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: 811-5972
Name of Registrant: Vanguard International Equity Index Funds
Address of Registrant: | P.O. Box 2600 |
| Valley Forge, PA 19482 |
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|
Name and address of agent for service: | Heidi Stam, Esquire |
| P.O. Box 876 |
| Valley Forge, PA 19482 |
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Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2007 – October 31, 2008
Item 1: Reports to Shareholders |
> | For the fiscal year ended October 31, 2008, the Investor Shares of Vanguard FTSE All-World ex-US Index Fund posted a –48.32% return. |
> | The fund closely tracked its benchmark index and delivered returns that were close to the average return of its mutual fund peers. |
> | A global credit crisis and fears of a global economic slowdown drove down stock values worldwide. A rising U.S. dollar against most currencies further lowered returns for U.S. investors. |
Contents |
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|
|
Your Fund’s Total Returns | 1 |
President’s Letter | 2 |
Fund Profile | 8 |
Performance Summary | 10 |
Financial Statements | 12 |
Your Fund’s After-Tax Returns | 50 |
About Your Fund’s Expenses | 51 |
Glossary | 53 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Total Returns
Fiscal Year Ended October 31, 2008 |
|
|
| Ticker | Total |
| Symbol | Returns |
Vanguard FTSE All-World ex-US Index Fund |
|
|
Investor Shares | VFWIX | –48.32% |
Institutional Shares1 | VFWSX | –48.18 |
ETF Shares2 | VEU |
|
Market Price |
| –47.85 |
Net Asset Value |
| –48.23 |
FTSE All-World ex US Index |
| –48.37 |
Average International Fund3 |
| –47.97 |
Your Fund’s Performance at a Glance |
|
|
| |
October 31, 2007, Through October 31, 2008 |
|
|
| |
|
|
| Distributions Per Share | |
| Starting | Ending | Income | Capital |
| Share Price | Share Price | Dividends | Gains |
Vanguard FTSE All-World ex-US Index Fund |
|
|
|
|
Investor Shares | $24.91 | $12.77 | $0.185 | $0.000 |
Institutional Shares | 124.76 | 64.06 | 1.044 | 0.000 |
ETF Shares | 63.32 | 32.50 | 0.510 | 0.000 |
1 This class of shares carries lower expenses and is available for a minimum initial investment of $5 million.
2 Vanguard ETF™ Shares are traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
3 Derived from data provided by Lipper Inc.
1
President’s Letter
Dear Shareholder,
After several years of generous returns, international markets dropped steeply during the past 12 months as a global credit crisis caused investors to pull back from riskier securities, such as stocks. Vanguard FTSE All-World ex-US Index Fund’s Investor Shares returned –48.32%.
The bear market spared no country, but the fund’s emerging markets holdings suffered the most, losing more than half their value. Losses among developed European and Pacific markets were a bit less severe, but still deep.
The FTSE All-World ex-US Index Fund tracks the FTSE All-World ex US Index, a benchmark for global stock performance outside U.S. borders. The fund’s return was in line with the return of its benchmark and slightly behind that of its peer group.
Stock prices fell sharply in global upheaval
Global stock markets started the 12-month period near all-time highs but then declined sharply, laid low by the financial crisis that originated in the fixed income markets. The descent traced a series of jagged ups and downs. During the week ended October 10, for example, the U.S. stock market returned about –18%. When Wall Street opened the following Monday, stocks surged, returning more than 10% over the next six-and-a-half hours. For the full 12 months, the broad U.S. stock market returned –36.43%.
2
Bond market averages masked disparate returns
The broad U.S. taxable bond market registered an unremarkable return of 0.30% for the 12 months, but by its own typically sedate standards, the dislocations were extreme. The strong performance of U.S. Treasury and government securities was offset by double-digit declines in the corporate bond market. These dynamics led to unusually large differences between the yields of Treasuries and their corresponding private sector securities—both a reflection and a cause of the credit market’s distress. Despite their generally high creditworthiness, municipal bonds also fell in price, with the broad tax-exempt market registering a 12-month return of –3.30%.
The U.S. Federal Reserve Board responded to the turmoil with new lending programs and a dramatic easing of monetary policy. Over the full 12 months, the Fed reduced its target for the federal funds rate from 4.50% to 1.00%.
Investors turned bearish in every corner of the globe
World stock markets retreated throughout the fiscal year, including the developed European markets that make up about half of the FTSE All-World ex-US Index Fund. The decline of the euro (–10%) and British pound (–25%) against the U.S. dollar in currency markets during the fiscal year amplified losses for U.S.-based investors.
Market Barometer |
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| Average Annual Total Returns | |
| Periods Ended October 31, 2008 | ||
| One Year | Three Years | Five Years |
Stocks |
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|
|
MSCI All Country World Index ex USA (International) | –48.27% | –3.93% | 5.05% |
Russell 1000 Index (Large-caps) | –36.80 | –5.51 | 0.37 |
Russell 2000 Index (Small-caps) | –34.16 | –4.79 | 1.57 |
Dow Jones Wilshire 5000 Index (Entire market) | –36.43 | –5.10 | 0.81 |
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Bonds |
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|
Lehman U.S. Aggregate Bond Index (Broad taxable market) | 0.30% | 3.60% | 3.48% |
Lehman Municipal Bond Index | –3.30 | 1.71 | 2.73 |
Citigroup 3-Month Treasury Bill Index | 2.31 | 3.93 | 3.10 |
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CPI |
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|
Consumer Price Index | 3.66% | 2.83% | 3.20% |
3
Each of the region’s three largest markets—the United Kingdom (–47%), France (–46%), and Germany (–46%), which together represented almost one-third of the index, on average—dropped significantly. In Europe, Switzerland (–32%) was the only market that didn’t fall by at least a third.
Japan, by far the largest market in the Pacific region and the second-largest market in the fund, on average, retreated –37% in U.S. dollar terms, a less severe loss than that experienced by Japanese investors, who saw the Japanese yen rise nearly 17% against the dollar during the period. The other major Pacific markets—Australia, Hong Kong, and Singapore—lost more than half their value.
Canada, which represented the fifth-largest market weighting in the fund, on average, during the period, didn’t escape the downward pull, as it lost –45%. That result was worse for Canadian investors because of the U.S. dollar’s rise of 27% against the Canadian dollar during the year.
True to their more volatile reputation, emerging markets, which on average made up about 17% of the fund, lost the most among international stocks during the period after achieving stellar gains in recent years. All were hit hard by expectations that a U.S. recession would hurt their export-driven economies. South Korea (–63%) and China (–68%) weighed down the fund the most. But no country
Expense Ratios1 |
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Your Fund Compared With Its Peer Group |
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| Average |
| Investor | Institutional | ETF | International |
| Shares | Shares | Shares | Fund |
FTSE All-World ex-US Index Fund | 0.40% | 0.15% | 0.25% | 1.48% |
1 The fund expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the fund’s expense ratios were 0.35% for Investor Shares, 0.10% for Institutional Shares, and 0.20% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2007.
4
was spared outsized losses, including Brazil (–53%), Taiwan (–46%), India (–60%), and Russia (–59%).
Financial companies had the biggest impact
Across virtually all markets, financial stocks had the biggest negative impact. Financials outside the United States represented about a quarter of the fund’s assets and lost –56% worldwide, accounting for about a third of the fund’s negative return. As in the United States, commercial banks, brokerages, and other financial firms grappled with the unprecedented global credit squeeze.
The next two largest sectors in the fund, on average—materials (–57%) and energy (–44%)—suffered from the quick reversal of expectations for the global economy. Oil prices dropped precipitously after peaking at all-time highs in the summer, and the prices of other commodities fell in similarly dramatic fashion.
Other global sectors faced similar headwinds during the global slowdown, including industrials (–55%), information technology (–49%), and telecommunication services (–43%). Consumer staples (–33%) and utilities (–35%), typically less volatile during bear markets, and health care (–21%) were least affected by the downdraft.
Total Returns |
|
March 8, 2007,1 Through October 31, 2008 |
|
| Average |
| Annual Return |
FTSE All-World ex-US Index Fund Investor Shares | –23.44% |
FTSE All-World ex US Index | –23.47 |
Average International Fund2 | –24.98 |
The figures shown represent past performance, which is not a guarantee of future results. (Curre nt performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost.
1 Share-class inception.
2 Derived from data provided by Lipper Inc.
5
The funds’ long-term performance is in line with the markets’
As the table on page 5 shows, the FTSE All-World ex-US Index Fund has met its objective of tracking its benchmark since its inception.
The fund’s return has been slightly better than that of its target index, mostly because of fair-value pricing, which allows the fund to calculate its net asset value based on real-time developments not reflected in closing prices set in overseas markets that operate in different time zones. When fair-value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its index. This discrepancy corrects itself when market prices reflect fair value, usually the next day.
An index fund’s performance may also differ slightly from the return of its target benchmark because the fund may hold a slightly different roster of securities than those listed in the benchmark. Of course, the most consistent performance divergence arises from the operating costs incurred by an index fund—costs not reflected in the return from a benchmark.
Vanguard’s Quantitative Equity Group has managed index funds for more than three decades. Its disciplined execution of the fund’s indexing mandate, combined with the fund’s extremely low costs, can help you execute a long-term strategy of seeking to capture nearly all of the returns from international markets.
International investing still offers valuable diversification
After enjoying several years of strong returns with few bumps along the way, investors in international stocks were harshly reminded in the past year that a bear market can come at any time—and once in a while it can come with unusual severity. Such was the case with the credit crisis of 2008, which has had repercussions that unsettled even the most seasoned investors.
6
Nevertheless, the dramatic increase of international commerce in recent years, particularly in less developed nations, continues to offer long-term growth possibilities for patient investors.
That is why it is important to have a well-thought-out investment strategy based on a diversified mix of stock, bond, and money market mutual funds that fits your goals, time horizon, and risk tolerance. For those who can tolerate the extra volatility that sometimes comes with overseas investing, the FTSE All-World ex-US Index Fund remains a cost-effective way to add an extra element of diversification to your portfolio and thus help you maintain a durable long-term investment plan.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
President and Chief Executive Officer
November 18, 2008
Vanguard FTSE All-World ex-US ETF | ||||
Premium/Discount: March 2, 20071–October 31, 2008 | ||||
|
| |||
| Market Price Above or | Market Price Below | ||
| Equal to Net Asset Value |
| Net Asset Value | |
| Number | Percentage | Number | Percentage |
Basis Point Differential2 | of Days | of Total Days | of Days | of Total Days |
0–24.9 | 132 | 31.21% | 23 | 5.44% |
25–49.9 | 184 | 43.49 | 6 | 1.42 |
50–74.9 | 59 | 13.95 | 2 | 0.47 |
75–100.0 | 4 | 0.95 | 0 | 0.00 |
>100.0 | 13 | 3.07 | 0 | 0.00 |
Total | 392 | 92.67% | 31 | 7.33% |
1 Inception.
2 One basis point equals 1/100 of a percentage point.
7
FTSE All-World ex-US Index Fund
Fund Profile
As of October 31, 2008
Portfolio Characteristics |
|
|
|
| Target |
| Fund | Index1 |
Number of Stocks | 2,205 | 2,217 |
Turnover Rate | 7% | — |
Expense Ratio (10/31/2007)2 |
| — |
Investor Shares | 0.40% |
|
Institutional Shares | 0.15% |
|
ETF Shares | 0.25% |
|
Short-Term Reserves | 0.5% | — |
Sector Diversification (% of equity exposure) | ||
|
| Target |
| Fund | Index1 |
Consumer Discretionary | 9.1% | 9.1% |
Consumer Staples | 9.1 | 9.1 |
Energy | 11.2 | 11.3 |
Financials | 24.4 | 24.3 |
Health Care | 7.3 | 7.3 |
Industrials | 9.7 | 9.8 |
Information Technology | 6.3 | 6.2 |
Materials | 9.1 | 9.2 |
Telecommunication Services | 7.5 | 7.4 |
Utilities | 6.3 | 6.3 |
Ten Largest Holdings3 (% of total net assets) | ||
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|
|
Royal Dutch Shell PLC | integrated oil |
|
| and gas | 1.6% |
BP PLC | integrated oil |
|
| and gas | 1.4 |
Nestle SA (Registered) | packaged foods |
|
| and meats | 1.4 |
HSBC Holdings PLC | diversified banks | 1.3 |
Total SA | integrated oil |
|
| and gas | 1.2 |
Novartis AG (Registered) | pharmaceuticals | 1.0 |
Roche Holdings AG | pharmaceuticals | 1.0 |
Vodafone Group PLC | wireless |
|
| telecommunications | 0.9 |
Toyota Motor Corp. | automobile |
|
| manufacturers | 0.9 |
GlaxoSmithKline PLC | pharmaceuticals | 0.9 |
Top Ten |
| 11.6% |
Allocation by Region (% of equity exposure)
1 FTSE All-World ex US Index.
2 The expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the expense ratios were 0.35% for Investor Shares, 0.10% for Institutional Shares, and 0.20% for ETF Shares.
3 The holdings listed exclude any temporary cash investments and equity index products. See the glossary of investment terms.
8
FTSE All-World ex-US Index Fund
Market Diversification (% of equity exposure) | ||
|
| Target |
| Fund | Index1 |
Europe |
|
|
United Kingdom | 16.0% | 16.1% |
France | 8.5 | 8.8 |
Germany | 6.4 | 6.4 |
Switzerland | 6.2 | 6.3 |
Spain | 3.4 | 3.4 |
Italy | 2.8 | 2.8 |
Netherlands | 1.8 | 1.8 |
Sweden | 1.5 | 1.5 |
Finland | 1.0 | 1.0 |
Other Europe | 3.4 | 3.0 |
Subtotal | 51.0% | 51.1% |
Pacific |
|
|
Japan | 17.3% | 16.8% |
Australia | 4.6 | 4.6 |
Hong Kong | 2.3 | 1.8 |
Other Pacific | 0.9 | 0.9 |
Subtotal | 25.1% | 24.1% |
Emerging Markets |
|
|
South Korea | 2.6% | 2.6% |
Brazil | 2.6 | 2.7 |
Taiwan | 2.2 | 2.2 |
China | 2.2 | 2.6 |
India | 1.6 | 1.7 |
South Africa | 1.5 | 1.5 |
Russia | 1.3 | 1.2 |
Mexico | 1.0 | 1.1 |
Other Emerging | 3.0 | 3.3 |
Subtotal | 18.0% | 18.9% |
North America |
|
|
Canada | 5.9% | 5.9% |
1 FTSE All-World ex US Index.
9
FTSE All-World ex-US Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: March 8, 2007–October 31, 2008
Initial Investment of $10,000
|
| Average Annual Total Returns | Final Value |
| Periods Ended October 31, 2008 | of a $10,000 | |
| One Year | Since Inception1 | Investment |
FTSE All-World ex-US Index Fund |
|
|
|
Investor Shares2 | –48.32% | –23.44% | $6,437 |
FTSE All-World ex US Index | –48.37 | –23.47 | 6,432 |
Average International Fund3 | –47.97 | –24.98 | 6,224 |
|
|
| Final Value of |
|
| Since | a $5,000,000 |
| One Year | Inception1 | Investment |
FTSE All-World ex-US Index Fund |
|
|
|
Institutional Shares2 | –48.18% | –28.61% | $3,011,507 |
FTSE All-World ex US Index | –48.37 | –29.28 | 2,968,715 |
|
|
| Final Value |
|
| Since | of a $10,000 |
| One Year | Inception1 | Investment |
FTSE All-World ex-US Index Fund |
|
|
|
ETF Shares Net Asset Value | –48.23% | –22.19% | $6,583 |
FTSE All-World ex US Index | –48.37 | –22.86 | 6,489 |
1 Performance for the fund and its comparative standards is calculated since the following inception dates: March 8, 2007, for the Investor Shares, April 30, 2007, for the Institutional Shares, and March 2, 2007, for the ETF Shares.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares held for less than two months or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.
3 Derived from data provided by Lipper Inc.
10
FTSE All-World ex-US Index Fund
Cumulative Returns of ETF Shares: March 2, 2007–October 31, 2008 |
|
|
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| Cumulative |
| Since Inception1 |
FTSE All-World ex-US Index Fund ETF Shares Market Price | –33.56 |
FTSE All-World ex-US Index Fund ETF Shares Net Asset Value | –34.17 |
FTSE All-World ex US Index | –35.11 |
Fiscal-Year Total Returns (%): March 8, 2007–October 31, 2008
Average Annual Total Returns: Periods Ended September 30, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
|
|
| Since |
| Inception Date | One Year | Inception |
FTSE All-World ex-US Index Fund |
|
|
|
Investor Shares2 | 3/8/2007 | –28.98% | –11.11% |
Institutional Shares2 | 4/30/2007 | –28.80 | –16.21 |
ETF Shares | 3/2/2007 |
|
|
Market Price |
| –28.86 | –9.64 |
Net Asset Value |
| –28.87 | –9.76 |
1 Performance for the fund and its comparative standards is calculated since the ETF Shares’ inception on March 2, 2007.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares held for less than two months or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.
Note: See Financial Highlights tables for dividend and capital gains information.
