# EDGAR Filing Document

**Accession Number:** 0001004655
**File Stem:** 0001104659-25-064875
**Filing Date:** 2025-7
**Character Count:** 831832
**Document Hash:** c1971f43cdfa9750791c8b4badef3e19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064875.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-064875

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250702

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07443
- **FILM NUMBER:** 251097910

**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: | **Tonya T. Robinson, 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—April 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Mid-Cap Growth Fund](#classname7fbc1617-7603-4161-80db-3a90113979dd)<br> **[Investor Shares - VMGRX](#classname7fbc1617-7603-4161-80db-3a90113979dd)**  |
|  [Selected Value Fund](#classname68e23316-1c4a-426b-a15b-b4d60a51fe2d)<br> **[Investor Shares - VASVX](#classname68e23316-1c4a-426b-a15b-b4d60a51fe2d)**  |
|  [Emerging Markets Government Bond Index Fund](#classnameee48d431-61b7-4aa8-bbfe-d4f39d3d8303)<br> **[ETF Shares - VWOB](#classnameee48d431-61b7-4aa8-bbfe-d4f39d3d8303)**  |
|  [Emerging Markets Government Bond Index Fund](#classnamec3fda798-3ccd-4f61-a26c-775fef12d5fc)<br> **[Admiral™ Shares - VGAVX](#classnamec3fda798-3ccd-4f61-a26c-775fef12d5fc)**  |
|  [Emerging Markets Government Bond Index Fund](#classname8d06a12c-bbe4-4e81-ace8-160dd684eba3)<br> **[Institutional Shares - VGIVX](#classname8d06a12c-bbe4-4e81-ace8-160dd684eba3)**  |
|  [Global Minimum Volatility Fund](#classnamec189f334-62f2-4051-9189-fe905b813243)<br> **[Investor Shares - VMVFX](#classnamec189f334-62f2-4051-9189-fe905b813243)**  |
|  [Global Minimum Volatility Fund](#classname21ac3fd2-2ca6-4bfb-a6d0-8790edec2db0)<br> **[Admiral™ Shares - VMNVX](#classname21ac3fd2-2ca6-4bfb-a6d0-8790edec2db0)**  |
|  [International Dividend Appreciation Index Fund](#classname9113f26a-dbd9-483b-b87a-ccc62846827b)<br> **[ETF Shares - VIGI](#classname9113f26a-dbd9-483b-b87a-ccc62846827b)**  |
|  [International Dividend Appreciation Index Fund](#classnamec55e761e-f23c-4128-82fe-dfa5a848b921)<br> **[Admiral™ Shares - VIAAX](#classnamec55e761e-f23c-4128-82fe-dfa5a848b921)**  |
|  [International High Dividend Yield Index Fund](#classname11438341-dfdc-4ee0-9803-9a6284a275a0)<br> **[ETF Shares - VYMI](#classname11438341-dfdc-4ee0-9803-9a6284a275a0)**  |
|  [International High Dividend Yield Index Fund](#classname200a2b59-ccfd-4449-b549-a7eff88e916e)<br> **[Admiral™ Shares - VIHAX](#classname200a2b59-ccfd-4449-b549-a7eff88e916e)**  |
|  [International Dividend Growth Fund](#classname6fef3bbb-f20e-4c5b-8acb-9a7350d93c92)<br> **[Investor Shares - VIDGX](#classname6fef3bbb-f20e-4c5b-8acb-9a7350d93c92)**  |

---

# Vanguard Mid-Cap Growth Fund
![Image](tm2515692d12img001.jpg)

# Investor Shares (VMGRX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Mid-Cap Growth Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $16 | 0.32%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 4.5% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 3.1% |
| Energy | 3.8% |
| Financials | 9.6% |
| Health Care | 13.7% |
| Industrials | 18.2% |
| Information Technology | 31.2% |
| Materials | 1.5% |
| Real Estate | 2.2% |
| Other Assets and Liabilities—Net | 2.6% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $2745 |
| Number of Portfolio Holdings | 114 |
| Portfolio Turnover Rate | 40% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR301

# Vanguard Selected Value Fund
![Image](tm2515692d12img001.jpg)

# Investor Shares (VASVX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Selected Value Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $17 | 0.36%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 3.0% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 4.8% |
| Energy | 2.5% |
| Financials | 23.3% |
| Health Care | 10.0% |
| Industrials | 18.7% |
| Information Technology | 8.2% |
| Materials | 9.5% |
| Real Estate | 5.0% |
| Utilities | 0.8% |
| Other Assets and Liabilities—Net | 3.4% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5961 |
| Number of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 13% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR934

# Vanguard Emerging Markets Government Bond Index Fund
![Image](tm2515692d12img001.jpg)

# ETF Shares (VWOB) Nasdaq

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Emerging Markets Government Bond Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Africa | 7.6% |
| Asia | 42.4% |
| Europe | 12.9% |
| North America | 17.1% |
| Oceania | 0.0% |
| South America | 18.2% |
| Other Assets and Liabilities—Net | 1.8% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5197 |
| Number of Portfolio Holdings | 784 |
| Portfolio Turnover Rate | 12% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR3820

# Vanguard Emerging Markets Government Bond Index Fund
![Image](tm2515692d12img001.jpg)

# Admiral™ Shares (VGAVX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Emerging Markets Government Bond Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Africa | 7.6% |
| Asia | 42.4% |
| Europe | 12.9% |
| North America | 17.1% |
| Oceania | 0.0% |
| South America | 18.2% |
| Other Assets and Liabilities—Net | 1.8% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5197 |
| Number of Portfolio Holdings | 784 |
| Portfolio Turnover Rate | 12% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR520

# Vanguard Emerging Markets Government Bond Index Fund
![Image](tm2515692d12img001.jpg)

# Institutional Shares (VGIVX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Emerging Markets Government Bond Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Africa | 7.6% |
| Asia | 42.4% |
| Europe | 12.9% |
| North America | 17.1% |
| Oceania | 0.0% |
| South America | 18.2% |
| Other Assets and Liabilities—Net | 1.8% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5197 |
| Number of Portfolio Holdings | 784 |
| Portfolio Turnover Rate | 12% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR2020

# Vanguard Global Minimum Volatility Fund
![Image](tm2515692d12img001.jpg)

# Investor Shares (VMVFX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Global Minimum Volatility Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $11 | 0.21%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Asia | 14.4% |
| Europe | 18.8% |
| North America | 61.5% |
| Oceania | 3.1% |
| South America | 1.3% |
| Other Assets and Liabilities—Net | 0.9% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $2134 |
| Number of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 28% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR1194

# Vanguard Global Minimum Volatility Fund
![Image](tm2515692d12img001.jpg)

# Admiral™ Shares (VMNVX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Global Minimum Volatility Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Asia | 14.4% |
| Europe | 18.8% |
| North America | 61.5% |
| Oceania | 3.1% |
| South America | 1.3% |
| Other Assets and Liabilities—Net | 0.9% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $2134 |
| Number of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 28% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR594

# Vanguard International Dividend Appreciation Index Fund
![Image](tm2515692d12img001.jpg)

# ETF Shares (VIGI) Nasdaq

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard International Dividend Appreciation Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $6 | 0.12%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Asia | 36.4% |
| Europe | 44.6% |
| North America | 16.1% |
| Oceania | 2.0% |
| South America | 0.0% |
| Other Assets and Liabilities—Net | 0.9% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8175 |
| Number of Portfolio Holdings | 366 |
| Portfolio Turnover Rate | 13% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR4415

# Vanguard International Dividend Appreciation Index Fund
![Image](tm2515692d12img001.jpg)

# Admiral™ Shares (VIAAX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard International Dividend Appreciation Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $8 | 0.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Asia | 36.4% |
| Europe | 44.6% |
| North America | 16.1% |
| Oceania | 2.0% |
| South America | 0.0% |
| Other Assets and Liabilities—Net | 0.9% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $8175 |
| Number of Portfolio Holdings | 366 |
| Portfolio Turnover Rate | 13% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR515

# Vanguard International High Dividend Yield Index Fund
![Image](tm2515692d12img001.jpg)

# ETF Shares (VYMI) Nasdaq

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard International High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $10 | 0.19%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Africa | 1.1% |
| Asia | 35.3% |
| Europe | 44.8% |
| North America | 8.5% |
| Oceania | 7.1% |
| South America | 2.3% |
| Other Assets and Liabilities—Net | 0.9% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $10208 |
| Number of Portfolio Holdings | 1591 |
| Portfolio Turnover Rate | 7% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR4430

# Vanguard International High Dividend Yield Index Fund
![Image](tm2515692d12img001.jpg)

# Admiral™ Shares (VIHAX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard International High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $10 | 0.19%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Africa | 1.1% |
| Asia | 35.3% |
| Europe | 44.8% |
| North America | 8.5% |
| Oceania | 7.1% |
| South America | 2.3% |
| Other Assets and Liabilities—Net | 0.9% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $10208 |
| Number of Portfolio Holdings | 1591 |
| Portfolio Turnover Rate | 7% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SR530

# Vanguard International Dividend Growth Fund
![Image](tm2515692d12img001.jpg)

# Investor Shares (VIDGX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard International Dividend Growth Fund (the "Fund") for the period of November 1, 2024, to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $27 | 0.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Asia | 17.6% |
| Europe | 69.3% |
| North America | 9.9% |
| Other Assets and Liabilities—Net | 3.2% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $111 |
| Number of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 16% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<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.

SRV021

**Item 2: Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2515692d12mdcpgrhfdfni01.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Mid-Cap Growth Fund

------

#### Contents
Financial Statements 1 <br>

------

Mid-Cap Growth Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 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 (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** |
| **Communication Services (4.5%)** | **Communication Services (4.5%)** | **Communication Services (4.5%)** | **Communication Services (4.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;465085 | &nbsp;&nbsp;&nbsp;&nbsp; 31184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;342205 | &nbsp;&nbsp;&nbsp;&nbsp; 30344 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121448 | &nbsp;&nbsp;&nbsp;&nbsp; 28336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;783379 | &nbsp;&nbsp;&nbsp;&nbsp; 19835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;143245 | &nbsp;&nbsp;&nbsp;&nbsp; 7682 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247614 | &nbsp;&nbsp;&nbsp;&nbsp; 7344 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **124725** |
| **Consumer Discretionary (9.6%)** | **Consumer Discretionary (9.6%)** | **Consumer Discretionary (9.6%)** | **Consumer Discretionary (9.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | 1451338 | &nbsp;&nbsp;&nbsp;&nbsp; 48315 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20031 | &nbsp;&nbsp;&nbsp;&nbsp; 28348 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109500 | &nbsp;&nbsp;&nbsp;&nbsp; 24642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 1360770 | &nbsp;&nbsp;&nbsp;&nbsp; 21623 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140464 | &nbsp;&nbsp;&nbsp;&nbsp; 17617 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105611 | &nbsp;&nbsp;&nbsp;&nbsp; 14680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280743 | &nbsp;&nbsp;&nbsp;&nbsp; 14183 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28839 | &nbsp;&nbsp;&nbsp;&nbsp; 14142 |
|  | &nbsp;&nbsp;&nbsp;Wingstop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52447 | &nbsp;&nbsp;&nbsp;&nbsp; 13840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;On Holding AG Class A | &nbsp;&nbsp;&nbsp;&nbsp;259924 | &nbsp;&nbsp;&nbsp;&nbsp; 12505 |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40735 | &nbsp;&nbsp;&nbsp;&nbsp; 11926 |
|  | &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;222872 | &nbsp;&nbsp;&nbsp;&nbsp; 11282 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skechers USA Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;225017 | &nbsp;&nbsp;&nbsp;&nbsp; 10805 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;681315 | &nbsp;&nbsp;&nbsp;&nbsp; 9933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255442 | &nbsp;&nbsp;&nbsp;&nbsp; 6912 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;&nbsp;&nbsp;55116 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **265253** |
| **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71397 | &nbsp;&nbsp;&nbsp;&nbsp; 33028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshpet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214894 | &nbsp;&nbsp;&nbsp;&nbsp; 15803 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155515 | &nbsp;&nbsp;&nbsp;&nbsp; 15449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176966 | &nbsp;&nbsp;&nbsp;&nbsp; 10949 |
|  | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183928 | &nbsp;&nbsp;&nbsp;&nbsp; 9713 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **84942** |
| **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195822 | &nbsp;&nbsp;&nbsp;&nbsp; 45256 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264265 | &nbsp;&nbsp;&nbsp;&nbsp; 45163 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 1156186 | &nbsp;&nbsp;&nbsp;&nbsp; 13643 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **104062** |
| **Financials (9.6%)** | **Financials (9.6%)** | **Financials (9.6%)** | **Financials (9.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;953931 | &nbsp;&nbsp;&nbsp;&nbsp; 55776 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;315344 | &nbsp;&nbsp;&nbsp;&nbsp; 48100 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;261766 | &nbsp;&nbsp;&nbsp;&nbsp; 36202 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;451851 | &nbsp;&nbsp;&nbsp;&nbsp; 34436 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;87866 | &nbsp;&nbsp;&nbsp;&nbsp; 31174 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120582 | &nbsp;&nbsp;&nbsp;&nbsp; 16457 |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389786 | &nbsp;&nbsp;&nbsp;&nbsp; 15061 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113769 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22775 | &nbsp;&nbsp;&nbsp;&nbsp; 12415 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **262621** |
| **Health Care (13.7%)** | **Health Care (13.7%)** | **Health Care (13.7%)** | **Health Care (13.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;272266 | &nbsp;&nbsp;&nbsp;&nbsp; 63626 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293077 | &nbsp;&nbsp;&nbsp;&nbsp; 44234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207333 | &nbsp;&nbsp;&nbsp;&nbsp; 35931 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dexcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;406638 | &nbsp;&nbsp;&nbsp;&nbsp; 29026 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;250655 | &nbsp;&nbsp;&nbsp;&nbsp; 24467 |
|  | &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;103646 | &nbsp;&nbsp;&nbsp;&nbsp; 23293 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51201 | &nbsp;&nbsp;&nbsp;&nbsp; 22152 |
|  | &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85158 | &nbsp;&nbsp;&nbsp;&nbsp; 20148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62413 | &nbsp;&nbsp;&nbsp;&nbsp; 18917 |

---

------

Mid-Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108662 | &nbsp;&nbsp;&nbsp;&nbsp; 17210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;&nbsp;375532 | &nbsp;&nbsp;&nbsp;&nbsp; 17139 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14740 | &nbsp;&nbsp;&nbsp;&nbsp; 15780 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115373 | &nbsp;&nbsp;&nbsp;&nbsp; 12414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45241 | &nbsp;&nbsp;&nbsp;&nbsp; 11909 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167800 | &nbsp;&nbsp;&nbsp;&nbsp; 11801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139575 | &nbsp;&nbsp;&nbsp;&nbsp; 8123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **376170** |
| **Industrials (18.2%)** | **Industrials (18.2%)** | **Industrials (18.2%)** | **Industrials (18.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209212 | &nbsp;&nbsp;&nbsp;&nbsp; 44759 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370840 | &nbsp;&nbsp;&nbsp;&nbsp; 40466 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373882 | &nbsp;&nbsp;&nbsp;&nbsp; 39676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64287 | &nbsp;&nbsp;&nbsp;&nbsp; 39427 |
|  | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;331226 | &nbsp;&nbsp;&nbsp;&nbsp; 35478 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168372 | &nbsp;&nbsp;&nbsp;&nbsp; 29292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Standardaero Inc. | 1029747 | &nbsp;&nbsp;&nbsp;&nbsp; 27824 |
|  | &nbsp;&nbsp;&nbsp;Rollins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411081 | &nbsp;&nbsp;&nbsp;&nbsp; 23485 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;278320 | &nbsp;&nbsp;&nbsp;&nbsp; 23090 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75104 | &nbsp;&nbsp;&nbsp;&nbsp; 21982 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54399 | &nbsp;&nbsp;&nbsp;&nbsp; 20172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AZEK Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;377364 | &nbsp;&nbsp;&nbsp;&nbsp; 18702 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;215999 | &nbsp;&nbsp;&nbsp;&nbsp; 18442 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;89494 | &nbsp;&nbsp;&nbsp;&nbsp; 17687 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141180 | &nbsp;&nbsp;&nbsp;&nbsp; 16889 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60994 | &nbsp;&nbsp;&nbsp;&nbsp; 15866 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71750 | &nbsp;&nbsp;&nbsp;&nbsp; 15787 |
|  | &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71252 | &nbsp;&nbsp;&nbsp;&nbsp; 15083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;28430 | &nbsp;&nbsp;&nbsp;&nbsp; 13017 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26884 | &nbsp;&nbsp;&nbsp;&nbsp; 8833 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197858 | &nbsp;&nbsp;&nbsp;&nbsp; 7750 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trex Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118476 | &nbsp;&nbsp;&nbsp;&nbsp; 6850 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **500557** |
| **Information Technology (31.2%)** | **Information Technology (31.2%)** | **Information Technology (31.2%)** | **Information Technology (31.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | 1029974 | &nbsp;&nbsp;&nbsp;&nbsp; 121990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106017 | &nbsp;&nbsp;&nbsp;&nbsp; 64829 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85796 | &nbsp;&nbsp;&nbsp;&nbsp; 50886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;477702 | &nbsp;&nbsp;&nbsp;&nbsp; 48802 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;180137 | &nbsp;&nbsp;&nbsp;&nbsp; 48513 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;300168 | &nbsp;&nbsp;&nbsp;&nbsp; 48195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97214 | &nbsp;&nbsp;&nbsp;&nbsp; 40935 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | 1623900 | &nbsp;&nbsp;&nbsp;&nbsp; 34216 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;344317 | &nbsp;&nbsp;&nbsp;&nbsp; 33299 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;946809 | &nbsp;&nbsp;&nbsp;&nbsp; 32513 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16238 | &nbsp;&nbsp;&nbsp;&nbsp; 32308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortinet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265535 | &nbsp;&nbsp;&nbsp;&nbsp; 27552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118999 | &nbsp;&nbsp;&nbsp;&nbsp; 26914 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;285823 | &nbsp;&nbsp;&nbsp;&nbsp; 21028 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206197 | &nbsp;&nbsp;&nbsp;&nbsp; 20983 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;269245 | &nbsp;&nbsp;&nbsp;&nbsp; 20718 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;293190 | &nbsp;&nbsp;&nbsp;&nbsp; 18858 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300100 | &nbsp;&nbsp;&nbsp;&nbsp; 17517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BILL Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380831 | &nbsp;&nbsp;&nbsp;&nbsp; 17354 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76677 | &nbsp;&nbsp;&nbsp;&nbsp; 15701 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;202647 | &nbsp;&nbsp;&nbsp;&nbsp; 15561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;803718 | &nbsp;&nbsp;&nbsp;&nbsp; 15327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EPAM Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94946 | &nbsp;&nbsp;&nbsp;&nbsp; 14898 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17605 | &nbsp;&nbsp;&nbsp;&nbsp; 12371 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68418 | &nbsp;&nbsp;&nbsp;&nbsp; 11779 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snowflake Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;61331 | &nbsp;&nbsp;&nbsp;&nbsp; 9782 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Confluent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;380116 | &nbsp;&nbsp;&nbsp;&nbsp; 9051 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177483 | &nbsp;&nbsp;&nbsp;&nbsp; 8684 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102234 | &nbsp;&nbsp;&nbsp;&nbsp; 8411 |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89053 | &nbsp;&nbsp;&nbsp;&nbsp; 7046 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **856021** |
| **Materials (1.5%)** | **Materials (1.5%)** | **Materials (1.5%)** | **Materials (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;Eagle Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106492 | &nbsp;&nbsp;&nbsp;&nbsp; 24109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310044 | &nbsp;&nbsp;&nbsp;&nbsp; 16860 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **40969** |

---

------

Mid-Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Real Estate (2.2%)** | **Real Estate (2.2%)** | **Real Estate (2.2%)** | **Real Estate (2.2%)** |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128623 | &nbsp;&nbsp;&nbsp;&nbsp; 31307 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204358 | &nbsp;&nbsp;&nbsp;&nbsp; 15157 |
|  | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283772 | &nbsp;&nbsp;&nbsp;&nbsp; 13502 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **59966** |
| **Total Common Stocks (Cost $2,246,045)** | **Total Common Stocks (Cost $2,246,045)** | **Total Common Stocks (Cost $2,246,045)** | &nbsp;&nbsp;&nbsp;&nbsp;**2675286** |
| **Temporary Cash Investments (2.8%)** | **Temporary Cash Investments (2.8%)** | **Temporary Cash Investments (2.8%)** | **Temporary Cash Investments (2.8%)** |
| **Money Market Fund (2.8%)** | **Money Market Fund (2.8%)** | **Money Market Fund (2.8%)** | **Money Market Fund (2.8%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost $75,477)** | &nbsp;&nbsp;&nbsp;&nbsp;754893 | &nbsp;&nbsp;&nbsp;&nbsp; **75482** |
| **Total Investments (100.2%) (Cost $2,321,522)** | **Total Investments (100.2%) (Cost $2,321,522)** | **Total Investments (100.2%) (Cost $2,321,522)** | &nbsp;&nbsp;&nbsp;&nbsp;**2750768** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5318)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**2745450** |
| 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 $3,574. |
| 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 $3,922 was received for securities on loan. |

---

------

#### 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 | June 2025 | 164 | 45813 | &nbsp;&nbsp;836 |

---

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

------

Mid-Cap Growth Fund

Statement of Assets and Liabilities

As of April 30, 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 $2,246,045) | 2675286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $75,477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75482 |
| Total Investments in Securities | 2750768 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| **Total Assets** | **2755698** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10248** |
| **Net Assets** | **2745450** |
| 1 Includes $3,574 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 2245570 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;499880 |
| **Net Assets** | **2745450** |
| **Net Assets** |  |
| **Applicable to 110,924,164 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **2745450** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$24.75** |

---

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

------

Mid-Cap Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6738 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2058 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;8805 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(1190) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;2920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;4870 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;4809 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**3996** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 249951 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(3051) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | **246900** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (357073) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1385 |
| **Change in Unrealized Appreciation (Depreciation)** | **(355688)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(104792)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $8. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,986, $5, and ($2), respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Mid-Cap Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11105 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;246900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252505 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(355688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609475 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(104792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873085 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(55892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11688) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;124880 | &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;11042 |
| Redeemed | &nbsp;&nbsp;&nbsp;(313712) | &nbsp;&nbsp;&nbsp;&nbsp;(576889) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(136229) | &nbsp;&nbsp;&nbsp;&nbsp;(348663) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(296913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512734 |
| **Net Assets** |  |  |
| **Beginning of Period** | **3042363** | &nbsp;&nbsp;&nbsp;**2529629** |
| **End of Period** | **2745450** | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$26.21** | &nbsp;&nbsp;&nbsp;**$19.38** | &nbsp;&nbsp;&nbsp;**$19.24** | &nbsp;&nbsp;&nbsp;**$38.72** | &nbsp;&nbsp;&nbsp;**$29.89** | &nbsp;&nbsp;&nbsp;**$27.93** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.035 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.068 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(1.010) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.680 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(.975) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.748 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.067) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9.316) | &nbsp;&nbsp;&nbsp;&nbsp;(2.063) | &nbsp;&nbsp;&nbsp;&nbsp;(2.721) |
| Total Distributions | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(2.788) |
| **Net Asset Value, End of Period** | **$24.75** | &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** |
| **Total Return<sup>2</sup>** | **-3.87%** | &nbsp;&nbsp;&nbsp;**35.77%** | &nbsp;&nbsp;&nbsp;**0.99%** | &nbsp;&nbsp;&nbsp;**-32.22%** | &nbsp;&nbsp;&nbsp;**37.68%** | &nbsp;&nbsp;&nbsp;**18.33%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $2745 | &nbsp;&nbsp;&nbsp;$3042 | &nbsp;&nbsp;&nbsp;$2530 | &nbsp;&nbsp;&nbsp;$2956 | &nbsp;&nbsp;&nbsp;$5290 | &nbsp;&nbsp;&nbsp;$4414 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 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% | &nbsp;&nbsp;&nbsp;0.34% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.27% | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;0.25% |
| Portfolio Turnover Rate | 40% | &nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;74% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.08%), (0.07%), (0.02%), (0.05%), (0.06%), and (0.05%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.32%, 0.33%, 0.37%, and 0.35, respectively. |

---

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 six months ended April 30, 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 six months ended April 30, 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 Frontier Capital Management Co., LLC, and Wellington Management Company LLP 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 fees of Frontier Capital Management Co., LLC, and Wellington Management Company LLP are 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 six months ended April 30, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.20% of the fund's average net assets, before a net decrease of $1,190,000 (0.08%) 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 April 30, 2025, the fund had contributed to Vanguard capital in the amount of $74,000, 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 six months ended April 30, 2025, these arrangements reduced the fund's expenses by $61,000 (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 April 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**F.** As of April 30, 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;2387179 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558981 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(194556) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364425 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $116,703,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

------

Mid-Cap Growth Fund

**G.** During the six months ended April 30, 2025, the fund purchased $1,170,493,000 of investment securities and sold $1,339,665,000 of investment securities, other than temporary cash investments.

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 six months ended April 30, 2025, such purchases were $31,309,000 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;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;4629 | &nbsp;&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;&nbsp;&nbsp;478 |
| Redeemed | (11742) | &nbsp;&nbsp;&nbsp;(23897) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;(5166) | &nbsp;&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.

**J.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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.

Q3012 062025

------

![](tm2515692d12selvalfndfini001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Selected Value Fund

------

#### Contents
Financial Statements 1 <br>

------

Selected Value Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 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 (96.6%)** | **Common Stocks (96.6%)** | **Common Stocks (96.6%)** | **Common Stocks (96.6%)** |
| **Communication Services (3.0%)** | **Communication Services (3.0%)** | **Communication Services (3.0%)** | **Communication Services (3.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;163961 | &nbsp;&nbsp;&nbsp;&nbsp; 64250 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;780550 | &nbsp;&nbsp;&nbsp;&nbsp; 59447 |
|  | &nbsp;&nbsp;&nbsp;Warner Music Group Corp. Class A | 1884830 | &nbsp;&nbsp;&nbsp;&nbsp; 57393 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **181090** |
| **Consumer Discretionary (10.8%)** | **Consumer Discretionary (10.8%)** | **Consumer Discretionary (10.8%)** | **Consumer Discretionary (10.8%)** |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp. | 2101304 | &nbsp;&nbsp;&nbsp;&nbsp; 80291 |
|  | &nbsp;&nbsp;&nbsp;Gildan Activewear Inc. | 1544531 | &nbsp;&nbsp;&nbsp;&nbsp; 71234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | 1086243 | &nbsp;&nbsp;&nbsp;&nbsp; 62296 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | 1855297 | &nbsp;&nbsp;&nbsp;&nbsp; 60705 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Magna International Inc. | 1625479 | &nbsp;&nbsp;&nbsp;&nbsp; 56502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444370 | &nbsp;&nbsp;&nbsp;&nbsp; 47405 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;545377 | &nbsp;&nbsp;&nbsp;&nbsp; 46766 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;621727 | &nbsp;&nbsp;&nbsp;&nbsp; 42887 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;584970 | &nbsp;&nbsp;&nbsp;&nbsp; 37830 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | 3375143 | &nbsp;&nbsp;&nbsp;&nbsp; 35540 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566666 | &nbsp;&nbsp;&nbsp;&nbsp; 35077 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Inc. | 1393898 | &nbsp;&nbsp;&nbsp;&nbsp; 31251 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 4134510 | &nbsp;&nbsp;&nbsp;&nbsp; 19763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanesbrands Inc. | 3631900 | &nbsp;&nbsp;&nbsp;&nbsp; 16670 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **644217** |
| **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;979849 | &nbsp;&nbsp;&nbsp;&nbsp; 91802 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;870421 | &nbsp;&nbsp;&nbsp;&nbsp; 53304 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 1511082 | &nbsp;&nbsp;&nbsp;&nbsp; 43972 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | 2249050 | &nbsp;&nbsp;&nbsp;&nbsp; 39561 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;480073 | &nbsp;&nbsp;&nbsp;&nbsp; 30293 |
|  | &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198998 | &nbsp;&nbsp;&nbsp;&nbsp; 26431 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **285363** |
| **Energy (2.5%)** | **Energy (2.5%)** | **Energy (2.5%)** | **Energy (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 1050270 | &nbsp;&nbsp;&nbsp;&nbsp; 41391 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources Inc. | 1423899 | &nbsp;&nbsp;&nbsp;&nbsp; 38801 |
|  | &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;813300 | &nbsp;&nbsp;&nbsp;&nbsp; 34569 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 2754742 | &nbsp;&nbsp;&nbsp;&nbsp; 31983 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **146744** |
| **Financials (23.3%)** | **Financials (23.3%)** | **Financials (23.3%)** | **Financials (23.3%)** |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 3819679 | &nbsp;&nbsp;&nbsp;&nbsp; 113177 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 1326013 | &nbsp;&nbsp;&nbsp;&nbsp; 84931 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;309988 | &nbsp;&nbsp;&nbsp;&nbsp; 74995 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;947718 | &nbsp;&nbsp;&nbsp;&nbsp; 73600 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593678 | &nbsp;&nbsp;&nbsp;&nbsp; 73224 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 1437461 | &nbsp;&nbsp;&nbsp;&nbsp; 71082 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | 9152100 | &nbsp;&nbsp;&nbsp;&nbsp; 62783 |
|  | &nbsp;&nbsp;&nbsp;Glacier Bancorp Inc. | 1393151 | &nbsp;&nbsp;&nbsp;&nbsp; 56785 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;921202 | &nbsp;&nbsp;&nbsp;&nbsp; 54535 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;679473 | &nbsp;&nbsp;&nbsp;&nbsp; 51851 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;586230 | &nbsp;&nbsp;&nbsp;&nbsp; 51647 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260835 | &nbsp;&nbsp;&nbsp;&nbsp; 47018 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23770 | &nbsp;&nbsp;&nbsp;&nbsp; 43228 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24391 | &nbsp;&nbsp;&nbsp;&nbsp; 43110 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;253820 | &nbsp;&nbsp;&nbsp;&nbsp; 43088 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;749950 | &nbsp;&nbsp;&nbsp;&nbsp; 42695 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115340 | &nbsp;&nbsp;&nbsp;&nbsp; 41387 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 1054296 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 1899145 | &nbsp;&nbsp;&nbsp;&nbsp; 38762 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;712150 | &nbsp;&nbsp;&nbsp;&nbsp; 37979 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;472827 | &nbsp;&nbsp;&nbsp;&nbsp; 36838 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 1043500 | &nbsp;&nbsp;&nbsp;&nbsp; 34081 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. ADR | 5298530 | &nbsp;&nbsp;&nbsp;&nbsp; 29407 |

---

------

Selected Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;817897 | &nbsp;&nbsp;&nbsp;&nbsp; 29395 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;349815 | &nbsp;&nbsp;&nbsp;&nbsp; 26366 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;516038 | &nbsp;&nbsp;&nbsp;&nbsp; 24409 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 1492763 | &nbsp;&nbsp;&nbsp;&nbsp; 22153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | 1249891 | &nbsp;&nbsp;&nbsp;&nbsp; 20998 |
|  | &nbsp;&nbsp;&nbsp;Comerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370173 | &nbsp;&nbsp;&nbsp;&nbsp; 19897 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1389421** |
| **Health Care (10.0%)** | **Health Care (10.0%)** | **Health Care (10.0%)** | **Health Care (10.0%)** |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 3567944 | &nbsp;&nbsp;&nbsp;&nbsp; 111213 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG ADR | 2975541 | &nbsp;&nbsp;&nbsp;&nbsp; 75519 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283820 | &nbsp;&nbsp;&nbsp;&nbsp; 68403 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238085 | &nbsp;&nbsp;&nbsp;&nbsp; 62435 |
|  | &nbsp;&nbsp;&nbsp;Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444070 | &nbsp;&nbsp;&nbsp;&nbsp; 60860 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;341038 | &nbsp;&nbsp;&nbsp;&nbsp; 60388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Henry Schein Inc. | &nbsp;&nbsp;&nbsp;&nbsp;868167 | &nbsp;&nbsp;&nbsp;&nbsp; 56405 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307700 | &nbsp;&nbsp;&nbsp;&nbsp; 36499 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 2401770 | &nbsp;&nbsp;&nbsp;&nbsp; 33385 |
|  | &nbsp;&nbsp;&nbsp;Perrigo Co. plc | 1222141 | &nbsp;&nbsp;&nbsp;&nbsp; 31434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **596541** |
| **Industrials (18.7%)** | **Industrials (18.7%)** | **Industrials (18.7%)** | **Industrials (18.7%)** |
|  | &nbsp;&nbsp;&nbsp;AerCap Holdings NV | 1942656 | &nbsp;&nbsp;&nbsp;&nbsp; 205921 |
|  | &nbsp;&nbsp;&nbsp;RB Global Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;802639 | &nbsp;&nbsp;&nbsp;&nbsp; 80826 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ashtead Group plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;287950 | &nbsp;&nbsp;&nbsp;&nbsp; 61949 |
|  | &nbsp;&nbsp;&nbsp;Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322655 | &nbsp;&nbsp;&nbsp;&nbsp; 60520 |
|  | &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357559 | &nbsp;&nbsp;&nbsp;&nbsp; 56287 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;API Group Corp. | 1297405 | &nbsp;&nbsp;&nbsp;&nbsp; 49081 |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;943375 | &nbsp;&nbsp;&nbsp;&nbsp; 48169 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 1126486 | &nbsp;&nbsp;&nbsp;&nbsp; 46896 |
|  | &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318540 | &nbsp;&nbsp;&nbsp;&nbsp; 38263 |
|  | &nbsp;&nbsp;&nbsp;Robert Half Inc. | &nbsp;&nbsp;&nbsp;&nbsp;856880 | &nbsp;&nbsp;&nbsp;&nbsp; 37960 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500811 | &nbsp;&nbsp;&nbsp;&nbsp; 37861 |
|  | &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97160 | &nbsp;&nbsp;&nbsp;&nbsp; 36870 |
|  | &nbsp;&nbsp;&nbsp;WESCO International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226007 | &nbsp;&nbsp;&nbsp;&nbsp; 36830 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;732019 | &nbsp;&nbsp;&nbsp;&nbsp; 36791 |
|  | &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249750 | &nbsp;&nbsp;&nbsp;&nbsp; 36219 |
|  | &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;457552 | &nbsp;&nbsp;&nbsp;&nbsp; 34994 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;391917 | &nbsp;&nbsp;&nbsp;&nbsp; 32827 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | &nbsp;&nbsp;&nbsp;&nbsp;478350 | &nbsp;&nbsp;&nbsp;&nbsp; 28711 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;435720 | &nbsp;&nbsp;&nbsp;&nbsp; 27995 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;188750 | &nbsp;&nbsp;&nbsp;&nbsp; 26274 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241870 | &nbsp;&nbsp;&nbsp;&nbsp; 25667 |
|  | &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251141 | &nbsp;&nbsp;&nbsp;&nbsp; 22407 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gates Industrial Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;894180 | &nbsp;&nbsp;&nbsp;&nbsp; 16918 |
|  | &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351105 | &nbsp;&nbsp;&nbsp;&nbsp; 15122 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Masterbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;572191 | &nbsp;&nbsp;&nbsp;&nbsp; 6952 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Air France-KLM ADR | 4102756 | &nbsp;&nbsp;&nbsp;&nbsp; 3487 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1111797** |
| **Information Technology (8.2%)** | **Information Technology (8.2%)** | **Information Technology (8.2%)** | **Information Technology (8.2%)** |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;683457 | &nbsp;&nbsp;&nbsp;&nbsp; 100045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrow Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;636586 | &nbsp;&nbsp;&nbsp;&nbsp; 70890 |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp. | 2546684 | &nbsp;&nbsp;&nbsp;&nbsp; 69015 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | 1293003 | &nbsp;&nbsp;&nbsp;&nbsp; 60758 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;734208 | &nbsp;&nbsp;&nbsp;&nbsp; 54016 |
|  | &nbsp;&nbsp;&nbsp;MKS Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;564645 | &nbsp;&nbsp;&nbsp;&nbsp; 39604 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;578994 | &nbsp;&nbsp;&nbsp;&nbsp; 37218 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 36318 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286749 | &nbsp;&nbsp;&nbsp;&nbsp; 22065 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **489929** |
| **Materials (9.5%)** | **Materials (9.5%)** | **Materials (9.5%)** | **Materials (9.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eldorado Gold Corp. | 3870404 | &nbsp;&nbsp;&nbsp;&nbsp; 72918 |
|  | &nbsp;&nbsp;&nbsp;United States Steel Corp. | 1606170 | &nbsp;&nbsp;&nbsp;&nbsp; 70206 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | 1925850 | &nbsp;&nbsp;&nbsp;&nbsp; 58546 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IAMGOLD Corp. (XTSE) | 7741800 | &nbsp;&nbsp;&nbsp;&nbsp; 54812 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 1700299 | &nbsp;&nbsp;&nbsp;&nbsp; 52012 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;459365 | &nbsp;&nbsp;&nbsp;&nbsp; 50007 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | 1910565 | &nbsp;&nbsp;&nbsp;&nbsp; 41306 |
|  | &nbsp;&nbsp;&nbsp;Ternium SA ADR | 1180696 | &nbsp;&nbsp;&nbsp;&nbsp; 34075 |
|  | &nbsp;&nbsp;&nbsp;Huntsman Corp. | 2166323 | &nbsp;&nbsp;&nbsp;&nbsp; 28834 |

---

------

Selected Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Equinox Gold Corp. (XTSE) | 3996300 | &nbsp;&nbsp;&nbsp;&nbsp; 26775 |
|  | &nbsp;&nbsp;&nbsp;Centerra Gold Inc. | 3528116 | &nbsp;&nbsp;&nbsp;&nbsp; 23638 |
|  | &nbsp;&nbsp;&nbsp;Hudbay Minerals Inc. | 2490900 | &nbsp;&nbsp;&nbsp;&nbsp; 18109 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Equinox Gold Corp. | 2671383 | &nbsp;&nbsp;&nbsp;&nbsp; 17963 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;428135 | &nbsp;&nbsp;&nbsp;&nbsp; 17947 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **567148** |
| **Real Estate (5.0%)** | **Real Estate (5.0%)** | **Real Estate (5.0%)** | **Real Estate (5.0%)** |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583280 | &nbsp;&nbsp;&nbsp;&nbsp; 61688 |
|  | &nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc. | 5140015 | &nbsp;&nbsp;&nbsp;&nbsp; 51092 |
|  | &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 6373999 | &nbsp;&nbsp;&nbsp;&nbsp; 46785 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;647461 | &nbsp;&nbsp;&nbsp;&nbsp; 43075 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284850 | &nbsp;&nbsp;&nbsp;&nbsp; 34803 |
|  | &nbsp;&nbsp;&nbsp;Healthcare Realty Trust Inc. | 2225240 | &nbsp;&nbsp;&nbsp;&nbsp; 34558 |
|  | &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323535 | &nbsp;&nbsp;&nbsp;&nbsp; 28455 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **300456** |
| **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291253 | &nbsp;&nbsp;&nbsp;&nbsp; 46784 |
| **Total Common Stocks (Cost $5,384,476)** | **Total Common Stocks (Cost $5,384,476)** | **Total Common Stocks (Cost $5,384,476)** | &nbsp;&nbsp;&nbsp;&nbsp;**5759490** |
| **Temporary Cash Investments (3.8%)** | **Temporary Cash Investments (3.8%)** | **Temporary Cash Investments (3.8%)** | **Temporary Cash Investments (3.8%)** |
| **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost $223,837)** | 2238894 | &nbsp;&nbsp;&nbsp;&nbsp; **223867** |
| **Total Investments (100.4%) (Cost $5,608,313)** | **Total Investments (100.4%) (Cost $5,608,313)** | **Total Investments (100.4%) (Cost $5,608,313)** | &nbsp;&nbsp;&nbsp;&nbsp;**5983357** |
| **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;**(22043)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**5961314** |
| 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 $15,911. |
| 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 $16,426 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 | June 2025 | 340 | 94979 | &nbsp;&nbsp;1332 |

---

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

------

Selected Value Fund

Statement of Assets and Liabilities

As of April 30, 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 $5,384,476) | 5759490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $223,837) | &nbsp;&nbsp;&nbsp;&nbsp;223867 |
| Total Investments in Securities | 5983357 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7754 |
| Foreign Currency, at Value (Cost $26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| **Total Assets** | **5999171** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13714 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16426 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37857** |
| **Net Assets** | **5961314** |
| 1 Includes $15,911 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 5319694 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;641620 |
| **Net Assets** | **5961314** |
| **Net Assets** |  |
| **Applicable to 231,993,523 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **5961314** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$25.70** |

---

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

------

Selected Value Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;67679 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6505 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Total Income | &nbsp;&nbsp;&nbsp;74277 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;7158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(797) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;4963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| 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;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;11586 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
| Net Expenses | &nbsp;&nbsp;&nbsp;11527 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**62750** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 267015 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(9365) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | **257650** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (751383) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;3001 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Change in Unrealized Appreciation (Depreciation)** | **(748381)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(427981)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,198. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,364, $14, and ($10), 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122773 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;257650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746324 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(748381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854026 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(427981) | &nbsp;&nbsp;&nbsp;&nbsp;1723123 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;(843522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528557) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;232133 | &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;486741 |
| Redeemed | &nbsp;&nbsp;&nbsp;(722247) | &nbsp;&nbsp;&nbsp;(1111173) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;286059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25354) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(985444) | &nbsp;&nbsp;&nbsp;&nbsp;1169212 |
| **Net Assets** |  |  |
| **Beginning of Period** | **6946758** | &nbsp;&nbsp;&nbsp;&nbsp;**5777546** |
| **End of Period** | **5961314** | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$31.48** | &nbsp;&nbsp;&nbsp;**$26.17** | &nbsp;&nbsp;&nbsp;**$27.62** | &nbsp;&nbsp;&nbsp;**$32.26** | &nbsp;&nbsp;&nbsp;**$22.78** | &nbsp;&nbsp;&nbsp;**$27.59** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.269 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.368 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(2.167) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(3.163) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(1.898) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(2.795) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.450) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(3.347) | &nbsp;&nbsp;&nbsp;&nbsp;(1.903) | &nbsp;&nbsp;&nbsp;&nbsp;(2.861) | &nbsp;&nbsp;&nbsp;&nbsp;(1.990) | &nbsp;&nbsp;&nbsp;&nbsp;(2.286) | &nbsp;&nbsp;&nbsp;&nbsp;(1.565) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(3.882) | &nbsp;&nbsp;&nbsp;&nbsp;(2.397) | &nbsp;&nbsp;&nbsp;&nbsp;(3.301) | &nbsp;&nbsp;&nbsp;&nbsp;(2.383) | &nbsp;&nbsp;&nbsp;&nbsp;(2.646) | &nbsp;&nbsp;&nbsp;&nbsp;(2.015) |
| **Net Asset Value, End of Period** | **$25.70** | &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** |
| **Total Return<sup>2</sup>** | **-6.55%** | &nbsp;&nbsp;&nbsp;**30.31%** | &nbsp;&nbsp;&nbsp;**7.60%** | &nbsp;&nbsp;&nbsp;**-7.29%** | &nbsp;&nbsp;&nbsp;**56.30%** | &nbsp;&nbsp;&nbsp;**-11.25%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $5961 | &nbsp;&nbsp;&nbsp;$6947 | &nbsp;&nbsp;&nbsp;$5778 | &nbsp;&nbsp;&nbsp;$5787 | &nbsp;&nbsp;&nbsp;$6800 | &nbsp;&nbsp;&nbsp;$5009 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.36%<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% | &nbsp;&nbsp;&nbsp;0.31% |
| Ratio of Net Investment Income to Average Net Assets | 1.90% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.58% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;85% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), 0.04%, 0.05%, 0.00%, (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 0.35%, 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 six months ended April 30, 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 six months ended April 30, 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 since
January 31, 2020. 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 six months ended April 30, 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 $797,000 (0.02%) 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 April 30, 2025, the fund had contributed to Vanguard capital in the amount of $170,000, representing less than 0.01% of the fund's net assets and 0.07% 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 six months ended April 30, 2025, these arrangements reduced the fund's expenses by $59,000 (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 April 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**F.** As of April 30, 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;5632377 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1263351 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(911039) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352312 |

---

------

Selected Value Fund

**G.** During the six months ended April 30, 2025, the fund purchased $822,157,000 of investment securities and sold $1,168,233,000 of investment securities, other than temporary cash investments.

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

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;8351 | &nbsp;&nbsp;&nbsp;&nbsp;20317 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;28929 | &nbsp;&nbsp;&nbsp;&nbsp;16924 |
| Redeemed | (25952) | &nbsp;&nbsp;&nbsp;(37313) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;11328 | &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.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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.

