**8732** |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% **(Cost** $**13,638)** | 136385 | &nbsp;&nbsp;&nbsp;&nbsp; **13638** |
| **Total Investments (99.5%) (Cost $7,549,274)** | **Total Investments (99.5%) (Cost $7,549,274)** | **Total Investments (99.5%) (Cost $7,549,274)** | &nbsp;&nbsp;&nbsp;&nbsp;**9126574** |
| **Other Assets and Liabilities—Net (0.5%)** | **Other Assets and Liabilities—Net (0.5%)** | **Other Assets and Liabilities—Net (0.5%)** | &nbsp;&nbsp;&nbsp;&nbsp;**49831** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**9176405** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | 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 October 31, 2025, the aggregate value was $53,120, representing 0.6% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $12,980. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $13,639 was received for securities on loan, of which $13,636 is held in Vanguard Market Liquidity Fund and $3 is held in cash. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 9 | 3093 | &nbsp;&nbsp;78 |
| MSCI EAFE Index | December 2025 | 341 | 47861 | &nbsp;&nbsp;388 |
| MSCI Emerging Markets Index | December 2025 | 42 | 2956 | &nbsp;&nbsp;127 |
|  |  |  |  | &nbsp;&nbsp;593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Royal Bank of Canada | 12/17/2025 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;408681 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4609 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(18) |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;18067 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;14216 | &nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;12121 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1) |
| Toronto-Dominion Bank | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;20750 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;3056493 | &nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;(19) |

---

---

| |
|:---|
| AUD—Australian dollar. |
| CHF—Swiss franc. |
| DKK—Danish krone. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| INR—Indian rupee. |
| JPY—Japanese yen. |
| USD—U.S. dollar. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Appreciation Index Fund

Statement of Assets and Liabilities

As of October 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $7,535,636) | 9112936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $13,638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13638 |
| Total Investments in Securities | 9126574 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 |
| Foreign Currency, at Value (Cost $2,438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60438 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 |
| **Total Assets** | **9199772** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13639 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23367** |
| **Net Assets** | **9176405** |
| 1 Includes $12,980 of securities on loan. |  |
| **At October 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 7760330 |
| Total Distributable Earnings (Loss) | 1416075 |
| **Net Assets** | **9176405** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 98,412,047 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **8786852** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$89.29** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 8,961,814 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**389553** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$43.47** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Appreciation Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> October 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 173583 |
| Non-Cash Dividends | &nbsp;&nbsp;18012 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |
| Total Income | 192462 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;7022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;9391 |
| **Net Investment Income** | **183071** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | (43649) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;5321 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(405) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;(232) |
| **Realized Net Gain (Loss)** | **(38965)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,4</sup> | 566524 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;2004 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;2369 |
| **Change in Unrealized Appreciation (Depreciation)** | **570836** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **714942** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $19,177. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $315, ($1), and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $32,500 of net gain (loss) resulting from in-kind redemptions. |
| 4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($2949). |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Appreciation Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;183071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128230 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(38965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30804 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;570836 | &nbsp;&nbsp;&nbsp;&nbsp;1093173 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;714942 | &nbsp;&nbsp;&nbsp;&nbsp;1252207 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(154862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7475) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(162138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140510) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | 1040802 | &nbsp;&nbsp;&nbsp;&nbsp;1101994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(10425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20229 |
| Net Increase (Decrease) from Capital Share Transactions | 1030377 | &nbsp;&nbsp;&nbsp;&nbsp;1122223 |
| Total Increase (Decrease) | 1583181 | &nbsp;&nbsp;&nbsp;&nbsp;2233920 |
| **Net Assets** |  |  |
| **Beginning of Period** | **7593224** | &nbsp;&nbsp;&nbsp;&nbsp;**5359304** |
| **End of Period** | **9176405** | &nbsp;&nbsp;&nbsp;&nbsp;**7593224** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Appreciation Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$83.50** | &nbsp;&nbsp;&nbsp;**$69.58** | &nbsp;&nbsp;&nbsp;**$64.12** | &nbsp;&nbsp;&nbsp;**$89.86** | &nbsp;&nbsp;&nbsp;**$69.97** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.094 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.564 | &nbsp;&nbsp;&nbsp;&nbsp;14.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.579 | &nbsp;&nbsp;&nbsp;&nbsp;(20.753) | &nbsp;&nbsp;&nbsp;&nbsp;19.776 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.480 | &nbsp;&nbsp;&nbsp;&nbsp;15.576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.055 | &nbsp;&nbsp;&nbsp;&nbsp;(19.352) | &nbsp;&nbsp;&nbsp;&nbsp;20.870 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.690) | &nbsp;&nbsp;&nbsp;&nbsp;(1.656) | &nbsp;&nbsp;&nbsp;&nbsp;(1.595) | &nbsp;&nbsp;&nbsp;&nbsp;(1.206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.980) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5.182) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.690) | &nbsp;&nbsp;&nbsp;&nbsp;(1.656) | &nbsp;&nbsp;&nbsp;&nbsp;(1.595) | &nbsp;&nbsp;&nbsp;&nbsp;(6.388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.980) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$89.29** | &nbsp;&nbsp;&nbsp;**$83.50** | &nbsp;&nbsp;&nbsp;**$69.58** | &nbsp;&nbsp;&nbsp;**$64.12** | &nbsp;&nbsp;&nbsp;**$89.86** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**9.06%** | &nbsp;&nbsp;&nbsp;**22.48%** | &nbsp;&nbsp;&nbsp;**10.94%** | &nbsp;&nbsp;&nbsp;**-22.90%** | &nbsp;&nbsp;&nbsp;**29.93%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$8787 | &nbsp;&nbsp;&nbsp;$7218 | &nbsp;&nbsp;&nbsp;$5065 | &nbsp;&nbsp;&nbsp;$3508 | &nbsp;&nbsp;&nbsp;$4150 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;0.15%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.15%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.15%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;1.28% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;65% |

---

---

| | |
|:---|:---|
| 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 0.15%. |
| 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.

------

International Dividend Appreciation Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$40.65** | &nbsp;&nbsp;&nbsp;**$33.88** | &nbsp;&nbsp;&nbsp;**$31.23** | &nbsp;&nbsp;&nbsp;**$43.72** | &nbsp;&nbsp;&nbsp;**$34.03** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.518 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.709 | &nbsp;&nbsp;&nbsp;&nbsp;(10.061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.645 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.423 | &nbsp;&nbsp;&nbsp;&nbsp;(9.386) | &nbsp;&nbsp;&nbsp;&nbsp;10.163 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.473) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.521) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.773) | &nbsp;&nbsp;&nbsp;&nbsp;(3.104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.473) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$43.47** | &nbsp;&nbsp;&nbsp;**$40.65** | &nbsp;&nbsp;&nbsp;**$33.88** | &nbsp;&nbsp;&nbsp;**$31.23** | &nbsp;&nbsp;&nbsp;**$43.72** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**9.02%** | &nbsp;&nbsp;&nbsp;**22.45%** | &nbsp;&nbsp;&nbsp;**10.88%** | &nbsp;&nbsp;&nbsp;**-22.85%** | &nbsp;&nbsp;&nbsp;**29.96%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$390 | &nbsp;&nbsp;&nbsp;$375 | &nbsp;&nbsp;&nbsp;$294 | &nbsp;&nbsp;&nbsp;$250 | &nbsp;&nbsp;&nbsp;$323 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;0.16%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.16%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.16%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.16% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;1.25% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;65% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.16%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Appreciation Index Fund

Notes to Financial Statements

Vanguard International Dividend Appreciation Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; 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 year ended October 31, 2025, 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 year ended October 31, 2025, 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.

------

International Dividend Appreciation Index Fund

5. 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.

6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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 year ended October 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.

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), shareholder reporting, and proxy fees. 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $227,000, representing less than 0.01% of the fund's net assets and 0.09% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

International Dividend Appreciation Index Fund

**C.** 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 October 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 1591884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1591884 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11574 | &nbsp;&nbsp;&nbsp;7500746 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7512320 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13638 |
| Total | 1620317 | &nbsp;&nbsp;&nbsp;7506257 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9126574 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;593 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1223 |
| Total | 593 | &nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1816 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

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.

**D.** At October 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 593 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;593 |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;1223 |
| Total Assets | 593 | &nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;1816 |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;(19) |
| Total Liabilities |  | &nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;(19) |

---

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 year ended October 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 5321 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5321 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(405) | &nbsp;&nbsp;&nbsp;(405) |
| Realized Net Gain (Loss) on Derivatives | 5321 | &nbsp;&nbsp;&nbsp;(405) | &nbsp;&nbsp;&nbsp;4916 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | 2004 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2004 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;(61) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 2004 | &nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;1943 |

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International Dividend Appreciation Index Fund

**E.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;32360 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(32360) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43319 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;1549000 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(175988) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256) |
| Total | &nbsp;&nbsp;&nbsp;1416075 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;162138 | &nbsp;&nbsp;&nbsp;&nbsp;140510 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;162138 | &nbsp;&nbsp;&nbsp;&nbsp;140510 |

---

\* Includes short-term capital gains, if any.

As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;7571553 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1993222 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(438201) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1555021 |

---

**F.** During the year ended October 31, 2025, the fund purchased $1,338,402,000 of investment securities and sold $1,138,670,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $916,346,000 and $84,007,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued<sup>1</sup> | 1130420 | &nbsp;&nbsp;&nbsp;12968 | &nbsp;&nbsp;1139951 | &nbsp;&nbsp;&nbsp;14147 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed<sup>2</sup> | &nbsp;&nbsp;(89618) | &nbsp;&nbsp;(1000) | &nbsp;&nbsp;&nbsp;&nbsp;(37957) | &nbsp;&nbsp;&nbsp;&nbsp;(500) |
| Net Increase (Decrease)—ETF Shares | 1040802 | &nbsp;&nbsp;&nbsp;11968 | &nbsp;&nbsp;1101994 | &nbsp;&nbsp;&nbsp;13647 |

---

------

International Dividend Appreciation Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62547 | &nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85750 | &nbsp;&nbsp;&nbsp;&nbsp;2205 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |
| Redeemed<sup>2</sup> | &nbsp;&nbsp;(79004) | &nbsp;&nbsp;(1912) | &nbsp;&nbsp;&nbsp;&nbsp;(71793) | &nbsp;&nbsp;(1813) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(10425) | &nbsp;&nbsp;&nbsp;&nbsp;(272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |

---

---

| | |
|:---|:---|
| 1 | Includes purchase fees for fiscal 2025 and 2024 of $154 and $214, respectively (fund totals). |
| 2 | Net of redemption fees for fiscal 2025 and 2024 of $171 and $154, respectively (fund totals). |

---

**H.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.

At October 31, 2025, one shareholder was the record or beneficial owner of 29% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**I.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