11
FTSE All-World ex-US Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
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| Market |
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| Value• |
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| Shares | ($000) |
Common Stocks (98.7%) |
|
| ||
Argentina (0.1%) |
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| ||
|
| Tenaris SA ADR | 57,010 | 1,174 |
|
| Petrobras Energia |
|
|
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| Participaciones SA ADR | 46,561 | 289 |
* |
| Telecom Argentina SA ADR | 14,520 | 85 |
| ^ | Banco Macro Bansud SA ADR | 11,670 | 82 |
|
|
|
| 1,630 |
Australia (4.5%) |
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| ||
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| BHP Billiton Ltd. | 751,795 | 14,443 |
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| Commonwealth Bank |
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| of Australia | 293,833 | 8,032 |
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| National Australia Bank Ltd. | 365,305 | 5,927 |
|
| Westpac Banking Corp., Ltd. | 415,801 | 5,705 |
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| Australia & New Zealand |
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| Bank Group Ltd. | 432,536 | 5,070 |
|
| Woolworths Ltd. | 271,523 | 5,062 |
|
| Westfield Group | 425,546 | 4,700 |
|
| Rio Tinto Ltd. | 75,113 | 3,886 |
|
| QBE Insurance Group Ltd. | 197,248 | 3,365 |
|
| Woodside Petroleum Ltd. | 113,829 | 3,216 |
|
| CSL Ltd. | 121,942 | 2,966 |
|
| Telstra Corp. Ltd. | 976,238 | 2,687 |
|
| St. George Bank Ltd. | 126,428 | 2,365 |
|
| Wesfarmers Ltd. | 144,217 | 2,073 |
|
| Origin Energy Ltd. | 191,688 | 2,010 |
|
| Brambles Ltd. | 314,874 | 1,680 |
|
| Foster’s Group Ltd. | 424,949 | 1,624 |
|
| AMP Ltd. | 416,960 | 1,517 |
|
| Newcrest Mining Ltd. | 101,456 | 1,395 |
| ^ | Macquarie Group, Ltd. | 59,097 | 1,172 |
|
| Santos Ltd. | 127,409 | 1,154 |
|
| Suncorp-Metway Ltd. | 210,505 | 1,133 |
|
| Insurance Australia |
|
|
|
| Group Ltd. | 398,603 | 1,010 |
|
| Stockland | 375,215 | 1,009 |
|
| Orica Ltd. | 77,148 | 1,003 |
|
| AGL Energy Ltd. | 101,327 | 952 |
|
| Transurban Group | 264,087 | 948 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
* |
| Fortescue Metals |
|
|
|
| Group Ltd. | 456,254 | 902 |
|
| AXA Asia Pacific |
|
|
|
| Holdings Ltd. | 294,591 | 869 |
|
| Oil Search Ltd. | 254,082 | 770 |
|
| Australian Stock |
|
|
|
| Exchange Ltd. | 36,910 | 741 |
|
| Sonic Healthcare Ltd. | 81,084 | 741 |
|
| Amcor Ltd. | 186,555 | 720 |
| ^ | Macquarie |
|
|
|
| Infrastructure Group | 543,554 | 712 |
|
| Incitec Pivot Ltd. | 260,320 | 698 |
|
| Coca-Cola Amatil Ltd. | 128,641 | 694 |
|
| Computershare Ltd. | 119,406 | 675 |
|
| Wesfarmers, Ltd. Price |
|
|
|
| Protected Shares | 43,573 | 629 |
| ^ | Leighton Holdings Ltd. | 37,530 | 624 |
|
| Tatt’s Group, Ltd. | 350,842 | 588 |
|
| Tabcorp Holdings Ltd. | 126,790 | 581 |
|
| Toll Holdings Ltd. | 143,500 | 573 |
|
| Lion Nathan Ltd. | 95,845 | 566 |
|
| CFS Gandel Retail Trust | 408,761 | 550 |
|
| Crown Ltd. | 122,578 | 549 |
|
| Bendigo Bank Ltd. | 61,227 | 540 |
|
| WorleyParsons Ltd. | 52,910 | 532 |
|
| Cochlear Ltd. | 13,918 | 528 |
|
| Lend Lease Corp. | 112,946 | 523 |
|
| Metcash Ltd. | 190,778 | 515 |
|
| BlueScope Steel Ltd. | 160,055 | 471 |
|
| GPT Group | 924,150 | 462 |
|
| Alumina Ltd. | 299,700 | 427 |
|
| OZ Minerals Ltd. | 660,765 | 415 |
|
| Boral Ltd. | 131,437 | 396 |
|
| OneSteel Ltd. | 167,769 | 385 |
|
| Sims Group Ltd. | 38,851 | 373 |
|
| Dexus Property Group NPV | 729,329 | 363 |
|
| Macquarie Goodman Group | 534,163 | 337 |
|
| Qantas Airways Ltd. | 203,327 | 330 |
|
| CSR Ltd. | 226,374 | 329 |
|
| Harvey Norman Holdings Ltd. | 189,282 | 327 |
|
| Goodman Fielder Ltd. | 292,518 | 325 |
12
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Aristocrat Leisure Ltd. | 122,844 | 309 |
|
| Commonwealth Property |
|
|
|
| Office Fund | 307,289 | 272 |
| ^ | Perpetual Trustees |
|
|
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| Australia Ltd. | 11,473 | 267 |
|
| Nufarm Ltd. | 36,536 | 264 |
|
| Macquarie Airports Group | 184,649 | 263 |
|
| James Hardie Industries NV | 92,158 | 262 |
|
| Ansell Ltd. | 30,051 | 253 |
|
| Bank of Queensland Ltd. | 26,721 | 239 |
|
| Mirvac Group | 361,467 | 237 |
|
| Billabong International Ltd. | 27,155 | 217 |
* |
| Paladin Resources Ltd. | 110,222 | 169 |
|
| Energy Resources |
|
|
|
| of Australia Ltd. | 16,891 | 160 |
|
| Asciano Group | 114,497 | 160 |
* |
| Iluka Resources Ltd. | 58,002 | 140 |
|
| Caltex Australia Ltd. | 21,694 | 137 |
|
| Sigma Pharmaceuticals Ltd. | 157,341 | 132 |
|
| AWB Ltd. | 74,081 | 130 |
|
| Futuris Corp., Ltd. | 160,282 | 125 |
|
| Flight Centre Ltd. | 13,166 | 123 |
|
| Downer EDI Ltd. | 37,372 | 121 |
|
| SP Ausnet | 159,517 | 118 |
|
| Tower Australia Group Ltd. | 77,115 | 108 |
|
| Consolidated |
|
|
|
| Media Holdings, Ltd. | 77,506 | 106 |
|
| John Fairfax Holdings Ltd. | 78,941 | 101 |
|
| Gunns Ltd. | 117,061 | 93 |
|
| Challenger Financial |
|
|
|
| Services Group Ltd. | 81,863 | 90 |
|
| Envestra Ltd. | 183,658 | 78 |
|
| GWA International Ltd. | 45,024 | 72 |
|
| Boart Longyear Group | 228,746 | 66 |
|
| Paperlinx Ltd. | 70,237 | 65 |
|
| Macquarie Office Trust | 319,897 | 62 |
| ^ | Babcock & Brown Ltd. | 67,448 | 59 |
| ^ | West Australian |
|
|
|
| Newspaper Holdings Ltd. | 13,172 | 54 |
|
| Babcock & Brown |
|
|
|
| Infrastructure Group | 382,796 | 49 |
|
| Macquarie |
|
|
|
| CountryWide Trust | 247,809 | 40 |
|
| Spotless Group Ltd. | 23,351 | 39 |
|
| Ten Network Holdings Ltd. | 43,012 | 39 |
|
| Adelaide Brighton Ltd. | 23,761 | 36 |
|
| Corporate Express |
|
|
|
| Australia Ltd. | 9,534 | 32 |
|
| APN News & Media Ltd. | 15,565 | 25 |
|
| Australian Wealth |
|
|
|
| Management Ltd. | 47,053 | 25 |
|
| Minara Resources Ltd. | 35,970 | 25 |
|
| Australand Property Group | 103,092 | 20 |
|
| ABC Learning Centres Ltd. | 44,287 | 16 |
|
| Centro Retail Trust | 197,668 | 15 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
* |
| Centro Properties Group | 62,092 | 3 |
|
| Austereo Group Ltd. | 2,615 | 2 |
* |
| Allco Finance Group Ltd. | 15,255 | 1 |
|
|
|
| 111,283 |
Austria (0.3%) |
|
| ||
| ^ | Erste Bank der |
|
|
|
| Oesterreichischen |
|
|
|
| Sparkassen AG | 54,576 | 1,455 |
|
| OMV AG | 34,762 | 1,113 |
|
| Telekom Austria AG | 74,527 | 916 |
|
| Voestalpine AG | 35,040 | 855 |
|
| Oesterreichische |
|
|
|
| Elektrizitaetswirtschafts |
|
|
|
| AG Class A | 9,754 | 461 |
|
| Wienerberger AG | 20,251 | 336 |
| ^ | Raiffeisen International |
|
|
|
| Bank-Holding AG | 10,292 | 324 |
|
| Vienna Insurance Group | 11,462 | 309 |
* |
| Atrium European Real Estate | 59,232 | 269 |
* |
| IMMOEAST Immobilien |
|
|
|
| Anlagen AG | 152,030 | 183 |
|
| Strabag SE | 6,129 | 120 |
|
| EVN AG | 7,197 | 106 |
* |
| IMMOFINANZ AG | 81,782 | 91 |
|
|
|
| 6,538 |
Belgium (0.5%) |
|
| ||
|
| KBC Bank & |
|
|
|
| Verzekerings Holding | 38,369 | 1,650 |
| ^ | InBev NV | 39,124 | 1,578 |
|
| Solvay SA | 13,727 | 1,277 |
|
| Delhaize Group | 21,698 | 1,220 |
|
| Belgacom SA | 34,174 | 1,169 |
|
| Groupe Bruxelles |
|
|
|
| Lambert SA | 15,604 | 1,146 |
|
| Colruyt NV | 5,046 | 1,134 |
| ^ | Dexia | 186,644 | 993 |
|
| UCB SA | 35,757 | 910 |
|
| Umicore | 21,425 | 383 |
|
| Compagnie |
|
|
|
| Nationale a Portefeuille | 5,108 | 276 |
| ^ | Fortis (Amsterdam Shares) | 223,907 | 266 |
|
| Fortis | 223,801 | 259 |
|
| Mobistar SA | 2,445 | 162 |
|
| KBC Ancora | 1,912 | 57 |
|
|
|
| 12,480 |
Brazil (2.6%) |
|
| ||
|
| Petroleo Brasileiro SA |
|
|
|
| Series A ADR | 292,352 | 6,452 |
|
| Petroleo Brasileiro SA ADR | 207,955 | 5,592 |
|
| Companhia Vale do Rio |
|
|
|
| Doce Sponsored ADR | 345,078 | 4,041 |
|
| Companhia Vale do |
|
|
|
| Rio Doce ADR | 279,292 | 3,664 |
|
| Banco Bradesco SA ADR | 300,787 | 3,519 |
13
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Banco Itau Holding |
|
|
|
| Financeira SA ADR | 231,785 | 2,564 |
|
| Petroleo Brasileiro SA Pfd. | 237,246 | 2,556 |
|
| Petroleo Brasileiro SA | 159,700 | 2,114 |
|
| Companhia Siderurgica |
|
|
|
| Nacional SA ADR | 143,499 | 1,952 |
|
| Companhia de Bebidas |
|
|
|
| das Americas ADR | 45,915 | 1,951 |
|
| Itausa-Investimentos |
|
|
|
| Itau SA | 498,290 | 1,589 |
|
| Companhia Vale do Rio |
|
|
|
| Doce Pfd. Class A | 124,500 | 1,444 |
|
| Companhia Vale |
|
|
|
| do Rio Doce | 90,200 | 1,157 |
|
| Companhia Energetica de |
|
|
|
| Minas Gerais ADR | 75,596 | 1,150 |
|
| BM&FBOVESPA SA | 428,046 | 1,136 |
|
| Banco do Brasil SA | 166,923 | 1,102 |
|
| Banco Itau Holding |
|
|
|
| Financeira SA | 94,750 | 1,023 |
|
| Embraer-Empresa |
|
|
|
| Brasileira de |
|
|
|
| Aeronautica SA ADR | 47,850 | 1,001 |
|
| Tele Norte Leste |
|
|
|
| Participacoes ADR | 69,600 | 945 |
|
| Natura Cosmeticos SA | 93,723 | 787 |
|
| Usiminas-Usinas Siderugicas |
|
|
|
| de Minas Gerais SA Pfd. | 57,227 | 732 |
|
| Gerdau SA ADR | 108,100 | 693 |
|
| Companhia Brasileira de |
|
|
|
| Distribuicao Grupo Pao |
|
|
|
| de Acucar ADR | 22,966 | 687 |
|
| Perdigao SA | 47,001 | 683 |
|
| Redecard SA | 61,086 | 663 |
|
| Companhia de Concessoes |
|
|
|
| Rodoviarias | 68,376 | 656 |
|
| Centrais Electricas |
|
|
|
| Brasileiras SA | 51,734 | 6 20 |
|
| Brasil Telecom Participacoes |
|
|
|
| SA ADR | 15,971 | 547 |
|
| Companhia Paranaense de |
|
|
|
| Energia-COPEL ADR | 45,900 | 510 |
|
| Votorantim Celulose e Papel |
|
|
|
| SA ADR | 49,493 | 499 |
|
| Metalurgica Gerdau SA | 50,418 | 450 |
|
| Banco Bradesco SA | 34,500 | 396 |
|
| Tim Participacoes SA ADR | 27,237 | 394 |
|
| Tractebel Energia SA | 50,170 | 394 |
| ^ | Braskem SA ADR | 43,500 | 375 |
* |
| Ironx Mineracao SA | 28,463 | 374 |
|
| Bradespar SA Pfd. | 41,840 | 368 |
|
| All America Latina Logistica | 78,916 | 364 |
|
| Weg SA | 60,964 | 346 |
|
| Gerdau SA Pfd. | 53,000 | 337 |
| ^ | Sadia SA ADR | 53,922 | 327 |
|
| Souza Cruz SA | 18,800 | 326 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Aracruz Celulose SA ADR | 23,330 | 310 |
| Ultrapar Participacoes S.A. | 15,243 | 281 |
* | Vivo Participacoes SA ADR | 24,744 | 271 |
| Companhia de Bebidas |
|
|
| das Americas | 6,955 | 249 |
* | Net Servicos de |
|
|
| Comunicacao SA | 38,379 | 244 |
| Cyrela Brazil Realty SA | 51,082 | 243 |
| Brasil Telecom |
|
|
| Participacoes SA | 10,970 | 230 |
| Companhia de Bebidas |
|
|
| das Americas Pfd. | 5,350 | 227 |
| Klabin SA | 131,700 | 227 |
| Suzano Papel e Celulose SA | 32,160 | 191 |
| Usinas Siderurgicas de |
|
|
| Minas Gerais SA | 16,510 | 189 |
| Brasil Telecom SA Pfd. | 30,390 | 181 |
* | Tim Participacoes SA | 65,168 | 169 |
| JBS SA | 92,597 | 167 |
| TELESP–Telecomunicacoes |
|
|
| de Sao Paulo SA Pfd. | 7,300 | 165 |
| Telmar Norte Leste SA | 6,400 | 161 |
| Tele Norte Leste |
|
|
| Participacoes SA | 10,594 | 159 |
| Lojas Americanas SA Pfd. | 55,500 | 153 |
| Tam SA | 14,542 | 152 |
| AES Tiete SA | 22,916 | 143 |
| CPFL Energia SA | 9,600 | 139 |
| Gerdau SA | 25,884 | 137 |
| Energias do Brasil SA | 11,600 | 125 |
* | OGX Petroleo e Gas |
|
|
| Participacoes SA | 900 | 113 |
| CESP–Companhia Energetica |
|
|
| de Sao Paulo | 24,723 | 111 |
| Fertilizantes Fosfatados S.A. | 20,364 | 106 |
* | Cosan SA Industria |
|
|
| e Comercio | 21,434 | 106 |
| B2W Com Global Do Varejo | 8,180 | 105 |
| Companhia de Saneamento |
|
|
| Basico do Estado |
|
|
| de Sao Paulo | 8,992 | 103 |
| Porto Seguro SA | 20,260 | 101 |
| Companhia de Transmissao |
|
|
| de Energia Electrica Paulista | 5,000 | 92 |
| Localiza Rent a Car SA | 23,242 | 90 |
| Tim Participacoes SA Pfd. | 62,158 | 89 |
| Duratex SA Pfd. | 9,858 | 82 |
| Telesp–Telecomunicacoes de |
|
|
| Sao Paulo SA | 3,500 | 61 |
| Companhia de Gas |
|
|
| de Sao Paulo - Comgas | 4,000 | 59 |
| AES Tiete SA | 10,000 | 51 |
| Companhia Brasileira de |
|
|
| Distribuicao Grupo Pao |
|
|
| de Acucar Pfd. | 3,110 | 47 |
14
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| MMX Mineracao e |
|
|
|
| Metalicos SA | 21,988 | 42 |
|
| Companhia Paranaense de |
|
|
|
| Energia-COPEL | 1,940 | 21 |
* |
| MPX Energia SA | 300 | 16 |
|
| Companhia Energetica de |
|
|
|
| Minas Gerais Pfd. | 1,020 | 16 |
* |
| LLX Logistica SA | 21,988 | 8 |
|
| Companhia Energetica de |
|
|
|
| Minas Gerais | 420 | 4 |
|
| Confeccoes Guararapes SA | 200 | 2 |
|
|
|
| 62,418 |
Canada (5.8%) |
|
| ||
|
| Royal Bank of Canada | 303,226 | 11,784 |
|
| EnCana Corp. | 170,380 | 8,655 |
|
| Toronto-Dominion Bank | 183,223 | 8,653 |
|
| Bank of Nova Scotia, Halifax | 223,009 | 7,436 |
|
| Manulife Financial Corp. | 342,091 | 6,846 |
* |
| Research in Motion Ltd. | 127,317 | 6,446 |
|
| Canadian Natural |
|
|
|
| Resources Ltd. | 122,397 | 6,176 |
|
| Potash Corp. of |
|
|
|
| Saskatchewan, Inc. | 69,891 | 5,949 |
|
| Suncor Energy, Inc. | 207,482 | 4,984 |
|
| Canadian National |
|
|
|
| Railway Co. | 107,714 | 4,676 |
|
| Barrick Gold Corp. | 197,835 | 4,524 |
|
| Bank of Montreal, Quebec | 114,300 | 4,080 |
|
| TransCanada Corp. | 129,659 | 3,918 |
|
| Canadian Imperial Bank |
|
|
|
| of Commerce | 85,443 | 3,875 |
|
| Rogers |
|
|
|
| Communications, Inc. |
|
|
|
| Class B | 118,484 | 3,440 |
|
| Sun Life Financial Services |
|
|
|
| of Canada | 125,842 | 2,960 |
|
| Goldcorp Inc. | 158,243 | 2,959 |
|
| Enbridge Inc. | 83,700 | 2,907 |
|
| Imperial Oil Ltd. | 81,235 | 2,875 |
|
| Petro-Canada | 108,867 | 2,722 |
|
| Talisman Energy, Inc. | 227,311 | 2,246 |
|
| Brookfield Asset |
|
|
|
| Management Inc. | 127,757 | 2,237 |
|
| Power Corp. of Canada | 91,900 | 1,998 |
|
| Shoppers Drug Mart Corp. | 50,000 | 1,925 |
|
| Nexen Inc. | 118,538 | 1,882 |
|
| BCE Inc. | 58,605 | 1,703 |
|
| Husky Energy Inc. | 56,642 | 1,701 |
|
| Power Financial Corp. | 65,700 | 1,645 |
|
| Shaw Communications Inc. | 92,300 | 1,617 |
|
| Canadian Pacific Railway Ltd. | 34,800 | 1,575 |
|
| Kinross Gold Corp. | 143,595 | 1,495 |
|
| National Bank of Canada | 39,143 | 1,468 |
|
| Agrium, Inc. | 36,000 | 1,379 |
|
| Cameco Corp. | 76,610 | 1,254 |
|
| Bombardier Inc. Class B | 313,515 | 1,210 |
| ^ | Thomson Reuters Corp. | 42,423 | 999 |
|
|
|
|
| Market |
|
|
|
|
| Value• |
|
|
|
| Shares | ($000) |
|
| Teck Cominco Ltd. Class B |
| 98,972 | 985 |
|
| Great-West Lifeco Inc. |
| 45,966 | 976 |
|
| TransAlta Corp. |
| 43,543 | 874 |
|
| Magna International |
| 24,933 | 837 |
|
| IGM Financial, Inc. |
| 23,966 | 725 |
|
| Canadian Tire Corp. Class A |
| 18,102 | 688 |
|
| George Weston Ltd. |
| 13,000 | 663 |
|
| Loblaw Cos., Ltd. |
| 27,197 | 662 |
|
| Brookfield Properties Corp. |
| 62,950 | 640 |
|
| Saputo Inc. |
| 23,890 | 499 |
* |
| CGI Group Inc. |
| 62,378 | 498 |
|
| Canadian Utilities Ltd. |
| 14,021 | 493 |
|
| Telus Communications Inc. |
| 13,937 | 492 |
|
| Finning International Inc. |
| 40,360 | 491 |
* |
| MDS Inc. |
| 32,200 | 336 |
|
| Telus Corp.-Non Voting Shares |
| 9,783 | 319 |
|
| Biovail Corp. |
| 34,800 | 299 |
|
| Nova Chemicals Corp. |
| 20,908 | 271 |
* |
| Nortel Networks Corp. |
| 101,642 | 126 |
|
| Bombardier Inc. Class A |
| 900 | 4 |
|
|
|
|
| 143,077 |
Chile (0.3%) |
|
|
| ||
|
| Empresa Nacional de |
|
|
|
|
| Electricidad SA ADR |
| 36,581 | 1,361 |
|
| Sociedad Quimica y Minera |
|
|
|
|
| de Chile SA ADR |
| 52,890 | 1,211 |
|
| Enersis SA ADR |
| 80,898 | 1,165 |
|
| Banco Santander |
|
|
|
|
| Chile SA ADR |
| 27,161 | 972 |
|
| Empresas Copec SA |
| 77,342 | 634 |
|
| Compania de |
|
|
|
|
| Telecomunicaciones de |
|
|
|
|
| Chile SA ADR |
| 89,262 | 606 |
|
| Distribucion y Servicio |
|
|
|
|
| D&S SA ADR |
| 32,967 | 587 |
|
| S.A.C.I. Falabella SA |
| 115,147 | 303 |
|
| CAP SA |
| 16,167 | 195 |
|
| Empresa Nacional de |
|
|
|
|
| Telecomunicaciones SA |
| 8,160 | 85 |
|
| Banco de Chile |
| 1,701,489 | 83 |
|
| Lan Airlines SA |
| 8,765 | 79 |
* |
| Colburn SA |
| 513,465 | 77 |
|
| Cencosud SA |
| 51,488 | 75 |
|
| Banco de Credito |
|
|
|
|
| e Inversiones |
| 4,240 | 71 |
|
| Compania Cervecerias |
|
|
|
|
| Unidas SA |
| 1,800 | 10 |
|
| Corpbanca |
| 1,319,400 | 5 |
|
| Embotelladora Andina |
|
|
|
|
| SA Pfd. Class B |
| 2,200 | 4 |
|
|
|
|
| 7,523 |
China (2.2%) |
|
|
| ||
|
| China Mobile |
|
|
|
|
| (Hong Kong) Ltd. |
| 1,337,500 | 11,774 |
| ^ | China Life Insurance |
|
|
|
|
| Co., Ltd. |
| 1,684,000 | 4,500 |
15
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| PetroChina Co. Ltd. | 4,742,000 | 3,565 |
|
| CNOOC Ltd. | 3,108,000 | 2,552 |
|
| China Petroleum & |
|
|
|
| Chemical Corp. | 3,702,000 | 2,431 |
| ^ | China Construction Bank | 4,665,000 | 2,314 |