Q9342 062025

------

![](tm2515692d12emmkgvbdfini001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Emerging Markets Government Bond Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Emerging Markets Government Bond Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (0.3%)** | **U.S. Government and Agency Obligations (0.3%)** | **U.S. Government and Agency Obligations (0.3%)** | **U.S. Government and Agency Obligations (0.3%)** |  |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5645 | &nbsp;&nbsp; 5671 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5870 | &nbsp;&nbsp; 5887 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp; 928 |
| **Total U.S. Government and Agency Obligations (Cost $12,441)** | **Total U.S. Government and Agency Obligations (Cost $12,441)** | **Total U.S. Government and Agency Obligations (Cost $12,441)** | **Total U.S. Government and Agency Obligations (Cost $12,441)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12486** |
| **Corporate Bonds (13.8%)** | **Corporate Bonds (13.8%)** | **Corporate Bonds (13.8%)** | **Corporate Bonds (13.8%)** |  |  |
| **Cayman Islands (0.3%)** | **Cayman Islands (0.3%)** | **Cayman Islands (0.3%)** | **Cayman Islands (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10550 | &nbsp;&nbsp; 10729 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/29/34 | &nbsp;&nbsp;&nbsp;&nbsp; 7050 | &nbsp;&nbsp; 7217 |
|  |  |  |  |  | &nbsp;&nbsp; **17946** |
| **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; 1/26/36 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp; 6819 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/50 | &nbsp;&nbsp;&nbsp;&nbsp; 12175 | &nbsp;&nbsp; 8180 |
|  |  |  |  |  | &nbsp;&nbsp; **14999** |
| **China (1.3%)** | **China (1.3%)** | **China (1.3%)** | **China (1.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/32 | &nbsp;&nbsp;&nbsp;&nbsp; 8995 | &nbsp;&nbsp; 8748 |
|  | &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co. Ltd. | 6.400% | Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 8850 | &nbsp;&nbsp; 9158 |
|  | &nbsp;&nbsp;&nbsp;CNAC HK Finbridge Co. Ltd. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp;&nbsp;&nbsp; 7830 | &nbsp;&nbsp; 7890 |
|  | &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. | 3.200% | Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 27460 | &nbsp;&nbsp; 26757 |
|  | &nbsp;&nbsp;&nbsp;Sinopec Group Overseas Development 2018 Ltd. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp; 6004 |
|  | &nbsp;&nbsp;&nbsp;State Grid Overseas Investment BVI Ltd. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/4/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10694 | &nbsp;&nbsp; 10579 |
|  |  |  |  |  | &nbsp;&nbsp; **69136** |
| **Colombia (0.8%)** | **Colombia (0.8%)** | **Colombia (0.8%)** | **Colombia (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/29/30 | &nbsp;&nbsp;&nbsp;&nbsp; 8755 | &nbsp;&nbsp; 8502 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7811 | &nbsp;&nbsp; 7446 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/33 | &nbsp;&nbsp;&nbsp;&nbsp; 10231 | &nbsp;&nbsp; 10233 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp;&nbsp;&nbsp; 8456 | &nbsp;&nbsp; 7921 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp;&nbsp;&nbsp; 8811 | &nbsp;&nbsp; 5904 |
|  |  |  |  |  | &nbsp;&nbsp; **40006** |
| **Indonesia (0.4%)** | **Indonesia (0.4%)** | **Indonesia (0.4%)** | **Indonesia (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Freeport Indonesia PT | 5.315% | &nbsp;&nbsp;&nbsp;&nbsp; 4/14/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6625 | &nbsp;&nbsp; 6560 |
|  | &nbsp;&nbsp;&nbsp;Pertamina Persero PT | 6.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5/30/44 | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6751 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6742 | &nbsp;&nbsp; 6648 |
|  |  |  |  |  | &nbsp;&nbsp; **19959** |
| **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; 10/24/48 | &nbsp;&nbsp;&nbsp;&nbsp; 6918 | &nbsp;&nbsp; 6135 |
| **Malaysia (1.0%)** | **Malaysia (1.0%)** | **Malaysia (1.0%)** | **Malaysia (1.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/21/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9795 | &nbsp;&nbsp; 9300 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/31 | &nbsp;&nbsp;&nbsp;&nbsp; 7025 | &nbsp;&nbsp; 7135 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.340% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/35 | &nbsp;&nbsp;&nbsp;&nbsp; 8575 | &nbsp;&nbsp; 8734 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/45 | &nbsp;&nbsp;&nbsp;&nbsp; 6625 | &nbsp;&nbsp; 5671 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 4/21/50 | &nbsp;&nbsp;&nbsp;&nbsp; 12325 | &nbsp;&nbsp; 10324 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.848% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/55 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp; 6916 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 3.404% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/61 | &nbsp;&nbsp;&nbsp;&nbsp; 7875 | &nbsp;&nbsp; 5062 |
|  |  |  |  |  | &nbsp;&nbsp; **53142** |
| **Mexico (3.6%)** | **Mexico (3.6%)** | **Mexico (3.6%)** | **Mexico (3.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mexico City Airport Trust | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/47 | &nbsp;&nbsp;&nbsp;&nbsp; 8317 | &nbsp;&nbsp; 6498 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11028 | &nbsp;&nbsp; 10892 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.490% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6991 | &nbsp;&nbsp; 6837 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp;&nbsp;&nbsp; 17778 | &nbsp;&nbsp; 17380 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 8790 | &nbsp;&nbsp; 8132 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; 8505 | &nbsp;&nbsp; 8365 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.840% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10376 | &nbsp;&nbsp; 9252 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; 16742 | &nbsp;&nbsp; 13855 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/32 | &nbsp;&nbsp;&nbsp;&nbsp; 30157 | &nbsp;&nbsp; 25829 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/7/33 | &nbsp;&nbsp;&nbsp;&nbsp; 8923 | &nbsp;&nbsp; 8933 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 12166 | &nbsp;&nbsp; 9398 |

---

------

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;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/41 | &nbsp;&nbsp;&nbsp;&nbsp; 6926 | &nbsp;&nbsp; 4774 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/47 | &nbsp;&nbsp;&nbsp;&nbsp; 24735 | &nbsp;&nbsp; 16572 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/48 | &nbsp;&nbsp;&nbsp;&nbsp; 6955 | &nbsp;&nbsp; 4476 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 7.690% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/50 | &nbsp;&nbsp;&nbsp;&nbsp; 36017 | &nbsp;&nbsp; 26260 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/60 | &nbsp;&nbsp;&nbsp;&nbsp; 16898 | &nbsp;&nbsp; 11235 |
|  |  |  |  |  | &nbsp;&nbsp; **188688** |
| **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; 6/19/47 | &nbsp;&nbsp;&nbsp;&nbsp; 8875 | &nbsp;&nbsp; 5414 |
| **Qatar (0.8%)** | **Qatar (0.8%)** | **Qatar (0.8%)** | **Qatar (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Qatar Energy | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp; 6641 |
|  | &nbsp;&nbsp;&nbsp;Qatar Energy | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/12/31 | &nbsp;&nbsp;&nbsp;&nbsp; 15175 | &nbsp;&nbsp; 13290 |
|  | &nbsp;&nbsp;&nbsp;Qatar Energy | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/12/41 | &nbsp;&nbsp;&nbsp;&nbsp; 15786 | &nbsp;&nbsp; 11557 |
|  | &nbsp;&nbsp;&nbsp;Qatar Energy | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 7/12/51 | &nbsp;&nbsp;&nbsp;&nbsp; 18100 | &nbsp;&nbsp; 12101 |
|  |  |  |  |  | &nbsp;&nbsp; **43589** |
| **Saudi Arabia (4.0%)** | **Saudi Arabia (4.0%)** | **Saudi Arabia (4.0%)** | **Saudi Arabia (4.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7725 | &nbsp;&nbsp; 7767 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7730 | &nbsp;&nbsp; 7686 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/13/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp; 7806 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/34 | &nbsp;&nbsp;&nbsp;&nbsp; 7830 | &nbsp;&nbsp; 7794 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/35 | &nbsp;&nbsp;&nbsp;&nbsp; 8773 | &nbsp;&nbsp; 8441 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/53 | &nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp; 6537 |
|  | &nbsp;&nbsp;&nbsp;Gaci First Investment Co. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/54 | &nbsp;&nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp; 6068 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 1.602% | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8995 | &nbsp;&nbsp; 8708 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5509 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 786 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 2.694% | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/31 | &nbsp;&nbsp;&nbsp;&nbsp; 13950 | &nbsp;&nbsp; 12414 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/34 | &nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp; 5313 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1150 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 12974 | &nbsp;&nbsp; 12435 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/24/30 | &nbsp;&nbsp;&nbsp;&nbsp; 8725 | &nbsp;&nbsp; 7668 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/34 | &nbsp;&nbsp;&nbsp;&nbsp; 8950 | &nbsp;&nbsp; 9012 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/39 | &nbsp;&nbsp;&nbsp;&nbsp; 13850 | &nbsp;&nbsp; 11919 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/49 | &nbsp;&nbsp;&nbsp;&nbsp; 13435 | &nbsp;&nbsp; 10596 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/24/50 | &nbsp;&nbsp;&nbsp;&nbsp; 9883 | &nbsp;&nbsp; 6315 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/54 | &nbsp;&nbsp;&nbsp;&nbsp; 8950 | &nbsp;&nbsp; 8372 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/64 | &nbsp;&nbsp;&nbsp;&nbsp; 8975 | &nbsp;&nbsp; 8253 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/24/70 | &nbsp;&nbsp;&nbsp;&nbsp; 9850 | &nbsp;&nbsp; 5892 |
|  | &nbsp;&nbsp;&nbsp;Saudi Electricity Sukuk Programme Co. | 5.225% | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6275 | &nbsp;&nbsp; 6369 |
|  | &nbsp;&nbsp;&nbsp;Saudi Electricity Sukuk Programme Co. | 5.684% | &nbsp;&nbsp;&nbsp;&nbsp; 4/11/53 | &nbsp;&nbsp;&nbsp;&nbsp; 6645 | &nbsp;&nbsp; 6478 |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6645 | &nbsp;&nbsp; 6591 |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/28 | &nbsp;&nbsp;&nbsp;&nbsp; 10100 | &nbsp;&nbsp; 10486 |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | 5.171% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/31 | &nbsp;&nbsp;&nbsp;&nbsp; 8761 | &nbsp;&nbsp; 8860 |
|  |  |  |  |  | &nbsp;&nbsp; **205225** |
| **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Abu Dhabi Crude Oil Pipeline LLC | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/47 | &nbsp;&nbsp;&nbsp;&nbsp; 9850 | &nbsp;&nbsp; 8717 |
|  | &nbsp;&nbsp;&nbsp;Adnoc Murban Rsc Ltd. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp; 6392 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Adnoc Murban Rsc Ltd. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/54 | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6025 |
| <sup>2,4</sup> | &nbsp;&nbsp;&nbsp;Adnoc Murban Sukuk Ltd. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/35 | &nbsp;&nbsp;&nbsp;&nbsp; 6650 | &nbsp;&nbsp; 6616 |
|  | &nbsp;&nbsp;&nbsp;DP World Crescent Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/13/33 | &nbsp;&nbsp;&nbsp;&nbsp; 6730 | &nbsp;&nbsp; 6760 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;DP World Ltd. | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/37 | &nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp; 8521 |
|  | &nbsp;&nbsp;&nbsp;MDGH GMTN RSC Ltd. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/49 | &nbsp;&nbsp;&nbsp;&nbsp; 6828 | &nbsp;&nbsp; 5001 |
|  | &nbsp;&nbsp;&nbsp;MDGH GMTN RSC Ltd. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 5/21/50 | &nbsp;&nbsp;&nbsp;&nbsp; 8725 | &nbsp;&nbsp; 6650 |
|  |  |  |  |  | &nbsp;&nbsp; **54682** |
| **Total Corporate Bonds (Cost $780,374)** | **Total Corporate Bonds (Cost $780,374)** | **Total Corporate Bonds (Cost $780,374)** | **Total Corporate Bonds (Cost $780,374)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**718921** |
| **Sovereign Bonds (84.1%)** | **Sovereign Bonds (84.1%)** | **Sovereign Bonds (84.1%)** | **Sovereign Bonds (84.1%)** |  |  |
| **Angola (0.5%)** | **Angola (0.5%)** | **Angola (0.5%)** | **Angola (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/28 | &nbsp;&nbsp;&nbsp;&nbsp; 7867 | &nbsp;&nbsp; 6641 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7823 | &nbsp;&nbsp; 6244 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/14/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7725 | &nbsp;&nbsp; 5947 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/48 | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp; 5416 |
|  | &nbsp;&nbsp;&nbsp;Republic of Angola | 9.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/26/49 | &nbsp;&nbsp;&nbsp;&nbsp; 5575 | &nbsp;&nbsp; 3794 |
|  |  |  |  |  | &nbsp;&nbsp; **28042** |
| **Argentina (4.0%)** | **Argentina (4.0%)** | **Argentina (4.0%)** | **Argentina (4.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Provincia de Buenos Aires | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 25905 | &nbsp;&nbsp; 17374 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10532 | &nbsp;&nbsp; 8493 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/38 | &nbsp;&nbsp;&nbsp;&nbsp; 51178 | &nbsp;&nbsp; 35989 |

---

------

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>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 1.750% coupon rate effective 7/9/27 | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp;&nbsp;&nbsp; 63128 | &nbsp;&nbsp; 48439 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.375% coupon rate effective 7/9/27 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/46 | &nbsp;&nbsp;&nbsp;&nbsp; 9081 | &nbsp;&nbsp; 5929 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.750% coupon rate effective 7/9/27 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp;&nbsp;&nbsp; 91245 | &nbsp;&nbsp; 60518 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.875% coupon rate effective 7/9/29 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/41 | &nbsp;&nbsp;&nbsp;&nbsp; 46549 | &nbsp;&nbsp; 28720 |
|  |  |  |  |  | &nbsp;&nbsp; **205462** |
| **Armenia (0.2%)** | **Armenia (0.2%)** | **Armenia (0.2%)** | **Armenia (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Armenia | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp; 1933 |
|  | &nbsp;&nbsp;&nbsp;Republic of Armenia | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp; 2855 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Armenia | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/35 | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp; 3204 |
|  |  |  |  |  | &nbsp;&nbsp; **7992** |
| **Azerbaijan (0.1%)** | **Azerbaijan (0.1%)** | **Azerbaijan (0.1%)** | **Azerbaijan (0.1%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Azerbaijan | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4760 | &nbsp;&nbsp; 4146 |
| **Bahamas (0.1%)** | **Bahamas (0.1%)** | **Bahamas (0.1%)** | **Bahamas (0.1%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2632 | &nbsp;&nbsp; 2500 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas | 8.950% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3638 | &nbsp;&nbsp; 3672 |
|  |  |  |  |  | &nbsp;&nbsp; **6172** |
| **Bahrain (1.7%)** | **Bahrain (1.7%)** | **Bahrain (1.7%)** | **Bahrain (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4191 | &nbsp;&nbsp; 4083 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4354 | &nbsp;&nbsp; 4165 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3923 | &nbsp;&nbsp; 3646 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4850 | &nbsp;&nbsp; 4934 |
|  | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4833 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CBB International Sukuk Programme Co. WLL | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/32 | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp; 5530 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp; 2261 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7401 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5804 | &nbsp;&nbsp; 5890 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/14/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp; 5237 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4845 | &nbsp;&nbsp; 4560 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4850 | &nbsp;&nbsp; 4473 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5055 | &nbsp;&nbsp; 4561 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/18/34 | &nbsp;&nbsp;&nbsp;&nbsp; 5309 | &nbsp;&nbsp; 4814 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/35 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4716 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/36 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4998 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/44 | &nbsp;&nbsp;&nbsp;&nbsp; 6025 | &nbsp;&nbsp; 4920 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/47 | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp; 4075 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp; 1655 |
|  |  |  |  |  | &nbsp;&nbsp; **86752** |
| **Benin (0.1%)** | **Benin (0.1%)** | **Benin (0.1%)** | **Benin (0.1%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 7.960% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/38 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp; 3097 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/41 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2004 |
|  |  |  |  |  | &nbsp;&nbsp; **5101** |
| **Bermuda (0.2%)** | **Bermuda (0.2%)** | **Bermuda (0.2%)** | **Bermuda (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 3.717% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2660 | &nbsp;&nbsp; 2606 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3080 | &nbsp;&nbsp; 2688 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3985 | &nbsp;&nbsp; 3931 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 3080 | &nbsp;&nbsp; 2032 |
|  |  |  |  |  | &nbsp;&nbsp; **11257** |
| **Bolivia (0.1%)** | **Bolivia (0.1%)** | **Bolivia (0.1%)** | **Bolivia (0.1%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Bolivian Government | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4466 | &nbsp;&nbsp; 2907 |
|  | &nbsp;&nbsp;&nbsp;Bolivian Government | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3830 | &nbsp;&nbsp; 2496 |
|  |  |  |  |  | &nbsp;&nbsp; **5403** |
| **Brazil (3.1%)** | **Brazil (3.1%)** | **Brazil (3.1%)** | **Brazil (3.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 10.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3359 | &nbsp;&nbsp; 3700 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 13407 | &nbsp;&nbsp; 13311 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 8780 | &nbsp;&nbsp; 8580 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/30 | &nbsp;&nbsp;&nbsp;&nbsp; 15545 | &nbsp;&nbsp; 14516 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/31 | &nbsp;&nbsp;&nbsp;&nbsp; 8925 | &nbsp;&nbsp; 9191 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/31 | &nbsp;&nbsp;&nbsp;&nbsp; 6657 | &nbsp;&nbsp; 5982 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/32 | &nbsp;&nbsp;&nbsp;&nbsp; 8875 | &nbsp;&nbsp; 9027 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/33 | &nbsp;&nbsp;&nbsp;&nbsp; 9856 | &nbsp;&nbsp; 9733 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6093 | &nbsp;&nbsp; 6819 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 10100 | &nbsp;&nbsp; 9898 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 10882 | &nbsp;&nbsp; 10872 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp;&nbsp;&nbsp; 7817 | &nbsp;&nbsp; 8123 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/7/41 | &nbsp;&nbsp;&nbsp;&nbsp; 9850 | &nbsp;&nbsp; 8747 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/45 | &nbsp;&nbsp;&nbsp;&nbsp; 14573 | &nbsp;&nbsp; 11082 |

---

------

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;Federative Republic of Brazil | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/47 | &nbsp;&nbsp;&nbsp;&nbsp; 12562 | &nbsp;&nbsp; 10315 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/50 | &nbsp;&nbsp;&nbsp;&nbsp; 17794 | &nbsp;&nbsp; 12553 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/54 | &nbsp;&nbsp;&nbsp;&nbsp; 10009 | &nbsp;&nbsp; 9479 |
|  |  |  |  |  | &nbsp;&nbsp; **161928** |
| **Bulgaria (0.1%)** | **Bulgaria (0.1%)** | **Bulgaria (0.1%)** | **Bulgaria (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/37 | &nbsp;&nbsp;&nbsp;&nbsp; 6590 | &nbsp;&nbsp; 6375 |
| **Cameroon (0.0%)** | **Cameroon (0.0%)** | **Cameroon (0.0%)** | **Cameroon (0.0%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Cameroon | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2118 |
| **Chile (2.1%)** | **Chile (2.1%)** | **Chile (2.1%)** | **Chile (2.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6641 | &nbsp;&nbsp; 6454 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.240% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/28 | &nbsp;&nbsp;&nbsp;&nbsp; 8059 | &nbsp;&nbsp; 7809 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7701 | &nbsp;&nbsp; 7806 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp; 6322 | &nbsp;&nbsp; 5613 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6675 | &nbsp;&nbsp; 5791 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/33 | &nbsp;&nbsp;&nbsp;&nbsp; 9862 | &nbsp;&nbsp; 8262 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp; 6036 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/36 | &nbsp;&nbsp;&nbsp;&nbsp; 7561 | &nbsp;&nbsp; 7392 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/37 | &nbsp;&nbsp;&nbsp;&nbsp; 6860 | &nbsp;&nbsp; 7009 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp;&nbsp;&nbsp; 12335 | &nbsp;&nbsp; 9103 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.340% | &nbsp;&nbsp;&nbsp;&nbsp; 3/7/42 | &nbsp;&nbsp;&nbsp;&nbsp; 8694 | &nbsp;&nbsp; 7458 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.860% | &nbsp;&nbsp;&nbsp;&nbsp; 6/21/47 | &nbsp;&nbsp;&nbsp;&nbsp; 4755 | &nbsp;&nbsp; 3602 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/50 | &nbsp;&nbsp;&nbsp;&nbsp; 10250 | &nbsp;&nbsp; 7165 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/52 | &nbsp;&nbsp;&nbsp;&nbsp; 4537 | &nbsp;&nbsp; 3416 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 6606 | &nbsp;&nbsp; 4529 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 5.330% | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/54 | &nbsp;&nbsp;&nbsp;&nbsp; 6625 | &nbsp;&nbsp; 6147 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/61 | &nbsp;&nbsp;&nbsp;&nbsp; 8875 | &nbsp;&nbsp; 5254 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/71 | &nbsp;&nbsp;&nbsp;&nbsp; 4437 | &nbsp;&nbsp; 2644 |
|  |  |  |  |  | &nbsp;&nbsp; **111490** |
| **China (0.9%)** | **China (0.9%)** | **China (0.9%)** | **China (0.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1015 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3289 | &nbsp;&nbsp; 3229 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 816 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4580 | &nbsp;&nbsp; 4593 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/29 | &nbsp;&nbsp;&nbsp;&nbsp; 9325 | &nbsp;&nbsp; 8803 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp; 10/21/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9386 | &nbsp;&nbsp; 8316 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/26/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp; 3816 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/39 | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2548 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/48 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2530 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/21/50 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 | &nbsp;&nbsp; 1640 |
|  | &nbsp;&nbsp;&nbsp;China Government Bond | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/26/51 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 | &nbsp;&nbsp; 1981 |
|  | &nbsp;&nbsp;&nbsp;Export-Import Bank of China | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp; 6777 |
|  |  |  |  |  | &nbsp;&nbsp; **46064** |
| **Colombia (3.0%)** | **Colombia (3.0%)** | **Colombia (3.0%)** | **Colombia (3.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 7687 | &nbsp;&nbsp; 7503 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 8969 | &nbsp;&nbsp; 8423 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6770 | &nbsp;&nbsp; 5721 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp; 8589 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 11292 | &nbsp;&nbsp; 9098 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp;&nbsp;&nbsp; 8834 | &nbsp;&nbsp; 6796 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp;&nbsp;&nbsp; 7170 | &nbsp;&nbsp; 7272 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/34 | &nbsp;&nbsp;&nbsp;&nbsp; 9798 | &nbsp;&nbsp; 9555 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp; 8584 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/35 | &nbsp;&nbsp;&nbsp;&nbsp; 8456 | &nbsp;&nbsp; 8315 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/36 | &nbsp;&nbsp;&nbsp;&nbsp; 8820 | &nbsp;&nbsp; 8430 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/37 | &nbsp;&nbsp;&nbsp;&nbsp; 8091 | &nbsp;&nbsp; 7514 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/41 | &nbsp;&nbsp;&nbsp;&nbsp; 11018 | &nbsp;&nbsp; 8679 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/42 | &nbsp;&nbsp;&nbsp;&nbsp; 4537 | &nbsp;&nbsp; 2768 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/44 | &nbsp;&nbsp;&nbsp;&nbsp; 11200 | &nbsp;&nbsp; 7994 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 20019 | &nbsp;&nbsp; 13033 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp; 12705 | &nbsp;&nbsp; 8211 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp; 6745 | &nbsp;&nbsp; 3729 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/53 | &nbsp;&nbsp;&nbsp;&nbsp; 8421 | &nbsp;&nbsp; 8060 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/54 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp; 6686 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/61 | &nbsp;&nbsp;&nbsp;&nbsp; 5884 | &nbsp;&nbsp; 3000 |
|  |  |  |  |  | &nbsp;&nbsp; **157960** |

---

------

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)** |
| **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; 2/19/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5273 | &nbsp;&nbsp; 5395 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6635 | &nbsp;&nbsp; 6771 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/43 | &nbsp;&nbsp;&nbsp;&nbsp; 1681 | &nbsp;&nbsp; 1484 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/44 | &nbsp;&nbsp;&nbsp;&nbsp; 4630 | &nbsp;&nbsp; 4654 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.158% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/45 | &nbsp;&nbsp;&nbsp;&nbsp; 5961 | &nbsp;&nbsp; 6047 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp; 11/13/54 | &nbsp;&nbsp;&nbsp;&nbsp; 6806 | &nbsp;&nbsp; 6905 |
|  |  |  |  |  | &nbsp;&nbsp; **31256** |
| **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; 1/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 7643 | &nbsp;&nbsp; 7677 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/19/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5721 | &nbsp;&nbsp; 5762 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7976 | &nbsp;&nbsp; 7867 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9017 | &nbsp;&nbsp; 8405 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 | &nbsp;&nbsp; 5360 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp; 12124 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/33 | &nbsp;&nbsp;&nbsp;&nbsp; 7981 | &nbsp;&nbsp; 7714 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3145 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 197 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 8480 | &nbsp;&nbsp; 8428 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.300% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/41 | &nbsp;&nbsp;&nbsp;&nbsp; 6730 | &nbsp;&nbsp; 5594 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.450% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/44 | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6855 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/45 | &nbsp;&nbsp;&nbsp;&nbsp; 9055 | &nbsp;&nbsp; 8693 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 4607 | &nbsp;&nbsp; 4237 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/49 | &nbsp;&nbsp;&nbsp;&nbsp; 6430 | &nbsp;&nbsp; 5852 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.150% | &nbsp;&nbsp;&nbsp;&nbsp; 2/24/55 | &nbsp;&nbsp;&nbsp;&nbsp; 4270 | &nbsp;&nbsp; 4175 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.150% | &nbsp;&nbsp;&nbsp;&nbsp; 2/24/55 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/60 | &nbsp;&nbsp;&nbsp;&nbsp; 14285 | &nbsp;&nbsp; 11744 |
|  |  |  |  |  | &nbsp;&nbsp; **114343** |
| **Ecuador (0.7%)** | **Ecuador (0.7%)** | **Ecuador (0.7%)** | **Ecuador (0.7%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4502 | &nbsp;&nbsp; 2744 |
|  | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 13528 | &nbsp;&nbsp; 10109 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador, 5.500% coupon rate effective 7/31/26 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/40 | &nbsp;&nbsp;&nbsp;&nbsp; 13302 | &nbsp;&nbsp; 6926 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador, 6.900% coupon rate effective 7/31/25 | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/35 | &nbsp;&nbsp;&nbsp;&nbsp; 29069 | &nbsp;&nbsp; 17395 |
|  |  |  |  |  | &nbsp;&nbsp; **37174** |
| **Egypt (1.7%)** | **Egypt (1.7%)** | **Egypt (1.7%)** | **Egypt (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; 8945 | &nbsp;&nbsp; 8897 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5025 | &nbsp;&nbsp; 4732 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 6.588% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5235 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7745 | &nbsp;&nbsp; 7250 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp; 4810 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/30 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 380 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/31 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp; 5460 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.053% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4675 | &nbsp;&nbsp; 3884 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7569 | &nbsp;&nbsp; 6370 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 9.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 | &nbsp;&nbsp; 2999 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 9.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/33 | &nbsp;&nbsp;&nbsp;&nbsp; 4875 | &nbsp;&nbsp; 3936 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/40 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1521 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/47 | &nbsp;&nbsp;&nbsp;&nbsp; 10901 | &nbsp;&nbsp; 7925 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.903% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/48 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp; 4740 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 6680 | &nbsp;&nbsp; 4924 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/50 | &nbsp;&nbsp;&nbsp;&nbsp; 9015 | &nbsp;&nbsp; 6736 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/51 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp; 2398 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.150% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp; 1618 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/61 | &nbsp;&nbsp;&nbsp;&nbsp; 6650 | &nbsp;&nbsp; 4324 |
|  |  |  |  |  | &nbsp;&nbsp; **88414** |
| **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; 2/28/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2249 | &nbsp;&nbsp; 2295 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4557 | &nbsp;&nbsp; 4700 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/10/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2289 | &nbsp;&nbsp; 2251 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 7.650% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 3653 | &nbsp;&nbsp; 3455 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 2363 | &nbsp;&nbsp; 2136 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 3510 | &nbsp;&nbsp; 2817 |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 3970 | &nbsp;&nbsp; 3959 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3972 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/54 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp; 447 |
|  |  |  |  |  | &nbsp;&nbsp; **26032** |

---

------

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)** |
| **Gabon (0.1%)** | **Gabon (0.1%)** | **Gabon (0.1%)** | **Gabon (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Gabon | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2324 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Gabon | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp; 2783 |
|  | &nbsp;&nbsp;&nbsp;Republic of Gabon | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp; 1433 |
|  |  |  |  |  | &nbsp;&nbsp; **6540** |
| **Ghana (0.5%)** | **Ghana (0.5%)** | **Ghana (0.5%)** | **Ghana (0.5%)** |  |  |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp; 2010 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/30 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 57 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/37 | &nbsp;&nbsp;&nbsp;&nbsp; 4865 | &nbsp;&nbsp; 1949 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/37 | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp; 69 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp;&nbsp;&nbsp; 12340 | &nbsp;&nbsp; 10435 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp; 369 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp;&nbsp;&nbsp; 17159 | &nbsp;&nbsp; 11463 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 | &nbsp;&nbsp; 877 |
|  |  |  |  |  | &nbsp;&nbsp; **27229** |
| **Guatemala (0.7%)** | **Guatemala (0.7%)** | **Guatemala (0.7%)** | **Guatemala (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3160 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2220 | &nbsp;&nbsp; 2170 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp; 3152 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2171 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2124 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 8/6/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2651 | &nbsp;&nbsp; 2641 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2069 | &nbsp;&nbsp; 1995 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2572 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2279 | &nbsp;&nbsp; 1893 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/13/36 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp; 4549 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/37 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3384 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/41 | &nbsp;&nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp; 1722 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 6281 | &nbsp;&nbsp; 5580 |
|  |  |  |  |  | &nbsp;&nbsp; **37113** |
| **Honduras (0.2%)** | **Honduras (0.2%)** | **Honduras (0.2%)** | **Honduras (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Honduras | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp; 3124 |
|  | &nbsp;&nbsp;&nbsp;Republic of Honduras | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2278 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Honduras | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/27/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2964 |
|  | &nbsp;&nbsp;&nbsp;Republic of Honduras | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/27/34 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
|  |  |  |  |  | &nbsp;&nbsp; **8515** |
| **Hungary (1.3%)** | **Hungary (1.3%)** | **Hungary (1.3%)** | **Hungary (1.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 9668 | &nbsp;&nbsp; 9945 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7925 | &nbsp;&nbsp; 7910 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/31 | &nbsp;&nbsp;&nbsp;&nbsp; 9905 | &nbsp;&nbsp; 8029 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7975 | &nbsp;&nbsp; 8227 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/34 | &nbsp;&nbsp;&nbsp;&nbsp; 5605 | &nbsp;&nbsp; 5399 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/36 | &nbsp;&nbsp;&nbsp;&nbsp; 10820 | &nbsp;&nbsp; 10210 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/41 | &nbsp;&nbsp;&nbsp;&nbsp; 7194 | &nbsp;&nbsp; 7947 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/51 | &nbsp;&nbsp;&nbsp;&nbsp; 9390 | &nbsp;&nbsp; 5505 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/52 | &nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp; 5437 |
|  |  |  |  |  | &nbsp;&nbsp; **68609** |
| **Indonesia (5.9%)** | **Indonesia (5.9%)** | **Indonesia (5.9%)** | **Indonesia (5.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5445 | &nbsp;&nbsp; 5276 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/27 | &nbsp;&nbsp;&nbsp;&nbsp; 9015 | &nbsp;&nbsp; 8983 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/27 | &nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp; 7805 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 7790 | &nbsp;&nbsp; 7808 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4380 | &nbsp;&nbsp; 4521 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5660 | &nbsp;&nbsp; 5646 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3459 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4275 | &nbsp;&nbsp; 4331 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 | &nbsp;&nbsp; 4091 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4997 | &nbsp;&nbsp; 4389 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6475 | &nbsp;&nbsp; 6355 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4636 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4517 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/34 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 | &nbsp;&nbsp; 3286 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/34 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 903 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/50 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2564 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/51 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp; 2369 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/54 | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2340 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/54 | &nbsp;&nbsp;&nbsp;&nbsp; 3025 | &nbsp;&nbsp; 2914 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/54 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 193 |

---

------

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 | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5525 | &nbsp;&nbsp; 5512 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4570 | &nbsp;&nbsp; 4520 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 | &nbsp;&nbsp; 3262 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5661 | &nbsp;&nbsp; 5544 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4875 | &nbsp;&nbsp; 4894 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4575 | &nbsp;&nbsp; 4562 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/11/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5508 | &nbsp;&nbsp; 5559 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2275 | &nbsp;&nbsp; 2268 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp; 3299 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3888 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5319 | &nbsp;&nbsp; 4907 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7325 | &nbsp;&nbsp; 7011 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5675 | &nbsp;&nbsp; 4825 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5375 | &nbsp;&nbsp; 4605 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4132 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6350 | &nbsp;&nbsp; 6205 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5555 | &nbsp;&nbsp; 5488 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2491 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/34 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp; 4903 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 4725 | &nbsp;&nbsp; 4870 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/35 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp; 8597 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/37 | &nbsp;&nbsp;&nbsp;&nbsp; 6287 | &nbsp;&nbsp; 6910 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/37 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/38 | &nbsp;&nbsp;&nbsp;&nbsp; 8539 | &nbsp;&nbsp; 10255 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/42 | &nbsp;&nbsp;&nbsp;&nbsp; 10170 | &nbsp;&nbsp; 9740 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 6660 | &nbsp;&nbsp; 5872 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp; 8735 | &nbsp;&nbsp; 9655 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 9026 | &nbsp;&nbsp; 8418 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/46 | &nbsp;&nbsp;&nbsp;&nbsp; 5666 | &nbsp;&nbsp; 5762 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/47 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp; 6476 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/47 | &nbsp;&nbsp;&nbsp;&nbsp; 4180 | &nbsp;&nbsp; 3695 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/48 | &nbsp;&nbsp;&nbsp;&nbsp; 7830 | &nbsp;&nbsp; 6429 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/11/49 | &nbsp;&nbsp;&nbsp;&nbsp; 4323 | &nbsp;&nbsp; 4139 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 10/30/49 | &nbsp;&nbsp;&nbsp;&nbsp; 4905 | &nbsp;&nbsp; 3577 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/50 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 | &nbsp;&nbsp; 2315 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 7625 | &nbsp;&nbsp; 6079 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/51 | &nbsp;&nbsp;&nbsp;&nbsp; 8775 | &nbsp;&nbsp; 5652 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/52 | &nbsp;&nbsp;&nbsp;&nbsp; 3323 | &nbsp;&nbsp; 2670 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 2275 | &nbsp;&nbsp; 2175 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/53 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 | &nbsp;&nbsp; 3256 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4025 | &nbsp;&nbsp; 3665 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/54 | &nbsp;&nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp; 2699 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/61 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp; 1871 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/70 | &nbsp;&nbsp;&nbsp;&nbsp; 4385 | &nbsp;&nbsp; 3451 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/71 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp; 2127 |
|  |  |  |  |  | &nbsp;&nbsp; **304726** |
| **Iraq (0.1%)** | **Iraq (0.1%)** | **Iraq (0.1%)** | **Iraq (0.1%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Iraq | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4498 | &nbsp;&nbsp; 4354 |
| **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** | **Ivory Coast (0.5%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 | &nbsp;&nbsp; 1677 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5047 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp; 4581 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp;&nbsp;&nbsp; 6675 | &nbsp;&nbsp; 6123 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 8.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 7975 | &nbsp;&nbsp; 7334 |
|  |  |  |  |  | &nbsp;&nbsp; **24762** |
| **Jamaica (0.4%)** | **Jamaica (0.4%)** | **Jamaica (0.4%)** | **Jamaica (0.4%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Jamaica | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5465 | &nbsp;&nbsp; 5596 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Jamaica | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 5565 | &nbsp;&nbsp; 6319 |
|  | &nbsp;&nbsp;&nbsp;Jamaica | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/45 | &nbsp;&nbsp;&nbsp;&nbsp; 8005 | &nbsp;&nbsp; 8970 |
|  |  |  |  |  | &nbsp;&nbsp; **20885** |
| **Jordan (0.4%)** | **Jordan (0.4%)** | **Jordan (0.4%)** | **Jordan (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4347 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp; 2993 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5469 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5511 | &nbsp;&nbsp; 5086 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/47 | &nbsp;&nbsp;&nbsp;&nbsp; 4525 | &nbsp;&nbsp; 3775 |
|  |  |  |  |  | &nbsp;&nbsp; **21670** |

---

------

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)** |
| **Kazakhstan (0.3%)** | **Kazakhstan (0.3%)** | **Kazakhstan (0.3%)** | **Kazakhstan (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.714% | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/35 | &nbsp;&nbsp;&nbsp;&nbsp; 6150 | &nbsp;&nbsp; 5898 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/44 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp; 2615 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/44 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1507 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/21/45 | &nbsp;&nbsp;&nbsp;&nbsp; 6635 | &nbsp;&nbsp; 6953 |
|  |  |  |  |  | &nbsp;&nbsp; **16973** |
| **Kenya (0.5%)** | **Kenya (0.5%)** | **Kenya (0.5%)** | **Kenya (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4575 | &nbsp;&nbsp; 4270 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/31 | &nbsp;&nbsp;&nbsp;&nbsp; 6550 | &nbsp;&nbsp; 6226 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/32 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 4863 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 6.300% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4348 | &nbsp;&nbsp; 3289 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Kenya | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/36 | &nbsp;&nbsp;&nbsp;&nbsp; 6675 | &nbsp;&nbsp; 5844 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/48 | &nbsp;&nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp; 3257 |
|  |  |  |  |  | &nbsp;&nbsp; **27749** |
| **Kuwait (0.4%)** | **Kuwait (0.4%)** | **Kuwait (0.4%)** | **Kuwait (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kuwait | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20165 | &nbsp;&nbsp; 19836 |
| **Lebanon (0.1%)** | **Lebanon (0.1%)** | **Lebanon (0.1%)** | **Lebanon (0.1%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7145 | &nbsp;&nbsp; 1212 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5525 | &nbsp;&nbsp; 942 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/29/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4454 | &nbsp;&nbsp; 756 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp; 686 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4450 | &nbsp;&nbsp; 754 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6245 | &nbsp;&nbsp; 1064 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp; 751 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/35 | &nbsp;&nbsp;&nbsp;&nbsp; 2625 | &nbsp;&nbsp; 448 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/37 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp; 562 |
|  |  |  |  |  | &nbsp;&nbsp; **7175** |
| **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; 4/22/45 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 | &nbsp;&nbsp; 2010 |
|  | &nbsp;&nbsp;&nbsp;Malaysia Sukuk Global Bhd. | 4.080% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/46 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp; 1748 |
|  | &nbsp;&nbsp;&nbsp;Malaysia Wakala Sukuk Bhd. | 2.070% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 | &nbsp;&nbsp; 2852 |
|  | &nbsp;&nbsp;&nbsp;Malaysia Wakala Sukuk Bhd. | 3.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/51 | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp; 1694 |
|  |  |  |  |  | &nbsp;&nbsp; **8304** |
| **Mexico (5.9%)** | **Mexico (5.9%)** | **Mexico (5.9%)** | **Mexico (5.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/28/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10770 | &nbsp;&nbsp; 10674 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp; 8368 | &nbsp;&nbsp; 8167 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5591 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 13660 | &nbsp;&nbsp; 13368 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4360 | &nbsp;&nbsp; 4347 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9975 | &nbsp;&nbsp; 9080 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 8875 | &nbsp;&nbsp; 9122 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 2.659% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 15278 | &nbsp;&nbsp; 12985 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 8.300% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 | &nbsp;&nbsp; 5920 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/32 | &nbsp;&nbsp;&nbsp;&nbsp; 10885 | &nbsp;&nbsp; 10189 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3390 | &nbsp;&nbsp; 3708 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp;&nbsp;&nbsp; 9905 | &nbsp;&nbsp; 9109 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/34 | &nbsp;&nbsp;&nbsp;&nbsp; 12653 | &nbsp;&nbsp; 10353 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp; 7643 | &nbsp;&nbsp; 7925 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/35 | &nbsp;&nbsp;&nbsp;&nbsp; 12212 | &nbsp;&nbsp; 12137 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/36 | &nbsp;&nbsp;&nbsp;&nbsp; 18065 | &nbsp;&nbsp; 17268 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/37 | &nbsp;&nbsp;&nbsp;&nbsp; 17450 | &nbsp;&nbsp; 17673 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/40 | &nbsp;&nbsp;&nbsp;&nbsp; 12563 | &nbsp;&nbsp; 11704 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.280% | &nbsp;&nbsp;&nbsp;&nbsp; 8/14/41 | &nbsp;&nbsp;&nbsp;&nbsp; 11022 | &nbsp;&nbsp; 8201 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/44 | &nbsp;&nbsp;&nbsp;&nbsp; 16546 | &nbsp;&nbsp; 12518 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/45 | &nbsp;&nbsp;&nbsp;&nbsp; 12257 | &nbsp;&nbsp; 10575 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/46 | &nbsp;&nbsp;&nbsp;&nbsp; 10685 | &nbsp;&nbsp; 7733 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 5706 | &nbsp;&nbsp; 3948 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/48 | &nbsp;&nbsp;&nbsp;&nbsp; 8168 | &nbsp;&nbsp; 5811 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/50 | &nbsp;&nbsp;&nbsp;&nbsp; 8596 | &nbsp;&nbsp; 5993 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/51 | &nbsp;&nbsp;&nbsp;&nbsp; 11205 | &nbsp;&nbsp; 8322 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/52 | &nbsp;&nbsp;&nbsp;&nbsp; 9925 | &nbsp;&nbsp; 6651 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.338% | &nbsp;&nbsp;&nbsp;&nbsp; 5/4/53 | &nbsp;&nbsp;&nbsp;&nbsp; 13010 | &nbsp;&nbsp; 11416 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/54 | &nbsp;&nbsp;&nbsp;&nbsp; 11130 | &nbsp;&nbsp; 9824 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/55 | &nbsp;&nbsp;&nbsp;&nbsp; 11044 | &nbsp;&nbsp; 10937 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.771% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/61 | &nbsp;&nbsp;&nbsp;&nbsp; 13615 | &nbsp;&nbsp; 7709 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/71 | &nbsp;&nbsp;&nbsp;&nbsp; 13472 | &nbsp;&nbsp; 7331 |

---

------

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;United Mexican States | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/10 | &nbsp;&nbsp;&nbsp;&nbsp; 11894 | &nbsp;&nbsp; 8978 |
|  |  |  |  |  | &nbsp;&nbsp; **305267** |
| **Mongolia (0.1%)** | **Mongolia (0.1%)** | **Mongolia (0.1%)** | **Mongolia (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mongolia | 8.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2639 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Mongolia | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1879 |
|  | &nbsp;&nbsp;&nbsp;Mongolia | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 1938 |
|  |  |  |  |  | &nbsp;&nbsp; **6456** |
| **Montenegro (0.1%)** | **Montenegro (0.1%)** | **Montenegro (0.1%)** | **Montenegro (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Montenegro | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3373 |
| **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp; 3088 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5650 | &nbsp;&nbsp; 5739 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4425 | &nbsp;&nbsp; 3646 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/8/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5625 | &nbsp;&nbsp; 5809 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/42 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp; 2922 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp; 3534 |
|  |  |  |  |  | &nbsp;&nbsp; **24738** |
| **Mozambique (0.1%)** | **Mozambique (0.1%)** | **Mozambique (0.1%)** | **Mozambique (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Mozambique | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3985 | &nbsp;&nbsp; 3047 |
| **Nigeria (1.2%)** | **Nigeria (1.2%)** | **Nigeria (1.2%)** | **Nigeria (1.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/28/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp; 6371 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5610 | &nbsp;&nbsp; 5032 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp; 5084 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.143% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/30 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp; 4752 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.747% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4572 | &nbsp;&nbsp; 4160 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2722 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5980 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/33 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 | &nbsp;&nbsp; 4872 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6150 | &nbsp;&nbsp; 5803 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 849 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.696% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/38 | &nbsp;&nbsp;&nbsp;&nbsp; 5667 | &nbsp;&nbsp; 4330 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/28/47 | &nbsp;&nbsp;&nbsp;&nbsp; 6636 | &nbsp;&nbsp; 4690 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.248% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/49 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp; 2854 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/51 | &nbsp;&nbsp;&nbsp;&nbsp; 5475 | &nbsp;&nbsp; 3981 |
|  |  |  |  |  | &nbsp;&nbsp; **61480** |
| **Oman (1.8%)** | **Oman (1.8%)** | **Oman (1.8%)** | **Oman (1.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Oman Sovereign Sukuk Co. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7558 | &nbsp;&nbsp; 7505 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10500 | &nbsp;&nbsp; 10430 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp;&nbsp;&nbsp; 7143 | &nbsp;&nbsp; 7173 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/28/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5910 | &nbsp;&nbsp; 6125 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 10850 | &nbsp;&nbsp; 10955 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 9722 | &nbsp;&nbsp; 10007 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp;&nbsp;&nbsp; 7650 | &nbsp;&nbsp; 7996 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 10/28/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4487 | &nbsp;&nbsp; 5015 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/47 | &nbsp;&nbsp;&nbsp;&nbsp; 8965 | &nbsp;&nbsp; 8869 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/48 | &nbsp;&nbsp;&nbsp;&nbsp; 12100 | &nbsp;&nbsp; 12233 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4782 |
|  |  |  |  |  | &nbsp;&nbsp; **91090** |
| **Pakistan (0.3%)** | **Pakistan (0.3%)** | **Pakistan (0.3%)** | **Pakistan (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 12/5/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp; 5915 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/31 | &nbsp;&nbsp;&nbsp;&nbsp; 6325 | &nbsp;&nbsp; 4974 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/51 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp; 2436 |
|  | &nbsp;&nbsp;&nbsp;Pakistan Global Sukuk Programme Co. Ltd. | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4466 | &nbsp;&nbsp; 3918 |
|  |  |  |  |  | &nbsp;&nbsp; **17243** |
| **Panama (2.1%)** | **Panama (2.1%)** | **Panama (2.1%)** | **Panama (2.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4361 | &nbsp;&nbsp; 4722 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5690 | &nbsp;&nbsp; 5445 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4270 | &nbsp;&nbsp; 4763 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.160% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7063 | &nbsp;&nbsp; 6195 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4890 | &nbsp;&nbsp; 5096 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 2.252% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 11294 | &nbsp;&nbsp; 8282 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.298% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/33 | &nbsp;&nbsp;&nbsp;&nbsp; 4537 | &nbsp;&nbsp; 3561 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/35 | &nbsp;&nbsp;&nbsp;&nbsp; 10281 | &nbsp;&nbsp; 9727 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/36 | &nbsp;&nbsp;&nbsp;&nbsp; 9045 | &nbsp;&nbsp; 8722 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/36 | &nbsp;&nbsp;&nbsp;&nbsp; 4350 | &nbsp;&nbsp; 4210 |

---

------

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 Panama | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 5409 | &nbsp;&nbsp; 5620 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp; 5191 | &nbsp;&nbsp; 3408 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/50 | &nbsp;&nbsp;&nbsp;&nbsp; 11020 | &nbsp;&nbsp; 7057 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 4/29/53 | &nbsp;&nbsp;&nbsp;&nbsp; 7615 | &nbsp;&nbsp; 4646 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.853% | &nbsp;&nbsp;&nbsp;&nbsp; 3/28/54 | &nbsp;&nbsp;&nbsp;&nbsp; 6220 | &nbsp;&nbsp; 5370 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp;&nbsp;&nbsp; 10949 | &nbsp;&nbsp; 6694 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp; 3271 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.870% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/60 | &nbsp;&nbsp;&nbsp;&nbsp; 13043 | &nbsp;&nbsp; 7064 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/63 | &nbsp;&nbsp;&nbsp;&nbsp; 6638 | &nbsp;&nbsp; 4041 |
|  |  |  |  |  | &nbsp;&nbsp; **107894** |
| **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; 10/4/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2143 |
| **Paraguay (0.5%)** | **Paraguay (0.5%)** | **Paraguay (0.5%)** | **Paraguay (0.5%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4460 | &nbsp;&nbsp; 4390 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 2.739% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2365 | &nbsp;&nbsp; 1988 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 3.849% | &nbsp;&nbsp;&nbsp;&nbsp; 6/28/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1882 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2364 | &nbsp;&nbsp; 2386 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/36 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2194 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 8/11/44 | &nbsp;&nbsp;&nbsp;&nbsp; 4530 | &nbsp;&nbsp; 4267 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/48 | &nbsp;&nbsp;&nbsp;&nbsp; 2360 | &nbsp;&nbsp; 2063 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/50 | &nbsp;&nbsp;&nbsp;&nbsp; 5135 | &nbsp;&nbsp; 4366 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/55 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2771 |
|  |  |  |  |  | &nbsp;&nbsp; **26307** |
| **Peru (1.7%)** | **Peru (1.7%)** | **Peru (1.7%)** | **Peru (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp; 2667 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.844% | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp; 2662 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.783% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/31 | &nbsp;&nbsp;&nbsp;&nbsp; 14356 | &nbsp;&nbsp; 12737 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 1.862% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4385 | &nbsp;&nbsp; 3460 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/33 | &nbsp;&nbsp;&nbsp;&nbsp; 9577 | &nbsp;&nbsp; 11647 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 9922 | &nbsp;&nbsp; 8287 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/35 | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp; 5473 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Peru | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/37 | &nbsp;&nbsp;&nbsp;&nbsp; 5266 | &nbsp;&nbsp; 5594 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/11/41 | &nbsp;&nbsp;&nbsp;&nbsp; 5775 | &nbsp;&nbsp; 4209 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/18/50 | &nbsp;&nbsp;&nbsp;&nbsp; 11221 | &nbsp;&nbsp; 10515 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/51 | &nbsp;&nbsp;&nbsp;&nbsp; 7744 | &nbsp;&nbsp; 5236 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/8/54 | &nbsp;&nbsp;&nbsp;&nbsp; 7760 | &nbsp;&nbsp; 7370 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp;&nbsp;&nbsp; 8936 | &nbsp;&nbsp; 4756 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/72 | &nbsp;&nbsp;&nbsp;&nbsp; 4421 | &nbsp;&nbsp; 2699 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 3.230% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/21 | &nbsp;&nbsp;&nbsp;&nbsp; 4393 | &nbsp;&nbsp; 2335 |
|  |  |  |  |  | &nbsp;&nbsp; **89647** |
| **Philippines (3.2%)** | **Philippines (3.2%)** | **Philippines (3.2%)** | **Philippines (3.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.229% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp; 2006 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.170% | &nbsp;&nbsp;&nbsp;&nbsp; 10/13/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2392 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 8975 | &nbsp;&nbsp; 8668 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp; 2244 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/29 | &nbsp;&nbsp;&nbsp;&nbsp; 6675 | &nbsp;&nbsp; 6522 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9114 | &nbsp;&nbsp; 11026 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2245 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 2.457% | &nbsp;&nbsp;&nbsp;&nbsp; 5/5/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4011 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/31 | &nbsp;&nbsp;&nbsp;&nbsp; 8010 | &nbsp;&nbsp; 9280 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 1.648% | &nbsp;&nbsp;&nbsp;&nbsp; 6/10/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5625 | &nbsp;&nbsp; 4740 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/6/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3025 | &nbsp;&nbsp; 2542 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4555 | &nbsp;&nbsp; 4927 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.556% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3425 | &nbsp;&nbsp; 3134 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.609% | &nbsp;&nbsp;&nbsp;&nbsp; 4/13/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3480 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp; 5749 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/14/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp; 4614 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp;&nbsp;&nbsp; 8445 | &nbsp;&nbsp; 9218 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/35 | &nbsp;&nbsp;&nbsp;&nbsp; 5650 | &nbsp;&nbsp; 5823 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/35 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4769 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/37 | &nbsp;&nbsp;&nbsp;&nbsp; 5705 | &nbsp;&nbsp; 5596 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/40 | &nbsp;&nbsp;&nbsp;&nbsp; 8825 | &nbsp;&nbsp; 7502 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 8675 | &nbsp;&nbsp; 6951 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/42 | &nbsp;&nbsp;&nbsp;&nbsp; 8920 | &nbsp;&nbsp; 7062 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 5/5/45 | &nbsp;&nbsp;&nbsp;&nbsp; 5950 | &nbsp;&nbsp; 4033 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/45 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp; 4322 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/6/46 | &nbsp;&nbsp;&nbsp;&nbsp; 10025 | &nbsp;&nbsp; 6987 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/47 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp; 3694 |