International High Dividend Yield Index Fund

Financial Statements

#### Schedule of Investments
As of October 31, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (98.5%)** | **Common Stocks (98.5%)** | **Common Stocks (98.5%)** | **Common Stocks (98.5%)** |
| **Australia (7.1%)** | **Australia (7.1%)** | **Australia (7.1%)** | **Australia (7.1%)** |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 1467316 | &nbsp;&nbsp;&nbsp;&nbsp; 164640 |
|  | &nbsp;&nbsp;&nbsp;BHP Group Ltd. | 4303203 | &nbsp;&nbsp;&nbsp;&nbsp; 122677 |
|  | &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 2683858 | &nbsp;&nbsp;&nbsp;&nbsp; 76517 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 3001612 | &nbsp;&nbsp;&nbsp;&nbsp; 75954 |
|  | &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 2610837 | &nbsp;&nbsp;&nbsp;&nbsp; 62534 |
|  | &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;989440 | &nbsp;&nbsp;&nbsp;&nbsp; 54306 |
|  | &nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;300452 | &nbsp;&nbsp;&nbsp;&nbsp; 42855 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;324420 | &nbsp;&nbsp;&nbsp;&nbsp; 28168 |
|  | &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 1661630 | &nbsp;&nbsp;&nbsp;&nbsp; 26927 |
|  | &nbsp;&nbsp;&nbsp;Transurban Group | 2719877 | &nbsp;&nbsp;&nbsp;&nbsp; 25735 |
|  | &nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | 1068275 | &nbsp;&nbsp;&nbsp;&nbsp; 19848 |
|  | &nbsp;&nbsp;&nbsp;Brambles Ltd. | 1200908 | &nbsp;&nbsp;&nbsp;&nbsp; 19514 |
|  | &nbsp;&nbsp;&nbsp;Fortescue Ltd. | 1388318 | &nbsp;&nbsp;&nbsp;&nbsp; 19308 |
|  | &nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 1327336 | &nbsp;&nbsp;&nbsp;&nbsp; 17222 |
|  | &nbsp;&nbsp;&nbsp;Coles Group Ltd. | 1172936 | &nbsp;&nbsp;&nbsp;&nbsp; 16917 |
|  | &nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | 1739327 | &nbsp;&nbsp;&nbsp;&nbsp; 12308 |
|  | &nbsp;&nbsp;&nbsp;Suncorp Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;950279 | &nbsp;&nbsp;&nbsp;&nbsp; 12199 |
|  | &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 1499440 | &nbsp;&nbsp;&nbsp;&nbsp; 12016 |
|  | &nbsp;&nbsp;&nbsp;Santos Ltd. | 2854567 | &nbsp;&nbsp;&nbsp;&nbsp; 11790 |
|  | &nbsp;&nbsp;&nbsp;Telstra Group Ltd. | 3534545 | &nbsp;&nbsp;&nbsp;&nbsp; 11292 |
|  | &nbsp;&nbsp;&nbsp;Computershare Ltd. (XASX) | &nbsp;&nbsp;&nbsp;&nbsp;465209 | &nbsp;&nbsp;&nbsp;&nbsp; 11114 |
|  | &nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | 1988094 | &nbsp;&nbsp;&nbsp;&nbsp; 10220 |
|  | &nbsp;&nbsp;&nbsp;South32 Ltd. | 3925128 | &nbsp;&nbsp;&nbsp;&nbsp; 8118 |
|  | &nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | 2426397 | &nbsp;&nbsp;&nbsp;&nbsp; 7744 |
|  | &nbsp;&nbsp;&nbsp;Lottery Corp. Ltd. | 1922430 | &nbsp;&nbsp;&nbsp;&nbsp; 6915 |
|  | &nbsp;&nbsp;&nbsp;JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95431 | &nbsp;&nbsp;&nbsp;&nbsp; 6528 |
|  | &nbsp;&nbsp;&nbsp;APA Group | 1084882 | &nbsp;&nbsp;&nbsp;&nbsp; 6516 |
|  | &nbsp;&nbsp;&nbsp;ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170959 | &nbsp;&nbsp;&nbsp;&nbsp; 6308 |
|  | &nbsp;&nbsp;&nbsp;Orica Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;429602 | &nbsp;&nbsp;&nbsp;&nbsp; 6247 |
|  | &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;409505 | &nbsp;&nbsp;&nbsp;&nbsp; 5668 |
|  | &nbsp;&nbsp;&nbsp;Ampol Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;209384 | &nbsp;&nbsp;&nbsp;&nbsp; 4206 |
|  | &nbsp;&nbsp;&nbsp;Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;491199 | &nbsp;&nbsp;&nbsp;&nbsp; 4063 |
|  | &nbsp;&nbsp;&nbsp;Worley Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;429981 | &nbsp;&nbsp;&nbsp;&nbsp; 4016 |
|  | &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | 1578471 | &nbsp;&nbsp;&nbsp;&nbsp; 3541 |
|  | &nbsp;&nbsp;&nbsp;Steadfast Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;933449 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 |
|  | &nbsp;&nbsp;&nbsp;AGL Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;545485 | &nbsp;&nbsp;&nbsp;&nbsp; 3304 |
|  | &nbsp;&nbsp;&nbsp;Whitehaven Coal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;668746 | &nbsp;&nbsp;&nbsp;&nbsp; 3143 |
|  | &nbsp;&nbsp;&nbsp;Dyno Nobel Ltd. | 1473140 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 |
|  | &nbsp;&nbsp;&nbsp;Downer EDI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;599972 | &nbsp;&nbsp;&nbsp;&nbsp; 3030 |
|  | &nbsp;&nbsp;&nbsp;Endeavour Group Ltd. | 1237521 | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
|  | &nbsp;&nbsp;&nbsp;Atlas Arteria Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;883747 | &nbsp;&nbsp;&nbsp;&nbsp; 2808 |
|  | &nbsp;&nbsp;&nbsp;Challenger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;452672 | &nbsp;&nbsp;&nbsp;&nbsp; 2755 |
|  | &nbsp;&nbsp;&nbsp;Treasury Wine Estates Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;702596 | &nbsp;&nbsp;&nbsp;&nbsp; 2752 |
|  | &nbsp;&nbsp;&nbsp;AMP Ltd. | 2224616 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 |
|  | &nbsp;&nbsp;&nbsp;Bank of Queensland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;570993 | &nbsp;&nbsp;&nbsp;&nbsp; 2562 |
|  | &nbsp;&nbsp;&nbsp;Metcash Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;949626 | &nbsp;&nbsp;&nbsp;&nbsp; 2365 |
|  | &nbsp;&nbsp;&nbsp;Lendlease Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;602614 | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
|  | &nbsp;&nbsp;&nbsp;Harvey Norman Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;439595 | &nbsp;&nbsp;&nbsp;&nbsp; 2078 |
|  | &nbsp;&nbsp;&nbsp;Orora Ltd. | 1026206 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insignia Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;448559 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Flight Centre Travel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;155785 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
|  | &nbsp;&nbsp;&nbsp;TPG Telecom Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;337967 | &nbsp;&nbsp;&nbsp;&nbsp; 1223 |
|  | &nbsp;&nbsp;&nbsp;Perpetual Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97167 | &nbsp;&nbsp;&nbsp;&nbsp; 1219 |
|  | &nbsp;&nbsp;&nbsp;New Hope Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;391696 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
|  | &nbsp;&nbsp;&nbsp;Yancoal Australia Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;287178 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
|  | &nbsp;&nbsp;&nbsp;Beach Energy Ltd. | 1279667 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
|  | &nbsp;&nbsp;&nbsp;Deterra Royalties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;365885 | &nbsp;&nbsp;&nbsp;&nbsp; 975 |
|  | &nbsp;&nbsp;&nbsp;Magellan Financial Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;141653 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55650 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;GQG Partners Inc. GDR | &nbsp;&nbsp;&nbsp;&nbsp;640334 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **975698** |
| **Austria (0.3%)** | **Austria (0.3%)** | **Austria (0.3%)** | **Austria (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;246539 | &nbsp;&nbsp;&nbsp;&nbsp; 25539 |
|  | &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;126893 | &nbsp;&nbsp;&nbsp;&nbsp; 6947 |
|  | &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57890 | &nbsp;&nbsp;&nbsp;&nbsp; 4468 |
|  | &nbsp;&nbsp;&nbsp;ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57542 | &nbsp;&nbsp;&nbsp;&nbsp; 4350 |
|  | &nbsp;&nbsp;&nbsp;Raiffeisen Bank International AG | &nbsp;&nbsp;&nbsp;&nbsp;110953 | &nbsp;&nbsp;&nbsp;&nbsp; 4136 |
|  | &nbsp;&nbsp;&nbsp;Telekom Austria AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65626 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **46138** |
| **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;198459 | &nbsp;&nbsp;&nbsp;&nbsp; 23876 |
|  | &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;156814 | &nbsp;&nbsp;&nbsp;&nbsp; 10378 |
|  | &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69551 | &nbsp;&nbsp;&nbsp;&nbsp; 6113 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **40367** |
| **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Vale SA | 3153488 | &nbsp;&nbsp;&nbsp;&nbsp; 38253 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras | 3892765 | &nbsp;&nbsp;&nbsp;&nbsp; 22800 |
|  | &nbsp;&nbsp;&nbsp;Banco Bradesco SA | 5052142 | &nbsp;&nbsp;&nbsp;&nbsp; 14527 |
|  | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 4579814 | &nbsp;&nbsp;&nbsp;&nbsp; 10777 |
|  | &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA | &nbsp;&nbsp;&nbsp;&nbsp;967282 | &nbsp;&nbsp;&nbsp;&nbsp; 10018 |
|  | &nbsp;&nbsp;&nbsp;Banco BTG Pactual SA | 1025300 | &nbsp;&nbsp;&nbsp;&nbsp; 9304 |
|  | &nbsp;&nbsp;&nbsp;Ambev SA | 3825950 | &nbsp;&nbsp;&nbsp;&nbsp; 9039 |
|  | &nbsp;&nbsp;&nbsp;Banco Do Brasil SA | 1491936 | &nbsp;&nbsp;&nbsp;&nbsp; 6073 |
|  | &nbsp;&nbsp;&nbsp;Localiza Rent a Car SA (BVMF) | &nbsp;&nbsp;&nbsp;&nbsp;758300 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 |
|  | &nbsp;&nbsp;&nbsp;Suzano SA | &nbsp;&nbsp;&nbsp;&nbsp;587500 | &nbsp;&nbsp;&nbsp;&nbsp; 5339 |
|  | &nbsp;&nbsp;&nbsp;Vibra Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;935712 | &nbsp;&nbsp;&nbsp;&nbsp; 4139 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;656560 | &nbsp;&nbsp;&nbsp;&nbsp; 3910 |
|  | &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;562457 | &nbsp;&nbsp;&nbsp;&nbsp; 3434 |
|  | &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;687200 | &nbsp;&nbsp;&nbsp;&nbsp; 3103 |
|  | &nbsp;&nbsp;&nbsp;Motiva Infraestrutura de Mobilidade SA | 1042910 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;414791 | &nbsp;&nbsp;&nbsp;&nbsp; 3053 |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA | &nbsp;&nbsp;&nbsp;&nbsp;399326 | &nbsp;&nbsp;&nbsp;&nbsp; 2608 |
|  | &nbsp;&nbsp;&nbsp;Ultrapar Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;620100 | &nbsp;&nbsp;&nbsp;&nbsp; 2468 |
|  | &nbsp;&nbsp;&nbsp;Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;869990 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
|  | &nbsp;&nbsp;&nbsp;Klabin SA | &nbsp;&nbsp;&nbsp;&nbsp;672580 | &nbsp;&nbsp;&nbsp;&nbsp; 2255 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;347986 | &nbsp;&nbsp;&nbsp;&nbsp; 2014 |
|  | &nbsp;&nbsp;&nbsp;Engie Brasil Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;223164 | &nbsp;&nbsp;&nbsp;&nbsp; 1659 |
|  | &nbsp;&nbsp;&nbsp;Alupar Investimento SA | &nbsp;&nbsp;&nbsp;&nbsp;253618 | &nbsp;&nbsp;&nbsp;&nbsp; 1536 |
|  | &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel | &nbsp;&nbsp;&nbsp;&nbsp;608792 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
|  | &nbsp;&nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;&nbsp;&nbsp;287085 | &nbsp;&nbsp;&nbsp;&nbsp; 1467 |
|  | &nbsp;&nbsp;&nbsp;Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp;&nbsp;&nbsp;206881 | &nbsp;&nbsp;&nbsp;&nbsp; 1465 |
|  | &nbsp;&nbsp;&nbsp;Allos SA | &nbsp;&nbsp;&nbsp;&nbsp;314481 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 |
|  | &nbsp;&nbsp;&nbsp;Caixa Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;505100 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
|  | &nbsp;&nbsp;&nbsp;Porto Seguro SA | &nbsp;&nbsp;&nbsp;&nbsp;156018 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natura Cosmeticos SA | &nbsp;&nbsp;&nbsp;&nbsp;768500 | &nbsp;&nbsp;&nbsp;&nbsp; 1287 |
|  | &nbsp;&nbsp;&nbsp;Hypera SA | &nbsp;&nbsp;&nbsp;&nbsp;254782 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cosan SA | 1043411 | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
|  | &nbsp;&nbsp;&nbsp;CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;149600 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brava Energia | &nbsp;&nbsp;&nbsp;&nbsp;363800 | &nbsp;&nbsp;&nbsp;&nbsp; 998 |
|  | &nbsp;&nbsp;&nbsp;Neoenergia SA | &nbsp;&nbsp;&nbsp;&nbsp;172900 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
|  | &nbsp;&nbsp;&nbsp;Grupo Mateus SA | &nbsp;&nbsp;&nbsp;&nbsp;413400 | &nbsp;&nbsp;&nbsp;&nbsp; 495 |
|  | &nbsp;&nbsp;&nbsp;M Dias Branco SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
|  | &nbsp;&nbsp;&nbsp;SLC Agricola SA | &nbsp;&nbsp;&nbsp;&nbsp;156520 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;CSN Mineracao SA | &nbsp;&nbsp;&nbsp;&nbsp;388600 | &nbsp;&nbsp;&nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50080 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **184830** |
| **Canada (7.8%)** | **Canada (7.8%)** | **Canada (7.8%)** | **Canada (7.8%)** |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1243426 | &nbsp;&nbsp;&nbsp;&nbsp; 182159 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 1506414 | &nbsp;&nbsp;&nbsp;&nbsp; 123688 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 1913980 | &nbsp;&nbsp;&nbsp;&nbsp; 89248 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;630655 | &nbsp;&nbsp;&nbsp;&nbsp; 78342 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1094558 | &nbsp;&nbsp;&nbsp;&nbsp; 71789 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;823820 | &nbsp;&nbsp;&nbsp;&nbsp; 68258 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 1818347 | &nbsp;&nbsp;&nbsp;&nbsp; 58172 |
|  | &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 1494745 | &nbsp;&nbsp;&nbsp;&nbsp; 48374 |
|  | &nbsp;&nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;911554 | &nbsp;&nbsp;&nbsp;&nbsp; 45742 |
|  | &nbsp;&nbsp;&nbsp;Suncor Energy Inc. | 1071087 | &nbsp;&nbsp;&nbsp;&nbsp; 42651 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;344137 | &nbsp;&nbsp;&nbsp;&nbsp; 38449 |
|  | &nbsp;&nbsp;&nbsp;Sun Life Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;495892 | &nbsp;&nbsp;&nbsp;&nbsp; 30162 |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;428456 | &nbsp;&nbsp;&nbsp;&nbsp; 23336 |
|  | &nbsp;&nbsp;&nbsp;Power Corp. of Canada | &nbsp;&nbsp;&nbsp;&nbsp;472910 | &nbsp;&nbsp;&nbsp;&nbsp; 22152 |
|  | &nbsp;&nbsp;&nbsp;Fortis Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;438604 | &nbsp;&nbsp;&nbsp;&nbsp; 22047 |
|  | &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | &nbsp;&nbsp;&nbsp;&nbsp;511563 | &nbsp;&nbsp;&nbsp;&nbsp; 19353 |
|  | &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285460 | &nbsp;&nbsp;&nbsp;&nbsp; 18749 |
|  | &nbsp;&nbsp;&nbsp;Cenovus Energy Inc. | 1097843 | &nbsp;&nbsp;&nbsp;&nbsp; 18551 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;335060 | &nbsp;&nbsp;&nbsp;&nbsp; 18125 |
|  | &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;322796 | &nbsp;&nbsp;&nbsp;&nbsp; 14198 |
|  | &nbsp;&nbsp;&nbsp;Magna International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234654 | &nbsp;&nbsp;&nbsp;&nbsp; 11086 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hydro One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;277441 | &nbsp;&nbsp;&nbsp;&nbsp; 10233 |
|  | &nbsp;&nbsp;&nbsp;Great-West Lifeco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238103 | &nbsp;&nbsp;&nbsp;&nbsp; 10094 |
|  | &nbsp;&nbsp;&nbsp;TELUS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448589 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 |
|  | &nbsp;&nbsp;&nbsp;BCE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272408 | &nbsp;&nbsp;&nbsp;&nbsp; 6227 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1077745** |
| **Chile (0.2%)** | **Chile (0.2%)** | **Chile (0.2%)** | **Chile (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Banco De Chile | 38929732 | &nbsp;&nbsp;&nbsp;&nbsp; 6827 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander Chile | 53561510 | &nbsp;&nbsp;&nbsp;&nbsp; 3870 |
|  | &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68827 | &nbsp;&nbsp;&nbsp;&nbsp; 3532 |
|  | &nbsp;&nbsp;&nbsp;Empresas Copec SA | &nbsp;&nbsp;&nbsp;&nbsp;342367 | &nbsp;&nbsp;&nbsp;&nbsp; 2446 |
|  | &nbsp;&nbsp;&nbsp;Enel Chile SA | 21103166 | &nbsp;&nbsp;&nbsp;&nbsp; 1611 |
|  | &nbsp;&nbsp;&nbsp;Enel Americas SA | 16425196 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
|  | &nbsp;&nbsp;&nbsp;Empresas CMPC SA | &nbsp;&nbsp;&nbsp;&nbsp;956016 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |
|  | &nbsp;&nbsp;&nbsp;Quinenco SA | &nbsp;&nbsp;&nbsp;&nbsp;243878 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
|  | &nbsp;&nbsp;&nbsp;Banco Itau Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55196 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
|  | &nbsp;&nbsp;&nbsp;Cencosud Shopping SA | &nbsp;&nbsp;&nbsp;&nbsp;422466 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
|  | &nbsp;&nbsp;&nbsp;Colbun SA | 5959034 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
|  | &nbsp;&nbsp;&nbsp;Aguas Andinas SA Class A | 2213974 | &nbsp;&nbsp;&nbsp;&nbsp; 843 |
|  | &nbsp;&nbsp;&nbsp;Cia Cervecerias Unidas SA | &nbsp;&nbsp;&nbsp;&nbsp;112278 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Cia Sud Americana de Vapores SA | 10315127 | &nbsp;&nbsp;&nbsp;&nbsp; 513 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27305** |
| **China (6.3%)** | **China (6.3%)** | **China (6.3%)** | **China (6.3%)** |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class H | 84558000 | &nbsp;&nbsp;&nbsp;&nbsp; 83716 |
|  | &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Class H | 70609671 | &nbsp;&nbsp;&nbsp;&nbsp; 54708 |
|  | &nbsp;&nbsp;&nbsp;Bank of China Ltd. Class H | 60882351 | &nbsp;&nbsp;&nbsp;&nbsp; 34474 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class H | 4667902 | &nbsp;&nbsp;&nbsp;&nbsp; 33722 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class H | 3625875 | &nbsp;&nbsp;&nbsp;&nbsp; 22729 |
|  | &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. Class H | 27452000 | &nbsp;&nbsp;&nbsp;&nbsp; 20943 |
|  | &nbsp;&nbsp;&nbsp;China Life Insurance Co. Ltd. Class H | 6544000 | &nbsp;&nbsp;&nbsp;&nbsp; 20636 |
|  | &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. Class H | 18154000 | &nbsp;&nbsp;&nbsp;&nbsp; 18766 |
|  | &nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd. Class H | 2981000 | &nbsp;&nbsp;&nbsp;&nbsp; 15523 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76300 | &nbsp;&nbsp;&nbsp;&nbsp; 15348 |
|  | &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd. Class H | 6070000 | &nbsp;&nbsp;&nbsp;&nbsp; 14341 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class A | 1631143 | &nbsp;&nbsp;&nbsp;&nbsp; 13265 |
|  | &nbsp;&nbsp;&nbsp;Geely Automobile Holdings Ltd. | 5076000 | &nbsp;&nbsp;&nbsp;&nbsp; 12042 |
|  | &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp. Class H | 20404000 | &nbsp;&nbsp;&nbsp;&nbsp; 10853 |
|  | &nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 2531383 | &nbsp;&nbsp;&nbsp;&nbsp; 9146 |
|  | &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd. Class H | 2252546 | &nbsp;&nbsp;&nbsp;&nbsp; 9132 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. | 2359500 | &nbsp;&nbsp;&nbsp;&nbsp; 8959 |
|  | &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd. Class H | 2391305 | &nbsp;&nbsp;&nbsp;&nbsp; 7776 |
|  | &nbsp;&nbsp;&nbsp;China CITIC Bank Corp. Ltd. Class H | 7927620 | &nbsp;&nbsp;&nbsp;&nbsp; 7564 |
|  | &nbsp;&nbsp;&nbsp;ZTO Express Cayman Inc. | &nbsp;&nbsp;&nbsp;&nbsp;388608 | &nbsp;&nbsp;&nbsp;&nbsp; 7169 |
|  | &nbsp;&nbsp;&nbsp;CMOC Group Ltd. Class H | 3309000 | &nbsp;&nbsp;&nbsp;&nbsp; 7164 |
|  | &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;701300 | &nbsp;&nbsp;&nbsp;&nbsp; 7072 |
|  | &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group Ltd. | 7016000 | &nbsp;&nbsp;&nbsp;&nbsp; 6911 |
|  | &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China Ltd. Class H | 7629000 | &nbsp;&nbsp;&nbsp;&nbsp; 6852 |
|  | &nbsp;&nbsp;&nbsp;CITIC Ltd. | 4340000 | &nbsp;&nbsp;&nbsp;&nbsp; 6708 |
|  | &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings Ltd. | 2219100 | &nbsp;&nbsp;&nbsp;&nbsp; 5993 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class A | 1039442 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Tower Corp. Ltd. Class H | 4082235 | &nbsp;&nbsp;&nbsp;&nbsp; 5897 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Postal Savings Bank of China Co. Ltd. Class H | 8348000 | &nbsp;&nbsp;&nbsp;&nbsp; 5882 |
|  | &nbsp;&nbsp;&nbsp;China Yangtze Power Co. Ltd. Class A | 1485900 | &nbsp;&nbsp;&nbsp;&nbsp; 5870 |
|  | &nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Class H | 6478162 | &nbsp;&nbsp;&nbsp;&nbsp; 5755 |
|  | &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. Class A | 5069456 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
|  | &nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 5664 |
|  | &nbsp;&nbsp;&nbsp;New China Life Insurance Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;865133 | &nbsp;&nbsp;&nbsp;&nbsp; 5467 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 3248666 | &nbsp;&nbsp;&nbsp;&nbsp; 5452 |
|  | &nbsp;&nbsp;&nbsp;CITIC Securities Co. Ltd. Class H | 1403257 | &nbsp;&nbsp;&nbsp;&nbsp; 5342 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Class A | 4487700 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;543600 | &nbsp;&nbsp;&nbsp;&nbsp; 4841 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Guotai Haitong Securities Co. Ltd. Class H | 2524792 | &nbsp;&nbsp;&nbsp;&nbsp; 4838 |
|  | &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co. Ltd. | 2635000 | &nbsp;&nbsp;&nbsp;&nbsp; 4795 |
|  | &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co. Ltd. | 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 4737 |
|  | &nbsp;&nbsp;&nbsp;Li Ning Co. Ltd. | 2063500 | &nbsp;&nbsp;&nbsp;&nbsp; 4487 |
|  | &nbsp;&nbsp;&nbsp;China Galaxy Securities Co. Ltd. Class H | 3091500 | &nbsp;&nbsp;&nbsp;&nbsp; 4447 |
|  | &nbsp;&nbsp;&nbsp;China Resources Power Holdings Co. Ltd. | 1805000 | &nbsp;&nbsp;&nbsp;&nbsp; 4316 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Yankuang Energy Group Co. Ltd. Class H | 3086781 | &nbsp;&nbsp;&nbsp;&nbsp; 4238 |
|  | &nbsp;&nbsp;&nbsp;Aluminum Corp. of China Ltd. Class H | 3292000 | &nbsp;&nbsp;&nbsp;&nbsp; 4186 |
|  | &nbsp;&nbsp;&nbsp;Jiangxi Copper Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp; 4026 |
|  | &nbsp;&nbsp;&nbsp;Wuliangye Yibin Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;239700 | &nbsp;&nbsp;&nbsp;&nbsp; 4010 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co. Ltd. Class H | 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 3937 |
|  | &nbsp;&nbsp;&nbsp;Great Wall Motor Co. Ltd. Class H | 2016552 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CGN Power Co. Ltd. Class H | 9278000 | &nbsp;&nbsp;&nbsp;&nbsp; 3676 |
|  | &nbsp;&nbsp;&nbsp;Tsingtao Brewery Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;537143 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 |
|  | &nbsp;&nbsp;&nbsp;Industrial Bank Co. Ltd. Class A | 1271600 | &nbsp;&nbsp;&nbsp;&nbsp; 3618 |
|  | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. Class H | 1728000 | &nbsp;&nbsp;&nbsp;&nbsp; 3571 |
|  | &nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;199447 | &nbsp;&nbsp;&nbsp;&nbsp; 3488 |
|  | &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd. Class H | 1089328 | &nbsp;&nbsp;&nbsp;&nbsp; 3248 |
|  | &nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Class A | 3204200 | &nbsp;&nbsp;&nbsp;&nbsp; 3236 |
|  | &nbsp;&nbsp;&nbsp;Huaneng Power International Inc. Class H | 3760000 | &nbsp;&nbsp;&nbsp;&nbsp; 3106 |
|  | &nbsp;&nbsp;&nbsp;CRRC Corp. Ltd. Class H | 4068000 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
|  | &nbsp;&nbsp;&nbsp;Kunlun Energy Co. Ltd. | 3338645 | &nbsp;&nbsp;&nbsp;&nbsp; 3069 |
|  | &nbsp;&nbsp;&nbsp;China Coal Energy Co. Ltd. Class H | 2159000 | &nbsp;&nbsp;&nbsp;&nbsp; 3041 |
|  | &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd. Class H | 5803970 | &nbsp;&nbsp;&nbsp;&nbsp; 2973 |
|  | &nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd. Class H | 1185518 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank Co. Ltd. Class A | 1821000 | &nbsp;&nbsp;&nbsp;&nbsp; 2944 |
|  | &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co. Ltd. | 1246000 | &nbsp;&nbsp;&nbsp;&nbsp; 2834 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;ZTE Corp. Class H | &nbsp;&nbsp;&nbsp;&nbsp;663816 | &nbsp;&nbsp;&nbsp;&nbsp; 2804 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Huatai Securities Co. Ltd. Class H | 1095800 | &nbsp;&nbsp;&nbsp;&nbsp; 2755 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;521800 | &nbsp;&nbsp;&nbsp;&nbsp; 2730 |
|  | &nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp. Ltd. Class H | 2938000 | &nbsp;&nbsp;&nbsp;&nbsp; 2721 |
|  | &nbsp;&nbsp;&nbsp;China Gas Holdings Ltd. | 2436400 | &nbsp;&nbsp;&nbsp;&nbsp; 2506 |
|  | &nbsp;&nbsp;&nbsp;Bosideng International Holdings Ltd. | 3966000 | &nbsp;&nbsp;&nbsp;&nbsp; 2427 |
|  | &nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;401700 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
|  | &nbsp;&nbsp;&nbsp;CMOC Group Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;993800 | &nbsp;&nbsp;&nbsp;&nbsp; 2383 |
|  | &nbsp;&nbsp;&nbsp;Want Want China Holdings Ltd. | 3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 2375 |
|  | &nbsp;&nbsp;&nbsp;Guotai Haitong Securities Co. Ltd. (XSSC) | &nbsp;&nbsp;&nbsp;&nbsp;867784 | &nbsp;&nbsp;&nbsp;&nbsp; 2366 |
|  | &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. Class A | 1822700 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dongfeng Motor Group Co. Ltd. Class H | 1935020 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
|  | &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | 1703456 | &nbsp;&nbsp;&nbsp;&nbsp; 2337 |
|  | &nbsp;&nbsp;&nbsp;Guangdong Investment Ltd. | 2434000 | &nbsp;&nbsp;&nbsp;&nbsp; 2312 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Haidilao International Holding Ltd. | 1385335 | &nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd. | 1836000 | &nbsp;&nbsp;&nbsp;&nbsp; 2268 |
|  | &nbsp;&nbsp;&nbsp;Qfin Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92787 | &nbsp;&nbsp;&nbsp;&nbsp; 2241 |
|  | &nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. Class H | 3078569 | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
|  | &nbsp;&nbsp;&nbsp;China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;785300 | &nbsp;&nbsp;&nbsp;&nbsp; 2159 |
|  | &nbsp;&nbsp;&nbsp;MINISO Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;400400 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
|  | &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;428350 | &nbsp;&nbsp;&nbsp;&nbsp; 2138 |
|  | &nbsp;&nbsp;&nbsp;Bank of China Ltd. Class A | 2676700 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
|  | &nbsp;&nbsp;&nbsp;China Railway Group Ltd. Class H | 4065701 | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Port Holdings Co. Ltd. | 1058000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
|  | &nbsp;&nbsp;&nbsp;GF Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;843800 | &nbsp;&nbsp;&nbsp;&nbsp; 2037 |
|  | &nbsp;&nbsp;&nbsp;Far East Horizon Ltd. | 2217000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 |
|  | &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;581760 | &nbsp;&nbsp;&nbsp;&nbsp; 1944 |
|  | &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;433000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 |
|  | &nbsp;&nbsp;&nbsp;China Everbright Environment Group Ltd. | 3065140 | &nbsp;&nbsp;&nbsp;&nbsp; 1897 |
|  | &nbsp;&nbsp;&nbsp;Kingboard Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;529000 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co. Ltd. Class H | 1339966 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
|  | &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp; 1873 |
|  | &nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;533561 | &nbsp;&nbsp;&nbsp;&nbsp; 1869 |
|  | &nbsp;&nbsp;&nbsp;Ping An Bank Co. Ltd. Class A | 1164300 | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
|  | &nbsp;&nbsp;&nbsp;China State Construction Engineering Corp. Ltd. Class A | 2423200 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |
|  | &nbsp;&nbsp;&nbsp;China Medical System Holdings Ltd. | 1068477 | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Feihe Ltd. | 3380719 | &nbsp;&nbsp;&nbsp;&nbsp; 1804 |
|  | &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings Ltd. | 3900301 | &nbsp;&nbsp;&nbsp;&nbsp; 1797 |
|  | &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co. Ltd. Class A | 1115960 | &nbsp;&nbsp;&nbsp;&nbsp; 1692 |
|  | &nbsp;&nbsp;&nbsp;China State Construction International Holdings Ltd. | 1458000 | &nbsp;&nbsp;&nbsp;&nbsp; 1659 |
|  | &nbsp;&nbsp;&nbsp;Luzhou Laojiao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87700 | &nbsp;&nbsp;&nbsp;&nbsp; 1658 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;China Cinda Asset Management Co. Ltd. Class H | 10216200 | &nbsp;&nbsp;&nbsp;&nbsp; 1656 |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class A | 1282600 | &nbsp;&nbsp;&nbsp;&nbsp; 1647 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co. Ltd. Class H | 2002000 | &nbsp;&nbsp;&nbsp;&nbsp; 1646 |
|  | &nbsp;&nbsp;&nbsp;Haitian International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;&nbsp;&nbsp; 1618 |
|  | &nbsp;&nbsp;&nbsp;China Power International Development Ltd. | 3616370 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co. Ltd. Class H | 1278000 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;399300 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;980852 | &nbsp;&nbsp;&nbsp;&nbsp; 1533 |
|  | &nbsp;&nbsp;&nbsp;Yangzijiang Financial Holding Ltd. | 1877200 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 |
|  | &nbsp;&nbsp;&nbsp;China Oilfield Services Ltd. Class H | 1558000 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;719600 | &nbsp;&nbsp;&nbsp;&nbsp; 1518 |
|  | &nbsp;&nbsp;&nbsp;China United Network Communications Ltd. Class A | 1989500 | &nbsp;&nbsp;&nbsp;&nbsp; 1517 |
|  | &nbsp;&nbsp;&nbsp;Country Garden Services Holdings Co. Ltd. | 1893264 | &nbsp;&nbsp;&nbsp;&nbsp; 1505 |
|  | &nbsp;&nbsp;&nbsp;Autohome Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57509 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 2055941 | &nbsp;&nbsp;&nbsp;&nbsp; 1439 |
|  | &nbsp;&nbsp;&nbsp;China Conch Venture Holdings Ltd. | 1147500 | &nbsp;&nbsp;&nbsp;&nbsp; 1435 |
|  | &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp. Class A | 1861400 | &nbsp;&nbsp;&nbsp;&nbsp; 1432 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Yitai Coal Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;733900 | &nbsp;&nbsp;&nbsp;&nbsp; 1431 |
|  | &nbsp;&nbsp;&nbsp;Huatai Securities Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;451100 | &nbsp;&nbsp;&nbsp;&nbsp; 1378 |
|  | &nbsp;&nbsp;&nbsp;Postal Savings Bank of China Co. Ltd. Class A | 1697800 | &nbsp;&nbsp;&nbsp;&nbsp; 1373 |
|  | &nbsp;&nbsp;&nbsp;CRRC Corp. Ltd. Class A | 1256200 | &nbsp;&nbsp;&nbsp;&nbsp; 1353 |
|  | &nbsp;&nbsp;&nbsp;Gree Electric Appliances Inc. of Zhuhai Class A | &nbsp;&nbsp;&nbsp;&nbsp;239900 | &nbsp;&nbsp;&nbsp;&nbsp; 1341 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Expressway Co. Ltd. Class H | 1352177 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 |
|  | &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel Co. Ltd. Class A | 1260200 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 |
|  | &nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd. Class A | 2753200 | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;419500 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
|  | &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H | 1323600 | &nbsp;&nbsp;&nbsp;&nbsp; 1278 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen International Holdings Ltd. | 1206000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CSC Financial Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;722500 | &nbsp;&nbsp;&nbsp;&nbsp; 1226 |
|  | &nbsp;&nbsp;&nbsp;China Communications Services Corp. Ltd. Class H | 2038000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
|  | &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;708500 | &nbsp;&nbsp;&nbsp;&nbsp; 1186 |
|  | &nbsp;&nbsp;&nbsp;AviChina Industry & Technology Co. Ltd. Class H | 2322000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
|  | &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
|  | &nbsp;&nbsp;&nbsp;Goldwind Science & Technology Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;683200 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 |
|  | &nbsp;&nbsp;&nbsp;China Reinsurance Group Corp. Class H | 5705000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nanjing Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;713882 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd. Class A | 2062740 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
|  | &nbsp;&nbsp;&nbsp;Bank of Shanghai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;840533 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
|  | &nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co. Ltd. Class H | 1183000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
|  | &nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd. Class H | 2658000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
|  | &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112900 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;705100 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group Ltd. | 3302000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
|  | &nbsp;&nbsp;&nbsp;Uni-President China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;968000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
|  | &nbsp;&nbsp;&nbsp;Sinotrans Ltd. Class H | 1538000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
|  | &nbsp;&nbsp;&nbsp;XCMG Construction Machinery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;694700 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group Ltd. | 1578226 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