|
| China Unicom Ltd. | 1,580,182 | 2,256 |
| ^ | Bank of China | 6,756,000 | 1,973 |
| ^ | Ping An Insurance |
|
|
|
| (Group) Co. of China Ltd. | 456,500 | 1,952 |
|
| China Shenhua Energy Co. |
|
|
|
| Ltd. H-Shares | 758,500 | 1,440 |
|
| China Telecom Corp. Ltd. | 3,568,000 | 1,270 |
| ^ | China Merchants |
|
|
|
| Bank Co., Ltd. Class H | 753,500 | 1,154 |
|
| China Merchants Holdings |
|
|
|
| International Co. Ltd. | 464,000 | 1,105 |
|
| China Resources |
|
|
|
| Enterprise Ltd. | 486,000 | 968 |
| ^ | Bank of |
|
|
|
| Communications Ltd. |
|
|
|
| Class H | 1,567,000 | 923 |
|
| China Communications |
|
|
|
| Construction Co., Ltd. | 1,208,000 | 856 |
* |
| Shanghai Electric |
|
|
|
| Group Co., Ltd. Class H | 2,496,000 | 755 |
|
| Huaneng Power |
|
|
|
| International, Inc. |
|
|
|
| H Shares | 1,500,000 | 730 |
|
| China Coal Energy Co. | 1,074,000 | 651 |
|
| Beijing Datang Power |
|
|
|
| Generation Co., Ltd. | 1,724,000 | 649 |
|
| Cosco Pacific Ltd. | 754,000 | 549 |
|
| China Resources Power |
|
|
|
| Holdings Co., Ltd. | 266,000 | 520 |
|
| Denway Motors Ltd. | 2,050,000 | 511 |
| ^ | Air China Ltd. | 1,810,000 | 506 |
|
| Fujian Zijin Mining |
|
|
|
| Industry Co., Ltd. | 1,484,000 | 449 |
| ^ | China Resources Land Ltd. | 414,000 | 419 |
|
| CITIC Pacific Ltd. | 418,000 | 340 |
|
| Lenovo Group Ltd. | 1,118,000 | 339 |
|
| GOME Electrical |
|
|
|
| Appliances Holdings Ltd. | 1,681,000 | 336 |
* | ^ | PICC Property and |
|
|
|
| Casualty Co., Ltd. | 1,114,000 | 308 |
* |
| China Railway |
|
|
|
| Construction Corp. | 231,500 | 286 |
* | ^ | Anhui Conch |
|
|
|
| Cement Co. Ltd. | 72,000 | 229 |
|
| Beijing Enterprises |
|
|
|
| Holdings Ltd. | 58,000 | 229 |
|
| Yanzhou Coal |
|
|
|
| Mining Co. Ltd. H Shares | 334,000 | 206 |
| ^ | BYD Co. Ltd. | 120,600 | 205 |
|
| China Shipping |
|
|
|
| Development Co. | 204,000 | 201 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
| ^ | Aluminum Corp. of |
|
|
|
| China Ltd. | 514,000 | 187 |
|
| China COSCO |
|
|
|
| Holdings Co., Ltd. | 336,300 | 181 |
|
| China Mengniu |
|
|
|
| Dairy Co., Ltd. | 186,000 | 179 |
|
| Li Ning Co., Ltd. | 136,000 | 168 |
|
| Beijing Capital International |
|
|
|
| Airport Co., Ltd. | 282,000 | 159 |
|
| Zhejiang |
|
|
|
| Expressway Co., Ltd. | 322,000 | 154 |
|
| Shanghai Industrial |
|
|
|
| Holding Ltd. | 95,000 | 151 |
|
| China International Marine |
|
|
|
| Containers (Group) Co., Ltd. | 295,437 | 149 |
|
| China Communication |
|
|
|
| Services Corp. Ltd. | 262,000 | 138 |
|
| Chaoda Modern Agriculture |
|
|
|
| Holdings Ltd. | 188,350 | 133 |
| ^ | Parkson Retail Group Ltd. | 141,000 | 131 |
|
| China Oilfield Services Ltd. | 236,000 | 130 |
|
| China Everbright Ltd. | 130,000 | 122 |
|
| Jiangsu Expressway Co. Ltd. |
|
|
|
| H Shares | 174,000 | 122 |
|
| Yantai Changyu Pioneer |
|
|
|
| Wine Co., Ltd. | 35,700 | 111 |
|
| Angang Steel Co., Ltd. | 172,000 | 106 |
|
| Jiangxi Copper Co. Ltd. | 210,000 | 103 |
|
| China Vanke Co., Ltd. | 173,920 | 103 |
|
| ZTE Corp. | 44,560 | 101 |
|
| China Bluechemical, Ltd. | 222,000 | 84 |
|
| Dongfeng Motor Corp. | 288,000 | 82 |
| ^ | Guangzhou R&F |
|
|
|
| Properties Co. Ltd. | 157,600 | 76 |
|
| Inner Mongolia Yitai |
|
|
|
| Coal Co., Ltd. | 44,100 | 75 |
|
| Shanghai Zhenhua Port |
|
|
|
| Machinery Co., Ltd. |
|
|
|
| Class B | 107,300 | 68 |
* |
| Yangzijiang Shipbuilding |
|
|
|
| Holdings Ltd. | 259,000 | 58 |
|
| Tsingtao Brewery Co., Ltd. | 30,000 | 54 |
|
| Dongfang |
|
|
|
| Electrical Corp Ltd. | 26,000 | 51 |
|
| Guangdong Investment Ltd. | 164,000 | 50 |
|
| The Guangshen |
|
|
|
| Railway Co., Ltd. | 128,000 | 50 |
|
| Weichai Power Co., Ltd. |
|
|
|
| Class H | 20,000 | 48 |
|
| China Travel International | 316,000 | 45 |
|
| China Shipping Container |
|
|
|
| Lines Co. Ltd. | 371,700 | 43 |
|
| Global Bio-chem Technology |
|
|
|
| Group Co. Ltd. | 284,000 | 40 |
|
| Harbin Power |
|
|
|
| Equipment Co., Ltd. | 66,000 | 37 |
16
FTSE All-World ex-US Index Fund
|
|
|
| Market | |
|
|
|
| Value• | |
|
|
| Shares | ($000) | |
|
| KWG Property Holding, Ltd. | 161,500 | 35 | |
|
| Sinopec Shanghai |
|
| |
|
| Petrochemical Co. Ltd. | 184,000 | 34 | |
|
| Sinotrans Ltd. | 153,000 | 34 | |
|
| Guangzhou |
|
| |
|
| Investment Co. Ltd. | 460,000 | 34 | |
|
| Shanghai Lujiazui Finance |
|
| |
|
| & Trade Zone |
|
| |
|
| Development Co., Ltd. |
|
| |
|
| Class B | 45,900 | 33 | |
|
| Nine Dragons Paper |
|
| |
|
| Holdings Ltd. | 179,000 | 31 | |
|
| Maanshan Iron and |
|
| |
|
| Steel Co. Ltd. | 156,000 | 29 | |
|
| China Molybdenum Co. Ltd. | 87,000 | 27 | |
|
| Zhejiang Southeast Electric |
|
| |
|
| Power Co., Ltd. | 72,400 | 27 | |
|
| China Foods Ltd. | 100,000 | 26 | |
|
| Hidili Industry Int’l |
|
| |
|
| Development Ltd. | 124,000 | 26 | |
|
| TPV Technology Ltd. | 132,000 | 26 | |
| ^ | Zhaojin Mining |
|
| |
|
| Industry Co. Ltd. | 73,000 | 26 | |
|
| Huadian Power |
|
| |
|
| International Corp. Ltd. | 140,000 | 26 | |
* |
| China Southern |
|
| |
|
| Airlines Co. Ltd. | 159,000 | 25 | |
|
| Shenzhen |
|
| |
|
| Expressway Co. Ltd. | 68,000 | 23 | |
|
| CSG Holding Co. Ltd. | 46,507 | 20 | |
* |
| Guangzhou Shipyard |
|
| |
|
| International Co. Ltd. | 28,000 | 20 | |
|
| Shandong Chenming Paper |
|
| |
|
| Holdings Ltd. Class B | 54,700 | 19 | |
* |
| Dazhong Transportation |
|
| |
|
| Group Co., Ltd. B Shares | 48,000 | 18 | |
|
| China Merchants Property |
|
| |
|
| Development Co., Ltd. | 22,950 | 17 | |
* |
| China Eastern |
|
| |
|
| Airlines Corp. Ltd. | 122,000 | 15 | |
|
| TravelSky Technology Ltd. | 64,000 | 15 | |
|
| Shenzhen Investment Ltd. | 144,808 | 15 | |
|
| Great Wall Motor Co., Ltd. | 39,500 | 12 | |
|
| Weiqiao Textile Co. Ltd. | 54,000 | 11 | |
* |
| Brilliance China Automotive |
|
|
|
|
| Holdings Ltd. | 248,000 | 10 | |
* |
| BOE Technology |
|
|
|
|
| Group Co. Ltd. Class B | 100,400 | 10 | |
|
| Guangdong Electric Power |
|
|
|
|
| Development Co., Ltd. | 16,400 | 5 | |
|
| Inner Mongolia Eerduosi |
|
|
|
|
| Cashmere Products Co. Ltd. | 10,300 | 4 | |
|
| Anhui Expressway Co., Ltd. | 8,000 | 3 | |
* | ^ | Semiconductor Manufacturing |
|
| |
|
| International Corp. | 152,000 | 3 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
| Shenzhen Chiwan Wharf |
|
|
|
| Holdings Ltd. Class B |
| 3,200 | 3 |
* | Chongqing Changan |
|
|
|
| Automobile Co., Ltd. |
| 10,656 | 2 |
| Guangdong Provincial |
|
|
|
| Expressway |
|
|
|
| Development Co., Ltd. |
| 6,100 | 2 |
| Shanghai Mechanical and |
|
|
|
| Electrical Industry Co. Ltd. |
|
|
|
| Class B |
| 3,840 | 2 |
| Bengang Steel Plates Co., Ltd. |
| 7,000 | 2 |
| Shanghai Jinqiao Export |
|
|
|
| Processing Zone |
|
|
|
| Development Co., Ltd. |
|
|
|
| Class B |
| 4,300 | 2 |
| Shanghai Friendship |
|
|
|
| Group Inc. Co. Class B |
| 2,900 | 2 |
| Shanghai Jinjiang International |
|
| |
| Industrial Investment Co., Ltd. |
|
| |
| Class B |
| 2,800 | 2 |
* | Shanghai Chlor-Alkali |
|
|
|
| Chemical Co. Ltd. Class B |
| 7,100 | 2 |
* | Shanghai Haixan |
|
|
|
| Group Co. Ltd. Class B |
| 8,200 | 2 |
| Shanghai Jinjiang International |
|
| |
| Hotels DevelopmentCo., Ltd. |
|
| |
| Class B |
| 2,700 | 1 |
| Huadian Energy Co. Ltd. |
| 7,600 | 1 |
* | Sinopec Yizheng Chemical |
|
|
|
| Fibre Co., Ltd. |
| 20,000 | 1 |
* | Shanghai Waigaoqiao Free |
|
|
|
| Trade Zone |
|
|
|
| Development Co., Ltd. |
|
|
|
| Class B |
| 3,500 | 1 |
| Guangzhou |
|
|
|
| Pharmaceutical Co., Ltd. |
| 4,000 | 1 |
* | Jinzhou Port Co., Ltd. |
| 3,300 | 1 |
| Double Coin Holdings, Ltd. |
|
|
|
| Class B |
| 4,300 | 1 |
| Jiangling Motors Corp. Ltd. |
| 1,800 | 1 |
| Weifu High-Technology Co., Ltd. |
| 2,000 | 1 |
| Tianjin Capital Environmental |
|
|
|
| Protection Co., Ltd. |
| 4,000 | — |
* | Shenzhen Special Economic |
|
|
|
| Zone Real Estate |
|
|
|
| Group Co. Ltd. Class B |
| 2,100 | — |
|
|
|
| 53,629 |
Colombia (0.0%) |
|
|
| |
| Bancolombia SA ADR |
| 42,872 | 837 |
|
|
|
|
|
Czech Republic (0.2%) |
|
|
| |
| Ceske Energeticke |
|
|
|
| Zavody a.s. |
| 51,771 | 2,264 |
| Komercni Banka a.s. |
| 6,905 | 1,051 |
| Cesky Telecom a.s. |
| 26,556 | 568 |
17
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Zentiva NV | 3,900 | 228 |
|
| Unipetrol a.s. | 17,257 | 129 |
|
|
|
| 4,240 |
Denmark (0.7%) |
|
| ||
|
| Novo Nordisk A/S B Shares | 120,876 | 6,479 |
|
| Danske Bank A/S | 155,468 | 2,301 |
|
| AP Moller-Maersk A/S |
|
|
|
| B Shares | 302 | 1,738 |
* |
| Vestas Wind Systems A/S | 42,100 | 1,724 |
|
| AP Moller-Maersk A/S |
|
|
|
| A Shares | 291 | 1,697 |
|
| Carlsberg A/S B Shares | 25,339 | 998 |
|
| Novozymes A/S | 11,379 | 803 |
|
| Danisco A/S | 10,570 | 458 |
|
| Coloplast A/S B Shares | 5,762 | 418 |
| ^ | FLS Industries A/S B Shares | 9,500 | 354 |
* |
| Jyske Bank A/S | 10,772 | 318 |
|
| H. Lundbeck A/S | 9,700 | 173 |
* | ^ | William Demant A/S | 3,300 | 126 |
|
| Rockwool International A/S | 192 | 13 |
|
|
|
| 17,600 |
Egypt (0.1%) |
|
| ||
|
| Orascom Telecom |
|
|
|
| Holding SAE GDR | 31,730 | 986 |
|
| Orascom Construction |
|
|
|
| Industries GDR | 9,309 | 628 |
|
|
|
| 1,614 |
Finland (1.0%) |
|
| ||
|
| Nokia Oyj | 847,511 | 12,982 |
|
| Sampo Oyj A Shares | 128,364 | 2,572 |
|
| Fortum Oyj | 98,700 | 2,426 |
|
| UPM-Kymmene Oyj | 109,021 | 1,542 |
|
| Stora Enso Oyj R Shares | 128,233 | 1,193 |
|
| Kone Oyj | 47,914 | 1,072 |
|
| Neste Oil Oyj | 52,714 | 834 |
|
| Wartsila Oyj B Shares | 20,680 | 524 |
|
| Rautaruuki Oyj | 23,600 | 385 |
|
| Metso Oyj | 23,456 | 312 |
|
| Nokian Renkaat Oyj | 22,150 | 290 |
|
| Kesko Oyj | 11,900 | 279 |
|
| Outokumpu Oyj A Shares | 22,724 | 236 |
| ^ | Sanoma Oyj | 10,828 | 166 |
|
|
|
| 24,813 |
France (8.4%) |
|
| ||
|
| Total SA | 535,437 | 29,456 |
|
| Gaz de France | 371,523 | 16,538 |
|
| BNP Paribas SA | 202,182 | 14,598 |
|
| Sanofi-Aventis | 220,163 | 13,949 |
|
| France Telecom SA | 436,533 | 11,007 |
|
| AXA | 457,060 | 8,732 |
|
| Societe Generale Class A | 131,033 | 7,142 |
|
| Vivendi SA | 258,533 | 6,758 |
|
| Carrefour SA | 157,504 | 6,654 |
|
| Groupe Danone | 113,988 | 6,347 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| LVMH Louis Vuitton Moet |
|
|
|
| Hennessy | 82,887 | 5,516 |
|
| L ’Oreal SA | 68,188 | 5,163 |
|
| Air Liquide SA | 58,429 | 5,042 |
|
| Vinci SA | 109,213 | 3,930 |
|
| Electricite de France | 56,968 | 3,423 |
|
| Cie. de St. Gobain SA | 85,220 | 3,288 |
|
| Schneider Electric SA | 54,068 | 3,241 |
|
| Pernod Ricard SA | 49,753 | 3,240 |
|
| Alstom | 62,649 | 3,105 |
|
| Credit Agricole SA | 198,980 | 2,879 |
|
| Unibail Co. | 17,976 | 2,696 |
|
| Veolia Environnement | 103,241 | 2,558 |
|
| Bouygues SA | 57,401 | 2,444 |
| ^ | Hermes International | 17,876 | 2,307 |
|
| Lafarge SA | 33,089 | 2,187 |
|
| Essilor International SA | 47,908 | 2,149 |
|
| Accor SA | 51,924 | 2,020 |
* |
| Suez Environnement SA | 80,770 | 1,544 |
|
| Renault SA | 47,825 | 1,466 |
|
| Pinault-Printemps- |
|
|
|
| Redoute SA | 21,113 | 1,346 |
* |
| Alcatel-Lucent | 505,077 | 1,304 |
|
| Vallourec SA | 11,543 | 1,291 |
|
| Sodexho Alliance SA | 26,622 | 1,278 |
|
| STMicroelectronics NV | 149,756 | 1,231 |
|
| Compagnie Generale des |
|
|
|
| Etablissements Michelin SA | 23,539 | 1,212 |
|
| Lagardere S.C.A. | 30,190 | 1,200 |
|
| PSA Peugeot Citroen | 39,013 | 1,041 |
|
| Christian Dior SA | 16,798 | 1,018 |
|
| Cap Gemini SA | 31,431 | 1,013 |
|
| CNP Assurances | 10,496 | 846 |
|
| Thales SA | 18,746 | 752 |
|
| Publicis Groupe SA | 31,988 | 723 |
|
| Technip SA | 24,122 | 722 |
|
| Casino Guichard- |
|
|
|
| Perrachon SA | 9,187 | 642 |
| ^ | Eiffage SA | 16,482 | 633 |
|
| Safran SA | 47,487 | 603 |
| ^ | Dassault Systemes SA | 13,256 | 549 |
|
| Air France | 35,491 | 511 |
|
| Eramet SLN | 2,296 | 465 |
| ^ | Societe Television |
|
|
|
| Francaise 1 | 34,581 | 443 |
|
| Legrand SA | 26,127 | 435 |
|
| Societe BIC SA | 8,188 | 433 |
* |
| Eutelsat Communications | 20,120 | 432 |
|
| Natixis | 192,437 | 426 |
|
| Eurazeo | 6,982 | 420 |
* |
| Compagnie Generale de |
|
|
|
| Geophysique SA | 25,971 | 420 |
|
| Klepierre | 18,052 | 416 |
|
| Aeroports de Paris (ADP) | 6,801 | 405 |
|
| Bureau Veritas SA | 10,942 | 390 |
|
| Atos Origin SA | 15,424 | 358 |
18
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Societe des Autoroutes |
|
|
| Paris-Rhin-Rhone | 5,339 | 347 |
| Arkema | 14,147 | 324 |
| Imerys SA | 6,929 | 315 |
^ | Valeo SA | 18,084 | 315 |
^ | JCDecaux SA | 15,509 | 270 |
^ | PagesJaunes SA | 27,483 | 261 |
| Gecina SA | 3,566 | 248 |
^ | Wendel Investissement | 4,449 | 213 |
| Euler Hermes SA | 2,929 | 144 |
| Ciments Francais SA | 1,759 | 128 |
|
|
| 204,902 |
Germany (6.3%) |
|
| |
^ | Volkswagen AG | 32,562 | 20,721 |
| E.On AG | 423,381 | 15,866 |
| Siemens AG | 204,814 | 12,044 |
| Deutsche Telekom AG | 733,267 | 10,758 |
| Bayer AG | 171,705 | 9,399 |
| Allianz AG | 99,960 | 7,336 |
| SAP AG | 207,673 | 7,271 |
| Daimler AG (Registered) | 213,781 | 7,247 |
| RWE AG | 87,358 | 7,162 |
| BASF AG | 212,125 | 7,003 |
| Muenchener |
|
|
| Rueckversicherungs- |
|
|
| Gesellschaft AG (Registered) | 46,024 | 5,975 |
| Deutsche Bank AG | 125,767 | 4,698 |
| Deutsche Boerse AG | 43,091 | 3,370 |
| Linde AG | 28,804 | 2,383 |
| Deutsche Post AG | 201,951 | 2,214 |
| Fresenius Medical Care AG | 48,349 | 2,142 |
| Bayerische Motoren |
|
|
| Werke AG | 67,483 | 1,711 |
| Porsche AG | 19,459 | 1,701 |
| Commerzbank AG | 158,008 | 1,682 |
| ThyssenKrupp AG | 84,712 | 1,605 |
| Adidas AG | 45,774 | 1,590 |
| Man AG | 31,805 | 1,555 |
| Volkswagen AG Pfd. | 23,716 | 1,462 |
| K+S AG | 36,364 | 1,409 |
| Merck KGaA | 14,477 | 1,279 |
| Fresenius AG Pfd. | 18,421 | 1,169 |
| Henkel AG & Co. KGaA | 40,194 | 1,149 |
| Beiersdorf AG | 21,888 | 1,142 |
| Metro AG | 35,737 | 1,140 |
| Continental AG |
|
|
| Acceptance Line | 14,134 | 1,007 |
| Henkel KGaA | 30,038 | 735 |
| TUI AG | 59,655 | 721 |
| Deutsche Lufthansa AG | 49,429 | 685 |
| Salzgitter AG | 10,266 | 661 |
* | Infineon Technologies AG | 163,331 | 506 |
| Celesio AG | 16,365 | 481 |
^ | Solarworld AG | 18,693 | 460 |
| Fresenius AS | 6,920 | 405 |
| Hochtief AG | 12,851 | 394 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
| ^ | HeidelbergCement AG | 5,210 | 387 |
|
| Wacker Chemie AG | 3,400 | 367 |
|
| Hannover |
|
|
|
| Rueckversicherung AG | 14,615 | 362 |
* |
| Q-Cells AG | 7,583 | 300 |
|
| Deutsche Postbank AG | 14,469 | 291 |
|
| Lanxess | 19,108 | 289 |
| ^ | Hypo Real Estate Holding AG | 42,208 | 275 |
|
| Fraport AG | 8,578 | 275 |
| ^ | Aachener & Muenchener |
|
|
|
| Beteiligungs AG (Bearer) | 1,925 | 199 |
|
| Puma AG | 1,077 | 179 |
|
| Hamburger Hafen und |
|
|
|
| Logistik AG | 5,009 | 170 |
|
| Altana AG | 10,822 | 119 |
| ^ | Continental AG | 2,576 | 109 |
|
| Suedzucker AG | 9,537 | 107 |
* | ^ | Arcandor AG | 21,576 | 50 |
|
|
|
| 153,717 |
Greece (0.4%) |
|
| ||
|
| National Bank of |
|
|
|
| Greece SA ADR | 671,404 | 2,934 |
|
| Hellenic Telecommunications |
|
|
|
| Organization SA ADR | 210,982 | 1,532 |
|
| Alpha Credit Bank SA | 77,505 | 1,132 |
|
| Greek Organization of |
|
|
|
| Football Prognostics | 50,677 | 1,107 |
|
| Bank of Piraeus | 68,961 | 875 |
|
| EFG Eurobank Ergasias | 73,844 | 803 |
|
| GEA Group AG | 37,725 | 542 |
|
| Marfin Financial Group SA | 100,424 | 442 |
|
| Coca-Cola Hellenic |
|
|
|
| Bottling Co. SA | 23,938 | 334 |
|
| Public Power Corp. | 20,840 | 258 |
|
| Titan Cement Co. SA | 10,018 | 171 |
|
| Hellenic Petroleum SA | 16,930 | 140 |
* |
| Commercial Bank |
|
|
|
| of Greece SA | 9,380 | 91 |
|
| National Bank of Greece SA | 187 | 4 |
|
|
|
| 10,365 |
Hong Kong (2.3%) |
|
| ||
| ^ | Industrial and |
|
|
|
| Commercial Bank of |
|
|
|
| China Ltd. Class H | 9,126,000 | 4,294 |
|
| Cheung Kong Holdings Ltd. | 398,000 | 3,821 |
|
| Hutchison Whampoa Ltd. | 707,000 | 3,821 |
|
| Sun Hung Kai |
|
|
|
| Properties Ltd. | 422,409 | 3,701 |
|
| CLP Holdings Ltd. | 403,500 | 2,721 |
|
| Hong Kong Exchanges & |
|
|
|
| Clearing Ltd. | 255,800 | 2,594 |
|
| Hang Seng Bank Ltd. | 172,600 | 2,154 |
|
| Hong Kong & China |
|
|
|
| Gas Co., Ltd. | 1,122,850 | 1,978 |
|
| Hong Kong Electric |
|
|
|
| Holdings Ltd. | 365,500 | 1,970 |
19
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Tencent Holdings Ltd. | 246,000 | 1,791 |
| Swire Pacific Ltd. A Shares | 252,500 | 1,778 |
| Hang Lung Properties Ltd. | 591,000 | 1,444 |
| Hongkong Land |
|
|
| Holdings Ltd. | 502,000 | 1,365 |
| Li & Fung Ltd. | 676,000 | 1,357 |
| Hang Lung |
|
|
| Development Co., Ltd. | 395,000 | 1,271 |
^ | China Overseas Land & |
|
|
| Investment Ltd. | 1,044,000 | 1,179 |