---

------

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 Philippines | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 10/13/47 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 | &nbsp;&nbsp; 3301 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/48 | &nbsp;&nbsp;&nbsp;&nbsp; 5450 | &nbsp;&nbsp; 5265 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/14/49 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4455 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.175% | &nbsp;&nbsp;&nbsp;&nbsp; 9/5/49 | &nbsp;&nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp; 3753 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.900% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/50 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4548 |
|  | &nbsp;&nbsp;&nbsp;ROP Sukuk Trust | 5.045% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp; 4174 |
|  |  |  |  |  | &nbsp;&nbsp; **169033** |
| **Poland (2.3%)** | **Poland (2.3%)** | **Poland (2.3%)** | **Poland (2.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/33 | &nbsp;&nbsp;&nbsp;&nbsp; 7775 | &nbsp;&nbsp; 7842 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/34 | &nbsp;&nbsp;&nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7867 |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/34 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/54 | &nbsp;&nbsp;&nbsp;&nbsp; 7175 | &nbsp;&nbsp; 7142 |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/54 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/16/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6635 | &nbsp;&nbsp; 6834 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/29 | &nbsp;&nbsp;&nbsp;&nbsp; 6675 | &nbsp;&nbsp; 6750 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/30 | &nbsp;&nbsp;&nbsp;&nbsp; 12010 | &nbsp;&nbsp; 12213 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/16/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6465 | &nbsp;&nbsp; 6805 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/33 | &nbsp;&nbsp;&nbsp;&nbsp; 11030 | &nbsp;&nbsp; 10925 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/34 | &nbsp;&nbsp;&nbsp;&nbsp; 13530 | &nbsp;&nbsp; 13497 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/35 | &nbsp;&nbsp;&nbsp;&nbsp; 12780 | &nbsp;&nbsp; 12938 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/53 | &nbsp;&nbsp;&nbsp;&nbsp; 11090 | &nbsp;&nbsp; 10352 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/54 | &nbsp;&nbsp;&nbsp;&nbsp; 15450 | &nbsp;&nbsp; 14391 |
|  |  |  |  |  | &nbsp;&nbsp; **118309** |
| **Qatar (3.4%)** | **Qatar (3.4%)** | **Qatar (3.4%)** | **Qatar (3.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16242 | &nbsp;&nbsp; 16053 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/28 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp; 884 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1114 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp;&nbsp;&nbsp; 14535 | &nbsp;&nbsp; 14732 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/29 | &nbsp;&nbsp;&nbsp;&nbsp; 19100 | &nbsp;&nbsp; 18994 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3955 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/30 | &nbsp;&nbsp;&nbsp;&nbsp; 13804 | &nbsp;&nbsp; 13507 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6013 | &nbsp;&nbsp; 7531 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/34 | &nbsp;&nbsp;&nbsp;&nbsp; 7125 | &nbsp;&nbsp; 7249 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/35 | &nbsp;&nbsp;&nbsp;&nbsp; 8200 | &nbsp;&nbsp; 8371 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/40 | &nbsp;&nbsp;&nbsp;&nbsp; 4530 | &nbsp;&nbsp; 5084 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;State of Qatar | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4650 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/46 | &nbsp;&nbsp;&nbsp;&nbsp; 8936 | &nbsp;&nbsp; 8001 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 5.103% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/48 | &nbsp;&nbsp;&nbsp;&nbsp; 26795 | &nbsp;&nbsp; 25281 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.817% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/49 | &nbsp;&nbsp;&nbsp;&nbsp; 26683 | &nbsp;&nbsp; 24251 |
|  | &nbsp;&nbsp;&nbsp;State of Qatar | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/50 | &nbsp;&nbsp;&nbsp;&nbsp; 22038 | &nbsp;&nbsp; 18656 |
|  |  |  |  |  | &nbsp;&nbsp; **178313** |
| **Romania (1.7%)** | **Romania (1.7%)** | **Romania (1.7%)** | **Romania (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5978 | &nbsp;&nbsp; 5719 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4450 | &nbsp;&nbsp; 4416 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 7602 | &nbsp;&nbsp; 7777 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 8850 | &nbsp;&nbsp; 8762 |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5898 | &nbsp;&nbsp; 4865 |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4918 | &nbsp;&nbsp; 4072 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/33 | &nbsp;&nbsp;&nbsp;&nbsp; 7248 | &nbsp;&nbsp; 7268 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/34 | &nbsp;&nbsp;&nbsp;&nbsp; 8864 | &nbsp;&nbsp; 8358 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4490 | &nbsp;&nbsp; 4131 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/35 | &nbsp;&nbsp;&nbsp;&nbsp; 9256 | &nbsp;&nbsp; 8196 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Romania | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/37 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp; 5078 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/37 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/44 | &nbsp;&nbsp;&nbsp;&nbsp; 4450 | &nbsp;&nbsp; 3785 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 3904 |
|  | &nbsp;&nbsp;&nbsp;Romania | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/51 | &nbsp;&nbsp;&nbsp;&nbsp; 9078 | &nbsp;&nbsp; 5410 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/53 | &nbsp;&nbsp;&nbsp;&nbsp; 5584 | &nbsp;&nbsp; 5393 |
|  |  |  |  |  | &nbsp;&nbsp; **87332** |
| **Rwanda (0.0%)** | **Rwanda (0.0%)** | **Rwanda (0.0%)** | **Rwanda (0.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Rwanda | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2115 |
| **Saudi Arabia (8.9%)** | **Saudi Arabia (8.9%)** | **Saudi Arabia (8.9%)** | **Saudi Arabia (8.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 23003 | &nbsp;&nbsp; 22653 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5321 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 18525 | &nbsp;&nbsp; 18825 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3810 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/28 | &nbsp;&nbsp;&nbsp;&nbsp; 14600 | &nbsp;&nbsp; 14685 |

---

------

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 | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/28 | &nbsp;&nbsp;&nbsp;&nbsp; 22472 | &nbsp;&nbsp; 21919 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 17975 | &nbsp;&nbsp; 17859 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/30 | &nbsp;&nbsp;&nbsp;&nbsp; 14466 | &nbsp;&nbsp; 14525 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/30 | &nbsp;&nbsp;&nbsp;&nbsp; 13292 | &nbsp;&nbsp; 13193 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6354 | &nbsp;&nbsp; 5902 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 13225 | &nbsp;&nbsp; 13620 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 824 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4345 | &nbsp;&nbsp; 3843 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/32 | &nbsp;&nbsp;&nbsp;&nbsp; 11100 | &nbsp;&nbsp; 11499 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/33 | &nbsp;&nbsp;&nbsp;&nbsp; 12120 | &nbsp;&nbsp; 10024 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/33 | &nbsp;&nbsp;&nbsp;&nbsp; 15213 | &nbsp;&nbsp; 15090 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/34 | &nbsp;&nbsp;&nbsp;&nbsp; 17795 | &nbsp;&nbsp; 17687 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/35 | &nbsp;&nbsp;&nbsp;&nbsp; 17750 | &nbsp;&nbsp; 18350 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/26/46 | &nbsp;&nbsp;&nbsp;&nbsp; 28625 | &nbsp;&nbsp; 23164 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/47 | &nbsp;&nbsp;&nbsp;&nbsp; 19948 | &nbsp;&nbsp; 16304 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/49 | &nbsp;&nbsp;&nbsp;&nbsp; 15274 | &nbsp;&nbsp; 13084 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/50 | &nbsp;&nbsp;&nbsp;&nbsp; 15592 | &nbsp;&nbsp; 13889 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/51 | &nbsp;&nbsp;&nbsp;&nbsp; 5540 | &nbsp;&nbsp; 3460 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/53 | &nbsp;&nbsp;&nbsp;&nbsp; 14275 | &nbsp;&nbsp; 12081 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/54 | &nbsp;&nbsp;&nbsp;&nbsp; 21632 | &nbsp;&nbsp; 20404 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/55 | &nbsp;&nbsp;&nbsp;&nbsp; 12172 | &nbsp;&nbsp; 8215 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/60 | &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp; 10288 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/61 | &nbsp;&nbsp;&nbsp;&nbsp; 10745 | &nbsp;&nbsp; 6583 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 3.628% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; 20143 | &nbsp;&nbsp; 19842 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5625 | &nbsp;&nbsp; 5705 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.268% | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/28 | &nbsp;&nbsp;&nbsp;&nbsp; 11027 | &nbsp;&nbsp; 11253 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 4.303% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp; 9226 | &nbsp;&nbsp; 9149 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 4.274% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 13419 | &nbsp;&nbsp; 13304 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 2.969% | &nbsp;&nbsp;&nbsp;&nbsp; 10/29/29 | &nbsp;&nbsp;&nbsp;&nbsp; 11215 | &nbsp;&nbsp; 10474 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6645 | &nbsp;&nbsp; 6777 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/31 | &nbsp;&nbsp;&nbsp;&nbsp; 8837 | &nbsp;&nbsp; 7668 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 4.511% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/33 | &nbsp;&nbsp;&nbsp;&nbsp; 13160 | &nbsp;&nbsp; 12838 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/34 | &nbsp;&nbsp;&nbsp;&nbsp; 7400 | &nbsp;&nbsp; 7577 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2660 |
|  |  |  |  |  | &nbsp;&nbsp; **464348** |
| **Senegal (0.2%)** | **Senegal (0.2%)** | **Senegal (0.2%)** | **Senegal (0.2%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/10/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4525 | &nbsp;&nbsp; 3533 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/23/33 | &nbsp;&nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp; 3442 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/48 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 2717 |
|  |  |  |  |  | &nbsp;&nbsp; **9692** |
| **Serbia (0.4%)** | **Serbia (0.4%)** | **Serbia (0.4%)** | **Serbia (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3425 | &nbsp;&nbsp; 3507 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4895 | &nbsp;&nbsp; 4070 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/33 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4640 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6080 | &nbsp;&nbsp; 6011 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp; 716 |
|  |  |  |  |  | &nbsp;&nbsp; **18944** |
| **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; 9/27/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4475 | &nbsp;&nbsp; 4389 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp; 8596 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 8775 | &nbsp;&nbsp; 8251 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6239 | &nbsp;&nbsp; 6043 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5645 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.100% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/36 | &nbsp;&nbsp;&nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7342 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.100% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/36 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 855 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/41 | &nbsp;&nbsp;&nbsp;&nbsp; 3525 | &nbsp;&nbsp; 2912 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/44 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp; 3676 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/46 | &nbsp;&nbsp;&nbsp;&nbsp; 4298 | &nbsp;&nbsp; 2850 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/27/47 | &nbsp;&nbsp;&nbsp;&nbsp; 6835 | &nbsp;&nbsp; 4880 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 6.300% | &nbsp;&nbsp;&nbsp;&nbsp; 6/22/48 | &nbsp;&nbsp;&nbsp;&nbsp; 2740 | &nbsp;&nbsp; 2118 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/49 | &nbsp;&nbsp;&nbsp;&nbsp; 13340 | &nbsp;&nbsp; 9523 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 7325 | &nbsp;&nbsp; 6229 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/54 | &nbsp;&nbsp;&nbsp;&nbsp; 6050 | &nbsp;&nbsp; 5476 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/54 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 181 |
|  |  |  |  |  | &nbsp;&nbsp; **78966** |
| **Sri Lanka (0.6%)** | **Sri Lanka (0.6%)** | **Sri Lanka (0.6%)** | **Sri Lanka (0.6%)** |  |  |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 | &nbsp;&nbsp; 4750 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp; 148 |

---

------

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>2,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.350% coupon rate effective 7/15/27 | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4789 | &nbsp;&nbsp; 3895 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.600% coupon rate effective 9/15/27 | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 8848 | &nbsp;&nbsp; 6271 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.600% coupon rate effective 9/15/27 | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp; 446 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 11/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp; 4203 | &nbsp;&nbsp; 2879 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 11/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 199 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 8/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp; 8269 | &nbsp;&nbsp; 5706 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 8/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp; 400 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 5944 | &nbsp;&nbsp; 3808 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp; 404 |
|  |  |  |  |  | &nbsp;&nbsp; **28906** |
| **Suriname (0.1%)** | **Suriname (0.1%)** | **Suriname (0.1%)** | **Suriname (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Suriname | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3141 | &nbsp;&nbsp; 2882 |
| **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp; 4473 |
|  | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp; 1849 |
|  | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp; 2462 |
|  | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/34 | &nbsp;&nbsp;&nbsp;&nbsp; 3460 | &nbsp;&nbsp; 3278 |
|  |  |  |  |  | &nbsp;&nbsp; **12062** |
| **Turkiye (6.3%)** | **Turkiye (6.3%)** | **Turkiye (6.3%)** | **Turkiye (6.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/22/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10850 | &nbsp;&nbsp; 10752 |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/24/27 | &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp; 13617 |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 8.509% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/29 | &nbsp;&nbsp;&nbsp;&nbsp; 11528 | &nbsp;&nbsp; 12220 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9909 |
|  | &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama A/S | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1062 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13374 | &nbsp;&nbsp; 13200 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 14246 | &nbsp;&nbsp; 14227 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 8.600% | &nbsp;&nbsp;&nbsp;&nbsp; 9/24/27 | &nbsp;&nbsp;&nbsp;&nbsp; 8950 | &nbsp;&nbsp; 9410 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 15535 | &nbsp;&nbsp; 16792 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 9075 | &nbsp;&nbsp; 8766 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/28 | &nbsp;&nbsp;&nbsp;&nbsp; 12428 | &nbsp;&nbsp; 12258 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10375 | &nbsp;&nbsp; 11206 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 13125 | &nbsp;&nbsp; 13392 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 11.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6862 | &nbsp;&nbsp; 8279 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9024 | &nbsp;&nbsp; 8340 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 11070 | &nbsp;&nbsp; 12011 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 9945 | &nbsp;&nbsp; 9300 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/31 | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp; 7316 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp; 10734 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7496 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/33 | &nbsp;&nbsp;&nbsp;&nbsp; 12175 | &nbsp;&nbsp; 13365 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/33 | &nbsp;&nbsp;&nbsp;&nbsp; 6705 | &nbsp;&nbsp; 6222 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6669 | &nbsp;&nbsp; 6891 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 13375 | &nbsp;&nbsp; 13327 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/35 | &nbsp;&nbsp;&nbsp;&nbsp; 15433 | &nbsp;&nbsp; 14118 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/17/36 | &nbsp;&nbsp;&nbsp;&nbsp; 12174 | &nbsp;&nbsp; 11363 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/38 | &nbsp;&nbsp;&nbsp;&nbsp; 4315 | &nbsp;&nbsp; 4194 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/30/40 | &nbsp;&nbsp;&nbsp;&nbsp; 8780 | &nbsp;&nbsp; 7738 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/41 | &nbsp;&nbsp;&nbsp;&nbsp; 13240 | &nbsp;&nbsp; 10499 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/43 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp; 9086 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/45 | &nbsp;&nbsp;&nbsp;&nbsp; 13450 | &nbsp;&nbsp; 10932 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/11/47 | &nbsp;&nbsp;&nbsp;&nbsp; 15545 | &nbsp;&nbsp; 11205 |
|  |  |  |  |  | &nbsp;&nbsp; **329227** |
| **Ukraine (0.6%)** | **Ukraine (0.6%)** | **Ukraine (0.6%)** | **Ukraine (0.6%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2346 | &nbsp;&nbsp; 1138 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 8943 | &nbsp;&nbsp; 3340 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 6986 | &nbsp;&nbsp; 3511 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 120 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 5875 | &nbsp;&nbsp; 2908 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 95 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5125 | &nbsp;&nbsp; 3113 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 13975 | &nbsp;&nbsp; 6904 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 12129 | &nbsp;&nbsp; 5954 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp; 458 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 10133 | &nbsp;&nbsp; 4856 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp; 451 |
|  |  |  |  |  | &nbsp;&nbsp; **32848** |

---

------

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)** |
| **United Arab Emirates (4.9%)** | **United Arab Emirates (4.9%)** | **United Arab Emirates (4.9%)** | **United Arab Emirates (4.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dubai DOF Sukuk Ltd. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5830 | &nbsp;&nbsp; 5966 |
|  | &nbsp;&nbsp;&nbsp;Dubai DOF Sukuk Ltd. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 5/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 814 |
|  | &nbsp;&nbsp;&nbsp;Dubai DOF Sukuk Ltd. | 2.763% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7225 | &nbsp;&nbsp; 6584 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11617 | &nbsp;&nbsp; 11490 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/11/27 | &nbsp;&nbsp;&nbsp;&nbsp; 18525 | &nbsp;&nbsp; 18138 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp;&nbsp;&nbsp; 8907 | &nbsp;&nbsp; 8254 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7600 | &nbsp;&nbsp; 7802 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 13560 | &nbsp;&nbsp; 12675 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/30 | &nbsp;&nbsp;&nbsp;&nbsp; 13475 | &nbsp;&nbsp; 12882 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/31 | &nbsp;&nbsp;&nbsp;&nbsp; 6650 | &nbsp;&nbsp; 5786 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 7600 | &nbsp;&nbsp; 6568 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/31 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 | &nbsp;&nbsp; 3622 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/32 | &nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp; 7645 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.917% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp;&nbsp;&nbsp; 6855 | &nbsp;&nbsp; 7070 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6850 | &nbsp;&nbsp; 7130 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.857% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/34 | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp; 6353 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.857% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/34 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/41 | &nbsp;&nbsp;&nbsp;&nbsp; 4337 | &nbsp;&nbsp; 3219 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/11/47 | &nbsp;&nbsp;&nbsp;&nbsp; 13345 | &nbsp;&nbsp; 11020 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/49 | &nbsp;&nbsp;&nbsp;&nbsp; 17737 | &nbsp;&nbsp; 11999 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/50 | &nbsp;&nbsp;&nbsp;&nbsp; 17750 | &nbsp;&nbsp; 13697 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/51 | &nbsp;&nbsp;&nbsp;&nbsp; 5440 | &nbsp;&nbsp; 3566 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.951% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/52 | &nbsp;&nbsp;&nbsp;&nbsp; 5524 | &nbsp;&nbsp; 5050 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp; 7839 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/61 | &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp; 5938 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 9/2/70 | &nbsp;&nbsp;&nbsp;&nbsp; 6595 | &nbsp;&nbsp; 3573 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Dubai | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/43 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 | &nbsp;&nbsp; 4373 |
|  | &nbsp;&nbsp;&nbsp;Emirate of Dubai | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 9/9/50 | &nbsp;&nbsp;&nbsp;&nbsp; 5642 | &nbsp;&nbsp; 4018 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/23/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4399 | &nbsp;&nbsp; 4573 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3425 | &nbsp;&nbsp; 2927 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/36 | &nbsp;&nbsp;&nbsp;&nbsp; 4475 | &nbsp;&nbsp; 4462 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/50 | &nbsp;&nbsp;&nbsp;&nbsp; 4423 | &nbsp;&nbsp; 2816 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/51 | &nbsp;&nbsp;&nbsp;&nbsp; 2456 | &nbsp;&nbsp; 1659 |
|  | &nbsp;&nbsp;&nbsp;RAK Capital | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/35 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4571 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 2.942% | &nbsp;&nbsp;&nbsp;&nbsp; 6/10/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4215 | &nbsp;&nbsp; 4040 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 4.226% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5525 | &nbsp;&nbsp; 5405 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.234% | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4436 | &nbsp;&nbsp; 4110 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.886% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp; 3187 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp; 2846 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 6.092% | &nbsp;&nbsp;&nbsp;&nbsp; 3/19/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4357 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 5.433% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/35 | &nbsp;&nbsp;&nbsp;&nbsp; 3890 | &nbsp;&nbsp; 3839 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 5.433% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/35 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 395 |
|  |  |  |  |  | &nbsp;&nbsp; **252616** |
| **Uruguay (1.5%)** | **Uruguay (1.5%)** | **Uruguay (1.5%)** | **Uruguay (1.5%)** |  |  |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5676 | &nbsp;&nbsp; 5680 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/31 | &nbsp;&nbsp;&nbsp;&nbsp; 9284 | &nbsp;&nbsp; 9185 |
|  | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3740 | &nbsp;&nbsp; 4389 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/28/34 | &nbsp;&nbsp;&nbsp;&nbsp; 9672 | &nbsp;&nbsp; 10103 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/21/36 | &nbsp;&nbsp;&nbsp;&nbsp; 4706 | &nbsp;&nbsp; 5559 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.442% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/37 | &nbsp;&nbsp;&nbsp;&nbsp; 6851 | &nbsp;&nbsp; 6974 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/45 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 | &nbsp;&nbsp; 2754 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/18/50 | &nbsp;&nbsp;&nbsp;&nbsp; 17553 | &nbsp;&nbsp; 16079 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 4.975% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp; 11509 | &nbsp;&nbsp; 10122 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/60 | &nbsp;&nbsp;&nbsp;&nbsp; 5800 | &nbsp;&nbsp; 5235 |
|  |  |  |  |  | &nbsp;&nbsp; **76080** |
| **Uzbekistan (0.3%)** | **Uzbekistan (0.3%)** | **Uzbekistan (0.3%)** | **Uzbekistan (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp; 3116 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2068 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2584 | &nbsp;&nbsp; 2222 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/31 | &nbsp;&nbsp;&nbsp;&nbsp; 2859 | &nbsp;&nbsp; 2424 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2575 | &nbsp;&nbsp; 2578 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/32 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.947% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1927 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 6.947% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/32 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  |  |  |  |  | &nbsp;&nbsp; **14735** |
| **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Zambia | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/53 | &nbsp;&nbsp;&nbsp;&nbsp; 6020 | &nbsp;&nbsp; 3397 |

---

------

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>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Zambia, 7.500% coupon rate effective 6/30/31 | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp;&nbsp;&nbsp; 6151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5323 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8720** |
| **Total Sovereign Bonds (Cost $4,637,617)** | **Total Sovereign Bonds (Cost $4,637,617)** | **Total Sovereign Bonds (Cost $4,637,617)** | **Total Sovereign Bonds (Cost $4,637,617)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4371734** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (0.8%)** | **Temporary Cash Investments (0.8%)** | **Temporary Cash Investments (0.8%)** | **Temporary Cash Investments (0.8%)** |  |  |
| **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**39,453)** | 4.350% |  | &nbsp;&nbsp;&nbsp;&nbsp;394569 | &nbsp;&nbsp; **39453** |
| **Total Investments (99.0%) (Cost $5,469,885)** | **Total Investments (99.0%) (Cost $5,469,885)** | **Total Investments (99.0%) (Cost $5,469,885)** | **Total Investments (99.0%) (Cost $5,469,885)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5142594** |
| **Other Assets and Liabilities—Net (1.0%)** | **Other Assets and Liabilities—Net (1.0%)** | **Other Assets and Liabilities—Net (1.0%)** | **Other Assets and Liabilities—Net (1.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54525** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5197119** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Securities with a value of $110 have been segregated as initial margin for open futures contracts. |
| 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 April 30, 2025, the aggregate value was $360,119, representing 6.9% of net assets. |
| 3 | 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. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of April 30, 2025. |
| 5 | Step bond. |
| 6 | Non-income-producing security—security in default. |
| 7 | 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 |  |  |  |  |
| 5-Year U.S. Treasury Note | June 2025 | 53 | 5787 | &nbsp;&nbsp;80 |
| Short Futures Contracts |  |  |  |  |
| Long U.S. Treasury Bond | June 2025 | (14) | (1633) | &nbsp;&nbsp;(7) |
| Ultra Long U.S. Treasury Bond | June 2025 | (9) | (1089) | &nbsp;&nbsp;34 |
|  |  |  |  | &nbsp;&nbsp;27 |
|  |  |  |  | &nbsp;&nbsp;107 |

---

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 April 30, 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 $5,430,432) | 5103141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $39,453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39453 |
| Total Investments in Securities | 5142594 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Cash Collateral Received for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11578 |
| Foreign Currency, at Value (Cost $8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34473 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68325 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Total Assets** | **5258338** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49103 |
| Collateral for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11578 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61219** |
| **Net Assets** | **5197119** |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 5933578 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(736459) |
| **Net Assets** | **5197119** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 75,493,093 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **4807792** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$63.69** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 9,503,018 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**151654** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$15.96** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 9,286,445 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**237673** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$25.59** |

---

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

------

Emerging Markets Government Bond Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | 177542 |
| Total Income | 177542 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Shareholders' Reports and Proxy Fees—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;23 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;4710 |
| **Net Investment Income** | **172832** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;(6953) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(176) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**(7129)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (72060) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| **Change in Unrealized Appreciation (Depreciation)** | **(72085)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;**93618** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $444, ($2), and $2, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $33,378 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;172832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294376 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7129) | &nbsp;&nbsp;&nbsp;&nbsp;(115234) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(72085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536991 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716133 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(166338) | &nbsp;&nbsp;&nbsp;&nbsp;(263353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8321) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(178484) | &nbsp;&nbsp;&nbsp;&nbsp;(280823) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(590935) | &nbsp;&nbsp;&nbsp;1847269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86050 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(558982) | &nbsp;&nbsp;&nbsp;1923198 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(643848) | &nbsp;&nbsp;&nbsp;2358508 |
| **Net Assets** |  |  |
| **Beginning of Period** | **5840967** | &nbsp;&nbsp;&nbsp;**3482459** |
| **End of Period** | **5197119** | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$64.61** | &nbsp;&nbsp;&nbsp;**$57.98** | &nbsp;&nbsp;&nbsp;**$57.55** | &nbsp;&nbsp;&nbsp;**$78.02** | &nbsp;&nbsp;&nbsp;**$78.01** | &nbsp;&nbsp;&nbsp;**$80.38** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.045 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.551 |
| Net Realized and Unrealized Gain (Loss) on Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(.881) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(2.322) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.164 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.229 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;(2.084) | &nbsp;&nbsp;&nbsp;&nbsp;(3.716) | &nbsp;&nbsp;&nbsp;&nbsp;(3.461) | &nbsp;&nbsp;&nbsp;&nbsp;(3.185) | &nbsp;&nbsp;&nbsp;&nbsp;(3.144) | &nbsp;&nbsp;&nbsp;&nbsp;(3.599) |
| 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;(2.084) | &nbsp;&nbsp;&nbsp;&nbsp;(3.716) | &nbsp;&nbsp;&nbsp;&nbsp;(3.461) | &nbsp;&nbsp;&nbsp;&nbsp;(3.185) | &nbsp;&nbsp;&nbsp;&nbsp;(3.144) | &nbsp;&nbsp;&nbsp;&nbsp;(3.599) |
| **Net Asset Value, End of Period** | **$63.69** | &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** |
| **Total Return** | **1.82%** | &nbsp;&nbsp;&nbsp;**18.21%** | &nbsp;&nbsp;&nbsp;**6.62%** | &nbsp;&nbsp;&nbsp;**-22.68%** | &nbsp;&nbsp;&nbsp;**4.06%** | &nbsp;&nbsp;&nbsp;**1.65%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $4808 | &nbsp;&nbsp;&nbsp;$5478 | &nbsp;&nbsp;&nbsp;$3223 | &nbsp;&nbsp;&nbsp;$2582 | &nbsp;&nbsp;&nbsp;$3024 | &nbsp;&nbsp;&nbsp;$1853 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | &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% | &nbsp;&nbsp;&nbsp;0.25% |
| Ratio of Net Investment Income to Average Net Assets | 6.45% | &nbsp;&nbsp;&nbsp;6.09% | &nbsp;&nbsp;&nbsp;5.58% | &nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;4.55% |
| Portfolio Turnover Rate<sup>4</sup> | 12% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;21% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase fees of $.00, $.00, $.02, $.02, $.00, 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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$16.18** | &nbsp;&nbsp;&nbsp;**$14.53** | &nbsp;&nbsp;&nbsp;**$14.42** | &nbsp;&nbsp;&nbsp;**$19.58** | &nbsp;&nbsp;&nbsp;**$19.58** | &nbsp;&nbsp;&nbsp;**$20.16** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.514 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.897 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(.218) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.586) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.296 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.311 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.516) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.891) |
| 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;(.516) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.891) |
| **Net Asset Value, End of Period** | **$15.96** | &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** |
| **Total Return<sup>2</sup>** | **1.84%** | &nbsp;&nbsp;&nbsp;**18.16%** | &nbsp;&nbsp;&nbsp;**6.65%** | &nbsp;&nbsp;&nbsp;**-22.67%** | &nbsp;&nbsp;&nbsp;**4.04%** | &nbsp;&nbsp;&nbsp;**1.66%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $152 | &nbsp;&nbsp;&nbsp;$154 | &nbsp;&nbsp;&nbsp;$148 | &nbsp;&nbsp;&nbsp;$156 | &nbsp;&nbsp;&nbsp;$242 | &nbsp;&nbsp;&nbsp;$243 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.25% |
| Ratio of Net Investment Income to Average Net Assets | 6.43% | &nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;5.57% | &nbsp;&nbsp;&nbsp;4.69% | &nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;4.57% |
| Portfolio Turnover Rate<sup>4</sup> | 12% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;21% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include 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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$25.96** | &nbsp;&nbsp;&nbsp;**$23.30** | &nbsp;&nbsp;&nbsp;**$23.13** | &nbsp;&nbsp;&nbsp;**$31.41** | &nbsp;&nbsp;&nbsp;**$31.40** | &nbsp;&nbsp;&nbsp;**$32.33** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.828 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.443 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(.365) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.938) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.463 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.505 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.833) | &nbsp;&nbsp;&nbsp;&nbsp;(1.525) | &nbsp;&nbsp;&nbsp;&nbsp;(1.407) | &nbsp;&nbsp;&nbsp;&nbsp;(1.305) | &nbsp;&nbsp;&nbsp;&nbsp;(1.274) | &nbsp;&nbsp;&nbsp;&nbsp;(1.435) |
| 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;(.833) | &nbsp;&nbsp;&nbsp;&nbsp;(1.525) | &nbsp;&nbsp;&nbsp;&nbsp;(1.407) | &nbsp;&nbsp;&nbsp;&nbsp;(1.305) | &nbsp;&nbsp;&nbsp;&nbsp;(1.274) | &nbsp;&nbsp;&nbsp;&nbsp;(1.435) |
| **Net Asset Value, End of Period** | **$25.59** | &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** |
| **Total Return<sup>2</sup>** | **1.80%** | &nbsp;&nbsp;&nbsp;**18.25%** | &nbsp;&nbsp;&nbsp;**6.64%** | &nbsp;&nbsp;&nbsp;**-22.66%** | &nbsp;&nbsp;&nbsp;**4.10%** | &nbsp;&nbsp;&nbsp;**1.68%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $238 | &nbsp;&nbsp;&nbsp;$208 | &nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;$54 | &nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;$42 |
| Ratio of Total Expenses to Average Net Assets | 0.15% | &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% | &nbsp;&nbsp;&nbsp;0.23% |
| Ratio of Net Investment Income to Average Net Assets | 6.47% | &nbsp;&nbsp;&nbsp;6.12% | &nbsp;&nbsp;&nbsp;5.60% | &nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;4.05% | &nbsp;&nbsp;&nbsp;4.59% |
| Portfolio Turnover Rate<sup>4</sup> | 12% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;21% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include 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 six months ended April 30, 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.

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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 six months ended April 30, 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 April 30, 2025, the fund had contributed to Vanguard capital in the amount of $150,000, 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.

**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 April 30, 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 |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12486 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12486 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;718921 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;718921 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4371734 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4371734 |
| Temporary Cash Investments | 39453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39453 |
| Total | 39453 | &nbsp;&nbsp;&nbsp;5103141 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5142594 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 114 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;114 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

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.

------

Emerging Markets Government Bond Index Fund

**D.** As of April 30, 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;5478949 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72611 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(408859) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(336248) |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $418,772,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended April 30, 2025, the fund purchased $470,985,000 of investment securities and sold $476,349,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $187,545,000 and $175,223,000, respectively. In addition, the fund purchased and sold investment securities of $285,732,000 and $870,220,000,
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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 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;295423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | &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;— |
| Redeemed | (886358) | &nbsp;&nbsp;(13900) | &nbsp;&nbsp;&nbsp;(311597) | &nbsp;&nbsp;(5000) |
| Net Increase (Decrease)—ETF Shares | (590935) | &nbsp;&nbsp;&nbsp;&nbsp;(9295) | &nbsp;&nbsp;1847269 | &nbsp;&nbsp;&nbsp;29202 |
| **Admiral Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &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;3796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
| Redeemed | &nbsp;&nbsp;(18796) | &nbsp;&nbsp;&nbsp;&nbsp;(1170) | &nbsp;&nbsp;&nbsp;&nbsp;(33736) | &nbsp;&nbsp;(2126) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;(10121) | &nbsp;&nbsp;&nbsp;&nbsp;(648) |
| **Institutional Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &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;7247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| Redeemed | &nbsp;&nbsp;(10587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414) | &nbsp;&nbsp;&nbsp;&nbsp;(15128) | &nbsp;&nbsp;&nbsp;&nbsp;(604) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;32456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86050 | &nbsp;&nbsp;&nbsp;&nbsp;3232 |

---

---

| | |
|:---|:---|
| 1 | Includes purchase fees for fiscal 2025 and 2024 of $359 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.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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

------

Emerging Markets Government Bond Index Fund

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.

Q11202 062025

------

![](tm2515692d12gblminvltyfii001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Global Minimum Volatility Fund

------

#### Contents
Financial Statements 1 <br>

------

Global Minimum Volatility Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 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 (98.9%)** | **Common Stocks (98.9%)** | **Common Stocks (98.9%)** | **Common Stocks (98.9%)** |
| **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; 13968 |
|  | &nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | 3664133 | &nbsp;&nbsp;&nbsp;&nbsp; 10900 |
|  | &nbsp;&nbsp;&nbsp;Brambles Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;817133 | &nbsp;&nbsp;&nbsp;&nbsp; 10738 |
|  | &nbsp;&nbsp;&nbsp;CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40350 | &nbsp;&nbsp;&nbsp;&nbsp; 6477 |
|  | &nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | 1170507 | &nbsp;&nbsp;&nbsp;&nbsp; 6148 |
|  | &nbsp;&nbsp;&nbsp;CAR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;216225 | &nbsp;&nbsp;&nbsp;&nbsp; 4615 |
|  | &nbsp;&nbsp;&nbsp;Coles Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;245117 | &nbsp;&nbsp;&nbsp;&nbsp; 3329 |
|  | &nbsp;&nbsp;&nbsp;Santos Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;832154 | &nbsp;&nbsp;&nbsp;&nbsp; 3199 |
|  | &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;452336 | &nbsp;&nbsp;&nbsp;&nbsp; 3083 |
|  | &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56854 | &nbsp;&nbsp;&nbsp;&nbsp; 1353 |
|  | &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;654689 | &nbsp;&nbsp;&nbsp;&nbsp; 1282 |
|  | &nbsp;&nbsp;&nbsp;SEEK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40539 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **65644** |
| **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp; 2091 |
|  | &nbsp;&nbsp;&nbsp;Colruyt Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40419 | &nbsp;&nbsp;&nbsp;&nbsp; 1944 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4035** |
| **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | 3499958 | &nbsp;&nbsp;&nbsp;&nbsp; 22085 |
|  | &nbsp;&nbsp;&nbsp;Ambev SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;901632 | &nbsp;&nbsp;&nbsp;&nbsp; 2281 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;204659 | &nbsp;&nbsp;&nbsp;&nbsp; 2161 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Suzano SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;124852 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **27633** |
| **Canada (4.5%)** | **Canada (4.5%)** | **Canada (4.5%)** | **Canada (4.5%)** |
|  | &nbsp;&nbsp;&nbsp;Dollarama Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172689 | &nbsp;&nbsp;&nbsp;&nbsp; 21308 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hydro One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;507688 | &nbsp;&nbsp;&nbsp;&nbsp; 19533 |
|  | &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84672 | &nbsp;&nbsp;&nbsp;&nbsp; 18805 |
|  | &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | &nbsp;&nbsp;&nbsp;&nbsp;464573 | &nbsp;&nbsp;&nbsp;&nbsp; 17759 |
|  | &nbsp;&nbsp;&nbsp;TMX Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;136158 | &nbsp;&nbsp;&nbsp;&nbsp; 5518 |
|  | &nbsp;&nbsp;&nbsp;Fortis Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99554 | &nbsp;&nbsp;&nbsp;&nbsp; 4930 |
|  | &nbsp;&nbsp;&nbsp;Keyera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133004 | &nbsp;&nbsp;&nbsp;&nbsp; 4128 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18538 | &nbsp;&nbsp;&nbsp;&nbsp; 3661 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30351 | &nbsp;&nbsp;&nbsp;&nbsp; 1419 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **97061** |
| **China (1.3%)** | **China (1.3%)** | **China (1.3%)** | **China (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd. Class H | 2883600 | &nbsp;&nbsp;&nbsp;&nbsp; 6796 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 1384000 | &nbsp;&nbsp;&nbsp;&nbsp; 4980 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;672800 | &nbsp;&nbsp;&nbsp;&nbsp; 4758 |
|  | &nbsp;&nbsp;&nbsp;ZTO Express Cayman Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166750 | &nbsp;&nbsp;&nbsp;&nbsp; 3106 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp; 2890 |
|  | &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;486500 | &nbsp;&nbsp;&nbsp;&nbsp; 1974 |
|  | &nbsp;&nbsp;&nbsp;China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;530600 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
|  | &nbsp;&nbsp;&nbsp;BYD Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
|  | &nbsp;&nbsp;&nbsp;Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
|  | &nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **28611** |
| **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; 2656 |
| **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Sampo OYJ Class A (XHEL) | &nbsp;&nbsp;&nbsp;&nbsp;815902 | &nbsp;&nbsp;&nbsp;&nbsp; 8174 |
| **France (4.1%)** | **France (4.1%)** | **France (4.1%)** | **France (4.1%)** |
|  | &nbsp;&nbsp;&nbsp;Orange SA | 1735805 | &nbsp;&nbsp;&nbsp;&nbsp; 25183 |
|  | &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;276801 | &nbsp;&nbsp;&nbsp;&nbsp; 23818 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;136633 | &nbsp;&nbsp;&nbsp;&nbsp; 14947 |
|  | &nbsp;&nbsp;&nbsp;Engie SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;507213 | &nbsp;&nbsp;&nbsp;&nbsp; 10483 |
|  | &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23006 | &nbsp;&nbsp;&nbsp;&nbsp; 6629 |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Sodexo SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40381 | &nbsp;&nbsp;&nbsp;&nbsp; 2563 |
|  | &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59763 | &nbsp;&nbsp;&nbsp;&nbsp; 2188 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27011 | &nbsp;&nbsp;&nbsp;&nbsp; 1538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **87349** |
| **Germany (1.7%)** | **Germany (1.7%)** | **Germany (1.7%)** | **Germany (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30120 | &nbsp;&nbsp;&nbsp;&nbsp; 8813 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;229154 | &nbsp;&nbsp;&nbsp;&nbsp; 8231 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Scout24 SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50635 | &nbsp;&nbsp;&nbsp;&nbsp; 6034 |
|  | &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28602 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp; 3994 |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;191557 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 |
|  | &nbsp;&nbsp;&nbsp;Allianz SE (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332 | &nbsp;&nbsp;&nbsp;&nbsp; 1378 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **35830** |
| **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | 1099105 | &nbsp;&nbsp;&nbsp;&nbsp; 9371 |
|  | &nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;773270 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 |
|  | &nbsp;&nbsp;&nbsp;ASMPT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;215800 | &nbsp;&nbsp;&nbsp;&nbsp; 1452 |
|  | &nbsp;&nbsp;&nbsp;Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55600 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Samsonite Group SA | &nbsp;&nbsp;&nbsp;&nbsp;421200 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17468** |
| **India (4.3%)** | **India (4.3%)** | **India (4.3%)** | **India (4.3%)** |
|  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;938911 | &nbsp;&nbsp;&nbsp;&nbsp; 31510 |
|  | &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories Ltd. ADR | 1609594 | &nbsp;&nbsp;&nbsp;&nbsp; 22406 |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;271207 | &nbsp;&nbsp;&nbsp;&nbsp; 19714 |
|  | &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 1000131 | &nbsp;&nbsp;&nbsp;&nbsp; 17602 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **91232** |
| **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; 2113 |
| **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;178098 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 |
|  | &nbsp;&nbsp;&nbsp;Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
|  | &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36646 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24305 | &nbsp;&nbsp;&nbsp;&nbsp; 479 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12036 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3506** |
| **Italy (0.7%)** | **Italy (0.7%)** | **Italy (0.7%)** | **Italy (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;986320 | &nbsp;&nbsp;&nbsp;&nbsp; 14126 |
|  | &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;159711 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15714** |
| **Japan (2.6%)** | **Japan (2.6%)** | **Japan (2.6%)** | **Japan (2.6%)** |
|  | &nbsp;&nbsp;&nbsp;Softbank Corp. | 14355600 | &nbsp;&nbsp;&nbsp;&nbsp; 21724 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146900 | &nbsp;&nbsp;&nbsp;&nbsp; 6211 |
|  | &nbsp;&nbsp;&nbsp;Kyushu Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;219400 | &nbsp;&nbsp;&nbsp;&nbsp; 5678 |
|  | &nbsp;&nbsp;&nbsp;Toho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67400 | &nbsp;&nbsp;&nbsp;&nbsp; 3848 |
|  | &nbsp;&nbsp;&nbsp;Kagome Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151500 | &nbsp;&nbsp;&nbsp;&nbsp; 3118 |
|  | &nbsp;&nbsp;&nbsp;Skylark Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;138500 | &nbsp;&nbsp;&nbsp;&nbsp; 2874 |
|  | &nbsp;&nbsp;&nbsp;Canon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82100 | &nbsp;&nbsp;&nbsp;&nbsp; 2534 |
|  | &nbsp;&nbsp;&nbsp;Yamada Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;643000 | &nbsp;&nbsp;&nbsp;&nbsp; 2072 |
|  | &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;402900 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
|  | &nbsp;&nbsp;&nbsp;MOS Food Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49900 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
|  | &nbsp;&nbsp;&nbsp;Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83700 | &nbsp;&nbsp;&nbsp;&nbsp; 1161 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 914 |
|  | &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;Hirose Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp;&nbsp;Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **54724** |
| **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;305084 | &nbsp;&nbsp;&nbsp;&nbsp; 5260 |
|  | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37760 | &nbsp;&nbsp;&nbsp;&nbsp; 3976 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9236** |
| **Netherlands (0.7%)** | **Netherlands (0.7%)** | **Netherlands (0.7%)** | **Netherlands (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 2405506 | &nbsp;&nbsp;&nbsp;&nbsp; 11190 |
|  | &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13526 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 |
|  | &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953 | &nbsp;&nbsp;&nbsp;&nbsp; 1443 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15021** |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Norway (0.4%)** | **Norway (0.4%)** | **Norway (0.4%)** | **Norway (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;313004 | &nbsp;&nbsp;&nbsp;&nbsp; 3491 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;131201 | &nbsp;&nbsp;&nbsp;&nbsp; 2970 |
|  | &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60995 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18142 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7830** |
| **Singapore (0.6%)** | **Singapore (0.6%)** | **Singapore (0.6%)** | **Singapore (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;560561 | &nbsp;&nbsp;&nbsp;&nbsp; 6937 |
|  | &nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;510426 | &nbsp;&nbsp;&nbsp;&nbsp; 5615 |
|  | &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51900 | &nbsp;&nbsp;&nbsp;&nbsp; 1379 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13931** |
| **South Korea (1.3%)** | **South Korea (1.3%)** | **South Korea (1.3%)** | **South Korea (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157100 | &nbsp;&nbsp;&nbsp;&nbsp; 12680 |
|  | &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31686 | &nbsp;&nbsp;&nbsp;&nbsp; 4458 |
|  | &nbsp;&nbsp;&nbsp;HMM Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;317780 | &nbsp;&nbsp;&nbsp;&nbsp; 4090 |
|  | &nbsp;&nbsp;&nbsp;Douzone Bizon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63541 | &nbsp;&nbsp;&nbsp;&nbsp; 2726 |
|  | &nbsp;&nbsp;&nbsp;Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40804 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
|  | &nbsp;&nbsp;&nbsp;LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71165 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
|  | &nbsp;&nbsp;&nbsp;HYBE Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
|  | &nbsp;&nbsp;&nbsp;LEENO Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19660 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
|  | &nbsp;&nbsp;&nbsp;Samsung SDS Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44494 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
|  | &nbsp;&nbsp;&nbsp;WONIK IPS Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27849 | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;Ahnlab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **28423** |
| **Spain (0.9%)** | **Spain (0.9%)** | **Spain (0.9%)** | **Spain (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;815105 | &nbsp;&nbsp;&nbsp;&nbsp; 9495 |
|  | &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;678773 | &nbsp;&nbsp;&nbsp;&nbsp; 5202 |
|  | &nbsp;&nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62571 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58358 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
|  | &nbsp;&nbsp;&nbsp;Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23882 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
|  | &nbsp;&nbsp;&nbsp;Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18859 | &nbsp;&nbsp;&nbsp;&nbsp; 645 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18468** |
| **Sweden (0.4%)** | **Sweden (0.4%)** | **Sweden (0.4%)** | **Sweden (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;101539 | &nbsp;&nbsp;&nbsp;&nbsp; 2936 |
|  | &nbsp;&nbsp;&nbsp;Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;176872 | &nbsp;&nbsp;&nbsp;&nbsp; 2610 |
|  | &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;615579 | &nbsp;&nbsp;&nbsp;&nbsp; 2312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7858** |
| **Switzerland (3.3%)** | **Switzerland (3.3%)** | **Switzerland (3.3%)** | **Switzerland (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;Swisscom AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51524 | &nbsp;&nbsp;&nbsp;&nbsp; 34360 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;165348 | &nbsp;&nbsp;&nbsp;&nbsp; 18859 |
|  | &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44731 | &nbsp;&nbsp;&nbsp;&nbsp; 10301 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Galenica AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32533 | &nbsp;&nbsp;&nbsp;&nbsp; 3408 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17241 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
|  | &nbsp;&nbsp;&nbsp;Logitech International SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14967 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
|  | &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **71301** |
| **Taiwan (3.2%)** | **Taiwan (3.2%)** | **Taiwan (3.2%)** | **Taiwan (3.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United Microelectronics Corp. ADR | 4743496 | &nbsp;&nbsp;&nbsp;&nbsp; 33394 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99197 | &nbsp;&nbsp;&nbsp;&nbsp; 16535 |
|  | &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. ADR | 1537032 | &nbsp;&nbsp;&nbsp;&nbsp; 13419 |
|  | &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;114346 | &nbsp;&nbsp;&nbsp;&nbsp; 4624 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **67972** |
| **United Kingdom (5.7%)** | **United Kingdom (5.7%)** | **United Kingdom (5.7%)** | **United Kingdom (5.7%)** |
|  | &nbsp;&nbsp;&nbsp;Compass Group plc | &nbsp;&nbsp;&nbsp;&nbsp;907281 | &nbsp;&nbsp;&nbsp;&nbsp; 30589 |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;821383 | &nbsp;&nbsp;&nbsp;&nbsp; 26507 |
|  | &nbsp;&nbsp;&nbsp;Pearson plc | &nbsp;&nbsp;&nbsp;&nbsp;945567 | &nbsp;&nbsp;&nbsp;&nbsp; 15159 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;712769 | &nbsp;&nbsp;&nbsp;&nbsp; 11817 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;155050 | &nbsp;&nbsp;&nbsp;&nbsp; 9872 |
|  | &nbsp;&nbsp;&nbsp;GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;395740 | &nbsp;&nbsp;&nbsp;&nbsp; 7829 |
|  | &nbsp;&nbsp;&nbsp;Haleon plc | 1459146 | &nbsp;&nbsp;&nbsp;&nbsp; 7342 |
|  | &nbsp;&nbsp;&nbsp;BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;228342 | &nbsp;&nbsp;&nbsp;&nbsp; 5293 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31205 | &nbsp;&nbsp;&nbsp;&nbsp; 4471 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;201780 | &nbsp;&nbsp;&nbsp;&nbsp; 2267 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **121146** |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **United States (56.6%)** | **United States (56.6%)** | **United States (56.6%)** | **United States (56.6%)** |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114613 | &nbsp;&nbsp;&nbsp;&nbsp; 33544 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133600 | &nbsp;&nbsp;&nbsp;&nbsp; 33500 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118226 | &nbsp;&nbsp;&nbsp;&nbsp; 33309 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;444558 | &nbsp;&nbsp;&nbsp;&nbsp; 32253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;309831 | &nbsp;&nbsp;&nbsp;&nbsp; 31872 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;355459 | &nbsp;&nbsp;&nbsp;&nbsp; 31487 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98137 | &nbsp;&nbsp;&nbsp;&nbsp; 31370 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;199833 | &nbsp;&nbsp;&nbsp;&nbsp; 31236 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133263 | &nbsp;&nbsp;&nbsp;&nbsp; 31098 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70157 | &nbsp;&nbsp;&nbsp;&nbsp; 30896 |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;520959 | &nbsp;&nbsp;&nbsp;&nbsp; 30075 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199248 | &nbsp;&nbsp;&nbsp;&nbsp; 29877 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;121009 | &nbsp;&nbsp;&nbsp;&nbsp; 29262 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;General Mills Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511535 | &nbsp;&nbsp;&nbsp;&nbsp; 29025 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;291280 | &nbsp;&nbsp;&nbsp;&nbsp; 28936 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38620 | &nbsp;&nbsp;&nbsp;&nbsp; 27528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19397 | &nbsp;&nbsp;&nbsp;&nbsp; 27451 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;440044 | &nbsp;&nbsp;&nbsp;&nbsp; 25773 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53630 | &nbsp;&nbsp;&nbsp;&nbsp; 25622 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;264060 | &nbsp;&nbsp;&nbsp;&nbsp; 24344 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103244 | &nbsp;&nbsp;&nbsp;&nbsp; 22900 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46934 | &nbsp;&nbsp;&nbsp;&nbsp; 22833 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105414 | &nbsp;&nbsp;&nbsp;&nbsp; 22400 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;239827 | &nbsp;&nbsp;&nbsp;&nbsp; 22038 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35736 | &nbsp;&nbsp;&nbsp;&nbsp; 20781 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11516 | &nbsp;&nbsp;&nbsp;&nbsp; 20354 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237497 | &nbsp;&nbsp;&nbsp;&nbsp; 20235 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169012 | &nbsp;&nbsp;&nbsp;&nbsp; 19056 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116792 | &nbsp;&nbsp;&nbsp;&nbsp; 18693 |
|  | &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27016 | &nbsp;&nbsp;&nbsp;&nbsp; 16623 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;VeriSign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57853 | &nbsp;&nbsp;&nbsp;&nbsp; 16321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FTI Consulting Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97239 | &nbsp;&nbsp;&nbsp;&nbsp; 16169 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58070 | &nbsp;&nbsp;&nbsp;&nbsp; 16090 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124654 | &nbsp;&nbsp;&nbsp;&nbsp; 15723 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25127 | &nbsp;&nbsp;&nbsp;&nbsp; 14073 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;181994 | &nbsp;&nbsp;&nbsp;&nbsp; 13975 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110497 | &nbsp;&nbsp;&nbsp;&nbsp; 13049 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80602 | &nbsp;&nbsp;&nbsp;&nbsp; 12947 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326572 | &nbsp;&nbsp;&nbsp;&nbsp; 12753 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;240122 | &nbsp;&nbsp;&nbsp;&nbsp; 11956 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43912 | &nbsp;&nbsp;&nbsp;&nbsp; 10844 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44145 | &nbsp;&nbsp;&nbsp;&nbsp; 10202 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28388 | &nbsp;&nbsp;&nbsp;&nbsp; 10072 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24796 | &nbsp;&nbsp;&nbsp;&nbsp; 9801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | 1057594 | &nbsp;&nbsp;&nbsp;&nbsp; 9793 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;209417 | &nbsp;&nbsp;&nbsp;&nbsp; 9683 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34574 | &nbsp;&nbsp;&nbsp;&nbsp; 9408 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Flowers Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512782 | &nbsp;&nbsp;&nbsp;&nbsp; 9020 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68228 | &nbsp;&nbsp;&nbsp;&nbsp; 8921 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64978 | &nbsp;&nbsp;&nbsp;&nbsp; 7929 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48627 | &nbsp;&nbsp;&nbsp;&nbsp; 7905 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59065 | &nbsp;&nbsp;&nbsp;&nbsp; 7784 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57014 | &nbsp;&nbsp;&nbsp;&nbsp; 7757 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79506 | &nbsp;&nbsp;&nbsp;&nbsp; 7662 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64737 | &nbsp;&nbsp;&nbsp;&nbsp; 6838 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30147 | &nbsp;&nbsp;&nbsp;&nbsp; 6619 |
|  | &nbsp;&nbsp;&nbsp;TXNM Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120551 | &nbsp;&nbsp;&nbsp;&nbsp; 6413 |
|  | &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95841 | &nbsp;&nbsp;&nbsp;&nbsp; 6279 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48200 | &nbsp;&nbsp;&nbsp;&nbsp; 6202 |
|  | &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109912 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29384 | &nbsp;&nbsp;&nbsp;&nbsp; 5658 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28413 | &nbsp;&nbsp;&nbsp;&nbsp; 5543 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31106 | &nbsp;&nbsp;&nbsp;&nbsp; 5199 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68481 | &nbsp;&nbsp;&nbsp;&nbsp; 4909 |
|  | &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79546 | &nbsp;&nbsp;&nbsp;&nbsp; 4770 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108594 | &nbsp;&nbsp;&nbsp;&nbsp; 4657 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28507 | &nbsp;&nbsp;&nbsp;&nbsp; 4586 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 | &nbsp;&nbsp;&nbsp;&nbsp; 3767 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024 | &nbsp;&nbsp;&nbsp;&nbsp; 3713 |