|  | &nbsp;&nbsp;&nbsp;Bank of Beijing Co. Ltd. Class A | 1254800 | &nbsp;&nbsp;&nbsp;&nbsp; 986 |
|  | &nbsp;&nbsp;&nbsp;C&D International Investment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp; 972 |
|  | &nbsp;&nbsp;&nbsp;Daqin Railway Co. Ltd. Class A | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;606500 | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
|  | &nbsp;&nbsp;&nbsp;Bank of Hangzhou Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;432136 | &nbsp;&nbsp;&nbsp;&nbsp; 954 |
|  | &nbsp;&nbsp;&nbsp;China Jinmao Holdings Group Ltd. | 5512000 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
|  | &nbsp;&nbsp;&nbsp;Zhongjin Gold Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;305600 | &nbsp;&nbsp;&nbsp;&nbsp; 949 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;China Everbright Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;719880 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
|  | &nbsp;&nbsp;&nbsp;Greentown China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp; 922 |
|  | &nbsp;&nbsp;&nbsp;Focus Media Information Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
|  | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;422500 | &nbsp;&nbsp;&nbsp;&nbsp; 889 |
|  | &nbsp;&nbsp;&nbsp;SDIC Power Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
|  | &nbsp;&nbsp;&nbsp;Xtep International Holdings Ltd. | 1220937 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
|  | &nbsp;&nbsp;&nbsp;Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
|  | &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;290776 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Yanghe Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85545 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  | &nbsp;&nbsp;&nbsp;Huadian Power International Corp. Ltd. Class H | 1428000 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
|  | &nbsp;&nbsp;&nbsp;China Railway Group Ltd. Class A | 1058800 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;China Suntien Green Energy Corp. Ltd. Class H | 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
|  | &nbsp;&nbsp;&nbsp;Power Construction Corp. of China Ltd. Class A | 1016300 | &nbsp;&nbsp;&nbsp;&nbsp; 806 |
|  | &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group Co. Ltd. Class H | 1908000 | &nbsp;&nbsp;&nbsp;&nbsp; 800 |
|  | &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;100200 | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
|  | &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;670700 | &nbsp;&nbsp;&nbsp;&nbsp; 796 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;GD Power Development Co. Ltd. Class A | 1068700 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Topsports International Holdings Ltd. | 2004000 | &nbsp;&nbsp;&nbsp;&nbsp; 794 |
|  | &nbsp;&nbsp;&nbsp;Huaxia Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;823400 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;China CITIC Bank Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp; 775 |
|  | &nbsp;&nbsp;&nbsp;Datang International Power Generation Co. Ltd. Class H | 2496000 | &nbsp;&nbsp;&nbsp;&nbsp; 767 |
|  | &nbsp;&nbsp;&nbsp;Metallurgical Corp. of China Ltd. Class H | 2506756 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
|  | &nbsp;&nbsp;&nbsp;China Zheshang Bank Co. Ltd. Class H | 2314000 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dongfang Electric Corp. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;307200 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Electric Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;178100 | &nbsp;&nbsp;&nbsp;&nbsp; 743 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Orient Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;796400 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
|  | &nbsp;&nbsp;&nbsp;Zangge Mining Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89500 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Ports Ltd. | 1000986 | &nbsp;&nbsp;&nbsp;&nbsp; 738 |
|  | &nbsp;&nbsp;&nbsp;TCL Technology Group Corp. Class A | 1214500 | &nbsp;&nbsp;&nbsp;&nbsp; 736 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Railway Signal & Communication Corp. Ltd. Class H | 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  | &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;219900 | &nbsp;&nbsp;&nbsp;&nbsp; 717 |
|  | &nbsp;&nbsp;&nbsp;Poly Developments & Holdings Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;693958 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Yuexiu Property Co. Ltd. | 1232680 | &nbsp;&nbsp;&nbsp;&nbsp; 710 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
|  | &nbsp;&nbsp;&nbsp;Hengli Petrochemical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;270900 | &nbsp;&nbsp;&nbsp;&nbsp; 684 |
|  | &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;184700 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Shenwan Hongyuan Group Co. Ltd. Class H | 1491200 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;543872 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Baosight Software Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;580040 | &nbsp;&nbsp;&nbsp;&nbsp; 651 |
|  | &nbsp;&nbsp;&nbsp;Yihai International Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
|  | &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Energy Shipping Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;492800 | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile Co. Ltd. Class B | 1096216 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang NHU Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;182400 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
|  | &nbsp;&nbsp;&nbsp;Shougang Fushan Resources Group Ltd. | 1573302 | &nbsp;&nbsp;&nbsp;&nbsp; 617 |
|  | &nbsp;&nbsp;&nbsp;Yutong Bus Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134500 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;347328 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
|  | &nbsp;&nbsp;&nbsp;Huaneng Power International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;528900 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
|  | &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;289200 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Bank of Chengdu Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;246900 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;ZJLD Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519852 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  | &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;151300 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
|  | &nbsp;&nbsp;&nbsp;Lao Feng Xiang Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;China Zheshang Bank Co. Ltd. Class A | 1339800 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Poly Property Services Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;125400 | &nbsp;&nbsp;&nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;Anhui Expressway Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
|  | &nbsp;&nbsp;&nbsp;Dongfang Electric Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;180100 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;Xiamen Tungsten Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;102200 | &nbsp;&nbsp;&nbsp;&nbsp; 513 |
|  | &nbsp;&nbsp;&nbsp;Tianshan Aluminum Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;269100 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;Yunnan Yuntianhua Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;123800 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
|  | &nbsp;&nbsp;&nbsp;Shandong Hualu Hengsheng Chemical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;344748 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Huaxin Cement Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;219884 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Expressway Corp. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;168300 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Western Mining Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;141400 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Qingdao Port International Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
|  | &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;196199 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;482600 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
|  | &nbsp;&nbsp;&nbsp;China Lesso Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;819454 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134600 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group Inc. Class H | &nbsp;&nbsp;&nbsp;&nbsp;115100 | &nbsp;&nbsp;&nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Dian Tou Energy Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;129100 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
|  | &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;398200 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;Shanghai International Port Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;571400 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Development Co. Ltd. Class H | 2963756 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;China Coal Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
|  | &nbsp;&nbsp;&nbsp;37 Interactive Entertainment Network Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;312980 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;LB Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;157600 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;811185 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
|  | &nbsp;&nbsp;&nbsp;Huadian Power International Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;529597 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98210 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
|  | &nbsp;&nbsp;&nbsp;China Resources Building Materials Technology Holdings Ltd. | 1824281 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;ENN Natural Gas Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;143700 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Zhengzhou Coal Mining Machinery Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Guangshen Railway Co. Ltd. Class H | 1293373 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
|  | &nbsp;&nbsp;&nbsp;Yunnan Copper Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;148900 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;BAIC Motor Corp. Ltd. Class H | 1418000 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Everbright Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;290400 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;494800 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;Jinduicheng Molybdenum Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;168600 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;Goneo Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57959 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;Beijing Jingneng Clean Energy Co. Ltd. Class H | 1114000 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;China National Chemical Engineering Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;326500 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;204600 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Zheneng Electric Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;484900 | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Guanghui Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;461500 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;931000 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;755200 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Wuchan Zhongda Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;392400 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Hunan Valin Steel Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;397300 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;Yealink Network Technology Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63616 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;Beijing New Building Materials plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95800 | &nbsp;&nbsp;&nbsp;&nbsp; 320 |
|  | &nbsp;&nbsp;&nbsp;Shanxi Coking Coal Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;308167 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing & Media Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;Heilongjiang Agriculture Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;154400 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;China Railway Signal & Communication Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;420934 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Weifu High-Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;COFCO Sugar Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;136400 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
|  | &nbsp;&nbsp;&nbsp;Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;656200 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
|  | &nbsp;&nbsp;&nbsp;Bank of Suzhou Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;251600 | &nbsp;&nbsp;&nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Shenergy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;251800 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
|  | &nbsp;&nbsp;&nbsp;Huaibei Mining Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;153600 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
|  | &nbsp;&nbsp;&nbsp;G-bits Network Technology Xiamen Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Citic Pacific Special Steel Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138600 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;Dong-E-E-Jiao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp;Yankuang Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;135475 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Financial Leasing Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;325600 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Berun Chemical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;288400 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Bank of Changsha Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;203400 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Inner Mangolia ERDOS Resources Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;272972 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Youngor Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;247800 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;Hubei Xingfa Chemicals Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64700 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Bank of Guiyang Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;303300 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Hisense Visual Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Brewery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Beijing Jingneng Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;370300 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Tian Di Science & Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;HLA Group Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;279400 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Pacific Quartz Co. Ltd.Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Shan Xi Hua Yang Group New Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;212750 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Hebei Yangyuan Zhihui Beverage Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60600 | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Jointown Pharmaceutical Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;328834 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Anhui Yingjia Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;TangShan Port Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;420768 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Nanjing Iron & Steel Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;314900 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;An Hui Wenergy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;201600 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Huaxin Cement Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76200 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;BBMG Corp. Class H | 2184000 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;Fujian Funeng Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;159600 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Mechanical & Electrical Industry Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;169161 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;Hengyi Petrochemical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;235900 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
|  | &nbsp;&nbsp;&nbsp;Shandong Linglong Tyre Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;101600 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Canmax Technologies Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;360400 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Eastern Air Logistics Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96400 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;585200 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78100 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;Jason Furniture Hangzhou Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
|  | &nbsp;&nbsp;&nbsp;Camel Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;147900 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;Shanxi Coal International Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;136100 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;By-health Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116800 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Oppein Home Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27018 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56200 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80321 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Phoenix Publishing & Media Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Xiamen C & D Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;136500 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Hubei Jumpcan Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55700 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Anhui Kouzi Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Shenzhen Investment Ltd. | 1768000 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;305500 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;China South Publishing & Media Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111700 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Hubei Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284700 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;Shenyang Xingqi Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;Pingdingshan Tianan Coal Mining Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;157800 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;CSG Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;278800 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Sinotrans Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;194200 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Zijin Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;461600 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;Qingdao Port International Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150900 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Sinoma International Engineering Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134600 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen YUTO Packaging Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Tasly Pharmaceutical Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81200 | &nbsp;&nbsp;&nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Jizhong Energy Resources Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;202600 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp;Fujian Sunner Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72700 | &nbsp;&nbsp;&nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp;Keda Industrial Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Suofeiya Home Collection Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92800 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Tunnel Engineering Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Huafa Industrial Co. Ltd. Zhuhai Class A | &nbsp;&nbsp;&nbsp;&nbsp;245500 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Shaanxi Energy Investment Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;121100 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;217860 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Huapont Life Sciences Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;239900 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Supor Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Lakala Payment Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;Guangzhou Development Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;166300 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Conba Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Tangshan Sanyou Chemical Industries Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;198500 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
|  | &nbsp;&nbsp;&nbsp;China Railway Hi-tech Industry Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132900 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;CNOOC Energy Technology & Services Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284700 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Shandong Hi-speed Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;119200 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Pylon Technologies Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16639 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Yantai Changyu Pioneer Wine Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Lao Feng Xiang Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Hefei Meiya Optoelectronic Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Linyang Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;173800 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Bank of Qingdao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;194850 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Laobaixing Pharmacy Chain JSC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Weixing New Building Materials Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91700 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Guangdong Baolihua New Energy Stock Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;190600 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
|  | &nbsp;&nbsp;&nbsp;ORG Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150300 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Huaihe Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;242100 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
|  | &nbsp;&nbsp;&nbsp;Guangdong South New Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Aisidi Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70700 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Eerduosi Resources Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78300 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Semir Garment Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;158500 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62300 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp;&nbsp;Chinese Universe Publishing & Media Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79900 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Jinjiang International Hotels Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84900 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57700 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Wanliyang Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86300 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Anhui Xinhua Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112400 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Anhui Expressway Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Wuxi Autowell Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16118 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Shandong Publishing & Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78400 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp;&nbsp;Xi'An Shaangu Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Expressway Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59600 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;Xiamen ITG Group Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Department Store Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;China World Trade Center Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Yan Tian Port Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;127700 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp;&nbsp;Guizhou Panjiang Refined Coal Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;104800 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Gas Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74100 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Xukuang Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99700 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Water Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;Luenmei Quantum Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52100 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Huayi Group Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;118300 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;KingClean Electric Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16507 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Guoxin Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing & Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Luolai Lifestyle Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;China National Accord Medicines Corp. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27750 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Triangle Tyre Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Huabao Flavours & Fragrances Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;Toly Bread Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50700 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;CSG Holding Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71879 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp;&nbsp;Opple Lighting Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **870412** |
| **Colombia (0.0%)** | **Colombia (0.0%)** | **Colombia (0.0%)** | **Colombia (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Interconexion Electrica SA ESP | &nbsp;&nbsp;&nbsp;&nbsp;331117 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 3983355 | &nbsp;&nbsp;&nbsp;&nbsp; 1839 |
|  | &nbsp;&nbsp;&nbsp;Cementos Argos SA | &nbsp;&nbsp;&nbsp;&nbsp;479278 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ecopetrol SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5325** |
| **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;CEZ A/S | &nbsp;&nbsp;&nbsp;&nbsp;122907 | &nbsp;&nbsp;&nbsp;&nbsp; 7527 |
|  | &nbsp;&nbsp;&nbsp;Komercni banka A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65437 | &nbsp;&nbsp;&nbsp;&nbsp; 3347 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Moneta Money Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;231406 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
|  | &nbsp;&nbsp;&nbsp;Colt CZ Group SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14062 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13344** |
| **Denmark (0.2%)** | **Denmark (0.2%)** | **Denmark (0.2%)** | **Denmark (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;565863 | &nbsp;&nbsp;&nbsp;&nbsp; 25290 |
|  | &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;268212 | &nbsp;&nbsp;&nbsp;&nbsp; 6611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31901** |
| **Finland (1.4%)** | **Finland (1.4%)** | **Finland (1.4%)** | **Finland (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Nordea Bank Abp (XHEL) | 2882837 | &nbsp;&nbsp;&nbsp;&nbsp; 49316 |
|  | &nbsp;&nbsp;&nbsp;Nokia OYJ | 4405194 | &nbsp;&nbsp;&nbsp;&nbsp; 30049 |
|  | &nbsp;&nbsp;&nbsp;Sampo OYJ Class A (XHEL) | 2072895 | &nbsp;&nbsp;&nbsp;&nbsp; 23105 |
|  | &nbsp;&nbsp;&nbsp;Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;273214 | &nbsp;&nbsp;&nbsp;&nbsp; 18254 |
|  | &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;398066 | &nbsp;&nbsp;&nbsp;&nbsp; 13024 |
|  | &nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;&nbsp;455410 | &nbsp;&nbsp;&nbsp;&nbsp; 12220 |
|  | &nbsp;&nbsp;&nbsp;Metso OYJ | &nbsp;&nbsp;&nbsp;&nbsp;606758 | &nbsp;&nbsp;&nbsp;&nbsp; 9950 |
|  | &nbsp;&nbsp;&nbsp;Fortum OYJ | &nbsp;&nbsp;&nbsp;&nbsp;367580 | &nbsp;&nbsp;&nbsp;&nbsp; 8197 |
|  | &nbsp;&nbsp;&nbsp;Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;358902 | &nbsp;&nbsp;&nbsp;&nbsp; 7437 |
|  | &nbsp;&nbsp;&nbsp;Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92099 | &nbsp;&nbsp;&nbsp;&nbsp; 6431 |
|  | &nbsp;&nbsp;&nbsp;Stora Enso OYJ Class R | &nbsp;&nbsp;&nbsp;&nbsp;508034 | &nbsp;&nbsp;&nbsp;&nbsp; 5916 |
|  | &nbsp;&nbsp;&nbsp;Elisa OYJ | &nbsp;&nbsp;&nbsp;&nbsp;121851 | &nbsp;&nbsp;&nbsp;&nbsp; 5369 |
|  | &nbsp;&nbsp;&nbsp;Kesko OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;228572 | &nbsp;&nbsp;&nbsp;&nbsp; 4822 |
|  | &nbsp;&nbsp;&nbsp;Valmet OYJ | &nbsp;&nbsp;&nbsp;&nbsp;124510 | &nbsp;&nbsp;&nbsp;&nbsp; 4051 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **198141** |
| **France (5.3%)** | **France (5.3%)** | **France (5.3%)** | **France (5.3%)** |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | 1632763 | &nbsp;&nbsp;&nbsp;&nbsp; 101942 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;942418 | &nbsp;&nbsp;&nbsp;&nbsp; 95338 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;879300 | &nbsp;&nbsp;&nbsp;&nbsp; 68109 |
|  | &nbsp;&nbsp;&nbsp;AXA SA | 1528400 | &nbsp;&nbsp;&nbsp;&nbsp; 66315 |
|  | &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;437987 | &nbsp;&nbsp;&nbsp;&nbsp; 58566 |
|  | &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;556402 | &nbsp;&nbsp;&nbsp;&nbsp; 49140 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;629597 | &nbsp;&nbsp;&nbsp;&nbsp; 39929 |
|  | &nbsp;&nbsp;&nbsp;Orange SA | 1825814 | &nbsp;&nbsp;&nbsp;&nbsp; 29206 |
|  | &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;200279 | &nbsp;&nbsp;&nbsp;&nbsp; 20074 |
|  | &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;583909 | &nbsp;&nbsp;&nbsp;&nbsp; 18653 |
|  | &nbsp;&nbsp;&nbsp;Engie SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;775816 | &nbsp;&nbsp;&nbsp;&nbsp; 18164 |
|  | &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;529910 | &nbsp;&nbsp;&nbsp;&nbsp; 17512 |
|  | &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;167163 | &nbsp;&nbsp;&nbsp;&nbsp; 16372 |
|  | &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;812908 | &nbsp;&nbsp;&nbsp;&nbsp; 14674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Engie SA Loyalty Shares | &nbsp;&nbsp;&nbsp;&nbsp;582347 | &nbsp;&nbsp;&nbsp;&nbsp; 13634 |
|  | &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;303325 | &nbsp;&nbsp;&nbsp;&nbsp; 9968 |
|  | &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;561250 | &nbsp;&nbsp;&nbsp;&nbsp; 8453 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63705 | &nbsp;&nbsp;&nbsp;&nbsp; 7839 |
|  | &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;163501 | &nbsp;&nbsp;&nbsp;&nbsp; 7380 |
|  | &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;194536 | &nbsp;&nbsp;&nbsp;&nbsp; 6746 |
|  | &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;166979 | &nbsp;&nbsp;&nbsp;&nbsp; 6489 |
|  | &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;209630 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 |
|  | &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;300423 | &nbsp;&nbsp;&nbsp;&nbsp; 5484 |
|  | &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34031 | &nbsp;&nbsp;&nbsp;&nbsp; 4668 |
|  | &nbsp;&nbsp;&nbsp;SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;153290 | &nbsp;&nbsp;&nbsp;&nbsp; 4640 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Amundi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50581 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ayvens SA | &nbsp;&nbsp;&nbsp;&nbsp;254877 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 |
|  | &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46379 | &nbsp;&nbsp;&nbsp;&nbsp; 3312 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Engie SA Prime de fidelite 2026 | &nbsp;&nbsp;&nbsp;&nbsp;141167 | &nbsp;&nbsp;&nbsp;&nbsp; 3305 |
|  | &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50660 | &nbsp;&nbsp;&nbsp;&nbsp; 3007 |
|  | &nbsp;&nbsp;&nbsp;FDJ UNITED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98254 | &nbsp;&nbsp;&nbsp;&nbsp; 2863 |
|  | &nbsp;&nbsp;&nbsp;Sodexo SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41899 | &nbsp;&nbsp;&nbsp;&nbsp; 2320 |
|  | &nbsp;&nbsp;&nbsp;Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21073 | &nbsp;&nbsp;&nbsp;&nbsp; 1978 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eurazeo SE-PF- 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21624 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sodexo Inc. (Prime Fidelite 2026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26287 | &nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52246 | &nbsp;&nbsp;&nbsp;&nbsp; 1223 |