| Esprit Holdings Ltd. | 202,300 | 1,149 |
| Henderson Land |
|
|
| Development Co. Ltd. | 299,466 | 1,083 |
| Jardine Matheson |
|
|
| Holdings Ltd. | 43,200 | 1,022 |
| Boc Hong Kong |
|
|
| Holdings Ltd. | 879,237 | 1,007 |
| Wharf Holdings Ltd. | 484,250 | 966 |
| Shangri-La Asia Ltd. | 608,444 | 861 |
| Link REIT | 438,843 | 785 |
^ | Tingyi Holding Corp. | 696,000 | 737 |
| Bank of East Asia Ltd. | 348,000 | 702 |
| MTR Corp. | 292,500 | 648 |
^ | Hengan International |
|
|
| Group Co. Ltd. | 188,622 | 526 |
| Hopewell Holdings Ltd. | 158,000 | 491 |
| Wing Hang Bank Ltd. | 87,000 | 408 |
* ^ | China Railway Group, Ltd. | 694,000 | 405 |
| New World |
|
|
| Development Co., Ltd. | 484,000 | 403 |
| Cathay Pacific Airways Ltd. | 293,015 | 358 |
| Sino Land Co. | 396,000 | 348 |
| Kingboard Chemical |
|
|
| Holdings Ltd. | 174,000 | 347 |
| China Insurance International |
|
|
| Holdings Co., Ltd. | 124,000 | 289 |
| PCCW Ltd. | 765,000 | 286 |
* | Hutchison |
|
|
| Telecommunications |
|
|
| International Ltd. | 234,000 | 253 |
| Cheung Kong Infrastructure |
|
|
| Holdings Ltd. | 68,000 | 249 |
^ | Sinofert Holdings, Ltd. | 430,000 | 240 |
| Wheelock and Co. Ltd. | 156,000 | 234 |
| Techtronic |
|
|
| Industries Co., Ltd. | 609,000 | 231 |
* | CITIC International Financial |
|
|
| Holdings Ltd. | 348,000 | 220 |
| Kerry Properties Ltd. | 85,500 | 215 |
^ | China National Building |
|
|
| Material Co., Ltd. | 362,000 | 211 |
| Hysan |
|
|
| Development Co., Ltd. | 128,000 | 201 |
| Belle International |
|
|
| Holdings Ltd. | 413,000 | 198 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
* |
| Foxconn International |
|
|
|
| Holdings Ltd. | 522,000 | 192 |
|
| Yue Yuen Industrial |
|
|
|
| (Holdings) Ltd. | 86,500 | 173 |
| ^ | China Citic Bank | 540,700 | 167 |
|
| First Pacific Co. Ltd. | 396,000 | 160 |
|
| Television Broadcasts Ltd. | 55,000 | 153 |
|
| Hong Kong and Shanghai |
|
|
|
| Hotels Ltd. | 148,000 | 140 |
|
| Hong Kong Aircraft & |
|
|
|
| Engineering Co., Ltd. | 16,000 | 126 |
|
| Guoco Group | 20,000 | 117 |
|
| CNPC Hong Kong Ltd. | 380,000 | 117 |
|
| Chinese Estates Holdings | 149,000 | 114 |
|
| ASM Pacific Technology Ltd. | 33,800 | 113 |
|
| Sino-Ocean Land |
|
|
|
| Holdings Ltd. | 404,500 | 109 |
|
| Hopewell Highway |
|
|
|
| Infrastructure Ltd. | 147,500 | 97 |
|
| Industrial and Commercial |
|
|
|
| Bank of China (Asia) Ltd. | 90,777 | 96 |
|
| Huabao International |
|
|
|
| Holdings Ltd. | 145,000 | 94 |
| ^ | Country Garden |
|
|
|
| Holdings Co. | 524,960 | 93 |
| ^ | Shimao Property |
|
|
|
| Holdings Ltd. | 170,594 | 92 |
|
| NWS Holdings Ltd. | 73,000 | 76 |
|
| Agile Property Holdings, Inc. | 212,000 | 70 |
|
| Cafe De Coral Holdings Ltd. | 38,000 | 60 |
|
| China High Speed |
|
|
|
| Transmission Equipment |
|
|
|
| Group Co., Ltd. | 75,000 | 60 |
|
| Johnson Electric |
|
|
|
| Holdings Ltd. | 278,500 | 58 |
|
| Orient Overseas |
|
|
|
| International Ltd. | 31,000 | 55 |
|
| Lifestyle International |
|
|
|
| Holdings, Ltd. | 81,500 | 54 |
|
| Giordano International Ltd. | 274,000 | 49 |
|
| Fosun International | 236,000 | 49 |
|
| Anta Sports Products Ltd. | 113,000 | 41 |
|
| Shui On Land Ltd. | 151,500 | 34 |
|
| Texwinca Holdings Ltd. | 66,000 | 31 |
|
| Great Eagle Holdings Ltd. | 26,000 | 30 |
* |
| CITIC Resources |
|
|
|
| Holdings Ltd. | 370,300 | 28 |
* |
| New World China Land Ltd. | 161,200 | 28 |
|
| Dah Sing Financial Group | 10,400 | 25 |
|
| C C Land Holdings Ltd. | 135,000 | 25 |
|
| Kowloon |
|
|
|
| Development Co., Ltd. | 70,000 | 24 |
|
| Shenzhen International |
|
|
|
| Holdings Ltd. | 647,500 | 22 |
|
| Shun Tak Holdings Ltd. | 99,000 | 20 |
20
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Greentown China |
|
|
| Holdings Ltd. | 54,500 | 17 |
| Hopson Development |
|
|
| Holdings Ltd. | 44,000 | 15 |
| Lee & Man Paper |
|
|
| Manufacturing Ltd. | 29,200 | 10 |
* ^ | Galaxy Entertainment |
|
|
| Group Ltd. | 129,000 | 10 |
| Melco International |
|
|
| Development Corp. | 51,000 | 9 |
| Mandarin Oriental |
|
|
| International Ltd. | 4,000 | 5 |
| Lianhua Supermarket |
|
|
| Holdings Ltd. Class H | 4,000 | 5 |
| Chong Hing Bank Ltd. | 3,000 | 4 |
| Henderson Investment Ltd. | 74,000 | 3 |
| Hutchinson Harbour Ring Ltd. | 38,000 | 2 |
| Next Media Ltd. | 14,000 | 2 |
| Dah Sing Banking Group Ltd. | 2,800 | 2 |
| Public Financial Holdings Ltd. | 4,000 | 1 |
| Fubon Bank (Hong Kong) Ltd. | 6,000 | 1 |
| Beijing North Star Co. Ltd. | 10,000 | 1 |
|
|
| 55,391 |
Hungary (0.1%) |
|
| |
* ^ | OTP Bank Nyrt. | 61,130 | 1,012 |
| MOL Hungarian Oil |
|
|
| and Gas Nyrt. | 16,480 | 892 |
| Richter Gedeon Nyrt. | 5,220 | 721 |
| Magyar Tavkozlesi Nyrt. | 101,432 | 321 |
|
|
| 2,946 |
India (1.6%) |
|
| |
| Infosys |
|
|
| Technologies Ltd. ADR | 142,763 | 4,186 |
| Reliance Industries Ltd. GDR | 61,619 | 3,513 |
* | Bharti Airtel Ltd. | 147,405 | 1,990 |
| ITC Ltd. | 525,383 | 1,673 |
| State Bank of India GDR | 33,821 | 1,568 |
| Satyam Computer |
|
|
| Services Ltd. ADR | 96,342 | 1,515 |
| Wipro Ltd. ADR | 194,647 | 1,507 |
| ICICI Bank Ltd. ADR | 85,973 | 1,469 |
| Housing Development |
|
|
| Finance Corp. Ltd. | 38,194 | 1,386 |
| Larsen & Toubro Ltd. | 81,168 | 1,353 |
| HDFC Bank Ltd. ADR | 15,299 | 1,004 |
| Reliance Industries Ltd. | 34,262 | 971 |
| Tata Communications Ltd. | 37,904 | 909 |
| Mahanagar Telephone |
|
|
| Nigam Ltd. ADR | 257,876 | 766 |
| Oil and Natural |
|
|
| Gas Corp. Ltd. | 51,738 | 711 |
| Bharat Heavy Electricals Ltd. | 25,655 | 682 |
| Reliance |
|
|
| Communication Ventures | 145,245 | 662 |
| Hindustan Lever Ltd. | 144,723 | 657 |
| Axis Bank Ltd. | 43,603 | 505 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Dr. Reddy’s |
|
|
| Laboratories Ltd. ADR | 55,113 | 466 |
* | Essar Oil Ltd. | 262,703 | 466 |
| NTPC Ltd. | 157,608 | 457 |
| Tata Iron and Steel Co. Ltd. | 92,135 | 402 |
| Gail India Ltd. | 87,614 | 389 |
* | Reliance Petroleum Ltd. | 210,492 | 374 |
| Cipla Ltd. | 88,849 | 323 |
| Hindalco Industries Ltd. | 228,467 | 286 |
| Reliance Capital Ltd. | 20,915 | 284 |
| Sterlite Industries (India) Ltd. | 46,251 | 275 |
| Grasim Industries Ltd. | 12,634 | 268 |
| Tata Consultancy |
|
|
| Services Ltd. | 21,335 | 238 |
| Tata Power Co. Ltd. | 15,342 | 218 |
| Sun Pharmaceutical |
|
|
| Industries Ltd. | 9,370 | 217 |
* | Idea Cellular Ltd. | 239,711 | 211 |
| Jaiprakash Associates Ltd. | 137,822 | 208 |
| Bajaj Auto Ltd. | 18,382 | 207 |
| GlaxoSmithKline |
|
|
| Pharmaceuticals (India) Ltd. | 8,666 | 194 |
| Kotak Mahindra Bank | 25,927 | 182 |
* | Reliance Natural |
|
|
| Resources, Ltd. | 201,831 | 182 |
| Steel Authority of India Ltd. | 101,714 | 178 |
| Hero Honda Motors Ltd. | 11,513 | 176 |
* | Cairn India Ltd. | 63,025 | 170 |
| Asea Brown Boveri India Ltd. | 15,054 | 170 |
| Infrastructure Development |
|
|
| Finance Co., Ltd. | 139,442 | 168 |
| DLF Ltd. | 36,520 | 165 |
| Punjab National Bank Ltd. | 18,651 | 162 |
| Jindal Steel & Power Ltd. | 9,754 | 160 |
| Reliance Energy Ltd. | 16,453 | 156 |
| Siemens India Ltd. | 27,901 | 152 |
| Lupin Ltd. | 10,720 | 146 |
| Aditya Birla Nuvo Ltd. | 12,225 | 138 |
| Nestle India Ltd. | 4,502 | 135 |
| Maruti Udyog Ltd. | 11,472 | 134 |
| Glenmark |
|
|
| Pharmaceuticals Ltd. | 21,865 | 129 |
| JSW Steel Ltd. | 19,837 | 126 |
| Power Grid Corp of India Ltd | 81,120 | 117 |
| Bank of India | 22,739 | 113 |
| Indian Oil Corporation Ltd. | 15,624 | 108 |
* | United Spirits Ltd. | 5,854 | 108 |
| Zee Entertainment |
|
|
| Enterprises | 32,802 | 104 |
| HCL Technologies Ltd. | 29,116 | 104 |
| Hindustan |
|
|
| Petroleum Corp., Ltd. | 26,201 | 102 |
| Bharat Petroleum Corp. Ltd. | 16,912 | 99 |
| Colgate-Palmolive (India) Ltd. | 12,688 | 99 |
| Mahindra & Mahindra Ltd. | 12,452 | 96 |
| Divi’s Laboratories Ltd. | 4,005 | 93 |
21
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
| Adani Exports, Ltd. |
| 11,892 | 92 |
| Aban Offshore Ltd. |
| 5,405 | 90 |
| Unitech, Ltd. |
| 85,675 | 87 |
| Asian Paints (India) Ltd. | 4,405 | 86 | |
| Ambuja Cements Ltd. | 68,125 | 86 | |
| Mundra Port and Special |
|
| |
| Economic Zone Ltd. | 11,592 | 86 | |
| Great Eastern Shipping Co. | 17,664 | 80 | |
| Tata Chemicals Ltd. |
| 24,499 | 80 |
| Sesa Goa Ltd. |
| 47,480 | 79 |
* | Reliance Power Ltd. |
| 37,067 | 78 |
| Union Bank of India Ltd. | 27,504 | 71 | |
| Crompton Greaves, Ltd. | 22,106 | 70 | |
| Suzlon Energy Ltd. |
| 74,326 | 67 |
| Punj Lloyd Ltd. |
| 17,917 | 65 |
| Bajaj Holdings and |
|
|
|
| Investment Ltd. |
| 8,936 | 62 |
| Bharat Forge Ltd. |
| 28,530 | 60 |
| Nicholas Piramal India Ltd. | 12,995 | 59 | |
| Tata Motors Ltd. |
| 15,995 | 58 |
| Indiabulls Financial |
|
|
|
| Services Ltd. |
| 24,987 | 57 |
| Bajaj Finserv Ltd. |
| 16,537 | 40 |
| Associated Cement Cos. Ltd. | 3,467 | 35 | |
| Dabur India Ltd. |
| 20,253 | 34 |
| Canara Bank Ltd. |
| 9,705 | 33 |
| Ranbaxy Laboratories Ltd. | 9,478 | 33 | |
| Housing Development & |
|
| |
| Infrastructure Ltd. |
| 10,260 | 31 |
* | Hindustan Zinc Ltd. |
| 4,543 | 30 |
| Financial Technologies |
|
| |
| (India) Ltd. |
| 2,704 | 29 |
* | Tata Teleservices |
|
|
|
| Maharashtra Ltd. |
| 101,007 | 28 |
| Ultratech Cemco Ltd. | 3,849 | 28 | |
* | Mangalore Refinery and |
|
|
|
| Petrochemicals Ltd. | 34,553 | 27 | |
| Godrej Industries Ltd. | 17,213 | 25 | |
* | Sun TV Network Ltd. | 7,768 | 24 | |
* | Neyveli Lignite Corp., Ltd. | 21,045 | 24 | |
| Bharat Electronics Ltd. | 1,858 | 23 | |
| Oriental Bank of Commerce | 8,752 | 22 | |
| Industrial Development Bank |
|
| |
| of India Ltd. |
| 16,782 | 20 |
| National Aluminium Co., Ltd. | 6,100 | 20 | |
| Ashok Leyland Ltd. |
| 41,763 | 16 |
| Moser Baer India Ltd. | 9,766 | 16 | |
* | GMR Infrastructure Ltd. | 15,377 | 16 | |
| Great Offshore Ltd. |
| 2,253 | 16 |
* | Oracle Financial |
|
|
|
| Services Software |
| 935 | 12 |
* | Sun Pharma Advanced |
|
| |
| Research Company, Ltd. | 10,800 | 12 | |
| Mphasis Ltd. |
| 2,267 | 8 |
| Bank of Baroda |
| 1,056 | 5 |
* | Piramal Life Sciences Ltd. | 1,618 | 2 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Castrol (India) Ltd. | 358 | 2 |
|
| Shipping Corp. of India Ltd. | 1,228 | 2 |
|
| Cadila Healthcare Ltd. | 364 | 2 |
|
| Corporation Bank | 416 | 2 |
|
| Tech Mahindra Ltd. | 221 | 2 |
|
| Wockhardt Ltd. | 500 | 1 |
* |
| Jet Airways (India) Ltd. | 250 | 1 |
|
|
|
| 38,516 |
Indonesia (0.2%) |
|
| ||
|
| PT Telekomunikasi |
|
|
|
| Indonesia Tbk | 2,182,500 | 1,092 |
|
| PT Astra International Tbk | 1,055,000 | 878 |
|
| PT Bumi Resources Tbk | 4,048,000 | 808 |
|
| PT Bank Central Asia Tbk | 2,973,000 | 721 |
|
| PT Bank Rakyat |
|
|
|
| Indonesia Tbk | 1,252,000 | 383 |
|
| PT Unilever Indonesia Tbk | 434,000 | 296 |
|
| PT Indonesian |
|
|
|
| Satellite Corp. Tbk | 575,500 | 276 |
|
| PT Perusahaan Gas |
|
|
|
| Negara Tbk | 1,828,500 | 230 |
|
| PT United Tractors Tbk | 418,500 | 122 |
|
| PT Tambang Batubara |
|
|
|
| Bukit Asam Tbk | 175,500 | 88 |
|
| PT Bank Mandiri Tbk | 610,000 | 88 |
* |
| PT Bank Indonesia Tbk | 1,621,500 | 77 |
|
| PT Semen Gresik Tbk | 274,500 | 74 |
|
| PT Indofood Sukses |
|
|
|
| Makmur Tbk | 678,500 | 67 |
|
| PT Indocement Tunggal |
|
|
|
| Prakarsa Tbk (Local) | 197,500 | 65 |
|
| PT Aneka Tambang Tbk | 460,000 | 43 |
|
| PT Astra Agro Lestari Tbk | 75,500 | 42 |
|
| PT International Nickel |
|
|
|
| Indonesia Tbk | 252,500 | 40 |
|
| PT Bank Danamon Tbk | 78,000 | 18 |
|
| PT Gudang Garam Tbk | 45,500 | 18 |
|
| PT Ramayana Lestari |
|
|
|
| Sentosa Tbk | 221,500 | 10 |
|
|
|
| 5,436 |
Ireland (0.3%) |
|
| ||
|
| CRH PLC | 119,892 | 2,634 |
|
| Allied Irish Banks PLC | 194,663 | 1,037 |
* |
| Elan Corp. PLC | 103,010 | 777 |
|
| Kerry Group PLC A Shares | 32,294 | 720 |
|
| Bank of Ireland | 225,673 | 666 |
| ^ | Anglo Irish Bank Corp. PLC | 167,527 | 538 |
* |
| Ryanair Holdings PLC ADR | 20,625 | 459 |
|
| Irish Life & Permanent PLC | 66,667 | 228 |
* |
| Ryanair Holdings PLC | 58,749 | 205 |
|
|
|
| 7,264 |
Israel (0.6%) |
|
| ||
|
| Teva Pharmaceutical |
|
|
|
| Industries Ltd. | 180,652 | 7,704 |
|
| Israel Chemicals Ltd. | 140,976 | 1,422 |
22
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Bezeq Israeli |
|
|
| Telecommunication |
|
|
| Corp., Ltd. | 448,970 | 670 |
* | NICE Systems Ltd. | 24,708 | 547 |
| Bank Hapoalim Ltd. | 204,436 | 463 |
| Bank Leumi Le-Israel | 134,780 | 354 |
| Perrigo Co. | 10,635 | 351 |
| Cellcom Israel Ltd. | 12,155 | 342 |
| Makhteshim-Agan |
|
|
| Industries Ltd. | 89,610 | 339 |
| Partner |
|
|
| Communications Co. Ltd. | 15,100 | 277 |
| The Israel Corp. Ltd. | 433 | 204 |
| Elbit Systems Ltd. | 3,400 | 163 |
* | Paz Oil Company Ltd. | 1,278 | 127 |
| Osem Investment Ltd. | 8,700 | 99 |
| Super Sol Ltd. | 20,400 | 87 |
| United Mizrahi Bank Ltd. | 15,400 | 81 |
| Strauss Group Ltd. | 7,400 | 76 |
| Oil Refineries Ltd. | 136,313 | 69 |
| Discount |
|
|
| Investment Corp. Ltd. | 5,500 | 64 |
| Ormat Industries Ltd. | 7,805 | 56 |
| Koor Industries Ltd. | 1,500 | 51 |
| Israel Discount Bank Ltd. | 42,700 | 42 |
| IDB Development Corp. Ltd. | 3,200 | 38 |
| Elbit Medical Imaging Ltd. | 2,156 | 31 |
| IDB Holding Corp., Ltd. | 1,840 | 29 |
* | Hot Telecommunication |
|
|
| System Ltd. | 4,100 | 24 |
* | Jerusalem |
|
|
| Economic Corp., Ltd. | 2,836 | 12 |
| Africa-Israel Investments Ltd. | 400 | 6 |
| Harel Insurance |
|
|
| Investments Ltd. | 100 | 3 |
| Clal Insurance Enterprise |
|
|
| Holdings Ltd. | 200 | 2 |
| Blue Square-Israel Ltd. | 100 | 1 |
| Gazit-Globe (1982) Ltd. | 117 | 1 |
| Delek Automotive |
|
|
| Systems Ltd. | 100 | 1 |
| Clal Industries and |
|
|
| Investments Ltd. | 200 | 1 |
| Delek Group, Ltd. | 8 | 1 |
* | Alvarion Ltd. | 151 | 1 |
| Migdal Insurance |
|
|
| Holdings Ltd. | 700 | — |
* | First International Bank of |
|
|
| Israel Ltd. -ILS .01 Par | 411 | — |
* | First International Bank of |
|
|
| Israel Ltd. -ILS .05 Par | 82 | — |
* | Given Imaging Ltd. | 34 | — |
| Property & Building Corp. | 7 | — |
|
|
| 13,739 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Italy (2.8%) |
|
| |
| Eni SpA | 611,205 | 14,588 |
| Assicurazioni Generali SpA | 312,378 | 7,889 |
| Intesa Sanpaolo SpA | 1,975,220 | 7,229 |
| Enel SpA | 1,034,140 | 6,919 |
| UniCredit SpA | 2,195,679 | 5,375 |
| Telecom Italia SpA | 2,953,921 | 3,393 |
| Unione Di Banche |
|
|
| Italiane ScpA | 142,026 | 2,396 |
| Banco Popolare SpA | 139,194 | 1,736 |
| Fiat SpA | 181,367 | 1,439 |
| Saipem SpA | 74,063 | 1,392 |
| Finmeccanica SpA | 96,278 | 1,194 |
| Atlantia SpA | 63,908 | 1,170 |
| Banca Monte dei Paschi di |
|
|
| Siena SpA | 593,406 | 1,152 |
| Telecom Italia SpA RNC | 1,332,286 | 1,121 |
| Snam Rete Gas SpA | 217,741 | 1,102 |
| Terna SpA | 337,951 | 1,090 |
| Mediobanca Banca di |
|
|
| Credito Finanziaria SpA | 91,624 | 1,046 |
| Mediaset SpA | 189,551 | 1,030 |
| Alleanza Assicurazioni SpA | 97,567 | 650 |
| Parmalat SpA | 362,616 | 637 |
| A2A SpA | 349,213 | 637 |
| Luxottica Group SpA | 29,090 | 588 |
| Banca Popolare di |
|
|
| Milano SpA | 97,670 | 572 |
| Banca Carige SpA | 185,385 | 396 |
| Lottomatica SpA | 16,831 | 393 |
| Fondiari-Sai SpA | 20,474 | 385 |
| IFIL Investments SpA | 119,928 | 372 |
| Pirelli & C. Accomandita |
|
|
| per Azioni SpA | 982,404 | 346 |
| Italcementi SpA | 28,463 | 332 |
| Autogrill SpA | 41,026 | 328 |
| Saras SpA Raffinerie Sarde | 91,293 | 321 |
| Unipol Gruppo |
|
|
| Finanziario SpA | 120,954 | 215 |
| Bulgari SpA | 26,256 | 196 |
| Unipol Gruppo |
|
|
| Finanziario SpA Pfd. | 170,917 | 188 |
| Italcementi SpA Risp. | 24,345 | 169 |
| Mediolanum SpA | 40,261 | 158 |
| Benetton Group SpA | 15,917 | 112 |
| Edison SpA | 70,164 | 101 |
| Buzzi Unicem SpA | 7,041 | 86 |
| Fondiaria-Sai SpA RNC | 3,492 | 44 |
* | Finmeccanica SpA |
|
|
| Rights Exp. 11/07/08 | 69,336 | 28 |
|
|
| 68,515 |
Japan (16.8%) |
|
| |
| Toyota Motor Corp. | 576,700 | 22,521 |
| Mitsubishi UF J |
|
|
| Financial Group | 2,399,060 | 15,076 |
| Canon, Inc. | 295,000 | 10,323 |
23
FTSE All-World ex-US Index Fund
|
| Market |
|
| Value• |
| Shares | ($000) |
Matsushita Electric |
|
|
Industrial Co., Ltd. | 568,000 | 9,147 |
Honda Motor Co., Ltd. | 302,800 | 7,529 |
Nintendo Co. | 23,400 | 7,519 |
Sumitomo Mitsui Financial |
|
|
Group, Inc. | 1,727 | 6,923 |
Takeda |
|
|
Pharmaceutical Co. Ltd. | 138,000 | 6,857 |
Tokyo Electric Power Co. | 225,800 | 6,395 |
NTT DoCoMo, Inc. | 3,950 | 6,264 |
Sony Corp. | 218,800 | 5,186 |
East Japan Railway Co. | 724 | 5,152 |
Nippon Telegraph and |
|
|
Telephone Corp. | 1,177 | 4,803 |
Mizuho Financial Group, Inc. | 1,923 | 4,696 |
Mitsubishi Corp. | 280,000 | 4,693 |