---

------

Global Minimum Volatility Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7355 | &nbsp;&nbsp;&nbsp;&nbsp; 3667 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35836 | &nbsp;&nbsp;&nbsp;&nbsp; 3385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53948 | &nbsp;&nbsp;&nbsp;&nbsp; 3140 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34209 | &nbsp;&nbsp;&nbsp;&nbsp; 3070 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13722 | &nbsp;&nbsp;&nbsp;&nbsp; 2842 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35273 | &nbsp;&nbsp;&nbsp;&nbsp; 2598 |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5481 | &nbsp;&nbsp;&nbsp;&nbsp; 2484 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21164 | &nbsp;&nbsp;&nbsp;&nbsp; 2309 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30654 | &nbsp;&nbsp;&nbsp;&nbsp; 2269 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13916 | &nbsp;&nbsp;&nbsp;&nbsp; 2210 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tyler Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87155 | &nbsp;&nbsp;&nbsp;&nbsp; 2037 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99408 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10199 | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 |
|  | &nbsp;&nbsp;&nbsp;InterDigital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8215 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16936 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18331 | &nbsp;&nbsp;&nbsp;&nbsp; 1592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39637 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17025 | &nbsp;&nbsp;&nbsp;&nbsp; 1322 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16181 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14711 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Box Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20985 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innoviva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28426 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;Reynolds Consumer Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20614 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
| <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; 402 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1208264** |
| **Total Common Stocks (Cost $1,635,973)** | **Total Common Stocks (Cost $1,635,973)** | **Total Common Stocks (Cost $1,635,973)** | &nbsp;&nbsp;&nbsp;&nbsp;**2111200** |
| **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44368 | &nbsp;&nbsp;&nbsp;&nbsp; 3446 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31414 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| **Total Preferred Stocks (Cost $4,999)** | **Total Preferred Stocks (Cost $4,999)** | **Total Preferred Stocks (Cost $4,999)** | &nbsp;&nbsp;&nbsp;&nbsp;**4483** |
| **Temporary Cash Investments (4.1%)** | **Temporary Cash Investments (4.1%)** | **Temporary Cash Investments (4.1%)** | **Temporary Cash Investments (4.1%)** |
| **Money Market Fund (4.1%)** | **Money Market Fund (4.1%)** | **Money Market Fund (4.1%)** | **Money Market Fund (4.1%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost** $**86,283)** | &nbsp;&nbsp;&nbsp;&nbsp;862932 | &nbsp;&nbsp;&nbsp;&nbsp; **86284** |
| **Total Investments (103.2%) (Cost $1,727,255)** | **Total Investments (103.2%) (Cost $1,727,255)** | **Total Investments (103.2%) (Cost $1,727,255)** | &nbsp;&nbsp;&nbsp;&nbsp;**2201967** |
| **Other Assets and Liabilities—Net (-3.2%)** | **Other Assets and Liabilities—Net (-3.2%)** | **Other Assets and Liabilities—Net (-3.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(67647)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**2134320** |
| 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 $41,870. |
| 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 April 30, 2025, the aggregate value was $39,645, representing 1.9% of net assets. |
| 3 | Securities with a value of $54,209 have been segregated as collateral for open forward currency contracts. |
| 4 | Securities with a value of $1,660 have been segregated as initial margin for open futures 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 $46,851 was received for securities on loan, of which $46,263 is held in Vanguard Market Liquidity Fund and $588 is held in cash. |
|  | ADR—American Depositary Receipt. |

---

------

Global Minimum Volatility Fund

------

#### 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 | June 2025 | 43 | 12012 | &nbsp;&nbsp;350 |
| Euro Stoxx 50 Index | June 2025 | 32 | 1851 | &nbsp;&nbsp;(120) |
| Topix Index | June 2025 | 9 | 1677 | &nbsp;&nbsp;24 |
|  |  |  |  | &nbsp;&nbsp;254 |

---

&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) |
| BNP Paribas | 5/15/25 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;7695 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 5/15/25 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;9392 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;10311 | &nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 5/15/25 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;9054 | &nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;9982 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;12772 | &nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 5/15/25 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;32179 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4145 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 5/15/25 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;442787 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;136018 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;59723 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;98710 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3515) |
| Citibank, N.A. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;23049 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;138152 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1201) |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(43) |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;93911 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;133490 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2995) |
| Citibank, N.A. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5535 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;7628 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3) |
| BNP Paribas | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;72484 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;61948 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2711) |
| Toronto-Dominion Bank | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;17673 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(82) |
| Royal Bank of Canada | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;189386 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;172612 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6339) |
| Citibank, N.A. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;14540 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;12766 | &nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;126512 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;98831 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5204) |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;6524 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;4883 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;50350 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;390874 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(58) |
| Barclays Bank plc | 5/16/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;46808552 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(67) |
| UBS AG | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;12073 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(126) |
| Citibank, N.A. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;85660 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;7380841 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1480) |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;11061 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;948032 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(131) |
| BNP Paribas | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;48807 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;7133459 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1170) |
| Toronto-Dominion Bank | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;486038 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(93) |
| Citibank, N.A. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;26769 | &nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;39137346 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(734) |
| Barclays Bank plc | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;1867398 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(31) |
| State Street Bank & Trust Co. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7484 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;156364 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(473) |
| Deutsche Bank AG | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;86276 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(393) |
| Toronto-Dominion Bank | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;6917 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;69562 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(287) |
| BNP Paribas | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;13925 | &nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;18729 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(427) |

---

------

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) |
| Citibank, N.A. | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;64358 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;2124151 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2142) |
| Royal Bank of Canada | 5/15/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5285 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;170190 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(44) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;(29749) |

---

---

| |
|:---|
| 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 April 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $456 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 April 30, 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 $1,640,972) | 2115683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $86,283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86284 |
| Total Investments in Securities | 2201967 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| Foreign Currency, at Value (Cost $2,003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 |
| **Total Assets** | **2212344** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46851 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29749 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78024** |
| **Net Assets** | **2134320** |
| 1 Includes $41,870 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1563143 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;571177 |
| **Net Assets** | **2134320** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 14,349,043 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**233700** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$16.29** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 58,349,030 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1900620** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$32.57** |

---

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

------

Global Minimum Volatility Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;24634 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| Total Income | &nbsp;&nbsp;25477 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| 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;18 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;1519 |
| **Net Investment Income** | &nbsp;&nbsp;**23958** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;96468 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;(1310) |
| Forward Currency Contracts | &nbsp;&nbsp;24948 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;(186) |
| **Realized Net Gain (Loss)** | **119920** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8694 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 |
| Forward Currency Contracts | (40604) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
| **Change in Unrealized Appreciation (Depreciation)** | **(31306)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **112572** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,255. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $312, ($3), and ($1), 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41764 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;119920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41085 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(31306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297954 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;112572 | &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;(6489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(67215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52399) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(75211) | &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;&nbsp;9154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90183) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37383 | &nbsp;&nbsp;&nbsp;&nbsp;(112714) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209201 |
| **Net Assets** |  |  |
| **Beginning of Period** | **2059576** | &nbsp;&nbsp;&nbsp;**1850375** |
| **End of Period** | **2134320** | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$16.02** | &nbsp;&nbsp;&nbsp;**$13.61** | &nbsp;&nbsp;&nbsp;**$13.72** | &nbsp;&nbsp;&nbsp;**$14.83** | &nbsp;&nbsp;&nbsp;**$12.77** | &nbsp;&nbsp;&nbsp;**$14.71** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.179 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.293 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.671 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(1.571) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.850 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(1.278) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.397) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(.285) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.323) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.265) |
| Total Distributions | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.662) |
| **Net Asset Value, End of Period** | **$16.29** | &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** |
| **Total Return<sup>2</sup>** | **5.53%** | &nbsp;&nbsp;&nbsp;**21.35%** | &nbsp;&nbsp;&nbsp;**4.05%** | &nbsp;&nbsp;&nbsp;**-4.28%** | &nbsp;&nbsp;&nbsp;**18.51%** | &nbsp;&nbsp;&nbsp;**-9.22%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $234 | &nbsp;&nbsp;&nbsp;$221 | &nbsp;&nbsp;&nbsp;$208 | &nbsp;&nbsp;&nbsp;$260 | &nbsp;&nbsp;&nbsp;$301 | &nbsp;&nbsp;&nbsp;$338 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.21% |
| Ratio of Net Investment Income to Average Net Assets | 2.22% | &nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;2.16% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;51%<sup>4</sup> | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;58% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.21%. |
| 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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$32.04** | &nbsp;&nbsp;&nbsp;**$27.23** | &nbsp;&nbsp;&nbsp;**$27.44** | &nbsp;&nbsp;&nbsp;**$29.67** | &nbsp;&nbsp;&nbsp;**$25.56** | &nbsp;&nbsp;&nbsp;**$29.45** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.369 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.608 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.342 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(3.155) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.711 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(2.547) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.812) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(.570) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.646) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.531) |
| Total Distributions | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(1.343) |
| **Net Asset Value, End of Period** | **$32.57** | &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** |
| **Total Return<sup>2</sup>** | **5.57%** | &nbsp;&nbsp;&nbsp;**21.40%** | &nbsp;&nbsp;&nbsp;**4.15%** | &nbsp;&nbsp;&nbsp;**-4.24%** | &nbsp;&nbsp;&nbsp;**18.60%** | &nbsp;&nbsp;&nbsp;**-9.18%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $1901 | &nbsp;&nbsp;&nbsp;$1839 | &nbsp;&nbsp;&nbsp;$1642 | &nbsp;&nbsp;&nbsp;$1816 | &nbsp;&nbsp;&nbsp;$2449 | &nbsp;&nbsp;&nbsp;$2824 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | 2.29% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;2.26% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;51%<sup>4</sup> | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;58% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
| 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 six months ended April 30, 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 six months ended April 30, 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.

The following table summarizes the fund's derivative assets and liabilities by counterparty for derivatives subject to arrangements that provide for offsetting assets and liabilities. Exchange traded derivatives are listed separately.

------

Global Minimum Volatility Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Assets<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Liabilities<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Net Amount<br> Receivable<br> (Payable) ($000) | &nbsp;&nbsp;Amounts Not Offset in<br> the<br> Statement of Assets<br> and Liabilities | &nbsp;&nbsp;Amounts Not Offset in<br> the<br> Statement of Assets<br> and Liabilities | &nbsp;&nbsp;Net<br> Exposure<sup>3</sup><br> (Not Less<br> Than $0) ($000) |
|  | Assets<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Liabilities<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Net Amount<br> Receivable<br> (Payable) ($000) | &nbsp;&nbsp;Collateral<br> Pledged<sup>2</sup><br> ($000) | &nbsp;&nbsp;Collateral<br> Received<sup>2</sup><br> ($000) | &nbsp;&nbsp;Net<br> Exposure<sup>3</sup><br> (Not Less<br> Than $0) ($000) |
| Derivatives Subject to<br> Offsetting Arrangements, by Counterparty |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;(4366) | &nbsp;&nbsp;&nbsp;&nbsp;(3794) | &nbsp;&nbsp;&nbsp;&nbsp;7451 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;(5560) | &nbsp;&nbsp;&nbsp;&nbsp;(5497) | &nbsp;&nbsp;&nbsp;&nbsp;8411 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;(6383) | &nbsp;&nbsp;&nbsp;&nbsp;(6378) | &nbsp;&nbsp;13797 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;(12361) | &nbsp;&nbsp;(11582) | &nbsp;&nbsp;22730 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;456 | &nbsp;&nbsp;— |
| Exchange-Traded<br> Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Total | 1775 | &nbsp;&nbsp;(29749) | &nbsp;&nbsp;(27974) | &nbsp;&nbsp;55869 | &nbsp;&nbsp;456 | &nbsp;&nbsp;— |

---

1 Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

2 Securities or other assets pledged as collateral are noted in the Schedule of Investments and Statement of Assets and Liabilities. Securities or other assets received as collateral are held in a segregated account and not included in the fund's security holdings in the Schedule of Investments.

3 Net Exposure represents the net amount receivable from the counterparty in the event of default. Counterparties are not required to exchange collateral if amount is below a specified minimum transfer amount.

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 six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

------

Global Minimum Volatility Fund

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 April 30, 2025, the fund had contributed to Vanguard capital in the amount of $58,000, 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.

**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 April 30, 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 | 1342194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1342194 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;161317 | &nbsp;&nbsp;&nbsp;607689 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;769006 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86284 |
| Total | 1589795 | &nbsp;&nbsp;&nbsp;612172 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2201967 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 |
| Total | &nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(29749) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(29749) |
| Total | (120) | &nbsp;&nbsp;&nbsp;(29749) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(29869) |

---

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.

------

Global Minimum Volatility Fund

**D.** At April 30, 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> | 374 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;374 |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;1757 |
| Total Assets | 374 | &nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;2131 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | (120) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(120) |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(29749) | &nbsp;&nbsp;&nbsp;(29749) |
| Total Liabilities | (120) | &nbsp;&nbsp;&nbsp;(29749) | &nbsp;&nbsp;&nbsp;(29869) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 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 | (1310) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1310) |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;24948 | &nbsp;&nbsp;&nbsp;24948 |
| Realized Net Gain (Loss) on Derivatives | (1310) | &nbsp;&nbsp;&nbsp;24948 | &nbsp;&nbsp;&nbsp;23638 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | 439 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;439 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(40604) | &nbsp;&nbsp;&nbsp;(40604) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 439 | &nbsp;&nbsp;&nbsp;(40604) | &nbsp;&nbsp;&nbsp;(40165) |

---

**E.** As of April 30, 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;1727845 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518769 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72385) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446384 |

---

**F.** During the six months ended April 30, 2025, the fund purchased $582,647,000 of investment securities and sold $610,326,000 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 six months ended April 30, 2025, such purchases were $2,206,000 and sales were $10,027,000, resulting in net realized loss of $1,234,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 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;28143 | &nbsp;&nbsp;&nbsp;&nbsp;1761 | &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;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
| Redeemed | &nbsp;&nbsp;(26310) | &nbsp;&nbsp;(1660) | &nbsp;&nbsp;&nbsp;&nbsp;(57344) | &nbsp;&nbsp;(3841) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;(22531) | &nbsp;&nbsp;(1496) |

---

------

Global Minimum Volatility Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;105326 | &nbsp;&nbsp;&nbsp;&nbsp;3320 | &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;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46733 | &nbsp;&nbsp;&nbsp;&nbsp;1685 |
| Redeemed | (137267) | &nbsp;&nbsp;(4325) | &nbsp;&nbsp;(231470) | &nbsp;&nbsp;(7749) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;28229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | &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.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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.

Q11942 062025

------

![](tm2515692d12intldividxfii001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 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 1 <br> International High Dividend Yield Index Fund 19 <br>

------

International Dividend Appreciation Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 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 (99.0%)** | **Common Stocks (99.0%)** | **Common Stocks (99.0%)** | **Common Stocks (99.0%)** |
| **Australia (1.6%)** | **Australia (1.6%)** | **Australia (1.6%)** | **Australia (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | 2353991 | &nbsp;&nbsp;&nbsp;&nbsp; 28916 |
|  | &nbsp;&nbsp;&nbsp;Computershare Ltd. (XASX) | &nbsp;&nbsp;&nbsp;&nbsp;944167 | &nbsp;&nbsp;&nbsp;&nbsp; 24672 |
|  | &nbsp;&nbsp;&nbsp;CAR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;640715 | &nbsp;&nbsp;&nbsp;&nbsp; 13676 |
|  | &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;814623 | &nbsp;&nbsp;&nbsp;&nbsp; 13602 |
|  | &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92301 | &nbsp;&nbsp;&nbsp;&nbsp; 13534 |
|  | &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;423571 | &nbsp;&nbsp;&nbsp;&nbsp; 10082 |
|  | &nbsp;&nbsp;&nbsp;Technology One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;511013 | &nbsp;&nbsp;&nbsp;&nbsp; 9864 |
|  | &nbsp;&nbsp;&nbsp;Steadfast Group Ltd. | 1876143 | &nbsp;&nbsp;&nbsp;&nbsp; 7050 |
|  | &nbsp;&nbsp;&nbsp;AUB Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;198164 | &nbsp;&nbsp;&nbsp;&nbsp; 4046 |
|  | &nbsp;&nbsp;&nbsp;Brickworks Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;149660 | &nbsp;&nbsp;&nbsp;&nbsp; 2411 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **127853** |
| **Belgium (0.7%)** | **Belgium (0.7%)** | **Belgium (0.7%)** | **Belgium (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;204707 | &nbsp;&nbsp;&nbsp;&nbsp; 37531 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71692 | &nbsp;&nbsp;&nbsp;&nbsp; 7773 |
|  | &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26166 | &nbsp;&nbsp;&nbsp;&nbsp; 7310 |
|  | &nbsp;&nbsp;&nbsp;Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 6644 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **59258** |
| **Brazil (0.0%)** | **Brazil (0.0%)** | **Brazil (0.0%)** | **Brazil (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7833 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| **Canada (15.8%)** | **Canada (15.8%)** | **Canada (15.8%)** | **Canada (15.8%)** |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 2400539 | &nbsp;&nbsp;&nbsp;&nbsp; 288131 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Corp. | 2487111 | &nbsp;&nbsp;&nbsp;&nbsp; 133610 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;938269 | &nbsp;&nbsp;&nbsp;&nbsp; 90866 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437945 | &nbsp;&nbsp;&nbsp;&nbsp; 86493 |
|  | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc. | 1319457 | &nbsp;&nbsp;&nbsp;&nbsp; 68873 |
|  | &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;302664 | &nbsp;&nbsp;&nbsp;&nbsp; 67218 |
|  | &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;663680 | &nbsp;&nbsp;&nbsp;&nbsp; 58290 |
|  | &nbsp;&nbsp;&nbsp;Dollarama Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470470 | &nbsp;&nbsp;&nbsp;&nbsp; 58049 |
|  | &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;326839 | &nbsp;&nbsp;&nbsp;&nbsp; 56167 |
|  | &nbsp;&nbsp;&nbsp;Fortis Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;847711 | &nbsp;&nbsp;&nbsp;&nbsp; 41980 |
|  | &nbsp;&nbsp;&nbsp;Loblaw Cos. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;240002 | &nbsp;&nbsp;&nbsp;&nbsp; 38962 |
|  | &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550562 | &nbsp;&nbsp;&nbsp;&nbsp; 35475 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;639340 | &nbsp;&nbsp;&nbsp;&nbsp; 34114 |
|  | &nbsp;&nbsp;&nbsp;Metro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341438 | &nbsp;&nbsp;&nbsp;&nbsp; 26312 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hydro One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;538676 | &nbsp;&nbsp;&nbsp;&nbsp; 20725 |
|  | &nbsp;&nbsp;&nbsp;TMX Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;471776 | &nbsp;&nbsp;&nbsp;&nbsp; 19119 |
|  | &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;267704 | &nbsp;&nbsp;&nbsp;&nbsp; 18057 |
|  | &nbsp;&nbsp;&nbsp;George Weston Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90244 | &nbsp;&nbsp;&nbsp;&nbsp; 17583 |
|  | &nbsp;&nbsp;&nbsp;Stantec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193420 | &nbsp;&nbsp;&nbsp;&nbsp; 16977 |
|  | &nbsp;&nbsp;&nbsp;CCL Industries Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;248948 | &nbsp;&nbsp;&nbsp;&nbsp; 13009 |
|  | &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70749 | &nbsp;&nbsp;&nbsp;&nbsp; 12417 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448474 | &nbsp;&nbsp;&nbsp;&nbsp; 12141 |
|  | &nbsp;&nbsp;&nbsp;Toromont Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;138169 | &nbsp;&nbsp;&nbsp;&nbsp; 11690 |
|  | &nbsp;&nbsp;&nbsp;TFI International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134283 | &nbsp;&nbsp;&nbsp;&nbsp; 10916 |
|  | &nbsp;&nbsp;&nbsp;Empire Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;232199 | &nbsp;&nbsp;&nbsp;&nbsp; 8624 |
|  | &nbsp;&nbsp;&nbsp;Saputo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416670 | &nbsp;&nbsp;&nbsp;&nbsp; 8130 |
|  | &nbsp;&nbsp;&nbsp;Finning International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230083 | &nbsp;&nbsp;&nbsp;&nbsp; 6494 |
|  | &nbsp;&nbsp;&nbsp;Parkland Corp. | &nbsp;&nbsp;&nbsp;&nbsp;233222 | &nbsp;&nbsp;&nbsp;&nbsp; 5875 |
|  | &nbsp;&nbsp;&nbsp;Boyd Group Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36519 | &nbsp;&nbsp;&nbsp;&nbsp; 5245 |
|  | &nbsp;&nbsp;&nbsp;Stella-Jones Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94609 | &nbsp;&nbsp;&nbsp;&nbsp; 4639 |
|  | &nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63188 | &nbsp;&nbsp;&nbsp;&nbsp; 3593 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;goeasy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22345 | &nbsp;&nbsp;&nbsp;&nbsp; 2523 |
|  | &nbsp;&nbsp;&nbsp;Maple Leaf Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127026 | &nbsp;&nbsp;&nbsp;&nbsp; 2325 |
|  | &nbsp;&nbsp;&nbsp;Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58914 | &nbsp;&nbsp;&nbsp;&nbsp; 1679 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Jamieson Wellness Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70896 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 |
|  | &nbsp;&nbsp;&nbsp;Enghouse Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73234 | &nbsp;&nbsp;&nbsp;&nbsp; 1331 |
|  | &nbsp;&nbsp;&nbsp;Savaria Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101143 | &nbsp;&nbsp;&nbsp;&nbsp; 1274 |
|  | &nbsp;&nbsp;&nbsp;StorageVault Canada Inc. | &nbsp;&nbsp;&nbsp;&nbsp;385738 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;ADENTRA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38743 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1292363** |
| **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;170571 | &nbsp;&nbsp;&nbsp;&nbsp; 36340 |
|  | &nbsp;&nbsp;&nbsp;Wuliangye Yibin Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;527205 | &nbsp;&nbsp;&nbsp;&nbsp; 9344 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CGN Power Co. Ltd. Class H | 18898000 | &nbsp;&nbsp;&nbsp;&nbsp; 6016 |
|  | &nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72600 | &nbsp;&nbsp;&nbsp;&nbsp; 4515 |
|  | &nbsp;&nbsp;&nbsp;China National Nuclear Power Co. Ltd. Class A | 2796400 | &nbsp;&nbsp;&nbsp;&nbsp; 3555 |
|  | &nbsp;&nbsp;&nbsp;Luzhou Laojiao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;199296 | &nbsp;&nbsp;&nbsp;&nbsp; 3396 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 4138400 | &nbsp;&nbsp;&nbsp;&nbsp; 3046 |
|  | &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81800 | &nbsp;&nbsp;&nbsp;&nbsp; 2311 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Property Holdings Ltd. | 1930000 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu King's Luck Brewery JSC Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167200 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
|  | &nbsp;&nbsp;&nbsp;Yealink Network Technology Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;168100 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
|  | &nbsp;&nbsp;&nbsp;Thunder Software Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62800 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
|  | &nbsp;&nbsp;&nbsp;Guangdong Hongda Holdings Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;104500 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;JCHX Mining Management Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82300 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Dingli Machinery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69100 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp;Weaver Network Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;Lao Feng Xiang Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Southern Publishing & Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;123100 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Fuling Electric Power Industrial Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;203600 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Valiant Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132700 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Dian Diagnostics Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87600 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;Rianlon Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;China Testing & Certification International Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99600 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Chinasoft International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **75246** |
| **Denmark (4.0%)** | **Denmark (4.0%)** | **Denmark (4.0%)** | **Denmark (4.0%)** |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | 3501202 | &nbsp;&nbsp;&nbsp;&nbsp; 234096 |
|  | &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;334674 | &nbsp;&nbsp;&nbsp;&nbsp; 70937 |
|  | &nbsp;&nbsp;&nbsp;Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;210373 | &nbsp;&nbsp;&nbsp;&nbsp; 23806 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **328839** |
| **Finland (0.1%)** | **Finland (0.1%)** | **Finland (0.1%)** | **Finland (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Huhtamaki OYJ | &nbsp;&nbsp;&nbsp;&nbsp;162411 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
|  | &nbsp;&nbsp;&nbsp;Revenio Group OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37619 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7156** |
| **France (5.1%)** | **France (5.1%)** | **France (5.1%)** | **France (5.1%)** |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;918495 | &nbsp;&nbsp;&nbsp;&nbsp; 214603 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | 1870042 | &nbsp;&nbsp;&nbsp;&nbsp; 204567 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **419170** |
| **Germany (6.1%)** | **Germany (6.1%)** | **Germany (6.1%)** | **Germany (6.1%)** |
|  | &nbsp;&nbsp;&nbsp;SAP SE | 1119836 | &nbsp;&nbsp;&nbsp;&nbsp; 327652 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;319591 | &nbsp;&nbsp;&nbsp;&nbsp; 102938 |
|  | &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;225298 | &nbsp;&nbsp;&nbsp;&nbsp; 25984 |
|  | &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;217909 | &nbsp;&nbsp;&nbsp;&nbsp; 14553 |
|  | &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95962 | &nbsp;&nbsp;&nbsp;&nbsp; 12752 |
|  | &nbsp;&nbsp;&nbsp;Bechtle AG | &nbsp;&nbsp;&nbsp;&nbsp;138955 | &nbsp;&nbsp;&nbsp;&nbsp; 5928 |
|  | &nbsp;&nbsp;&nbsp;Atoss Software SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13428 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
|  | &nbsp;&nbsp;&nbsp;FUCHS SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43706 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
|  | &nbsp;&nbsp;&nbsp;Cewe Stiftung & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8891 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
|  | &nbsp;&nbsp;&nbsp;Adesso SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **495165** |
| **Hong Kong (1.7%)** | **Hong Kong (1.7%)** | **Hong Kong (1.7%)** | **Hong Kong (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 18320360 | &nbsp;&nbsp;&nbsp;&nbsp; 137273 |
| **India (5.5%)** | **India (5.5%)** | **India (5.5%)** | **India (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 11715042 | &nbsp;&nbsp;&nbsp;&nbsp; 194520 |
|  | &nbsp;&nbsp;&nbsp;Infosys Ltd. | 6132386 | &nbsp;&nbsp;&nbsp;&nbsp; 108408 |
|  | &nbsp;&nbsp;&nbsp;Hindustan Unilever Ltd. | 1515430 | &nbsp;&nbsp;&nbsp;&nbsp; 42073 |
|  | &nbsp;&nbsp;&nbsp;ITC Ltd. | 5095084 | &nbsp;&nbsp;&nbsp;&nbsp; 25654 |
|  | &nbsp;&nbsp;&nbsp;Asian Paints Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;765298 | &nbsp;&nbsp;&nbsp;&nbsp; 21979 |
|  | &nbsp;&nbsp;&nbsp;Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;179939 | &nbsp;&nbsp;&nbsp;&nbsp; 11324 |
|  | &nbsp;&nbsp;&nbsp;Pidilite Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;259037 | &nbsp;&nbsp;&nbsp;&nbsp; 9312 |
|  | &nbsp;&nbsp;&nbsp;Sundaram Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114974 | &nbsp;&nbsp;&nbsp;&nbsp; 7173 |
|  | &nbsp;&nbsp;&nbsp;Mphasis Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;193534 | &nbsp;&nbsp;&nbsp;&nbsp; 5652 |
|  | &nbsp;&nbsp;&nbsp;Tata Elxsi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59295 | &nbsp;&nbsp;&nbsp;&nbsp; 4051 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;KEI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103629 | &nbsp;&nbsp;&nbsp;&nbsp; 3756 |
|  | &nbsp;&nbsp;&nbsp;Berger Paints India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;493756 | &nbsp;&nbsp;&nbsp;&nbsp; 3175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ITC Hotels Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;846712 | &nbsp;&nbsp;&nbsp;&nbsp; 1949 |
|  | &nbsp;&nbsp;&nbsp;CRISIL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34636 | &nbsp;&nbsp;&nbsp;&nbsp; 1826 |
|  | &nbsp;&nbsp;&nbsp;Grindwell Norton Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78783 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 |
|  | &nbsp;&nbsp;&nbsp;ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
|  | &nbsp;&nbsp;&nbsp;Honeywell Automation India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
|  | &nbsp;&nbsp;&nbsp;Kirloskar Pneumatic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66208 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
|  | &nbsp;&nbsp;&nbsp;Caplin Point Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37943 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
|  | &nbsp;&nbsp;&nbsp;FIEM Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17054 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Balaji Amines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18043 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **447807** |
| **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 87875800 | &nbsp;&nbsp;&nbsp;&nbsp; 46723 |
| **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Kerry Group plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;250297 | &nbsp;&nbsp;&nbsp;&nbsp; 26497 |
| **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;187637 | &nbsp;&nbsp;&nbsp;&nbsp; 11072 |
|  | &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;147096 | &nbsp;&nbsp;&nbsp;&nbsp; 7708 |
|  | &nbsp;&nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;140035 | &nbsp;&nbsp;&nbsp;&nbsp; 4803 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41602 | &nbsp;&nbsp;&nbsp;&nbsp; 4754 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **28337** |
| **Japan (27.3%)** | **Japan (27.3%)** | **Japan (27.3%)** | **Japan (27.3%)** |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | 10438500 | &nbsp;&nbsp;&nbsp;&nbsp; 275397 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 20482200 | &nbsp;&nbsp;&nbsp;&nbsp; 258058 |
|  | &nbsp;&nbsp;&nbsp;Hitachi Ltd. | 7774700 | &nbsp;&nbsp;&nbsp;&nbsp; 192156 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 6660500 | &nbsp;&nbsp;&nbsp;&nbsp; 158901 |
|  | &nbsp;&nbsp;&nbsp;Tokio Marine Holdings Inc. | 3357200 | &nbsp;&nbsp;&nbsp;&nbsp; 134564 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 6826100 | &nbsp;&nbsp;&nbsp;&nbsp; 129604 |
|  | &nbsp;&nbsp;&nbsp;Fujitsu Ltd. | 2917300 | &nbsp;&nbsp;&nbsp;&nbsp; 64809 |
|  | &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | 1082900 | &nbsp;&nbsp;&nbsp;&nbsp; 62385 |
|  | &nbsp;&nbsp;&nbsp;Seven & i Holdings Co. Ltd. | 4065902 | &nbsp;&nbsp;&nbsp;&nbsp; 59853 |
|  | &nbsp;&nbsp;&nbsp;Sompo Holdings Inc. | 1680600 | &nbsp;&nbsp;&nbsp;&nbsp; 55075 |
|  | &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | 50650243 | &nbsp;&nbsp;&nbsp;&nbsp; 52943 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | 2511752 | &nbsp;&nbsp;&nbsp;&nbsp; 48077 |
|  | &nbsp;&nbsp;&nbsp;Murata Manufacturing Co. Ltd. | 3097500 | &nbsp;&nbsp;&nbsp;&nbsp; 44129 |
|  | &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 2110200 | &nbsp;&nbsp;&nbsp;&nbsp; 43222 |
|  | &nbsp;&nbsp;&nbsp;Asahi Group Holdings Ltd. | 2579029 | &nbsp;&nbsp;&nbsp;&nbsp; 35648 |
|  | &nbsp;&nbsp;&nbsp;TDK Corp. | 3298100 | &nbsp;&nbsp;&nbsp;&nbsp; 35195 |
|  | &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp; 33829 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;807600 | &nbsp;&nbsp;&nbsp;&nbsp; 30080 |
|  | &nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;749400 | &nbsp;&nbsp;&nbsp;&nbsp; 28378 |
|  | &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;904864 | &nbsp;&nbsp;&nbsp;&nbsp; 27858 |
|  | &nbsp;&nbsp;&nbsp;Sekisui House Ltd. | 1121900 | &nbsp;&nbsp;&nbsp;&nbsp; 25793 |
|  | &nbsp;&nbsp;&nbsp;Shionogi & Co. Ltd. | 1372700 | &nbsp;&nbsp;&nbsp;&nbsp; 23062 |
|  | &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | 1198400 | &nbsp;&nbsp;&nbsp;&nbsp; 21064 |
|  | &nbsp;&nbsp;&nbsp;Unicharm Corp. | 2179085 | &nbsp;&nbsp;&nbsp;&nbsp; 20233 |
|  | &nbsp;&nbsp;&nbsp;Obic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;557300 | &nbsp;&nbsp;&nbsp;&nbsp; 19512 |
|  | &nbsp;&nbsp;&nbsp;NTT Data Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;975367 | &nbsp;&nbsp;&nbsp;&nbsp; 19371 |
|  | &nbsp;&nbsp;&nbsp;Capcom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;569600 | &nbsp;&nbsp;&nbsp;&nbsp; 16490 |
|  | &nbsp;&nbsp;&nbsp;Hulic Co. Ltd. | 1109475 | &nbsp;&nbsp;&nbsp;&nbsp; 11602 |
|  | &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;359700 | &nbsp;&nbsp;&nbsp;&nbsp; 11512 |
|  | &nbsp;&nbsp;&nbsp;Chiba Bank Ltd. | 1218400 | &nbsp;&nbsp;&nbsp;&nbsp; 10833 |
|  | &nbsp;&nbsp;&nbsp;Hikari Tsushin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;&nbsp;&nbsp; 10790 |
|  | &nbsp;&nbsp;&nbsp;MEIJI Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;438500 | &nbsp;&nbsp;&nbsp;&nbsp; 10781 |
|  | &nbsp;&nbsp;&nbsp;Yakult Honsha Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;515800 | &nbsp;&nbsp;&nbsp;&nbsp; 10596 |
|  | &nbsp;&nbsp;&nbsp;TIS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343960 | &nbsp;&nbsp;&nbsp;&nbsp; 9928 |
|  | &nbsp;&nbsp;&nbsp;MonotaRO Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;417067 | &nbsp;&nbsp;&nbsp;&nbsp; 8021 |
|  | &nbsp;&nbsp;&nbsp;Kobe Bussan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;255200 | &nbsp;&nbsp;&nbsp;&nbsp; 7799 |
|  | &nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;821960 | &nbsp;&nbsp;&nbsp;&nbsp; 7078 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56500 | &nbsp;&nbsp;&nbsp;&nbsp; 6792 |
|  | &nbsp;&nbsp;&nbsp;Kyowa Kirin Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;417300 | &nbsp;&nbsp;&nbsp;&nbsp; 6516 |
|  | &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;248700 | &nbsp;&nbsp;&nbsp;&nbsp; 6505 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;355400 | &nbsp;&nbsp;&nbsp;&nbsp; 6372 |
|  | &nbsp;&nbsp;&nbsp;Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;180900 | &nbsp;&nbsp;&nbsp;&nbsp; 5989 |
|  | &nbsp;&nbsp;&nbsp;Lion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;482434 | &nbsp;&nbsp;&nbsp;&nbsp; 5913 |
|  | &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;924700 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Nisshin Seifun Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;420900 | &nbsp;&nbsp;&nbsp;&nbsp; 5430 |
|  | &nbsp;&nbsp;&nbsp;Air Water Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390600 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 |
|  | &nbsp;&nbsp;&nbsp;Open House Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111300 | &nbsp;&nbsp;&nbsp;&nbsp; 4935 |
|  | &nbsp;&nbsp;&nbsp;GMO Payment Gateway Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 | &nbsp;&nbsp;&nbsp;&nbsp; 4704 |
|  | &nbsp;&nbsp;&nbsp;Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;310600 | &nbsp;&nbsp;&nbsp;&nbsp; 4689 |
|  | &nbsp;&nbsp;&nbsp;Yamaguchi Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364967 | &nbsp;&nbsp;&nbsp;&nbsp; 4312 |
|  | &nbsp;&nbsp;&nbsp;Rinnai Corp. | &nbsp;&nbsp;&nbsp;&nbsp;191952 | &nbsp;&nbsp;&nbsp;&nbsp; 4299 |
|  | &nbsp;&nbsp;&nbsp;Goldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71400 | &nbsp;&nbsp;&nbsp;&nbsp; 4094 |
|  | &nbsp;&nbsp;&nbsp;Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;180600 | &nbsp;&nbsp;&nbsp;&nbsp; 3918 |
|  | &nbsp;&nbsp;&nbsp;EXEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333100 | &nbsp;&nbsp;&nbsp;&nbsp; 3890 |
|  | &nbsp;&nbsp;&nbsp;Sundrug Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;116524 | &nbsp;&nbsp;&nbsp;&nbsp; 3883 |
|  | &nbsp;&nbsp;&nbsp;Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125400 | &nbsp;&nbsp;&nbsp;&nbsp; 3805 |
|  | &nbsp;&nbsp;&nbsp;Nippon Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;192467 | &nbsp;&nbsp;&nbsp;&nbsp; 3550 |
|  | &nbsp;&nbsp;&nbsp;Kandenko Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;178034 | &nbsp;&nbsp;&nbsp;&nbsp; 3529 |
|  | &nbsp;&nbsp;&nbsp;Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91420 | &nbsp;&nbsp;&nbsp;&nbsp; 3488 |
|  | &nbsp;&nbsp;&nbsp;Nichias Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101200 | &nbsp;&nbsp;&nbsp;&nbsp; 3405 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Century Corp. | &nbsp;&nbsp;&nbsp;&nbsp;322100 | &nbsp;&nbsp;&nbsp;&nbsp; 3392 |
|  | &nbsp;&nbsp;&nbsp;Fuyo General Lease Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 |
|  | &nbsp;&nbsp;&nbsp;Yaoko Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46300 | &nbsp;&nbsp;&nbsp;&nbsp; 3101 |
|  | &nbsp;&nbsp;&nbsp;Welcia Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;171101 | &nbsp;&nbsp;&nbsp;&nbsp; 3017 |
|  | &nbsp;&nbsp;&nbsp;Maruwa Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp; 2920 |
|  | &nbsp;&nbsp;&nbsp;Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118600 | &nbsp;&nbsp;&nbsp;&nbsp; 2825 |
|  | &nbsp;&nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76984 | &nbsp;&nbsp;&nbsp;&nbsp; 2763 |
|  | &nbsp;&nbsp;&nbsp;Morinaga & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp; 2603 |
|  | &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115100 | &nbsp;&nbsp;&nbsp;&nbsp; 2488 |
|  | &nbsp;&nbsp;&nbsp;Nojima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117600 | &nbsp;&nbsp;&nbsp;&nbsp; 2114 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Leasing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;286335 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 |
|  | &nbsp;&nbsp;&nbsp;Rakus Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;138800 | &nbsp;&nbsp;&nbsp;&nbsp; 2109 |
|  | &nbsp;&nbsp;&nbsp;Ship Healthcare Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144467 | &nbsp;&nbsp;&nbsp;&nbsp; 2096 |
|  | &nbsp;&nbsp;&nbsp;Organo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp;&nbsp; 2068 |
|  | &nbsp;&nbsp;&nbsp;Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63900 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
|  | &nbsp;&nbsp;&nbsp;Fujitsu General Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101400 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 |
|  | &nbsp;&nbsp;&nbsp;TS Tech Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
|  | &nbsp;&nbsp;&nbsp;Dentsu Soken Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;&nbsp;&nbsp; 1835 |
|  | &nbsp;&nbsp;&nbsp;Kato Sangyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52400 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 |
|  | &nbsp;&nbsp;&nbsp;Pilot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65400 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
|  | &nbsp;&nbsp;&nbsp;DTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63700 | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
|  | &nbsp;&nbsp;&nbsp;Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67900 | &nbsp;&nbsp;&nbsp;&nbsp; 1782 |
|  | &nbsp;&nbsp;&nbsp;Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 |
|  | &nbsp;&nbsp;&nbsp;TKC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56300 | &nbsp;&nbsp;&nbsp;&nbsp; 1587 |
|  | &nbsp;&nbsp;&nbsp;Valor Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82512 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
|  | &nbsp;&nbsp;&nbsp;Fujimi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105911 | &nbsp;&nbsp;&nbsp;&nbsp; 1386 |
|  | &nbsp;&nbsp;&nbsp;Raito Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
|  | &nbsp;&nbsp;&nbsp;PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49354 | &nbsp;&nbsp;&nbsp;&nbsp; 1369 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;116100 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
|  | &nbsp;&nbsp;&nbsp;Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70400 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  | &nbsp;&nbsp;&nbsp;Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp; 1257 |
|  | &nbsp;&nbsp;&nbsp;Yellow Hat Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130200 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
|  | &nbsp;&nbsp;&nbsp;SMS Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124460 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
|  | &nbsp;&nbsp;&nbsp;Funai Soken Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71100 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
|  | &nbsp;&nbsp;&nbsp;Okinawa Cellular Telephone Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38067 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
|  | &nbsp;&nbsp;&nbsp;Mani Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139300 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
|  | &nbsp;&nbsp;&nbsp;Takara Standard Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88267 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
|  | &nbsp;&nbsp;&nbsp;MCJ Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117800 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
|  | &nbsp;&nbsp;&nbsp;Nextage Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87862 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 |
|  | &nbsp;&nbsp;&nbsp;Kohnan Shoji Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
|  | &nbsp;&nbsp;&nbsp;Komeri Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49467 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Densetsu Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
|  | &nbsp;&nbsp;&nbsp;Hogy Medical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
|  | &nbsp;&nbsp;&nbsp;AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108400 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
|  | &nbsp;&nbsp;&nbsp;Create SD Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46300 | &nbsp;&nbsp;&nbsp;&nbsp; 986 |
|  | &nbsp;&nbsp;&nbsp;Future Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76947 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
|  | &nbsp;&nbsp;&nbsp;Zuken Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
|  | &nbsp;&nbsp;&nbsp;Elecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79732 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
|  | &nbsp;&nbsp;&nbsp;JCU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
|  | &nbsp;&nbsp;&nbsp;Totech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49700 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nomura Micro Science Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
|  | &nbsp;&nbsp;&nbsp;Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36567 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
|  | &nbsp;&nbsp;&nbsp;Kameda Seika Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
|  | &nbsp;&nbsp;&nbsp;Keihanshin Building Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73300 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;eGuarantee Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61200 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
|  | &nbsp;&nbsp;&nbsp;Sekisui Jushi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
|  | &nbsp;&nbsp;&nbsp;Senshu Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
|  | &nbsp;&nbsp;&nbsp;Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66434 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;Shizuoka Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77700 | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Research Institute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
|  | &nbsp;&nbsp;&nbsp;S Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;Retail Partners Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Osaka Organic Chemical Industry Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
|  | &nbsp;&nbsp;&nbsp;Nippon Parking Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;329300 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;SBS Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;Insource Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81800 | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
|  | &nbsp;&nbsp;&nbsp;Aoyama Zaisan Networks Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37300 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;Avant Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40034 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
|  | &nbsp;&nbsp;&nbsp;G-Tekt Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Belluna Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71700 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
|  | &nbsp;&nbsp;&nbsp;RS Technologies Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Celsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52334 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
|  | &nbsp;&nbsp;&nbsp;Siix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63700 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
|  | &nbsp;&nbsp;&nbsp;Transaction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25534 | &nbsp;&nbsp;&nbsp;&nbsp; 454 |
|  | &nbsp;&nbsp;&nbsp;JSB Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;Digital Information Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
|  | &nbsp;&nbsp;&nbsp;FULLCAST Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
|  | &nbsp;&nbsp;&nbsp;Intage Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp; 359 |
|  | &nbsp;&nbsp;&nbsp;Lacto Japan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;Strike Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;G-7 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Value HR Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
|  | &nbsp;&nbsp;&nbsp;MarkLines Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19751 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Loadstar Capital KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
|  | &nbsp;&nbsp;&nbsp;Densan System Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15867 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;GSI Creos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;NJS Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;YAKUODO Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19067 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;Charm Care Corp. KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Creek & River Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Elan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42100 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2230869** |
| **Malaysia (0.0%)** | **Malaysia (0.0%)** | **Malaysia (0.0%)** | **Malaysia (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;PPB Group Bhd. | 1201800 | &nbsp;&nbsp;&nbsp;&nbsp; 3463 |
| **Mexico (0.3%)** | **Mexico (0.3%)** | **Mexico (0.3%)** | **Mexico (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;America Movil SAB de CV Series B | 32047756 | &nbsp;&nbsp;&nbsp;&nbsp; 27651 |
| **Netherlands (0.9%)** | **Netherlands (0.9%)** | **Netherlands (0.9%)** | **Netherlands (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;404794 | &nbsp;&nbsp;&nbsp;&nbsp; 71470 |
| **New Zealand (0.4%)** | **New Zealand (0.4%)** | **New Zealand (0.4%)** | **New Zealand (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;994521 | &nbsp;&nbsp;&nbsp;&nbsp; 20062 |
|  | &nbsp;&nbsp;&nbsp;EBOS Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;270541 | &nbsp;&nbsp;&nbsp;&nbsp; 5888 |
|  | &nbsp;&nbsp;&nbsp;Summerset Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;408429 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **28564** |
| **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TOMRA Systems ASA | &nbsp;&nbsp;&nbsp;&nbsp;397414 | &nbsp;&nbsp;&nbsp;&nbsp; 6270 |
| **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;International Container Terminal Services Inc. | 1374130 | &nbsp;&nbsp;&nbsp;&nbsp; 8404 |
| **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;159371 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
| **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;11418 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kyung Dong Navien Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9983 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
|  | &nbsp;&nbsp;&nbsp;JW Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22960 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
|  | &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1670** |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Sweden (1.8%)** | **Sweden (1.8%)** | **Sweden (1.8%)** | **Sweden (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Assa Abloy AB Class B | 1683432 | &nbsp;&nbsp;&nbsp;&nbsp; 51099 |
|  | &nbsp;&nbsp;&nbsp;Hexagon AB Class B | 3480366 | &nbsp;&nbsp;&nbsp;&nbsp; 33873 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;320022 | &nbsp;&nbsp;&nbsp;&nbsp; 22169 |
|  | &nbsp;&nbsp;&nbsp;Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;360106 | &nbsp;&nbsp;&nbsp;&nbsp; 13941 |
|  | &nbsp;&nbsp;&nbsp;AAK AB | &nbsp;&nbsp;&nbsp;&nbsp;307536 | &nbsp;&nbsp;&nbsp;&nbsp; 8043 |
|  | &nbsp;&nbsp;&nbsp;Fortnox AB | &nbsp;&nbsp;&nbsp;&nbsp;819178 | &nbsp;&nbsp;&nbsp;&nbsp; 7418 |
|  | &nbsp;&nbsp;&nbsp;Wihlborgs Fastigheter AB | &nbsp;&nbsp;&nbsp;&nbsp;454238 | &nbsp;&nbsp;&nbsp;&nbsp; 4711 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Bravida Holding AB | &nbsp;&nbsp;&nbsp;&nbsp;346505 | &nbsp;&nbsp;&nbsp;&nbsp; 3302 |
|  | &nbsp;&nbsp;&nbsp;Catena AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69331 | &nbsp;&nbsp;&nbsp;&nbsp; 3264 |
|  | &nbsp;&nbsp;&nbsp;Svolder AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;170019 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **148826** |
| **Switzerland (16.4%)** | **Switzerland (16.4%)** | **Switzerland (16.4%)** | **Switzerland (16.4%)** |
|  | &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 3217441 | &nbsp;&nbsp;&nbsp;&nbsp; 342456 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 2835387 | &nbsp;&nbsp;&nbsp;&nbsp; 323396 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;896172 | &nbsp;&nbsp;&nbsp;&nbsp; 293036 |
|  | &nbsp;&nbsp;&nbsp;Sika AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;272399 | &nbsp;&nbsp;&nbsp;&nbsp; 68075 |
|  | &nbsp;&nbsp;&nbsp;Givaudan SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13479 | &nbsp;&nbsp;&nbsp;&nbsp; 65028 |
|  | &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37165 | &nbsp;&nbsp;&nbsp;&nbsp; 48696 |
|  | &nbsp;&nbsp;&nbsp;Geberit AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56728 | &nbsp;&nbsp;&nbsp;&nbsp; 39297 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;746782 | &nbsp;&nbsp;&nbsp;&nbsp; 32391 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 25067 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 24788 |
|  | &nbsp;&nbsp;&nbsp;Logitech International SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;263801 | &nbsp;&nbsp;&nbsp;&nbsp; 20046 |
|  | &nbsp;&nbsp;&nbsp;PSP Swiss Property AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78022 | &nbsp;&nbsp;&nbsp;&nbsp; 13893 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36768 | &nbsp;&nbsp;&nbsp;&nbsp; 12791 |
|  | &nbsp;&nbsp;&nbsp;Temenos AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;106033 | &nbsp;&nbsp;&nbsp;&nbsp; 7595 |
|  | &nbsp;&nbsp;&nbsp;Siegfried Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63552 | &nbsp;&nbsp;&nbsp;&nbsp; 7566 |
|  | &nbsp;&nbsp;&nbsp;DKSH Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60940 | &nbsp;&nbsp;&nbsp;&nbsp; 4489 |
|  | &nbsp;&nbsp;&nbsp;Tecan Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21777 | &nbsp;&nbsp;&nbsp;&nbsp; 4241 |
|  | &nbsp;&nbsp;&nbsp;Emmi AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp; 3586 |
|  | &nbsp;&nbsp;&nbsp;ALSO Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9599 | &nbsp;&nbsp;&nbsp;&nbsp; 2932 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1339369** |
| **Taiwan (0.3%)** | **Taiwan (0.3%)** | **Taiwan (0.3%)** | **Taiwan (0.3%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wistron Corp. | 4915000 | &nbsp;&nbsp;&nbsp;&nbsp; 15771 |
|  | &nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 6095 |
|  | &nbsp;&nbsp;&nbsp;Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2578 |
|  | &nbsp;&nbsp;&nbsp;Chief Telecom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 784 |
|  | &nbsp;&nbsp;&nbsp;Universal Vision Biotechnology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25670** |
| **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;11917 | &nbsp;&nbsp;&nbsp;&nbsp; 659 |
|  | &nbsp;&nbsp;&nbsp;Jantsa Jant Sanayi Ve Ticaret A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17450 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **669** |
| **United Kingdom (8.6%)** | **United Kingdom (8.6%)** | **United Kingdom (8.6%)** | **United Kingdom (8.6%)** |
|  | &nbsp;&nbsp;&nbsp;RELX plc | 3152353 | &nbsp;&nbsp;&nbsp;&nbsp; 172040 |
|  | &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;784857 | &nbsp;&nbsp;&nbsp;&nbsp; 122211 |
|  | &nbsp;&nbsp;&nbsp;BAE Systems plc | 5105023 | &nbsp;&nbsp;&nbsp;&nbsp; 118348 |
|  | &nbsp;&nbsp;&nbsp;Diageo plc | 3777252 | &nbsp;&nbsp;&nbsp;&nbsp; 106067 |
|  | &nbsp;&nbsp;&nbsp;Ashtead Group plc | &nbsp;&nbsp;&nbsp;&nbsp;739021 | &nbsp;&nbsp;&nbsp;&nbsp; 39562 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | 1693568 | &nbsp;&nbsp;&nbsp;&nbsp; 28077 |
|  | &nbsp;&nbsp;&nbsp;Halma plc | &nbsp;&nbsp;&nbsp;&nbsp;644225 | &nbsp;&nbsp;&nbsp;&nbsp; 23779 |
|  | &nbsp;&nbsp;&nbsp;Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;559739 | &nbsp;&nbsp;&nbsp;&nbsp; 17589 |
|  | &nbsp;&nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;&nbsp;&nbsp;227841 | &nbsp;&nbsp;&nbsp;&nbsp; 12090 |
|  | &nbsp;&nbsp;&nbsp;DCC plc | &nbsp;&nbsp;&nbsp;&nbsp;167613 | &nbsp;&nbsp;&nbsp;&nbsp; 10955 |
|  | &nbsp;&nbsp;&nbsp;Spirax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;125192 | &nbsp;&nbsp;&nbsp;&nbsp; 9867 |
|  | &nbsp;&nbsp;&nbsp;Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;236927 | &nbsp;&nbsp;&nbsp;&nbsp; 9352 |
|  | &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;263659 | &nbsp;&nbsp;&nbsp;&nbsp; 6987 |
|  | &nbsp;&nbsp;&nbsp;Cranswick plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91972 | &nbsp;&nbsp;&nbsp;&nbsp; 6365 |
|  | &nbsp;&nbsp;&nbsp;Drax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;618147 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
|  | &nbsp;&nbsp;&nbsp;Softcat plc | &nbsp;&nbsp;&nbsp;&nbsp;226921 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
|  | &nbsp;&nbsp;&nbsp;Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;167999 | &nbsp;&nbsp;&nbsp;&nbsp; 4497 |
|  | &nbsp;&nbsp;&nbsp;Chemring Group plc | &nbsp;&nbsp;&nbsp;&nbsp;464084 | &nbsp;&nbsp;&nbsp;&nbsp; 2479 |
|  | &nbsp;&nbsp;&nbsp;Clarkson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45367 | &nbsp;&nbsp;&nbsp;&nbsp; 1994 |
|  | &nbsp;&nbsp;&nbsp;Hilton Food Group plc | &nbsp;&nbsp;&nbsp;&nbsp;140607 | &nbsp;&nbsp;&nbsp;&nbsp; 1673 |