|  | &nbsp;&nbsp;&nbsp;SEB SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21762 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
|  | &nbsp;&nbsp;&nbsp;Eurazeo SE (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13618 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sodexo Prime De Fidelite 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **725712** |
| **Germany (5.1%)** | **Germany (5.1%)** | **Germany (5.1%)** | **Germany (5.1%)** |
|  | &nbsp;&nbsp;&nbsp;Allianz SE (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;339071 | &nbsp;&nbsp;&nbsp;&nbsp; 136253 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Registered) | 2891916 | &nbsp;&nbsp;&nbsp;&nbsp; 89578 |
|  | &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;114883 | &nbsp;&nbsp;&nbsp;&nbsp; 71077 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG (Registered) | 1555362 | &nbsp;&nbsp;&nbsp;&nbsp; 55682 |
|  | &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;662505 | &nbsp;&nbsp;&nbsp;&nbsp; 42986 |
|  | &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;784040 | &nbsp;&nbsp;&nbsp;&nbsp; 38686 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;831385 | &nbsp;&nbsp;&nbsp;&nbsp; 38199 |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | 1947866 | &nbsp;&nbsp;&nbsp;&nbsp; 36243 |
|  | &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;583737 | &nbsp;&nbsp;&nbsp;&nbsp; 28738 |
|  | &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;658264 | &nbsp;&nbsp;&nbsp;&nbsp; 24002 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;238996 | &nbsp;&nbsp;&nbsp;&nbsp; 22285 |
|  | &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;614725 | &nbsp;&nbsp;&nbsp;&nbsp; 18476 |
|  | &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;446415 | &nbsp;&nbsp;&nbsp;&nbsp; 17893 |
|  | &nbsp;&nbsp;&nbsp;Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;158290 | &nbsp;&nbsp;&nbsp;&nbsp; 16697 |
|  | &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52536 | &nbsp;&nbsp;&nbsp;&nbsp; 14998 |
|  | &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;184093 | &nbsp;&nbsp;&nbsp;&nbsp; 9883 |
|  | &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95426 | &nbsp;&nbsp;&nbsp;&nbsp; 7292 |
|  | &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52629 | &nbsp;&nbsp;&nbsp;&nbsp; 6409 |
|  | &nbsp;&nbsp;&nbsp;LEG Immobilien SE (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65503 | &nbsp;&nbsp;&nbsp;&nbsp; 4992 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;528662 | &nbsp;&nbsp;&nbsp;&nbsp; 4635 |
|  | &nbsp;&nbsp;&nbsp;HOCHTIEF AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277 | &nbsp;&nbsp;&nbsp;&nbsp; 3811 |
|  | &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;216967 | &nbsp;&nbsp;&nbsp;&nbsp; 3636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aumovio SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47029 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Traton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52884 | &nbsp;&nbsp;&nbsp;&nbsp; 1699 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26049 | &nbsp;&nbsp;&nbsp;&nbsp; 1668 |
|  | &nbsp;&nbsp;&nbsp;RTL Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30469 | &nbsp;&nbsp;&nbsp;&nbsp; 1176 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Wohnen SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39711 | &nbsp;&nbsp;&nbsp;&nbsp; 990 |
|  | &nbsp;&nbsp;&nbsp;FUCHS SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22057 | &nbsp;&nbsp;&nbsp;&nbsp; 782 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **700788** |
| **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;735463 | &nbsp;&nbsp;&nbsp;&nbsp; 10810 |
|  | &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA Class A | 2173604 | &nbsp;&nbsp;&nbsp;&nbsp; 8176 |
|  | &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;949116 | &nbsp;&nbsp;&nbsp;&nbsp; 7413 |
|  | &nbsp;&nbsp;&nbsp;Alpha Bank SA | 1843657 | &nbsp;&nbsp;&nbsp;&nbsp; 7228 |
|  | &nbsp;&nbsp;&nbsp;JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;100576 | &nbsp;&nbsp;&nbsp;&nbsp; 3192 |
|  | &nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;151251 | &nbsp;&nbsp;&nbsp;&nbsp; 3127 |
|  | &nbsp;&nbsp;&nbsp;Public Power Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;169497 | &nbsp;&nbsp;&nbsp;&nbsp; 2944 |
|  | &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;140869 | &nbsp;&nbsp;&nbsp;&nbsp; 2645 |
|  | &nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55104 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
|  | &nbsp;&nbsp;&nbsp;Optima bank SA | &nbsp;&nbsp;&nbsp;&nbsp;153832 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
|  | &nbsp;&nbsp;&nbsp;Athens International Airport SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63218 | &nbsp;&nbsp;&nbsp;&nbsp; 730 |
|  | &nbsp;&nbsp;&nbsp;HELLENiQ ENERGY Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71927 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Aegean Airlines SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33236 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Holding Co. ADMIE IPTO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97733 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Piraeus Port Authority SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Autohellas Tourist & Trading SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19996 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;Quest Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **51506** |
| **Hong Kong (1.9%)** | **Hong Kong (1.9%)** | **Hong Kong (1.9%)** | **Hong Kong (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 1049600 | &nbsp;&nbsp;&nbsp;&nbsp; 57206 |
|  | &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 2343517 | &nbsp;&nbsp;&nbsp;&nbsp; 15541 |
|  | &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings Ltd. | 3150500 | &nbsp;&nbsp;&nbsp;&nbsp; 15481 |
|  | &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 1234451 | &nbsp;&nbsp;&nbsp;&nbsp; 15022 |
|  | &nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | 1412500 | &nbsp;&nbsp;&nbsp;&nbsp; 12048 |
|  | &nbsp;&nbsp;&nbsp;Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;602900 | &nbsp;&nbsp;&nbsp;&nbsp; 11753 |
|  | &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. | 6780000 | &nbsp;&nbsp;&nbsp;&nbsp; 9891 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 1893000 | &nbsp;&nbsp;&nbsp;&nbsp; 9432 |
|  | &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159914 | &nbsp;&nbsp;&nbsp;&nbsp; 9389 |
|  | &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co. Ltd. | 9453254 | &nbsp;&nbsp;&nbsp;&nbsp; 8798 |
|  | &nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd. | 1223099 | &nbsp;&nbsp;&nbsp;&nbsp; 7770 |
|  | &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 1551746 | &nbsp;&nbsp;&nbsp;&nbsp; 7677 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;WH Group Ltd. | 6819599 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 |
|  | &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;695500 | &nbsp;&nbsp;&nbsp;&nbsp; 6003 |
|  | &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;890400 | &nbsp;&nbsp;&nbsp;&nbsp; 5441 |
|  | &nbsp;&nbsp;&nbsp;MTR Corp. Ltd. | 1371737 | &nbsp;&nbsp;&nbsp;&nbsp; 5032 |
|  | &nbsp;&nbsp;&nbsp;SITC International Holdings Co. Ltd. | 1159000 | &nbsp;&nbsp;&nbsp;&nbsp; 4276 |
|  | &nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | 1168856 | &nbsp;&nbsp;&nbsp;&nbsp; 4112 |
|  | &nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 3154780 | &nbsp;&nbsp;&nbsp;&nbsp; 3919 |
|  | &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co. Ltd. | 1356851 | &nbsp;&nbsp;&nbsp;&nbsp; 3862 |
|  | &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;551834 | &nbsp;&nbsp;&nbsp;&nbsp; 3589 |
|  | &nbsp;&nbsp;&nbsp;Swire Pacific Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;399288 | &nbsp;&nbsp;&nbsp;&nbsp; 3298 |
|  | &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group Ltd. | 1515800 | &nbsp;&nbsp;&nbsp;&nbsp; 2967 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Samsonite Group SA | 1170443 | &nbsp;&nbsp;&nbsp;&nbsp; 2447 |
|  | &nbsp;&nbsp;&nbsp;PCCW Ltd. | 3399793 | &nbsp;&nbsp;&nbsp;&nbsp; 2429 |
|  | &nbsp;&nbsp;&nbsp;Swire Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;850298 | &nbsp;&nbsp;&nbsp;&nbsp; 2316 |
|  | &nbsp;&nbsp;&nbsp;Orient Overseas International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;112571 | &nbsp;&nbsp;&nbsp;&nbsp; 1948 |
|  | &nbsp;&nbsp;&nbsp;Hang Lung Properties Ltd. | 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
|  | &nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | 1400541 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
|  | &nbsp;&nbsp;&nbsp;First Pacific Co. Ltd. | 1994000 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;BOC Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;179335 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
|  | &nbsp;&nbsp;&nbsp;Johnson Electric Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;316500 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd. | 1438672 | &nbsp;&nbsp;&nbsp;&nbsp; 1459 |
|  | &nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;684000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
|  | &nbsp;&nbsp;&nbsp;Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;695900 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
|  | &nbsp;&nbsp;&nbsp;Bank of East Asia Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;739380 | &nbsp;&nbsp;&nbsp;&nbsp; 1273 |
|  | &nbsp;&nbsp;&nbsp;Hang Lung Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227 |
|  | &nbsp;&nbsp;&nbsp;Kerry Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;482000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
|  | &nbsp;&nbsp;&nbsp;Cathay Pacific Airways Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
|  | &nbsp;&nbsp;&nbsp;VTech Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;135500 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
|  | &nbsp;&nbsp;&nbsp;Hysan Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp; 990 |
|  | &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings Ltd. (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;260200 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
|  | &nbsp;&nbsp;&nbsp;CTF Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;765020 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
|  | &nbsp;&nbsp;&nbsp;Man Wah Holdings Ltd. | 1271371 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
|  | &nbsp;&nbsp;&nbsp;Dah Sing Banking Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;256800 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
|  | &nbsp;&nbsp;&nbsp;KLN Logistics Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;234251 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Swire Pacific Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;122500 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **260514** |
| **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;203317 | &nbsp;&nbsp;&nbsp;&nbsp; 19408 |
|  | &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;122237 | &nbsp;&nbsp;&nbsp;&nbsp; 3765 |
|  | &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas plc | &nbsp;&nbsp;&nbsp;&nbsp;386982 | &nbsp;&nbsp;&nbsp;&nbsp; 3404 |
|  | &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications plc | &nbsp;&nbsp;&nbsp;&nbsp;236042 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27814** |
| **Iceland (0.0%)** | **Iceland (0.0%)** | **Iceland (0.0%)** | **Iceland (0.0%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Arion Banki HF | 1142001 | &nbsp;&nbsp;&nbsp;&nbsp; 1599 |
|  | &nbsp;&nbsp;&nbsp;Islandsbanki HF | 1607416 | &nbsp;&nbsp;&nbsp;&nbsp; 1554 |
|  | &nbsp;&nbsp;&nbsp;Eimskipafelag Islands HF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83293 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3357** |
| **India (1.2%)** | **India (1.2%)** | **India (1.2%)** | **India (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;925705 | &nbsp;&nbsp;&nbsp;&nbsp; 16062 |
|  | &nbsp;&nbsp;&nbsp;NTPC Ltd. | 4164962 | &nbsp;&nbsp;&nbsp;&nbsp; 15798 |
|  | &nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 3970932 | &nbsp;&nbsp;&nbsp;&nbsp; 12884 |
|  | &nbsp;&nbsp;&nbsp;ITC Ltd. | 2644623 | &nbsp;&nbsp;&nbsp;&nbsp; 12518 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp. Ltd. | 3403750 | &nbsp;&nbsp;&nbsp;&nbsp; 9795 |
|  | &nbsp;&nbsp;&nbsp;Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;547561 | &nbsp;&nbsp;&nbsp;&nbsp; 8777 |
|  | &nbsp;&nbsp;&nbsp;Coal India Ltd. | 2001628 | &nbsp;&nbsp;&nbsp;&nbsp; 8756 |
|  | &nbsp;&nbsp;&nbsp;Vedanta Ltd. | 1426290 | &nbsp;&nbsp;&nbsp;&nbsp; 7918 |
|  | &nbsp;&nbsp;&nbsp;Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114634 | &nbsp;&nbsp;&nbsp;&nbsp; 7156 |
|  | &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp. Ltd. (XNSE) | 1730325 | &nbsp;&nbsp;&nbsp;&nbsp; 6942 |
|  | &nbsp;&nbsp;&nbsp;Indian Oil Corp. Ltd. | 3276506 | &nbsp;&nbsp;&nbsp;&nbsp; 6114 |
|  | &nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58312 | &nbsp;&nbsp;&nbsp;&nbsp; 5838 |
|  | &nbsp;&nbsp;&nbsp;Power Finance Corp. Ltd. | 1279862 | &nbsp;&nbsp;&nbsp;&nbsp; 5811 |
|  | &nbsp;&nbsp;&nbsp;GAIL India Ltd. | 2348186 | &nbsp;&nbsp;&nbsp;&nbsp; 4831 |
|  | &nbsp;&nbsp;&nbsp;REC Ltd. | 1091315 | &nbsp;&nbsp;&nbsp;&nbsp; 4605 |
|  | &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;837120 | &nbsp;&nbsp;&nbsp;&nbsp; 4478 |
|  | &nbsp;&nbsp;&nbsp;Bank of Baroda | &nbsp;&nbsp;&nbsp;&nbsp;900394 | &nbsp;&nbsp;&nbsp;&nbsp; 2822 |
|  | &nbsp;&nbsp;&nbsp;NMDC Ltd. | 3014850 | &nbsp;&nbsp;&nbsp;&nbsp; 2572 |
|  | &nbsp;&nbsp;&nbsp;Canara Bank | 1587575 | &nbsp;&nbsp;&nbsp;&nbsp; 2448 |
|  | &nbsp;&nbsp;&nbsp;Oil India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;477375 | &nbsp;&nbsp;&nbsp;&nbsp; 2331 |
|  | &nbsp;&nbsp;&nbsp;Union Bank of India Ltd. | 1334797 | &nbsp;&nbsp;&nbsp;&nbsp; 2235 |
|  | &nbsp;&nbsp;&nbsp;Petronet LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;653470 | &nbsp;&nbsp;&nbsp;&nbsp; 2069 |
|  | &nbsp;&nbsp;&nbsp;National Aluminium Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;783616 | &nbsp;&nbsp;&nbsp;&nbsp; 2063 |
|  | &nbsp;&nbsp;&nbsp;Hindustan Zinc Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;370974 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 |
|  | &nbsp;&nbsp;&nbsp;Oracle Financial Services Software Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20350 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151389 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
|  | &nbsp;&nbsp;&nbsp;Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;772211 | &nbsp;&nbsp;&nbsp;&nbsp; 1216 |
|  | &nbsp;&nbsp;&nbsp;Castrol India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;420919 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
|  | &nbsp;&nbsp;&nbsp;Sun TV Network Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76733 | &nbsp;&nbsp;&nbsp;&nbsp; 486 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **162880** |
| **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 43176167 | &nbsp;&nbsp;&nbsp;&nbsp; 22106 |
|  | &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 58159159 | &nbsp;&nbsp;&nbsp;&nbsp; 13913 |
|  | &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 38276761 | &nbsp;&nbsp;&nbsp;&nbsp; 10844 |
|  | &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 38184010 | &nbsp;&nbsp;&nbsp;&nbsp; 7386 |
|  | &nbsp;&nbsp;&nbsp;Astra International Tbk PT | 17716916 | &nbsp;&nbsp;&nbsp;&nbsp; 6551 |
|  | &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero Tbk PT | 10726700 | &nbsp;&nbsp;&nbsp;&nbsp; 2819 |
|  | &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | 1263204 | &nbsp;&nbsp;&nbsp;&nbsp; 2042 |
|  | &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | 3914600 | &nbsp;&nbsp;&nbsp;&nbsp; 1742 |
|  | &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur Tbk PT | 1962285 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
|  | &nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia Tbk PT | 8480200 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Gas Negara Persero Tbk PT | 7680799 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
|  | &nbsp;&nbsp;&nbsp;Unilever Indonesia Tbk PT | 4810454 | &nbsp;&nbsp;&nbsp;&nbsp; 746 |
|  | &nbsp;&nbsp;&nbsp;Trimegah Bangun Persada Tbk PT | 7793029 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;Indosat Tbk PT | 4698900 | &nbsp;&nbsp;&nbsp;&nbsp; 532 |
|  | &nbsp;&nbsp;&nbsp;Sarana Menara Nusantara Tbk PT | 15335400 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
|  | &nbsp;&nbsp;&nbsp;Dayamitra Telekomunikasi PT | 13072900 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Semen Indonesia Persero Tbk PT | 2636337 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
|  | &nbsp;&nbsp;&nbsp;Bukit Asam Tbk PT | 2770300 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;822900 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;Avia Avian Tbk PT | 9496239 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **74380** |
| **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;AIB Group plc | 1874732 | &nbsp;&nbsp;&nbsp;&nbsp; 17278 |
|  | &nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp;844447 | &nbsp;&nbsp;&nbsp;&nbsp; 13826 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31104** |
| **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | 1316988 | &nbsp;&nbsp;&nbsp;&nbsp; 26730 |
|  | &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | 1160868 | &nbsp;&nbsp;&nbsp;&nbsp; 23545 |
|  | &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd. Class A | 1082689 | &nbsp;&nbsp;&nbsp;&nbsp; 10820 |
|  | &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133055 | &nbsp;&nbsp;&nbsp;&nbsp; 8651 |
|  | &nbsp;&nbsp;&nbsp;Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;199146 | &nbsp;&nbsp;&nbsp;&nbsp; 7667 |
|  | &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp. Ltd. | 2066630 | &nbsp;&nbsp;&nbsp;&nbsp; 4233 |
|  | &nbsp;&nbsp;&nbsp;ICL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;632221 | &nbsp;&nbsp;&nbsp;&nbsp; 4141 |
|  | &nbsp;&nbsp;&nbsp;Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98387 | &nbsp;&nbsp;&nbsp;&nbsp; 3429 |
|  | &nbsp;&nbsp;&nbsp;First International Bank of Israel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45836 | &nbsp;&nbsp;&nbsp;&nbsp; 3297 |
|  | &nbsp;&nbsp;&nbsp;Delek Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp;&nbsp; 2131 |
|  | &nbsp;&nbsp;&nbsp;Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18264 | &nbsp;&nbsp;&nbsp;&nbsp; 1819 |
|  | &nbsp;&nbsp;&nbsp;Amot Investments Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;205471 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 |
|  | &nbsp;&nbsp;&nbsp;Energix-Renewable Energies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;237904 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
|  | &nbsp;&nbsp;&nbsp;Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40560 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **99690** |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Italy (3.5%)** | **Italy (3.5%)** | **Italy (3.5%)** | **Italy (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;UniCredit SpA | 1369139 | &nbsp;&nbsp;&nbsp;&nbsp; 101380 |
|  | &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 13767898 | &nbsp;&nbsp;&nbsp;&nbsp; 88739 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | 6810078 | &nbsp;&nbsp;&nbsp;&nbsp; 68889 |
|  | &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;849063 | &nbsp;&nbsp;&nbsp;&nbsp; 32686 |
|  | &nbsp;&nbsp;&nbsp;Eni SpA | 1715030 | &nbsp;&nbsp;&nbsp;&nbsp; 31624 |
|  | &nbsp;&nbsp;&nbsp;Stellantis NV | 1885389 | &nbsp;&nbsp;&nbsp;&nbsp; 19174 |
|  | &nbsp;&nbsp;&nbsp;Banco BPM SpA | 1292140 | &nbsp;&nbsp;&nbsp;&nbsp; 18826 |
|  | &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA | 1831559 | &nbsp;&nbsp;&nbsp;&nbsp; 16064 |
|  | &nbsp;&nbsp;&nbsp;BPER Banca SpA | 1219218 | &nbsp;&nbsp;&nbsp;&nbsp; 14609 |
|  | &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 1225512 | &nbsp;&nbsp;&nbsp;&nbsp; 12567 |
|  | &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;534528 | &nbsp;&nbsp;&nbsp;&nbsp; 12230 |
|  | &nbsp;&nbsp;&nbsp;Snam SpA | 1792247 | &nbsp;&nbsp;&nbsp;&nbsp; 11054 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Poste Italiane SpA | &nbsp;&nbsp;&nbsp;&nbsp;394478 | &nbsp;&nbsp;&nbsp;&nbsp; 9511 |
|  | &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;329706 | &nbsp;&nbsp;&nbsp;&nbsp; 7218 |
|  | &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;307714 | &nbsp;&nbsp;&nbsp;&nbsp; 6116 |
|  | &nbsp;&nbsp;&nbsp;Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;538198 | &nbsp;&nbsp;&nbsp;&nbsp; 5647 |
|  | &nbsp;&nbsp;&nbsp;A2A SpA | 1406921 | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
|  | &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;194453 | &nbsp;&nbsp;&nbsp;&nbsp; 3909 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;&nbsp;&nbsp;286694 | &nbsp;&nbsp;&nbsp;&nbsp; 3150 |
|  | &nbsp;&nbsp;&nbsp;Hera SpA | &nbsp;&nbsp;&nbsp;&nbsp;697600 | &nbsp;&nbsp;&nbsp;&nbsp; 3131 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Pirelli & C SpA | &nbsp;&nbsp;&nbsp;&nbsp;345330 | &nbsp;&nbsp;&nbsp;&nbsp; 2424 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;101674 | &nbsp;&nbsp;&nbsp;&nbsp; 1943 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **474990** |
| **Japan (13.7%)** | **Japan (13.7%)** | **Japan (13.7%)** | **Japan (13.7%)** |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 9332610 | &nbsp;&nbsp;&nbsp;&nbsp; 190265 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 9759700 | &nbsp;&nbsp;&nbsp;&nbsp; 147423 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 3243962 | &nbsp;&nbsp;&nbsp;&nbsp; 87826 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 2143663 | &nbsp;&nbsp;&nbsp;&nbsp; 71803 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 2951600 | &nbsp;&nbsp;&nbsp;&nbsp; 70876 |
|  | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | 1117584 | &nbsp;&nbsp;&nbsp;&nbsp; 64734 |
|  | &nbsp;&nbsp;&nbsp;Tokio Marine Holdings Inc. | 1617490 | &nbsp;&nbsp;&nbsp;&nbsp; 60321 |
|  | &nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | 2222224 | &nbsp;&nbsp;&nbsp;&nbsp; 54648 |
|  | &nbsp;&nbsp;&nbsp;KDDI Corp. | 2426630 | &nbsp;&nbsp;&nbsp;&nbsp; 38681 |
|  | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 1387159 | &nbsp;&nbsp;&nbsp;&nbsp; 37436 |
|  | &nbsp;&nbsp;&nbsp;Softbank Corp. | 24858920 | &nbsp;&nbsp;&nbsp;&nbsp; 35324 |
|  | &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 3433900 | &nbsp;&nbsp;&nbsp;&nbsp; 34707 |
|  | &nbsp;&nbsp;&nbsp;Japan Tobacco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp; 33440 |
|  | &nbsp;&nbsp;&nbsp;Marubeni Corp. | 1289500 | &nbsp;&nbsp;&nbsp;&nbsp; 31691 |
|  | &nbsp;&nbsp;&nbsp;Komatsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800820 | &nbsp;&nbsp;&nbsp;&nbsp; 26788 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;893438 | &nbsp;&nbsp;&nbsp;&nbsp; 25991 |
|  | &nbsp;&nbsp;&nbsp;NTT Inc. | 24137400 | &nbsp;&nbsp;&nbsp;&nbsp; 24844 |
|  | &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp;&nbsp;&nbsp; 24413 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;661100 | &nbsp;&nbsp;&nbsp;&nbsp; 24102 |
|  | &nbsp;&nbsp;&nbsp;Sompo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;772155 | &nbsp;&nbsp;&nbsp;&nbsp; 23532 |
|  | &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings Inc. | 1089600 | &nbsp;&nbsp;&nbsp;&nbsp; 22462 |
|  | &nbsp;&nbsp;&nbsp;Denso Corp. | 1591484 | &nbsp;&nbsp;&nbsp;&nbsp; 22236 |
|  | &nbsp;&nbsp;&nbsp;Canon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;760192 | &nbsp;&nbsp;&nbsp;&nbsp; 21831 |
|  | &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings Inc. | 3062500 | &nbsp;&nbsp;&nbsp;&nbsp; 21496 |
|  | &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;486330 | &nbsp;&nbsp;&nbsp;&nbsp; 21231 |
|  | &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;603390 | &nbsp;&nbsp;&nbsp;&nbsp; 18443 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 2558814 | &nbsp;&nbsp;&nbsp;&nbsp; 18260 |
|  | &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | 4371300 | &nbsp;&nbsp;&nbsp;&nbsp; 18019 |
|  | &nbsp;&nbsp;&nbsp;Japan Post Bank Co. Ltd. | 1565411 | &nbsp;&nbsp;&nbsp;&nbsp; 17541 |
|  | &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;502400 | &nbsp;&nbsp;&nbsp;&nbsp; 17045 |
|  | &nbsp;&nbsp;&nbsp;Astellas Pharma Inc. | 1569900 | &nbsp;&nbsp;&nbsp;&nbsp; 16433 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;560978 | &nbsp;&nbsp;&nbsp;&nbsp; 15408 |
|  | &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;783000 | &nbsp;&nbsp;&nbsp;&nbsp; 14448 |
|  | &nbsp;&nbsp;&nbsp;ENEOS Holdings Inc. | 2286451 | &nbsp;&nbsp;&nbsp;&nbsp; 14425 |
|  | &nbsp;&nbsp;&nbsp;Japan Post Holdings Co. Ltd. | 1508945 | &nbsp;&nbsp;&nbsp;&nbsp; 14140 |
|  | &nbsp;&nbsp;&nbsp;Kansai Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;850500 | &nbsp;&nbsp;&nbsp;&nbsp; 13268 |
|  | &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;361900 | &nbsp;&nbsp;&nbsp;&nbsp; 12498 |
|  | &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;362300 | &nbsp;&nbsp;&nbsp;&nbsp; 11680 |
|  | &nbsp;&nbsp;&nbsp;Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;522724 | &nbsp;&nbsp;&nbsp;&nbsp; 11215 |
|  | &nbsp;&nbsp;&nbsp;SBI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242400 | &nbsp;&nbsp;&nbsp;&nbsp; 10832 |
|  | &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;503409 | &nbsp;&nbsp;&nbsp;&nbsp; 10709 |
|  | &nbsp;&nbsp;&nbsp;Kirin Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;696460 | &nbsp;&nbsp;&nbsp;&nbsp; 9794 |
|  | &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;574400 | &nbsp;&nbsp;&nbsp;&nbsp; 9717 |
|  | &nbsp;&nbsp;&nbsp;Daiwa Securities Group Inc. | 1166614 | &nbsp;&nbsp;&nbsp;&nbsp; 8978 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Chubu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;640600 | &nbsp;&nbsp;&nbsp;&nbsp; 8908 |
|  | &nbsp;&nbsp;&nbsp;T&D Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;413500 | &nbsp;&nbsp;&nbsp;&nbsp; 8880 |
|  | &nbsp;&nbsp;&nbsp;Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;283310 | &nbsp;&nbsp;&nbsp;&nbsp; 8418 |
|  | &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | 1094863 | &nbsp;&nbsp;&nbsp;&nbsp; 8389 |
|  | &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;455100 | &nbsp;&nbsp;&nbsp;&nbsp; 8178 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;217732 | &nbsp;&nbsp;&nbsp;&nbsp; 7123 |
|  | &nbsp;&nbsp;&nbsp;Eisai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;234900 | &nbsp;&nbsp;&nbsp;&nbsp; 6977 |
|  | &nbsp;&nbsp;&nbsp;Yokohama Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;932100 | &nbsp;&nbsp;&nbsp;&nbsp; 6771 |
|  | &nbsp;&nbsp;&nbsp;Niterra Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;164400 | &nbsp;&nbsp;&nbsp;&nbsp; 6744 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | 1193933 | &nbsp;&nbsp;&nbsp;&nbsp; 6237 |
|  | &nbsp;&nbsp;&nbsp;JFE Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;531600 | &nbsp;&nbsp;&nbsp;&nbsp; 6092 |
|  | &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;437600 | &nbsp;&nbsp;&nbsp;&nbsp; 5874 |
|  | &nbsp;&nbsp;&nbsp;Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;336200 | &nbsp;&nbsp;&nbsp;&nbsp; 5824 |
|  | &nbsp;&nbsp;&nbsp;Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;473100 | &nbsp;&nbsp;&nbsp;&nbsp; 5805 |
|  | &nbsp;&nbsp;&nbsp;Yamaha Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;801251 | &nbsp;&nbsp;&nbsp;&nbsp; 5773 |
|  | &nbsp;&nbsp;&nbsp;Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;573400 | &nbsp;&nbsp;&nbsp;&nbsp; 5595 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital Inc. (XTKS) | &nbsp;&nbsp;&nbsp;&nbsp;705320 | &nbsp;&nbsp;&nbsp;&nbsp; 5518 |
|  | &nbsp;&nbsp;&nbsp;Shizuoka Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402900 | &nbsp;&nbsp;&nbsp;&nbsp; 5426 |
|  | &nbsp;&nbsp;&nbsp;AGC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169456 | &nbsp;&nbsp;&nbsp;&nbsp; 5294 |
|  | &nbsp;&nbsp;&nbsp;Mebuki Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;780300 | &nbsp;&nbsp;&nbsp;&nbsp; 4869 |
|  | &nbsp;&nbsp;&nbsp;Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp; 4767 |
|  | &nbsp;&nbsp;&nbsp;Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179400 | &nbsp;&nbsp;&nbsp;&nbsp; 4760 |
|  | &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;683274 | &nbsp;&nbsp;&nbsp;&nbsp; 4751 |
|  | &nbsp;&nbsp;&nbsp;Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;250625 | &nbsp;&nbsp;&nbsp;&nbsp; 4686 |
|  | &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;317800 | &nbsp;&nbsp;&nbsp;&nbsp; 4553 |
|  | &nbsp;&nbsp;&nbsp;Fukuoka Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156200 | &nbsp;&nbsp;&nbsp;&nbsp; 4539 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;428858 | &nbsp;&nbsp;&nbsp;&nbsp; 4461 |
|  | &nbsp;&nbsp;&nbsp;Hulic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;420186 | &nbsp;&nbsp;&nbsp;&nbsp; 4341 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. | 1886095 | &nbsp;&nbsp;&nbsp;&nbsp; 4311 |
|  | &nbsp;&nbsp;&nbsp;Nippon Express Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200800 | &nbsp;&nbsp;&nbsp;&nbsp; 4272 |
|  | &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;343515 | &nbsp;&nbsp;&nbsp;&nbsp; 4192 |
|  | &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500400 | &nbsp;&nbsp;&nbsp;&nbsp; 4033 |
|  | &nbsp;&nbsp;&nbsp;Japan Post Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;155100 | &nbsp;&nbsp;&nbsp;&nbsp; 4011 |
|  | &nbsp;&nbsp;&nbsp;Kyushu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398500 | &nbsp;&nbsp;&nbsp;&nbsp; 3911 |
|  | &nbsp;&nbsp;&nbsp;NGK Insulators Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;230500 | &nbsp;&nbsp;&nbsp;&nbsp; 3889 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Chemical Co. Ltd. | 1296841 | &nbsp;&nbsp;&nbsp;&nbsp; 3814 |
|  | &nbsp;&nbsp;&nbsp;Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112500 | &nbsp;&nbsp;&nbsp;&nbsp; 3801 |
|  | &nbsp;&nbsp;&nbsp;Mitsui Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 3659 |
|  | &nbsp;&nbsp;&nbsp;Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;523748 | &nbsp;&nbsp;&nbsp;&nbsp; 3609 |
|  | &nbsp;&nbsp;&nbsp;Haseko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222086 | &nbsp;&nbsp;&nbsp;&nbsp; 3586 |
|  | &nbsp;&nbsp;&nbsp;Dentsu Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180572 | &nbsp;&nbsp;&nbsp;&nbsp; 3576 |
|  | &nbsp;&nbsp;&nbsp;Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249800 | &nbsp;&nbsp;&nbsp;&nbsp; 3562 |
|  | &nbsp;&nbsp;&nbsp;Kobe Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;296700 | &nbsp;&nbsp;&nbsp;&nbsp; 3492 |
|  | &nbsp;&nbsp;&nbsp;Oji Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 3486 |
|  | &nbsp;&nbsp;&nbsp;Brother Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;204300 | &nbsp;&nbsp;&nbsp;&nbsp; 3477 |
|  | &nbsp;&nbsp;&nbsp;Amada Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;274900 | &nbsp;&nbsp;&nbsp;&nbsp; 3278 |
|  | &nbsp;&nbsp;&nbsp;Kyushu Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;128500 | &nbsp;&nbsp;&nbsp;&nbsp; 3259 |
|  | &nbsp;&nbsp;&nbsp;Iyogin Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203100 | &nbsp;&nbsp;&nbsp;&nbsp; 3174 |
|  | &nbsp;&nbsp;&nbsp;Taiyo Yuden Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110534 | &nbsp;&nbsp;&nbsp;&nbsp; 3139 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;166200 | &nbsp;&nbsp;&nbsp;&nbsp; 3103 |
|  | &nbsp;&nbsp;&nbsp;Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;242755 | &nbsp;&nbsp;&nbsp;&nbsp; 3076 |
|  | &nbsp;&nbsp;&nbsp;Nikon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256500 | &nbsp;&nbsp;&nbsp;&nbsp; 2991 |
|  | &nbsp;&nbsp;&nbsp;Kuraray Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;271500 | &nbsp;&nbsp;&nbsp;&nbsp; 2942 |
|  | &nbsp;&nbsp;&nbsp;Open House Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp; 2931 |
|  | &nbsp;&nbsp;&nbsp;Tohoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417580 | &nbsp;&nbsp;&nbsp;&nbsp; 2857 |
|  | &nbsp;&nbsp;&nbsp;Toyo Tire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103700 | &nbsp;&nbsp;&nbsp;&nbsp; 2834 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103900 | &nbsp;&nbsp;&nbsp;&nbsp; 2778 |
|  | &nbsp;&nbsp;&nbsp;Electric Power Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145700 | &nbsp;&nbsp;&nbsp;&nbsp; 2769 |
|  | &nbsp;&nbsp;&nbsp;Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158500 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 |
|  | &nbsp;&nbsp;&nbsp;Marui Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp; 2723 |
|  | &nbsp;&nbsp;&nbsp;Lixil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;245116 | &nbsp;&nbsp;&nbsp;&nbsp; 2717 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146328 | &nbsp;&nbsp;&nbsp;&nbsp; 2707 |
|  | &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468200 | &nbsp;&nbsp;&nbsp;&nbsp; 2674 |
|  | &nbsp;&nbsp;&nbsp;COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 |
|  | &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81100 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
|  | &nbsp;&nbsp;&nbsp;Persol Holdings Co. Ltd. | 1580100 | &nbsp;&nbsp;&nbsp;&nbsp; 2621 |
|  | &nbsp;&nbsp;&nbsp;THK Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96800 | &nbsp;&nbsp;&nbsp;&nbsp; 2578 |
|  | &nbsp;&nbsp;&nbsp;NHK Spring Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503 |
|  | &nbsp;&nbsp;&nbsp;Kamigumi Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82100 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 |
|  | &nbsp;&nbsp;&nbsp;Tsuruha Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141800 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |

---

------

International High Dividend Yield Index Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;116200 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 |
| &nbsp;&nbsp;&nbsp;Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;105400 | &nbsp;&nbsp;&nbsp;&nbsp; 2366 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130300 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 |
| &nbsp;&nbsp;&nbsp;EXEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160400 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117500 | &nbsp;&nbsp;&nbsp;&nbsp; 2262 |
| &nbsp;&nbsp;&nbsp;Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98080 | &nbsp;&nbsp;&nbsp;&nbsp; 2240 |
| &nbsp;&nbsp;&nbsp;Credit Saison Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91900 | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
| &nbsp;&nbsp;&nbsp;Air Water Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157900 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;&nbsp;Hirogin Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;&nbsp;Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150200 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
| &nbsp;&nbsp;&nbsp;Iida Group Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;136036 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp;Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 |
| &nbsp;&nbsp;&nbsp;Fujitec Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55700 | &nbsp;&nbsp;&nbsp;&nbsp; 2044 |
| &nbsp;&nbsp;&nbsp;NSK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;382947 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 |
| &nbsp;&nbsp;&nbsp;Sankyu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 |
| &nbsp;&nbsp;&nbsp;Ulvac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp; 1914 |
| &nbsp;&nbsp;&nbsp;JGC Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 |
| &nbsp;&nbsp;&nbsp;Nagase & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85300 | &nbsp;&nbsp;&nbsp;&nbsp; 1863 |
| &nbsp;&nbsp;&nbsp;Chugin Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133100 | &nbsp;&nbsp;&nbsp;&nbsp; 1856 |
| &nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158200 | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
| &nbsp;&nbsp;&nbsp;Alps Alpine Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146900 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |
| &nbsp;&nbsp;&nbsp;Yamato Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 1828 |
| &nbsp;&nbsp;&nbsp;Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211843 | &nbsp;&nbsp;&nbsp;&nbsp; 1823 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117400 | &nbsp;&nbsp;&nbsp;&nbsp; 1821 |
| &nbsp;&nbsp;&nbsp;JTEKT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181300 | &nbsp;&nbsp;&nbsp;&nbsp; 1814 |
| &nbsp;&nbsp;&nbsp;DIC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp; 1788 |
| &nbsp;&nbsp;&nbsp;Yamaguchi Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154400 | &nbsp;&nbsp;&nbsp;&nbsp; 1769 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1714 |
| &nbsp;&nbsp;&nbsp;Macnica Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117900 | &nbsp;&nbsp;&nbsp;&nbsp; 1679 |
| &nbsp;&nbsp;&nbsp;Kokuyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;286500 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 |
| &nbsp;&nbsp;&nbsp;Canon Marketing Japan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38300 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| &nbsp;&nbsp;&nbsp;Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52900 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| &nbsp;&nbsp;&nbsp;Yamada Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;459700 | &nbsp;&nbsp;&nbsp;&nbsp; 1382 |
| &nbsp;&nbsp;&nbsp;Zeon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134400 | &nbsp;&nbsp;&nbsp;&nbsp; 1379 |
| &nbsp;&nbsp;&nbsp;Mabuchi Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77100 | &nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| &nbsp;&nbsp;&nbsp;Tokyo Century Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115191 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp;Casio Computer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172400 | &nbsp;&nbsp;&nbsp;&nbsp; 1352 |
| &nbsp;&nbsp;&nbsp;Tsumura & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57700 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Motors Corp. | &nbsp;&nbsp;&nbsp;&nbsp;540100 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp;Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| &nbsp;&nbsp;&nbsp;Nippon Shokubai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111700 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp;UBE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87566 | &nbsp;&nbsp;&nbsp;&nbsp; 1287 |
| &nbsp;&nbsp;&nbsp;Toyoda Gosei Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp;Maruichi Steel Tube Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251 |
| &nbsp;&nbsp;&nbsp;Shikoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139900 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |
| &nbsp;&nbsp;&nbsp;K's Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125100 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp;Fuyo General Lease Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47300 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
| &nbsp;&nbsp;&nbsp;Seino Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;&nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp;Aozora Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85635 | &nbsp;&nbsp;&nbsp;&nbsp; 1226 |
| &nbsp;&nbsp;&nbsp;Nippon Kayaku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;131300 | &nbsp;&nbsp;&nbsp;&nbsp; 1201 |
| &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250300 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 |
| &nbsp;&nbsp;&nbsp;Toda Corp. | &nbsp;&nbsp;&nbsp;&nbsp;174700 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp;Daido Steel Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;119120 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp;Sotetsu Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67219 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp;Kaneka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40090 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
| &nbsp;&nbsp;&nbsp;NOK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62100 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp;Tokai Carbon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;164534 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp;Aica Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;Seven Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;505600 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;Acom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;320432 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp;OKUMA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;AEON Financial Service Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84500 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20760 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp;TS Tech Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56900 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
| &nbsp;&nbsp;&nbsp;Pola Orbis Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73133 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;Heiwa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42085 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1887992** |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Kuwait (0.2%)** | **Kuwait (0.2%)** | **Kuwait (0.2%)** | **Kuwait (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;National Bank of Kuwait SAKP | 7195463 | &nbsp;&nbsp;&nbsp;&nbsp; 24643 |
|  | &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. KSCP | 1931960 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
|  | &nbsp;&nbsp;&nbsp;Gulf Bank KSCP | 1934902 | &nbsp;&nbsp;&nbsp;&nbsp; 2211 |
|  | &nbsp;&nbsp;&nbsp;Burgan Bank SAK | &nbsp;&nbsp;&nbsp;&nbsp;948906 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
|  | &nbsp;&nbsp;&nbsp;Agility Public Warehousing Co. KSC | 1364696 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31594** |
| **Malaysia (0.7%)** | **Malaysia (0.7%)** | **Malaysia (0.7%)** | **Malaysia (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Malayan Banking Bhd. | 6628297 | &nbsp;&nbsp;&nbsp;&nbsp; 15621 |
|  | &nbsp;&nbsp;&nbsp;Public Bank Bhd. | 12813400 | &nbsp;&nbsp;&nbsp;&nbsp; 12900 |
|  | &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd. | 7329200 | &nbsp;&nbsp;&nbsp;&nbsp; 12755 |
|  | &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd. | 3949733 | &nbsp;&nbsp;&nbsp;&nbsp; 12514 |
|  | &nbsp;&nbsp;&nbsp;Petronas Gas Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;819332 | &nbsp;&nbsp;&nbsp;&nbsp; 3617 |
|  | &nbsp;&nbsp;&nbsp;AMMB Holdings Bhd. | 2440600 | &nbsp;&nbsp;&nbsp;&nbsp; 3320 |
|  | &nbsp;&nbsp;&nbsp;MISC Bhd. | 1701744 | &nbsp;&nbsp;&nbsp;&nbsp; 3165 |
|  | &nbsp;&nbsp;&nbsp;RHB Bank Bhd. | 1792300 | &nbsp;&nbsp;&nbsp;&nbsp; 2898 |
|  | &nbsp;&nbsp;&nbsp;CelcomDigi Bhd. | 3328700 | &nbsp;&nbsp;&nbsp;&nbsp; 2862 |
|  | &nbsp;&nbsp;&nbsp;Hong Leong Bank Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;523600 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |
|  | &nbsp;&nbsp;&nbsp;YTL Corp. Bhd. | 3928307 | &nbsp;&nbsp;&nbsp;&nbsp; 2433 |
|  | &nbsp;&nbsp;&nbsp;Axiata Group Bhd. | 3866200 | &nbsp;&nbsp;&nbsp;&nbsp; 2318 |
|  | &nbsp;&nbsp;&nbsp;Maxis Bhd. | 2456400 | &nbsp;&nbsp;&nbsp;&nbsp; 2229 |
|  | &nbsp;&nbsp;&nbsp;Petronas Chemicals Group Bhd. | 2390072 | &nbsp;&nbsp;&nbsp;&nbsp; 2223 |
|  | &nbsp;&nbsp;&nbsp;Kuala Lumpur Kepong Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;440100 | &nbsp;&nbsp;&nbsp;&nbsp; 2153 |
|  | &nbsp;&nbsp;&nbsp;Telekom Malaysia Bhd. | 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 |
|  | &nbsp;&nbsp;&nbsp;IJM Corp. Bhd. | 2912200 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 |
|  | &nbsp;&nbsp;&nbsp;Sime Darby Bhd. | 3483601 | &nbsp;&nbsp;&nbsp;&nbsp; 1703 |
|  | &nbsp;&nbsp;&nbsp;Petronas Dagangan Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;287400 | &nbsp;&nbsp;&nbsp;&nbsp; 1556 |
|  | &nbsp;&nbsp;&nbsp;Genting Bhd. | 1792300 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 |
|  | &nbsp;&nbsp;&nbsp;PPB Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;514800 | &nbsp;&nbsp;&nbsp;&nbsp; 1369 |
|  | &nbsp;&nbsp;&nbsp;Genting Malaysia Bhd. | 2427400 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
|  | &nbsp;&nbsp;&nbsp;Alliance Bank Malaysia Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;831147 | &nbsp;&nbsp;&nbsp;&nbsp; 872 |
|  | &nbsp;&nbsp;&nbsp;Hong Leong Financial Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;173300 | &nbsp;&nbsp;&nbsp;&nbsp; 699 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **96132** |
| **Mexico (1.0%)** | **Mexico (1.0%)** | **Mexico (1.0%)** | **Mexico (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Class O | 2532200 | &nbsp;&nbsp;&nbsp;&nbsp; 23832 |
|  | &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV Series B | 2503900 | &nbsp;&nbsp;&nbsp;&nbsp; 21647 |
|  | &nbsp;&nbsp;&nbsp;America Movil SAB de CV Series B | 13791800 | &nbsp;&nbsp;&nbsp;&nbsp; 15730 |
|  | &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 4484535 | &nbsp;&nbsp;&nbsp;&nbsp; 14826 |
|  | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | 1537384 | &nbsp;&nbsp;&nbsp;&nbsp; 14503 |
|  | &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV Class B | &nbsp;&nbsp;&nbsp;&nbsp;358805 | &nbsp;&nbsp;&nbsp;&nbsp; 7479 |
|  | &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;771200 | &nbsp;&nbsp;&nbsp;&nbsp; 7469 |
|  | &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV Class B | &nbsp;&nbsp;&nbsp;&nbsp;139385 | &nbsp;&nbsp;&nbsp;&nbsp; 4216 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;464874 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
|  | &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp; 3007 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV Class A | 1409400 | &nbsp;&nbsp;&nbsp;&nbsp; 2728 |
|  | &nbsp;&nbsp;&nbsp;Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;766900 | &nbsp;&nbsp;&nbsp;&nbsp; 2328 |
|  | &nbsp;&nbsp;&nbsp;Gentera SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;934800 | &nbsp;&nbsp;&nbsp;&nbsp; 2224 |
|  | &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;155115 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
|  | &nbsp;&nbsp;&nbsp;Megacable Holdings SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;673900 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Banco del Bajio SA | &nbsp;&nbsp;&nbsp;&nbsp;682127 | &nbsp;&nbsp;&nbsp;&nbsp; 1747 |
|  | &nbsp;&nbsp;&nbsp;Regional SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;218300 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 |
|  | &nbsp;&nbsp;&nbsp;Qualitas Controladora SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;175600 | &nbsp;&nbsp;&nbsp;&nbsp; 1592 |
|  | &nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV Class C1 | &nbsp;&nbsp;&nbsp;&nbsp;170916 | &nbsp;&nbsp;&nbsp;&nbsp; 833 |
|  | &nbsp;&nbsp;&nbsp;Orbia Advance Corp. SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;756933 | &nbsp;&nbsp;&nbsp;&nbsp; 688 |
|  | &nbsp;&nbsp;&nbsp;Operadora De Sites Mexicanos SAB de CV Class A-1 | &nbsp;&nbsp;&nbsp;&nbsp;664200 | &nbsp;&nbsp;&nbsp;&nbsp; 597 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpek SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;315500 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **135168** |
| **Netherlands (1.3%)** | **Netherlands (1.3%)** | **Netherlands (1.3%)** | **Netherlands (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 2610335 | &nbsp;&nbsp;&nbsp;&nbsp; 65179 |
|  | &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;798747 | &nbsp;&nbsp;&nbsp;&nbsp; 32685 |
|  | &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;226885 | &nbsp;&nbsp;&nbsp;&nbsp; 15527 |
|  | &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 3315007 | &nbsp;&nbsp;&nbsp;&nbsp; 15340 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp;&nbsp;450277 | &nbsp;&nbsp;&nbsp;&nbsp; 13454 |
|  | &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;136884 | &nbsp;&nbsp;&nbsp;&nbsp; 9135 |
|  | &nbsp;&nbsp;&nbsp;Aegon Ltd. | 1147728 | &nbsp;&nbsp;&nbsp;&nbsp; 8746 |
|  | &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;135205 | &nbsp;&nbsp;&nbsp;&nbsp; 4921 |
|  | &nbsp;&nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94469 | &nbsp;&nbsp;&nbsp;&nbsp; 3702 |
|  | &nbsp;&nbsp;&nbsp;Koninklijke Vopak NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50778 | &nbsp;&nbsp;&nbsp;&nbsp; 2301 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CTP NV | &nbsp;&nbsp;&nbsp;&nbsp;110148 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **173287** |
| **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Contact Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;753420 | &nbsp;&nbsp;&nbsp;&nbsp; 4016 |
|  | &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | 1081285 | &nbsp;&nbsp;&nbsp;&nbsp; 3661 |
|  | &nbsp;&nbsp;&nbsp;Spark New Zealand Ltd. | 1521834 | &nbsp;&nbsp;&nbsp;&nbsp; 2134 |
|  | &nbsp;&nbsp;&nbsp;Mercury NZ Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;568685 | &nbsp;&nbsp;&nbsp;&nbsp; 2108 |
|  | &nbsp;&nbsp;&nbsp;Air New Zealand Ltd. | 1269430 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12351** |
| **Norway (0.6%)** | **Norway (0.6%)** | **Norway (0.6%)** | **Norway (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;712153 | &nbsp;&nbsp;&nbsp;&nbsp; 18178 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;600209 | &nbsp;&nbsp;&nbsp;&nbsp; 14376 |
|  | &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;380272 | &nbsp;&nbsp;&nbsp;&nbsp; 8359 |
|  | &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;549148 | &nbsp;&nbsp;&nbsp;&nbsp; 8167 |
|  | &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 1128462 | &nbsp;&nbsp;&nbsp;&nbsp; 7629 |
|  | &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;270947 | &nbsp;&nbsp;&nbsp;&nbsp; 7022 |
|  | &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;580679 | &nbsp;&nbsp;&nbsp;&nbsp; 5898 |
|  | &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;143444 | &nbsp;&nbsp;&nbsp;&nbsp; 5226 |
|  | &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;159196 | &nbsp;&nbsp;&nbsp;&nbsp; 4284 |
|  | &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60244 | &nbsp;&nbsp;&nbsp;&nbsp; 3383 |
|  | &nbsp;&nbsp;&nbsp;Var Energi ASA | &nbsp;&nbsp;&nbsp;&nbsp;688651 | &nbsp;&nbsp;&nbsp;&nbsp; 2314 |
|  | &nbsp;&nbsp;&nbsp;Aker ASA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17245 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **86176** |
| **Philippines (0.2%)** | **Philippines (0.2%)** | **Philippines (0.2%)** | **Philippines (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;International Container Terminal Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;953380 | &nbsp;&nbsp;&nbsp;&nbsp; 8599 |
|  | &nbsp;&nbsp;&nbsp;Bank of the Philippine Islands | 1661780 | &nbsp;&nbsp;&nbsp;&nbsp; 2976 |
|  | &nbsp;&nbsp;&nbsp;Manila Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;218950 | &nbsp;&nbsp;&nbsp;&nbsp; 2173 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Bank & Trust Co. | 1575910 | &nbsp;&nbsp;&nbsp;&nbsp; 1847 |
|  | &nbsp;&nbsp;&nbsp;PLDT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86137 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
|  | &nbsp;&nbsp;&nbsp;Universal Robina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;758334 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
|  | &nbsp;&nbsp;&nbsp;Globe Telecom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27151 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;DMCI Holdings Inc. | 2920366 | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Puregold Price Club Inc. | &nbsp;&nbsp;&nbsp;&nbsp;834700 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Monde Nissin Corp. | 3945100 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;Semirara Mining & Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;738020 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp;LT Group Inc. | 1643703 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
|  | &nbsp;&nbsp;&nbsp;Megaworld Corp. | 6440000 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Metro Pacific Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21449** |
| **Poland (0.4%)** | **Poland (0.4%)** | **Poland (0.4%)** | **Poland (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;753405 | &nbsp;&nbsp;&nbsp;&nbsp; 15447 |
|  | &nbsp;&nbsp;&nbsp;ORLEN SA | &nbsp;&nbsp;&nbsp;&nbsp;511553 | &nbsp;&nbsp;&nbsp;&nbsp; 13865 |
|  | &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;499298 | &nbsp;&nbsp;&nbsp;&nbsp; 7984 |
|  | &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;154161 | &nbsp;&nbsp;&nbsp;&nbsp; 7893 |
|  | &nbsp;&nbsp;&nbsp;LPP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp; 5563 |
|  | &nbsp;&nbsp;&nbsp;Santander Bank Polska SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34045 | &nbsp;&nbsp;&nbsp;&nbsp; 4484 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **55236** |
| **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;EDP SA | 2614047 | &nbsp;&nbsp;&nbsp;&nbsp; 12995 |
|  | &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;363288 | &nbsp;&nbsp;&nbsp;&nbsp; 7299 |
|  | &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA Class R | 8060950 | &nbsp;&nbsp;&nbsp;&nbsp; 7115 |
|  | &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;240726 | &nbsp;&nbsp;&nbsp;&nbsp; 6200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33609** |
| **Qatar (0.5%)** | **Qatar (0.5%)** | **Qatar (0.5%)** | **Qatar (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 3813762 | &nbsp;&nbsp;&nbsp;&nbsp; 19397 |
|  | &nbsp;&nbsp;&nbsp;Qatar Islamic Bank QPSC | 1590315 | &nbsp;&nbsp;&nbsp;&nbsp; 10721 |
|  | &nbsp;&nbsp;&nbsp;Industries Qatar QSC | 1729079 | &nbsp;&nbsp;&nbsp;&nbsp; 6024 |
|  | &nbsp;&nbsp;&nbsp;Al Rayan Bank | 5433066 | &nbsp;&nbsp;&nbsp;&nbsp; 3493 |
|  | &nbsp;&nbsp;&nbsp;Commercial Bank PSQC | 2912209 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 |
|  | &nbsp;&nbsp;&nbsp;Qatar Gas Transport Co. Ltd. | 2400733 | &nbsp;&nbsp;&nbsp;&nbsp; 2915 |
|  | &nbsp;&nbsp;&nbsp;Qatar Navigation QSC | &nbsp;&nbsp;&nbsp;&nbsp;832809 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
|  | &nbsp;&nbsp;&nbsp;Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;667344 | &nbsp;&nbsp;&nbsp;&nbsp; 2482 |
|  | &nbsp;&nbsp;&nbsp;Qatar International Islamic Bank QSC | &nbsp;&nbsp;&nbsp;&nbsp;758216 | &nbsp;&nbsp;&nbsp;&nbsp; 2321 |
|  | &nbsp;&nbsp;&nbsp;Qatar Fuel QSC | &nbsp;&nbsp;&nbsp;&nbsp;516739 | &nbsp;&nbsp;&nbsp;&nbsp; 2129 |
|  | &nbsp;&nbsp;&nbsp;Qatar Electricity & Water Co. QSC | &nbsp;&nbsp;&nbsp;&nbsp;428456 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 |
|  | &nbsp;&nbsp;&nbsp;Dukhan Bank | 1736890 | &nbsp;&nbsp;&nbsp;&nbsp; 1658 |
|  | &nbsp;&nbsp;&nbsp;Mesaieed Petrochemical Holding Co. | 4525952 | &nbsp;&nbsp;&nbsp;&nbsp; 1552 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Barwa Real Estate Co. | 1783632 | &nbsp;&nbsp;&nbsp;&nbsp; 1288 |
|  | &nbsp;&nbsp;&nbsp;Qatar Aluminum Manufacturing Co. | 2480390 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
|  | &nbsp;&nbsp;&nbsp;Vodafone Qatar PQSC | 1390715 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **63623** |
| **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Banca Transilvania SA | &nbsp;&nbsp;&nbsp;&nbsp;819082 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
|  | &nbsp;&nbsp;&nbsp;OMV Petrom SA | 13510677 | &nbsp;&nbsp;&nbsp;&nbsp; 2887 |
|  | &nbsp;&nbsp;&nbsp;Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74436 | &nbsp;&nbsp;&nbsp;&nbsp; 2042 |
|  | &nbsp;&nbsp;&nbsp;Societatea Nationala Nuclearelectrica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42394 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;One United Properties SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33821 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10779** |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Inter RAO UES PJSC | 11522470 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC | 3446575 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp;&nbsp;&nbsp;482108 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO | 1145800 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Severstal PAO GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34635 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;VTB Bank PJSC GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;802016 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Alrosa PJSC | &nbsp;&nbsp;&nbsp;&nbsp;840362 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;PhosAgro PJSC (MISX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;United Co. RUSAL International PJSC | &nbsp;&nbsp;&nbsp;&nbsp;796030 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Unipro PJSC | 4903000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Polyus PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95490 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;RusHydro PJSC | 41940310 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Rostelecom PJSC | &nbsp;&nbsp;&nbsp;&nbsp;343830 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Tatneft PJSC | &nbsp;&nbsp;&nbsp;&nbsp;243415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC | &nbsp;&nbsp;&nbsp;&nbsp;373254 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18732 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Magnit PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20521 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Novatek PJSC | &nbsp;&nbsp;&nbsp;&nbsp;356672 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Gazprom PJSC | 2023010 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Mosenergo PJSC | 1739000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Federal Grid Co. - Rosseti PJSC | 83950000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Lukoil PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76646 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Rosneft Oil Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;211479 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Magnitogorsk Iron & Steel Works PJSC | &nbsp;&nbsp;&nbsp;&nbsp;732540 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Sistema AFK PAO | &nbsp;&nbsp;&nbsp;&nbsp;903430 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Severstal PAO PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28686 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;PhosAgro PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;PhosAgro PJSC GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14173 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Saudi Arabia (1.2%)** | **Saudi Arabia (1.2%)** | **Saudi Arabia (1.2%)** | **Saudi Arabia (1.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 5217983 | &nbsp;&nbsp;&nbsp;&nbsp; 36054 |
|  | &nbsp;&nbsp;&nbsp;Saudi National Bank | 2559930 | &nbsp;&nbsp;&nbsp;&nbsp; 27239 |
|  | &nbsp;&nbsp;&nbsp;Saudi Telecom Co. | 1656427 | &nbsp;&nbsp;&nbsp;&nbsp; 19954 |
|  | &nbsp;&nbsp;&nbsp;Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;792367 | &nbsp;&nbsp;&nbsp;&nbsp; 12897 |
|  | &nbsp;&nbsp;&nbsp;Riyad Bank | 1290619 | &nbsp;&nbsp;&nbsp;&nbsp; 9372 |
|  | &nbsp;&nbsp;&nbsp;Alinma Bank | 1084611 | &nbsp;&nbsp;&nbsp;&nbsp; 7510 |
|  | &nbsp;&nbsp;&nbsp;Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;864851 | &nbsp;&nbsp;&nbsp;&nbsp; 7462 |
|  | &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients Co. | &nbsp;&nbsp;&nbsp;&nbsp;205675 | &nbsp;&nbsp;&nbsp;&nbsp; 6715 |
|  | &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;329433 | &nbsp;&nbsp;&nbsp;&nbsp; 5943 |
|  | &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | 1061236 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
|  | &nbsp;&nbsp;&nbsp;Arab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;768072 | &nbsp;&nbsp;&nbsp;&nbsp; 4968 |
|  | &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66690 | &nbsp;&nbsp;&nbsp;&nbsp; 2920 |
|  | &nbsp;&nbsp;&nbsp;Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;646650 | &nbsp;&nbsp;&nbsp;&nbsp; 2761 |
|  | &nbsp;&nbsp;&nbsp;Yanbu National Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;237155 | &nbsp;&nbsp;&nbsp;&nbsp; 2181 |
|  | &nbsp;&nbsp;&nbsp;Jarir Marketing Co. | &nbsp;&nbsp;&nbsp;&nbsp;549641 | &nbsp;&nbsp;&nbsp;&nbsp; 2082 |
|  | &nbsp;&nbsp;&nbsp;Saudi Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;521913 | &nbsp;&nbsp;&nbsp;&nbsp; 1913 |
|  | &nbsp;&nbsp;&nbsp;Sahara International Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;311845 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
|  | &nbsp;&nbsp;&nbsp;Nahdi Medical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40848 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
|  | &nbsp;&nbsp;&nbsp;Saudi Industrial Investment Group | &nbsp;&nbsp;&nbsp;&nbsp;286644 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
|  | &nbsp;&nbsp;&nbsp;Saudi Aramco Base Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48274 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Arabian Centres Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;206813 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
|  | &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;387039 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
|  | &nbsp;&nbsp;&nbsp;Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;United Electronics Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39863 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
|  | &nbsp;&nbsp;&nbsp;Abdullah Al Othaim Markets Co. | &nbsp;&nbsp;&nbsp;&nbsp;426602 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62386 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;Saudi Cement Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65275 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Qassim Cement Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50118 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  | &nbsp;&nbsp;&nbsp;Arabian Drilling Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22334 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **167999** |
| **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 1769585 | &nbsp;&nbsp;&nbsp;&nbsp; 73265 |
|  | &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 2847400 | &nbsp;&nbsp;&nbsp;&nbsp; 37248 |
|  | &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 1084945 | &nbsp;&nbsp;&nbsp;&nbsp; 28857 |
|  | &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 6281288 | &nbsp;&nbsp;&nbsp;&nbsp; 20502 |
|  | &nbsp;&nbsp;&nbsp;Keppel Ltd. | 1239612 | &nbsp;&nbsp;&nbsp;&nbsp; 9694 |
|  | &nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;714532 | &nbsp;&nbsp;&nbsp;&nbsp; 9271 |
|  | &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering Ltd. | 1308200 | &nbsp;&nbsp;&nbsp;&nbsp; 8523 |
|  | &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. | 1223800 | &nbsp;&nbsp;&nbsp;&nbsp; 6230 |
|  | &nbsp;&nbsp;&nbsp;Capitaland Investment Ltd. | 2029300 | &nbsp;&nbsp;&nbsp;&nbsp; 4111 |
|  | &nbsp;&nbsp;&nbsp;Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;770700 | &nbsp;&nbsp;&nbsp;&nbsp; 3862 |
|  | &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 1499587 | &nbsp;&nbsp;&nbsp;&nbsp; 3604 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Genting Singapore Ltd. | 5207600 | &nbsp;&nbsp;&nbsp;&nbsp; 2919 |
|  | &nbsp;&nbsp;&nbsp;Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;249664 | &nbsp;&nbsp;&nbsp;&nbsp; 2857 |
|  | &nbsp;&nbsp;&nbsp;Thai Beverage PCL | 6505800 | &nbsp;&nbsp;&nbsp;&nbsp; 2398 |
|  | &nbsp;&nbsp;&nbsp;ComfortDelGro Corp. Ltd. | 2044800 | &nbsp;&nbsp;&nbsp;&nbsp; 2293 |
|  | &nbsp;&nbsp;&nbsp;NetLink NBN Trust | 2495100 | &nbsp;&nbsp;&nbsp;&nbsp; 1878 |
|  | &nbsp;&nbsp;&nbsp;Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45600 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
|  | &nbsp;&nbsp;&nbsp;Hutchison Port Holdings Trust | 4145200 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
|  | &nbsp;&nbsp;&nbsp;SIA Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;195600 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;Olam Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;606400 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
|  | &nbsp;&nbsp;&nbsp;StarHub Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;455100 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **220915** |
| **South Africa (1.4%)** | **South Africa (1.4%)** | **South Africa (1.4%)** | **South Africa (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Gold Fields Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;786257 | &nbsp;&nbsp;&nbsp;&nbsp; 30315 |
|  | &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;442102 | &nbsp;&nbsp;&nbsp;&nbsp; 30312 |
|  | &nbsp;&nbsp;&nbsp;FirstRand Ltd. | 4660857 | &nbsp;&nbsp;&nbsp;&nbsp; 22120 |
|  | &nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | 1150327 | &nbsp;&nbsp;&nbsp;&nbsp; 16915 |
|  | &nbsp;&nbsp;&nbsp;Anglo American Platinum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;232529 | &nbsp;&nbsp;&nbsp;&nbsp; 14382 |
|  | &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 1433232 | &nbsp;&nbsp;&nbsp;&nbsp; 14319 |
|  | &nbsp;&nbsp;&nbsp;Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;670676 | &nbsp;&nbsp;&nbsp;&nbsp; 7494 |
|  | &nbsp;&nbsp;&nbsp;Sanlam Ltd. | 1408129 | &nbsp;&nbsp;&nbsp;&nbsp; 7389 |
|  | &nbsp;&nbsp;&nbsp;Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;409902 | &nbsp;&nbsp;&nbsp;&nbsp; 6856 |
|  | &nbsp;&nbsp;&nbsp;Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;390713 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 |
|  | &nbsp;&nbsp;&nbsp;Northam Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;312833 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 |
|  | &nbsp;&nbsp;&nbsp;Bidvest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;290818 | &nbsp;&nbsp;&nbsp;&nbsp; 3783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sasol Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;561931 | &nbsp;&nbsp;&nbsp;&nbsp; 3516 |
|  | &nbsp;&nbsp;&nbsp;Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;412683 | &nbsp;&nbsp;&nbsp;&nbsp; 3341 |
|  | &nbsp;&nbsp;&nbsp;Old Mutual Ltd. | 4105766 | &nbsp;&nbsp;&nbsp;&nbsp; 3211 |
|  | &nbsp;&nbsp;&nbsp;OUTsurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;739034 | &nbsp;&nbsp;&nbsp;&nbsp; 3110 |
|  | &nbsp;&nbsp;&nbsp;Tiger Brands Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;148413 | &nbsp;&nbsp;&nbsp;&nbsp; 2808 |
|  | &nbsp;&nbsp;&nbsp;Mr Price Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;227402 | &nbsp;&nbsp;&nbsp;&nbsp; 2717 |
|  | &nbsp;&nbsp;&nbsp;Woolworths Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;857466 | &nbsp;&nbsp;&nbsp;&nbsp; 2589 |
|  | &nbsp;&nbsp;&nbsp;Exxaro Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;206708 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
|  | &nbsp;&nbsp;&nbsp;Foschini Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;278465 | &nbsp;&nbsp;&nbsp;&nbsp; 1478 |
|  | &nbsp;&nbsp;&nbsp;Investec Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;183570 | &nbsp;&nbsp;&nbsp;&nbsp; 1382 |
|  | &nbsp;&nbsp;&nbsp;Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47786 | &nbsp;&nbsp;&nbsp;&nbsp; 952 |
|  | &nbsp;&nbsp;&nbsp;African Rainbow Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91592 | &nbsp;&nbsp;&nbsp;&nbsp; 910 |
|  | &nbsp;&nbsp;&nbsp;Santam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29813 | &nbsp;&nbsp;&nbsp;&nbsp; 711 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **193266** |
| **South Korea (1.6%)** | **South Korea (1.6%)** | **South Korea (1.6%)** | **South Korea (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;KB Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313458 | &nbsp;&nbsp;&nbsp;&nbsp; 25589 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;112454 | &nbsp;&nbsp;&nbsp;&nbsp; 22804 |
|  | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;366086 | &nbsp;&nbsp;&nbsp;&nbsp; 18803 |
|  | &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211256 | &nbsp;&nbsp;&nbsp;&nbsp; 17720 |
|  | &nbsp;&nbsp;&nbsp;POSCO Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65338 | &nbsp;&nbsp;&nbsp;&nbsp; 14211 |
|  | &nbsp;&nbsp;&nbsp;Hana Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235398 | &nbsp;&nbsp;&nbsp;&nbsp; 14102 |
|  | &nbsp;&nbsp;&nbsp;Woori Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;595682 | &nbsp;&nbsp;&nbsp;&nbsp; 10604 |
|  | &nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90758 | &nbsp;&nbsp;&nbsp;&nbsp; 8541 |
|  | &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26591 | &nbsp;&nbsp;&nbsp;&nbsp; 8230 |
|  | &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68845 | &nbsp;&nbsp;&nbsp;&nbsp; 7440 |
|  | &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;225236 | &nbsp;&nbsp;&nbsp;&nbsp; 6742 |
|  | &nbsp;&nbsp;&nbsp;SK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31125 | &nbsp;&nbsp;&nbsp;&nbsp; 5405 |
|  | &nbsp;&nbsp;&nbsp;HD Hyundai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36298 | &nbsp;&nbsp;&nbsp;&nbsp; 5214 |
|  | &nbsp;&nbsp;&nbsp;Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36050 | &nbsp;&nbsp;&nbsp;&nbsp; 4596 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32338 | &nbsp;&nbsp;&nbsp;&nbsp; 4274 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74673 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;HMM Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;255799 | &nbsp;&nbsp;&nbsp;&nbsp; 3683 |
|  | &nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38197 | &nbsp;&nbsp;&nbsp;&nbsp; 3395 |
|  | &nbsp;&nbsp;&nbsp;Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;165285 | &nbsp;&nbsp;&nbsp;&nbsp; 3039 |
|  | &nbsp;&nbsp;&nbsp;Samsung Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54609 | &nbsp;&nbsp;&nbsp;&nbsp; 2956 |
|  | &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;216807 | &nbsp;&nbsp;&nbsp;&nbsp; 2938 |
|  | &nbsp;&nbsp;&nbsp;Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46022 | &nbsp;&nbsp;&nbsp;&nbsp; 2878 |
|  | &nbsp;&nbsp;&nbsp;Samsung E&A Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;131831 | &nbsp;&nbsp;&nbsp;&nbsp; 2397 |
|  | &nbsp;&nbsp;&nbsp;BNK Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217594 | &nbsp;&nbsp;&nbsp;&nbsp; 2106 |
|  | &nbsp;&nbsp;&nbsp;LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185209 | &nbsp;&nbsp;&nbsp;&nbsp; 1980 |
|  | &nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60195 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 |
|  | &nbsp;&nbsp;&nbsp;Doosan Bobcat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42412 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Steel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72802 | &nbsp;&nbsp;&nbsp;&nbsp; 1682 |
|  | &nbsp;&nbsp;&nbsp;NH Investment & Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114136 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
|  | &nbsp;&nbsp;&nbsp;GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38483 | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
|  | &nbsp;&nbsp;&nbsp;Kangwon Land Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99937 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
|  | &nbsp;&nbsp;&nbsp;iM Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123723 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
|  | &nbsp;&nbsp;&nbsp;Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12765 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
|  | &nbsp;&nbsp;&nbsp;Cheil Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71076 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52619 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
|  | &nbsp;&nbsp;&nbsp;S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17441 | &nbsp;&nbsp;&nbsp;&nbsp; 917 |
|  | &nbsp;&nbsp;&nbsp;Misto Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31815 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
|  | &nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15748 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
|  | &nbsp;&nbsp;&nbsp;GS Engineering & Construction Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56157 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;Samsung Card Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20431 | &nbsp;&nbsp;&nbsp;&nbsp; 710 |
|  | &nbsp;&nbsp;&nbsp;KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18802 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  | &nbsp;&nbsp;&nbsp;Korea Gas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22266 | &nbsp;&nbsp;&nbsp;&nbsp; 651 |
|  | &nbsp;&nbsp;&nbsp;BGF retail Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
|  | &nbsp;&nbsp;&nbsp;Dongsuh Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26868 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;225945 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;Lotte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21968 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Hite Jinro Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34082 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Lotte Shopping Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9648 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Hanon Systems | &nbsp;&nbsp;&nbsp;&nbsp;132411 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;GS Retail Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27423 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **226460** |
| **Spain (4.0%)** | **Spain (4.0%)** | **Spain (4.0%)** | **Spain (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 13025784 | &nbsp;&nbsp;&nbsp;&nbsp; 132735 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | 5851125 | &nbsp;&nbsp;&nbsp;&nbsp; 118580 |
|  | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 4977623 | &nbsp;&nbsp;&nbsp;&nbsp; 100280 |
|  | &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;971468 | &nbsp;&nbsp;&nbsp;&nbsp; 53645 |
|  | &nbsp;&nbsp;&nbsp;CaixaBank SA | 3152668 | &nbsp;&nbsp;&nbsp;&nbsp; 33323 |
|  | &nbsp;&nbsp;&nbsp;Repsol SA | 1017458 | &nbsp;&nbsp;&nbsp;&nbsp; 18670 |
|  | &nbsp;&nbsp;&nbsp;Telefonica SA | 3600155 | &nbsp;&nbsp;&nbsp;&nbsp; 18257 |
|  | &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 4580809 | &nbsp;&nbsp;&nbsp;&nbsp; 17173 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Aena SME SA | &nbsp;&nbsp;&nbsp;&nbsp;609227 | &nbsp;&nbsp;&nbsp;&nbsp; 16547 |
|  | &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;276527 | &nbsp;&nbsp;&nbsp;&nbsp; 9913 |
|  | &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;550092 | &nbsp;&nbsp;&nbsp;&nbsp; 8292 |
|  | &nbsp;&nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;358755 | &nbsp;&nbsp;&nbsp;&nbsp; 6458 |
|  | &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20857 | &nbsp;&nbsp;&nbsp;&nbsp; 4617 |
|  | &nbsp;&nbsp;&nbsp;Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp;826165 | &nbsp;&nbsp;&nbsp;&nbsp; 3649 |
|  | &nbsp;&nbsp;&nbsp;Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp;&nbsp;111485 | &nbsp;&nbsp;&nbsp;&nbsp; 3377 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **545516** |
| **Sweden (1.6%)** | **Sweden (1.6%)** | **Sweden (1.6%)** | **Sweden (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Volvo AB Class B | 1380519 | &nbsp;&nbsp;&nbsp;&nbsp; 37819 |
|  | &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB Class A | 1303642 | &nbsp;&nbsp;&nbsp;&nbsp; 24886 |
|  | &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson Class B | 2394730 | &nbsp;&nbsp;&nbsp;&nbsp; 24297 |
|  | &nbsp;&nbsp;&nbsp;Swedbank AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;706790 | &nbsp;&nbsp;&nbsp;&nbsp; 21459 |
|  | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class A | 1229634 | &nbsp;&nbsp;&nbsp;&nbsp; 16046 |
|  | &nbsp;&nbsp;&nbsp;Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;513758 | &nbsp;&nbsp;&nbsp;&nbsp; 14112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;245445 | &nbsp;&nbsp;&nbsp;&nbsp; 11006 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;121102 | &nbsp;&nbsp;&nbsp;&nbsp; 8069 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;426119 | &nbsp;&nbsp;&nbsp;&nbsp; 8048 |
|  | &nbsp;&nbsp;&nbsp;Skanska AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;290808 | &nbsp;&nbsp;&nbsp;&nbsp; 7919 |
|  | &nbsp;&nbsp;&nbsp;Telia Co. AB | 2001491 | &nbsp;&nbsp;&nbsp;&nbsp; 7879 |
|  | &nbsp;&nbsp;&nbsp;Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;480494 | &nbsp;&nbsp;&nbsp;&nbsp; 7633 |
|  | &nbsp;&nbsp;&nbsp;SKF AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;294731 | &nbsp;&nbsp;&nbsp;&nbsp; 7554 |
|  | &nbsp;&nbsp;&nbsp;Securitas AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;416898 | &nbsp;&nbsp;&nbsp;&nbsp; 6141 |
|  | &nbsp;&nbsp;&nbsp;Volvo AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;159288 | &nbsp;&nbsp;&nbsp;&nbsp; 4353 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;SSAB AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;498217 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
|  | &nbsp;&nbsp;&nbsp;Axfood AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93273 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 |
|  | &nbsp;&nbsp;&nbsp;SSAB AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;220788 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52738 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
|  | &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35202 | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
|  | &nbsp;&nbsp;&nbsp;Sagax AB Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86986 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **216393** |
| **Switzerland (7.0%)** | **Switzerland (7.0%)** | **Switzerland (7.0%)** | **Switzerland (7.0%)** |
|  | &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 2221815 | &nbsp;&nbsp;&nbsp;&nbsp; 212291 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 1640069 | &nbsp;&nbsp;&nbsp;&nbsp; 202978 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;616410 | &nbsp;&nbsp;&nbsp;&nbsp; 199668 |
|  | &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;124901 | &nbsp;&nbsp;&nbsp;&nbsp; 86865 |
|  | &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;258334 | &nbsp;&nbsp;&nbsp;&nbsp; 47172 |
|  | &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;427637 | &nbsp;&nbsp;&nbsp;&nbsp; 38018 |
|  | &nbsp;&nbsp;&nbsp;Swiss Life Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24981 | &nbsp;&nbsp;&nbsp;&nbsp; 27116 |
|  | &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18860 | &nbsp;&nbsp;&nbsp;&nbsp; 23096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amrize Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;437684 | &nbsp;&nbsp;&nbsp;&nbsp; 22648 |
|  | &nbsp;&nbsp;&nbsp;SGS SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;146168 | &nbsp;&nbsp;&nbsp;&nbsp; 16483 |
|  | &nbsp;&nbsp;&nbsp;Swisscom AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22331 | &nbsp;&nbsp;&nbsp;&nbsp; 16358 |
|  | &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;179517 | &nbsp;&nbsp;&nbsp;&nbsp; 12119 |
|  | &nbsp;&nbsp;&nbsp;Baloise Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39870 | &nbsp;&nbsp;&nbsp;&nbsp; 9901 |
|  | &nbsp;&nbsp;&nbsp;Swiss Prime Site AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67415 | &nbsp;&nbsp;&nbsp;&nbsp; 9583 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26540 | &nbsp;&nbsp;&nbsp;&nbsp; 9004 |
|  | &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40226 | &nbsp;&nbsp;&nbsp;&nbsp; 7717 |
|  | &nbsp;&nbsp;&nbsp;Helvetia Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30299 | &nbsp;&nbsp;&nbsp;&nbsp; 7445 |
|  | &nbsp;&nbsp;&nbsp;PSP Swiss Property AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39979 | &nbsp;&nbsp;&nbsp;&nbsp; 6915 |
|  | &nbsp;&nbsp;&nbsp;Swatch Group AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24495 | &nbsp;&nbsp;&nbsp;&nbsp; 5119 |
|  | &nbsp;&nbsp;&nbsp;Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;142355 | &nbsp;&nbsp;&nbsp;&nbsp; 3969 |
|  | &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23968 | &nbsp;&nbsp;&nbsp;&nbsp; 2783 |
|  | &nbsp;&nbsp;&nbsp;DKSH Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31125 | &nbsp;&nbsp;&nbsp;&nbsp; 2171 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **969419** |
| **Taiwan (4.2%)** | **Taiwan (4.2%)** | **Taiwan (4.2%)** | **Taiwan (4.2%)** |
|  | &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 10686828 | &nbsp;&nbsp;&nbsp;&nbsp; 88886 |
|  | &nbsp;&nbsp;&nbsp;MediaTek Inc. | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 54708 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Quanta Computer Inc. | 2304000 | &nbsp;&nbsp;&nbsp;&nbsp; 22345 |
|  | &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co. Ltd. | 7315223 | &nbsp;&nbsp;&nbsp;&nbsp; 21650 |
|  | &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 15472120 | &nbsp;&nbsp;&nbsp;&nbsp; 21012 |
|  | &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 2572171 | &nbsp;&nbsp;&nbsp;&nbsp; 20579 |
|  | &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co. Ltd. | 8192973 | &nbsp;&nbsp;&nbsp;&nbsp; 17003 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United Microelectronics Corp. | 10226000 | &nbsp;&nbsp;&nbsp;&nbsp; 15444 |
|  | &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. | 3340000 | &nbsp;&nbsp;&nbsp;&nbsp; 14232 |
|  | &nbsp;&nbsp;&nbsp;Mega Financial Holding Co. Ltd. | 10307741 | &nbsp;&nbsp;&nbsp;&nbsp; 13551 |
|  | &nbsp;&nbsp;&nbsp;Asustek Computer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;592268 | &nbsp;&nbsp;&nbsp;&nbsp; 13380 |
|  | &nbsp;&nbsp;&nbsp;E.Sun Financial Holding Co. Ltd. | 13444902 | &nbsp;&nbsp;&nbsp;&nbsp; 12987 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wistron Corp. | 2658656 | &nbsp;&nbsp;&nbsp;&nbsp; 12885 |
|  | &nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 12692 |
|  | &nbsp;&nbsp;&nbsp;TS Financial Holding Co. Ltd. | 19102261 | &nbsp;&nbsp;&nbsp;&nbsp; 11605 |
|  | &nbsp;&nbsp;&nbsp;Uni-President Enterprises Corp. | 4315000 | &nbsp;&nbsp;&nbsp;&nbsp; 11024 |
|  | &nbsp;&nbsp;&nbsp;Yuanta Financial Holding Co. Ltd. | 9587592 | &nbsp;&nbsp;&nbsp;&nbsp; 10735 |
|  | &nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 10545 |
|  | &nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 1698194 | &nbsp;&nbsp;&nbsp;&nbsp; 9852 |
|  | &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings Co. Ltd. | 11018001 | &nbsp;&nbsp;&nbsp;&nbsp; 9171 |
|  | &nbsp;&nbsp;&nbsp;First Financial Holding Co. Ltd. | 9498261 | &nbsp;&nbsp;&nbsp;&nbsp; 8810 |
|  | &nbsp;&nbsp;&nbsp;Chroma ATE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 8473 |
|  | &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings Co. Ltd. Class C | 8205017 | &nbsp;&nbsp;&nbsp;&nbsp; 7785 |
|  | &nbsp;&nbsp;&nbsp;KGI Financial Holding Co. Ltd. | 13832392 | &nbsp;&nbsp;&nbsp;&nbsp; 7135 |
|  | &nbsp;&nbsp;&nbsp;King Yuan Electronics Co. Ltd. | 1012000 | &nbsp;&nbsp;&nbsp;&nbsp; 7096 |
|  | &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp; 7047 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6371 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;956800 | &nbsp;&nbsp;&nbsp;&nbsp; 6002 |
|  | &nbsp;&nbsp;&nbsp;Largan Precision Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp; 5957 |
|  | &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications Co. Ltd. | 1568000 | &nbsp;&nbsp;&nbsp;&nbsp; 4709 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Mobile Co. Ltd. | 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 4431 |
|  | &nbsp;&nbsp;&nbsp;Chailease Holding Co. Ltd. | 1310748 | &nbsp;&nbsp;&nbsp;&nbsp; 4381 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank Ltd. | 3296677 | &nbsp;&nbsp;&nbsp;&nbsp; 4244 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Gigabyte Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;468000 | &nbsp;&nbsp;&nbsp;&nbsp; 4243 |
|  | &nbsp;&nbsp;&nbsp;TCC Group Holdings Co. Ltd. | 5814119 | &nbsp;&nbsp;&nbsp;&nbsp; 4171 |
|  | &nbsp;&nbsp;&nbsp;Pegatron Corp. | 1659000 | &nbsp;&nbsp;&nbsp;&nbsp; 3991 |
|  | &nbsp;&nbsp;&nbsp;Compal Electronics Inc. | 3725000 | &nbsp;&nbsp;&nbsp;&nbsp; 3980 |