KDDI Corp. | 756 | 4,530 |
Seven and I |
|
|
Holdings Co., Ltd. | 160,300 | 4,501 |
Millea Holdings, Inc. | 138,200 | 4,263 |
Japan Tobacco, Inc. | 1,154 | 4,094 |
Kao Corp. | 140,000 | 4,094 |
Nomura Holdings Inc. | 431,300 | 4,086 |
Kansai Electric |
|
|
Power Co., Inc. | 159,600 | 4,002 |
Mitsubishi Estate Co., Ltd. | 224,000 | 4,001 |
Shin-Etsu Chemical Co., Ltd. | 72,000 | 3,827 |
Nippon Steel Corp. | 1,108,000 | 3,729 |
Mitsui Fudosan Co., Ltd. | 201,000 | 3,506 |
Astellas Pharma Inc. | 87,000 | 3,504 |
Chubu Electric Power Co. | 129,400 | 3,388 |
Mitsui & Co., Ltd. | 331,000 | 3,207 |
Central Japan Railway Co. | 387 | 3,179 |
Mitsui Sumitomo Insurance |
|
|
Group Holdings, Inc. | 105,800 | 2,940 |
Hitachi Ltd. | 578,000 | 2,714 |
Fanuc Co., Ltd. | 40,300 | 2,685 |
JFE Holdings, Inc. | 103,700 | 2,646 |
Daiichi Sankyo Co., Ltd. | 122,200 | 2,506 |
Nissan Motor Co., Ltd. | 501,100 | 2,489 |
Kyocera Corp. | 41,900 | 2,461 |
Komatsu Ltd. | 223,700 | 2,459 |
Mitsubishi Heavy |
|
|
Industries Ltd. | 754,000 | 2,418 |
Bridgestone Corp. | 136,700 | 2,390 |
Mitsubishi Electric Corp. | 364,000 | 2,257 |
Orix Corp. | 20,100 | 2,065 |
Sumitomo Realty & |
|
|
Development Co. | 126,000 | 2,053 |
Sumitomo Metal |
|
|
Industries Ltd. | 793,000 | 2,040 |
Toshiba Corp. | 546,000 | 1,973 |
Tokyo Gas Co., Ltd. | 455,000 | 1,956 |
Fuji Photo Film Co., Ltd. | 83,900 | 1,931 |
Daiwa Securities Group Inc. | 341,000 | 1,928 |
Secom Co., Ltd. | 50,200 | 1,915 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Denso Corp. | 98,200 | 1,914 |
| West Japan Railway Co. | 416 | 1,831 |
| Tohoku Electric Power Co. | 80,600 | 1,810 |
| Kyushu Electric |
|
|
| Power Co., Inc. | 78,900 | 1,809 |
| Kirin Brewery Co., Ltd. | 163,000 | 1,803 |
| Murata |
|
|
| Manufacturing Co., Ltd. | 52,200 | 1,799 |
| Terumo Corp. | 42,800 | 1,784 |
| Sumitomo Corp. | 201,700 | 1,775 |
| Itochu Corp. | 335,000 | 1,770 |
| Bank of Yokohama Ltd. | 362,000 | 1,756 |
| Asahi Breweries Ltd. | 104,400 | 1,723 |
| Eisai Co., Ltd. | 52,200 | 1,694 |
| Chugoku Electric |
|
|
| Power Co., Ltd. | 69,600 | 1,685 |
| T & D Holdings, Inc. | 43,500 | 1,662 |
| Rohm Co., Ltd. | 33,500 | 1,614 |
| Sumitomo Trust & |
|
|
| Banking Co., Ltd. | 337,000 | 1,561 |
| Toray Industries, Inc. | 332,000 | 1,542 |
| Hankyu Corp. | 320,000 | 1,510 |
^ | Kintetsu Corp. | 389,000 | 1,489 |
| Keyence Corp. | 7,600 | 1,456 |
| Daito Trust |
|
|
| Construction Co., Ltd. | 32,900 | 1,388 |
| Nippon Yusen Kabushiki |
|
|
| Kaisha Co. | 286,000 | 1,383 |
| Shiseido Co., Ltd. | 67,000 | 1,379 |
| Yamada Denki Co., Ltd. | 25,290 | 1,377 |
^ | Hokuriku Electric Power Co. | 52,200 | 1,376 |
| Fujitsu Ltd. | 348,000 | 1,368 |
| Osaka Gas Co., Ltd. | 379,000 | 1,341 |
| Hoya Corp. | 72,400 | 1,322 |
* ^ | Mitsubishi Motors Corp. | 953,000 | 1,317 |
| Marubeni Corp. | 338,000 | 1,313 |
| Ricoh Co. | 122,000 | 1,313 |
| Yahoo Japan Corp. | 3,966 | 1,312 |
^ | Yakult Honsha Co., Ltd. | 52,200 | 1,301 |
| Suzuki Motor Corp. | 88,500 | 1,299 |
| Tokyu Corp. | 329,000 | 1,292 |
| Aeon Co., Ltd. | 133,100 | 1,276 |
| Dai-Nippon Printing Co., Ltd. | 106,000 | 1,252 |
| Asahi Kasei Corp. | 332,000 | 1,249 |
| Fast Retailing Co., Ltd. | 11,600 | 1,237 |
| NTT Data Corp. | 370 | 1,223 |
| Sharp Corp. | 169,000 | 1,206 |
| Tobu Railway Co., Ltd. | 237,000 | 1,204 |
| Daikin Industries Ltd. | 52,200 | 1,174 |
| Softbank Corp. | 119,100 | 1,173 |
| Shikoku Electric Power | 39,900 | 1,171 |
| Hokkaido Electric |
|
|
| Power Co., Ltd. | 52,200 | 1,171 |
| Tokyo Electron Ltd. | 34,800 | 1,160 |
| Benesse Corp. | 27,000 | 1,134 |
24
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Electric Power |
|
|
|
| Development Co., Ltd. | 38,000 | 1,131 |
|
| Asahi Glass Co., Ltd. | 179,000 | 1,125 |
|
| Sekisui House Ltd. | 112,000 | 1,123 |
|
| Mitsubishi Chemical |
|
|
|
| Holdings Corp. | 275,000 | 1,112 |
|
| The Hiroshima Bank, Ltd. | 288,000 | 1,070 |
|
| Sumitomo Electric |
|
|
|
| Industries Ltd. | 132,000 | 1,069 |
| ^ | Resona Holdings Inc. | 1,017 | 1,066 |
|
| Sompo Japan Insurance Inc. | 150,000 | 1,051 |
|
| Kuraray Co., Ltd. | 136,500 | 1,045 |
|
| NEC Corp. | 348,000 | 1,032 |
|
| Sumitomo Chemical Co. | 337,000 | 1,031 |
|
| Nippon Express Co., Ltd. | 253,000 | 1,021 |
|
| SMC Corp. | 10,800 | 1,020 |
|
| Ajinomoto Co., Inc. | 116,000 | 1,002 |
|
| Hokuhoku Financial |
|
|
|
| Group, Inc. | 503,000 | 995 |
|
| Nissin Food |
|
|
|
| Products Co., Ltd. | 34,800 | 995 |
|
| Nippon Oil Corp. | 242,000 | 993 |
|
| Joyo Bank Ltd. | 206,000 | 969 |
|
| Mitsui OSK Lines Ltd. | 183,000 | 956 |
|
| Taisho Pharmaceutical Co. | 53,000 | 955 |
|
| Mizuho Trust & |
|
|
|
| Banking Co., Ltd. | 802,000 | 942 |
|
| Shizuoka Bank Ltd. | 106,000 | 936 |
|
| TDK Corp. | 27,600 | 933 |
|
| Toho Co., Ltd. | 48,700 | 928 |
|
| Shionogi & Co., Ltd. | 53,000 | 902 |
|
| JS Group Corp. | 69,500 | 900 |
|
| Chugai |
|
|
|
| Pharmaceutical Co., Ltd. | 62,600 | 890 |
|
| Kawasaki Heavy |
|
|
|
| Industries Ltd. | 490,000 | 888 |
|
| Odakyu Electric Railway Co. | 121,000 | 887 |
|
| THK Co., Inc. | 64,500 | 883 |
|
| Ono |
|
|
|
| Pharmaceutical Co., Ltd. | 19,800 | 883 |
|
| Daiwa House |
|
|
|
| Industry Co., Ltd. | 99,000 | 880 |
|
| Sumitomo Metal Mining Co. | 117,000 | 877 |
|
| Nikon Corp. | 61,000 | 860 |
|
| Kobe Steel Ltd. | 522,000 | 847 |
|
| Inpex Holdings, Inc. | 144 | 836 |
|
| Yamato Holdings Co., Ltd. | 75,000 | 829 |
|
| Nippon Paper Group, Inc. | 309 | 826 |
|
| Lawson Inc. | 16,500 | 806 |
* |
| Sanyo Electric Co., Ltd. | 522,000 | 792 |
|
| Toyoda Automatic Loom |
|
|
|
| Works Ltd. | 34,800 | 786 |
|
| Nitto Denko Corp. | 34,800 | 771 |
|
| Nippon Mining Holdings Inc. | 246,500 | 755 |
|
| Mediceo Paltac |
|
|
|
| Holdings Co., Ltd. | 69,600 | 754 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Taisei Corp. | 326,000 | 751 |
|
| Konami Corp. | 41,300 | 747 |
|
| Omron Corp. | 52,200 | 745 |
|
| Nipponkoa |
|
|
|
| Insurance Co., Ltd. | 124,000 | 743 |
|
| Mitsubishi Materials Corp. | 329,000 | 743 |
|
| Mazda Motor Corp. | 324,000 | 719 |
|
| Namco Bandai Holdings Inc. | 69,600 | 716 |
|
| Olympus Corp. | 37,000 | 713 |
|
| Kubota Corp. | 142,000 | 713 |
|
| Toppan Printing Co., Ltd. | 96,000 | 706 |
|
| Mitsui Trust Holding Inc. | 175,000 | 690 |
|
| The Nishi-Nippon |
|
|
|
| City Bank, Ltd. | 313,000 | 682 |
|
| Sankyo Co., Ltd. | 15,300 | 681 |
|
| Shinsei Bank, Ltd. | 438,000 | 672 |
|
| JTEKT Corp. | 86,900 | 667 |
|
| OJI Paper Co., Ltd. | 174,000 | 664 |
|
| Stanley Electric Co. | 52,200 | 656 |
|
| Toyo Seikan Kaisha Ltd. | 52,200 | 644 |
| ^ | Dentsu Inc. | 386 | 633 |
| ^ | Keihin Electric Express |
|
|
|
| Railway Co., Ltd. | 82,000 | 633 |
|
| Makita Corp. | 34,800 | 631 |
|
| FamilyMart Co., Ltd. | 15,900 | 630 |
|
| Ibiden Co., Ltd. | 33,400 | 625 |
|
| Aisin Seiki Co., Ltd. | 34,800 | 616 |
|
| Fuji Heavy Industries Ltd. | 174,000 | 612 |
|
| Isuzu Motors Ltd. | 348,000 | 611 |
| ^ | Oriental Land Co., Ltd. | 8,400 | 596 |
|
| Chiba Bank Ltd. | 120,000 | 593 |
|
| JSR Corp. | 52,200 | 589 |
|
| Bank of Kyoto Ltd. | 55,000 | 579 |
|
| Ohbayashi Corp. | 118,000 | 577 |
|
| Keihan Electric |
|
|
|
| Railway Co., Ltd. | 125,000 | 576 |
|
| Credit Saison Co., Ltd. | 52,100 | 553 |
* |
| Isetan Mitsukoshi |
|
|
|
| Holdings Ltd. | 58,040 | 547 |
|
| Uni-Charm Corp. | 7,600 | 545 |
|
| Shimizu Corp. | 110,000 | 540 |
|
| The Chugoku Bank, Ltd. | 39,000 | 537 |
|
| Fukuoka Financial |
|
|
|
| Group, Inc. | 162,000 | 536 |
|
| Nidec Corp. | 9,800 | 527 |
|
| Seiko Epson Corp. | 34,800 | 523 |
|
| Citizen Watch Co., Ltd. | 91,800 | 508 |
|
| Sony Financial Holdings, Inc. | 156 | 507 |
|
| IHI Corp. | 417,000 | 506 |
|
| Yamaha Corp. | 52,200 | 506 |
|
| Kajima Corp. | 174,000 | 503 |
|
| Toyota Tsusho Corp. | 52,100 | 503 |
|
| Advantest Corp. | 34,800 | 500 |
|
| Showa Denko K.K. | 328,000 | 498 |
|
| Konica Minolta Holdings, Inc. | 75,000 | 493 |
25
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Yamaguchi Financial |
|
|
| Group, Inc. | 51,000 | 488 |
| Nomura Research |
|
|
| Institute, Ltd. | 28,500 | 471 |
| NTT Urban |
|
|
| Development Corp. | 457 | 469 |
| Promise Co., Ltd. | 26,100 | 468 |
| SBI Holdings, Inc. | 3,822 | 459 |
| NGK Insulators Ltd. | 44,000 | 457 |
| Nagoya Railroad Co., Ltd. | 145,000 | 451 |
| Marui Co., Ltd. | 73,300 | 448 |
| The Iyo Bank, Ltd. | 41,000 | 442 |
| Hirose Electric Co., Ltd. | 5,100 | 442 |
| Nisshin Steel Co. | 325,000 | 435 |
| Keio Electric Railway Co., Ltd. | 84,000 | 435 |
| Hisamitsu |
|
|
| Pharmaceutical Co. Inc. | 10,400 | 433 |
| TonenGeneral Sekiyu K.K. | 51,000 | 431 |
| Trend Micro Inc. | 17,500 | 428 |
^ | All Nippon Airways Co., Ltd. | 111,000 | 424 |
| Aioi Insurance Co., Ltd. | 99,000 | 407 |
| Sekisui Chemical Co. | 69,000 | 403 |
| Toho Gas Co., Ltd. | 69,000 | 398 |
| JGC Corp. | 36,000 | 386 |
| Yamaha Motor Co., Ltd. | 34,800 | 385 |
| Nippon Meat Packers, Inc. | 28,000 | 384 |
| Taiheiyo Cement Corp. | 324,000 | 377 |
| Nippon Sheet Glass Co., Ltd. | 114,000 | 373 |
| Kurita Water Industries Ltd. | 16,300 | 372 |
| AEON Mall Co., Ltd. | 14,800 | 365 |
| Nisshin Seifun Group Inc. | 33,500 | 363 |
| Sojitz Holdings Corp. | 217,100 | 363 |
* ^ | Japan Airlines System Co. | 159,000 | 362 |
| Toyo Suisan Kaisha, Ltd. | 14,000 | 361 |
| Shimano, Inc. | 12,600 | 360 |
| Sumco Corp. | 33,100 | 358 |
| Leopalace21 Corp. | 47,400 | 353 |
| Mitsui Chemicals, Inc. | 97,000 | 339 |
| Tanabe Seiyaku Co., Ltd. | 32,000 | 337 |
| Teijin Ltd. | 129,000 | 335 |
^ | Nissha Printing Co., Ltd. | 6,000 | 334 |
| Casio Computer Co. | 51,900 | 333 |
| Japan Steel Works Ltd. | 47,000 | 333 |
| Toto Ltd. | 47,000 | 328 |
| Kawasaki Kisen Kaisha Ltd. | 81,000 | 321 |
| Nippon Sanso Corp. | 51,000 | 321 |
| J. Front Retailing Co., Ltd. | 69,400 | 309 |
| Yokogawa Electric Corp. | 66,800 | 309 |
| Kyowa Hakko Kogyo Co. | 37,000 | 308 |
| Brother Industries Ltd. | 44,500 | 304 |
| Gunma Bank Ltd. | 59,000 | 301 |
| The Suruga Bank, Ltd. | 32,000 | 301 |
| CSK Corp. | 36,000 | 301 |
| Nitori Co., Ltd. | 4,750 | 298 |
| Matsushita Electric |
|
|
| Works, Ltd. | 34,000 | 297 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Q.P. Corp. | 25,700 | 296 |
| The Hachijuni Bank Ltd. | 60,000 | 294 |
| Maruichi Steel Tube Ltd. | 12,800 | 291 |
| Sega Sammy Holdings Inc. | 37,800 | 286 |
| Takashimaya Co. | 37,000 | 285 |
| Sapporo Holdings Ltd. | 51,000 | 281 |
| Dai Nippon |
|
|
| Pharmaceutical Co., Ltd. | 35,000 | 277 |
| Kamigumi Co., Ltd. | 34,000 | 270 |
| Shimadzu Corp. | 39,000 | 267 |
^ | Lion Corp. | 40,000 | 262 |
| Nippon Electric |
|
|
| Glass Co., Ltd. | 43,500 | 262 |
| Santen |
|
|
| Pharmaceutical Co., Ltd. | 10,200 | 261 |
| Furukawa Electric Co. | 86,000 | 260 |
| Rinnai Corp. | 7,100 | 260 |
| Mabuchi Motor Co. | 6,400 | 253 |
| NSK Ltd. | 62,000 | 253 |
| Kinden Corp. | 30,000 | 250 |
| Haseko Corp. | 276,000 | 250 |
| Sumitomo Heavy |
|
|
| Industries Ltd. | 84,000 | 249 |
| Tsumura & Co. | 9,600 | 246 |
| Shinko Securities Co., Ltd. | 99,000 | 245 |
| USS Co., Ltd. | 4,000 | 245 |
| Amada Co., Ltd. | 53,000 | 243 |
| Nissan Chemical |
|
|
| Industries, Ltd. | 30,000 | 243 |
| Ube Industries Ltd. | 114,000 | 240 |
| Sagami Railway | 58,000 | 233 |
| The Nanto Bank, Ltd. | 49,000 | 230 |
| Daihatsu Motor Co., Ltd. | 31,000 | 230 |
| Air Water Inc. | 24,000 | 226 |
| Canon Sales Co. Inc. | 13,400 | 224 |
| Kikkoman Corp. | 22,000 | 222 |
| Shimamura Co., Ltd. | 3,200 | 222 |
| Yokohama Rubber Co. | 45,000 | 221 |
| Ryohin Keikaku Co., Ltd. | 4,600 | 220 |
| The Shiga Bank, Ltd. | 35,000 | 217 |
| Keisei Electric |
|
|
| Railway Co., Ltd. | 44,000 | 216 |
| Mitsubishi UFJ Lease & |
|
|
| Finance Company Ltd. | 8,930 | 214 |
| Ushio Inc. | 15,300 | 207 |
| Wacoal Corp. | 19,000 | 206 |
| Shimachu Co. | 9,000 | 205 |
| The Hyakujushi Bank Ltd. | 41,000 | 205 |
| Meiji Seika Kaisha Ltd. | 50,000 | 204 |
| NOK Corp. | 21,300 | 203 |
| 77 Bank Ltd. | 43,000 | 203 |
| Tokyu Land Corp. | 71,000 | 201 |
| Kansai Paint Co., Ltd. | 36,000 | 201 |
| Mitsubishi Logistics Corp. | 22,000 | 200 |
| Ogaki Kyoritsu Bank, Ltd. | 40,000 | 199 |
| Capcom Co., Ltd. | 8,900 | 198 |
26
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Cosmo Oil Co., Ltd. | 93,000 | 198 |
| NTN Corp. | 53,000 | 198 |
| The Hyakugo Bank Ltd. | 35,000 | 197 |
| Coca-Cola West |
|
|
| Japan Co., Ltd. | 9,800 | 197 |
| Meiji Dairies Corp. | 43,000 | 196 |
| Mitsumi Electric Co., Ltd. | 14,900 | 196 |
| Hitachi Metals Ltd. | 26,000 | 195 |
| Idemitsu Kosan Co. Ltd. | 3,300 | 192 |
^ | Nomura Real Estate |
|
|
| Holdings Inc. | 9,800 | 192 |
| Yamato Kogyo Co., Ltd. | 8,100 | 191 |
| NGK Spark Plug Co. | 20,000 | 189 |
| Square Enix Co., Ltd. | 7,400 | 186 |
| Hitachi Construction |
|
|
| Machinery Co. | 16,000 | 186 |
| Sapporo Hokuyo Holdings, Inc. | 43 | 185 |
| Rengo Co., Ltd. | 35,000 | 178 |
| Daido Steel Co., Ltd. | 56,000 | 177 |
| The Juroku Bank, Ltd. | 48,000 | 177 |
* ^ | Elpida Memory Inc. | 32,700 | 174 |
| Yamazaki Baking Co., Ltd. | 13,000 | 173 |
| Hamamatsu Photonics Co. | 7,700 | 171 |
| Mitsubishi Gas Chemical Co. | 45,000 | 166 |
| Alfresa Holdings Corp. | 3,800 | 165 |
| Chiyoda Corp. | 28,000 | 161 |
| Hakuhodo DY Holdings Inc. | 3,510 | 160 |
| Minebea Co., Ltd. | 59,000 | 159 |
| House Foods Industry Corp. | 9,400 | 153 |
* | Tokai Carbon Co., Ltd. | 29,000 | 152 |
| Susuken Co., Ltd. | 7,000 | 150 |
| Sumitomo Rubber |
|
|
| Industries Ltd. | 16,900 | 149 |
| Daicel Chemical |
|
|
| Industries Ltd. | 41,000 | 148 |
* ^ | DeNA Co., Ltd. | 65 | 145 |
| The Daishi Bank, Ltd. | 37,000 | 144 |
| ABC-Mart Inc. | 4,500 | 138 |
| Matsumotokiyoshi |
|
|
| Holdings Co., Ltd. | 7,000 | 137 |
^ | Nippon Paint Co., Ltd. | 35,000 | 135 |
| Circle K Sunkus Co., Ltd. | 7,800 | 133 |
| Uny Co., Ltd. | 17,000 | 132 |
| Tokuyama Corp. | 26,000 | 132 |
| Japan Petroleum |
|
|
| Exploration Co., Ltd. | 3,400 | 130 |
| NHK Spring Co. | 32,000 | 129 |
| Takefuji Corp. | 15,960 | 128 |
| Ito En, Ltd. | 8,000 | 127 |
| Fujikura Ltd. | 44,000 | 126 |
| Hitachi Chemical Co., Ltd. | 12,200 | 125 |
| Mitsubishi Rayon Co., Ltd. | 58,000 | 125 |
| The Awa Bank, Ltd. | 20,000 | 124 |
^ | Matsui Securities Co., Ltd. | 19,000 | 123 |
| Tokyo Steel Manufacturing Co. | 15,800 | 122 |
| Nishi-Nippon Railroad Co., Ltd. | 33,000 | 121 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Kokuyo Co., Ltd. | 17,100 | 121 |
|
| Kobayashi |
|
|
|
| Pharmaceutical Co., Ltd. | 3,700 | 119 |
|
| Don Quijote Co., Ltd. | 6,500 | 118 |
|
| MISUMI Group Inc. | 7,700 | 118 |
|
| Denki Kagaku Kogyo K.K. | 53,000 | 117 |
|
| Nisshinbo Industries, Inc. | 20,000 | 116 |
|
| The Bank of Nagoya, Ltd. | 19,000 | 114 |
|
| Tosoh Corp. | 57,000 | 114 |
|
| Aozora Bank, Ltd. | 136,000 | 114 |
|
| Mitsui Mining & |
|
|
|
| Smelting Co., Ltd. | 62,000 | 113 |
|
| Asics Corp. | 18,000 | 113 |
|
| Mochida Pharmaceutical | 12,000 | 112 |
|
| Kose Corp. | 4,300 | 112 |
|
| Alps Electric Co., Ltd. | 20,300 | 112 |
| ^ | Ezaki Glico Co., Ltd. | 11,000 | 110 |
|
| Autobacs Seven Co., Ltd. | 5,100 | 108 |
|
| The San-in Godo Bank, Ltd. | 15,000 | 107 |
|
| Tokyo Tatemono Co., Ltd. | 26,000 | 107 |
|
| IZUMI Co., Ltd. | 8,200 | 106 |
|
| Dowa Mining Co., Ltd. | 35,000 | 105 |
|
| Nippon Kayaku Co., Ltd. | 23,000 | 105 |
|
| Sumitomo Forestry Co. | 16,000 | 105 |
|
| JAFCO Co., Ltd. | 3,900 | 105 |
|
| Tokyo Style Co. | 14,000 | 104 |
|
| Oracle Corp. Japan | 2,400 | 104 |
|
| Kaneka Corp. | 22,000 | 103 |
|
| Onward Kashiyama Co., Ltd. | 14,000 | 102 |
|
| Nichirei Corp. | 24,000 | 102 |
|
| Hitachi |
|
|
|
| High-Technologies Corp. | 6,200 | 101 |
|
| Gunze Ltd. | 30,000 | 99 |
|
| Itochu Techno-Science Corp. | 4,200 | 98 |
|
| Fuji Electric |
|
|
|
| Holdings Co., Ltd. | 66,000 | 96 |
|
| Taiyo Yuden Co., Ltd. | 20,000 | 96 |
|
| The Kagoshima Bank, Ltd. | 15,000 | 95 |
|
| Aeon Credit Service Co. Ltd. | 8,900 | 95 |
|
| Hitachi Koki Co. | 12,200 | 94 |
|
| Dowa Fire & Marine |
|
|
|
| Insurance Co. | 21,000 | 93 |
|
| Yaskawa Electric Corp. | 21,000 | 92 |
|
| Seino Transportation Co., Ltd. | 19,000 | 92 |
|
| Asatsu-DK Inc. | 4,100 | 91 |
|
| Takara Holdings Inc. | 19,000 | 91 |
|
| Yamatake Corp. | 4,700 | 90 |
|
| Dai-Nippon Ink & |
|
|
|
| Chemicals, Inc. | 55,000 | 89 |
* |
| IT Holdings Corp. | 8,200 | 89 |
|
| Toyoda Gosei Co., Ltd. | 6,300 | 88 |
|
| Toyobo Ltd. | 62,000 | 88 |
|
| Sysmex Corp. | 2,800 | 87 |
| ^ | Mitsui Engineering & |
|
|
|
| Shipbuilding Co., Ltd. | 62,000 | 87 |
|
| Komeri Co., Ltd. | 3,800 | 86 |
27
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Showa Shell Sekiyu K.K. | 10,500 | 86 |