---

------

International Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;GB Group plc | &nbsp;&nbsp;&nbsp;&nbsp;400819 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **705413** |
| **Total Common Stocks (Cost $6,742,815)** | **Total Common Stocks (Cost $6,742,815)** | **Total Common Stocks (Cost $6,742,815)** | &nbsp;&nbsp;&nbsp;&nbsp;**8093107** |
| **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;111436 | &nbsp;&nbsp;&nbsp;&nbsp; 5588 |
|  | &nbsp;&nbsp;&nbsp;Grupo De Inversiones Suramericana SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;190214 | &nbsp;&nbsp;&nbsp;&nbsp; 1696 |
| **Total Preferred Stocks (Cost $6,394)** | **Total Preferred Stocks (Cost $6,394)** | **Total Preferred Stocks (Cost $6,394)** | &nbsp;&nbsp;&nbsp;&nbsp;**7284** |
| **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** |
| **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost** $**42,671)** | &nbsp;&nbsp;&nbsp;&nbsp;426751 | &nbsp;&nbsp;&nbsp;&nbsp; **42671** |
| **Total Investments (99.6%) (Cost $6,791,880)** | **Total Investments (99.6%) (Cost $6,791,880)** | **Total Investments (99.6%) (Cost $6,791,880)** | &nbsp;&nbsp;&nbsp;&nbsp;**8143062** |
| **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;**31774** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**8174836** |
| 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 $32,788. |
| 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 April 30, 2025, the aggregate value was $53,855, representing 0.7% of net assets. |
| 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 $35,127 was received for securities on loan, of which $35,124 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 | June 2025 | 20 | 5587 | &nbsp;&nbsp;(62) |
| MSCI Emerging Markets Index | June 2025 | 113 | 6272 | &nbsp;&nbsp;(80) |
| MSCI EAFE Index | June 2025 | 439 | 54759 | &nbsp;&nbsp;455 |
|  |  |  |  | &nbsp;&nbsp;313 |

---

&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) |
| JPMorgan Chase Bank, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;25969 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;453164 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;— |
| Bank of America, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;78344 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2) |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;13148 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;11432 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(786) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;2784 | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;34896 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(227) |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1637 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(70) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(55) |
| UBS AG | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;12121 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1) |
| JPMorgan Chase Bank, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;334381 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(73) |
| Toronto-Dominion Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;15415 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;2296551 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(735) |

---

------

International Dividend Appreciation 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) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;596117 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(119) |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;19121 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;607872 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;(2078) |

---

---

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

---

At April 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $33 in connection with open forward currency contracts.

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

------

International Dividend Appreciation Index Fund

Statement of Assets and Liabilities

As of April 30, 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 $6,749,209) | 8100391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $42,671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42671 |
| Total Investments in Securities | 8143062 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| 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;2875 |
| Cash Collateral Pledged—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 |
| Cash Collateral Received for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 |
| Foreign Currency, at Value (Cost $4,906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34914 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54377 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| **Total Assets** | **8247846** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9881 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14899 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35127 |
| Collateral for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**73010** |
| **Net Assets** | **8174836** |
| 1 Includes $32,788 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 7009143 |
| Total Distributable Earnings (Loss) | 1165693 |
| **Net Assets** | **8174836** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 90,333,091 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **7799044** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$86.34** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 8,940,442 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**375792** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$42.03** |

---

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

------

International Dividend Appreciation Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;85277 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |
| Total Income | &nbsp;&nbsp;85698 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;3555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;4772 |
| **Net Investment Income** | &nbsp;&nbsp;**80926** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | (82866) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(286) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1746 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;(1626) |
| **Realized Net Gain (Loss)** | **(83032)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,3</sup> | 342447 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1724 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;(2981) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;3532 |
| **Change in Unrealized Appreciation (Depreciation)** | **344722** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **342616** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $11,934. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $154, ($1), and ($1), 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 ($4990). |

---

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

------

International Dividend Appreciation Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128230 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(83032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30804 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;344722 | &nbsp;&nbsp;&nbsp;1093173 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;342616 | &nbsp;&nbsp;&nbsp;1252207 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(69161) | &nbsp;&nbsp;&nbsp;&nbsp;(133035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7475) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(72554) | &nbsp;&nbsp;&nbsp;&nbsp;(140510) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;322896 | &nbsp;&nbsp;&nbsp;1101994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(11346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20229 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;311550 | &nbsp;&nbsp;&nbsp;1122223 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;581612 | &nbsp;&nbsp;&nbsp;2233920 |
| **Net Assets** |  |  |
| **Beginning of Period** | **7593224** | &nbsp;&nbsp;&nbsp;**5359304** |
| **End of Period** | **8174836** | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$83.50** | &nbsp;&nbsp;&nbsp;**$69.58** | &nbsp;&nbsp;&nbsp;**$64.12** | &nbsp;&nbsp;&nbsp;**$89.86** | &nbsp;&nbsp;&nbsp;**$69.97** | &nbsp;&nbsp;&nbsp;**$68.72** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.879 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.958 |
| Net Realized and Unrealized Gain (Loss) on Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.746 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.551 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.625 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.509 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.785) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(1.259) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5.182) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.785) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(1.259) |
| **Net Asset Value, End of Period** | **$86.34** | &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** |
| **Total Return** | **4.38%** | &nbsp;&nbsp;&nbsp;**22.48%** | &nbsp;&nbsp;&nbsp;**10.94%** | &nbsp;&nbsp;&nbsp;**-22.90%** | &nbsp;&nbsp;&nbsp;**29.93%** | &nbsp;&nbsp;&nbsp;**3.73%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $7799 | &nbsp;&nbsp;&nbsp;$7218 | &nbsp;&nbsp;&nbsp;$5065 | &nbsp;&nbsp;&nbsp;$3508 | &nbsp;&nbsp;&nbsp;$4150 | &nbsp;&nbsp;&nbsp;$2456 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | &nbsp;&nbsp;&nbsp;0.15%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.15%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.15%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | 2.15% | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;1.40% |
| Portfolio Turnover Rate<sup>4</sup> | 13% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;17% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, $.00, and $.01. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.15%. |
| 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

Financial Highlights

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$40.65** | &nbsp;&nbsp;&nbsp;**$33.88** | &nbsp;&nbsp;&nbsp;**$31.23** | &nbsp;&nbsp;&nbsp;**$43.72** | &nbsp;&nbsp;&nbsp;**$34.03** | &nbsp;&nbsp;&nbsp;**$33.42** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.412 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.453 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.345 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.765 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.757 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.218 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.377) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.608) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.521) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.377) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.608) |
| **Net Asset Value, End of Period** | **$42.03** | &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** |
| **Total Return<sup>2</sup>** | **4.36%** | &nbsp;&nbsp;&nbsp;**22.45%** | &nbsp;&nbsp;&nbsp;**10.88%** | &nbsp;&nbsp;&nbsp;**-22.85%** | &nbsp;&nbsp;&nbsp;**29.96%** | &nbsp;&nbsp;&nbsp;**3.72%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $376 | &nbsp;&nbsp;&nbsp;$375 | &nbsp;&nbsp;&nbsp;$294 | &nbsp;&nbsp;&nbsp;$250 | &nbsp;&nbsp;&nbsp;$323 | &nbsp;&nbsp;&nbsp;$220 |
| Ratio of Total Expenses to Average Net Assets | 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% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | 2.07% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.36% |
| Portfolio Turnover Rate<sup>4</sup> | 13% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;17% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

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| | |
|:---|:---|
| 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. |

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

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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 six months ended April 30, 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 six months ended April 30, 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.

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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. 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.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

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International Dividend Appreciation Index Fund

**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 April 30, 2025, the fund had contributed to Vanguard capital in the amount of $213,000, 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.

**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 April 30, 2025, based on the inputs used to value them:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 1320041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1320041 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949 | &nbsp;&nbsp;&nbsp;6771117 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6773066 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5588 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42671 |
| Total | 1366357 | &nbsp;&nbsp;&nbsp;6776705 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8143062 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| Total | &nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(142) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2078) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2078) |
| Total | (142) | &nbsp;&nbsp;&nbsp;(2078) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2220) |

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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 April 30, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

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

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| | | | |
|:---|:---|:---|:---|
| 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> | 455 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;455 |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;362 |
| Total Assets | 455 | &nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;817 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | (142) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(142) |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(2078) | &nbsp;&nbsp;&nbsp;(2078) |
| Total Liabilities | (142) | &nbsp;&nbsp;&nbsp;(2078) | &nbsp;&nbsp;&nbsp;(2220) |

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1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

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International Dividend Appreciation Index Fund

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2025, were:

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| | | | |
|:---|:---|:---|:---|
| 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 | (286) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(286) |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;1746 |
| Realized Net Gain (Loss) on Derivatives | (286) | &nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;1460 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | 1724 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1724 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(2981) | &nbsp;&nbsp;&nbsp;(2981) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 1724 | &nbsp;&nbsp;&nbsp;(2981) | &nbsp;&nbsp;&nbsp;(1257) |

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**E.** As of April 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;6807626 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1653979 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(319946) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1334033 |

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The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $101,421,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended April 30, 2025, the fund purchased $1,052,451,000 of investment securities and sold $997,736,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $230,102,000 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;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 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> | 322896 | &nbsp;&nbsp;&nbsp;&nbsp;3889 | &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;— |
| Redeemed<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(37957) | &nbsp;&nbsp;&nbsp;&nbsp;(500) |
| Net Increase (Decrease)—ETF Shares | 322896 | &nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;1101994 | &nbsp;&nbsp;&nbsp;13647 |
| **Admiral Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;30626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85750 | &nbsp;&nbsp;&nbsp;&nbsp;2205 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |
| Redeemed<sup>2</sup> | (44782) | &nbsp;&nbsp;(1123) | &nbsp;&nbsp;&nbsp;&nbsp;(71793) | &nbsp;&nbsp;(1813) |
| Net Increase (Decrease)—Admiral Shares | (11346) | &nbsp;&nbsp;&nbsp;&nbsp;(294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |

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|:---|:---|
| 1 | Includes purchase fees for fiscal 2025 and 2024 of $73 and $214, respectively (fund totals). |
| 2 | Net of redemption fees for fiscal 2025 and 2024 of $105 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.

------

International Dividend Appreciation Index Fund

At April 30, 2025, one shareholder was the record or beneficial owner of 30% 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.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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 (unaudited)

#### Schedule of Investments
As of April 30, 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 (98.1%)** | **Common Stocks (98.1%)** | **Common Stocks (98.1%)** | **Common Stocks (98.1%)** |
| **Australia (7.0%)** | **Australia (7.0%)** | **Australia (7.0%)** | **Australia (7.0%)** |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 1200450 | &nbsp;&nbsp;&nbsp;&nbsp; 127955 |
|  | &nbsp;&nbsp;&nbsp;BHP Group Ltd. | 3612272 | &nbsp;&nbsp;&nbsp;&nbsp; 86094 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 2458984 | &nbsp;&nbsp;&nbsp;&nbsp; 51602 |
|  | &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 2224451 | &nbsp;&nbsp;&nbsp;&nbsp; 51364 |
|  | &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 2154804 | &nbsp;&nbsp;&nbsp;&nbsp; 41205 |
|  | &nbsp;&nbsp;&nbsp;Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;810766 | &nbsp;&nbsp;&nbsp;&nbsp; 40616 |
|  | &nbsp;&nbsp;&nbsp;Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;250909 | &nbsp;&nbsp;&nbsp;&nbsp; 31006 |
|  | &nbsp;&nbsp;&nbsp;Transurban Group | 2213571 | &nbsp;&nbsp;&nbsp;&nbsp; 19947 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;266129 | &nbsp;&nbsp;&nbsp;&nbsp; 19911 |
|  | &nbsp;&nbsp;&nbsp;Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;875089 | &nbsp;&nbsp;&nbsp;&nbsp; 17662 |
|  | &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 1354340 | &nbsp;&nbsp;&nbsp;&nbsp; 17654 |
|  | &nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 1078607 | &nbsp;&nbsp;&nbsp;&nbsp; 14906 |
|  | &nbsp;&nbsp;&nbsp;Brambles Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;998801 | &nbsp;&nbsp;&nbsp;&nbsp; 13126 |
|  | &nbsp;&nbsp;&nbsp;Coles Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;931626 | &nbsp;&nbsp;&nbsp;&nbsp; 12651 |
|  | &nbsp;&nbsp;&nbsp;Fortescue Ltd. | 1139591 | &nbsp;&nbsp;&nbsp;&nbsp; 11769 |
|  | &nbsp;&nbsp;&nbsp;Computershare Ltd. (XASX) | &nbsp;&nbsp;&nbsp;&nbsp;413292 | &nbsp;&nbsp;&nbsp;&nbsp; 10800 |
|  | &nbsp;&nbsp;&nbsp;Suncorp Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;775179 | &nbsp;&nbsp;&nbsp;&nbsp; 10081 |
|  | &nbsp;&nbsp;&nbsp;Insurance Australia Group Ltd. | 1714659 | &nbsp;&nbsp;&nbsp;&nbsp; 9006 |
|  | &nbsp;&nbsp;&nbsp;Santos Ltd. | 2319233 | &nbsp;&nbsp;&nbsp;&nbsp; 8916 |
|  | &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 1234121 | &nbsp;&nbsp;&nbsp;&nbsp; 8412 |
|  | &nbsp;&nbsp;&nbsp;Telstra Group Ltd. | 2899804 | &nbsp;&nbsp;&nbsp;&nbsp; 8369 |
|  | &nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | 1345366 | &nbsp;&nbsp;&nbsp;&nbsp; 6747 |
|  | &nbsp;&nbsp;&nbsp;ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;138492 | &nbsp;&nbsp;&nbsp;&nbsp; 6271 |
|  | &nbsp;&nbsp;&nbsp;Medibank Pvt Ltd. | 1984864 | &nbsp;&nbsp;&nbsp;&nbsp; 5904 |
|  | &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;343187 | &nbsp;&nbsp;&nbsp;&nbsp; 5730 |
|  | &nbsp;&nbsp;&nbsp;South32 Ltd. | 3232260 | &nbsp;&nbsp;&nbsp;&nbsp; 5570 |
|  | &nbsp;&nbsp;&nbsp;Lottery Corp. Ltd. | 1600764 | &nbsp;&nbsp;&nbsp;&nbsp; 5335 |
|  | &nbsp;&nbsp;&nbsp;JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78537 | &nbsp;&nbsp;&nbsp;&nbsp; 5205 |
|  | &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;915929 | &nbsp;&nbsp;&nbsp;&nbsp; 4820 |
|  | &nbsp;&nbsp;&nbsp;Orica Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;343880 | &nbsp;&nbsp;&nbsp;&nbsp; 3569 |
|  | &nbsp;&nbsp;&nbsp;Treasury Wine Estates Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;591043 | &nbsp;&nbsp;&nbsp;&nbsp; 3378 |
|  | &nbsp;&nbsp;&nbsp;Steadfast Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;792852 | &nbsp;&nbsp;&nbsp;&nbsp; 2980 |
|  | &nbsp;&nbsp;&nbsp;AGL Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;426877 | &nbsp;&nbsp;&nbsp;&nbsp; 2909 |
|  | &nbsp;&nbsp;&nbsp;Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;406019 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 |
|  | &nbsp;&nbsp;&nbsp;Atlas Arteria Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;827439 | &nbsp;&nbsp;&nbsp;&nbsp; 2741 |
|  | &nbsp;&nbsp;&nbsp;Worley Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;338692 | &nbsp;&nbsp;&nbsp;&nbsp; 2698 |
|  | &nbsp;&nbsp;&nbsp;Endeavour Group Ltd. | 1052927 | &nbsp;&nbsp;&nbsp;&nbsp; 2693 |
|  | &nbsp;&nbsp;&nbsp;Ampol Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;174085 | &nbsp;&nbsp;&nbsp;&nbsp; 2643 |
|  | &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | 1262268 | &nbsp;&nbsp;&nbsp;&nbsp; 2471 |
|  | &nbsp;&nbsp;&nbsp;Bank of Queensland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;471221 | &nbsp;&nbsp;&nbsp;&nbsp; 2251 |
|  | &nbsp;&nbsp;&nbsp;Dyno Nobel Ltd. | 1259922 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
|  | &nbsp;&nbsp;&nbsp;Downer EDI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;490717 | &nbsp;&nbsp;&nbsp;&nbsp; 1792 |
|  | &nbsp;&nbsp;&nbsp;Lendlease Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;509832 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
|  | &nbsp;&nbsp;&nbsp;Metcash Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;821381 | &nbsp;&nbsp;&nbsp;&nbsp; 1692 |
|  | &nbsp;&nbsp;&nbsp;Challenger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;362382 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
|  | &nbsp;&nbsp;&nbsp;Whitehaven Coal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;513100 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
|  | &nbsp;&nbsp;&nbsp;AMP Ltd. | 1832197 | &nbsp;&nbsp;&nbsp;&nbsp; 1513 |
|  | &nbsp;&nbsp;&nbsp;Harvey Norman Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;429335 | &nbsp;&nbsp;&nbsp;&nbsp; 1435 |
|  | &nbsp;&nbsp;&nbsp;Flight Centre Travel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146245 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insignia Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;478399 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
|  | &nbsp;&nbsp;&nbsp;Orora Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;945870 | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |
|  | &nbsp;&nbsp;&nbsp;Beach Energy Ltd. | 1250929 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;New Hope Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;362581 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  | &nbsp;&nbsp;&nbsp;Perpetual Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77511 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
|  | &nbsp;&nbsp;&nbsp;TPG Telecom Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;247880 | &nbsp;&nbsp;&nbsp;&nbsp; 803 |
|  | &nbsp;&nbsp;&nbsp;Yancoal Australia Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;237032 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
|  | &nbsp;&nbsp;&nbsp;Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45870 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
|  | &nbsp;&nbsp;&nbsp;Deterra Royalties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;291126 | &nbsp;&nbsp;&nbsp;&nbsp; 679 |
|  | &nbsp;&nbsp;&nbsp;GQG Partners Inc. GDR | &nbsp;&nbsp;&nbsp;&nbsp;441272 | &nbsp;&nbsp;&nbsp;&nbsp; 619 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Magellan Financial Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124680 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **713408** |
| **Austria (0.3%)** | **Austria (0.3%)** | **Austria (0.3%)** | **Austria (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;220645 | &nbsp;&nbsp;&nbsp;&nbsp; 14942 |
|  | &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;101650 | &nbsp;&nbsp;&nbsp;&nbsp; 5256 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46998 | &nbsp;&nbsp;&nbsp;&nbsp; 3612 |
|  | &nbsp;&nbsp;&nbsp;ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50202 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 |
|  | &nbsp;&nbsp;&nbsp;Raiffeisen Bank International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93355 | &nbsp;&nbsp;&nbsp;&nbsp; 2494 |
|  | &nbsp;&nbsp;&nbsp;Telekom Austria AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61154 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **30557** |
| **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** | **Belgium (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;167082 | &nbsp;&nbsp;&nbsp;&nbsp; 15407 |
|  | &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;124672 | &nbsp;&nbsp;&nbsp;&nbsp; 7819 |
|  | &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61341 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **28286** |
| **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** | **Brazil (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Vale SA | 2615988 | &nbsp;&nbsp;&nbsp;&nbsp; 24366 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | 2652600 | &nbsp;&nbsp;&nbsp;&nbsp; 14980 |
|  | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 3871614 | &nbsp;&nbsp;&nbsp;&nbsp; 9203 |
|  | &nbsp;&nbsp;&nbsp;Ambev SA | 3125650 | &nbsp;&nbsp;&nbsp;&nbsp; 8025 |
|  | &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA | &nbsp;&nbsp;&nbsp;&nbsp;910282 | &nbsp;&nbsp;&nbsp;&nbsp; 7050 |
|  | &nbsp;&nbsp;&nbsp;JBS SA | &nbsp;&nbsp;&nbsp;&nbsp;810400 | &nbsp;&nbsp;&nbsp;&nbsp; 6295 |
|  | &nbsp;&nbsp;&nbsp;Banco Do Brasil SA | 1229836 | &nbsp;&nbsp;&nbsp;&nbsp; 6269 |
|  | &nbsp;&nbsp;&nbsp;Banco BTG Pactual SA | &nbsp;&nbsp;&nbsp;&nbsp;842100 | &nbsp;&nbsp;&nbsp;&nbsp; 5655 |
|  | &nbsp;&nbsp;&nbsp;Localiza Rent a Car SA (BVMF) | &nbsp;&nbsp;&nbsp;&nbsp;708800 | &nbsp;&nbsp;&nbsp;&nbsp; 5366 |
|  | &nbsp;&nbsp;&nbsp;Suzano SA | &nbsp;&nbsp;&nbsp;&nbsp;477400 | &nbsp;&nbsp;&nbsp;&nbsp; 4213 |
|  | &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;482257 | &nbsp;&nbsp;&nbsp;&nbsp; 3634 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;608360 | &nbsp;&nbsp;&nbsp;&nbsp; 2979 |
|  | &nbsp;&nbsp;&nbsp;Vibra Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;799767 | &nbsp;&nbsp;&nbsp;&nbsp; 2649 |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;376846 | &nbsp;&nbsp;&nbsp;&nbsp; 2378 |
|  | &nbsp;&nbsp;&nbsp;Banco Bradesco SA | 1042046 | &nbsp;&nbsp;&nbsp;&nbsp; 2246 |
|  | &nbsp;&nbsp;&nbsp;Klabin SA | &nbsp;&nbsp;&nbsp;&nbsp;642880 | &nbsp;&nbsp;&nbsp;&nbsp; 2099 |
|  | &nbsp;&nbsp;&nbsp;Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;757090 | &nbsp;&nbsp;&nbsp;&nbsp; 1949 |
|  | &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;580954 | &nbsp;&nbsp;&nbsp;&nbsp; 1940 |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA | &nbsp;&nbsp;&nbsp;&nbsp;351120 | &nbsp;&nbsp;&nbsp;&nbsp; 1923 |
|  | &nbsp;&nbsp;&nbsp;CCR SA | &nbsp;&nbsp;&nbsp;&nbsp;796210 | &nbsp;&nbsp;&nbsp;&nbsp; 1887 |
|  | &nbsp;&nbsp;&nbsp;BRF SA | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1880 |
|  | &nbsp;&nbsp;&nbsp;Ultrapar Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;579100 | &nbsp;&nbsp;&nbsp;&nbsp; 1819 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;264402 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 |
|  | &nbsp;&nbsp;&nbsp;Hypera SA | &nbsp;&nbsp;&nbsp;&nbsp;287082 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
|  | &nbsp;&nbsp;&nbsp;Cosan SA | &nbsp;&nbsp;&nbsp;&nbsp;849437 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
|  | &nbsp;&nbsp;&nbsp;Santos Brasil Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;477800 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natura & Co. Holding SA | &nbsp;&nbsp;&nbsp;&nbsp;676400 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
|  | &nbsp;&nbsp;&nbsp;Allos SA | &nbsp;&nbsp;&nbsp;&nbsp;302500 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
|  | &nbsp;&nbsp;&nbsp;Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp;&nbsp;&nbsp;163219 | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |
|  | &nbsp;&nbsp;&nbsp;Porto Seguro SA | &nbsp;&nbsp;&nbsp;&nbsp;130218 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
|  | &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel | &nbsp;&nbsp;&nbsp;&nbsp;527292 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
|  | &nbsp;&nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;&nbsp;&nbsp;212700 | &nbsp;&nbsp;&nbsp;&nbsp; 965 |
|  | &nbsp;&nbsp;&nbsp;Caixa Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;326900 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Brava Energia | &nbsp;&nbsp;&nbsp;&nbsp;305700 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
|  | &nbsp;&nbsp;&nbsp;CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;135100 | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
|  | &nbsp;&nbsp;&nbsp;Engie Brasil Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;120616 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
|  | &nbsp;&nbsp;&nbsp;Neoenergia SA | &nbsp;&nbsp;&nbsp;&nbsp;161700 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;SLC Agricola SA | &nbsp;&nbsp;&nbsp;&nbsp;141620 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Alupar Investimento SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82767 | &nbsp;&nbsp;&nbsp;&nbsp; 449 |
|  | &nbsp;&nbsp;&nbsp;CSN Mineracao SA | &nbsp;&nbsp;&nbsp;&nbsp;388600 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
|  | &nbsp;&nbsp;&nbsp;M Dias Branco SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
|  | &nbsp;&nbsp;&nbsp;Grupo Mateus SA | &nbsp;&nbsp;&nbsp;&nbsp;268900 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;Sao Martinho SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96600 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | &nbsp;&nbsp;&nbsp;&nbsp;334100 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50080 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Usinas Siderurgicas de Minas Gerais SA Usiminas | &nbsp;&nbsp;&nbsp;&nbsp;113900 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Itausa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50290 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **137349** |
| **Canada (7.5%)** | **Canada (7.5%)** | **Canada (7.5%)** | **Canada (7.5%)** |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1010489 | &nbsp;&nbsp;&nbsp;&nbsp; 121287 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 1264889 | &nbsp;&nbsp;&nbsp;&nbsp; 80824 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 1560207 | &nbsp;&nbsp;&nbsp;&nbsp; 72963 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;519994 | &nbsp;&nbsp;&nbsp;&nbsp; 49823 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;892712 | &nbsp;&nbsp;&nbsp;&nbsp; 44668 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 1481459 | &nbsp;&nbsp;&nbsp;&nbsp; 42512 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;672056 | &nbsp;&nbsp;&nbsp;&nbsp; 42387 |
|  | &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | 1243980 | &nbsp;&nbsp;&nbsp;&nbsp; 38124 |
|  | &nbsp;&nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;743557 | &nbsp;&nbsp;&nbsp;&nbsp; 37566 |
|  | &nbsp;&nbsp;&nbsp;Suncor Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;894417 | &nbsp;&nbsp;&nbsp;&nbsp; 31589 |
|  | &nbsp;&nbsp;&nbsp;Sun Life Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;412715 | &nbsp;&nbsp;&nbsp;&nbsp; 24594 |
|  | &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;274253 | &nbsp;&nbsp;&nbsp;&nbsp; 24087 |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;354477 | &nbsp;&nbsp;&nbsp;&nbsp; 20236 |
|  | &nbsp;&nbsp;&nbsp;Fortis Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;358082 | &nbsp;&nbsp;&nbsp;&nbsp; 17733 |
|  | &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | &nbsp;&nbsp;&nbsp;&nbsp;415411 | &nbsp;&nbsp;&nbsp;&nbsp; 15880 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;293082 | &nbsp;&nbsp;&nbsp;&nbsp; 15638 |
|  | &nbsp;&nbsp;&nbsp;Power Corp. of Canada | &nbsp;&nbsp;&nbsp;&nbsp;390923 | &nbsp;&nbsp;&nbsp;&nbsp; 14796 |
|  | &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228912 | &nbsp;&nbsp;&nbsp;&nbsp; 14750 |
|  | &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250615 | &nbsp;&nbsp;&nbsp;&nbsp; 11071 |
|  | &nbsp;&nbsp;&nbsp;Cenovus Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;912495 | &nbsp;&nbsp;&nbsp;&nbsp; 10743 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hydro One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;226727 | &nbsp;&nbsp;&nbsp;&nbsp; 8723 |
|  | &nbsp;&nbsp;&nbsp;Great-West Lifeco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196700 | &nbsp;&nbsp;&nbsp;&nbsp; 7649 |
|  | &nbsp;&nbsp;&nbsp;Magna International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192707 | &nbsp;&nbsp;&nbsp;&nbsp; 6696 |
|  | &nbsp;&nbsp;&nbsp;TELUS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;356222 | &nbsp;&nbsp;&nbsp;&nbsp; 5483 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;BCE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218990 | &nbsp;&nbsp;&nbsp;&nbsp; 4867 |
|  | &nbsp;&nbsp;&nbsp;South Bow Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149285 | &nbsp;&nbsp;&nbsp;&nbsp; 3687 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **768376** |
| **Chile (0.2%)** | **Chile (0.2%)** | **Chile (0.2%)** | **Chile (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Banco De Chile | 31576899 | &nbsp;&nbsp;&nbsp;&nbsp; 4635 |
|  | &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68511 | &nbsp;&nbsp;&nbsp;&nbsp; 2713 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander Chile | 44453172 | &nbsp;&nbsp;&nbsp;&nbsp; 2688 |
|  | &nbsp;&nbsp;&nbsp;Empresas COPEC SA | &nbsp;&nbsp;&nbsp;&nbsp;349666 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
|  | &nbsp;&nbsp;&nbsp;Empresas CMPC SA | &nbsp;&nbsp;&nbsp;&nbsp;853090 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
|  | &nbsp;&nbsp;&nbsp;Enel Americas SA | 13484955 | &nbsp;&nbsp;&nbsp;&nbsp; 1324 |
|  | &nbsp;&nbsp;&nbsp;Enel Chile SA | 17364221 | &nbsp;&nbsp;&nbsp;&nbsp; 1229 |
|  | &nbsp;&nbsp;&nbsp;Cia Cervecerias Unidas SA | &nbsp;&nbsp;&nbsp;&nbsp;105852 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Banco Itau Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55196 | &nbsp;&nbsp;&nbsp;&nbsp; 804 |
|  | &nbsp;&nbsp;&nbsp;Quinenco SA | &nbsp;&nbsp;&nbsp;&nbsp;188852 | &nbsp;&nbsp;&nbsp;&nbsp; 794 |
|  | &nbsp;&nbsp;&nbsp;Colbun SA | 4986744 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  | &nbsp;&nbsp;&nbsp;Cia Sud Americana de Vapores SA | 13682861 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
|  | &nbsp;&nbsp;&nbsp;Cencosud Shopping SA | &nbsp;&nbsp;&nbsp;&nbsp;347052 | &nbsp;&nbsp;&nbsp;&nbsp; 733 |
|  | &nbsp;&nbsp;&nbsp;Aguas Andinas SA Class A | 1937080 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21722** |
| **China (5.9%)** | **China (5.9%)** | **China (5.9%)** | **China (5.9%)** |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class H | 66809000 | &nbsp;&nbsp;&nbsp;&nbsp; 54879 |
|  | &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Class H | 56317000 | &nbsp;&nbsp;&nbsp;&nbsp; 38578 |
|  | &nbsp;&nbsp;&nbsp;Bank of China Ltd. Class H | 59714000 | &nbsp;&nbsp;&nbsp;&nbsp; 33343 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class H | 4617500 | &nbsp;&nbsp;&nbsp;&nbsp; 27636 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class H | 2706438 | &nbsp;&nbsp;&nbsp;&nbsp; 14763 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63200 | &nbsp;&nbsp;&nbsp;&nbsp; 13465 |
|  | &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. Class H | 21915000 | &nbsp;&nbsp;&nbsp;&nbsp; 13373 |
|  | &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. Class H | 14816000 | &nbsp;&nbsp;&nbsp;&nbsp; 11321 |
|  | &nbsp;&nbsp;&nbsp;China Life Insurance Co. Ltd. Class H | 5313000 | &nbsp;&nbsp;&nbsp;&nbsp; 9710 |
|  | &nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd. Class H | 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 9095 |
|  | &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd. Class H | 4826000 | &nbsp;&nbsp;&nbsp;&nbsp; 8887 |
|  | &nbsp;&nbsp;&nbsp;Geely Automobile Holdings Ltd. | 4217000 | &nbsp;&nbsp;&nbsp;&nbsp; 8853 |
|  | &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp. Class H | 17002000 | &nbsp;&nbsp;&nbsp;&nbsp; 8679 |
|  | &nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 1957500 | &nbsp;&nbsp;&nbsp;&nbsp; 6586 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class A | 1044842 | &nbsp;&nbsp;&nbsp;&nbsp; 5864 |
|  | &nbsp;&nbsp;&nbsp;ZTO Express Cayman Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297850 | &nbsp;&nbsp;&nbsp;&nbsp; 5547 |
|  | &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co. Ltd. | 2207000 | &nbsp;&nbsp;&nbsp;&nbsp; 5497 |
|  | &nbsp;&nbsp;&nbsp;China CITIC Bank Corp. Ltd. Class H | 6553620 | &nbsp;&nbsp;&nbsp;&nbsp; 5183 |
|  | &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd. Class H | 1853400 | &nbsp;&nbsp;&nbsp;&nbsp; 5043 |
|  | &nbsp;&nbsp;&nbsp;China Yangtze Power Co. Ltd. Class A | 1232800 | &nbsp;&nbsp;&nbsp;&nbsp; 5006 |
|  | &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group Ltd. | 6314000 | &nbsp;&nbsp;&nbsp;&nbsp; 4973 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 2760700 | &nbsp;&nbsp;&nbsp;&nbsp; 4898 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Tower Corp. Ltd. Class H | 3323600 | &nbsp;&nbsp;&nbsp;&nbsp; 4814 |
|  | &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd. Class H | 1641000 | &nbsp;&nbsp;&nbsp;&nbsp; 4762 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Postal Savings Bank of China Co. Ltd. Class H | 7623000 | &nbsp;&nbsp;&nbsp;&nbsp; 4686 |
|  | &nbsp;&nbsp;&nbsp;CITIC Ltd. | 3798000 | &nbsp;&nbsp;&nbsp;&nbsp; 4617 |
|  | &nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Class H | 5121000 | &nbsp;&nbsp;&nbsp;&nbsp; 4478 |
|  | &nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;544100 | &nbsp;&nbsp;&nbsp;&nbsp; 4295 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co. Ltd. | 1132500 | &nbsp;&nbsp;&nbsp;&nbsp; 3981 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;563300 | &nbsp;&nbsp;&nbsp;&nbsp; 3936 |
|  | &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Class A | 3949700 | &nbsp;&nbsp;&nbsp;&nbsp; 3811 |
|  | &nbsp;&nbsp;&nbsp;China Resources Power Holdings Co. Ltd. | 1517000 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 |
|  | &nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. | 2003500 | &nbsp;&nbsp;&nbsp;&nbsp; 3596 |
|  | &nbsp;&nbsp;&nbsp;Wuliangye Yibin Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;195900 | &nbsp;&nbsp;&nbsp;&nbsp; 3472 |
|  | &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China Ltd. Class H | 5835000 | &nbsp;&nbsp;&nbsp;&nbsp; 3453 |
|  | &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. Class A | 4402556 | &nbsp;&nbsp;&nbsp;&nbsp; 3286 |
|  | &nbsp;&nbsp;&nbsp;Qifu Technology Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78213 | &nbsp;&nbsp;&nbsp;&nbsp; 3209 |
|  | &nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;234379 | &nbsp;&nbsp;&nbsp;&nbsp; 3192 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;449200 | &nbsp;&nbsp;&nbsp;&nbsp; 3177 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co. Ltd. Class H | 2064500 | &nbsp;&nbsp;&nbsp;&nbsp; 3115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings Ltd. | 1817300 | &nbsp;&nbsp;&nbsp;&nbsp; 3113 |
|  | &nbsp;&nbsp;&nbsp;Tsingtao Brewery Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;434000 | &nbsp;&nbsp;&nbsp;&nbsp; 3067 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Guotai Haitong Securities Co. Ltd. Class H | 2123992 | &nbsp;&nbsp;&nbsp;&nbsp; 3027 |
|  | &nbsp;&nbsp;&nbsp;Li Ning Co. Ltd. | 1590500 | &nbsp;&nbsp;&nbsp;&nbsp; 2999 |
|  | &nbsp;&nbsp;&nbsp;Industrial Bank Co. Ltd. Class A | 1038200 | &nbsp;&nbsp;&nbsp;&nbsp; 2986 |
|  | &nbsp;&nbsp;&nbsp;CITIC Securities Co. Ltd. Class H | 1180757 | &nbsp;&nbsp;&nbsp;&nbsp; 2918 |
|  | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. Class H | 1417000 | &nbsp;&nbsp;&nbsp;&nbsp; 2764 |
|  | &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CGN Power Co. Ltd. Class H | 8175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2602 |
|  | &nbsp;&nbsp;&nbsp;Kunlun Energy Co. Ltd. | 2602000 | &nbsp;&nbsp;&nbsp;&nbsp; 2480 |
|  | &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;871828 | &nbsp;&nbsp;&nbsp;&nbsp; 2456 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Haidilao International Holding Ltd. | 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 2447 |
|  | &nbsp;&nbsp;&nbsp;China Galaxy Securities Co. Ltd. Class H | 2642000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
|  | &nbsp;&nbsp;&nbsp;Great Wall Motor Co. Ltd. Class H | 1671000 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd. | 1750500 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
|  | &nbsp;&nbsp;&nbsp;Yankuang Energy Group Co. Ltd. Class H | 2226500 | &nbsp;&nbsp;&nbsp;&nbsp; 2325 |
|  | &nbsp;&nbsp;&nbsp;CMOC Group Ltd. Class H | 2868000 | &nbsp;&nbsp;&nbsp;&nbsp; 2252 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank Co. Ltd. Class A | 1482900 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Feihe Ltd. | 2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2199 |
|  | &nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;892000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
|  | &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd. Class H | 4444470 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 |
|  | &nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Class A | 2021800 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;427400 | &nbsp;&nbsp;&nbsp;&nbsp; 2048 |
|  | &nbsp;&nbsp;&nbsp;Want Want China Holdings Ltd. | 3096000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026 |
|  | &nbsp;&nbsp;&nbsp;CRRC Corp. Ltd. Class H | 3275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |
|  | &nbsp;&nbsp;&nbsp;China State Construction International Holdings Ltd. | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
|  | &nbsp;&nbsp;&nbsp;China Gas Holdings Ltd. | 2192800 | &nbsp;&nbsp;&nbsp;&nbsp; 1983 |
|  | &nbsp;&nbsp;&nbsp;New China Life Insurance Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;532533 | &nbsp;&nbsp;&nbsp;&nbsp; 1945 |
|  | &nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp. Ltd. Class H | 2368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1871 |
|  | &nbsp;&nbsp;&nbsp;Huaneng Power International Inc. Class H | 3016000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868 |
|  | &nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;350800 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |
|  | &nbsp;&nbsp;&nbsp;Bank of China Ltd. Class A | 2356100 | &nbsp;&nbsp;&nbsp;&nbsp; 1793 |
|  | &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp. Class A | 2280700 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |
|  | &nbsp;&nbsp;&nbsp;China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1774 |
|  | &nbsp;&nbsp;&nbsp;Guangdong Investment Ltd. | 2134000 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
|  | &nbsp;&nbsp;&nbsp;China State Construction Engineering Corp. Ltd. Class A | 2101700 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
|  | &nbsp;&nbsp;&nbsp;China Coal Energy Co. Ltd. Class H | 1541000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592 |
|  | &nbsp;&nbsp;&nbsp;ZTE Corp. Class H | &nbsp;&nbsp;&nbsp;&nbsp;538800 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
|  | &nbsp;&nbsp;&nbsp;Bosideng International Holdings Ltd. | 3034000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
|  | &nbsp;&nbsp;&nbsp;Guotai Haitong Securities Co. Ltd. (XSSC) | &nbsp;&nbsp;&nbsp;&nbsp;658384 | &nbsp;&nbsp;&nbsp;&nbsp; 1565 |
|  | &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;614400 | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
|  | &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;379500 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
|  | &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. Class A | 1397000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 |
|  | &nbsp;&nbsp;&nbsp;Jiangxi Copper Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;911000 | &nbsp;&nbsp;&nbsp;&nbsp; 1531 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;942000 | &nbsp;&nbsp;&nbsp;&nbsp; 1529 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;844000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523 |
|  | &nbsp;&nbsp;&nbsp;Ping An Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;989900 | &nbsp;&nbsp;&nbsp;&nbsp; 1488 |
|  | &nbsp;&nbsp;&nbsp;Aluminum Corp. of China Ltd. Class H | 2772000 | &nbsp;&nbsp;&nbsp;&nbsp; 1488 |
|  | &nbsp;&nbsp;&nbsp;MINISO Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;329600 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
|  | &nbsp;&nbsp;&nbsp;Kingboard Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;539500 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Yitai Coal Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;718500 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
|  | &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co. Ltd. | 1021600 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Huatai Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;951000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409 |
|  | &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;335750 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
|  | &nbsp;&nbsp;&nbsp;Country Garden Services Holdings Co. Ltd. | 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
|  | &nbsp;&nbsp;&nbsp;China Power International Development Ltd. | 3422370 | &nbsp;&nbsp;&nbsp;&nbsp; 1344 |
|  | &nbsp;&nbsp;&nbsp;Autohome Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49220 | &nbsp;&nbsp;&nbsp;&nbsp; 1343 |
|  | &nbsp;&nbsp;&nbsp;China Railway Group Ltd. Class H | 3105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. Class H | 2718569 | &nbsp;&nbsp;&nbsp;&nbsp; 1318 |
|  | &nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;483343 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;315800 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
|  | &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84500 | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
|  | &nbsp;&nbsp;&nbsp;Gree Electric Appliances Inc. of Zhuhai Class A | &nbsp;&nbsp;&nbsp;&nbsp;204600 | &nbsp;&nbsp;&nbsp;&nbsp; 1284 |
|  | &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;907260 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;635700 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
|  | &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;475500 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 |
|  | &nbsp;&nbsp;&nbsp;Luzhou Laojiao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72500 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 1664000 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co. Ltd. Class H | 1588000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219 |
|  | &nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd. Class A | 2323000 | &nbsp;&nbsp;&nbsp;&nbsp; 1209 |
|  | &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;491260 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |
|  | &nbsp;&nbsp;&nbsp;China Everbright Environment Group Ltd. | 2479000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 |
|  | &nbsp;&nbsp;&nbsp;China Conch Venture Holdings Ltd. | 1074000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
|  | &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;321900 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 |
|  | &nbsp;&nbsp;&nbsp;GF Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;844000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen International Holdings Ltd. | 1068500 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
|  | &nbsp;&nbsp;&nbsp;C&D International Investment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
|  | &nbsp;&nbsp;&nbsp;Greentown China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
|  | &nbsp;&nbsp;&nbsp;China Oilfield Services Ltd. Class H | 1342000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
|  | &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings Ltd. | 3110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
|  | &nbsp;&nbsp;&nbsp;Far East Horizon Ltd. | 1322000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
|  | &nbsp;&nbsp;&nbsp;CRRC Corp. Ltd. Class A | 1061100 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
|  | &nbsp;&nbsp;&nbsp;China United Network Communications Ltd. Class A | 1369000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
|  | &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd. Class A | 1822340 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Shanghai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;698633 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
|  | &nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd. Class H | 2253000 | &nbsp;&nbsp;&nbsp;&nbsp; 978 |
|  | &nbsp;&nbsp;&nbsp;Uni-President China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;791000 | &nbsp;&nbsp;&nbsp;&nbsp; 949 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Expressway Co. Ltd. Class H | 1143520 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
|  | &nbsp;&nbsp;&nbsp;Haitian International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
|  | &nbsp;&nbsp;&nbsp;Huatai Securities Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;423700 | &nbsp;&nbsp;&nbsp;&nbsp; 937 |
|  | &nbsp;&nbsp;&nbsp;China Medical System Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
|  | &nbsp;&nbsp;&nbsp;Dongfeng Motor Group Co. Ltd. Class H | 1624000 | &nbsp;&nbsp;&nbsp;&nbsp; 899 |
|  | &nbsp;&nbsp;&nbsp;Bank of Beijing Co. Ltd. Class A | 1079000 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
|  | &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group Ltd. | 2784000 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
|  | &nbsp;&nbsp;&nbsp;Postal Savings Bank of China Co. Ltd. Class A | 1241300 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
|  | &nbsp;&nbsp;&nbsp;China Communications Services Corp. Ltd. Class H | 1670000 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
|  | &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;919600 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
|  | &nbsp;&nbsp;&nbsp;Yangzijiang Financial Holding Ltd. | 1574900 | &nbsp;&nbsp;&nbsp;&nbsp; 859 |
|  | &nbsp;&nbsp;&nbsp;Daqin Railway Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;952900 | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;614300 | &nbsp;&nbsp;&nbsp;&nbsp; 840 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nanjing Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;578800 | &nbsp;&nbsp;&nbsp;&nbsp; 831 |
|  | &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H | 1145200 | &nbsp;&nbsp;&nbsp;&nbsp; 825 |
|  | &nbsp;&nbsp;&nbsp;AviChina Industry & Technology Co. Ltd. Class H | 1778000 | &nbsp;&nbsp;&nbsp;&nbsp; 818 |
|  | &nbsp;&nbsp;&nbsp;Huaxia Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;773400 | &nbsp;&nbsp;&nbsp;&nbsp; 775 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Topsports International Holdings Ltd. | 1938000 | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
|  | &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95800 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
|  | &nbsp;&nbsp;&nbsp;China Cinda Asset Management Co. Ltd. Class H | 5969200 | &nbsp;&nbsp;&nbsp;&nbsp; 761 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;952000 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;SDIC Power Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;364300 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;Focus Media Information Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;753200 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Baosight Software Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;504040 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
|  | &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;704000 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;China Railway Group Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;956800 | &nbsp;&nbsp;&nbsp;&nbsp; 727 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CSC Financial Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;639500 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co. Ltd. Class H | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;XCMG Construction Machinery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;583000 | &nbsp;&nbsp;&nbsp;&nbsp; 708 |
|  | &nbsp;&nbsp;&nbsp;China CITIC Bank Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp; 707 |
|  | &nbsp;&nbsp;&nbsp;China Suntien Green Energy Corp. Ltd. Class H | 1311000 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;China Jinmao Holdings Group Ltd. | 4676000 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Yanghe Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;328800 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp;Yuexiu Property Co. Ltd. | 1141680 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group Ltd. | 1066000 | &nbsp;&nbsp;&nbsp;&nbsp; 673 |
|  | &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;444000 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84700 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;535900 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Huadian Power International Corp. Ltd. Class H | 1188000 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |
|  | &nbsp;&nbsp;&nbsp;Poly Developments & Holdings Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;564100 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
|  | &nbsp;&nbsp;&nbsp;Xtep International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;Sinotrans Ltd. Class H | 1443000 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;351748 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
|  | &nbsp;&nbsp;&nbsp;Bank of Hangzhou Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;306950 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
|  | &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;184200 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
|  | &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group Co. Ltd. Class H | 1712000 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
|  | &nbsp;&nbsp;&nbsp;China Zheshang Bank Co. Ltd. Class H | 1728000 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  | &nbsp;&nbsp;&nbsp;Power Construction Corp. of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;894200 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;460200 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
|  | &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;591800 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |
|  | &nbsp;&nbsp;&nbsp;GD Power Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;924000 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
|  | &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;236900 | &nbsp;&nbsp;&nbsp;&nbsp; 554 |
|  | &nbsp;&nbsp;&nbsp;Lao Feng Xiang Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 538 |
|  | &nbsp;&nbsp;&nbsp;TCL Technology Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;938800 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
|  | &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;152800 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;Yihai International Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;China Reinsurance Group Corp. Class H | 4514000 | &nbsp;&nbsp;&nbsp;&nbsp; 523 |
|  | &nbsp;&nbsp;&nbsp;Anhui Expressway Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile Co. Ltd. Class B | 1080116 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
|  | &nbsp;&nbsp;&nbsp;Bank of Chengdu Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;208800 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;China Railway Signal & Communication Corp. Ltd. Class H | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 485 |
|  | &nbsp;&nbsp;&nbsp;Zhongjin Gold Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;257200 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
|  | &nbsp;&nbsp;&nbsp;Datang International Power Generation Co. Ltd. Class H | 1962000 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang NHU Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;151600 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp; 449 |
|  | &nbsp;&nbsp;&nbsp;Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;ENN Natural Gas Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;162300 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Yankuang Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;256684 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
|  | &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;350880 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
|  | &nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;168300 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Ports Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
|  | &nbsp;&nbsp;&nbsp;Shougang Fushan Resources Group Ltd. | 1271302 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;CMOC Group Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;413300 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;Yutong Bus Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;107900 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp;&nbsp;Shanghai International Port Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;509400 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;Citic Pacific Special Steel Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;236502 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
|  | &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66700 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;Huaneng Power International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;375300 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group Inc. Class H | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Energy Shipping Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;450200 | &nbsp;&nbsp;&nbsp;&nbsp; 362 |
|  | &nbsp;&nbsp;&nbsp;Shanxi Coking Coal Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;406300 | &nbsp;&nbsp;&nbsp;&nbsp; 359 |
|  | &nbsp;&nbsp;&nbsp;Metallurgical Corp. of China Ltd. Class H | 1892000 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
|  | &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;351600 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Poly Property Services Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88400 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Expressway Corp. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;BAIC Motor Corp. Ltd. Class H | 1411500 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Beijing Jingneng Clean Energy Co. Ltd. Class H | 1114000 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
|  | &nbsp;&nbsp;&nbsp;China National Chemical Engineering Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;329600 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
|  | &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing & Media Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;China Lesso Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;133900 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
|  | &nbsp;&nbsp;&nbsp;Inner Mangolia ERDOS Resources Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;348900 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Orient Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;552800 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
|  | &nbsp;&nbsp;&nbsp;Dongfang Electric Corp. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;237400 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
|  | &nbsp;&nbsp;&nbsp;Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;712185 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;Hengli Petrochemical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;151500 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;Beijing New Building Materials plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82500 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;China Coal Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
|  | &nbsp;&nbsp;&nbsp;China Resources Building Materials Technology Holdings Ltd. | 1454000 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Shenergy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;251800 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;694600 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Zangge Mining Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60700 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Zheneng Electric Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;415700 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Shenwan Hongyuan Group Co. Ltd. Class H | 1121600 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Lee & Man Paper Manufacturing Ltd. | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Dongfang Electric Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;141200 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |

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International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Goldwind Science & Technology Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;428200 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;China Everbright Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;542000 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp;Yunnan Yuntianhua Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp;Shandong Hualu Hengsheng Chemical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;101500 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;China Zheshang Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;683100 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116800 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;ZJLD Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327400 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Dian Tou Energy Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Qingdao Port International Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;Goneo Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;359000 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Huaxin Cement Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Huadian Power International Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;339500 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;LB Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116100 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
|  | &nbsp;&nbsp;&nbsp;Dong-E-E-Jiao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Development Co. Ltd. Class H | 2315000 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;HLA Group Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;222100 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;267900 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Jointown Pharmaceutical Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;328834 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
|  | &nbsp;&nbsp;&nbsp;Yealink Network Technology Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp;Bank of Suzhou Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;212100 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Western Mining Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;109300 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp;Guanghui Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;289700 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
|  | &nbsp;&nbsp;&nbsp;Hunan Valin Steel Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;339700 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;Wuchan Zhongda Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;325800 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Mechanical & Electrical Industry Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;207861 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Phoenix Publishing & Media Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Investment Ltd. | 2156000 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;188700 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;153500 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56200 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;Chongqing Brewery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;100200 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138400 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;Youngor Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;199900 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Xiamen C & D Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;142400 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Bank of Changsha Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;161300 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Huaibei Mining Holdings Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;122400 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Huayi Group Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;404100 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;360400 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;CSG Holding Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;876900 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Financial Leasing Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;268200 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;Guangshen Railway Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;872000 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Xiamen Tungsten Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Hisense Visual Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58100 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Supor Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Electric Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;152400 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Nanjing Iron & Steel Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;314900 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;TangShan Port Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;331568 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Hebei Yangyuan Zhihui Beverage Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54800 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;BBMG Corp. Class H | 2014000 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;Hubei Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284700 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;Heilongjiang Agriculture Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87900 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;COSCO SHIPPING Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;585200 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Shandong Hi-speed Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;119200 | &nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Yunnan Copper Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110100 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Jizhong Energy Resources Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;202600 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;37 Interactive Entertainment Network Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp;China Railway Signal & Communication Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;245296 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;217860 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Jinjiang International Hotels Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;121500 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  | &nbsp;&nbsp;&nbsp;Sinoma International Engineering Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134600 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Bank of Guiyang Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;213400 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Tasly Pharmaceutical Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81200 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Huaxin Cement Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;100700 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Everbright Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;190600 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
|  | &nbsp;&nbsp;&nbsp;China South Publishing & Media Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84300 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Jinduicheng Molybdenum Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;121200 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |

---

------

International High Dividend Yield Index Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34300 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;Weifu High-Technology Group Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;102200 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Fujian Funeng Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Zhengzhou Coal Mining Machinery Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77800 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;CNOOC Energy Technology & Services Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284700 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;Shan Xi Hua Yang Group New Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167250 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &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; 149 |
| &nbsp;&nbsp;&nbsp;Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;342400 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp;Shaanxi Energy Investment Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;121100 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;Yantai Changyu Pioneer Wine Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;Hubei Xingfa Chemicals Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;Qingdao Port International Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110200 | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;Pingdingshan Tianan Coal Mining Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113600 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;Canmax Technologies Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;Bank of Qingdao Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;194850 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;Jason Furniture Hangzhou Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;Weifu High-Technology Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44200 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;Anhui Expressway Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;Keda Industrial Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;Eastern Air Logistics Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69100 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;COFCO Sugar Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90200 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &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; 115 |
| &nbsp;&nbsp;&nbsp;Fujian Sunner Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51700 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;Huafa Industrial Co. Ltd. Zhuhai Class A | &nbsp;&nbsp;&nbsp;&nbsp;162600 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Tian Di Science & Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Shanghai Tunnel Engineering Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;129200 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;Luenmei Quantum Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;129400 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;An Hui Wenergy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;102600 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Shanxi Coal International Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79800 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;G-bits Network Technology Xiamen Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;Hengyi Petrochemical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;116700 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Eerduosi Resources Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78300 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Sinotrans Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;150600 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Guangzhou Development Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;109700 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yuan Xing Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;135700 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;Chongqing Department Store Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;Jiangsu Pacific Quartz Co. Ltd.Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;Shandong Linglong Tyre Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;120200 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;Lakala Payment Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;Shenzhen Expressway Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59600 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;Beijing Jingneng Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;164800 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;Lao Feng Xiang Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;China Railway Hi-tech Industry Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;Suofeiya Home Collection Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;Oppein Home Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;China World Trade Center Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;Laobaixing Pharmacy Chain JSC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;Xi'An Shaangu Power Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;By-health Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;Xiamen ITG Group Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;Tianshan Aluminum Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78600 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;Shenzhen Yan Tian Port Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;127700 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;Hefei Meiya Optoelectronic Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;Shenyang Xingqi Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;Shenzhen YUTO Packaging Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;Tangshan Sanyou Chemical Industries Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111200 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;Anhui Yingjia Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;Shenzhen Gas Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79800 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;Huaihe Energy Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;143900 | &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;ORG Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;Guizhou Panjiang Refined Coal Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;104800 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &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; 65 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;Jiangsu Linyang Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81400 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;Shenzhen Aisidi Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;Anhui Xinhua Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &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;Xinhua Winshare Publishing & Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Shandong Publishing & Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
|  | &nbsp;&nbsp;&nbsp;Camel Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47100 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp;Wuxi Autowell Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11829 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp;China National Accord Medicines Corp. Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34860 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Hubei Jumpcan Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Opple Lighting Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Guangdong Baolihua New Energy Stock Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88500 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Juewei Food Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Zijin Rural Commercial Bank Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;137400 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Guoxin Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Conba Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82100 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Guangdong South New Media Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Jiangsu Xukuang Energy Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71700 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;KingClean Electric Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16507 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &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; 48 |
|  | &nbsp;&nbsp;&nbsp;Luolai Lifestyle Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &nbsp;&nbsp;&nbsp;Pylon Technologies Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &nbsp;&nbsp;&nbsp;Anhui Kouzi Distillery Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shanghai Flyco Electrical Appliance Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Huapont Life Sciences Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80100 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Wanliyang Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Triangle Tyre Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
|  | &nbsp;&nbsp;&nbsp;Huabao Flavours & Fragrances Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
|  | &nbsp;&nbsp;&nbsp;Toly Bread Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50700 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
|  | &nbsp;&nbsp;&nbsp;Rongan Property Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;146400 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
|  | &nbsp;&nbsp;&nbsp;CSG Holding Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46600 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Semir Garment Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **605371** |
| **Colombia (0.1%)** | **Colombia (0.1%)** | **Colombia (0.1%)** | **Colombia (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Bancolombia SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77385 | &nbsp;&nbsp;&nbsp;&nbsp; 3120 |
|  | &nbsp;&nbsp;&nbsp;Interconexion Electrica SA ESP | &nbsp;&nbsp;&nbsp;&nbsp;316448 | &nbsp;&nbsp;&nbsp;&nbsp; 1633 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ecopetrol SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;161378 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
|  | &nbsp;&nbsp;&nbsp;Cementos Argos SA | &nbsp;&nbsp;&nbsp;&nbsp;439644 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;&nbsp;&nbsp;174448 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
|  | &nbsp;&nbsp;&nbsp;Bancolombia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7263** |
| **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;112172 | &nbsp;&nbsp;&nbsp;&nbsp; 5694 |
|  | &nbsp;&nbsp;&nbsp;Komercni banka A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55506 | &nbsp;&nbsp;&nbsp;&nbsp; 2698 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Moneta Money Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;219266 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
|  | &nbsp;&nbsp;&nbsp;Colt CZ Group SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8678 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10013** |
| **Denmark (0.2%)** | **Denmark (0.2%)** | **Denmark (0.2%)** | **Denmark (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;465661 | &nbsp;&nbsp;&nbsp;&nbsp; 16339 |
|  | &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;242277 | &nbsp;&nbsp;&nbsp;&nbsp; 5778 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22117** |
| **Finland (1.3%)** | **Finland (1.3%)** | **Finland (1.3%)** | **Finland (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;Nordea Bank Abp (XHEL) | 2381871 | &nbsp;&nbsp;&nbsp;&nbsp; 32986 |
|  | &nbsp;&nbsp;&nbsp;Nokia OYJ | 3637509 | &nbsp;&nbsp;&nbsp;&nbsp; 18185 |
|  | &nbsp;&nbsp;&nbsp;Sampo OYJ Class A (XHEL) | 1740935 | &nbsp;&nbsp;&nbsp;&nbsp; 17442 |
|  | &nbsp;&nbsp;&nbsp;Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;233463 | &nbsp;&nbsp;&nbsp;&nbsp; 14459 |
|  | &nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;&nbsp;363849 | &nbsp;&nbsp;&nbsp;&nbsp; 9637 |
|  | &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;345795 | &nbsp;&nbsp;&nbsp;&nbsp; 6389 |
|  | &nbsp;&nbsp;&nbsp;Elisa OYJ | &nbsp;&nbsp;&nbsp;&nbsp;102143 | &nbsp;&nbsp;&nbsp;&nbsp; 5449 |
|  | &nbsp;&nbsp;&nbsp;Fortum OYJ | &nbsp;&nbsp;&nbsp;&nbsp;311421 | &nbsp;&nbsp;&nbsp;&nbsp; 5221 |
|  | &nbsp;&nbsp;&nbsp;Metso OYJ | &nbsp;&nbsp;&nbsp;&nbsp;457929 | &nbsp;&nbsp;&nbsp;&nbsp; 4976 |
|  | &nbsp;&nbsp;&nbsp;Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75892 | &nbsp;&nbsp;&nbsp;&nbsp; 4752 |
|  | &nbsp;&nbsp;&nbsp;Kesko OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;192487 | &nbsp;&nbsp;&nbsp;&nbsp; 4419 |
|  | &nbsp;&nbsp;&nbsp;Stora Enso OYJ Class R | &nbsp;&nbsp;&nbsp;&nbsp;424269 | &nbsp;&nbsp;&nbsp;&nbsp; 3941 |
|  | &nbsp;&nbsp;&nbsp;Valmet OYJ | &nbsp;&nbsp;&nbsp;&nbsp;117485 | &nbsp;&nbsp;&nbsp;&nbsp; 3587 |
|  | &nbsp;&nbsp;&nbsp;Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;301302 | &nbsp;&nbsp;&nbsp;&nbsp; 3125 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **134568** |
| **France (5.9%)** | **France (5.9%)** | **France (5.9%)** | **France (5.9%)** |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;788263 | &nbsp;&nbsp;&nbsp;&nbsp; 86230 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | 1386749 | &nbsp;&nbsp;&nbsp;&nbsp; 78983 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;717905 | &nbsp;&nbsp;&nbsp;&nbsp; 60828 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;AXA SA | 1219565 | &nbsp;&nbsp;&nbsp;&nbsp; 57680 |
|  | &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;350126 | &nbsp;&nbsp;&nbsp;&nbsp; 49181 |
|  | &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;448433 | &nbsp;&nbsp;&nbsp;&nbsp; 38586 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;515726 | &nbsp;&nbsp;&nbsp;&nbsp; 26889 |
|  | &nbsp;&nbsp;&nbsp;Orange SA | 1373969 | &nbsp;&nbsp;&nbsp;&nbsp; 19934 |
|  | &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;494051 | &nbsp;&nbsp;&nbsp;&nbsp; 18065 |
|  | &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;456198 | &nbsp;&nbsp;&nbsp;&nbsp; 16662 |
|  | &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;162898 | &nbsp;&nbsp;&nbsp;&nbsp; 16574 |
|  | &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;138659 | &nbsp;&nbsp;&nbsp;&nbsp; 15030 |
|  | &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;720917 | &nbsp;&nbsp;&nbsp;&nbsp; 13522 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Engie SA Loyalty Shares | &nbsp;&nbsp;&nbsp;&nbsp;582347 | &nbsp;&nbsp;&nbsp;&nbsp; 12036 |
|  | &nbsp;&nbsp;&nbsp;Engie SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;480799 | &nbsp;&nbsp;&nbsp;&nbsp; 9937 |
|  | &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;136505 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 |
|  | &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52672 | &nbsp;&nbsp;&nbsp;&nbsp; 7167 |
|  | &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;214776 | &nbsp;&nbsp;&nbsp;&nbsp; 6818 |
|  | &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;129073 | &nbsp;&nbsp;&nbsp;&nbsp; 5673 |
|  | &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;364491 | &nbsp;&nbsp;&nbsp;&nbsp; 5622 |
|  | &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;172541 | &nbsp;&nbsp;&nbsp;&nbsp; 5381 |
|  | &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;252011 | &nbsp;&nbsp;&nbsp;&nbsp; 4785 |
|  | &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40471 | &nbsp;&nbsp;&nbsp;&nbsp; 4438 |
|  | &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;157742 | &nbsp;&nbsp;&nbsp;&nbsp; 4383 |
|  | &nbsp;&nbsp;&nbsp;SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;122634 | &nbsp;&nbsp;&nbsp;&nbsp; 3864 |
|  | &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43710 | &nbsp;&nbsp;&nbsp;&nbsp; 3323 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Amundi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41384 | &nbsp;&nbsp;&nbsp;&nbsp; 3269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Engie SA Prime de fidelite 2026 | &nbsp;&nbsp;&nbsp;&nbsp;141167 | &nbsp;&nbsp;&nbsp;&nbsp; 2918 |
|  | &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22635 | &nbsp;&nbsp;&nbsp;&nbsp; 2830 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;FDJ UNITED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68819 | &nbsp;&nbsp;&nbsp;&nbsp; 2453 |
|  | &nbsp;&nbsp;&nbsp;Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19029 | &nbsp;&nbsp;&nbsp;&nbsp; 1871 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sodexo Inc. (Prime Fidelite 2026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26287 | &nbsp;&nbsp;&nbsp;&nbsp; 1669 |
|  | &nbsp;&nbsp;&nbsp;SEB SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17395 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eurazeo SE-PF- 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21624 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
|  | &nbsp;&nbsp;&nbsp;Vivendi SE | &nbsp;&nbsp;&nbsp;&nbsp;449771 | &nbsp;&nbsp;&nbsp;&nbsp; 1403 |
|  | &nbsp;&nbsp;&nbsp;Sodexo SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21594 | &nbsp;&nbsp;&nbsp;&nbsp; 1371 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52246 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ayvens SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95011 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
|  | &nbsp;&nbsp;&nbsp;Eurazeo SE (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13095 | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sodexo Prime De Fidelite 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10878 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **603526** |
| **Germany (5.5%)** | **Germany (5.5%)** | **Germany (5.5%)** | **Germany (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;Allianz SE (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;276027 | &nbsp;&nbsp;&nbsp;&nbsp; 114158 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Registered) | 2358089 | &nbsp;&nbsp;&nbsp;&nbsp; 84697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94585 | &nbsp;&nbsp;&nbsp;&nbsp; 64754 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG (Registered) | 1347138 | &nbsp;&nbsp;&nbsp;&nbsp; 35322 |
|  | &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;555253 | &nbsp;&nbsp;&nbsp;&nbsp; 33198 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;637058 | &nbsp;&nbsp;&nbsp;&nbsp; 32534 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;696815 | &nbsp;&nbsp;&nbsp;&nbsp; 29774 |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | 1589626 | &nbsp;&nbsp;&nbsp;&nbsp; 27802 |
|  | &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;528078 | &nbsp;&nbsp;&nbsp;&nbsp; 20507 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;643618 | &nbsp;&nbsp;&nbsp;&nbsp; 17035 |
|  | &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;502518 | &nbsp;&nbsp;&nbsp;&nbsp; 16669 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;195549 | &nbsp;&nbsp;&nbsp;&nbsp; 16586 |
|  | &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;364621 | &nbsp;&nbsp;&nbsp;&nbsp; 14649 |
|  | &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43075 | &nbsp;&nbsp;&nbsp;&nbsp; 13827 |
|  | &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;153660 | &nbsp;&nbsp;&nbsp;&nbsp; 7818 |
|  | &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77380 | &nbsp;&nbsp;&nbsp;&nbsp; 6049 |
|  | &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42853 | &nbsp;&nbsp;&nbsp;&nbsp; 4918 |
|  | &nbsp;&nbsp;&nbsp;LEG Immobilien SE (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53011 | &nbsp;&nbsp;&nbsp;&nbsp; 4494 |
|  | &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;184736 | &nbsp;&nbsp;&nbsp;&nbsp; 4152 |
|  | &nbsp;&nbsp;&nbsp;Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32937 | &nbsp;&nbsp;&nbsp;&nbsp; 3677 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;430132 | &nbsp;&nbsp;&nbsp;&nbsp; 3091 |
|  | &nbsp;&nbsp;&nbsp;HOCHTIEF AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13163 | &nbsp;&nbsp;&nbsp;&nbsp; 2490 |
|  | &nbsp;&nbsp;&nbsp;Traton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44290 | &nbsp;&nbsp;&nbsp;&nbsp; 1459 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22233 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RTL Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25389 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13005 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Wohnen SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33134 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
|  | &nbsp;&nbsp;&nbsp;FUCHS SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19999 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **564465** |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;600898 | &nbsp;&nbsp;&nbsp;&nbsp; 6378 |
|  | &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA Class A | 1814329 | &nbsp;&nbsp;&nbsp;&nbsp; 5149 |
|  | &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;724074 | &nbsp;&nbsp;&nbsp;&nbsp; 4066 |
|  | &nbsp;&nbsp;&nbsp;Metlen Energy & Metals SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77898 | &nbsp;&nbsp;&nbsp;&nbsp; 3687 |
|  | &nbsp;&nbsp;&nbsp;Alpha Services & Holdings SA | 1503724 | &nbsp;&nbsp;&nbsp;&nbsp; 3666 |
|  | &nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;135870 | &nbsp;&nbsp;&nbsp;&nbsp; 3019 |
|  | &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;133526 | &nbsp;&nbsp;&nbsp;&nbsp; 2534 |
|  | &nbsp;&nbsp;&nbsp;JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78969 | &nbsp;&nbsp;&nbsp;&nbsp; 2493 |
|  | &nbsp;&nbsp;&nbsp;Public Power Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;140433 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
|  | &nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39276 | &nbsp;&nbsp;&nbsp;&nbsp; 952 |
|  | &nbsp;&nbsp;&nbsp;Optima bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47928 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
|  | &nbsp;&nbsp;&nbsp;Athens International Airport SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53622 | &nbsp;&nbsp;&nbsp;&nbsp; 556 |
|  | &nbsp;&nbsp;&nbsp;HELLENiQ ENERGY Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61142 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;Aegean Airlines SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26960 | &nbsp;&nbsp;&nbsp;&nbsp; 362 |
|  | &nbsp;&nbsp;&nbsp;Piraeus Port Authority SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;Holding Co. ADMIE IPTO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84889 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
|  | &nbsp;&nbsp;&nbsp;Autohellas Tourist & Trading SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12031 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Quest Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **37191** |
| **Hong Kong (1.8%)** | **Hong Kong (1.8%)** | **Hong Kong (1.8%)** | **Hong Kong (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;855200 | &nbsp;&nbsp;&nbsp;&nbsp; 37363 |
|  | &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 1884000 | &nbsp;&nbsp;&nbsp;&nbsp; 10624 |
|  | &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings Ltd. | 2553500 | &nbsp;&nbsp;&nbsp;&nbsp; 10593 |
|  | &nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | 1176500 | &nbsp;&nbsp;&nbsp;&nbsp; 10032 |
|  | &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 9866 |
|  | &nbsp;&nbsp;&nbsp;Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;508400 | &nbsp;&nbsp;&nbsp;&nbsp; 7097 |
|  | &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co. Ltd. | 7612400 | &nbsp;&nbsp;&nbsp;&nbsp; 6849 |
|  | &nbsp;&nbsp;&nbsp;Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;997099 | &nbsp;&nbsp;&nbsp;&nbsp; 6594 |
|  | &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. | 5506000 | &nbsp;&nbsp;&nbsp;&nbsp; 6368 |
|  | &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140704 | &nbsp;&nbsp;&nbsp;&nbsp; 6252 |
|  | &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 1363084 | &nbsp;&nbsp;&nbsp;&nbsp; 5569 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 1533000 | &nbsp;&nbsp;&nbsp;&nbsp; 5537 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;WH Group Ltd. | 5566599 | &nbsp;&nbsp;&nbsp;&nbsp; 4978 |
|  | &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;540800 | &nbsp;&nbsp;&nbsp;&nbsp; 3749 |
|  | &nbsp;&nbsp;&nbsp;MTR Corp. Ltd. | 1052500 | &nbsp;&nbsp;&nbsp;&nbsp; 3633 |
|  | &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp; 3573 |
|  | &nbsp;&nbsp;&nbsp;Swire Pacific Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;365788 | &nbsp;&nbsp;&nbsp;&nbsp; 3163 |
|  | &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;438472 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 |
|  | &nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;969587 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 |
|  | &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co. Ltd. | 1149000 | &nbsp;&nbsp;&nbsp;&nbsp; 2748 |
|  | &nbsp;&nbsp;&nbsp;SITC International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;943000 | &nbsp;&nbsp;&nbsp;&nbsp; 2611 |
|  | &nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 2504000 | &nbsp;&nbsp;&nbsp;&nbsp; 2573 |
|  | &nbsp;&nbsp;&nbsp;PCCW Ltd. | 3099793 | &nbsp;&nbsp;&nbsp;&nbsp; 2066 |
|  | &nbsp;&nbsp;&nbsp;Swire Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;779898 | &nbsp;&nbsp;&nbsp;&nbsp; 1723 |
|  | &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group Ltd. | 1267000 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Samsonite Group SA | &nbsp;&nbsp;&nbsp;&nbsp;929700 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
|  | &nbsp;&nbsp;&nbsp;Bank of East Asia Ltd. | 1009580 | &nbsp;&nbsp;&nbsp;&nbsp; 1388 |
|  | &nbsp;&nbsp;&nbsp;Orient Overseas International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90500 | &nbsp;&nbsp;&nbsp;&nbsp; 1264 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd. | 1183400 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
|  | &nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
|  | &nbsp;&nbsp;&nbsp;Hang Lung Properties Ltd. | 1379000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
|  | &nbsp;&nbsp;&nbsp;First Pacific Co. Ltd. | 1618000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
|  | &nbsp;&nbsp;&nbsp;Kerry Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;462500 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;BOC Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140400 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
|  | &nbsp;&nbsp;&nbsp;Hang Lung Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;622000 | &nbsp;&nbsp;&nbsp;&nbsp; 893 |
|  | &nbsp;&nbsp;&nbsp;Cathay Pacific Airways Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
|  | &nbsp;&nbsp;&nbsp;Hysan Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  | &nbsp;&nbsp;&nbsp;VTech Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110800 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
|  | &nbsp;&nbsp;&nbsp;Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp; 708 |
|  | &nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;516800 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
|  | &nbsp;&nbsp;&nbsp;CTF Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;Man Wah Holdings Ltd. | 1006000 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
|  | &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings Ltd. (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;207700 | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
|  | &nbsp;&nbsp;&nbsp;Johnson Electric Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Dah Sing Banking Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;256800 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Swire Pacific Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;122500 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp;KLN Logistics Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125500 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **179245** |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;167719 | &nbsp;&nbsp;&nbsp;&nbsp; 12389 |
|  | &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;104378 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 |
|  | &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas plc | &nbsp;&nbsp;&nbsp;&nbsp;319700 | &nbsp;&nbsp;&nbsp;&nbsp; 2707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications plc | &nbsp;&nbsp;&nbsp;&nbsp;226061 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **19331** |
| **Iceland (0.0%)** | **Iceland (0.0%)** | **Iceland (0.0%)** | **Iceland (0.0%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Arion Banki HF | &nbsp;&nbsp;&nbsp;&nbsp;971320 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
|  | &nbsp;&nbsp;&nbsp;Islandsbanki HF | &nbsp;&nbsp;&nbsp;&nbsp;825561 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;Eimskipafelag Islands hf | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67212 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2047** |
| **India (1.3%)** | **India (1.3%)** | **India (1.3%)** | **India (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;NTPC Ltd. | 3390671 | &nbsp;&nbsp;&nbsp;&nbsp; 14205 |
|  | &nbsp;&nbsp;&nbsp;HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;758209 | &nbsp;&nbsp;&nbsp;&nbsp; 14063 |
|  | &nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 3006910 | &nbsp;&nbsp;&nbsp;&nbsp; 10921 |
|  | &nbsp;&nbsp;&nbsp;ITC Ltd. | 2149704 | &nbsp;&nbsp;&nbsp;&nbsp; 10824 |
|  | &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp. Ltd. | 2776748 | &nbsp;&nbsp;&nbsp;&nbsp; 8035 |
|  | &nbsp;&nbsp;&nbsp;Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;435996 | &nbsp;&nbsp;&nbsp;&nbsp; 7755 |
|  | &nbsp;&nbsp;&nbsp;Coal India Ltd. | 1624259 | &nbsp;&nbsp;&nbsp;&nbsp; 7401 |
|  | &nbsp;&nbsp;&nbsp;Vedanta Ltd. | 1135573 | &nbsp;&nbsp;&nbsp;&nbsp; 5639 |
|  | &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp. Ltd. (XNSE) | 1435347 | &nbsp;&nbsp;&nbsp;&nbsp; 5260 |
|  | &nbsp;&nbsp;&nbsp;Power Finance Corp. Ltd. | 1041030 | &nbsp;&nbsp;&nbsp;&nbsp; 5036 |
|  | &nbsp;&nbsp;&nbsp;Indian Oil Corp. Ltd. | 2933423 | &nbsp;&nbsp;&nbsp;&nbsp; 4783 |
|  | &nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48039 | &nbsp;&nbsp;&nbsp;&nbsp; 4564 |
|  | &nbsp;&nbsp;&nbsp;REC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;894152 | &nbsp;&nbsp;&nbsp;&nbsp; 4463 |
|  | &nbsp;&nbsp;&nbsp;Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93647 | &nbsp;&nbsp;&nbsp;&nbsp; 4243 |
|  | &nbsp;&nbsp;&nbsp;Gail India Ltd. | 1888106 | &nbsp;&nbsp;&nbsp;&nbsp; 4221 |
|  | &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;653985 | &nbsp;&nbsp;&nbsp;&nbsp; 2927 |
|  | &nbsp;&nbsp;&nbsp;Bank of Baroda | &nbsp;&nbsp;&nbsp;&nbsp;743450 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
|  | &nbsp;&nbsp;&nbsp;Petronet LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;538309 | &nbsp;&nbsp;&nbsp;&nbsp; 1998 |
|  | &nbsp;&nbsp;&nbsp;NMDC Ltd. | 2482349 | &nbsp;&nbsp;&nbsp;&nbsp; 1904 |
|  | &nbsp;&nbsp;&nbsp;Oil India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;384896 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 |
|  | &nbsp;&nbsp;&nbsp;Oracle Financial Services Software Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16565 | &nbsp;&nbsp;&nbsp;&nbsp; 1712 |
|  | &nbsp;&nbsp;&nbsp;Union Bank of India Ltd. | 1081565 | &nbsp;&nbsp;&nbsp;&nbsp; 1611 |
|  | &nbsp;&nbsp;&nbsp;Canara Bank | 1311911 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
|  | &nbsp;&nbsp;&nbsp;Hindustan Zinc Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;265188 | &nbsp;&nbsp;&nbsp;&nbsp; 1382 |
|  | &nbsp;&nbsp;&nbsp;National Aluminium Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;636991 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124651 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
|  | &nbsp;&nbsp;&nbsp;Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;661875 | &nbsp;&nbsp;&nbsp;&nbsp; 903 |
|  | &nbsp;&nbsp;&nbsp;Castrol India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;349518 | &nbsp;&nbsp;&nbsp;&nbsp; 818 |
|  | &nbsp;&nbsp;&nbsp;Sun TV Network Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62445 | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **132830** |
| **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 39744700 | &nbsp;&nbsp;&nbsp;&nbsp; 21132 |
|  | &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 50039659 | &nbsp;&nbsp;&nbsp;&nbsp; 11590 |
|  | &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 31717200 | &nbsp;&nbsp;&nbsp;&nbsp; 9366 |
|  | &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 33389100 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
|  | &nbsp;&nbsp;&nbsp;Astra International Tbk PT | 14557500 | &nbsp;&nbsp;&nbsp;&nbsp; 4207 |
|  | &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero Tbk PT | 10705600 | &nbsp;&nbsp;&nbsp;&nbsp; 2698 |
|  | &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | 3246100 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
|  | &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | 1076604 | &nbsp;&nbsp;&nbsp;&nbsp; 1471 |
|  | &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur Tbk PT | 1617400 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
|  | &nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia Tbk PT | 7556200 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Gas Negara Persero Tbk PT | 7115000 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
|  | &nbsp;&nbsp;&nbsp;Dayamitra Telekomunikasi PT | 13072900 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
|  | &nbsp;&nbsp;&nbsp;Bukit Asam Tbk PT | 2655600 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Sarana Menara Nusantara Tbk PT | 12648200 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
|  | &nbsp;&nbsp;&nbsp;Indosat Tbk PT | 3855600 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
|  | &nbsp;&nbsp;&nbsp;Unilever Indonesia Tbk PT | 3791700 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;Semen Indonesia Persero Tbk PT | 2447800 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
|  | &nbsp;&nbsp;&nbsp;Indocement Tunggal Prakarsa Tbk PT | 1021600 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
|  | &nbsp;&nbsp;&nbsp;Avia Avian Tbk PT | 10652439 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;Trimegah Bangun Persada Tbk PT | 4992207 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp;Bank Danamon Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;432400 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **63402** |
| **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;AIB Group plc | 1461070 | &nbsp;&nbsp;&nbsp;&nbsp; 9820 |
|  | &nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp;719700 | &nbsp;&nbsp;&nbsp;&nbsp; 8450 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Glanbia plc (XDUB) | &nbsp;&nbsp;&nbsp;&nbsp;131311 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **19970** |
| **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | 1072810 | &nbsp;&nbsp;&nbsp;&nbsp; 15235 |
|  | &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;957907 | &nbsp;&nbsp;&nbsp;&nbsp; 14051 |
|  | &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;888123 | &nbsp;&nbsp;&nbsp;&nbsp; 6634 |
|  | &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;108707 | &nbsp;&nbsp;&nbsp;&nbsp; 5505 |
|  | &nbsp;&nbsp;&nbsp;ICL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;525207 | &nbsp;&nbsp;&nbsp;&nbsp; 3506 |
|  | &nbsp;&nbsp;&nbsp;Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176767 | &nbsp;&nbsp;&nbsp;&nbsp; 3481 |
|  | &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp. Ltd. | 1486976 | &nbsp;&nbsp;&nbsp;&nbsp; 2261 |
|  | &nbsp;&nbsp;&nbsp;First International Bank of Israel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37835 | &nbsp;&nbsp;&nbsp;&nbsp; 2078 |
|  | &nbsp;&nbsp;&nbsp;Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74273 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 |
|  | &nbsp;&nbsp;&nbsp;Delek Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
|  | &nbsp;&nbsp;&nbsp;Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15495 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
|  | &nbsp;&nbsp;&nbsp;Amot Investments Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;142539 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
|  | &nbsp;&nbsp;&nbsp;Energix-Renewable Energies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;189761 | &nbsp;&nbsp;&nbsp;&nbsp; 562 |
|  | &nbsp;&nbsp;&nbsp;Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35365 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **57437** |
| **Italy (3.3%)** | **Italy (3.3%)** | **Italy (3.3%)** | **Italy (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;UniCredit SpA | 1123852 | &nbsp;&nbsp;&nbsp;&nbsp; 65387 |
|  | &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 11264684 | &nbsp;&nbsp;&nbsp;&nbsp; 60134 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | 5563532 | &nbsp;&nbsp;&nbsp;&nbsp; 48230 |
|  | &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;882325 | &nbsp;&nbsp;&nbsp;&nbsp; 32247 |
|  | &nbsp;&nbsp;&nbsp;Eni SpA | 1517853 | &nbsp;&nbsp;&nbsp;&nbsp; 21738 |
|  | &nbsp;&nbsp;&nbsp;Stellantis NV | 1489718 | &nbsp;&nbsp;&nbsp;&nbsp; 13862 |
|  | &nbsp;&nbsp;&nbsp;Banco BPM SpA | 1083487 | &nbsp;&nbsp;&nbsp;&nbsp; 12094 |
|  | &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 1004806 | &nbsp;&nbsp;&nbsp;&nbsp; 9992 |
|  | &nbsp;&nbsp;&nbsp;Snam SpA | 1626761 | &nbsp;&nbsp;&nbsp;&nbsp; 9337 |
|  | &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;438993 | &nbsp;&nbsp;&nbsp;&nbsp; 8785 |
|  | &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;387970 | &nbsp;&nbsp;&nbsp;&nbsp; 7936 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Poste Italiane SpA | &nbsp;&nbsp;&nbsp;&nbsp;323899 | &nbsp;&nbsp;&nbsp;&nbsp; 6574 |
|  | &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;752088 | &nbsp;&nbsp;&nbsp;&nbsp; 6360 |
|  | &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;755992 | &nbsp;&nbsp;&nbsp;&nbsp; 6140 |
|  | &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;269373 | &nbsp;&nbsp;&nbsp;&nbsp; 4832 |
|  | &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;274266 | &nbsp;&nbsp;&nbsp;&nbsp; 4573 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;&nbsp;&nbsp;247802 | &nbsp;&nbsp;&nbsp;&nbsp; 2959 |
|  | &nbsp;&nbsp;&nbsp;Hera SpA | &nbsp;&nbsp;&nbsp;&nbsp;607529 | &nbsp;&nbsp;&nbsp;&nbsp; 2876 |
|  | &nbsp;&nbsp;&nbsp;Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;349025 | &nbsp;&nbsp;&nbsp;&nbsp; 2868 |
|  | &nbsp;&nbsp;&nbsp;A2A SpA | 1105176 | &nbsp;&nbsp;&nbsp;&nbsp; 2811 |
|  | &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;163690 | &nbsp;&nbsp;&nbsp;&nbsp; 2447 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Pirelli & C SpA | &nbsp;&nbsp;&nbsp;&nbsp;277046 | &nbsp;&nbsp;&nbsp;&nbsp; 1713 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **333895** |
| **Japan (14.1%)** | **Japan (14.1%)** | **Japan (14.1%)** | **Japan (14.1%)** |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 8298261 | &nbsp;&nbsp;&nbsp;&nbsp; 158492 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 7999300 | &nbsp;&nbsp;&nbsp;&nbsp; 100784 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2633462 | &nbsp;&nbsp;&nbsp;&nbsp; 62827 |
|  | &nbsp;&nbsp;&nbsp;Tokio Marine Holdings Inc. | 1346802 | &nbsp;&nbsp;&nbsp;&nbsp; 53983 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 2661800 | &nbsp;&nbsp;&nbsp;&nbsp; 50538 |
|  | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;953784 | &nbsp;&nbsp;&nbsp;&nbsp; 48779 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 1817863 | &nbsp;&nbsp;&nbsp;&nbsp; 45451 |
|  | &nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | 2044724 | &nbsp;&nbsp;&nbsp;&nbsp; 41347 |
|  | &nbsp;&nbsp;&nbsp;KDDI Corp. | 2119448 | &nbsp;&nbsp;&nbsp;&nbsp; 37564 |
|  | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 1109700 | &nbsp;&nbsp;&nbsp;&nbsp; 33567 |
|  | &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 3287900 | &nbsp;&nbsp;&nbsp;&nbsp; 33454 |
|  | &nbsp;&nbsp;&nbsp;Softbank Corp. | 19575520 | &nbsp;&nbsp;&nbsp;&nbsp; 29623 |
|  | &nbsp;&nbsp;&nbsp;Japan Tobacco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;786000 | &nbsp;&nbsp;&nbsp;&nbsp; 24215 |
|  | &nbsp;&nbsp;&nbsp;Sompo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;675700 | &nbsp;&nbsp;&nbsp;&nbsp; 22143 |
|  | &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;922500 | &nbsp;&nbsp;&nbsp;&nbsp; 20968 |
|  | &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | 19847700 | &nbsp;&nbsp;&nbsp;&nbsp; 20746 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;840838 | &nbsp;&nbsp;&nbsp;&nbsp; 20530 |
|  | &nbsp;&nbsp;&nbsp;Marubeni Corp. | 1133200 | &nbsp;&nbsp;&nbsp;&nbsp; 20090 |
|  | &nbsp;&nbsp;&nbsp;Canon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;645100 | &nbsp;&nbsp;&nbsp;&nbsp; 19908 |
|  | &nbsp;&nbsp;&nbsp;Komatsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;638720 | &nbsp;&nbsp;&nbsp;&nbsp; 18471 |
|  | &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings Inc. | 2518500 | &nbsp;&nbsp;&nbsp;&nbsp; 18185 |
|  | &nbsp;&nbsp;&nbsp;Denso Corp. | 1302484 | &nbsp;&nbsp;&nbsp;&nbsp; 16818 |
|  | &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400730 | &nbsp;&nbsp;&nbsp;&nbsp; 16757 |
|  | &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp; 15547 |
|  | &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;413400 | &nbsp;&nbsp;&nbsp;&nbsp; 14958 |
|  | &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;689400 | &nbsp;&nbsp;&nbsp;&nbsp; 14510 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Japan Post Bank Co. Ltd. | 1327211 | &nbsp;&nbsp;&nbsp;&nbsp; 13646 |
|  | &nbsp;&nbsp;&nbsp;Japan Post Holdings Co. Ltd. | 1326841 | &nbsp;&nbsp;&nbsp;&nbsp; 12897 |
|  | &nbsp;&nbsp;&nbsp;Astellas Pharma Inc. | 1285300 | &nbsp;&nbsp;&nbsp;&nbsp; 12871 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;499078 | &nbsp;&nbsp;&nbsp;&nbsp; 12347 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 2097414 | &nbsp;&nbsp;&nbsp;&nbsp; 11690 |
|  | &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;294900 | &nbsp;&nbsp;&nbsp;&nbsp; 9635 |
|  | &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;478090 | &nbsp;&nbsp;&nbsp;&nbsp; 9501 |
|  | &nbsp;&nbsp;&nbsp;ENEOS Holdings Inc. | 1957551 | &nbsp;&nbsp;&nbsp;&nbsp; 9424 |
|  | &nbsp;&nbsp;&nbsp;Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;386002 | &nbsp;&nbsp;&nbsp;&nbsp; 8874 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;537100 | &nbsp;&nbsp;&nbsp;&nbsp; 8633 |
|  | &nbsp;&nbsp;&nbsp;Kirin Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;555500 | &nbsp;&nbsp;&nbsp;&nbsp; 8403 |
|  | &nbsp;&nbsp;&nbsp;Kansai Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;678700 | &nbsp;&nbsp;&nbsp;&nbsp; 8362 |
|  | &nbsp;&nbsp;&nbsp;T&D Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373200 | &nbsp;&nbsp;&nbsp;&nbsp; 7941 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;233010 | &nbsp;&nbsp;&nbsp;&nbsp; 7760 |
|  | &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318600 | &nbsp;&nbsp;&nbsp;&nbsp; 7607 |
|  | &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;414009 | &nbsp;&nbsp;&nbsp;&nbsp; 7497 |
|  | &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;477700 | &nbsp;&nbsp;&nbsp;&nbsp; 7412 |
|  | &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;588900 | &nbsp;&nbsp;&nbsp;&nbsp; 7367 |
|  | &nbsp;&nbsp;&nbsp;Daiwa Securities Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;962414 | &nbsp;&nbsp;&nbsp;&nbsp; 6329 |
|  | &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;884600 | &nbsp;&nbsp;&nbsp;&nbsp; 6165 |
|  | &nbsp;&nbsp;&nbsp;Chubu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468400 | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
|  | &nbsp;&nbsp;&nbsp;Eisai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;194600 | &nbsp;&nbsp;&nbsp;&nbsp; 5625 |
|  | &nbsp;&nbsp;&nbsp;Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;402300 | &nbsp;&nbsp;&nbsp;&nbsp; 5410 |
|  | &nbsp;&nbsp;&nbsp;SBI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196500 | &nbsp;&nbsp;&nbsp;&nbsp; 5167 |
|  | &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;829274 | &nbsp;&nbsp;&nbsp;&nbsp; 5139 |
|  | &nbsp;&nbsp;&nbsp;Concordia Financial Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;766900 | &nbsp;&nbsp;&nbsp;&nbsp; 4960 |
|  | &nbsp;&nbsp;&nbsp;Yamaha Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;626051 | &nbsp;&nbsp;&nbsp;&nbsp; 4917 |
|  | &nbsp;&nbsp;&nbsp;JFE Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416500 | &nbsp;&nbsp;&nbsp;&nbsp; 4851 |
|  | &nbsp;&nbsp;&nbsp;Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;277100 | &nbsp;&nbsp;&nbsp;&nbsp; 4842 |
|  | &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380400 | &nbsp;&nbsp;&nbsp;&nbsp; 4832 |
|  | &nbsp;&nbsp;&nbsp;Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp; 4543 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;911500 | &nbsp;&nbsp;&nbsp;&nbsp; 4431 |
|  | &nbsp;&nbsp;&nbsp;Hulic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;421086 | &nbsp;&nbsp;&nbsp;&nbsp; 4403 |
|  | &nbsp;&nbsp;&nbsp;Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp; 4259 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital Inc. (XTKS) | &nbsp;&nbsp;&nbsp;&nbsp;595020 | &nbsp;&nbsp;&nbsp;&nbsp; 4209 |
|  | &nbsp;&nbsp;&nbsp;AGC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127200 | &nbsp;&nbsp;&nbsp;&nbsp; 3971 |
|  | &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;370200 | &nbsp;&nbsp;&nbsp;&nbsp; 3955 |
|  | &nbsp;&nbsp;&nbsp;Niterra Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123600 | &nbsp;&nbsp;&nbsp;&nbsp; 3848 |
|  | &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;276400 | &nbsp;&nbsp;&nbsp;&nbsp; 3791 |
|  | &nbsp;&nbsp;&nbsp;Dentsu Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178600 | &nbsp;&nbsp;&nbsp;&nbsp; 3745 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;167400 | &nbsp;&nbsp;&nbsp;&nbsp; 3714 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. | 1524100 | &nbsp;&nbsp;&nbsp;&nbsp; 3628 |
|  | &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;304700 | &nbsp;&nbsp;&nbsp;&nbsp; 3507 |
|  | &nbsp;&nbsp;&nbsp;Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp; 3501 |
|  | &nbsp;&nbsp;&nbsp;Shizuoka Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313400 | &nbsp;&nbsp;&nbsp;&nbsp; 3483 |
|  | &nbsp;&nbsp;&nbsp;Mebuki Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;662300 | &nbsp;&nbsp;&nbsp;&nbsp; 3236 |
|  | &nbsp;&nbsp;&nbsp;Fukuoka Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115200 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
|  | &nbsp;&nbsp;&nbsp;Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;217100 | &nbsp;&nbsp;&nbsp;&nbsp; 3012 |
|  | &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;422600 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101800 | &nbsp;&nbsp;&nbsp;&nbsp; 2931 |
|  | &nbsp;&nbsp;&nbsp;Oji Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;608200 | &nbsp;&nbsp;&nbsp;&nbsp; 2871 |
|  | &nbsp;&nbsp;&nbsp;Brother Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;162700 | &nbsp;&nbsp;&nbsp;&nbsp; 2859 |
|  | &nbsp;&nbsp;&nbsp;Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;202600 | &nbsp;&nbsp;&nbsp;&nbsp; 2856 |
|  | &nbsp;&nbsp;&nbsp;Nippon Express Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156400 | &nbsp;&nbsp;&nbsp;&nbsp; 2793 |
|  | &nbsp;&nbsp;&nbsp;Mitsui Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp; 2791 |
|  | &nbsp;&nbsp;&nbsp;Kobe Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;236100 | &nbsp;&nbsp;&nbsp;&nbsp; 2769 |
|  | &nbsp;&nbsp;&nbsp;Kyushu Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;104900 | &nbsp;&nbsp;&nbsp;&nbsp; 2715 |
|  | &nbsp;&nbsp;&nbsp;Haseko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188486 | &nbsp;&nbsp;&nbsp;&nbsp; 2692 |
|  | &nbsp;&nbsp;&nbsp;Japan Post Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133500 | &nbsp;&nbsp;&nbsp;&nbsp; 2684 |
|  | &nbsp;&nbsp;&nbsp;Kyushu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299100 | &nbsp;&nbsp;&nbsp;&nbsp; 2666 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Chemical Co. Ltd. | 1080900 | &nbsp;&nbsp;&nbsp;&nbsp; 2613 |
|  | &nbsp;&nbsp;&nbsp;Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88900 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 |
|  | &nbsp;&nbsp;&nbsp;Kuraray Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;216400 | &nbsp;&nbsp;&nbsp;&nbsp; 2528 |
|  | &nbsp;&nbsp;&nbsp;Marui Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp; 2528 |
|  | &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;136900 | &nbsp;&nbsp;&nbsp;&nbsp; 2454 |
|  | &nbsp;&nbsp;&nbsp;Tohoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339600 | &nbsp;&nbsp;&nbsp;&nbsp; 2441 |
|  | &nbsp;&nbsp;&nbsp;Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;408200 | &nbsp;&nbsp;&nbsp;&nbsp; 2441 |
|  | &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81600 | &nbsp;&nbsp;&nbsp;&nbsp; 2439 |
|  | &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401700 | &nbsp;&nbsp;&nbsp;&nbsp; 2389 |
|  | &nbsp;&nbsp;&nbsp;Credit Saison Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101200 | &nbsp;&nbsp;&nbsp;&nbsp; 2363 |