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International High Dividend Yield Index Fund

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| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Teco Electric & Machinery Co. Ltd. | 1049000 | &nbsp;&nbsp;&nbsp;&nbsp; 3948 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Globalwafers Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 3617 |
|  | &nbsp;&nbsp;&nbsp;President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;458000 | &nbsp;&nbsp;&nbsp;&nbsp; 3547 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Inventec Corp. | 2294994 | &nbsp;&nbsp;&nbsp;&nbsp; 3406 |
|  | &nbsp;&nbsp;&nbsp;Powertech Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3352 |
|  | &nbsp;&nbsp;&nbsp;Catcher Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;464672 | &nbsp;&nbsp;&nbsp;&nbsp; 2996 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp; 2989 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;909712 | &nbsp;&nbsp;&nbsp;&nbsp; 2848 |
|  | &nbsp;&nbsp;&nbsp;Eva Airways Corp. | 2368380 | &nbsp;&nbsp;&nbsp;&nbsp; 2780 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;WPG Holdings Ltd. | 1343000 | &nbsp;&nbsp;&nbsp;&nbsp; 2627 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Acer Inc. | 2567000 | &nbsp;&nbsp;&nbsp;&nbsp; 2501 |
|  | &nbsp;&nbsp;&nbsp;Asia Cement Corp. | 2051000 | &nbsp;&nbsp;&nbsp;&nbsp; 2417 |
|  | &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;148022 | &nbsp;&nbsp;&nbsp;&nbsp; 2370 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Walsin Lihwa Corp. | 2424898 | &nbsp;&nbsp;&nbsp;&nbsp; 2349 |
|  | &nbsp;&nbsp;&nbsp;Chicony Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;547370 | &nbsp;&nbsp;&nbsp;&nbsp; 2308 |
|  | &nbsp;&nbsp;&nbsp;Far Eastern New Century Corp. | 2619000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Eclat Textile Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;162200 | &nbsp;&nbsp;&nbsp;&nbsp; 2156 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Micro-Star International Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;594000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Synnex Technology International Corp. | 1064000 | &nbsp;&nbsp;&nbsp;&nbsp; 1962 |
|  | &nbsp;&nbsp;&nbsp;Sino-American Silicon Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906 |
|  | &nbsp;&nbsp;&nbsp;Pou Chen Corp. | 1997000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 |
|  | &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp; 1713 |
|  | &nbsp;&nbsp;&nbsp;Cheng Shin Rubber Industry Co. Ltd. | 1619994 | &nbsp;&nbsp;&nbsp;&nbsp; 1679 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;China Airlines Ltd. | 2549000 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
|  | &nbsp;&nbsp;&nbsp;Taiwan High Speed Rail Corp. | 1746000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552 |
|  | &nbsp;&nbsp;&nbsp;Formosa Petrochemical Corp. | 1046486 | &nbsp;&nbsp;&nbsp;&nbsp; 1522 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;378273 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
|  | &nbsp;&nbsp;&nbsp;Ruentex Development Co. Ltd. | 1394000 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
|  | &nbsp;&nbsp;&nbsp;Capital Securities Corp. | 1407495 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
|  | &nbsp;&nbsp;&nbsp;Eternal Materials Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
|  | &nbsp;&nbsp;&nbsp;Far Eastern International Bank | 2260072 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;Giant Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;275361 | &nbsp;&nbsp;&nbsp;&nbsp; 907 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 782 |
|  | &nbsp;&nbsp;&nbsp;Transcend Information Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Secom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp; 688 |
|  | &nbsp;&nbsp;&nbsp;U-Ming Marine Transport Corp. | &nbsp;&nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Yulon Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;494288 | &nbsp;&nbsp;&nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp;China Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Formosa Sumco Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **578298** |
| **Thailand (0.5%)** | **Thailand (0.5%)** | **Thailand (0.5%)** | **Thailand (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;PTT PCL | 10787100 | &nbsp;&nbsp;&nbsp;&nbsp; 10259 |
|  | &nbsp;&nbsp;&nbsp;Advanced Info Service PCL | &nbsp;&nbsp;&nbsp;&nbsp;941204 | &nbsp;&nbsp;&nbsp;&nbsp; 8792 |
|  | &nbsp;&nbsp;&nbsp;Kasikornbank PCL NVDR | 1125500 | &nbsp;&nbsp;&nbsp;&nbsp; 6487 |
|  | &nbsp;&nbsp;&nbsp;SCB X PCL | 1493900 | &nbsp;&nbsp;&nbsp;&nbsp; 6050 |
|  | &nbsp;&nbsp;&nbsp;Krung Thai Bank PCL | 5298900 | &nbsp;&nbsp;&nbsp;&nbsp; 4462 |
|  | &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 1164830 | &nbsp;&nbsp;&nbsp;&nbsp; 3860 |
|  | &nbsp;&nbsp;&nbsp;Siam Cement PCL (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;597150 | &nbsp;&nbsp;&nbsp;&nbsp; 3767 |
|  | &nbsp;&nbsp;&nbsp;Central Pattana PCL | 2090300 | &nbsp;&nbsp;&nbsp;&nbsp; 3467 |
|  | &nbsp;&nbsp;&nbsp;Kasikornbank PCL | &nbsp;&nbsp;&nbsp;&nbsp;428100 | &nbsp;&nbsp;&nbsp;&nbsp; 2468 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;TMBThanachart Bank PCL | 35113000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
|  | &nbsp;&nbsp;&nbsp;Charoen Pokphand Foods PCL | 2926000 | &nbsp;&nbsp;&nbsp;&nbsp; 1908 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
|  | &nbsp;&nbsp;&nbsp;Digital Telecommunications Infrastructure Fund Class F | 5076700 | &nbsp;&nbsp;&nbsp;&nbsp; 1461 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;PTT Global Chemical PCL | 1851200 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
|  | &nbsp;&nbsp;&nbsp;Thai Oil PCL | &nbsp;&nbsp;&nbsp;&nbsp;909140 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
|  | &nbsp;&nbsp;&nbsp;Banpu PCL (Registered) | 6340150 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
|  | &nbsp;&nbsp;&nbsp;PTT Oil & Retail Business PCL | 2153300 | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
|  | &nbsp;&nbsp;&nbsp;Indorama Ventures PCL | 1555900 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;186100 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
|  | &nbsp;&nbsp;&nbsp;Home Product Center PCL | 4124600 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  | &nbsp;&nbsp;&nbsp;Land & Houses PCL (Registered) | 6801200 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;Thai Union Group PCL Class F | 1813900 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;Ratch Group PCL | &nbsp;&nbsp;&nbsp;&nbsp;721250 | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
|  | &nbsp;&nbsp;&nbsp;Osotspa PCL | 1211400 | &nbsp;&nbsp;&nbsp;&nbsp; 588 |
|  | &nbsp;&nbsp;&nbsp;Electricity Generating PCL | &nbsp;&nbsp;&nbsp;&nbsp;153800 | &nbsp;&nbsp;&nbsp;&nbsp; 585 |
|  | &nbsp;&nbsp;&nbsp;Thai Life Insurance PCL | 1587700 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;Berli Jucker PCL | &nbsp;&nbsp;&nbsp;&nbsp;629900 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Siam City Cement PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30727 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **67916** |
| **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;KOC Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;975450 | &nbsp;&nbsp;&nbsp;&nbsp; 3972 |
|  | &nbsp;&nbsp;&nbsp;Akbank TAS | 2724078 | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri A/S | &nbsp;&nbsp;&nbsp;&nbsp;799003 | &nbsp;&nbsp;&nbsp;&nbsp; 3751 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri A/S | 1081806 | &nbsp;&nbsp;&nbsp;&nbsp; 2561 |
|  | &nbsp;&nbsp;&nbsp;Haci Omer Sabanci Holding A/S | 1238017 | &nbsp;&nbsp;&nbsp;&nbsp; 2397 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi A/S | 2946423 | &nbsp;&nbsp;&nbsp;&nbsp; 2350 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Turkiye Is Bankasi A/S Class C | 7398942 | &nbsp;&nbsp;&nbsp;&nbsp; 2221 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Eregli Demir ve Celik Fabrikalari TAS | 3213424 | &nbsp;&nbsp;&nbsp;&nbsp; 2098 |
|  | &nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi A/S | &nbsp;&nbsp;&nbsp;&nbsp;506784 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Enka Insaat ve Sanayi A/S | &nbsp;&nbsp;&nbsp;&nbsp;769297 | &nbsp;&nbsp;&nbsp;&nbsp; 1419 |
|  | &nbsp;&nbsp;&nbsp;Ford Otomotiv Sanayi A/S | &nbsp;&nbsp;&nbsp;&nbsp;588173 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Tofas Turk Otomobil Fabrikasi A/S | &nbsp;&nbsp;&nbsp;&nbsp;105314 | &nbsp;&nbsp;&nbsp;&nbsp; 660 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Mavi Giyim Sanayi Ve Ticaret A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;505100 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Turkiye Sigorta A/S | 1627839 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Enerjisa Enerji A/S | &nbsp;&nbsp;&nbsp;&nbsp;192580 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
|  | &nbsp;&nbsp;&nbsp;Aksa Akrilik Kimya Sanayii A/S | 1136688 | &nbsp;&nbsp;&nbsp;&nbsp; 335 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dogus Otomotiv Servis ve Ticaret A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73153 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp;&nbsp;Turk Traktor ve Ziraat Makineleri A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22680 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;Nuh Cimento Sanayi A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46018 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aksa Enerji Uretim A/S | &nbsp;&nbsp;&nbsp;&nbsp;208937 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;Aygaz A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49314 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Anadolu Hayat Emeklilik A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46579 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
|  | &nbsp;&nbsp;&nbsp;Akcansa Cimento A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26388 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  | &nbsp;&nbsp;&nbsp;Vestel Beyaz Esya Sanayi ve Ticaret A/S | &nbsp;&nbsp;&nbsp;&nbsp;266899 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31661** |
| **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 5466919 | &nbsp;&nbsp;&nbsp;&nbsp; 21155 |
|  | &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 3886338 | &nbsp;&nbsp;&nbsp;&nbsp; 18448 |
|  | &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group Co. PJSC | 3057927 | &nbsp;&nbsp;&nbsp;&nbsp; 16145 |
|  | &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 1586031 | &nbsp;&nbsp;&nbsp;&nbsp; 12136 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 2560242 | &nbsp;&nbsp;&nbsp;&nbsp; 10045 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | 1276633 | &nbsp;&nbsp;&nbsp;&nbsp; 7336 |
|  | &nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | 2529248 | &nbsp;&nbsp;&nbsp;&nbsp; 6543 |
|  | &nbsp;&nbsp;&nbsp;Dubai Electricity & Water Authority PJSC | 7798690 | &nbsp;&nbsp;&nbsp;&nbsp; 5900 |
|  | &nbsp;&nbsp;&nbsp;ADNOC Drilling Co. PJSC | 2302954 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
|  | &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;722740 | &nbsp;&nbsp;&nbsp;&nbsp; 2936 |
|  | &nbsp;&nbsp;&nbsp;Salik Co. PJSC | 1617056 | &nbsp;&nbsp;&nbsp;&nbsp; 2632 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi National Oil Co. for Distribution PJSC | 2500508 | &nbsp;&nbsp;&nbsp;&nbsp; 2444 |
|  | &nbsp;&nbsp;&nbsp;ADNOC Logistics & Services | 1432217 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 |
|  | &nbsp;&nbsp;&nbsp;Air Arabia PJSC | 1985080 | &nbsp;&nbsp;&nbsp;&nbsp; 2106 |
|  | &nbsp;&nbsp;&nbsp;Borouge plc | 2572154 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
|  | &nbsp;&nbsp;&nbsp;Dubai Investments PJSC | 1786505 | &nbsp;&nbsp;&nbsp;&nbsp; 1615 |
|  | &nbsp;&nbsp;&nbsp;Americana Restaurants International plc - Foreign Co. (XADS) | 2478744 | &nbsp;&nbsp;&nbsp;&nbsp; 1411 |
|  | &nbsp;&nbsp;&nbsp;NMDC Group PJSC | &nbsp;&nbsp;&nbsp;&nbsp;190825 | &nbsp;&nbsp;&nbsp;&nbsp; 1242 |
|  | &nbsp;&nbsp;&nbsp;Parkin Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;635069 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
|  | &nbsp;&nbsp;&nbsp;Fertiglobe plc | 1060347 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
|  | &nbsp;&nbsp;&nbsp;Emirates Central Cooling Systems Corp. | 1661886 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **121984** |
| **United Kingdom (11.2%)** | **United Kingdom (11.2%)** | **United Kingdom (11.2%)** | **United Kingdom (11.2%)** |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 15271600 | &nbsp;&nbsp;&nbsp;&nbsp; 213794 |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XLON) | 5156470 | &nbsp;&nbsp;&nbsp;&nbsp; 193313 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | 2114265 | &nbsp;&nbsp;&nbsp;&nbsp; 126865 |
|  | &nbsp;&nbsp;&nbsp;British American Tobacco plc | 1760069 | &nbsp;&nbsp;&nbsp;&nbsp; 90143 |
|  | &nbsp;&nbsp;&nbsp;GSK plc | 3553918 | &nbsp;&nbsp;&nbsp;&nbsp; 83209 |
|  | &nbsp;&nbsp;&nbsp;BP plc | 14013711 | &nbsp;&nbsp;&nbsp;&nbsp; 82104 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 12384991 | &nbsp;&nbsp;&nbsp;&nbsp; 66428 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;907771 | &nbsp;&nbsp;&nbsp;&nbsp; 65441 |
|  | &nbsp;&nbsp;&nbsp;National Grid plc | 4345600 | &nbsp;&nbsp;&nbsp;&nbsp; 65158 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 52838550 | &nbsp;&nbsp;&nbsp;&nbsp; 61953 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 7091533 | &nbsp;&nbsp;&nbsp;&nbsp; 54594 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;598789 | &nbsp;&nbsp;&nbsp;&nbsp; 45801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glencore plc | 9407802 | &nbsp;&nbsp;&nbsp;&nbsp; 45069 |
|  | &nbsp;&nbsp;&nbsp;Diageo plc | 1954707 | &nbsp;&nbsp;&nbsp;&nbsp; 44962 |
|  | &nbsp;&nbsp;&nbsp;Tesco plc | 5613021 | &nbsp;&nbsp;&nbsp;&nbsp; 33873 |
|  | &nbsp;&nbsp;&nbsp;Imperial Brands plc | &nbsp;&nbsp;&nbsp;&nbsp;670187 | &nbsp;&nbsp;&nbsp;&nbsp; 26629 |
|  | &nbsp;&nbsp;&nbsp;SSE plc | &nbsp;&nbsp;&nbsp;&nbsp;971308 | &nbsp;&nbsp;&nbsp;&nbsp; 24470 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Aviva plc | 2663348 | &nbsp;&nbsp;&nbsp;&nbsp; 23409 |
|  | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 16576894 | &nbsp;&nbsp;&nbsp;&nbsp; 20068 |
|  | &nbsp;&nbsp;&nbsp;Legal & General Group plc | 4946534 | &nbsp;&nbsp;&nbsp;&nbsp; 15458 |
|  | &nbsp;&nbsp;&nbsp;BT Group plc | 4930918 | &nbsp;&nbsp;&nbsp;&nbsp; 12034 |
|  | &nbsp;&nbsp;&nbsp;Centrica plc | 4289701 | &nbsp;&nbsp;&nbsp;&nbsp; 10110 |
|  | &nbsp;&nbsp;&nbsp;Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp;219720 | &nbsp;&nbsp;&nbsp;&nbsp; 9461 |
|  | &nbsp;&nbsp;&nbsp;United Utilities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;599616 | &nbsp;&nbsp;&nbsp;&nbsp; 9460 |
|  | &nbsp;&nbsp;&nbsp;Severn Trent plc | &nbsp;&nbsp;&nbsp;&nbsp;231276 | &nbsp;&nbsp;&nbsp;&nbsp; 8454 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;177588 | &nbsp;&nbsp;&nbsp;&nbsp; 8059 |
|  | &nbsp;&nbsp;&nbsp;Associated British Foods plc | &nbsp;&nbsp;&nbsp;&nbsp;256323 | &nbsp;&nbsp;&nbsp;&nbsp; 7735 |
|  | &nbsp;&nbsp;&nbsp;M&G plc | 2059494 | &nbsp;&nbsp;&nbsp;&nbsp; 7130 |
|  | &nbsp;&nbsp;&nbsp;J Sainsbury plc | 1503583 | &nbsp;&nbsp;&nbsp;&nbsp; 6751 |
|  | &nbsp;&nbsp;&nbsp;Endeavour Mining plc | &nbsp;&nbsp;&nbsp;&nbsp;165504 | &nbsp;&nbsp;&nbsp;&nbsp; 6698 |
|  | &nbsp;&nbsp;&nbsp;Kingfisher plc | 1526842 | &nbsp;&nbsp;&nbsp;&nbsp; 6192 |
|  | &nbsp;&nbsp;&nbsp;ICG plc | &nbsp;&nbsp;&nbsp;&nbsp;236554 | &nbsp;&nbsp;&nbsp;&nbsp; 6009 |
|  | &nbsp;&nbsp;&nbsp;Barratt Redrow plc | 1187969 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 |
|  | &nbsp;&nbsp;&nbsp;Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;154257 | &nbsp;&nbsp;&nbsp;&nbsp; 5873 |
|  | &nbsp;&nbsp;&nbsp;Phoenix Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;652885 | &nbsp;&nbsp;&nbsp;&nbsp; 5784 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;DCC plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86054 | &nbsp;&nbsp;&nbsp;&nbsp; 5669 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Metlen Energy & Metals plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93983 | &nbsp;&nbsp;&nbsp;&nbsp; 4783 |
|  | &nbsp;&nbsp;&nbsp;Fresnillo plc | &nbsp;&nbsp;&nbsp;&nbsp;162608 | &nbsp;&nbsp;&nbsp;&nbsp; 4755 |
|  | &nbsp;&nbsp;&nbsp;Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;122873 | &nbsp;&nbsp;&nbsp;&nbsp; 4664 |
|  | &nbsp;&nbsp;&nbsp;Persimmon plc | &nbsp;&nbsp;&nbsp;&nbsp;274646 | &nbsp;&nbsp;&nbsp;&nbsp; 4365 |
|  | &nbsp;&nbsp;&nbsp;Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82117 | &nbsp;&nbsp;&nbsp;&nbsp; 4350 |
|  | &nbsp;&nbsp;&nbsp;Taylor Wimpey plc | 3140097 | &nbsp;&nbsp;&nbsp;&nbsp; 4344 |
|  | &nbsp;&nbsp;&nbsp;Mondi plc | &nbsp;&nbsp;&nbsp;&nbsp;376212 | &nbsp;&nbsp;&nbsp;&nbsp; 4205 |
|  | &nbsp;&nbsp;&nbsp;WPP plc | &nbsp;&nbsp;&nbsp;&nbsp;950931 | &nbsp;&nbsp;&nbsp;&nbsp; 3593 |
|  | &nbsp;&nbsp;&nbsp;Schroders plc | &nbsp;&nbsp;&nbsp;&nbsp;646552 | &nbsp;&nbsp;&nbsp;&nbsp; 3226 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Airtel Africa plc | &nbsp;&nbsp;&nbsp;&nbsp;599500 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Evraz plc | &nbsp;&nbsp;&nbsp;&nbsp;193110 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1544504** |
| **Total Common Stocks (Cost $10,571,642)** | **Total Common Stocks (Cost $10,571,642)** | **Total Common Stocks (Cost $10,571,642)** | &nbsp;&nbsp;&nbsp;&nbsp;**13575668** |
| **Preferred Stocks (0.8%)** | **Preferred Stocks (0.8%)** | **Preferred Stocks (0.8%)** | **Preferred Stocks (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA Preference Shares | 4259647 | &nbsp;&nbsp;&nbsp;&nbsp; 31227 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras Preference Shares | 3243397 | &nbsp;&nbsp;&nbsp;&nbsp; 17935 |
|  | &nbsp;&nbsp;&nbsp;Itausa SA Preference Shares | 4961580 | &nbsp;&nbsp;&nbsp;&nbsp; 10744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA Preference Shares Class B | &nbsp;&nbsp;&nbsp;&nbsp;123593 | &nbsp;&nbsp;&nbsp;&nbsp; 6013 |
|  | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62827 | &nbsp;&nbsp;&nbsp;&nbsp; 5443 |
|  | &nbsp;&nbsp;&nbsp;Volkswagen AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51166 | &nbsp;&nbsp;&nbsp;&nbsp; 5328 |
|  | &nbsp;&nbsp;&nbsp;Banco Bradesco SA Preference Shares | 1365013 | &nbsp;&nbsp;&nbsp;&nbsp; 4608 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. Preference Shares (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29317 | &nbsp;&nbsp;&nbsp;&nbsp; 4517 |
|  | &nbsp;&nbsp;&nbsp;Gerdau SA Preference Shares | 1138670 | &nbsp;&nbsp;&nbsp;&nbsp; 4009 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23455 | &nbsp;&nbsp;&nbsp;&nbsp; 3565 |
|  | &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais Preference Shares | 1391702 | &nbsp;&nbsp;&nbsp;&nbsp; 2934 |
|  | &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA Preference Shares Class B | &nbsp;&nbsp;&nbsp;&nbsp;249300 | &nbsp;&nbsp;&nbsp;&nbsp; 2752 |
|  | &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel Preference Shares Class B | 1021200 | &nbsp;&nbsp;&nbsp;&nbsp; 2642 |
|  | &nbsp;&nbsp;&nbsp;Embotelladora Andina SA Preference Shares Class B | &nbsp;&nbsp;&nbsp;&nbsp;355092 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
|  | &nbsp;&nbsp;&nbsp;Metalurgica Gerdau SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;550900 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  | &nbsp;&nbsp;&nbsp;Isa Energia Brasil SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;238292 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
|  | &nbsp;&nbsp;&nbsp;Grupo De Inversiones Suramericana SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88365 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
|  | &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
|  | &nbsp;&nbsp;&nbsp;Hanwha Corp. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17488 | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
|  | &nbsp;&nbsp;&nbsp;Amorepacific Corp. (XKRX) Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8189 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  | &nbsp;&nbsp;&nbsp;Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24793 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Transneft PJSC Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Tatneft PJSC Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51803 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Surgutneftegas PAO Preference Shares | 2513070 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total Preferred Stocks (Cost $91,843)** | **Total Preferred Stocks (Cost $91,843)** | **Total Preferred Stocks (Cost $91,843)** | &nbsp;&nbsp;&nbsp;&nbsp;**108330** |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% **(Cost** $**87,792)** | 878028 | &nbsp;&nbsp;&nbsp;&nbsp; **87803** |
| **Total Investments (99.9%) (Cost $10,751,277)** | **Total Investments (99.9%) (Cost $10,751,277)** | **Total Investments (99.9%) (Cost $10,751,277)** | &nbsp;&nbsp;&nbsp;&nbsp;**13771801** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**9241** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**13781042** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | 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 $64,406. |
| 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 October 31, 2025, the aggregate value was $179,546, representing 1.3% 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 $69,911 was received for securities on loan, of which $68,803 is held in Vanguard Market Liquidity Fund and $1,108 is held in cash. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |
|  | NVDR—Non-Voting Depository Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| FTSE 100 Index | December 2025 | 117 | 14980 | &nbsp;&nbsp;593 |
| MSCI EAFE Index | December 2025 | 362 | 50809 | &nbsp;&nbsp;336 |
| MSCI Emerging Markets Index | December 2025 | 150 | 10557 | &nbsp;&nbsp;462 |
| S&P TSX 60 Index | December 2025 | 48 | 12194 | &nbsp;&nbsp;224 |
|  |  |  |  | &nbsp;&nbsp;1615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| State Street Bank & Trust Co. | 12/17/2025 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;14653 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;9693 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(101) |
| UBS AG | 12/17/2025 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(30) |
| State Street Bank & Trust Co. | 12/17/2025 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;6568 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;8881 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(253) |
| Royal Bank of Canada | 12/17/2025 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;468352 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(20) |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;11727 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;17758 | &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;17877 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(73) |
| UBS AG | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;12758 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;10038 | &nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;34016 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1) |
| State Street Bank & Trust Co. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;13598 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;2017164 | &nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;9065 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;1344776 | &nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;365250 | &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;2307158 | &nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;— |