|
| Sumitomo Osaka |
|
|
|
| Cement Co., Ltd. | 53,000 | 83 |
|
| Higo Bank Ltd. | 15,000 | 83 |
|
| Obic Co., Ltd. | 670 | 82 |
|
| The Keiyo Bank, Ltd. | 18,000 | 81 |
|
| Ebara Corp. | 39,000 | 78 |
|
| Otsuka Corp. | 1,500 | 75 |
|
| The Hokkoku Bank, Ltd. | 20,000 | 75 |
|
| Acom Co., Ltd. | 1,970 | 75 |
| ^ | Pacific Metals Co., Ltd. | 17,000 | 75 |
| ^ | Mori Seiki Co. | 8,600 | 74 |
|
| Toyota Boshoku Corp. | 8,100 | 72 |
|
| Toda Corp. | 20,000 | 72 |
|
| Dai-Nippon Screen |
|
|
|
| Manufacturing Co., Ltd. | 33,000 | 70 |
|
| Okuma Corp. | 16,000 | 70 |
|
| The Musashino Bank, Ltd. | 2,200 | 66 |
|
| Nippon Shokubai Co., Ltd. | 11,000 | 64 |
|
| Koito Manufacturing Co., Ltd. | 8,000 | 62 |
|
| Sumitomo Bakelite Co. Ltd. | 17,000 | 62 |
* |
| Oki Electric Industry Co. Ltd. | 67,000 | 55 |
|
| Nabtesco Corp. | 9,000 | 55 |
|
| Aoyama Trading Co., Ltd. | 4,300 | 50 |
| ^ | Pioneer Corp. | 15,300 | 45 |
| ^ | ULVAC, Inc. | 2,400 | 45 |
|
| Hino Motors, Ltd. | 19,000 | 44 |
|
| Tokai Rika Co., Ltd. | 4,100 | 41 |
|
| Shinko Electric |
|
|
|
| Industries Co., Ltd. | 5,800 | 37 |
|
| Shima Seiki |
|
|
|
| Manufacturing, Ltd. | 1,800 | 33 |
|
| Aiful Corp. | 7,100 | 33 |
|
| Hankyu Department |
|
|
|
| Stores, Inc. | 4,000 | 25 |
|
| Takata Corp. | 2,400 | 17 |
|
| Tokyo Broadcasting |
|
|
|
| System, Inc. | 900 | 16 |
|
| Nipro Corp. | 1,000 | 15 |
|
| Fuji Television Network, Inc. | 12 | 14 |
|
| ZEON Corp. | 5,000 | 14 |
|
| Osaka Titanium |
|
|
|
| Technologies Co. | 400 | 10 |
|
| Monex Beans Holdings, Inc. | 29 | 10 |
|
| Okasan Holdings, inc. | 2,000 | 9 |
|
| Fukuyama |
|
|
|
| Transporting Co., Ltd. | 2,000 | 8 |
|
| Lintec Corp. | 600 | 7 |
|
| Nippon Television |
|
|
|
| Network Corp. | 70 | 7 |
|
| Sohgo Security |
|
|
|
| Services Co., Ltd. | 700 | 7 |
|
| Sumisho Computer |
|
|
|
| Systems Corp. | 400 | 6 |
|
| Toshiba TEC Corp. | 2,000 | 6 |
|
| PanaHome Corp. | 1,000 | 6 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Kandenko Co., Ltd. | 1,000 | 5 |
| Toyota Auto Body Co., Ltd. | 300 | 5 |
| Heiwa Corp. | 700 | 5 |
| DISCO Corp. | 200 | 5 |
| Toho Titanium Co., Ltd. | 400 | 5 |
| NIDEC SANKYO CORP. | 1,000 | 5 |
| Toppan Forms Co., Ltd. | 500 | 5 |
| Hikari Tsushin, Inc. | 300 | 4 |
| Hitachi Cable Ltd. | 2,000 | 4 |
| Tokai Rubber Industries, Ltd. | 500 | 4 |
* | NEC Electronics Corp. | 400 | 4 |
| Fuji Fire & Marine |
|
|
| Insurance Co., Ltd. | 2,000 | 4 |
| Mizuho Investors |
|
|
| Securities Co., Ltd. | 5,000 | 4 |
| TV Asahi Corp. | 3 | 4 |
| Koei Co., Ltd. | 300 | 3 |
| Hitachi Maxwell | 400 | 3 |
| Funai Electric Co., Ltd. | 200 | 3 |
| NS Solutions Corp. | 200 | 2 |
| Kansai Urban Banking Corp. | 2,000 | 2 |
| Calsonic Kansei Corp. | 1,000 | 2 |
| SFCG Co., Ltd. | 140 | 2 |
| Hitachi Software |
|
|
| Engineering Co., Ltd. | 100 | 1 |
| kabu.com Securities Co., Ltd. | 1 | 1 |
| Hitachi Capital Corp. | 100 | 1 |
| Sky Perfect JSAT Corp. | 2 | 1 |
| Sumitomo Real Estate |
|
|
| Sales Co., Ltd. | 10 | — |
|
|
| 411,706 |
Luxembourg (0.3%) |
|
| |
| ArcelorMittal (Paris Shares) | 242,349 | 6,303 |
| SES Global Fiduciary |
|
|
| Depositary Receipts | 76,251 | 1,372 |
| RTL Group | 3,113 | 165 |
|
|
| 7,840 |
Malaysia (0.6%) |
|
| |
| Public Bank Bhd. | 763,900 | 1,809 |
| Sime Darby Bhd. | 984,894 | 1,739 |
| Bumiputra-Commerce |
|
|
| Holdings Bhd. | 753,400 | 1,313 |
| Malayan Banking Bhd. | 812,825 | 1,238 |
| Genting Bhd. | 653,300 | 843 |
| IOI Corp. Bhd. | 1,054,955 | 836 |
* | TM International Bhd. | 646,600 | 828 |
| Malaysia International |
|
|
| Shipping Corp., |
|
|
| Bhd. (Foreign) | 337,400 | 777 |
| Resorts World Bhd. | 747,400 | 528 |
| Digi.com Bhd. | 76,651 | 399 |
| Tenaga Nasional Bhd. | 222,400 | 378 |
| British American |
|
|
| Tobacco Bhd. | 31,400 | 364 |
| Petronas Gas Bhd. | 129,100 | 357 |
| Berjaya Sports Toto Bhd. | 272,000 | 337 |
28
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
| YTL Corp., Bhd. |
| 188,700 | 333 |
| PLUS Expressways Bhd. |
| 440,700 | 331 |
| PPB Group Bhd. |
| 135,400 | 297 |
| Kuala Lumpur Kepong Bhd. |
| 117,600 | 275 |
| UMW Holdings |
|
|
|
| Malaysia Bhd. |
| 166,100 | 257 |
| AMMB Holdings Bhd. |
| 388,100 | 237 |
| YTL Power International Bhd. | 450,602 | 212 | |
| Telekom Malaysia Bhd. |
| 196,800 | 186 |
| Petronas Dagangan Bhd. |
| 96,800 | 183 |
| SP Setia Bhd. |
| 225,850 | 179 |
| Malaysia Mining Corp., Bhd. |
| 309,400 | 174 |
| Tanjong Public Ltd. Co. |
| 50,300 | 169 |
| Gamuda Bhd. |
| 362,500 | 155 |
| Alliance Financial Group Bhd. | 269,300 | 140 | |
| Star Publications Bhd. |
| 146,200 | 128 |
| Parkson Holdings, Bhd. |
| 133,200 | 126 |
| Hong Leong Bank Bhd. |
| 83,000 | 123 |
| IJM Corp. Bhd. |
| 169,800 | 123 |
| Astro All Asia Networks PLC | 194,700 | 116 | |
| RHB Capital Bhd. |
| 62,200 | 54 |
| Lafarge Malayan |
|
|
|
| Cement Bhd. |
| 59,810 | 48 |
| EON Capital Bhd. |
| 23,700 | 23 |
| Malaysia Airports |
|
|
|
| Holdings Bhd. |
| 24,600 | 15 |
| Malaysian Pacific |
|
|
|
| Industries Bhd. |
| 7,400 | 13 |
* | Proton Holdings Bhd. |
| 22,500 | 13 |
| Puncak Niaga Holdings Bhd. | 11,400 | 6 | |
* | IJM Land Corp. Bhd. |
|
|
|
| Warrants Exp. 9/11/13 |
| 16,980 | 1 |
|
|
|
| 15,663 |
Mexico (1.0%) |
|
|
| |
| America Movil SA de CV |
| 4,886,642 | 7,569 |
| Wal-Mart de Mexico SA |
| 770,800 | 2,073 |
| Telefonos de Mexico SA |
| 2,255,643 | 2,025 |
| Grupo Televisa SA CPO |
| 561,500 | 1,970 |
| Grupo Mexico SA de CV |
| 1,672,606 | 1,306 |
| Cemex SAB de CV ADR |
| 170,144 | 1,286 |
| Fomento Economico |
|
|
|
| Mexicano UBD |
| 478,400 | 1,212 |
| Telmex Internacional |
|
|
|
| SAB de CV |
| 2,212,390 | 1,162 |
| Grupo Financiero Inbursa, |
|
|
|
| SA de CV |
| 400,300 | 1,062 |
* | Carso Global Telecom |
|
|
|
| SAB de CV |
| 223,900 | 856 |
| Grupo Financerio Banorte |
|
|
|
| SA de CV |
| 433,700 | 794 |
| Grupo Modelo SA |
| 208,800 | 644 |
| Grupo Carso SA de CV |
|
|
|
| Series A1 |
| 161,300 | 441 |
| Grupo Elektra SA |
| 13,600 | 367 |
| Grupo Bimbo SA |
| 74,807 | 359 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Kimberly Clark de Mexico |
|
|
|
| SA de CV Series A | 92,255 | 303 |
* |
| Corporacion GEO, SA de CV | 208,649 | 289 |
|
| Industrias Penoles SA |
|
|
|
| Series CP | 25,479 | 229 |
* |
| Desarrolladora Homex SA |
|
|
|
| de CV | 46,897 | 180 |
|
| Grupo Aeroportuario del |
|
|
|
| Pacifico SA | 79,895 | 146 |
* |
| Impulsora del Desarrollo y |
|
|
|
| el Empleo en America |
|
|
|
| Latina, SA de CV | 164,100 | 140 |
|
| Cemex SA CPO | 164,300 | 123 |
* |
| URBI Desarrollos Urbanos |
|
|
|
| SA de CV | 79,900 | 120 |
* |
| Organzacion Soriana S.A.B. |
|
|
|
| de C.V. | 58,800 | 118 |
|
| Mexichem SA de CV | 98,418 | 94 |
|
| Alfa SA de CV Series A | 43,470 | 90 |
* |
| Empresas ICA SA de CV | 48,203 | 69 |
* |
| Carso Infraestructura y |
|
|
|
| Construccion, SA | 84,200 | 48 |
|
| Grupo Continental SA | 2,200 | 3 |
|
| Grupo Aeroportuario del |
|
|
|
| Pacifico SA ADR | 64 | 1 |
|
|
|
| 25,079 |
Netherlands (1.8%) |
|
| ||
|
| Unilever NV | 347,927 | 8,385 |
|
| Koninklijke KPN NV | 405,365 | 5,709 |
|
| ING Groep NV | 465,914 | 4,370 |
|
| Koninklijke (Royal) Philips |
|
|
|
| Electronics NV | 232,466 | 4,296 |
|
| Koninklijke Ahold NV | 271,353 | 2,913 |
|
| Akzo Nobel NV | 57,162 | 2,376 |
|
| Reed Elsevier NV | 143,976 | 1,924 |
|
| Heineken NV | 56,324 | 1,900 |
|
| TNT NV | 88,445 | 1,867 |
|
| ASML Holding NV | 99,296 | 1,738 |
|
| Aegon NV | 365,607 | 1,519 |
| ^ | European Aeronautic |
|
|
|
| Defence and Space Co. | 74,237 | 1,235 |
|
| Koninklijke DSM NV | 41,622 | 1,159 |
|
| Wolters Kluwer NV | 63,645 | 1,127 |
|
| Heineken Holding NV | 26,933 | 818 |
|
| Corio NV | 14,106 | 754 |
|
| Randstad Holding NV | 29,955 | 582 |
|
| SBM Offshore NV | 32,544 | 572 |
|
| Fugro NV | 15,498 | 554 |
|
| SNS REAAL | 23,167 | 170 |
|
|
|
| 43,968 |
New Zealand (0.1%) |
|
| ||
|
| Telecom Corp. of |
|
|
|
| New Zealand Ltd. | 397,520 | 539 |
|
| Fletcher Building Ltd. | 113,766 | 386 |
|
| Contact Energy Ltd. | 64,282 | 273 |
29
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Fisher & Paykel |
|
|
| Healthcare Corp. Ltd. | 115,673 | 202 |
| Auckland International |
|
|
| Airport Ltd. | 188,027 | 201 |
| Sky City Entertainment |
|
|
| Group Ltd. | 99,624 | 192 |
| Vector Ltd. | 86,898 | 105 |
| Port of Tauranga Ltd. | 25,245 | 97 |
| Sky Network Television Ltd. | 31,721 | 72 |
| Kiwi Income Property Trust | 101,047 | 62 |
| The Warehouse Group Ltd. | 22,311 | 52 |
| Fisher & Paykel Appliances |
|
|
| Holdings Ltd. | 22,342 | 18 |
| Air New Zealand Ltd. | 16,371 | 9 |
|
|
| 2,208 |
Norway (0.5%) |
|
| |
| StatoilHydro ASA | 281,251 | 5,657 |
| Orkla ASA | 241,150 | 1,605 |
| Telenor ASA | 199,000 | 1,187 |
| DnB NOR ASA | 204,686 | 1,186 |
| Yara International ASA | 52,200 | 1,091 |
| Norsk Hydro ASA | 194,562 | 813 |
| Seadrill Ltd. | 69,600 | 670 |
| Aker Solutions ASA | 46,860 | 256 |
| Storebrand ASA | 105,400 | 250 |
* ^ | Renewable Energy Corp. AS | 19,217 | 181 |
|
|
| 12,896 |
Peru (0.0%) |
|
| |
| Compania de Minas |
|
|
| Buenaventura SA ADR | 49,068 | 620 |
| Credicorp Ltd. | 9,861 | 381 |
| Volcan Compania Minera SA | 163,826 | 78 |
| Sociedad Minera |
|
|
| Cerro Verde SA | 5,292 | 48 |
|
|
| 1,127 |
Philippines (0.1%) |
|
| |
| Philippine Long Distance |
|
|
| Telephone Co. | 9,130 | 374 |
| Bank of Philippine Islands | 278,400 | 231 |
| Manila Electric Co. | 175,700 | 212 |
| SM Prime Holdings, Inc. | 1,172,899 | 202 |
| SM Investments Corp. | 40,170 | 163 |
| Ayala Corp. | 29,280 | 141 |
| Ayala Land, Inc. | 996,800 | 121 |
| Metropolitan Bank & |
|
|
| Trust Co. | 196,000 | 104 |
| Banco De Oro | 178,000 | 99 |
| Jollibee Foods Corp. | 72,000 | 68 |
| Petron Corp. | 169,000 | 17 |
|
|
| 1,732 |
Poland (0.2%) |
|
| |
| Powszechna Kasa |
|
|
| Oszczednosci Bank |
|
|
| Polski SA | 115,724 | 1,307 |
| Telekomunikacja Polska SA | 159,498 | 1,205 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Bank Polska Kasa Opieki |
|
|
| Grupa Pekao SA | 25,294 | 1,150 |
| Polski Koncern Naftowy SA | 76,346 | 779 |
| Polish Oil & Gas | 281,156 | 337 |
| KGHM Polska Miedz SA | 29,024 | 322 |
| Bank Zachodni WBK SA | 4,334 | 191 |
| Bank Handlowy W |
|
|
| Warszawie | 10,960 | 177 |
| TVN SA | 24,791 | 124 |
* | Getin Holding SA | 57,726 | 120 |
* | Globe Trade Centre SA | 17,744 | 105 |
| BIG Bank Gdanski SA | 58,517 | 83 |
* | Bank Rozwoju Eksportu SA | 1,216 | 82 |
|
|
| 5,982 |
Portugal (0.3%) |
|
| |
| Electricidade de |
|
|
| Portugal SA | 633,095 | 2,156 |
| Portugal Telecom SGPS SA | 220,216 | 1,448 |
| Banco Comercial |
|
|
| Portugues SA | 767,075 | 892 |
| Brisa-Auto Estradas |
|
|
| de Portugal SA | 94,124 | 722 |
| Galp Energia, SGPS, SA |
|
|
| B shares | 45,353 | 412 |
| Zon Multimedia Servicos |
|
|
| de Telecomunicacoes e |
|
|
| Multimedia SGPS SA | 68,312 | 347 |
| Banco Espirito Santo SA | 32,271 | 307 |
| Banco BPI SA | 76,679 | 158 |
| Cimpor-Cimento de |
|
|
| Portugal SA | 31,984 | 146 |
|
|
| 6,588 |
Russia (1.3%) |
|
| |
| OAO Gazprom |
|
|
| Sponsored ADR | 526,438 | 10,483 |
| LUKOIL Sponsored ADR | 149,139 | 5,726 |
| Surgutneftegaz OJSC ADR | 370,865 | 2,398 |
| Rosneft Oil Co. GDR | 477,440 | 2,191 |
| Sberbank | 1,653,901 | 1,809 |
| MMC Norilsk Nickel ADR | 175,500 | 1,761 |
| Mobile TeleSystems ADR | 35,953 | 1,408 |
| OAO Vimpel- |
|
|
| Communications |
|
|
| Sponsored ADR | 78,780 | 1,142 |
| Rostelecom ADR | 29,729 | 1,107 |
| Tatneft GDR | 25,128 | 1,101 |
| VTB Bank OJSC GDR | 169,968 | 537 |
| Polyus Gold ADR | 44,294 | 492 |
| Sistema JSFC GDR | 23,852 | 180 |
* | Aeroflot | 59,706 | 127 |
* | VTB Bank OJSC | 81,731,479 | 126 |
| Gazprom Neft | 44,570 | 102 |
* | Mosenergo | 3,243,601 | 97 |
* | Wimm-Bill-Dann |
|
|
| Foods ADR | 2,187 | 96 |
30
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Cherepovets MK |
|
|
| Severstal GDR | 26,945 | 94 |
| OAO Transneft | 270 | 89 |
* | Uralsvyazinform JSC | 2,893,949 | 41 |
* | Irkutskenergo | 85,421 | 32 |
* | Sibirtelecom | 1,076,200 | 17 |
* | Inter Rao Ues OAO GDR | 6,099 | 13 |
* | Federal Grid Co. of Unified |
|
|
| Energy System JSC GDR | 6,603 | 10 |
*,1 | TGK-13 GDR | 5,021 | 4 |
*,1 | TGK-11 GDR | 1,802 | 3 |
|
|
| 31,186 |
Singapore (0.8%) |
|
| |
| Singapore |
|
|
| Telecommunications Ltd. | 1,761,000 | 2,964 |
| United Overseas Bank Ltd. | 306,000 | 2,766 |
| DBS Group Holdings Ltd. | 304,000 | 2,321 |
| Oversea-Chinese |
|
|
| Banking Corp., Ltd. | 614,000 | 2,076 |
| Singapore Airlines Ltd. | 171,670 | 1,315 |
| Singapore Exchange Ltd. | 298,000 | 1,067 |
| Capitaland Ltd. | 481,000 | 964 |
| Singapore Press |
|
|
| Holdings Ltd. | 433,000 | 946 |
| Fraser & Neave Ltd. | 493,000 | 930 |
| Wilmar International Ltd. | 421,679 | 729 |
| Keppel Corp., Ltd. | 206,000 | 642 |
| City Developments Ltd. | 119,000 | 526 |
| ComfortDelGro Corp. Ltd. | 571,000 | 468 |
| Singapore Technologies |
|
|
| Engineering Ltd. | 245,151 | 387 |
| CapitaMall Trust | 216,000 | 286 |
| Sembcorp Industries Ltd. | 132,000 | 222 |
| StarHub Ltd. | 127,840 | 208 |
| Parkway Holdings Ltd. | 162,266 | 174 |
| SembCorp Marine Ltd. | 122,600 | 152 |
| Olam International Ltd. | 170,000 | 150 |
| Golden Agri-Resources Ltd. | 1,118,000 | 149 |
| United Industrial Corp., Ltd. | 154,000 | 140 |
| Venture Corp. Ltd. | 36,000 | 132 |
| Capitacommercial Trust | 183,000 | 126 |
| Jardine Cycle N Carriage Ltd. | 18,000 | 115 |
| SMRT Corp. Ltd. | 107,000 | 113 |
| Cosco Corp. Singapore Ltd. | 120,000 | 66 |
| Singapore Post Ltd. | 134,000 | 64 |
| Noble Group Ltd. | 86,400 | 63 |
| MobileOne Ltd. | 59,900 | 53 |
| United Overseas Land Ltd. | 37,000 | 48 |
| Neptune Orient Lines Ltd. | 50,000 | 42 |
| Keppel Land Ltd. | 30,000 | 39 |
| Haw Par Brothers |
|
|
| International Ltd. | 14,000 | 33 |
| Singapore Land Ltd. | 13,000 | 30 |
| Wing Tai Holdings Ltd. | 55,000 | 26 |
| Yanlord Land Group Ltd. | 50,000 | 26 |
| Guocoland Ltd. | 31,000 | 23 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | STATS ChipPAC Ltd. | 22,000 | 7 |
| Allgreen Properties Ltd. | 19,000 | 5 |
| SIA Engineering Co., Ltd. | 3,000 | 4 |
* | Chartered Semiconductor |
|
|
| Manufacturing Ltd. | 25,000 | 4 |
| Wheelock Properties |
|
|
| (Singapore), Ltd. | 5,000 | 3 |
| Hotel Properties Ltd. | 3,000 | 2 |
| Cerebos Pacific Ltd. | 1,000 | 2 |
| Pacific Century Regional |
|
|
| Developments Ltd. | 4,000 | — |
| People’s Food Holdings Ltd. | 1,000 | — |
|
|
| 20,608 |
South Africa (1.5%) |
|
| |
| MTN Group Ltd. | 420,074 | 4,717 |
| Sasol Ltd. | 154,443 | 4,559 |
| Standard Bank Group Ltd. | 346,265 | 2,749 |
| Naspers Ltd. | 116,500 | 1,940 |
| AngloGold Ltd. | 80,154 | 1,523 |
| Impala Platinum |
|
|
| Holdings Ltd. | 139,724 | 1,458 |
| FirstRand Ltd. | 883,024 | 1,283 |
| Gold Fields Ltd. | 152,558 | 1,062 |
| Anglo Platinum Ltd. | 22,750 | 940 |
| Sanlan Ltd. | 535,325 | 879 |
| Growthpoint Properties Ltd. | 649,853 | 868 |
| ABSA Group Ltd. | 74,320 | 778 |
| Remgro Ltd. | 104,363 | 767 |
| Bidvest Group Ltd. | 70,459 | 751 |
| Telkom South Africa Ltd. | 62,106 | 674 |
* | Harmony Gold |
|
|
| Mining Co., Ltd. | 91,250 | 667 |
| Shoprite Holdings Ltd. | 120,847 | 638 |
| Nedbank Group Ltd. | 62,640 | 608 |
| Steinhoff International |
|
|
| Holdings Ltd. | 409,362 | 597 |
| Tiger Brands Ltd. | 38,000 | 551 |
| Reunert Ltd. | 90,512 | 457 |
| Aveng Ltd. | 88,731 | 439 |
| Murray & Roberts |
|
|
| Holdings Ltd. | 63,198 | 428 |
| Massmart Holdings Ltd. | 47,318 | 424 |
* | Aspen Pharmacare |
|
|
| Holdings Ltd. | 112,835 | 395 |
| RMB Holdings Ltd. | 162,455 | 379 |
| ArcelorMittal |
|
|
| South Africa, Ltd. | 39,038 | 369 |
| African Bank |
|
|
| Investments Ltd. | 131,675 | 361 |
| Sappi Ltd. | 50,826 | 313 |
| Truworths International Ltd. | 79,345 | 270 |
| Pretoria Portland |
|
|
| Cement Co. Ltd. | 86,881 | 267 |
| Imperial Holdings Ltd. | 43,300 | 247 |
| Barloworld Ltd. | 42,234 | 247 |
| Kumba Iron Ore Ltd. | 16,050 | 211 |
31
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Adcock Ingram |
|
|
| Holdings Limited | 58,959 | 206 |
| Investec Ltd. | 40,402 | 199 |
| Foschini Ltd. | 42,761 | 176 |
| Woolworths Holdings Ltd. | 151,822 | 175 |
| Network Healthcare |
|
|
| Holdings Ltd. | 242,400 | 170 |
| Liberty Group Ltd. | 26,100 | 164 |
| Nampak Ltd. | 117,523 | 160 |
| African Rainbow |
|
|
| Minerals Ltd. | 14,992 | 153 |
| Pick’n Pay Stores Ltd. | 48,200 | 152 |
| Spar Group Ltd. | 26,127 | 152 |
| Sun International Ltd. | 16,331 | 136 |
| AVI Ltd. | 79,600 | 125 |
| Fountainhead Property Trust | 226,200 | 120 |
| Medi-Clinic Corp., Ltd. | 68,519 | 117 |
| Wilson Bayly |
|
|