---

------

International High Dividend Yield Index Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co. Ltd. | 1303200 | &nbsp;&nbsp;&nbsp;&nbsp; 2360 |
| &nbsp;&nbsp;&nbsp;Open House Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53100 | &nbsp;&nbsp;&nbsp;&nbsp; 2355 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp; 2317 |
| &nbsp;&nbsp;&nbsp;Amada Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;228300 | &nbsp;&nbsp;&nbsp;&nbsp; 2286 |
| &nbsp;&nbsp;&nbsp;Iyogin Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189100 | &nbsp;&nbsp;&nbsp;&nbsp; 2193 |
| &nbsp;&nbsp;&nbsp;Lixil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
| &nbsp;&nbsp;&nbsp;NGK Insulators Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;175200 | &nbsp;&nbsp;&nbsp;&nbsp; 2162 |
| &nbsp;&nbsp;&nbsp;THK Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85200 | &nbsp;&nbsp;&nbsp;&nbsp; 2099 |
| &nbsp;&nbsp;&nbsp;Fujitec Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117500 | &nbsp;&nbsp;&nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp;Nikon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212500 | &nbsp;&nbsp;&nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129200 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 |
| &nbsp;&nbsp;&nbsp;Tokyo Century Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182891 | &nbsp;&nbsp;&nbsp;&nbsp; 1926 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;104100 | &nbsp;&nbsp;&nbsp;&nbsp; 1886 |
| &nbsp;&nbsp;&nbsp;Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123300 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| &nbsp;&nbsp;&nbsp;Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp; 1851 |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82400 | &nbsp;&nbsp;&nbsp;&nbsp; 1826 |
| &nbsp;&nbsp;&nbsp;Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117100 | &nbsp;&nbsp;&nbsp;&nbsp; 1782 |
| &nbsp;&nbsp;&nbsp;Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85400 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |
| &nbsp;&nbsp;&nbsp;Air Water Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129200 | &nbsp;&nbsp;&nbsp;&nbsp; 1762 |
| &nbsp;&nbsp;&nbsp;Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42340 | &nbsp;&nbsp;&nbsp;&nbsp; 1738 |
| &nbsp;&nbsp;&nbsp;Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77100 | &nbsp;&nbsp;&nbsp;&nbsp; 1673 |
| &nbsp;&nbsp;&nbsp;Hirogin Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200100 | &nbsp;&nbsp;&nbsp;&nbsp; 1663 |
| &nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130300 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| &nbsp;&nbsp;&nbsp;EXEO Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136100 | &nbsp;&nbsp;&nbsp;&nbsp; 1589 |
| &nbsp;&nbsp;&nbsp;Kamigumi Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64600 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90300 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp;Yamaguchi Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132800 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp;Iida Group Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98100 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| &nbsp;&nbsp;&nbsp;Sankyu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93900 | &nbsp;&nbsp;&nbsp;&nbsp; 1481 |
| &nbsp;&nbsp;&nbsp;Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172700 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 |
| &nbsp;&nbsp;&nbsp;Aozora Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103400 | &nbsp;&nbsp;&nbsp;&nbsp; 1428 |
| &nbsp;&nbsp;&nbsp;Alps Alpine Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;139600 | &nbsp;&nbsp;&nbsp;&nbsp; 1418 |
| &nbsp;&nbsp;&nbsp;Seino Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89600 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp;Tsumura & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 1398 |
| &nbsp;&nbsp;&nbsp;Toyo Tire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74600 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 |
| &nbsp;&nbsp;&nbsp;Yamato Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 1376 |
| &nbsp;&nbsp;&nbsp;Macnica Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97900 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp;Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46700 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 |
| &nbsp;&nbsp;&nbsp;NSK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;309200 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp;Kokuyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64700 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| &nbsp;&nbsp;&nbsp;Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57600 | &nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp;Taiyo Yuden Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87100 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
| &nbsp;&nbsp;&nbsp;Nagase & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74500 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| &nbsp;&nbsp;&nbsp;JTEKT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163400 | &nbsp;&nbsp;&nbsp;&nbsp; 1262 |
| &nbsp;&nbsp;&nbsp;Chugin Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| &nbsp;&nbsp;&nbsp;DIC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63300 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 |
| &nbsp;&nbsp;&nbsp;Yamada Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;379800 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| &nbsp;&nbsp;&nbsp;Zeon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124600 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp;Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Motors Corp. | &nbsp;&nbsp;&nbsp;&nbsp;435400 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
| &nbsp;&nbsp;&nbsp;JGC Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;146400 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp;NHK Spring Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103900 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134500 | &nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp;Canon Marketing Japan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp;Ulvac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp;Maruichi Steel Tube Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp;Casio Computer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;137200 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp;Nippon Kayaku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113600 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp;Toda Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166600 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;Fuyo General Lease Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp;Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;K's Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106600 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp;UBE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67900 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp;Mabuchi Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65400 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp;Daido Steel Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124620 | &nbsp;&nbsp;&nbsp;&nbsp; 939 |
| &nbsp;&nbsp;&nbsp;NOK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;Shikoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108900 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;Nippon Shokubai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75700 | &nbsp;&nbsp;&nbsp;&nbsp; 887 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Tokai Carbon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;136100 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
|  | &nbsp;&nbsp;&nbsp;Denka Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63600 | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
|  | &nbsp;&nbsp;&nbsp;Toyoda Gosei Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44300 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  | &nbsp;&nbsp;&nbsp;Aica Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36500 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
|  | &nbsp;&nbsp;&nbsp;Seven Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;456600 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
|  | &nbsp;&nbsp;&nbsp;Sotetsu Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
|  | &nbsp;&nbsp;&nbsp;Rengo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;142300 | &nbsp;&nbsp;&nbsp;&nbsp; 794 |
|  | &nbsp;&nbsp;&nbsp;Kaneka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
|  | &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189300 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
|  | &nbsp;&nbsp;&nbsp;OKUMA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33400 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
|  | &nbsp;&nbsp;&nbsp;Acom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;248300 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;AEON Financial Service Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78800 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;TS Tech Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56900 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
|  | &nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18160 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
|  | &nbsp;&nbsp;&nbsp;Heiwa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34900 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp;&nbsp;Pola Orbis Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
|  | &nbsp;&nbsp;&nbsp;Matsui Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1440614** |
| **Kuwait (0.2%)** | **Kuwait (0.2%)** | **Kuwait (0.2%)** | **Kuwait (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;National Bank of Kuwait SAKP | 5928599 | &nbsp;&nbsp;&nbsp;&nbsp; 18438 |
|  | &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. KSCP | 1602290 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |
|  | &nbsp;&nbsp;&nbsp;Gulf Bank KSCP | 1590832 | &nbsp;&nbsp;&nbsp;&nbsp; 1746 |
|  | &nbsp;&nbsp;&nbsp;Agility Public Warehousing Co. KSC | 1089098 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
|  | &nbsp;&nbsp;&nbsp;Burgan Bank SAK | &nbsp;&nbsp;&nbsp;&nbsp;699863 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24109** |
| **Malaysia (0.7%)** | **Malaysia (0.7%)** | **Malaysia (0.7%)** | **Malaysia (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Malayan Banking Bhd. | 5437697 | &nbsp;&nbsp;&nbsp;&nbsp; 12601 |
|  | &nbsp;&nbsp;&nbsp;Public Bank Bhd. | 10637800 | &nbsp;&nbsp;&nbsp;&nbsp; 11028 |
|  | &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd. | 3282633 | &nbsp;&nbsp;&nbsp;&nbsp; 10557 |
|  | &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd. | 5974900 | &nbsp;&nbsp;&nbsp;&nbsp; 9870 |
|  | &nbsp;&nbsp;&nbsp;MISC Bhd. | 1508844 | &nbsp;&nbsp;&nbsp;&nbsp; 2624 |
|  | &nbsp;&nbsp;&nbsp;CelcomDigi Bhd. | 2840100 | &nbsp;&nbsp;&nbsp;&nbsp; 2517 |
|  | &nbsp;&nbsp;&nbsp;AMMB Holdings Bhd. | 2095900 | &nbsp;&nbsp;&nbsp;&nbsp; 2508 |
|  | &nbsp;&nbsp;&nbsp;Petronas Gas Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;606232 | &nbsp;&nbsp;&nbsp;&nbsp; 2458 |
|  | &nbsp;&nbsp;&nbsp;RHB Bank Bhd. | 1460900 | &nbsp;&nbsp;&nbsp;&nbsp; 2253 |
|  | &nbsp;&nbsp;&nbsp;Hong Leong Bank Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;437600 | &nbsp;&nbsp;&nbsp;&nbsp; 2028 |
|  | &nbsp;&nbsp;&nbsp;Maxis Bhd. | 2099300 | &nbsp;&nbsp;&nbsp;&nbsp; 1805 |
|  | &nbsp;&nbsp;&nbsp;Kuala Lumpur Kepong Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;393500 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 |
|  | &nbsp;&nbsp;&nbsp;Petronas Chemicals Group Bhd. | 2025100 | &nbsp;&nbsp;&nbsp;&nbsp; 1728 |
|  | &nbsp;&nbsp;&nbsp;Axiata Group Bhd. | 3254000 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |
|  | &nbsp;&nbsp;&nbsp;YTL Corp. Bhd. | 3256923 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
|  | &nbsp;&nbsp;&nbsp;PPB Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;492300 | &nbsp;&nbsp;&nbsp;&nbsp; 1418 |
|  | &nbsp;&nbsp;&nbsp;Sime Darby Bhd. | 2817600 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 |
|  | &nbsp;&nbsp;&nbsp;Telekom Malaysia Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;812400 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 |
|  | &nbsp;&nbsp;&nbsp;IJM Corp. Bhd. | 2412000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 |
|  | &nbsp;&nbsp;&nbsp;Genting Bhd. | 1514600 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
|  | &nbsp;&nbsp;&nbsp;Petronas Dagangan Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
|  | &nbsp;&nbsp;&nbsp;Alliance Bank Malaysia Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;791900 | &nbsp;&nbsp;&nbsp;&nbsp; 804 |
|  | &nbsp;&nbsp;&nbsp;Genting Malaysia Bhd. | 1998900 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
|  | &nbsp;&nbsp;&nbsp;Hong Leong Financial Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
|  | &nbsp;&nbsp;&nbsp;FGV Holdings Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;301300 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **76704** |
| **Mexico (1.0%)** | **Mexico (1.0%)** | **Mexico (1.0%)** | **Mexico (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Class O | 2069900 | &nbsp;&nbsp;&nbsp;&nbsp; 17787 |
|  | &nbsp;&nbsp;&nbsp;America Movil SAB de CV Series B | 15963800 | &nbsp;&nbsp;&nbsp;&nbsp; 13774 |
|  | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | 1243500 | &nbsp;&nbsp;&nbsp;&nbsp; 13086 |
|  | &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV Series B | 2264200 | &nbsp;&nbsp;&nbsp;&nbsp; 11765 |
|  | &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 3685035 | &nbsp;&nbsp;&nbsp;&nbsp; 11679 |
|  | &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV Class B | &nbsp;&nbsp;&nbsp;&nbsp;279840 | &nbsp;&nbsp;&nbsp;&nbsp; 5682 |
|  | &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV Class B | &nbsp;&nbsp;&nbsp;&nbsp;133675 | &nbsp;&nbsp;&nbsp;&nbsp; 4234 |
|  | &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;387100 | &nbsp;&nbsp;&nbsp;&nbsp; 4074 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;376825 | &nbsp;&nbsp;&nbsp;&nbsp; 3549 |
|  | &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;200400 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
|  | &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;157070 | &nbsp;&nbsp;&nbsp;&nbsp; 1757 |
|  | &nbsp;&nbsp;&nbsp;Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;618500 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
|  | &nbsp;&nbsp;&nbsp;Qualitas Controladora SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;143900 | &nbsp;&nbsp;&nbsp;&nbsp; 1586 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Banco del Bajio SA | &nbsp;&nbsp;&nbsp;&nbsp;586900 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
|  | &nbsp;&nbsp;&nbsp;Gentera SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;716100 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Regional SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;169600 | &nbsp;&nbsp;&nbsp;&nbsp; 1187 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV Class A | &nbsp;&nbsp;&nbsp;&nbsp;596600 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
|  | &nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV Class C1 | &nbsp;&nbsp;&nbsp;&nbsp;133900 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
|  | &nbsp;&nbsp;&nbsp;Operadora De Sites Mexicanos SAB de CV Class A-1 | &nbsp;&nbsp;&nbsp;&nbsp;736900 | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;Megacable Holdings SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;212100 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;Orbia Advance Corp. SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;638433 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp;Alpek SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;315500 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **100094** |
| **Netherlands (1.2%)** | **Netherlands (1.2%)** | **Netherlands (1.2%)** | **Netherlands (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 2103773 | &nbsp;&nbsp;&nbsp;&nbsp; 40854 |
|  | &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;647034 | &nbsp;&nbsp;&nbsp;&nbsp; 26566 |
|  | &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 2696760 | &nbsp;&nbsp;&nbsp;&nbsp; 12545 |
|  | &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;192825 | &nbsp;&nbsp;&nbsp;&nbsp; 11824 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp;&nbsp;354186 | &nbsp;&nbsp;&nbsp;&nbsp; 7340 |
|  | &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;104403 | &nbsp;&nbsp;&nbsp;&nbsp; 6588 |
|  | &nbsp;&nbsp;&nbsp;Aegon Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;937483 | &nbsp;&nbsp;&nbsp;&nbsp; 6030 |
|  | &nbsp;&nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75962 | &nbsp;&nbsp;&nbsp;&nbsp; 3049 |
|  | &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;112117 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |
|  | &nbsp;&nbsp;&nbsp;Koninklijke Vopak NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43062 | &nbsp;&nbsp;&nbsp;&nbsp; 1781 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;CTP NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80674 | &nbsp;&nbsp;&nbsp;&nbsp; 1515 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **120806** |
| **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;576260 | &nbsp;&nbsp;&nbsp;&nbsp; 3036 |
|  | &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;897977 | &nbsp;&nbsp;&nbsp;&nbsp; 2923 |
|  | &nbsp;&nbsp;&nbsp;Spark New Zealand Ltd. | 1345013 | &nbsp;&nbsp;&nbsp;&nbsp; 1666 |
|  | &nbsp;&nbsp;&nbsp;Mercury NZ Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;491466 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 |
|  | &nbsp;&nbsp;&nbsp;Air New Zealand Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;987379 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9596** |
| **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;705270 | &nbsp;&nbsp;&nbsp;&nbsp; 17630 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;586425 | &nbsp;&nbsp;&nbsp;&nbsp; 13274 |
|  | &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;441621 | &nbsp;&nbsp;&nbsp;&nbsp; 6633 |
|  | &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;315067 | &nbsp;&nbsp;&nbsp;&nbsp; 5777 |
|  | &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;515404 | &nbsp;&nbsp;&nbsp;&nbsp; 5748 |
|  | &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;915905 | &nbsp;&nbsp;&nbsp;&nbsp; 4858 |
|  | &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;219983 | &nbsp;&nbsp;&nbsp;&nbsp; 4723 |
|  | &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;117051 | &nbsp;&nbsp;&nbsp;&nbsp; 3799 |
|  | &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;119114 | &nbsp;&nbsp;&nbsp;&nbsp; 2787 |
|  | &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45889 | &nbsp;&nbsp;&nbsp;&nbsp; 2268 |
|  | &nbsp;&nbsp;&nbsp;Var Energi ASA | &nbsp;&nbsp;&nbsp;&nbsp;649225 | &nbsp;&nbsp;&nbsp;&nbsp; 1785 |
|  | &nbsp;&nbsp;&nbsp;Aker ASA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15760 | &nbsp;&nbsp;&nbsp;&nbsp; 914 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **70196** |
| **Philippines (0.2%)** | **Philippines (0.2%)** | **Philippines (0.2%)** | **Philippines (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;International Container Terminal Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;784590 | &nbsp;&nbsp;&nbsp;&nbsp; 4799 |
|  | &nbsp;&nbsp;&nbsp;Bank of the Philippine Islands | 1516100 | &nbsp;&nbsp;&nbsp;&nbsp; 3801 |
|  | &nbsp;&nbsp;&nbsp;Manila Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;191980 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Bank & Trust Co. | 1287970 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 |
|  | &nbsp;&nbsp;&nbsp;PLDT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65455 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 |
|  | &nbsp;&nbsp;&nbsp;Universal Robina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;592910 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
|  | &nbsp;&nbsp;&nbsp;Globe Telecom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22281 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Monde Nissin Corp. | 5135300 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;Semirara Mining & Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;858520 | &nbsp;&nbsp;&nbsp;&nbsp; 523 |
|  | &nbsp;&nbsp;&nbsp;DMCI Holdings Inc. | 2382300 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;LT Group Inc. | 2000600 | &nbsp;&nbsp;&nbsp;&nbsp; 426 |
|  | &nbsp;&nbsp;&nbsp;Puregold Price Club Inc. | &nbsp;&nbsp;&nbsp;&nbsp;677200 | &nbsp;&nbsp;&nbsp;&nbsp; 387 |
|  | &nbsp;&nbsp;&nbsp;Megaworld Corp. | 6440000 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| <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; **18223** |
| **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;610674 | &nbsp;&nbsp;&nbsp;&nbsp; 11741 |
|  | &nbsp;&nbsp;&nbsp;ORLEN SA | &nbsp;&nbsp;&nbsp;&nbsp;412679 | &nbsp;&nbsp;&nbsp;&nbsp; 7452 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;126423 | &nbsp;&nbsp;&nbsp;&nbsp; 6336 |
|  | &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;400191 | &nbsp;&nbsp;&nbsp;&nbsp; 6243 |
|  | &nbsp;&nbsp;&nbsp;Santander Bank Polska SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27799 | &nbsp;&nbsp;&nbsp;&nbsp; 4276 |
|  | &nbsp;&nbsp;&nbsp;LPP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp; 3819 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **39867** |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;EDP SA | 2152754 | &nbsp;&nbsp;&nbsp;&nbsp; 8485 |
|  | &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;197550 | &nbsp;&nbsp;&nbsp;&nbsp; 4781 |
|  | &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;308219 | &nbsp;&nbsp;&nbsp;&nbsp; 4776 |
|  | &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA Class R | 5487311 | &nbsp;&nbsp;&nbsp;&nbsp; 3510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21552** |
| **Qatar (0.5%)** | **Qatar (0.5%)** | **Qatar (0.5%)** | **Qatar (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 3186152 | &nbsp;&nbsp;&nbsp;&nbsp; 14613 |
|  | &nbsp;&nbsp;&nbsp;Qatar Islamic Bank QPSC | 1202169 | &nbsp;&nbsp;&nbsp;&nbsp; 6973 |
|  | &nbsp;&nbsp;&nbsp;Industries Qatar QSC | 1128756 | &nbsp;&nbsp;&nbsp;&nbsp; 3893 |
|  | &nbsp;&nbsp;&nbsp;Commercial Bank PSQC | 2381537 | &nbsp;&nbsp;&nbsp;&nbsp; 2816 |
|  | &nbsp;&nbsp;&nbsp;Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;786220 | &nbsp;&nbsp;&nbsp;&nbsp; 2801 |
|  | &nbsp;&nbsp;&nbsp;Al Rayan Bank | 4432848 | &nbsp;&nbsp;&nbsp;&nbsp; 2722 |
|  | &nbsp;&nbsp;&nbsp;Qatar International Islamic Bank QSC | &nbsp;&nbsp;&nbsp;&nbsp;845885 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 |
|  | &nbsp;&nbsp;&nbsp;Qatar Gas Transport Co. Ltd. | 1955435 | &nbsp;&nbsp;&nbsp;&nbsp; 2458 |
|  | &nbsp;&nbsp;&nbsp;Qatar Navigation QSC | &nbsp;&nbsp;&nbsp;&nbsp;731753 | &nbsp;&nbsp;&nbsp;&nbsp; 2229 |
|  | &nbsp;&nbsp;&nbsp;Mesaieed Petrochemical Holding Co. | 4381764 | &nbsp;&nbsp;&nbsp;&nbsp; 1697 |
|  | &nbsp;&nbsp;&nbsp;Qatar Fuel QSC | &nbsp;&nbsp;&nbsp;&nbsp;410924 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
|  | &nbsp;&nbsp;&nbsp;Qatar Electricity & Water Co. QSC | &nbsp;&nbsp;&nbsp;&nbsp;351960 | &nbsp;&nbsp;&nbsp;&nbsp; 1477 |
|  | &nbsp;&nbsp;&nbsp;Dukhan Bank | 1269832 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
|  | &nbsp;&nbsp;&nbsp;Barwa Real Estate Co. | 1410069 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |
|  | &nbsp;&nbsp;&nbsp;Vodafone Qatar QSC | 1162906 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
|  | &nbsp;&nbsp;&nbsp;Qatar Aluminum Manufacturing Co. | 1893585 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **49564** |
| **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Banca Transilvania SA | &nbsp;&nbsp;&nbsp;&nbsp;581181 | &nbsp;&nbsp;&nbsp;&nbsp; 3740 |
|  | &nbsp;&nbsp;&nbsp;OMV Petrom SA | 12262868 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 |
|  | &nbsp;&nbsp;&nbsp;Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55481 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
|  | &nbsp;&nbsp;&nbsp;Societatea Nationala Nuclearelectrica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42394 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
|  | &nbsp;&nbsp;&nbsp;One United Properties SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33821 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7756** |
| **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 (1.3%)** | **Saudi Arabia (1.3%)** | **Saudi Arabia (1.3%)** | **Saudi Arabia (1.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 4131867 | &nbsp;&nbsp;&nbsp;&nbsp; 27935 |
|  | &nbsp;&nbsp;&nbsp;Saudi National Bank | 2089127 | &nbsp;&nbsp;&nbsp;&nbsp; 19905 |
|  | &nbsp;&nbsp;&nbsp;Saudi Telecom Co. | 1360797 | &nbsp;&nbsp;&nbsp;&nbsp; 17276 |
|  | &nbsp;&nbsp;&nbsp;Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;644419 | &nbsp;&nbsp;&nbsp;&nbsp; 10479 |
|  | &nbsp;&nbsp;&nbsp;Riyad Bank | 1054172 | &nbsp;&nbsp;&nbsp;&nbsp; 8654 |
|  | &nbsp;&nbsp;&nbsp;Alinma Bank | &nbsp;&nbsp;&nbsp;&nbsp;882095 | &nbsp;&nbsp;&nbsp;&nbsp; 6832 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;680152 | &nbsp;&nbsp;&nbsp;&nbsp; 6364 |
|  | &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;271548 | &nbsp;&nbsp;&nbsp;&nbsp; 4549 |
|  | &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients Co. | &nbsp;&nbsp;&nbsp;&nbsp;167132 | &nbsp;&nbsp;&nbsp;&nbsp; 4403 |
|  | &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;872244 | &nbsp;&nbsp;&nbsp;&nbsp; 4272 |
|  | &nbsp;&nbsp;&nbsp;Arab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;638159 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 |
|  | &nbsp;&nbsp;&nbsp;Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53724 | &nbsp;&nbsp;&nbsp;&nbsp; 2408 |
|  | &nbsp;&nbsp;&nbsp;Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;551211 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 |
|  | &nbsp;&nbsp;&nbsp;Saudi Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;436522 | &nbsp;&nbsp;&nbsp;&nbsp; 1754 |
|  | &nbsp;&nbsp;&nbsp;Yanbu National Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;196208 | &nbsp;&nbsp;&nbsp;&nbsp; 1673 |
|  | &nbsp;&nbsp;&nbsp;Jarir Marketing Co. | &nbsp;&nbsp;&nbsp;&nbsp;423025 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
|  | &nbsp;&nbsp;&nbsp;Sahara International Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;250964 | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
|  | &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;317562 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
|  | &nbsp;&nbsp;&nbsp;Nahdi Medical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34792 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
|  | &nbsp;&nbsp;&nbsp;Saudi Industrial Investment Group | &nbsp;&nbsp;&nbsp;&nbsp;260738 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
|  | &nbsp;&nbsp;&nbsp;Saudi Aramco Base Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35561 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10984 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Arabian Centres Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;166601 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
|  | &nbsp;&nbsp;&nbsp;Abdullah Al Othaim Markets Co. | &nbsp;&nbsp;&nbsp;&nbsp;306636 | &nbsp;&nbsp;&nbsp;&nbsp; 738 |
|  | &nbsp;&nbsp;&nbsp;United Electronics Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28572 | &nbsp;&nbsp;&nbsp;&nbsp; 716 |
|  | &nbsp;&nbsp;&nbsp;Saudi Cement Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55632 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
|  | &nbsp;&nbsp;&nbsp;Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56075 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
|  | &nbsp;&nbsp;&nbsp;Qassim Cement Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36699 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;Arabian Drilling Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17542 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **134678** |
| **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | 1441985 | &nbsp;&nbsp;&nbsp;&nbsp; 46849 |
|  | &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 2516300 | &nbsp;&nbsp;&nbsp;&nbsp; 31141 |
|  | &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;866445 | &nbsp;&nbsp;&nbsp;&nbsp; 23012 |
|  | &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 5370788 | &nbsp;&nbsp;&nbsp;&nbsp; 15539 |
|  | &nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;588232 | &nbsp;&nbsp;&nbsp;&nbsp; 6471 |
|  | &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering Ltd. | 1091100 | &nbsp;&nbsp;&nbsp;&nbsp; 6195 |
|  | &nbsp;&nbsp;&nbsp;Keppel Ltd. | 1010212 | &nbsp;&nbsp;&nbsp;&nbsp; 5079 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;988900 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 |
|  | &nbsp;&nbsp;&nbsp;Capitaland Investment Ltd. | 1691700 | &nbsp;&nbsp;&nbsp;&nbsp; 3565 |
|  | &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 1433700 | &nbsp;&nbsp;&nbsp;&nbsp; 3363 |
|  | &nbsp;&nbsp;&nbsp;Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;642900 | &nbsp;&nbsp;&nbsp;&nbsp; 3252 |
|  | &nbsp;&nbsp;&nbsp;Genting Singapore Ltd. | 4287200 | &nbsp;&nbsp;&nbsp;&nbsp; 2431 |
|  | &nbsp;&nbsp;&nbsp;Thai Beverage PCL | 6020900 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |
|  | &nbsp;&nbsp;&nbsp;Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;208300 | &nbsp;&nbsp;&nbsp;&nbsp; 1849 |
|  | &nbsp;&nbsp;&nbsp;ComfortDelGro Corp. Ltd. | 1510900 | &nbsp;&nbsp;&nbsp;&nbsp; 1773 |
|  | &nbsp;&nbsp;&nbsp;NetLink NBN Trust | 2047000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434 |
|  | &nbsp;&nbsp;&nbsp;Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45600 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
|  | &nbsp;&nbsp;&nbsp;Olam Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;808600 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
|  | &nbsp;&nbsp;&nbsp;Hutchison Port Holdings Trust | 3485500 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
|  | &nbsp;&nbsp;&nbsp;SIA Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;195600 | &nbsp;&nbsp;&nbsp;&nbsp; 335 |
|  | &nbsp;&nbsp;&nbsp;StarHub Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;342800 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **162001** |
| **South Africa (1.1%)** | **South Africa (1.1%)** | **South Africa (1.1%)** | **South Africa (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;358445 | &nbsp;&nbsp;&nbsp;&nbsp; 14923 |
|  | &nbsp;&nbsp;&nbsp;Gold Fields Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;632241 | &nbsp;&nbsp;&nbsp;&nbsp; 14181 |
|  | &nbsp;&nbsp;&nbsp;FirstRand Ltd. | 3576670 | &nbsp;&nbsp;&nbsp;&nbsp; 14004 |
|  | &nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;945060 | &nbsp;&nbsp;&nbsp;&nbsp; 11802 |
|  | &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 1239713 | &nbsp;&nbsp;&nbsp;&nbsp; 8205 |
|  | &nbsp;&nbsp;&nbsp;Sanlam Ltd. | 1275666 | &nbsp;&nbsp;&nbsp;&nbsp; 5808 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;591961 | &nbsp;&nbsp;&nbsp;&nbsp; 5463 |
|  | &nbsp;&nbsp;&nbsp;Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;340825 | &nbsp;&nbsp;&nbsp;&nbsp; 5244 |
|  | &nbsp;&nbsp;&nbsp;Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;332223 | &nbsp;&nbsp;&nbsp;&nbsp; 4538 |
|  | &nbsp;&nbsp;&nbsp;Bidvest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;244807 | &nbsp;&nbsp;&nbsp;&nbsp; 3104 |
|  | &nbsp;&nbsp;&nbsp;Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;413842 | &nbsp;&nbsp;&nbsp;&nbsp; 3062 |
|  | &nbsp;&nbsp;&nbsp;Outsurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;600529 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 |
|  | &nbsp;&nbsp;&nbsp;Mr Price Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;179827 | &nbsp;&nbsp;&nbsp;&nbsp; 2298 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anglo American Platinum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63939 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 |
|  | &nbsp;&nbsp;&nbsp;Woolworths Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;655023 | &nbsp;&nbsp;&nbsp;&nbsp; 2031 |
|  | &nbsp;&nbsp;&nbsp;Old Mutual Ltd. | 3283857 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
|  | &nbsp;&nbsp;&nbsp;Tiger Brands Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118434 | &nbsp;&nbsp;&nbsp;&nbsp; 1847 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Northam Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;258226 | &nbsp;&nbsp;&nbsp;&nbsp; 1733 |
|  | &nbsp;&nbsp;&nbsp;Foschini Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;228692 | &nbsp;&nbsp;&nbsp;&nbsp; 1593 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sasol Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;411234 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |
|  | &nbsp;&nbsp;&nbsp;Exxaro Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;137187 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Investec Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;177211 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
|  | &nbsp;&nbsp;&nbsp;Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39200 | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;African Rainbow Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74806 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;Santam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27581 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **112059** |
| **South Korea (1.3%)** | **South Korea (1.3%)** | **South Korea (1.3%)** | **South Korea (1.3%)** |
|  | &nbsp;&nbsp;&nbsp;KB Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238025 | &nbsp;&nbsp;&nbsp;&nbsp; 15043 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98491 | &nbsp;&nbsp;&nbsp;&nbsp; 13198 |
|  | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;342181 | &nbsp;&nbsp;&nbsp;&nbsp; 12366 |
|  | &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177586 | &nbsp;&nbsp;&nbsp;&nbsp; 11286 |
|  | &nbsp;&nbsp;&nbsp;POSCO Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53407 | &nbsp;&nbsp;&nbsp;&nbsp; 9760 |
|  | &nbsp;&nbsp;&nbsp;Hana Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184207 | &nbsp;&nbsp;&nbsp;&nbsp; 8354 |
|  | &nbsp;&nbsp;&nbsp;Woori Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;484810 | &nbsp;&nbsp;&nbsp;&nbsp; 6037 |
|  | &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22140 | &nbsp;&nbsp;&nbsp;&nbsp; 5841 |
|  | &nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69072 | &nbsp;&nbsp;&nbsp;&nbsp; 5575 |
|  | &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;183372 | &nbsp;&nbsp;&nbsp;&nbsp; 3307 |
|  | &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52894 | &nbsp;&nbsp;&nbsp;&nbsp; 3212 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62392 | &nbsp;&nbsp;&nbsp;&nbsp; 2922 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;HMM Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;206827 | &nbsp;&nbsp;&nbsp;&nbsp; 2662 |
|  | &nbsp;&nbsp;&nbsp;Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40157 | &nbsp;&nbsp;&nbsp;&nbsp; 2473 |
|  | &nbsp;&nbsp;&nbsp;SK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24938 | &nbsp;&nbsp;&nbsp;&nbsp; 2321 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;195667 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26199 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
|  | &nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32051 | &nbsp;&nbsp;&nbsp;&nbsp; 2065 |
|  | &nbsp;&nbsp;&nbsp;Samsung Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45711 | &nbsp;&nbsp;&nbsp;&nbsp; 1676 |
|  | &nbsp;&nbsp;&nbsp;HD Hyundai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30060 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 |
|  | &nbsp;&nbsp;&nbsp;Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26998 | &nbsp;&nbsp;&nbsp;&nbsp; 1576 |
|  | &nbsp;&nbsp;&nbsp;Samsung E&A Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114310 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
|  | &nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53239 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;185374 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
|  | &nbsp;&nbsp;&nbsp;BNK Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196236 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
|  | &nbsp;&nbsp;&nbsp;LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155203 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
|  | &nbsp;&nbsp;&nbsp;Doosan Bobcat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34875 | &nbsp;&nbsp;&nbsp;&nbsp; 1199 |
|  | &nbsp;&nbsp;&nbsp;NH Investment & Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96061 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Steel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59280 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
|  | &nbsp;&nbsp;&nbsp;Misto Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36387 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
|  | &nbsp;&nbsp;&nbsp;Kangwon Land Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76724 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
|  | &nbsp;&nbsp;&nbsp;GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30796 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;iM Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106994 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
|  | &nbsp;&nbsp;&nbsp;Cheil Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51206 | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42367 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
|  | &nbsp;&nbsp;&nbsp;Samsung Card Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20723 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
|  | &nbsp;&nbsp;&nbsp;S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13469 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
|  | &nbsp;&nbsp;&nbsp;GS Engineering & Construction Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45925 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
|  | &nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12593 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
|  | &nbsp;&nbsp;&nbsp;Korea Gas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18993 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp;KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16117 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242682 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  | &nbsp;&nbsp;&nbsp;BGF retail Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Dongsuh Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22087 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Lotte Shopping Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7792 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Lotte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
|  | &nbsp;&nbsp;&nbsp;Hite Jinro Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22213 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Hanon Systems | &nbsp;&nbsp;&nbsp;&nbsp;111374 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
|  | &nbsp;&nbsp;&nbsp;GS Retail Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23478 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **137995** |
| **Spain (3.4%)** | **Spain (3.4%)** | **Spain (3.4%)** | **Spain (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | 4340598 | &nbsp;&nbsp;&nbsp;&nbsp; 78243 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 10719770 | &nbsp;&nbsp;&nbsp;&nbsp; 75476 |
|  | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 4123558 | &nbsp;&nbsp;&nbsp;&nbsp; 56592 |
|  | &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;752563 | &nbsp;&nbsp;&nbsp;&nbsp; 40469 |
|  | &nbsp;&nbsp;&nbsp;CaixaBank SA | 2780333 | &nbsp;&nbsp;&nbsp;&nbsp; 21309 |
|  | &nbsp;&nbsp;&nbsp;Telefonica SA | 3034144 | &nbsp;&nbsp;&nbsp;&nbsp; 15587 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Aena SME SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50329 | &nbsp;&nbsp;&nbsp;&nbsp; 12644 |
|  | &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 3579356 | &nbsp;&nbsp;&nbsp;&nbsp; 10444 |
|  | &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;807146 | &nbsp;&nbsp;&nbsp;&nbsp; 9866 |
|  | &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;227038 | &nbsp;&nbsp;&nbsp;&nbsp; 6819 |
|  | &nbsp;&nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;307678 | &nbsp;&nbsp;&nbsp;&nbsp; 6452 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;460647 | &nbsp;&nbsp;&nbsp;&nbsp; 5366 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88747 | &nbsp;&nbsp;&nbsp;&nbsp; 2644 |
|  | &nbsp;&nbsp;&nbsp;Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp;699226 | &nbsp;&nbsp;&nbsp;&nbsp; 2489 |
|  | &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16619 | &nbsp;&nbsp;&nbsp;&nbsp; 2422 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **346822** |
| **Sweden (1.6%)** | **Sweden (1.6%)** | **Sweden (1.6%)** | **Sweden (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Volvo AB Class B | 1140240 | &nbsp;&nbsp;&nbsp;&nbsp; 30996 |
|  | &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson Class B | 1985725 | &nbsp;&nbsp;&nbsp;&nbsp; 16774 |
|  | &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB Class A | 1052687 | &nbsp;&nbsp;&nbsp;&nbsp; 16704 |
|  | &nbsp;&nbsp;&nbsp;Swedbank AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;616800 | &nbsp;&nbsp;&nbsp;&nbsp; 15398 |
|  | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class A | 1014623 | &nbsp;&nbsp;&nbsp;&nbsp; 13281 |
|  | &nbsp;&nbsp;&nbsp;Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;425946 | &nbsp;&nbsp;&nbsp;&nbsp; 12318 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;110811 | &nbsp;&nbsp;&nbsp;&nbsp; 7676 |
|  | &nbsp;&nbsp;&nbsp;Telia Co. AB | 1662981 | &nbsp;&nbsp;&nbsp;&nbsp; 6247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;195793 | &nbsp;&nbsp;&nbsp;&nbsp; 5999 |
|  | &nbsp;&nbsp;&nbsp;Securitas AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;358261 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;389105 | &nbsp;&nbsp;&nbsp;&nbsp; 5638 |
|  | &nbsp;&nbsp;&nbsp;Skanska AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;241961 | &nbsp;&nbsp;&nbsp;&nbsp; 5622 |
|  | &nbsp;&nbsp;&nbsp;Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;380917 | &nbsp;&nbsp;&nbsp;&nbsp; 5620 |
|  | &nbsp;&nbsp;&nbsp;SKF AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;242967 | &nbsp;&nbsp;&nbsp;&nbsp; 4763 |
|  | &nbsp;&nbsp;&nbsp;Volvo AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;118036 | &nbsp;&nbsp;&nbsp;&nbsp; 3220 |
|  | &nbsp;&nbsp;&nbsp;SSAB AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;453264 | &nbsp;&nbsp;&nbsp;&nbsp; 2817 |
|  | &nbsp;&nbsp;&nbsp;Axfood AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76666 | &nbsp;&nbsp;&nbsp;&nbsp; 2143 |
|  | &nbsp;&nbsp;&nbsp;SSAB AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;153521 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
|  | &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35202 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
|  | &nbsp;&nbsp;&nbsp;Sagax AB Class D | &nbsp;&nbsp;&nbsp;&nbsp;100858 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10740 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **163016** |
| **Switzerland (7.9%)** | **Switzerland (7.9%)** | **Switzerland (7.9%)** | **Switzerland (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 1844179 | &nbsp;&nbsp;&nbsp;&nbsp; 196290 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;497024 | &nbsp;&nbsp;&nbsp;&nbsp; 162520 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 1416000 | &nbsp;&nbsp;&nbsp;&nbsp; 161505 |
|  | &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;103556 | &nbsp;&nbsp;&nbsp;&nbsp; 73449 |
|  | &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;394880 | &nbsp;&nbsp;&nbsp;&nbsp; 44127 |
|  | &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;207855 | &nbsp;&nbsp;&nbsp;&nbsp; 37311 |
|  | &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15793 | &nbsp;&nbsp;&nbsp;&nbsp; 20693 |
|  | &nbsp;&nbsp;&nbsp;Swiss Life Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20184 | &nbsp;&nbsp;&nbsp;&nbsp; 20153 |
|  | &nbsp;&nbsp;&nbsp;Swisscom AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18232 | &nbsp;&nbsp;&nbsp;&nbsp; 12159 |
|  | &nbsp;&nbsp;&nbsp;SGS SA (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;110786 | &nbsp;&nbsp;&nbsp;&nbsp; 10819 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145521 | &nbsp;&nbsp;&nbsp;&nbsp; 9437 |
|  | &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35163 | &nbsp;&nbsp;&nbsp;&nbsp; 8098 |
|  | &nbsp;&nbsp;&nbsp;Swiss Prime Site AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54430 | &nbsp;&nbsp;&nbsp;&nbsp; 7675 |
|  | &nbsp;&nbsp;&nbsp;Baloise Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32387 | &nbsp;&nbsp;&nbsp;&nbsp; 7205 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19915 | &nbsp;&nbsp;&nbsp;&nbsp; 6928 |
|  | &nbsp;&nbsp;&nbsp;PSP Swiss Property AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32021 | &nbsp;&nbsp;&nbsp;&nbsp; 5702 |
|  | &nbsp;&nbsp;&nbsp;Helvetia Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24833 | &nbsp;&nbsp;&nbsp;&nbsp; 5478 |
|  | &nbsp;&nbsp;&nbsp;Swatch Group AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20874 | &nbsp;&nbsp;&nbsp;&nbsp; 3623 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;117801 | &nbsp;&nbsp;&nbsp;&nbsp; 3066 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19974 | &nbsp;&nbsp;&nbsp;&nbsp; 2458 |
|  | &nbsp;&nbsp;&nbsp;Clariant AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;167578 | &nbsp;&nbsp;&nbsp;&nbsp; 1876 |
|  | &nbsp;&nbsp;&nbsp;DKSH Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24833 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **802401** |
| **Taiwan (3.7%)** | **Taiwan (3.7%)** | **Taiwan (3.7%)** | **Taiwan (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;MediaTek Inc. | 1062000 | &nbsp;&nbsp;&nbsp;&nbsp; 45128 |
|  | &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 8553000 | &nbsp;&nbsp;&nbsp;&nbsp; 38106 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co. Ltd. | 5826218 | &nbsp;&nbsp;&nbsp;&nbsp; 15442 |
|  | &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 11746120 | &nbsp;&nbsp;&nbsp;&nbsp; 14474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quanta Computer Inc. | 1902000 | &nbsp;&nbsp;&nbsp;&nbsp; 14289 |
|  | &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co. Ltd. | 6593973 | &nbsp;&nbsp;&nbsp;&nbsp; 12150 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United Microelectronics Corp. | 8422000 | &nbsp;&nbsp;&nbsp;&nbsp; 11818 |
|  | &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. | 2730000 | &nbsp;&nbsp;&nbsp;&nbsp; 11037 |
|  | &nbsp;&nbsp;&nbsp;Mega Financial Holding Co. Ltd. | 8452741 | &nbsp;&nbsp;&nbsp;&nbsp; 10010 |
|  | &nbsp;&nbsp;&nbsp;E.Sun Financial Holding Co. Ltd. | 10898000 | &nbsp;&nbsp;&nbsp;&nbsp; 9666 |
|  | &nbsp;&nbsp;&nbsp;Asustek Computer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;505268 | &nbsp;&nbsp;&nbsp;&nbsp; 9240 |
|  | &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 2011171 | &nbsp;&nbsp;&nbsp;&nbsp; 8570 |
|  | &nbsp;&nbsp;&nbsp;Uni-President Enterprises Corp. | 3435000 | &nbsp;&nbsp;&nbsp;&nbsp; 8255 |
|  | &nbsp;&nbsp;&nbsp;Yuanta Financial Holding Co. Ltd. | 8178566 | &nbsp;&nbsp;&nbsp;&nbsp; 8013 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 6668 |