---

------

International High Dividend Yield Index Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Barclays Bank plc | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;33615 | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;(478) |

---

---

| |
|:---|
| AUD—Australian dollar. |
| BRL—Brazilian real. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| INR—Indian rupee. |
| JPY—Japanese yen. |
| KRW—Korean won. |
| SEK—Swedish krona. |
| TWD—Taiwanese dollar. |
| USD—U.S. dollar. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International High Dividend Yield Index Fund

Statement of Assets and Liabilities

As of October 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $10,663,485) | 13683998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $87,792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87803 |
| Total Investments in Securities | 13771801 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401 |
| Foreign Currency, at Value (Cost $19,453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18791 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63109 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 |
| **Total Assets** | **13862225** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69911 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7686 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81183** |
| **Net Assets** | **13781042** |
| 1 Includes $64,406 of securities on loan. |  |
| **At October 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 10907654 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;2873388 |
| **Net Assets** | **13781042** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 153,388,816 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **13053660** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$85.10** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 17,627,946 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**727382** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$41.26** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International High Dividend Yield Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> October 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;457180 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 |
| Total Income | &nbsp;&nbsp;&nbsp;459827 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;14684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;19010 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**440817** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65810 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**74996** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,3</sup> | 1965612 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 |
| **Change in Unrealized Appreciation (Depreciation)** | **1969533** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **2485346** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $44,061. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $474, ($11), and $7, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($1455). |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International High Dividend Yield Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350898 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50126) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1969533 | &nbsp;&nbsp;&nbsp;&nbsp;1252021 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;2485346 | &nbsp;&nbsp;&nbsp;&nbsp;1552793 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(429193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22484) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(454603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363734) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;3248021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9257) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3368370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597197 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;5399113 | &nbsp;&nbsp;&nbsp;&nbsp;1786256 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**8381929** | &nbsp;&nbsp;&nbsp;&nbsp;**6595673** |
| **End of Period** | **13781042** | &nbsp;&nbsp;&nbsp;&nbsp;**8381929** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International High Dividend Yield Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$70.42** | &nbsp;&nbsp;&nbsp;**$59.80** | &nbsp;&nbsp;&nbsp;**$54.67** | &nbsp;&nbsp;&nbsp;**$67.77** | &nbsp;&nbsp;&nbsp;**$50.47** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.824 |
| Net Realized and Unrealized Gain (Loss) on Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.783 | &nbsp;&nbsp;&nbsp;&nbsp;10.742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.072 | &nbsp;&nbsp;&nbsp;&nbsp;(13.260) | &nbsp;&nbsp;&nbsp;&nbsp;16.986 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;18.021 | &nbsp;&nbsp;&nbsp;&nbsp;13.806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.980 | &nbsp;&nbsp;&nbsp;&nbsp;(10.001) | &nbsp;&nbsp;&nbsp;&nbsp;19.810 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(3.341) | &nbsp;&nbsp;&nbsp;&nbsp;(3.186) | &nbsp;&nbsp;&nbsp;&nbsp;(2.850) | &nbsp;&nbsp;&nbsp;&nbsp;(3.099) | &nbsp;&nbsp;&nbsp;&nbsp;(2.510) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.341) | &nbsp;&nbsp;&nbsp;&nbsp;(3.186) | &nbsp;&nbsp;&nbsp;&nbsp;(2.850) | &nbsp;&nbsp;&nbsp;&nbsp;(3.099) | &nbsp;&nbsp;&nbsp;&nbsp;(2.510) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$85.10** | &nbsp;&nbsp;&nbsp;**$70.42** | &nbsp;&nbsp;&nbsp;**$59.80** | &nbsp;&nbsp;&nbsp;**$54.67** | &nbsp;&nbsp;&nbsp;**$67.77** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**26.33%** | &nbsp;&nbsp;&nbsp;**23.39%** | &nbsp;&nbsp;&nbsp;**14.53%** | &nbsp;&nbsp;&nbsp;**-15.16%** | &nbsp;&nbsp;&nbsp;**39.55%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$13054 | &nbsp;&nbsp;&nbsp;$7887 | &nbsp;&nbsp;&nbsp;$6167 | &nbsp;&nbsp;&nbsp;$4198 | &nbsp;&nbsp;&nbsp;$3061 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.22% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;4.21% | &nbsp;&nbsp;&nbsp;4.48% | &nbsp;&nbsp;&nbsp;4.68% | &nbsp;&nbsp;&nbsp;5.24% | &nbsp;&nbsp;&nbsp;4.29% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;18% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.01, and $.00. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.22%. |
| 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.

------

International High Dividend Yield Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$34.15** | &nbsp;&nbsp;&nbsp;**$28.99** | &nbsp;&nbsp;&nbsp;**$26.51** | &nbsp;&nbsp;&nbsp;**$32.85** | &nbsp;&nbsp;&nbsp;**$24.45** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.329 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.470 | &nbsp;&nbsp;&nbsp;&nbsp;(6.398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.286 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.860 | &nbsp;&nbsp;&nbsp;&nbsp;(4.839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.615 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.619) | &nbsp;&nbsp;&nbsp;&nbsp;(1.544) | &nbsp;&nbsp;&nbsp;&nbsp;(1.380) | &nbsp;&nbsp;&nbsp;&nbsp;(1.501) | &nbsp;&nbsp;&nbsp;&nbsp;(1.215) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.619) | &nbsp;&nbsp;&nbsp;&nbsp;(1.544) | &nbsp;&nbsp;&nbsp;&nbsp;(1.380) | &nbsp;&nbsp;&nbsp;&nbsp;(1.501) | &nbsp;&nbsp;&nbsp;&nbsp;(1.215) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$41.26** | &nbsp;&nbsp;&nbsp;**$34.15** | &nbsp;&nbsp;&nbsp;**$28.99** | &nbsp;&nbsp;&nbsp;**$26.51** | &nbsp;&nbsp;&nbsp;**$32.85** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**26.30%** | &nbsp;&nbsp;&nbsp;**23.44%** | &nbsp;&nbsp;&nbsp;**14.47%** | &nbsp;&nbsp;&nbsp;**-15.11%** | &nbsp;&nbsp;&nbsp;**39.59%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$727 | &nbsp;&nbsp;&nbsp;$495 | &nbsp;&nbsp;&nbsp;$429 | &nbsp;&nbsp;&nbsp;$420 | &nbsp;&nbsp;&nbsp;$395 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;0.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.22% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;4.20% | &nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;4.62% | &nbsp;&nbsp;&nbsp;5.15% | &nbsp;&nbsp;&nbsp;4.19% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;18% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.22%. |
| 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.

------

International High Dividend Yield Index Fund

Notes to Financial Statements

Vanguard International High Dividend Yield Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; 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 year ended October 31, 2025, 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 year ended October 31, 2025, 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.

------

International High Dividend Yield Index Fund

5. 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.

6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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 year ended October 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.

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), shareholder reporting, and proxy fees. 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $328,000, representing less than 0.01% of the fund's net assets and 0.13% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

International High Dividend Yield Index Fund

**C.** 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 October 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 1403068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27305 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1430373 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11570 | &nbsp;&nbsp;&nbsp;12133722 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;12145295 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28293 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108330 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87803 |
| Total | 1582478 | &nbsp;&nbsp;&nbsp;12189320 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;13771801 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1615 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1423 |
| Total | 1615 | &nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3038 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(478) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(478) |

---

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.

**D.** At October 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 1615 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1615 |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;1423 |
| Total Assets | 1615 | &nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;3038 |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(478) | &nbsp;&nbsp;&nbsp;(478) |
| Total Liabilities |  | &nbsp;&nbsp;&nbsp;(478) | &nbsp;&nbsp;&nbsp;(478) |

---

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 year ended October 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 9934 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9934 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(670) | &nbsp;&nbsp;&nbsp;(670) |
| Realized Net Gain (Loss) on Derivatives | 9934 | &nbsp;&nbsp;&nbsp;(670) | &nbsp;&nbsp;&nbsp;9264 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | 2399 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2399 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;188 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 2399 | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;2587 |

---

**E.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

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International High Dividend Yield Index Fund

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89955 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;2941887 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(157623) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(831) |
| Total | &nbsp;&nbsp;&nbsp;2873388 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;454603 | &nbsp;&nbsp;&nbsp;&nbsp;363734 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;454603 | &nbsp;&nbsp;&nbsp;&nbsp;363734 |

---

\* Includes short-term capital gains, if any.

As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;10822450 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;3373206 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423826) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;2949380 |

---

**F.** During the year ended October 31, 2025, the fund purchased $1,748,625,000 of investment securities and sold $919,099,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $2,489,748,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued<sup>1</sup> | 3248021 | &nbsp;&nbsp;&nbsp;41395 | &nbsp;&nbsp;&nbsp;642034 | &nbsp;&nbsp;&nbsp;&nbsp;9363 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(35580) | &nbsp;&nbsp;&nbsp;&nbsp;(500) |
| Net Increase (Decrease)—ETF Shares | 3248021 | &nbsp;&nbsp;&nbsp;41395 | &nbsp;&nbsp;&nbsp;606454 | &nbsp;&nbsp;&nbsp;&nbsp;8863 |
| **Admiral Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;&nbsp;187243 | &nbsp;&nbsp;&nbsp;&nbsp;4965 | &nbsp;&nbsp;&nbsp;&nbsp;56267 | &nbsp;&nbsp;&nbsp;&nbsp;1710 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;14978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;12882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| Redeemed<sup>2</sup> | &nbsp;&nbsp;(81872) | &nbsp;&nbsp;(2239) | &nbsp;&nbsp;(78406) | &nbsp;&nbsp;(2403) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;120349 | &nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp;(9257) | &nbsp;&nbsp;&nbsp;&nbsp;(301) |

---

---

| | |
|:---|:---|
| 1 | Includes purchase fees for fiscal 2025 and 2024 of $467 and $142, respectively (fund totals). |
| 2 | Net of redemption fees for fiscal 2025 and 2024 of $174 and $138, respectively (fund totals). |

---

**H.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.

------

International High Dividend Yield Index Fund

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.

At October 31, 2025, one shareholder was the record or beneficial owner of 29% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**I.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard International Dividend Appreciation Index Fund and Vanguard International High Dividend Yield Index Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard International Dividend Appreciation Index Fund and Vanguard International High Dividend Yield Index Fund (two of the funds constituting Vanguard Whitehall Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11)for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| International Dividend Appreciation Index Fund | &nbsp;&nbsp;&nbsp;137810 |
| International High Dividend Yield Index Fund | &nbsp;&nbsp;&nbsp;287573 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| International Dividend Appreciation Index Fund | &nbsp;&nbsp;&nbsp;175 |
| International High Dividend Yield Index Fund | &nbsp;&nbsp;&nbsp;264 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated to shareholders as foreign source income and foreign taxes paid. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Foreign Source Income<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Foreign Taxes Paid<br> ($000) |
| International Dividend Appreciation Index Fund | &nbsp;&nbsp;&nbsp;210693 | &nbsp;&nbsp;&nbsp;&nbsp;19023 |
| International High Dividend Yield Index Fund | &nbsp;&nbsp;&nbsp;501078 | &nbsp;&nbsp;&nbsp;&nbsp;37743 |

---

Q20150 122025

------

![](tm2530396d12intdivgrowthi001.jpg)

#### Financial Statements

#### For the year ended October 31, 2025

#### Vanguard International Dividend Growth Fund

------

#### Contents

---

| | |
|:---|:---|
| Financial Statements<br>| 1 |
| Report of Independent Registered Public Accounting Firm<br>| 10 |
| Tax information<br>| 11 |

---

------

International Dividend Growth Fund

Financial Statements

#### Schedule of Investments
As of October 31, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (98.0%)** | **Common Stocks (98.0%)** | **Common Stocks (98.0%)** |
| **Belgium (2.5%)** | **Belgium (2.5%)** | **Belgium (2.5%)** |
| &nbsp;&nbsp;&nbsp;KBC Group NV ADR | 50831 | &nbsp;&nbsp;&nbsp;&nbsp; 3074 |
| **Canada (7.1%)** | **Canada (7.1%)** | **Canada (7.1%)** |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 22420 | &nbsp;&nbsp;&nbsp;&nbsp; 4182 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 34372 | &nbsp;&nbsp;&nbsp;&nbsp; 3296 |
| &nbsp;&nbsp;&nbsp;Sun Life Financial Inc. | 19463 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8662** |
| **Finland (4.6%)** | **Finland (4.6%)** | **Finland (4.6%)** |
| &nbsp;&nbsp;&nbsp;Kone OYJ Class B | 54819 | &nbsp;&nbsp;&nbsp;&nbsp; 3663 |
| &nbsp;&nbsp;&nbsp;Sampo OYJ Class A (XHEL) | 178366 | &nbsp;&nbsp;&nbsp;&nbsp; 1988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5651** |
| **France (7.8%)** | **France (7.8%)** | **France (7.8%)** |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 15380 | &nbsp;&nbsp;&nbsp;&nbsp; 4382 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 12527 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;8420 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp;AXA SA | 20827 | &nbsp;&nbsp;&nbsp;&nbsp; 904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9460** |
| **Germany (6.6%)** | **Germany (6.6%)** | **Germany (6.6%)** |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 24748 | &nbsp;&nbsp;&nbsp;&nbsp; 3242 |
| &nbsp;&nbsp;&nbsp;Symrise AG | 35127 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;7387 | &nbsp;&nbsp;&nbsp;&nbsp; 1921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8068** |
| **Hong Kong (2.7%)** | **Hong Kong (2.7%)** | **Hong Kong (2.7%)** |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 331056 | &nbsp;&nbsp;&nbsp;&nbsp; 3221 |
| **Japan (17.5%)** | **Japan (17.5%)** | **Japan (17.5%)** |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | 30881 | &nbsp;&nbsp;&nbsp;&nbsp; 5016 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9484 | &nbsp;&nbsp;&nbsp;&nbsp; 3520 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | 70310 | &nbsp;&nbsp;&nbsp;&nbsp; 3218 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | 69221 | &nbsp;&nbsp;&nbsp;&nbsp; 2929 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | 98350 | &nbsp;&nbsp;&nbsp;&nbsp; 2739 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | 133070 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | 283110 | &nbsp;&nbsp;&nbsp;&nbsp; 1684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21227** |
| **Netherlands (4.6%)** | **Netherlands (4.6%)** | **Netherlands (4.6%)** |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp; 4262 |
| &nbsp;&nbsp;&nbsp;Heineken NV | 16566 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5545** |
| **Spain (4.6%)** | **Spain (4.6%)** | **Spain (4.6%)** |
| &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | 138721 | &nbsp;&nbsp;&nbsp;&nbsp; 2811 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 50734 | &nbsp;&nbsp;&nbsp;&nbsp; 2802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5613** |
| **Sweden (4.8%)** | **Sweden (4.8%)** | **Sweden (4.8%)** |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB Class B | 95485 | &nbsp;&nbsp;&nbsp;&nbsp; 3598 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB Class A | 132758 | &nbsp;&nbsp;&nbsp;&nbsp; 2225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5823** |
| **Switzerland (10.0%)** | **Switzerland (10.0%)** | **Switzerland (10.0%)** |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| &nbsp;&nbsp;&nbsp;Sika AG (Registered) | 13947 | &nbsp;&nbsp;&nbsp;&nbsp; 2733 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;7655 | &nbsp;&nbsp;&nbsp;&nbsp; 2480 |
| &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 19085 | &nbsp;&nbsp;&nbsp;&nbsp; 2362 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 18418 | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12102** |

---

------

International Dividend Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **United Kingdom (22.4%)** | **United Kingdom (22.4%)** | **United Kingdom (22.4%)** | **United Kingdom (22.4%)** |
|  | &nbsp;&nbsp;&nbsp;Experian plc | 76596 | &nbsp;&nbsp;&nbsp;&nbsp; 3573 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc | 56798 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
|  | &nbsp;&nbsp;&nbsp;Compass Group plc | 102768 | &nbsp;&nbsp;&nbsp;&nbsp; 3402 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 18914 | &nbsp;&nbsp;&nbsp;&nbsp; 3120 |
|  | &nbsp;&nbsp;&nbsp;BAE Systems plc | 116510 | &nbsp;&nbsp;&nbsp;&nbsp; 2870 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 28533 | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
|  | &nbsp;&nbsp;&nbsp;RELX plc | 40486 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |
|  | &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | 13391 | &nbsp;&nbsp;&nbsp;&nbsp; 1669 |
|  | &nbsp;&nbsp;&nbsp;Prudential plc (XLON) | 117764 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XLON) | 35091 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
|  | &nbsp;&nbsp;&nbsp;Diageo plc | 50377 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
|  | &nbsp;&nbsp;&nbsp;Smith & Nephew plc | 58881 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27244** |
| **United States (2.8%)** | **United States (2.8%)** | **United States (2.8%)** | **United States (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;7992 | &nbsp;&nbsp;&nbsp;&nbsp; 3343 |
| **Total Common Stocks (Cost $107,577)** | **Total Common Stocks (Cost $107,577)** | **Total Common Stocks (Cost $107,577)** | &nbsp;&nbsp;&nbsp;&nbsp;**119033** |
| **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** |
| **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% **(Cost** $**2,002)** | 20024 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
| **Total Investments (99.6%) (Cost $109,579)** | **Total Investments (99.6%) (Cost $109,579)** | **Total Investments (99.6%) (Cost $109,579)** | &nbsp;&nbsp;&nbsp;&nbsp;**121035** |
| **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;**484** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**121519** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. <br> ADR—American Depositary Receipt.