| Holmes-Ovcon Ltd. | 10,024 | 117 |
| AECI Ltd. | 21,456 | 116 |
| Datatec Ltd. | 72,480 | 114 |
| African Oxygen Ltd. | 42,472 | 112 |
| JSE Ltd. | 20,980 | 108 |
| Mondi Ltd. | 23,129 | 97 |
| Discovery Holdings, Ltd. | 37,735 | 93 |
| Mr. Price Group Ltd. | 36,745 | 90 |
| Reinet Investments |
|
|
| SA ZAR Line | 65,477 | 83 |
| ApexHi Properties Ltd. |
|
|
| Class B | 50,881 | 79 |
* | Mvelaphanda Resources Ltd. | 25,306 | 75 |
| Exxaro Resources Ltd. | 10,391 | 69 |
| Northam Platinum Ltd. | 20,157 | 63 |
| Metropolitan Holdings Ltd. | 59,800 | 61 |
| Grindrod Ltd. | 40,400 | 58 |
| Tongaat-Hulett | 10,432 | 58 |
| Highveld Steel & |
|
|
| Vanadium Corp. Ltd. | 9,157 | 57 |
| New Clicks Holdings Ltd. | 34,083 | 55 |
* | Avusa, Ltd. | 18,660 | 45 |
| Illovo Sugar Ltd. | 17,275 | 39 |
| Lewis Group Ltd. | 9,907 | 38 |
* | Eqstra Holdings Ltd. | 34,707 | 37 |
| Group Five Ltd. | 8,306 | 35 |
| ApexHi Properties Ltd. |
|
|
| Class A | 25,715 | 32 |
| Santam Ltd. | 3,743 | 27 |
* | Merafe Resources Ltd. | 187,575 | 22 |
* | Metorex Ltd. | 37,988 | 21 |
* | Liberty Holdings Ltd. | 1,000 | 21 |
* | Hulamin Ltd. | 11,524 | 19 |
| Pick’n Pay Holdings Ltd. | 3,058 | 4 |
| Allied Technologies Ltd. | 761 | 4 |
| Gold Reef Resorts Ltd. | 1,280 | 2 |
| Mvelaphanda Group Ltd. | 2,570 | 1 |
|
|
| 36,873 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
South Korea (2.6%) |
|
| ||
1 |
| Samsung |
|
|
|
| Electronics Co., Ltd. GDR | 59,375 | 12,258 |
|
| POSCO ADR | 85,946 | 5,775 |
|
| Shinhan Financial |
|
|
|
| Group Co., Ltd. ADR | 53,469 | 2,660 |
|
| Korea Electric |
|
|
|
| Power Corp. ADR | 224,097 | 2,219 |
* |
| KB Financial Group, Inc. | 78,696 | 1,937 |
|
| SK Telecom Co., Ltd. ADR | 110,505 | 1,902 |
| ^ | LG Electronics Inc. | 23,755 | 1,774 |
|
| Hyundai Motor Co., Ltd. | 35,974 | 1,662 |
| ^ | Hyundai Heavy |
|
|
|
| Industries Co., Inc. | 12,484 | 1,649 |
|
| KT Corp. ADR | 122,173 | 1,533 |
|
| Samsung Fire & Marine |
|
|
|
| Insurance Co. | 10,377 | 1,374 |
|
| Samsung Electronics Co., Ltd. | 2,939 | 1,239 |
* |
| NHN Corp. | 10,476 | 1,115 |
|
| Samsung Corp. | 34,390 | 1,102 |
|
| Shinsegae Co., Ltd. | 3,097 | 1,087 |
|
| KT & G Corp. | 15,412 | 989 |
|
| S-Oil Corp. | 18,780 | 952 |
|
| SK Energy Co., Ltd. | 15,737 | 905 |
|
| Hyundai Mobis | 14,344 | 842 |
| ^ | DC Chemical Co., Ltd. | 4,774 | 781 |
| ^ | LG Chem Ltd. | 12,625 | 766 |
| ^ | Samsung Securities Co. Ltd. | 14,780 | 752 |
| ^ | Samsung Heavy |
|
|
|
| Industries Co., Ltd. | 44,520 | 686 |
|
| LG Corp. | 16,415 | 657 |
| ^ | Hyundai Engineering & |
|
|
|
| Construction Co., Ltd. | 15,734 | 646 |
|
| SK Holdings Co Ltd | 8,860 | 594 |
|
| Hana Financial Group Inc. | 36,380 | 578 |
* | ^ | Kia Motors | 59,080 | 498 |
|
| Amorepacific Corp. | 983 | 432 |
| ^ | Doosan Heavy Industries |
|
|
|
| and Construction Co., Ltd. | 8,108 | 357 |
| ^ | Hyundai Merchant |
|
|
|
| Marine Co., Ltd. | 13,160 | 350 |
* | ^ | Hynix Semiconductor Inc. | 39,830 | 341 |
|
| LG. Philips LCD Co., Ltd. | 18,330 | 340 |
|
| Hyundai Development Co. | 12,540 | 339 |
* | ^ | Samsung SDI Co. Ltd. | 5,851 | 329 |
|
| Samsung |
|
|
|
| Electro-Mechanics Co. | 10,650 | 314 |
|
| Kangwon Land Inc. | 29,750 | 304 |
| ^ | GS Engineering & |
|
|
|
| Construction Corp. | 6,370 | 303 |
|
| Samsung |
|
|
|
| Engineering Co., Ltd. | 7,464 | 299 |
* | ^ | Doosan Corp. | 4,026 | 292 |
| ^ | LG Household & |
|
|
|
| Health Care Ltd. | 2,030 | 290 |
* |
| Korea Telecom Freetel | 13,610 | 285 |
32
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
| ^ | Samsung Techwin Co., Ltd. | 13,400 | 284 |
|
| Daewoo Securities Co., Ltd. | 28,850 | 274 |
|
| Cheil Industrial, Inc. | 8,280 | 270 |
|
| Korea Exchange Bank | 45,350 | 252 |
|
| Yuhan Corp. | 1,711 | 249 |
|
| Hyundai Mipo |
|
|
|
| Dockyard Co., Ltd. | 2,880 | 247 |
|
| Woongjin Coway Co., Ltd. | 12,000 | 247 |
|
| Hyundai Steel Co. | 8,400 | 244 |
|
| LS Cable Ltd. | 5,450 | 230 |
|
| Hankook Tire Co. Ltd. | 22,460 | 217 |
|
| Woori Finance |
|
|
|
| Holdings Co., Ltd. | 40,280 | 216 |
|
| Korean Air Co. Ltd. | 7,570 | 214 |
|
| S1 Corp. | 6,030 | 205 |
* |
| Hite Brewery Co., Ltd. | 1,492 | 199 |
|
| Hanwha Corp. | 12,710 | 199 |
|
| Lotte Shopping Co., Ltd. | 1,441 | 197 |
|
| Hyundai Department |
|
|
|
| Store Co., Ltd. | 3,825 | 187 |
|
| Korea Investment |
|
|
|
| Holdings Co., Ltd. | 9,060 | 186 |
|
| Samsung Card Co. Ltd. | 7,557 | 178 |
|
| Hyundai Securities Co. | 28,810 | 177 |
|
| Kumkang Korea |
|
|
|
| Chemical Co., Ltd. | 901 | 176 |
|
| LG Telecom Ltd. | 24,424 | 174 |
|
| Daelim Industrial Co. | 5,920 | 171 |
|
| Korea Gas Corp. | 4,530 | 171 |
* |
| CJ Cheiljedang Corp. | 1,457 | 170 |
| ^ | Mirae Asset |
|
|
|
| Securities Co., Ltd. | 3,128 | 156 |
| ^ | Woori Investment & |
|
|
|
| Securities Co., Ltd. | 16,490 | 154 |
| ^ | Daewoo Engineering & |
|
|
|
| Construction Co., Ltd. | 20,859 | 145 |
|
| Pusan Bank | 27,790 | 142 |
| ^ | STX Shipbuilding Co., Ltd. | 11,800 | 136 |
| ^ | Hanjin Shipping Co., Ltd. | 10,370 | 136 |
|
| Sindo Ricoh Co., Inc. | 3,815 | 135 |
|
| Nong Shim Co. Ltd. | 822 | 133 |
|
| Daegu Bank | 26,120 | 133 |
|
| GS Holdings Corp. | 6,650 | 133 |
|
| Doosan Infracore Co., Ltd. | 15,580 | 133 |
|
| Hyosung Corp. | 5,570 | 133 |
|
| Daewoo International Corp. | 11,950 | 132 |
|
| Dongkuk Steel Mill Co., Ltd. | 7,920 | 129 |
|
| Lotte Confectionery Co., Ltd. | 150 | 128 |
|
| Industrial Bank of Korea | 21,840 | 126 |
|
| LG Dacom Corp. | 8,660 | 122 |
|
| Dongbu Insurance Co., Ltd. | 11,270 | 115 |
|
| Daewoo Shipbuilding & |
|
|
|
| Marine Engineering Co., Ltd. | 12,150 | 114 |
|
| Hanjin Heavy Industries & |
|
|
|
| Construction Co., Ltd. | 7,750 | 110 |
|
| Halla Climate Control Corp. | 15,910 | 109 |
|
|
|
|
| Market |
|
|
|
|
| Value• |
|
|
|
| Shares | ($000) |
* |
| STX Corp. |
| 6,763 | 105 |
* |
| STX Pan Ocean Co. Ltd. |
| 184,000 | 100 |
|
| Samsung Fine |
|
|
|
|
| Chemicals Co., Ltd. |
| 3,600 | 99 |
|
| Lotte Chilsung |
|
|
|
|
| Beverage Co., Ltd. |
| 181 | 97 |
|
| Cheil Communications Inc. |
| 734 | 95 |
|
| Honam Petrochemical Corp. |
| 2,200 | 90 |
|
| Daishin Securities Co. |
| 7,860 | 87 |
|
| NCsoft Corp. |
| 3,310 | 85 |
|
| Pacific Corp. |
| 1,429 | 84 |
* |
| CJ Corp. |
| 2,136 | 57 |
|
| Hanwha Chemical Corp. |
| 12,990 | 56 |
* |
| SK Networks Co., Ltd. |
| 8,790 | 56 |
|
| POSCO |
| 154 | 42 |
| ^ | Kumho Industrial Co., Ltd. |
| 4,450 | 41 |
|
| Hyundai Hysco |
| 7,010 | 39 |
|
| SKC Co. Ltd. |
| 3,460 | 34 |
|
| Hyundai Autonet Co., Ltd. |
| 9,140 | 26 |
* |
| Daum Communications Corp. | 991 | 23 | |
|
| Glovis Co., Ltd. |
| 510 | 23 |
|
| Hite Holdings Co., Ltd. |
| 1,127 | 20 |
|
| Shinhan Financial |
|
|
|
|
| Group Co. Ltd. |
| 790 | 19 |
* | ^ | Ssangyong Motor Co. |
| 17,840 | 15 |
* |
| Poongsan Corp. |
| 2,146 | 10 |
* |
| Lotte Midopa Co., Ltd. |
| 2,040 | 10 |
|
| Daishin Securities Co. |
| 2,160 | 9 |
* |
| KB Financial Group, Inc. |
| 220 | 5 |
|
| Poongsan Holdings Corp. |
| 403 | 3 |
|
|
|
|
| 62,925 |
Spain (3.4%) |
|
|
| ||
|
| Telefonica SA |
| 1,067,234 | 19,760 |
|
| Banco Santander Central |
|
|
|
|
| Hispano SA |
| 1,412,968 | 15,281 |
|
| Banco Bilbao Vizcaya |
|
|
|
|
| Argentaria SA |
| 832,377 | 9,661 |
|
| Iberdrola SA |
| 1,109,669 | 8,031 |
|
| Repsol YPF SA |
| 274,377 | 5,218 |
| ^ | Banco Popular Espanol SA |
| 282,196 | 2,568 |
* |
| Union Fenosa, SA |
| 107,475 | 2,280 |
| ^ | ACS, Actividades de |
|
|
|
|
| Contruccion y |
|
|
|
|
| Servisios, SA |
| 57,942 | 2,151 |
|
| Industria de Diseno |
|
|
|
|
| Textil SA |
| 56,396 | 1,906 |
| ^ | Banco de Sabadell SA |
| 268,560 | 1,832 |
|
| Gas Natural SDG SA |
| 49,990 | 1,539 |
|
| Abertis Infraestructuras SA |
| 73,222 | 1,257 |
|
| Enagas SA |
| 44,288 | 865 |
|
| Grifols SA |
| 43,182 | 859 |
| ^ | Acerinox SA |
| 65,774 | 827 |
|
| Gamesa Corporacion |
|
|
|
|
| Tecnologica SA |
| 48,112 | 789 |
| ^ | Bankinter SA |
| 63,920 | 690 |
|
| Criteria Caixacorp SA |
| 211,604 | 685 |
33
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| Red Electrica de Espana SA | 15,386 | 674 |
|
| Grupo Ferrovial SA | 20,529 | 633 |
* |
| Iberdrola Renovables | 193,321 | 588 |
|
| Acciona SA | 5,691 | 538 |
| ^ | Zardoya Otis SA | 26,730 | 506 |
|
| Corporacion Mapfre SA | 154,784 | 493 |
| ^ | Fomento de Construc |
|
|
|
| y Contra SA | 11,620 | 462 |
|
| Cintra Concesiones de |
|
|
|
| Infraestructuras de |
|
|
|
| Transport SA | 50,532 | 450 |
|
| Banco de Valencia SA | 43,121 | 399 |
|
| Compania Espanola de |
|
|
|
| Petroleos SA | 3,874 | 343 |
* |
| Banco Santander SA | 25,202 | 277 |
| ^ | Sacyr Vallehermoso SA | 20,849 | 192 |
| ^ | Banco Espanol de |
|
|
|
| Credito, SA | 13,128 | 167 |
| ^ | Gestevision Telecinco SA | 17,540 | 141 |
|
| Corporacion Financiera |
|
|
|
| Alba SA | 4,417 | 130 |
| ^ | Promotora de |
|
|
|
| Informaciones SA | 8,165 | 32 |
|
|
|
| 82,224 |
Sweden (1.5%) |
|
| ||
|
| Nordea Bank AB | 571,558 | 4,581 |
|
| Telefonaktiebolaget LM |
|
|
|
| Ericsson AB Class B | 654,474 | 4,455 |
|
| Svenska Handelsbanken |
|
|
|
| AB A Shares | 134,542 | 2,472 |
| ^ | Hennes & Mauritz |
|
|
|
| AB B Shares | 66,650 | 2,390 |
|
| TeliaSonera AB | 514,000 | 2,261 |
|
| Sandvik AB | 265,700 | 1,724 |
|
| Volvo AB B Shares | 320,100 | 1,673 |
|
| Investor AB B Shares | 104,400 | 1,575 |
| ^ | Skandinaviska Enskilda |
|
|
|
| Banken AB A Shares | 145,600 | 1,443 |
|
| Atlas Copco AB A Shares | 147,900 | 1,240 |
|
| SKF AB B Shares | 104,400 | 951 |
|
| Svenska Cellulosa |
|
|
|
| AB B Shares | 123,690 | 913 |
|
| Volvo AB A Shares | 169,534 | 876 |
|
| Assa Abloy AB | 76,612 | 855 |
|
| Swedish Match AB | 58,332 | 810 |
|
| Skanska AB B Shares | 89,162 | 783 |
|
| Atlas Copco AB B Shares | 104,400 | 782 |
|
| Tele2 AB B Shares | 90,500 | 772 |
| ^ | Electrolux AB Series B | 83,807 | 772 |
|
| Securitas AB B Shares | 77,200 | 741 |
| ^ | Swedbank AB A Shares | 87,000 | 719 |
|
| Scania AB B Shares | 83,860 | 689 |
|
| SSAB Svenskt Stal AB |
|
|
|
| Series A | 67,977 | 687 |
|
| Alfa Laval AB | 65,100 | 470 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Industrivarden AB A Shares | 45,452 | 349 |
| Holmen AB | 12,300 | 347 |
^ | Husqvarna AB B Shares | 49,206 | 341 |
| Industrivarden AB C Shares | 21,672 | 146 |
^ | Boliden AB | 55,711 | 134 |
| SSAB Svenskt Stal AB |
|
|
| Series B | 13,229 | 120 |
|
|
| 36,071 |
Switzerland (6.2%) |
|
| |
| Nestle SA (Registered) | 879,263 | 34,192 |
| Novartis AG (Registered) | 505,294 | 25,648 |
| Roche Holdings AG | 156,795 | 23,978 |
* | UBS AG | 651,857 | 11,060 |
| Credit Suisse Group |
|
|
| (Registered) | 260,528 | 9,742 |
| Zurich Financial Services AG | 32,643 | 6,623 |
| ABB Ltd. | 503,639 | 6,608 |
| Syngenta AG | 22,899 | 4,281 |
| Swiss Re (Registered) | 82,303 | 3,432 |
| Holcim Ltd. (Registered) | 44,396 | 2,522 |
* | Compagnie Financiere |
|
|
| Richemont SA | 107,375 | 2,257 |
| Julius Baer Holding, Ltd. | 50,706 | 1,983 |
| Swisscom AG | 5,280 | 1,613 |
| Synthes, Inc. | 9,957 | 1,285 |
| Swatch Group AG (Bearer) | 7,932 | 1,238 |
| SGS Societe Generale de |
|
|
| Surveillance Holding SA |
|
|
| (Registered) | 1,254 | 1,235 |
| Adecco SA (Registered) | 29,773 | 1,036 |
| Givaudan SA | 1,517 | 1,034 |
* | Actelion Ltd. | 19,335 | 1,021 |
| Geberit AG | 9,468 | 984 |
| Lonza AG (Registered) | 11,706 | 972 |
| Swatch Group |
|
|
| AG (Registered) | 26,396 | 756 |
| Swiss Life Holding | 8,273 | 745 |
| Kuehne & Nagel |
|
|
| International AG | 12,160 | 736 |
| Lindt & Spruengli |
|
|
| AG Regular | 28 | 679 |
| Pargesa Holding SA | 8,807 | 675 |
| Baloise Holdings AG | 12,611 | 674 |
| Nobel Biocare Holding AG | 35,390 | 608 |
| Sonova Holding AG | 11,555 | 480 |
| Petroplus Holdings AG | 16,252 | 433 |
| Lindt & Spruengli AG | 189 | 407 |
| Clariant AG | 62,131 | 385 |
^ | Straumann Holding AG | 1,737 | 295 |
| BKW FMB Energie AG | 2,837 | 256 |
| Schindler Holding AG |
|
|
| (Registered) | 4,712 | 216 |
| EFG International | 7,990 | 172 |
* ^ | OC Oerlikon Corp AG | 1,853 | 144 |
34
FTSE All-World ex-US Index Fund
|
| Market |
|
| Value• |
| Shares | ($000) |
Schindler Holding AG |
|
|
(Bearer Participation |
|
|
Certificates) | 3,225 | 140 |
|
| 150,545 |
Taiwan (2.2%) |
|
|
Taiwan Semiconductor |
|
|
Manufacturing Co., |
|
|
Ltd. ADR | 1,046,922 | 8,648 |
Hon Hai Precision |
|
|
Industry Co., Ltd. | 1,583,710 | 3,823 |
United Microelectronics |
|
|
Corp. ADR | 1,100,130 | 2,695 |
Formosa Plastic Corp. | 1,252,000 | 2,113 |
Chunghwa |
|
|
Telecom Co., Ltd. | 125,790 | 2,071 |
High Tech Computer Corp. | 165,140 | 1,957 |
AU Optronics Corp. ADR | 258,624 | 1,785 |
Nan Ya Plastic Corp. | 1,252,000 | 1,735 |
MediaTek Inc. | 176,170 | 1,578 |
Formosa Chemicals & |
|
|
Fibre Corp. | 907,000 | 1,466 |
China Steel Corp. | 1,971,857 | 1,424 |
Asustek Computer Inc. | 932,492 | 1,336 |
Cathay Financial |
|
|
Holding Co. | 1,090,050 | 1,171 |
Advanced Semiconductor |
|
|
Engineering Inc. ADR | 485,076 | 1,053 |
Taiwan Semiconductor |
|
|
Manufacturing Co., Ltd. | 645,018 | 939 |
Siliconware Precision |
|
|
Industries Co. ADR | 158,177 | 892 |
Delta Electronics Inc. | 378,940 | 860 |
Fubon Financial |
|
|
Holding Co., Ltd. | 1,267,000 | 768 |
Acer Inc. | 585,738 | 756 |
Uni-President |
|
|
Enterprises Co. | 853,436 | 730 |
Compal Electronics Inc. | 940,873 | 675 |
Chinatrust Financial |
|
|
Holding | 2,103,410 | 601 |
Taiwan Cellular Corp. | 398,609 | 551 |
Innolux Display Corp. | 719,200 | 539 |
Mega Financial |
|
|
Holding Co. Ltd. | 1,943,000 | 538 |
China Development |
|
|
Financial Holding Corp. | 2,603,736 | 512 |
Foxconn |
|
|
Technology Co., Ltd. | 203,560 | 499 |
Fuhwa Financial |
|
|
Holdings Co., Ltd. | 1,253,845 | 491 |
Hau Nan Financial |
|
|
Holdings Co., Ltd. | 911,000 | 480 |
Far Eastern Textile Ltd. | 818,941 | 475 |
Formosa |
|
|
Petrochemical Corp. | 207,000 | 473 |
Quanta Computer Inc. | 444,426 | 468 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Taiwan Cooperative Bank | 973,037 | 468 |
| First Financial |
|
|
| Holding Co., Ltd. | 924,335 | 436 |
| Far EasTone |
|
|
| Telecommunications |
|
|
| Co., Ltd. | 391,643 | 415 |
| Chi Mei |
|
|
| Optoelectronics Corp. | 1,123,872 | 413 |
| Synnex Technology |
|
|
| International Corp. | 285,535 | 371 |
| Lite-On Technology Corp. | 549,408 | 343 |
| Shin Kong Financial |
|
|
| Holdings Co. | 1,151,434 | 305 |
| SinoPac Holdings | 1,296,000 | 275 |
| Chang Hwa |
|
|
| Commercial Bank | 659,000 | 252 |
| Pou Chen Corp. | 512,502 | 234 |
* | Powerchip |
|
|
| Semiconductor Corp. | 1,973,255 | 231 |
| HannStar Display Corp. | 1,187,463 | 216 |
| Realtek |
|
|
| Semiconductor Corp. | 131,580 | 197 |
| Catcher |
|
|
| Technology Co., Ltd. | 76,230 | 194 |
| Inventec Co., Ltd. | 561,490 | 176 |
| Taiwan Cement Corp. | 331,583 | 170 |
| Taiwan Fertilizer Co., Ltd. | 136,000 | 168 |
| Largan Precision Co., Ltd. | 16,381 | 167 |
| Wistron Corp. | 209,128 | 165 |
| Chunghwa Picture |
|
|
| Tubes, Ltd. | 1,617,000 | 164 |
* | Tatung Co., Ltd. | 883,000 | 157 |
| Asia Cement Corp. | 251,940 | 149 |
| Macronix |
|
|
| International Co., Ltd. | 528,149 | 147 |
| Giant |
|
|
| Manufacturing Co., Ltd. | 59,850 | 145 |
| Taishin Financial Holdings | 919,000 | 137 |
| Wan Hai Lines Ltd. | 316,050 | 132 |
| President Chain Store Corp. | 57,000 | 132 |
| Cheng Shin Rubber |
|
|
| Industry Co., Ltd. | 118,668 | 132 |
| Walsin Lihwa Corp. | 558,000 | 129 |
| Evergreen Marine Corp. | 233,000 | 120 |
| Chicony Electronics |
|
|
| Co., Ltd. | 95,444 | 119 |
| Formosa Taffeta Co., Ltd. | 197,000 | 116 |
| Chunghwa Telecom Co., Ltd. | 70,000 | 116 |
| Taiwan Secom Corp., Ltd. | 92,000 | 113 |
| Advantech Co., Ltd. | 75,872 | 106 |
| Coretronic Corp. | 157,386 | 101 |
| Cheng Uei Precision |
|
|
| Industry Co., Ltd. | 70,517 | 97 |
| Taiwan Glass |
|
|
| Industrial Corp. | 196,430 | 95 |
* | Nanya Technology Corp. | 522,467 | 93 |
35
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Nan Ya Printed Circuit |
|
|
| Board Corp. | 39,237 | 93 |
* | Taiwan Business Bank | 455,000 | 89 |
| Yageo Corp. | 552,000 | 85 |
| KGI Securities Co., Ltd. | 363,000 | 84 |
| Unimicron Technology Corp. | 148,975 | 83 |
| E.Sun Financial |
|
|
| Holding Co., Ltd. | 351,520 | 82 |
| U-Ming Marine |
|
|
| Transport Corp. | 67,000 | 78 |
| Ton Yi Industrial Corp. | 244,000 | 76 |
| Polaris Securities Co., Ltd. | 339,359 | 76 |
| Mitac International Corp. | 203,736 | 75 |
| Teco Electric & |
|
|
| Machinery Co., Ltd. | 311,000 | 75 |
* | China Airlines | 300,134 | 72 |
* | CMC Magnetics Corp. | 512,000 | 70 |
* | Via Technologies Inc. | 283,000 | 69 |
| Feng Hsin Iron & |
|
|