---

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International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wistron Corp. | 1947656 | &nbsp;&nbsp;&nbsp;&nbsp; 6250 |
|  | &nbsp;&nbsp;&nbsp;First Financial Holding Co. Ltd. | 7580255 | &nbsp;&nbsp;&nbsp;&nbsp; 6036 |
|  | &nbsp;&nbsp;&nbsp;KGI Financial Holding Co. Ltd. | 11276000 | &nbsp;&nbsp;&nbsp;&nbsp; 5849 |
|  | &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings Co. Ltd. | 8477294 | &nbsp;&nbsp;&nbsp;&nbsp; 5665 |
|  | &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp; 5606 |
|  | &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings Co. Ltd. Class C | 6545156 | &nbsp;&nbsp;&nbsp;&nbsp; 5542 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;771800 | &nbsp;&nbsp;&nbsp;&nbsp; 5001 |
|  | &nbsp;&nbsp;&nbsp;Largan Precision Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp; 4848 |
|  | &nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 1529194 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 |
|  | &nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 4453 |
|  | &nbsp;&nbsp;&nbsp;TCC Group Holdings Co. Ltd. | 4763119 | &nbsp;&nbsp;&nbsp;&nbsp; 4426 |
|  | &nbsp;&nbsp;&nbsp;Taishin Financial Holding Co. Ltd. | 8438261 | &nbsp;&nbsp;&nbsp;&nbsp; 4410 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank Ltd. | 2677677 | &nbsp;&nbsp;&nbsp;&nbsp; 3949 |
|  | &nbsp;&nbsp;&nbsp;Chailease Holding Co. Ltd. | 1077479 | &nbsp;&nbsp;&nbsp;&nbsp; 3877 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp; 3794 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Mobile Co. Ltd. | 1066000 | &nbsp;&nbsp;&nbsp;&nbsp; 3785 |
|  | &nbsp;&nbsp;&nbsp;Pegatron Corp. | 1454000 | &nbsp;&nbsp;&nbsp;&nbsp; 3694 |
|  | &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications Co. Ltd. | 1272000 | &nbsp;&nbsp;&nbsp;&nbsp; 3411 |
|  | &nbsp;&nbsp;&nbsp;President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp; 3075 |
|  | &nbsp;&nbsp;&nbsp;Catcher Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;434672 | &nbsp;&nbsp;&nbsp;&nbsp; 2959 |
|  | &nbsp;&nbsp;&nbsp;Gigabyte Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;371000 | &nbsp;&nbsp;&nbsp;&nbsp; 2678 |
|  | &nbsp;&nbsp;&nbsp;Chroma ATE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp; 2596 |
|  | &nbsp;&nbsp;&nbsp;Compal Electronics Inc. | 2864000 | &nbsp;&nbsp;&nbsp;&nbsp; 2468 |
|  | &nbsp;&nbsp;&nbsp;Asia Cement Corp. | 1748000 | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
|  | &nbsp;&nbsp;&nbsp;Eva Airways Corp. | 1959000 | &nbsp;&nbsp;&nbsp;&nbsp; 2353 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Inventec Corp. | 1832994 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Acer Inc. | 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2224 |
|  | &nbsp;&nbsp;&nbsp;WPG Holdings Ltd. | 1049000 | &nbsp;&nbsp;&nbsp;&nbsp; 2222 |
|  | &nbsp;&nbsp;&nbsp;King Yuan Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;802000 | &nbsp;&nbsp;&nbsp;&nbsp; 2181 |
|  | &nbsp;&nbsp;&nbsp;Far Eastern New Century Corp. | 2095000 | &nbsp;&nbsp;&nbsp;&nbsp; 2156 |
|  | &nbsp;&nbsp;&nbsp;Synnex Technology International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;971000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
|  | &nbsp;&nbsp;&nbsp;Micro-Star International Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;491000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;745712 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
|  | &nbsp;&nbsp;&nbsp;Chicony Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;423370 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 |
|  | &nbsp;&nbsp;&nbsp;Cheng Shin Rubber Industry Co. Ltd. | 1298994 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Eclat Textile Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;143200 | &nbsp;&nbsp;&nbsp;&nbsp; 1867 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Globalwafers Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp; 1728 |
|  | &nbsp;&nbsp;&nbsp;Pou Chen Corp. | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
|  | &nbsp;&nbsp;&nbsp;Powertech Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp; 1621 |
|  | &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;454000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391 |
|  | &nbsp;&nbsp;&nbsp;Sino-American Silicon Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
|  | &nbsp;&nbsp;&nbsp;China Airlines Ltd. | 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344 |
|  | &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;148022 | &nbsp;&nbsp;&nbsp;&nbsp; 1292 |
|  | &nbsp;&nbsp;&nbsp;Teco Electric & Machinery Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;826000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266 |
|  | &nbsp;&nbsp;&nbsp;Taiwan High Speed Rail Corp. | 1467000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
|  | &nbsp;&nbsp;&nbsp;Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;351273 | &nbsp;&nbsp;&nbsp;&nbsp; 1243 |
|  | &nbsp;&nbsp;&nbsp;Walsin Lihwa Corp. | 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
|  | &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |
|  | &nbsp;&nbsp;&nbsp;Capital Securities Corp. | 1412000 | &nbsp;&nbsp;&nbsp;&nbsp; 1149 |
|  | &nbsp;&nbsp;&nbsp;Ruentex Development Co. Ltd. | 1066000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
|  | &nbsp;&nbsp;&nbsp;Formosa Petrochemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;958486 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
|  | &nbsp;&nbsp;&nbsp;Giant Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;220967 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
|  | &nbsp;&nbsp;&nbsp;Eternal Materials Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
|  | &nbsp;&nbsp;&nbsp;Far Eastern International Bank | 1685905 | &nbsp;&nbsp;&nbsp;&nbsp; 679 |
|  | &nbsp;&nbsp;&nbsp;Transcend Information Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Secom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp;Yulon Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;449288 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;U-Ming Marine Transport Corp. | &nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;China Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
|  | &nbsp;&nbsp;&nbsp;Formosa Sumco Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **376067** |
| **Thailand (0.5%)** | **Thailand (0.5%)** | **Thailand (0.5%)** | **Thailand (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;PTT PCL | 10266800 | &nbsp;&nbsp;&nbsp;&nbsp; 9521 |
|  | &nbsp;&nbsp;&nbsp;Advanced Info Service PCL | &nbsp;&nbsp;&nbsp;&nbsp;808104 | &nbsp;&nbsp;&nbsp;&nbsp; 7128 |
|  | &nbsp;&nbsp;&nbsp;SCB X PCL | 1221600 | &nbsp;&nbsp;&nbsp;&nbsp; 4353 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Kasikornbank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;865400 | &nbsp;&nbsp;&nbsp;&nbsp; 4133 |
|  | &nbsp;&nbsp;&nbsp;Central Pattana PCL | 2171200 | &nbsp;&nbsp;&nbsp;&nbsp; 3282 |
|  | &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp;988830 | &nbsp;&nbsp;&nbsp;&nbsp; 2943 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Krung Thai Bank PCL | 4494200 | &nbsp;&nbsp;&nbsp;&nbsp; 2933 |
|  | &nbsp;&nbsp;&nbsp;Charoen Pokphand Foods PCL | 3400200 | &nbsp;&nbsp;&nbsp;&nbsp; 2693 |
|  | &nbsp;&nbsp;&nbsp;Siam Cement PCL (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;552950 | &nbsp;&nbsp;&nbsp;&nbsp; 2642 |
|  | &nbsp;&nbsp;&nbsp;Kasikornbank PCL | &nbsp;&nbsp;&nbsp;&nbsp;405700 | &nbsp;&nbsp;&nbsp;&nbsp; 1937 |
|  | &nbsp;&nbsp;&nbsp;TMBThanachart Bank PCL | 32692000 | &nbsp;&nbsp;&nbsp;&nbsp; 1791 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;258200 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
|  | &nbsp;&nbsp;&nbsp;Home Product Center PCL | 3905400 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
|  | &nbsp;&nbsp;&nbsp;Digital Telecommunications Infrastructure Fund Class F | 3759200 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
|  | &nbsp;&nbsp;&nbsp;Land & Houses PCL (Registered) | 6843700 | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
|  | &nbsp;&nbsp;&nbsp;PTT Oil & Retail Business PCL | 1932500 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
|  | &nbsp;&nbsp;&nbsp;Ratch Group PCL | &nbsp;&nbsp;&nbsp;&nbsp;973250 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
|  | &nbsp;&nbsp;&nbsp;Banpu PCL (Registered) | 5876750 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;Thai Union Group PCL Class F | 2267200 | &nbsp;&nbsp;&nbsp;&nbsp; 732 |
|  | &nbsp;&nbsp;&nbsp;PTT Global Chemical PCL | 1390700 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;164800 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp;Indorama Ventures PCL | 1172700 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
|  | &nbsp;&nbsp;&nbsp;Thai Life Insurance PCL | 1744500 | &nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;Thai Oil PCL | &nbsp;&nbsp;&nbsp;&nbsp;778740 | &nbsp;&nbsp;&nbsp;&nbsp; 623 |
|  | &nbsp;&nbsp;&nbsp;Electricity Generating PCL | &nbsp;&nbsp;&nbsp;&nbsp;153800 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
|  | &nbsp;&nbsp;&nbsp;Osotspa PCL | &nbsp;&nbsp;&nbsp;&nbsp;978300 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
|  | &nbsp;&nbsp;&nbsp;Berli Jucker PCL | &nbsp;&nbsp;&nbsp;&nbsp;646300 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp;Siam City Cement PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44027 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **55241** |
| **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Akbank TAS | 2196425 | &nbsp;&nbsp;&nbsp;&nbsp; 2791 |
|  | &nbsp;&nbsp;&nbsp;KOC Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;621647 | &nbsp;&nbsp;&nbsp;&nbsp; 2238 |
|  | &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri A/S | &nbsp;&nbsp;&nbsp;&nbsp;648344 | &nbsp;&nbsp;&nbsp;&nbsp; 2107 |
|  | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri A/S | &nbsp;&nbsp;&nbsp;&nbsp;855150 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
|  | &nbsp;&nbsp;&nbsp;Haci Omer Sabanci Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;964183 | &nbsp;&nbsp;&nbsp;&nbsp; 1844 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Turkiye Is Bankasi A/S Class C | 5580849 | &nbsp;&nbsp;&nbsp;&nbsp; 1503 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Eregli Demir ve Celik Fabrikalari TAS | 2469544 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi A/S | 2350752 | &nbsp;&nbsp;&nbsp;&nbsp; 1398 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi A/S | &nbsp;&nbsp;&nbsp;&nbsp;425608 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
|  | &nbsp;&nbsp;&nbsp;Ford Otomotiv Sanayi A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45044 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Enka Insaat ve Sanayi A/S | &nbsp;&nbsp;&nbsp;&nbsp;614791 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Tofas Turk Otomobil Fabrikasi A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85815 | &nbsp;&nbsp;&nbsp;&nbsp; 449 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Mavi Giyim Sanayi Ve Ticaret A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;396176 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
|  | &nbsp;&nbsp;&nbsp;Turkiye Sigorta A/S | &nbsp;&nbsp;&nbsp;&nbsp;701275 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;Dogus Otomotiv Servis ve Ticaret A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62175 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp;Turk Traktor ve Ziraat Makineleri A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16134 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;Nuh Cimento Sanayi A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38074 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Aksa Akrilik Kimya Sanayii A/S | &nbsp;&nbsp;&nbsp;&nbsp;910920 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Enerjisa Enerji A/S | &nbsp;&nbsp;&nbsp;&nbsp;161046 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;Aksa Enerji Uretim A/S | &nbsp;&nbsp;&nbsp;&nbsp;165898 | &nbsp;&nbsp;&nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Aygaz A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34802 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
|  | &nbsp;&nbsp;&nbsp;Anadolu Hayat Emeklilik A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46579 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Akcansa Cimento A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26388 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;Vestel Beyaz Esya Sanayi ve Ticaret A/S | &nbsp;&nbsp;&nbsp;&nbsp;266899 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
|  | &nbsp;&nbsp;&nbsp;Galata Wind Enerji A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99926 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
|  | &nbsp;&nbsp;&nbsp;Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29190 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Anadolu Isuzu Otomotiv Sanayi Ve Ticaret A/S Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29265 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **21589** |
| **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 | 4814918 | &nbsp;&nbsp;&nbsp;&nbsp; 17205 |
|  | &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 3167265 | &nbsp;&nbsp;&nbsp;&nbsp; 12959 |
|  | &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group Co. PJSC | 2495768 | &nbsp;&nbsp;&nbsp;&nbsp; 11827 |
|  | &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 1296170 | &nbsp;&nbsp;&nbsp;&nbsp; 7254 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 2089643 | &nbsp;&nbsp;&nbsp;&nbsp; 6622 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | 1043789 | &nbsp;&nbsp;&nbsp;&nbsp; 5197 |
|  | &nbsp;&nbsp;&nbsp;Dubai Electricity & Water Authority PJSC | 6204073 | &nbsp;&nbsp;&nbsp;&nbsp; 4527 |
|  | &nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | 2078362 | &nbsp;&nbsp;&nbsp;&nbsp; 4282 |
|  | &nbsp;&nbsp;&nbsp;ADNOC Drilling Co. PJSC | 1768249 | &nbsp;&nbsp;&nbsp;&nbsp; 2359 |
|  | &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;604009 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi National Oil Co. for Distribution PJSC | 2030778 | &nbsp;&nbsp;&nbsp;&nbsp; 1864 |
|  | &nbsp;&nbsp;&nbsp;Salik Co. PJSC | 1346064 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
|  | &nbsp;&nbsp;&nbsp;Air Arabia PJSC | 1679960 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
|  | &nbsp;&nbsp;&nbsp;Borouge plc | 2134450 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
|  | &nbsp;&nbsp;&nbsp;ADNOC Logistics & Services | &nbsp;&nbsp;&nbsp;&nbsp;992155 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
|  | &nbsp;&nbsp;&nbsp;Americana Restaurants International plc - Foreign Co. (XADS) | 2079847 | &nbsp;&nbsp;&nbsp;&nbsp; 1279 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;NMDC Group PJSC | &nbsp;&nbsp;&nbsp;&nbsp;153691 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
|  | &nbsp;&nbsp;&nbsp;Dubai Investments PJSC | 1426310 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
|  | &nbsp;&nbsp;&nbsp;Parkin Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;544933 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
|  | &nbsp;&nbsp;&nbsp;Emirates Central Cooling Systems Corp. | 1444376 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
|  | &nbsp;&nbsp;&nbsp;Fertiglobe plc | &nbsp;&nbsp;&nbsp;&nbsp;824326 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **87730** |
| **United Kingdom (11.2%)** | **United Kingdom (11.2%)** | **United Kingdom (11.2%)** | **United Kingdom (11.2%)** |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 12804939 | &nbsp;&nbsp;&nbsp;&nbsp; 142742 |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XLON) | 4361365 | &nbsp;&nbsp;&nbsp;&nbsp; 140749 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | 1747327 | &nbsp;&nbsp;&nbsp;&nbsp; 111252 |
|  | &nbsp;&nbsp;&nbsp;British American Tobacco plc | 1417252 | &nbsp;&nbsp;&nbsp;&nbsp; 61733 |
|  | &nbsp;&nbsp;&nbsp;GSK plc | 2866791 | &nbsp;&nbsp;&nbsp;&nbsp; 56713 |
|  | &nbsp;&nbsp;&nbsp;BP plc | 11554413 | &nbsp;&nbsp;&nbsp;&nbsp; 53351 |
|  | &nbsp;&nbsp;&nbsp;National Grid plc | 3503088 | &nbsp;&nbsp;&nbsp;&nbsp; 50564 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;766491 | &nbsp;&nbsp;&nbsp;&nbsp; 45675 |
|  | &nbsp;&nbsp;&nbsp;Diageo plc | 1593199 | &nbsp;&nbsp;&nbsp;&nbsp; 44738 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 43857756 | &nbsp;&nbsp;&nbsp;&nbsp; 43089 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 10382640 | &nbsp;&nbsp;&nbsp;&nbsp; 41361 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 5313931 | &nbsp;&nbsp;&nbsp;&nbsp; 34181 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;494729 | &nbsp;&nbsp;&nbsp;&nbsp; 31933 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glencore plc | 8713741 | &nbsp;&nbsp;&nbsp;&nbsp; 28570 |
|  | &nbsp;&nbsp;&nbsp;Imperial Brands plc | &nbsp;&nbsp;&nbsp;&nbsp;597325 | &nbsp;&nbsp;&nbsp;&nbsp; 24510 |
|  | &nbsp;&nbsp;&nbsp;Tesco plc | 4830891 | &nbsp;&nbsp;&nbsp;&nbsp; 23908 |
|  | &nbsp;&nbsp;&nbsp;SSE plc | &nbsp;&nbsp;&nbsp;&nbsp;783784 | &nbsp;&nbsp;&nbsp;&nbsp; 17671 |
|  | &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | &nbsp;&nbsp;&nbsp;&nbsp;367599 | &nbsp;&nbsp;&nbsp;&nbsp; 15434 |
|  | &nbsp;&nbsp;&nbsp;Aviva plc | 1934363 | &nbsp;&nbsp;&nbsp;&nbsp; 14493 |
|  | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 14734435 | &nbsp;&nbsp;&nbsp;&nbsp; 14480 |
|  | &nbsp;&nbsp;&nbsp;Legal & General Group plc | 4215961 | &nbsp;&nbsp;&nbsp;&nbsp; 13276 |
|  | &nbsp;&nbsp;&nbsp;BT Group plc | 4513303 | &nbsp;&nbsp;&nbsp;&nbsp; 10475 |
|  | &nbsp;&nbsp;&nbsp;Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp;208027 | &nbsp;&nbsp;&nbsp;&nbsp; 9048 |
|  | &nbsp;&nbsp;&nbsp;Centrica plc | 3635809 | &nbsp;&nbsp;&nbsp;&nbsp; 7784 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;146901 | &nbsp;&nbsp;&nbsp;&nbsp; 7650 |
|  | &nbsp;&nbsp;&nbsp;United Utilities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;487143 | &nbsp;&nbsp;&nbsp;&nbsp; 7324 |
|  | &nbsp;&nbsp;&nbsp;Severn Trent plc | &nbsp;&nbsp;&nbsp;&nbsp;188207 | &nbsp;&nbsp;&nbsp;&nbsp; 7001 |
|  | &nbsp;&nbsp;&nbsp;Barratt Redrow plc | 1026880 | &nbsp;&nbsp;&nbsp;&nbsp; 6402 |
|  | &nbsp;&nbsp;&nbsp;Associated British Foods plc | &nbsp;&nbsp;&nbsp;&nbsp;220008 | &nbsp;&nbsp;&nbsp;&nbsp; 6065 |
|  | &nbsp;&nbsp;&nbsp;WPP plc | &nbsp;&nbsp;&nbsp;&nbsp;764799 | &nbsp;&nbsp;&nbsp;&nbsp; 5929 |
|  | &nbsp;&nbsp;&nbsp;Kingfisher plc | 1290172 | &nbsp;&nbsp;&nbsp;&nbsp; 4959 |
|  | &nbsp;&nbsp;&nbsp;J Sainsbury plc | 1360887 | &nbsp;&nbsp;&nbsp;&nbsp; 4837 |
|  | &nbsp;&nbsp;&nbsp;Mondi plc | &nbsp;&nbsp;&nbsp;&nbsp;315502 | &nbsp;&nbsp;&nbsp;&nbsp; 4789 |
|  | &nbsp;&nbsp;&nbsp;Intermediate Capital Group plc | &nbsp;&nbsp;&nbsp;&nbsp;190350 | &nbsp;&nbsp;&nbsp;&nbsp; 4788 |
|  | &nbsp;&nbsp;&nbsp;DCC plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70295 | &nbsp;&nbsp;&nbsp;&nbsp; 4594 |
|  | &nbsp;&nbsp;&nbsp;Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;125965 | &nbsp;&nbsp;&nbsp;&nbsp; 4375 |
|  | &nbsp;&nbsp;&nbsp;M&G plc | 1576394 | &nbsp;&nbsp;&nbsp;&nbsp; 4374 |
|  | &nbsp;&nbsp;&nbsp;Phoenix Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;535038 | &nbsp;&nbsp;&nbsp;&nbsp; 4280 |
|  | &nbsp;&nbsp;&nbsp;Taylor Wimpey plc | 2582185 | &nbsp;&nbsp;&nbsp;&nbsp; 4057 |
|  | &nbsp;&nbsp;&nbsp;Persimmon plc | &nbsp;&nbsp;&nbsp;&nbsp;230767 | &nbsp;&nbsp;&nbsp;&nbsp; 3994 |
|  | &nbsp;&nbsp;&nbsp;Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71313 | &nbsp;&nbsp;&nbsp;&nbsp; 3975 |
|  | &nbsp;&nbsp;&nbsp;Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98525 | &nbsp;&nbsp;&nbsp;&nbsp; 3889 |
|  | &nbsp;&nbsp;&nbsp;Endeavour Mining plc | &nbsp;&nbsp;&nbsp;&nbsp;143521 | &nbsp;&nbsp;&nbsp;&nbsp; 3854 |
|  | &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | &nbsp;&nbsp;&nbsp;&nbsp;678691 | &nbsp;&nbsp;&nbsp;&nbsp; 3052 |
|  | &nbsp;&nbsp;&nbsp;Schroders plc | &nbsp;&nbsp;&nbsp;&nbsp;607698 | &nbsp;&nbsp;&nbsp;&nbsp; 2678 |
|  | &nbsp;&nbsp;&nbsp;RS Group plc | &nbsp;&nbsp;&nbsp;&nbsp;334908 | &nbsp;&nbsp;&nbsp;&nbsp; 2309 |
|  | &nbsp;&nbsp;&nbsp;Fresnillo plc | &nbsp;&nbsp;&nbsp;&nbsp;130932 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Airtel Africa plc | &nbsp;&nbsp;&nbsp;&nbsp;727251 | &nbsp;&nbsp;&nbsp;&nbsp; 1664 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Evraz plc | &nbsp;&nbsp;&nbsp;&nbsp;193110 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1146324** |
| **Total Common Stocks (Cost $8,396,947)** | **Total Common Stocks (Cost $8,396,947)** | **Total Common Stocks (Cost $8,396,947)** | &nbsp;&nbsp;&nbsp;&nbsp;**10017373** |
| **Preferred Stocks (1.0%)** | **Preferred Stocks (1.0%)** | **Preferred Stocks (1.0%)** | **Preferred Stocks (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA Preference Shares | 3452947 | &nbsp;&nbsp;&nbsp;&nbsp; 21648 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA Preference Shares | 3923283 | &nbsp;&nbsp;&nbsp;&nbsp; 20732 |
|  | &nbsp;&nbsp;&nbsp;Volkswagen AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;118017 | &nbsp;&nbsp;&nbsp;&nbsp; 12842 |
|  | &nbsp;&nbsp;&nbsp;Banco Bradesco SA Preference Shares | 3739117 | &nbsp;&nbsp;&nbsp;&nbsp; 9046 |
|  | &nbsp;&nbsp;&nbsp;Itausa SA Preference Shares | 4099990 | &nbsp;&nbsp;&nbsp;&nbsp; 7730 |
|  | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57188 | &nbsp;&nbsp;&nbsp;&nbsp; 4615 |
|  | &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA Preference Shares Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97722 | &nbsp;&nbsp;&nbsp;&nbsp; 3364 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. Preference Shares (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24106 | &nbsp;&nbsp;&nbsp;&nbsp; 2588 |
|  | &nbsp;&nbsp;&nbsp;Gerdau SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;962070 | &nbsp;&nbsp;&nbsp;&nbsp; 2541 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais Preference Shares | 1160202 | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16860 | &nbsp;&nbsp;&nbsp;&nbsp; 1777 |
|  | &nbsp;&nbsp;&nbsp;Cia Paranaense de Energia - Copel Preference Shares Class B | &nbsp;&nbsp;&nbsp;&nbsp;784800 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 |
|  | &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA Preference Shares Class B | &nbsp;&nbsp;&nbsp;&nbsp;185900 | &nbsp;&nbsp;&nbsp;&nbsp; 1580 |
|  | &nbsp;&nbsp;&nbsp;Embotelladora Andina SA Preference Shares Class B | &nbsp;&nbsp;&nbsp;&nbsp;268406 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
|  | &nbsp;&nbsp;&nbsp;Isa Energia Brasil SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;202792 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
|  | &nbsp;&nbsp;&nbsp;Metalurgica Gerdau SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;457800 | &nbsp;&nbsp;&nbsp;&nbsp; 678 |
|  | &nbsp;&nbsp;&nbsp;Grupo De Inversiones Suramericana SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57813 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
|  | &nbsp;&nbsp;&nbsp;Bradespar SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;174707 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
|  | &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208 | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
|  | &nbsp;&nbsp;&nbsp;Hanwha Corp. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15498 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp;Amorepacific Corp. (XKRX) Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22145 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| <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 $105,185)** | **Total Preferred Stocks (Cost $105,185)** | **Total Preferred Stocks (Cost $105,185)** | &nbsp;&nbsp;&nbsp;&nbsp;**96910** |
| **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** |
| **Money Market Fund (1.1%)** | **Money Market Fund (1.1%)** | **Money Market Fund (1.1%)** | **Money Market Fund (1.1%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost** $**117,286)** | 1173015 | &nbsp;&nbsp;&nbsp;&nbsp; **117290** |
| **Total Investments (100.2%) (Cost $8,619,418)** | **Total Investments (100.2%) (Cost $8,619,418)** | **Total Investments (100.2%) (Cost $8,619,418)** | &nbsp;&nbsp;&nbsp;&nbsp;**10231573** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(23126)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**10208447** |
| 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 $81,161. |
| 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 April 30, 2025, the aggregate value was $137,173, 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 $85,662 was received for securities on loan, of which $84,548 is held in Vanguard Market Liquidity Fund and $1,114 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 | June 2025 | 109 | 12295 | &nbsp;&nbsp;218 |
| MSCI EAFE Index | June 2025 | 367 | 45778 | &nbsp;&nbsp;1589 |
| MSCI Emerging Markets Index | June 2025 | 343 | 19037 | &nbsp;&nbsp;440 |
| S&P TSX 60 Index | June 2025 | 46 | 9977 | &nbsp;&nbsp;236 |
|  |  |  |  | &nbsp;&nbsp;2483 |

---

&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) |
| Standard Chartered Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;7404 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4596 | &nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5816 | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 6/18/25 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4712 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(36) |
| Deutsche Bank AG | 6/18/25 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;399317 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4569 | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;— |
| Bank of America, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;69035 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;26 | &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 | 6/18/25 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;14251 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;6198 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;9847 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(113) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3001 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;17877 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(111) |
| BNP Paribas | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;6772 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;5888 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(405) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;8462 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;7643 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(222) |
| JPMorgan Chase Bank, N.A. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4109 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;3587 | &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(57) |
| UBS AG | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4386 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;34016 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;21559 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;3226606 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1133) |
| Toronto-Dominion Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;2307158 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(29) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5) |
| Deutsche Bank AG | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;70773 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(60) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;(2174) |

---

---

| |
|:---|
| 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 April 30, 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 $8,502,132) | 10114283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $117,286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117290 |
| Total Investments in Securities | 10231573 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980 |
| Cash Collateral Pledged—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 |
| Cash Collateral Received for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263 |
| Foreign Currency, at Value (Cost $31,345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30739 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54570 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73921 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
| **Total Assets** | **10409326** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60394 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36090 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85662 |
| Collateral for ETF Capital Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7044 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200879** |
| **Net Assets** | **10208447** |
| 1 Includes $81,161 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;8699241 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;1509206 |
| **Net Assets** | **10208447** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 127,362,100 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**9642521** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$75.71** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 15,416,656 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**565926** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$36.71** |

---

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

------

International High Dividend Yield Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 199739 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
| Total Income | 200758 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;6558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;8442 |
| **Net Investment Income** | **192316** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 106094 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(653) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1011 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;(1327) |
| **Realized Net Gain (Loss)** | **105125** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,3</sup> | 557885 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;3267 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;(2430) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;3406 |
| **Change in Unrealized Appreciation (Depreciation)** | **562128** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **859569** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $19,373. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $226, ($11), and less than $1, 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 ($2097). |

---

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

------

International High Dividend Yield Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350898 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50126) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562128 | &nbsp;&nbsp;&nbsp;1252021 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859569 | &nbsp;&nbsp;&nbsp;1552793 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(181936) | &nbsp;&nbsp;&nbsp;&nbsp;(341250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22484) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(193008) | &nbsp;&nbsp;&nbsp;&nbsp;(363734) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;1126567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9257) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1159957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597197 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1826518 | &nbsp;&nbsp;&nbsp;1786256 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**8381929** | &nbsp;&nbsp;&nbsp;**6595673** |
| **End of Period** | **10208447** | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$70.42** | &nbsp;&nbsp;&nbsp;**$59.80** | &nbsp;&nbsp;&nbsp;**$54.67** | &nbsp;&nbsp;&nbsp;**$67.77** | &nbsp;&nbsp;&nbsp;**$50.47** | &nbsp;&nbsp;&nbsp;**$61.27** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.559 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.076 |
| Net Realized and Unrealized Gain (Loss) on Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.296 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(10.944) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;6.855 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(8.868) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;(1.565) | &nbsp;&nbsp;&nbsp;&nbsp;(3.186) | &nbsp;&nbsp;&nbsp;&nbsp;(2.850) | &nbsp;&nbsp;&nbsp;&nbsp;(3.099) | &nbsp;&nbsp;&nbsp;&nbsp;(2.510) | &nbsp;&nbsp;&nbsp;&nbsp;(1.932) |
| 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;(1.565) | &nbsp;&nbsp;&nbsp;&nbsp;(3.186) | &nbsp;&nbsp;&nbsp;&nbsp;(2.850) | &nbsp;&nbsp;&nbsp;&nbsp;(3.099) | &nbsp;&nbsp;&nbsp;&nbsp;(2.510) | &nbsp;&nbsp;&nbsp;&nbsp;(1.932) |
| **Net Asset Value, End of Period** | **$75.71** | &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** |
| **Total Return** | **9.94%** | &nbsp;&nbsp;&nbsp;**23.39%** | &nbsp;&nbsp;&nbsp;**14.53%** | &nbsp;&nbsp;&nbsp;**-15.16%** | &nbsp;&nbsp;&nbsp;**39.55%** | &nbsp;&nbsp;&nbsp;**-14.55%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $9643 | &nbsp;&nbsp;&nbsp;$7887 | &nbsp;&nbsp;&nbsp;$6167 | &nbsp;&nbsp;&nbsp;$4198 | &nbsp;&nbsp;&nbsp;$3061 | &nbsp;&nbsp;&nbsp;$1325 |
| Ratio of Total Expenses to Average Net Assets | 0.19% | &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% | &nbsp;&nbsp;&nbsp;0.28%<sup>3</sup> |
| Ratio of Net Investment Income to Average Net Assets | 4.42% | &nbsp;&nbsp;&nbsp;4.48% | &nbsp;&nbsp;&nbsp;4.68% | &nbsp;&nbsp;&nbsp;5.24% | &nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;3.81% |
| Portfolio Turnover Rate<sup>4</sup> | 7% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;20% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.01, $.00, and $.03. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.22%, 0.22%, 0.22%, and 0.27%, respectively. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

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

------

International High Dividend Yield Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &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 | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$34.15** | &nbsp;&nbsp;&nbsp;**$28.99** | &nbsp;&nbsp;&nbsp;**$26.51** | &nbsp;&nbsp;&nbsp;**$32.85** | &nbsp;&nbsp;&nbsp;**$24.45** | &nbsp;&nbsp;&nbsp;**$29.69** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.748 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.034 |
| Net Realized and Unrealized Gain (Loss) on Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.570 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(5.336) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.318 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(4.302) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.758) | &nbsp;&nbsp;&nbsp;&nbsp;(1.544) | &nbsp;&nbsp;&nbsp;&nbsp;(1.380) | &nbsp;&nbsp;&nbsp;&nbsp;(1.501) | &nbsp;&nbsp;&nbsp;&nbsp;(1.215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.938) |
| 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;(.758) | &nbsp;&nbsp;&nbsp;&nbsp;(1.544) | &nbsp;&nbsp;&nbsp;&nbsp;(1.380) | &nbsp;&nbsp;&nbsp;&nbsp;(1.501) | &nbsp;&nbsp;&nbsp;&nbsp;(1.215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.938) |
| **Net Asset Value, End of Period** | **$36.71** | &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** |
| **Total Return<sup>3</sup>** | **9.92%** | &nbsp;&nbsp;&nbsp;**23.44%** | &nbsp;&nbsp;&nbsp;**14.47%** | &nbsp;&nbsp;&nbsp;**-15.11%** | &nbsp;&nbsp;&nbsp;**39.59%** | &nbsp;&nbsp;&nbsp;**-14.59%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $566 | &nbsp;&nbsp;&nbsp;$495 | &nbsp;&nbsp;&nbsp;$429 | &nbsp;&nbsp;&nbsp;$420 | &nbsp;&nbsp;&nbsp;$395 | &nbsp;&nbsp;&nbsp;$267 |
| Ratio of Total Expenses to Average Net Assets | 0.19% | &nbsp;&nbsp;&nbsp;0.22%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;0.28%<sup>4</sup> |
| Ratio of Net Investment Income to Average Net Assets | 4.37% | &nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;4.62% | &nbsp;&nbsp;&nbsp;5.15% | &nbsp;&nbsp;&nbsp;4.19% | &nbsp;&nbsp;&nbsp;3.99% |
| Portfolio Turnover Rate<sup>5</sup> | 7% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;20% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, $.00, and $.01. |
| 3 | 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. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.22%, 0.22%, 0.22%, and 0.27%, 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, 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 six months ended April 30, 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 six months ended April 30, 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. 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.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

------

International High Dividend Yield Index Fund

**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 April 30, 2025, the fund had contributed to Vanguard capital in the amount of $261,000, representing less than 0.01% of the fund's net assets and 0.10% 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 April 30, 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 | 1034804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1034804 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9036 | &nbsp;&nbsp;&nbsp;8973530 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;8982569 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22739 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96910 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;117290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117290 |
| Total | 1235301 | &nbsp;&nbsp;&nbsp;8996269 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;10231573 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2483 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
| Total | 2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2984 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2174) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2174) |

---

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 April 30, 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> | 2483 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2483 |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;501 |
| Total Assets | 2483 | &nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;2984 |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(2174) | &nbsp;&nbsp;&nbsp;(2174) |
| Total Liabilities |  | &nbsp;&nbsp;&nbsp;(2174) | &nbsp;&nbsp;&nbsp;(2174) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 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 | (653) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(653) |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;1011 |
| Realized Net Gain (Loss) on Derivatives | (653) | &nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;358 |

---

------

International High Dividend Yield Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Change in Unrealized Appreciation (Depreciation) 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 | 3267 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3267 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;(2430) | &nbsp;&nbsp;&nbsp;(2430) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 3267 | &nbsp;&nbsp;&nbsp;(2430) | &nbsp;&nbsp;&nbsp;837 |

---

**E.** As of April 30, 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;8687727 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1960488 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(415832) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1544656 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $213,294,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended April 30, 2025, the fund purchased $856,273,000 of investment securities and sold $573,479,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $836,735,000 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 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> | 1126567 | &nbsp;&nbsp;&nbsp;15368 | &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 | 1126567 | &nbsp;&nbsp;&nbsp;15368 | &nbsp;&nbsp;&nbsp;606454 | &nbsp;&nbsp;&nbsp;&nbsp;8863 |
| **Admiral Shares** |  |  |  |  |
| Issued<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68671 | &nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;56267 | &nbsp;&nbsp;&nbsp;&nbsp;1710 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;12882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| Redeemed<sup>2</sup> | &nbsp;&nbsp;(41608) | &nbsp;&nbsp;(1223) | &nbsp;&nbsp;(78406) | &nbsp;&nbsp;(2403) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;33390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;(9257) | &nbsp;&nbsp;&nbsp;&nbsp;(301) |

---

---

| | |
|:---|:---|
| 1 | Includes purchase fees for fiscal 2025 and 2024 of $171 and $142, respectively (fund totals). |
| 2 | Net of redemption fees for fiscal 2025 and 2024 of $91 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.

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 April 30, 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.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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

------

International High Dividend Yield Index Fund

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.

Q20152 062025

------

![](tm2515692d12intldivgwthfi001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard International Dividend Growth Fund

------

#### Contents
Financial Statements 1 <br>

------

International Dividend Growth Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 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 (96.8%)** | **Common Stocks (96.8%)** | **Common Stocks (96.8%)** |
| **Belgium (1.2%)** | **Belgium (1.2%)** | **Belgium (1.2%)** |
| &nbsp;&nbsp;&nbsp;KBC Group NV ADR | 29238 | &nbsp;&nbsp;&nbsp;&nbsp; 1348 |
| **Canada (7.0%)** | **Canada (7.0%)** | **Canada (7.0%)** |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | 21017 | &nbsp;&nbsp;&nbsp;&nbsp; 4668 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 32218 | &nbsp;&nbsp;&nbsp;&nbsp; 3120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7788** |
| **Finland (2.8%)** | **Finland (2.8%)** | **Finland (2.8%)** |
| &nbsp;&nbsp;&nbsp;Kone OYJ Class B | 51389 | &nbsp;&nbsp;&nbsp;&nbsp; 3183 |
| **France (11.3%)** | **France (11.3%)** | **France (11.3%)** |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 14417 | &nbsp;&nbsp;&nbsp;&nbsp; 3368 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | 19804 | &nbsp;&nbsp;&nbsp;&nbsp; 3162 |
| &nbsp;&nbsp;&nbsp;AXA SA | 64142 | &nbsp;&nbsp;&nbsp;&nbsp; 3034 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 14900 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12543** |
| **Germany (6.3%)** | **Germany (6.3%)** | **Germany (6.3%)** |
| &nbsp;&nbsp;&nbsp;Symrise AG | 32927 | &nbsp;&nbsp;&nbsp;&nbsp; 3797 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 23198 | &nbsp;&nbsp;&nbsp;&nbsp; 3230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7027** |
| **Hong Kong (2.1%)** | **Hong Kong (2.1%)** | **Hong Kong (2.1%)** |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 310330 | &nbsp;&nbsp;&nbsp;&nbsp; 2325 |
| **Japan (15.5%)** | **Japan (15.5%)** | **Japan (15.5%)** |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | 28941 | &nbsp;&nbsp;&nbsp;&nbsp; 3405 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8134 | &nbsp;&nbsp;&nbsp;&nbsp; 3401 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | 68531 | &nbsp;&nbsp;&nbsp;&nbsp; 2935 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | 46080 | &nbsp;&nbsp;&nbsp;&nbsp; 2655 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | 92220 | &nbsp;&nbsp;&nbsp;&nbsp; 2433 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | 134350 | &nbsp;&nbsp;&nbsp;&nbsp; 2381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17210** |
| **Netherlands (5.1%)** | **Netherlands (5.1%)** | **Netherlands (5.1%)** |
| &nbsp;&nbsp;&nbsp;Heineken NV | 33369 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;&nbsp; 2658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5645** |
| **Spain (4.9%)** | **Spain (4.9%)** | **Spain (4.9%)** |
| &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | 159164 | &nbsp;&nbsp;&nbsp;&nbsp; 2869 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 47558 | &nbsp;&nbsp;&nbsp;&nbsp; 2557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5426** |
| **Sweden (2.4%)** | **Sweden (2.4%)** | **Sweden (2.4%)** |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB Class B | 89509 | &nbsp;&nbsp;&nbsp;&nbsp; 2717 |
| **Switzerland (12.9%)** | **Switzerland (12.9%)** | **Switzerland (12.9%)** |
| &nbsp;&nbsp;&nbsp;Sika AG (Registered) | 13074 | &nbsp;&nbsp;&nbsp;&nbsp; 3267 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 |
| &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 24328 | &nbsp;&nbsp;&nbsp;&nbsp; 2775 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;7709 | &nbsp;&nbsp;&nbsp;&nbsp; 2521 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 23629 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14328** |
| **United Kingdom (22.4%)** | **United Kingdom (22.4%)** | **United Kingdom (22.4%)** |
| &nbsp;&nbsp;&nbsp;Experian plc | 78433 | &nbsp;&nbsp;&nbsp;&nbsp; 3902 |
| &nbsp;&nbsp;&nbsp;Unilever plc | 53242 | &nbsp;&nbsp;&nbsp;&nbsp; 3395 |
| &nbsp;&nbsp;&nbsp;BAE Systems plc | 142125 | &nbsp;&nbsp;&nbsp;&nbsp; 3295 |
| &nbsp;&nbsp;&nbsp;Compass Group plc | 96337 | &nbsp;&nbsp;&nbsp;&nbsp; 3248 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc | 19203 | &nbsp;&nbsp;&nbsp;&nbsp; 2751 |
| &nbsp;&nbsp;&nbsp;Diageo plc | 96701 | &nbsp;&nbsp;&nbsp;&nbsp; 2715 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 33321 | &nbsp;&nbsp;&nbsp;&nbsp; 2151 |

---

------

International Dividend Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Shell plc (XLON) | 39214 | &nbsp;&nbsp;&nbsp;&nbsp; 1266 |
|  | &nbsp;&nbsp;&nbsp;Prudential plc (XLON) | 109833 | &nbsp;&nbsp;&nbsp;&nbsp; 1168 |
|  | &nbsp;&nbsp;&nbsp;Smith & Nephew plc | 78955 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **25002** |
| **United States (2.9%)** | **United States (2.9%)** | **United States (2.9%)** | **United States (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;7030 | &nbsp;&nbsp;&nbsp;&nbsp; 3186 |
| **Total Common Stocks (Cost $98,528)** | **Total Common Stocks (Cost $98,528)** | **Total Common Stocks (Cost $98,528)** | &nbsp;&nbsp;&nbsp;&nbsp;**107728** |
| **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** |
| **Money Market Fund (2.9%)** | **Money Market Fund (2.9%)** | **Money Market Fund (2.9%)** | **Money Market Fund (2.9%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost** $**3,219)** | 32187 | &nbsp;&nbsp;&nbsp;&nbsp; 3219 |
| **Total Investments (99.7%) (Cost $101,747)** | **Total Investments (99.7%) (Cost $101,747)** | **Total Investments (99.7%) (Cost $101,747)** | &nbsp;&nbsp;&nbsp;&nbsp;**110947** |
| **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**368** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**111315** |
| 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 April 30, 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 $98,528) | 107728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $3,219) | &nbsp;&nbsp;&nbsp;&nbsp;3219 |
| Total Investments in Securities | 110947 |
| 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;514 |
| Foreign Currency, at Value (Cost $113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| **Total Assets** | **112320** |
| **Liabilities** |  |
| Due to Broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**1005** |
| **Net Assets** | **111315** |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 102704 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;8611 |
| **Net Assets** | **111315** |
| **Net Assets** |  |
| **Applicable to 9,874,447 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **111315** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;**$11.27** |

---

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

------

International Dividend Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 1211 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Total Income | 1268 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;283 |
| Fees Waived/Expenses Reimbursed—Note D | &nbsp;&nbsp;&nbsp;&nbsp;(11) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**996** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | (1277) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Realized Net Gain (Loss)** | **(1260)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | 3818 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| **Change in Unrealized Appreciation (Depreciation)** | **3836** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **3572** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $141. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $57, 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5379 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;3572 | &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;21677 | &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;(26472) | &nbsp;&nbsp;&nbsp;&nbsp;(24489) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(3170) | &nbsp;&nbsp;&nbsp;105740 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1673) | &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** | **111315** | &nbsp;&nbsp;&nbsp;**112988** |

---

1 Commencement of subscription period for the fund.

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

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International Dividend Growth Fund

Financial Highlights

---

| | | |
|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30, 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;.103 | &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;.316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.873 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.419 | &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;**$11.27** | &nbsp;&nbsp;&nbsp;**$11.06** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**4.02%** | &nbsp;&nbsp;&nbsp;**10.80%** |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$111 | &nbsp;&nbsp;&nbsp;$113 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.54%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.55%<sup>5,6</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;1.89%<sup>5</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;24% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 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 (0.00%). |
| 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 six months ended April 30, 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.

**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 six months ended April 30, 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 $2,000 (less than 0.01%) 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, 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 April 30, 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.

------

International Dividend Growth Fund

**D.** Pursuant to terms of an agreement with a third-party service provider applicable to newly launched funds, shareholder reporting expenses of $11,000 (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 April 30, 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 | 10974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10974 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;95406 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96754 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;3219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219 |
| Total | 15541 | &nbsp;&nbsp;&nbsp;95406 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;110947 |

---

**F.** As of April 30, 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;101945 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;13376 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(4374) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002 |

---

**G.** During the six months ended April 30, 2025, the fund purchased $15,994,000 of investment securities and sold $20,260,000 of investment securities, other than temporary cash investments.

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

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

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> April 30, 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;2035 | &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 | (2539) | &nbsp;&nbsp;&nbsp;(2287) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;(342) | &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.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. 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

------

International Dividend Growth 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.

QV0212 062025

------

**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.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Whitehall Funds (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker <br>Non-Votes |
| Tara Bunch | 78283461934 | 967758519 | N/A | N/A |
| Mark Loughridge | 77645029894 | 1606190558 | N/A | N/A |
| Scott C. Malpass | 77745731639 | 1505488814 | N/A | N/A |
| John Murphy | 78341600711 | 909619742 | N/A | N/A |
| Lubos Pastor | 78270336930 | 980883523 | N/A | N/A |
| Rebecca Patterson | 78357023411 | 894197042 | N/A | N/A |
| André F. Perold | 78038946056 | 1212274397 | N/A | N/A |
| Salim Ramji | 78011916458 | 1239303995 | N/A | N/A |
| Sarah Bloom Raskin | 78109535752 | 1141684701 | N/A | N/A |
| Grant Reid | 78330964197 | 920256256 | N/A | N/A |
| David Thomas | 78248994516 | 1002225937 | N/A | N/A |
| Barbara Venneman | 78347426235 | 903794218 | N/A | N/A |
| Peter F. Volanakis | 77658923572 | 1592296880 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**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 Arrangements – Selected Value Fund**

The board of trustees of Vanguard Selected Value Fund has renewed the fund's investment advisory arrangements with Pzena Investment Management, LLC (Pzena), Cooke & Bieler, L.P. (C&B), and Donald Smith & Co., Inc. (Donald Smith & Co.). The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each 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 advisors 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 arrangements. 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 fund's investment management services provided by Pzena, C&B, and Donald Smith & Co. over both the short and long term and took into account the organizational depth and stability of each advisor. The board considered the following:

**Pzena.** Founded in 1995, Pzena is a global investment management firm that employs a deep-value investment approach. Pzena uses in-depth fundamental research to identify companies that are temporarily underperforming their long-term earnings power. Companies are purchased when Pzena judges that: (1) the company's problems are temporary; (2) management has a viable strategy to generate recovery; and (3) there is meaningful downside protection in case the earnings recovery does not materialize. Pzena has managed a portion of the fund since 2014.

**C&B.** Founded in 1949, C&B is an independently owned investment boutique with assets across six domestic value strategies. The portfolio management team is comprised of eight analysts/portfolio managers that cover the entire market-cap spectrum and specialize in particular sectors. The team has employed the same research-driven, bottom-up, quality value approach for more than six decades, seeking to invest in high-quality companies trading at attractive valuations. While the team is highly collaborative, the analysts/portfolio managers retain individual decision-making authority across each of the portfolios and coverage for their respective sectors, resulting in a structure that contains elements of a multi-counselor approach. C&B has managed a portion of the fund since 2019.

**Donald Smith & Co.** Founded in 1983, Donald Smith & Co. is a deep-value-oriented firm that manages large-, mid-, and small-capitalization value portfolios. Donald Smith & Co. employs a strictly bottom-up approach, focusing on companies in the bottom decile of price-to-tangible-book value in the benchmark. The advisor uses fundamental analysis to invest in those companies that it considers to be inexpensive relative to their estimate of normalized earnings power and to have solid balance sheets and asset quality. Donald Smith & Co. has managed a portion of the fund since 2005.

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

**Investment performance**

The board considered the short- and long-term performance, as applicable, of Pzena's, C&B's, and Donald Smith & Co.'s subportfolios, 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 arrangements 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 Pzena's, C&B's, and Donald Smith & Co.'s advisory fee rates were also below the peer-group average.

The board did not consider the profitability of Pzena, C&B, or Donald Smith & Co. in determining whether to approve the advisory fees, because the firms are 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 shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Pzena, C&B, and Donald Smith & Co. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

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

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

The board of trustees of Vanguard Mid-Cap Growth Fund has renewed the fund's investment advisory arrangements with Frontier Capital Management Co., LLC (Frontier Capital) and Wellington Management Company LLP (Wellington Management). The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each 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 advisors 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 arrangements. 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 fund's investment management services over both the short and long term and took into account the organizational depth and stability of each advisor. The board considered the following:

**Frontier Capital.** Frontier Capital, a Boston-based investment management firm founded in 1980, is an affiliate of Affiliated Managers Group, Inc. Frontier Capital employs a fundamental, research-intensive investment approach to select mid-capitalization growth stocks. Frontier Capital seeks companies with above-average mid-cap growth prospects and competitive advantages that will allow them to earn superior rates of return on capital over a business cycle. The approach attempts to balance growth prospects with reasonable valuation and is long-term in nature; investment time frames are typically three to five years. Frontier Capital has managed a portion of the fund since 2018.

**Wellington Management.** Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional managers. Wellington Management uses traditional methods of stock selection—fundamental research and analysis—to identify companies that it believes have above-average growth prospects. Wellington Management believes there is a short-term bias in equity markets that rewards near-term cyclical growth and creates opportunity for long-term growth. The team focuses on sustainable earnings power and develops bottom-up valuations based on return on investment capital forecasts, price-to-sales, and quantitative risk factors. Wellington Management seeks to control risk by emphasizing larger positions in established growth stocks and holding smaller positions in emerging names. Wellington Management has managed a portion of the fund since 2018.

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

**Investment performance**

The board considered the short-term, long-term, and since-inception performance, as applicable, of each advisor's subportfolio, 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 arrangements 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 rates were also below the peer-group average.

The board did not consider the profitability of Frontier Capital or Wellington Management in determining whether to approve the advisory fees, because the firms are 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 shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Frontier Capital and Wellington Management. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

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

**Trustees Approve Advisory Arrangement – Emerging Markets Government Bond Index Fund**

The board of trustees of Vanguard Emerging Markets Government Bond Index Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's 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 decision.

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

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

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

**Investment performance**

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

**Trustees Approve Advisory Arrangement – Global Minimum Volatility Fund**

The board of trustees of Vanguard Global Minimum Volatility Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's 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 decision.

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

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

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

**Investment performance**

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with 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 expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

**Trustees Approve Advisory Arrangements – International Dividend Index Funds**

The board of trustees of Vanguard International Dividend Appreciation Index Fund and Vanguard International High Dividend Yield Index Fund has renewed the funds' investment advisory arrangements with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decisions 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 each 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 arrangements. Rather, it was the totality of the circumstances that drove the board's decision.

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

The board reviewed the quality of the investment management services provided to the funds since their inceptions in 2016; it also took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

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

**Investment performance**

The board considered each fund's performance since their inception in 2016, including any periods of outperformance or underperformance compared with its respective target index and peer group. The board concluded that the performance was such that the advisory arrangements should continue.

**Cost**

The board concluded that the funds' expense ratios were below the average expense ratios charged by funds in their respective peer groups and that the funds' advisory expenses were also below their peer-group averages.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that each fund's arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

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

**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. Wellington Management has managed the fund since its inception in 2023.

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.

**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;&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;&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) | Not applicable. |
| [(a)(2)](tm2515692d12_ex99-cert.htm) | [Certifications filed herewith.](tm2515692d12_ex99-cert.htm) |
| [(a)(2)](tm2515692d12_ex99-906cert.htm) | [Certifications filed herewith.](tm2515692d12_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: June 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: June 23, 2025 | Date: June 23, 2025 |
|  | VANGUARD WHITEHALL FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
| \* By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## 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: June 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: June 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: June 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Salim Ramji |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salim Ramji |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

**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 her 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: June 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christine Buchanan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christine Buchanan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |

---