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Growth Fund

Statement of Assets and Liabilities

As of October 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $107,577) | 119033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $2,002) | &nbsp;&nbsp;&nbsp;&nbsp;2002 |
| Total Investments in Securities | 121035 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Foreign Currency, at Value (Cost $66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| **Total Assets** | **121647** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**128** |
| **Net Assets** | **121519** |
| **At October 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 109754 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;11765 |
| **Net Assets** | **121519** |
| **Net Assets** |  |
| **Applicable to 10,481,778 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **121519** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;**$11.59** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> October 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 2250 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| Total Income | 2632 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(21) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;606 |
| Fees Waived/Expenses Reimbursed—Note D | &nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;586 |
| **Net Investment Income** | **2046** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | (1417) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| **Realized Net Gain (Loss)** | **(1402)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 6074 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| **Change in Unrealized Appreciation (Depreciation)** | **6085** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **6729** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $210. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $123, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br> October 31, 2025 | &nbsp;&nbsp;&nbsp;November 1, 2023<sup>1</sup> to<br> October 31, 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5379 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;6729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;47261 | &nbsp;&nbsp;&nbsp;130145 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Redeemed | &nbsp;&nbsp;(45009) | &nbsp;&nbsp;&nbsp;&nbsp;(24489) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;3877 | &nbsp;&nbsp;&nbsp;105740 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;8531 | &nbsp;&nbsp;&nbsp;112988 |
| **Net Assets** |  |  |
| **Beginning of Period** | **112988** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **End of Period** | **121519** | &nbsp;&nbsp;&nbsp;**112988** |

---

1 Commencement of subscription period for the fund.

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Growth Fund

Financial Highlights

---

| | | |
|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2025 | &nbsp;&nbsp;&nbsp;November 1, 2023<sup>1</sup> to<br> October 31, 2024 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$11.06** | &nbsp;&nbsp;&nbsp;**$10.00** |
| **Investment Operations** |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.206 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.873 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.079 |
| **Distributions** |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.019) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.048) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.019) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$11.59** | &nbsp;&nbsp;&nbsp;**$11.06** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**6.98%** | &nbsp;&nbsp;&nbsp;**10.80%** |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$122 | &nbsp;&nbsp;&nbsp;$113 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.53%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.55%<sup>5,6</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;1.89%<sup>5</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 1 | The subscription period for the fund was November 1, 2023, to November 14, 2023, during which time all assets were held in cash. Performance measurement began November 15, 2023, the first business day after the subscription period, at a net asset value of $10.00. |
| 2 | Calculated based on average shares outstanding. |
| 3 | 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. |
| 4 | Includes performance-based investment advisory fee increases (decreases) of (0.02%). |
| 5 | Annualized. |
| 6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.54%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

International Dividend Growth Fund

Notes to Financial Statements

Vanguard International Dividend Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**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. 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.

4. 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.

5. 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 year ended October 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. 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.

**B.** Wellington Management Company LLP provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly
adjustments based on the fund's performance relative to the S&P International Developed Dividend Growers Index since January 31, 2024. For the year ended October 31, 2025, the investment advisory fee
represented an effective annual basic rate of 0.24% of the fund's average net assets, before a net decrease of $21,000 (0.02%) based on performance.

------

International Dividend Growth Fund

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $3,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** Pursuant to terms of an agreement with a third-party service provider applicable to newly launched funds, shareholder reporting expenses of $20,000 (0.02%, on an annualized basis, of the fund's average net assets)
were contractually reduced during the period.

**E.** Various inputs may be used to determine the value of the fund's investments. 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 valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments as of October 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 12005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12005 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp;&nbsp;103954 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;107028 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| Total | 17081 | &nbsp;&nbsp;&nbsp;103954 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;121035 |

---

**F.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and
distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(3) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;1969 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;11303 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(1447) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |
| Total | &nbsp;&nbsp;&nbsp;11765 |

---

------

International Dividend Growth Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;108 |

---

\* Includes short-term capital gains, if any.

As of October 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;109739 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;18202 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(6906) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;11296 |

---

**G.** During the year ended October 31, 2025, the fund purchased $41,915,000 of investment securities and sold $36,963,000 of investment securities, other than temporary cash investments.

**H.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;November 1, 2023<sup>1</sup> to<br> October 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;4251 | &nbsp;&nbsp;&nbsp;12495 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Redeemed | (4147) | &nbsp;&nbsp;&nbsp;(2287) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;10216 |

---

1 Commencement of subscription period for the fund.

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, 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.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard International Dividend Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard International Dividend Growth Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2025 and for the period November 1, 2023 (Commencement of Subscription Period) through October 31, 2024, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year ended October 31, 2025, and the changes in its net assets and the financial highlights for the year ended October 31, 2025 and for the period November 1, 2023 (Commencement of Subscription Period) through October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The fund hereby designates $2,075,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

The fund hereby designates for the fiscal year $57,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.

The fund designates to shareholders foreign source income of $2,745,000 and foreign taxes paid of $179,000 , or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.

QV0210 122025

------

**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. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement - International Dividend Growth Fund**

The board of trustees of Vanguard International Dividend Growth Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The board determined that renewing the fund's advisory arrangement 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 Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team 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 Oversight and Manager Search team. 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 fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team'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 decisions.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the fund since its inception in 2023; it also took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional investment managers. Wellington Management seeks to invest in companies with a history of paying a stable or growing dividend and the ability to continue increasing their dividend over the long-term. Utilizing fundamental research, Wellington Management focuses on a company's ability to create value and the ability and willingness to distribute that value to shareholders in a sustainable manner.

The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2023, including any periods of outperformance or underperformance compared with a relevant benchmark 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 fee rate was also below the peer-group average.

The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fees, because the firm is independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's prospective shareholders will benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangements – Mid-Cap Growth Fund**

In September 2025, a majority of independent trustees of the Board of Vanguard Mid-Cap Growth Fund approved a restructuring the fund's advisory arrangements, whereby Tremblant Advisors LP (Tremblant) was added as advisor to the fund, and Frontier Capital Management Co., LLC (Frontier Capital) and Wellington Management Company LLP (Wellington Management) would no longer serve as advisors to the fund. The changes became effective in November 2025. The trustees determined that the foregoing actions were in the best interests of the fund and its shareholders.

The trustees based their decision to approve the advisory arrangement with Tremblant upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The trustees considered the factors discussed below, among others. However, no single factor determined whether the trustees approved the arrangement. Rather, it was the totality of the circumstances that drove the trustees' decision.

**Nature, extent, and quality of services** 

The trustees reviewed the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of the advisor. The trustees considered that Tremblant Advisors LP is a subsidiary of Tremblant Capital LP, a global equity investment firm founded in 2001. Based in Stamford, CT and Palm Beach, FL, the investment team has a differentiated investment philosophy and research process that leverages dedicated in-house data science resources and has a strong long-term track record in their management of other mandates.

The trustees concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance** 

The trustees considered that Tremblant, in its management of other funds and portfolios, has a track record of successfully managing their strategies, and considered periods of outperformance or underperformance compared with a relevant benchmark index.

The trustees concluded that the performance warranted approval of the advisory arrangement.

**Cost**

The trustees considered the cost of the services to be provided and competitive fee rates, and concluded that the fund's advisory fee rate and expense ratio under the new advisory arrangement would remain below the peer-group averages.

The trustees did not consider the profitability of Tremblant in determining whether to approve the advisory fees, because the firm is independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale** 

The trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Tremblant. The breakpoints reduce the effective rate of the fees as the fund's assets increase.

The trustees will consider whether to renew the advisory arrangement within a two-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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**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)](tm2526775d1_ex99-codeeth.htm) | [Code of Ethics filed herewith.](tm2526775d1_ex99-codeeth.htm) |
| [(a)(2)](tm2530396d12_ex99-cert.htm) | [Certifications filed herewith.](tm2530396d12_ex99-cert.htm) |
| [(a)(2)](tm2530396d12_ex99-906cert.htm) | [Certifications filed herewith.](tm2530396d12_ex99-906cert.htm) |

---

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 WHITEHALL FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: December 23, 2025

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 WHITEHALL FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |
| Date: December 23, 2025 | Date: December 23, 2025 |
|  | VANGUARD WHITEHALL FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: December 23, 2025

---

| | |
|:---|:---|
| \* By: | /s/ Natalie Lamarque |

---

Natalie Lamarque, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), Incorporated by Reference.

## Ex-99.Code

**Exhibit 99.CODEETH**

---

| | |
|:---|:---|
| **Access Person Code of Conduct**<br> **Effective Date: 01 January 2024 \| Contact:** **The Code of Ethical Conduct Team**<br> **Return to the** **Corporate Policies Page** <br> ****<br> **Policy Coverage**<br>This policy applies to all crew members and contingent workers globally who have been designated as an "Access Person" and, in certain instances, to their Household or Family Members. A "contingent worker" is any person other than a crew member who provides services to, or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors. | &nbsp;&nbsp; <br> **Related Items**<br>· **The Code of Ethical Conduct** <br> · **How to Voice Concerns at Vanguard** <br> · **My Compliance and Ethics Resource Center** <br> · **Training Resources & Job Aids** <br> · **Code of Ethical Conduct Policy** <br> · **Conflicts of Interest Policy** <br> · **Insider Trading Policy** <br> · **Outside Business Activity Policy** |

---

*Access Persons* – Please note that the specific trading restrictions and reporting requirements vary depending on your Access Person designation, meaning <u>Advisor</u> Access Person, <u>Fund</u> Access Person, or <u>Investment</u> Access Person. Regardless of your designation, the Compliance Department has the authority to apply to you, with appropriate notice, any of the trading restrictions within this policy.

*Household or Family Members* – Certain aspects of this policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the *Defined Terms* section for the definition of Household or Family Member in your region.

*Note:* If your Household or Family Member(s) also works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or Family Member(s).

Your designation may change – your Access Person designation may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation is necessary.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Additional Requirements for Associated Persons:***<br>U.S. crew members and contingent workers who are deemed to be Associated Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.<br>

**Policy Overview**

Some crew members and contingent workers at Vanguard, by virtue of their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access

Page 1 of 19

Person Code of Conduct (APCC)<sup>1</sup>), have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities, including those listed at the top of this policy.

**Policy Requirements**

**Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through *<u>long-term</u>* investments and strategies. With that in mind, the rules in this policy are intended to ensure that trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts do not adversely affect trades for Vanguard's funds or clients. Similarly, you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.**

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

To the extent possible, Compliance will treat all records related to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members and contingent workers are required to sign a data consent/data privacy notice.

The Compliance Department reserves the right to monitor all investment or trading activity by you and your Household or Family Members based on any information or system to which it has access.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members in China:*** <br>Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more. <br>

**Brokerage Firms You May Use** 

The terms in this section apply to all Access Persons.

The brokerage firms you may use to hold and transact Reportable Securities depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security in the *Defined Terms* section.

<sup>1</sup> The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to "this policy" mean the APCC.

Page 2 of 19

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| | |
|:---|:---|
| &nbsp;&nbsp;**All U.S. Crew and their Household or Family Members** **(see parts (a) and (b) of the definition in the defined terms section)** | &nbsp;&nbsp; Must hold and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of their choice<br>Must initiate transfer of all Reportable Securities to a VBA within 60 days of hire<br>***Exceptions:*** Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if these, or any other accounts can hold Vanguard Funds or Reportable Securities, they must be reported in the "Accounts" tab of MyComplianceOffice (MCO) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Non-U.S. Crew and their Household or Family Members** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Contingent Workers** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

**Disclosure Obligations** 

The terms in this section apply to all Access Persons.

Access Persons must disclose accounts and holdings information to the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if you do not have any brokerage accounts or trade Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Disclosure of Accounts and Holdings</u> 

Within ten (10) calendar days of being designated an Access Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment through MyComplianceOffice, or MCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Covered Accounts and Reportable Securities held by
you or a Household or Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Covered Accounts in which you exercise Investment Discretion
or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All accounts in which you have, or will acquire, Beneficial
Ownership of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All accounts held by you and any Household or Family Member
in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest
in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g.,
401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products.

This includes accounts held at Vanguard and other financial institutions. You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability

Page 3 of 19

to hold Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).

This information must be current as of no more than 45 calendar days before joining Vanguard or being designated as an Access Person. *Failure to complete and submit the New Access Persons Holdings Report within ten (10) calendar days of receiving it may be considered a violation of this policy.*

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Quick Tip:*** <br>For a summary of the disclosure and transfer requirements, please review the FAQs prepared by the Compliance Department. The MCO Overview provides information on how to access and use MCO. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements</u> 

After the Initial Disclosure, Access Persons may need to periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Required Ongoing Disclosures** | &nbsp;&nbsp;**Required Ongoing Disclosures** |
| &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: | &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: |
| &nbsp;&nbsp;Opens, or intends to open, a Covered Account with any financial institution, including Vanguard | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;<br>Acquires holdings in Reportable Securities or Beneficial Ownership of Securities<br>| &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |

---

**Account Monitoring** 

---

| |
|:---|
| &nbsp;&nbsp;**Vanguard Brokerage Accounts (VBAs)** |
| &nbsp;&nbsp; Compliance will receive transaction confirmations automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after the VBAs are properly disclosed in MCO. No additional action is needed.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp;**External Covered Accounts** |
| &nbsp;&nbsp;Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see *Appendix B*. |

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&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members and Contingent Workers in Australia:*** <br>You are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.<br>

**Investment and Trading Requirements**

The terms in this section apply to all Access Persons.

**General Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
must comply with all applicable securities-related rules and laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection
with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may
be perceived as market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;· Use of Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment
advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security
when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception
of an index fund) or by a Vanguard Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 are subject to and must comply with the Insider Trading
 Policy and/or any similar policy of the Vanguard affiliate or region for which you
 work. Each of these policies is considered an integral part of your obligations under this
 policy. Each policy prohibits you from buying or selling any Security while in possession
 of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit
 you from communicating any nonpublic information about any Security or issuer of Securities
 to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 must comply with the Confidential Information Policy ,
 including that you may not share information with any third party about any planned, upcoming,
 or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such
 information is publicly available through no action by you.

&nbsp;&nbsp;&nbsp;&nbsp;· Fund policies and excessive trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When
purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund's
prospectus, or offering document, including policies on market-timing and frequent trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excessive trading in Covered Accounts is strongly discouraged.
The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades
in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is
so frequent as to potentially impact your ability to carry out your assigned responsibilities

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or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This section does not apply to transactions in an Approved Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Beneficial
ownership and discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The terms and restrictions of this policy apply to all
Securities in which you have acquired or will acquire Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You must comply with these investment and trading restrictions
with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
circumvention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You are not permitted to assist, aid, or enable any other person in doing anything that you are
prohibited from doing under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions
and waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In rare cases, the Chief Compliance Officer may grant exceptions
to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it
is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard's
interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Chief Compliance Officer may waive the applicability
of this policy for a contingent worker if the policy's requirements are covered through the applicable service provider's
contract with Vanguard.

**Rules regarding specific investments or investment types:**

&nbsp;&nbsp;&nbsp;&nbsp;· Use of derivatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members may not use a
derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is
also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types
of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members are permitted
to trade futures or options on commodities.

&nbsp;&nbsp;&nbsp;&nbsp;· IPOs and ICOs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

Page 6 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements – You and your Household or Family
Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering
without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS,
and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private
Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· SPACs – You and your Household or Family Members
are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

&nbsp;&nbsp;&nbsp;&nbsp;· Short-Selling – You are prohibited from selling short
any Security that you do not own or from otherwise engaging in short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Digital
 Currencies and Related Investments – Refer to the Trading
 and Reporting Requirements for Digital Currency Investments and Activities for details
 on which digital currency account and product types are permitted, and what must be disclosed,
 under this policy.

**Trade Pre-clearance** 

Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000 in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual Vanguard ETF is a violation of this policy. Please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

*Note:* In some instances, you must pre-clear trades in accounts managed by Vanguard. See the pre-clearance exceptions below for more details.

**Obtaining Pre-clearance** 

Pre-clearance approval must be obtained via the "Personal Trade Pre-Clearance" path in MCO, and requests are typically approved or denied immediately. For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However, requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.

**Pre-clearance Expiration**

*In the U.S.:* Pre-clearance approval will expire at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.

*Outside the U.S.:* Pre-clearance approval will expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval window

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closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire, by the end of the trading day on the next business day.

**Pre-clearance Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of Vanguard Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Note:* Investment Access Persons must pre-clear Vanguard
ETF trades as described above.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales where the person requesting pre-clearance
has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name
but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been
no prior communication between you and the trustee regarding the transaction)

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate actions in Covered Securities such as stock dividends,
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made as a part of an Automatic Investment
Program or Dividend Reinvestment Program

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of Rights which were
issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of Covered Securities through gifts or bequests

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in an Approved Managed Account, provided
there is no prior communication with the account's portfolio manager regarding the transactions

**Vanguard Digital Advisor and Personal Advisor accounts:** These accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.

However, pre-clearance is not required for trades executed by Digital Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after enrollment is complete.

**Vanguard Personal Advisor Select and Vanguard Wealth Management accounts:** Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) are subject to pre-clearance and all other trading rules that apply if directed by you. You (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Automatic rebalancing and automatic tax-loss harvesting transactions are not subject to the pre-clearance requirement.

Trading violations made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management) will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether the Access Person or the Advisor will receive the violation.

Page 8 of 19

**Blackout Periods**

Fund Access Persons and Investment Access Persons generally will not receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior seven calendar days.

If you purchase a Covered Security without pre-clearance, you will have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.

If an Investment Access Person sells a Covered Security within seven days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares they sold.

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

Compliance may exempt certain trades from these restrictions during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

**Exception to Blackout Periods**

Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion. Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception. Additionally, please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

If a Fund Access Person's purchases exceed the US$50,000 limit, they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person's sales exceed the US$50,000 limit, they will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of the limit.

Trades of Securities of issuers with market capitalizations below US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance Department grants an exception.

**Short-Term Trading**

You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 30 calendar days. Please note, day one is the first calendar day after the trade date (for example, if your trade date is Friday, then day one is Saturday). This prohibition also applies to all Vanguard ETF trades made by Investment Access Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for more than $10 within 30

Page 9 of 19

calendar days. Similarly, if you sold a security for $10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard (exclusive of commissions). In addition, the transaction will be considered a violation of this policy.

The rule applies across all accounts owned by you and your Household or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy and must relinquish profits received from the sale to Vanguard (exclusive of commissions).

**Options Trading (Advisor Access Persons Only)**

You may hold options on a Covered Security until you exercise the options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days. Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised automatically, without any action on your part. For example:

&nbsp;&nbsp;&nbsp;&nbsp;· If a call option is assigned within 30 calendar days of
your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the
call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard
(exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior
30 calendar days, you will have violated this policy and will be required to relinquish profits.

&nbsp;&nbsp;&nbsp;&nbsp;· If your position auto exercises upon expiration, and you
earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish
profits from the exercise to Vanguard (exclusive of commissions).

**Exceptions** 

The Chief Compliance Officer or their designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

Understandably, you may encounter personal situations in which you believe an exception to this policy is necessary. Exceptions may be warranted if:

&nbsp;&nbsp;&nbsp;&nbsp;· You face a financial hardship that can be met by liquidating
assets that are subject to this policy's rule (e.g., medical expense, home purchase, life event, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;· You would like to liquidate company stock held in a former
employer's stock plan, or exercise options held in a former employer's stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Your Household or Family Member(s) would like to sell stock
or exercise options in their current or former employer's stock plan or stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· You, or your Household or Family Members, would like to
liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered
Securities received in a single gift, bequest, or inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;· You receive three pre-clearance denials for the same security
within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance
date specified by MCO.

Page 10 of 19

If you believe you should be afforded an exception to this policy's rules, you must obtain prior written approval by submitting a request through the Hardship Waiver Request Form. Compliance will consider your request and notify you of the outcome.

**Policy Compliance** 

Questions regarding this policy may be submitted to the policy contact for your region.

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy.

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Refer to the Policy Disclaimer Statement for more information.

Page 11 of 19

**Defined Terms** 

The following definitions apply throughout this policy:

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| | |
|:---|:---|
| Access Person | &nbsp;&nbsp;Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account | &nbsp;&nbsp;An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person | &nbsp;&nbsp;Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program | &nbsp;&nbsp;A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers' Acceptance | &nbsp;&nbsp;A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers' Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned individually by you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned by a Household or Family Member.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.<br>|

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Page 12 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person. |
| Bond | &nbsp;&nbsp;A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate | &nbsp;&nbsp;In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) | &nbsp;&nbsp;An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper | &nbsp;&nbsp;A promissory note issued by a large company in need of short-term financing. |
| Covered Account | &nbsp;&nbsp;Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security | &nbsp;&nbsp; Any Security (including through an IPO), but <u>not</u> including any:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Direct Obligations of a Government (excluding municipal bonds); <br> &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);<br> &nbsp;&nbsp;&nbsp;&nbsp;· Life policies; <br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs;<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETNs; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital Currencies. |
| Debenture | &nbsp;&nbsp;An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency | &nbsp;&nbsp;A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token | &nbsp;&nbsp; Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.<br>Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital |

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Page 13 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token | &nbsp;&nbsp;A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government | &nbsp;&nbsp;A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund | &nbsp;&nbsp;An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note | &nbsp;&nbsp;A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract | &nbsp;&nbsp;A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument | &nbsp;&nbsp;An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) | &nbsp;&nbsp; For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term "Household or Family Member" includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.<br>For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person's accounts. |
| Household or Family Member (Europe) | &nbsp;&nbsp;For Europe crew members, the term "Household or Family Member" includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor |

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Page 14 of 19

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| | |
|:---|:---|
| | &nbsp;&nbsp;children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) | &nbsp;&nbsp;An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) | &nbsp;&nbsp;A corporation's first offering of common stock to the public. |
| Investment Contract | &nbsp;&nbsp;Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion | &nbsp;&nbsp;The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Material, Nonpublic Information | &nbsp;&nbsp;Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or disclosure of the information would be likely to cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic). |
| Non-Access Person | &nbsp;&nbsp;Any person in a role that has not been designated as an Access Person role. |
| Note | &nbsp;&nbsp;A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund | &nbsp;&nbsp;A mutual fund that has an unlimited number of shares available for purchase. |
| Option | &nbsp;&nbsp;The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement | &nbsp;&nbsp;A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |

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Page 15 of 19

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| | |
|:---|:---|
| Related Security | &nbsp;&nbsp;Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security | &nbsp;&nbsp;Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement | &nbsp;&nbsp;An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right | &nbsp;&nbsp;A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering | &nbsp;&nbsp;The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security | &nbsp;&nbsp;Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) | &nbsp;&nbsp;A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting | &nbsp;&nbsp;A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock | &nbsp;&nbsp;A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) | &nbsp;&nbsp;A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client | &nbsp;&nbsp;The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund | &nbsp;&nbsp;Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant | &nbsp;&nbsp;An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |

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Page 16 of 19

**Appendix A: Access Person Designations and Trading Rules**

The terms and requirements in this appendix are *in addition to* the investment and trading restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to your Access Person designation.

As a reminder, the designation(s) that applies to you is based on your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.

Access Person Designation Hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;1. Investment Access Person

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Access Person

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisor Access Person

If you have multiple Access Person designations, you are subject to the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you are subject to the trading rules for Fund Access Persons.

If both you and a Household or Family Member are designated as Access Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access Person trading rules.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trading Rule** | &nbsp;&nbsp;**Advisor Access <br> Persons** | &nbsp;&nbsp;**Fund Access <br> Persons** | &nbsp;&nbsp;**Investment Access<br> Persons** |
| &nbsp;&nbsp; **Trade Pre-clearance**<br>Note: ALL Access Persons must pre-clear Private Placements, as described above | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities of any amount and transactions in an individual Vanguard ETF in excess of US$50,000 over a rolling 30-day period |
| &nbsp;&nbsp;<br> **Blackout Period** | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, though the US$5 billion market capitalization exception applies (see page 9 for details) | &nbsp;&nbsp; Yes |

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Page 17 of 19

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Trading <br> (30-Day Hold)** | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities (including Options trades exercised or assigned involuntarily) | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities and Vanguard ETFs |
| &nbsp;&nbsp;**Prohibited Securities** | &nbsp;&nbsp; IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options<sup>\*</sup><br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions<br> SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options\*<br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs |
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;Trading and Reporting Requirements for Advisor Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Fund Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Investment Access Persons |

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*\* Fund Access Persons and Investment Access Persons may not trade Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options on commodities are permitted.*

*\*\*All Access Persons are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures). Futures on commodities are permitted.*

*\*\*\*Fund Access Persons and Investment Access Persons are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.*

**Appendix B: External Account Monitoring**

Vanguard has direct electronic feeds with several financial institutions that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be contacted by the Compliance Department and provided further instructions.

Although other financial institutions and plan providers may offer Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:

&nbsp;&nbsp;&nbsp;&nbsp;· Smaller brokerage firms or investment advisors

&nbsp;&nbsp;&nbsp;&nbsp;· 529 college savings plans or Achieving a Better Life Experience
(ABLE) plans that offer Vanguard Funds.

Page 18 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Health Savings Accounts (HSAs) that offer Vanguard Funds,
including the Health Equity HSA offered through Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Employer sponsored retirement plans or investment plans
that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans,
restricted stock plans, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Annuity plan providers that offer Vanguard Funds or products

To allow the Compliance Department to monitor such accounts and holdings, Access Persons have two options:

&nbsp;&nbsp;&nbsp;&nbsp;1. Contact the firm where your Covered Accounts or Reportable
Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming
Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to "Xerox",
Vanguard's third-party service provider, at this address:

F01012 – Vanguard C/O MyComplianceOffice

PO BOX 3048

Coppell, TX 75019-3048

&nbsp;&nbsp;&nbsp;&nbsp;2. If the firm cannot provide duplicate statements and confirmations
to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them,
unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account
number, account owner, account type, and transaction and/or holdings details.

Additionally, you will be required to complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of this policy.

Page 19 of 19

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Whitehall Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Whitehall Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 23, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Whitehall Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the issuer.

Date: December 23, 2025

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| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

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**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Whitehall Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the issuer.

Date: December 23, 2025

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| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

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