| Steel Co., Ltd. | 95,790 | 67 |
| Yulon Motor Co., Ltd. | 157,898 | 63 |
| Novatek |
|
|
| Microelectronics Corp., Ltd. | 55,723 | 62 |
* | ProMOS Technologies Inc. | 894,000 | 59 |
| Capital Securities Corp. | 275,055 | 52 |
| Qisda Corp. | 197,640 | 48 |
| D-Link Corp. | 44,325 | 30 |
| Wintek Corp. | 117,000 | 30 |
| Yuen Foong Yu Paper |
|
|
| Manufacturing Co., Ltd. | 126,959 | 29 |
| Yang Ming Marine Transport | 100,369 | 28 |
| Eternal Chemical Co., Ltd. | 52,448 | 27 |
| Asia Optical Co., Inc. | 20,259 | 27 |
* | EVA Airways Corp. | 102,000 | 25 |
| Micro-Star |
|
|
| International Co., Ltd. | 58,859 | 25 |
* | Ritek Corp. | 191,000 | 24 |
* | Winbond Electronics Corp. | 229,000 | 24 |
| Transcend Information Inc. | 13,685 | 23 |
* | Far Eastern |
|
|
| International Bank | 147,000 | 22 |
| Faraday Technology Corp. | 20,318 | 21 |
| Cathay Construction Corp. | 98,000 | 21 |
| Waterland Financial Holdings | 129,971 | 21 |
| Zyxel Communications Corp. | 31,688 | 21 |
| President Securities Corp. | 72,289 | 20 |
| Oriental Union Chemical Corp. | 47,083 | 20 |
| Inventec Appliances Corp. | 19,965 | 19 |
| China Motor Co., Ltd. | 55,105 | 19 |
* | Inotera Memories, Inc. | 78,320 | 19 |
| Vanguard International |
|
|
| Semiconductor Corp. | 53,466 | 16 |
| Compal Communications, Inc. | 23,520 | 15 |
| Sunplus Technology Co., Ltd. | 34,620 | 15 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
| Taiwan Life |
|
|
|
| Insurance Co., Ltd. |
| 21,315 | 12 |
| Lite-On IT Corp. |
| 3,039 | 1 |
|
|
|
| 53,810 |
Thailand (0.2%) |
|
|
| |
* | PTT Public Co. Ltd. (Foreign) | 154,700 | 711 | |
* | PTT Exploration and |
|
|
|
| Production |
|
|
|
| Public Co. Ltd. (Foreign) |
| 239,372 | 599 |
| Siam Cement |
|
|
|
| Public Co. Ltd. (Foreign) |
| 169,962 | 514 |
| Kasikornbank |
|
|
|
| Public Co. Ltd. (Foreign) |
| 339,200 | 493 |
| Bangkok Bank |
|
|
|
| Public Co., Ltd. (Foreign) |
| 221,497 | 448 |
* | Advanced Info Service |
|
|
|
| Public Co., Ltd. (Foreign) |
| 154,400 | 325 |
| Siam Commercial Bank |
|
|
|
| Public Co. Ltd. (Foreign) |
| 172,186 | 267 |
* | PTT Public Co., Ltd. (Local) |
| 29,000 | 133 |
| PTT Aromatics & |
|
|
|
| Refining Public Co. Ltd. |
|
|
|
| (Foreign) |
| 431,561 | 125 |
| C.P. 7-Eleven |
|
|
|
| Public Co. Ltd. (Foreign) |
| 562,800 | 124 |
* | PTT Exploration and |
|
|
|
| Production Public Co. Ltd. |
|
| |
| (Local) |
| 49,400 | 124 |
| IRPC |
|
|
|
| Public Co., Ltd. (Foreign) |
| 1,827,500 | 119 |
| BEC World |
|
|
|
| Public Co. Ltd. (Foreign) |
| 231,000 | 111 |
* | Electricity Generating |
|
|
|
| Public Co. Ltd. (Local) |
| 62,100 | 106 |
* | Advanced Info Service |
|
|
|
| Public Co., Ltd. (Local) |
| 47,400 | 100 |
| Ratchaburi Electricity |
|
|
|
| Generating Holding |
|
|
|
| Public Co., Ltd. |
| 95,800 | 85 |
| Bank of Ayudhya PLC |
|
|
|
| (Foreign) |
| 286,500 | 82 |
| Thai Oil Public Co., Ltd. |
|
|
|
| (Foreign) |
| 133,400 | 80 |
| Banpu Public Co. Ltd. |
|
|
|
| (Foreign) |
| 15,100 | 72 |
| PTT Chemical Public Co., Ltd. |
|
| |
| (Foreign) |
| 62,900 | 63 |
* | Banpu Public Co. Ltd. (Local) | 11,200 | 53 | |
| Land and Houses |
|
|
|
| Public Co. Ltd. (Foreign) |
| 421,100 | 45 |
| Thai Military Bank |
|
|
|
| Public Co., Ltd. (Foreign) |
| 2,736,800 | 45 |
| Charoen Pokphand Foods |
|
|
|
| Public Co., Ltd. (Foreign) |
| 467,300 | 41 |
36
FTSE All-World ex-US Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Electricity Generating |
|
|
| Public Co. Ltd. (Foreign) | 22,100 | 37 |
| Central Pattana |
|
|
| Public Co. Ltd. (Foreign) | 136,500 | 37 |
| Thai Union Frozen |
|
|
| Products Public Co., Ltd. |
|
|
| (Foreign) | 68,500 | 32 |
| Total Access |
|
|
| Communications PLC | 52,800 | 32 |
| Krung Thai Bank |
|
|
| Public Co. Ltd. (Foreign) | 261,000 | 31 |
| Thoresen Thai Agencies |
|
|
| Public Co. Ltd. (Foreign) | 73,000 | 25 |
| Airports of Thailand |
|
|
| Public Co. Ltd. (Foreign) | 41,900 | 23 |
* | Siam City Bank |
|
|
| Public Co., Ltd. (Foreign) | 75,700 | 17 |
* | TISCO Finance |
|
|
| Public Co. Ltd. (Foreign) | 47,500 | 12 |
| Siam City Cement |
|
|
| Public Co. Ltd. (Foreign) | 2,200 | 7 |
| Thai Airways International |
|
|
| Public Co. Ltd. (Foreign) | 15,600 | 3 |
| Siam Makro Public Co. Ltd. |
|
|
| (Foreign) | 1,700 | 3 |
| Delta Electronics (Thailand) |
|
|
| Public Co. Ltd. (Foreign) | 7,200 | 2 |
| Thanachart Capital |
|
|
| Public Co. Ltd. (Foreign) | 9,300 | 2 |
| Italian-Thai Development |
|
|
| Public Co. Ltd. (Foreign) | 19,500 | 1 |
| True Corp. Public Co. Ltd. |
|
|
| (Foreign) | 27,000 | 1 |
|
|
| 5,130 |
Turkey (0.2%) |
|
| |
| Anadolu Efes Biracilik ve |
|
|
| Malt Sanayii A.S. | 117,771 | 997 |
| Akbank T.A.S. | 182,730 | 628 |
* | KOC Holding A.S. | 308,351 | 575 |
| Turkiye Is Bankasi A.S. |
|
|
| C Shares | 187,063 | 532 |
* | Turkiye Garanti Bankasi A.S. | 273,216 | 459 |
| Eregli Demir ve Celik |
|
|
| Fabrikalari A.S. | 120,717 | 372 |
* | Yapi ve Kredi Bankasi A.S. | 185,862 | 236 |
| Turkcell Iletisim |
|
|
| Hizmetleri A.S. | 45,181 | 227 |
| Tupras-Turkiye Petrol |
|
|
| Rafinerileri A.S. | 17,399 | 220 |
* | Turk Telekomunikasyon A.S. | 91,228 | 193 |
| Turkiye Halk Bankasi A.S. | 55,013 | 151 |
| Haci Omer Sabanci |
|
|
| Holding A.S. | 56,306 | 137 |
| Enka Insaat ve Sanayi A.S. | 32,554 | 122 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Turkiye Vakiflar |
|
|
| Bankasi T.A.O. | 113,472 | 111 |
* | Dogan Sirketler Grubu |
|
|
| Holding A.S. | 92,080 | 73 |
| Ford Otomotiv Sanayi A.S. | 11,010 | 35 |
| Arcelik A.S. | 18,827 | 27 |
| Tofas Turk Otomobil |
|
|
| Fabrikasi A.S. | 22,503 | 26 |
|
|
| 5,121 |
United Kingdom (15.8%) |
|
| |
| BP PLC | 4,214,515 | 34,355 |
| HSBC Holdings PLC | 2,677,636 | 31,714 |
| Vodafone Group PLC | 11,730,946 | 22,567 |
| GlaxoSmithKline PLC | 1,171,189 | 22,515 |
| Royal Dutch Shell PLC |
|
|
| Class A | 790,823 | 21,728 |
| Royal Dutch Shell PLC |
|
|
| Class B | 606,179 | 16,435 |
| AstraZeneca Group PLC | 325,804 | 13,807 |
| British American |
|
|
| Tobacco PLC | 448,459 | 12,301 |
| BG Group PLC | 755,925 | 11,115 |
| Rio Tinto PLC | 224,597 | 10,491 |
| Tesco PLC | 1,763,058 | 9,660 |
| Diageo PLC | 564,748 | 8,618 |
| BHP Billiton PLC | 489,676 | 8,315 |
| Anglo American PLC | 294,811 | 7,397 |
| Reckitt Benckiser |
|
|
| Group PLC | 158,627 | 6,710 |
| Unilever PLC | 284,401 | 6,389 |
| National Grid Transco PLC | 542,295 | 6,109 |
| Imperial Tobacco |
|
|
| Group PLC | 226,270 | 6,064 |
| Standard Chartered PLC | 315,323 | 5,211 |
| Barclays PLC | 1,804,159 | 5,172 |
| BAE Systems PLC | 798,242 | 4,487 |
| Centrica PLC | 834,703 | 4,102 |
| Lloyds TSB Group PLC | 1,267,660 | 4,097 |
| Royal Bank of Scotland |
|
|
| Group PLC | 3,659,793 | 4,031 |
| SABMiller PLC | 253,471 | 4,026 |
| Scottish & Southern |
|
|
| Energy PLC | 190,771 | 3,739 |
| Aviva PLC | 583,373 | 3,480 |
| BT Group PLC | 1,741,666 | 3,273 |
| Prudential PLC | 544,154 | 2,733 |
| Xstrata PLC | 159,469 | 2,728 |
| British Energy Group PLC | 227,418 | 2,720 |
| Cadbury PLC | 293,491 | 2,695 |
| Morrison |
|
|
| Supermarkets PLC | 599,281 | 2,552 |
| Man Group PLC | 390,011 | 2,252 |
| Reed Elsevier PLC | 247,497 | 2,172 |
| Rolls-Royce Group PLC | 400,878 | 2,121 |
| Pearson PLC | 191,925 | 1,912 |
37
FTSE All-World ex-US Index Fund
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| HBOS PLC | 1,160,785 | 1,901 |
|
| Compass Group PLC | 404,233 | 1,880 |
|
| Land Securities Group PLC | 103,390 | 1,835 |
|
| Standard Life PLC | 473,398 | 1,833 |
|
| Smith & Nephew PLC | 196,900 | 1,803 |
|
| British Sky Broadcasting |
|
|
|
| Group PLC | 292,445 | 1,780 |
* |
| United Utilities Group PLC | 155,102 | 1,751 |
|
| J. Sainsbury PLC | 374,067 | 1,709 |
|
| British American |
|
|
|
| Tobacco PLC GBP Line | 61,901 | 1,694 |
|
| Shire Ltd. | 124,679 | 1,634 |
|
| Royal & Sun Alliance |
|
|
|
| Insurance Group PLC | 726,328 | 1,615 |
|
| WPP Group PLC | 262,262 | 1,569 |
|
| Legal & General |
|
|
|
| Group PLC | 1,341,675 | 1,543 |
|
| Capita Group PLC | 149,327 | 1,543 |
|
| Tullow Oil PLC | 160,356 | 1,362 |
|
| Marks & Spencer |
|
|
|
| Group PLC | 354,355 | 1,256 |
|
| Experian Group Ltd. | 224,690 | 1,239 |
|
| International Power PLC | 330,717 | 1,183 |
|
| British Land Co., PLC | 116,475 | 1,161 |
|
| Severn Trent PLC | 51,546 | 1,139 |
|
| British American Tobacco |
|
|
|
| PLC ZAR Line | 41,740 | 1,137 |
|
| Cable and Wireless PLC | 563,048 | 1,116 |
|
| Smiths Group PLC | 85,505 | 1,101 |
|
| Carnival PLC | 49,034 | 1,078 |
|
| Kingfisher PLC | 531,139 | 980 |
|
| Group 4 Securicor PLC | 323,239 | 979 |
|
| Old Mutual PLC | 1,179,297 | 955 |
|
| Associated British |
|
|
|
| Foods PLC | 84,705 | 948 |
|
| Hammerson PLC | 75,605 | 871 |
|
| 3i Group PLC | 97,784 | 853 |
|
| Liberty International PLC | 76,569 | 852 |
|
| The Sage Group PLC | 303,826 | 851 |
|
| Rexam PLC | 137,030 | 826 |
|
| Cobham PLC | 268,328 | 815 |
|
| Next PLC | 47,391 | 806 |
|
| Bunzl PLC | 79,609 | 800 |
| ^ | Thomson Reuters PLC | 45,410 | 787 |
|
| Wolseley PLC | 143,139 | 783 |
* |
| Cairn Energy PLC | 29,406 | 762 |
|
| Johnson Matthey PLC | 48,423 | 729 |
|
| Drax Group PLC | 74,902 | 696 |
|
| The Alliance Trust PLC | 166,896 | 660 |
|
| Foreign and Colonial |
|
|
|
| Investment Trust PLC | 179,198 | 644 |
|
| Lonmin PLC | 34,403 | 642 |
|
| ICAP PLC | 123,110 | 613 |
|
| Friends Provident PLC | 529,571 | 607 |
|
| Amec PLC | 71,840 | 601 |
|
| Tate & Lyle PLC | 101,094 | 601 |
|
|
|
| Market |
|
|
|
| Value• |
|
|
| Shares | ($000) |
|
| InterContinental Hotels |
|
|
|
| Group PLC | 67,591 | 574 |
|
| Home Retail Group | 177,471 | 566 |
|
| Schroders PLC | 40,542 | 520 |
|
| Antofagasta PLC | 83,868 | 518 |
|
| Whitbread PLC | 35,611 | 516 |
|
| Burberry Group PLC | 107,037 | 476 |
|
| Vedanta Resources PLC | 33,195 | 460 |
|
| Hays PLC | 414,990 | 456 |
* |
| Invensys PLC | 161,345 | 405 |
|
| Segro PLC | 89,196 | 403 |
|
| Eurasian Natural |
|
|
|
| Resources Corp. | 80,157 | 401 |
|
| United Business Media Ltd. | 61,474 | 400 |
|
| ITV PLC | 825,470 | 399 |
|
| Scottish Mortgage |
|
|
|
| Investment Trust PLC | 71,345 | 381 |
|
| Rentokil Initial PLC | 513,836 | 373 |
| ^ | Provident Financial PLC | 28,465 | 363 |
|
| LogicaCMG PLC | 315,787 | 352 |
|
| Ladbrokes PLC | 136,060 | 347 |
|
| Aegis Group PLC | 328,756 | 346 |
|
| Daily Mail and General |
|
|
|
| Trust PLC | 72,363 | 341 |
|
| Mondi PLC | 92,702 | 336 |
|
| Tomkins PLC | 171,473 | 315 |
|
| GKN PLC | 155,526 | 298 |
|
| British Airways PLC | 133,157 | 295 |
|
| William Hill PLC | 88,635 | 273 |
|
| Thomas Cook Group PLC | 78,605 | 213 |
|
| Kazakhmys PLC | 45,244 | 212 |
|
| Carphone Warehouse PLC | 64,537 | 140 |
|
| Enterprise Inns PLC | 82,903 | 131 |
|
| Schroders PLC-Non |
|
|
|
| Voting Shares | 10,041 | 107 |
* |
| PartyGaming PLC | 7,396 | 14 |
* |
| Northern Rock PLC | 2,812 | — |
|
|
|
| 385,247 |
Total Common Stocks |
|
| ||
(Cost $3,854,474) |
| 2,413,002 | ||
Temporary Cash Investment (3.8%) |
|
| ||
2,3 | Vanguard Market |
|
| |
|
| Liquidity Fund, 2.217% |
|
|
(Cost $93,909) | 93,909,212 | 93,909 | ||
Total Investments (102.5%) |
|
| ||
(Cost $3,948,383) |
| 2,506,911 | ||
Other Assets and Liabilities (–2.5%) |
|
| ||
Other Assets |
| 67,260 | ||
Liabilities3 |
| (128,540) | ||
|
|
|
| (61,280) |
Net Assets (100%) |
| 2,445,631 |
38
FTSE All-World ex-US Index Fund
At October 31, 2008, net assets consisted of: |
|
| Amount |
| ($000) |
Paid-in Capital | 3,852,615 |
Undistributed Net Investment Income | 70,234 |
Accumulated Net Realized Losses | (35,763) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | (1,441,472) |
Foreign Currencies | 17 |
Net Assets | 2,445,631 |
|
|
Investor Shares—Net Assets |
|
Applicable to 23,183,285 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 296,026 |
Net Asset Value Per Share— |
|
Investor Shares | $12.77 |
|
|
Institutional Shares—Net Assets |
|
Applicable to 6,997,355 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 448,220 |
Net Asset Value Per Share— |
|
Institutional Shares | $64.06 |
|
|
ETF Shares—Net Assets |
|
Applicable to 52,358,336 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 1,701,385 |
Net Asset Value Per Share— |
|
ETF Shares | $32.50 |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
^ | Part of security position is on loan to broker-dealers. The total value of securities on loan is $77,902,000. |
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2008, the aggregate value of these securities was $12,265,000, representing 0.5% of net assets.
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 Includes $82,654,000 of collateral received for securities on loan.
See accompanying Notes, which are an integral part of the Financial Statements.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
39
FTSE All-World ex-US Index Fund
Statement of Operations
| Year Ended |
| October 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Dividends1 | 77,803 |
Interest2 | 715 |
Security Lending | 2,632 |
Total Income | 81,150 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 92 |
Management and Administrative—Investor Shares | 777 |
Management and Administrative—Institutional Shares | 82 |
Management and Administrative—ETF Shares | 1,836 |
Marketing and Distribution—Investor Shares | 63 |
Marketing and Distribution—Institutional Shares | 73 |
Marketing and Distribution—ETF Shares | 384 |
Custodian Fees | 1,226 |
Auditing Fees | 29 |
Shareholders’ Reports—Investor Shares | 15 |
Shareholders’ Reports—Institutional Shares | 2 |
Shareholders’ Reports—ETF Shares | 58 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 4,640 |
Expenses Paid Indirectly | (34) |
Net Expenses | 4,606 |
Net Investment Income | 76,544 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | (36,519) |
Foreign Currencies | (930) |
Realized Net Gain (Loss) | (37,449) |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (1,570,536) |
Foreign Currencies | (28) |
Change in Unrealized Appreciation (Depreciation) | (1,570,564) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,531,469) |
1 Dividends are net of foreign withholding taxes of $4,500,000.
2 Interest income from an affiliated company of the fund was $390,000.
See accompanying Notes, which are an integral part of the Financial Statements.
40
FTSE All-World ex-US Index Fund
Statement of Changes in Net Assets
| Year | March 2, |
| Ended | 20071 to |
| October 31, | October 31, |
| 2008 | 2007 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 76,544 | 9,782 |
Realized Net Gain (Loss) | (37,449) | (1,754) |
Change in Unrealized Appreciation (Depreciation) | (1,570,564) | 129,109 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,531,469) | 137,137 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (1,923) | — |
Institutional Shares | (1,766) | — |
ETF Shares | (11,212) | — |
Realized Capital Gain |
|
|
Investor Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (14,901) | — |
Capital Share Transactions |
|
|
Investor Shares | 279,974 | 189,893 |
Institutional Shares | 563,511 | 148,203 |
ETF Shares | 1,709,924 | 963,359 |
Net Increase (Decrease) from Capital Share Transactions | 2,553,409 | 1,301,455 |
Total Increase (Decrease) | 1,007,039 | 1,438,592 |
Net Assets |
|
|
Beginning of Period | 1,438,592 | — |
End of Period2 | 2,445,631 | 1,438,592 |
1 Inception.
2 Net Assets—End of Period includes undistributed net investment income of $70,234,000 and $9,459,000.
See accompanying Notes, which are an integral part of the Financial Statements.
41
FTSE All-World ex-US Index Fund
Financial Highlights
Investor Shares |
|
|
| Year | March 8, |
| Ended | 20071 to |
| Oct. 31, | Oct. 31, |
For a Share Outstanding Throughout Each Period | 2008 | 2007 |
Net Asset Value, Beginning of Period | $24.91 | $20.00 |
Investment Operations |
|
|
Net Investment Income | .6372 | .4102 |
Net Realized and Unrealized Gain (Loss) on Investments | (12.592) | 4.500 |
Total from Investment Operations | (11.955) | 4.910 |
Distributions |
|
|
Dividends from Net Investment Income | (.185) | — |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (.185) | — |
Net Asset Value, End of Period | $12.77 | $24.91 |
|
|
|
Total Return3 | –48.32% | 24.55% |
|
|
|
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) | $296 | $213 |
Ratio of Total Expenses to Average Net Assets | 0.35% | 0.40%4 |
Ratio of Net Investment Income to Average Net Assets | 3.24% | 2.61%4 |
Portfolio Turnover Rate5 | 7% | 10% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not reflect the 0.25% transaction fee on purchases through June 26, 2008; the 2% fee assessed on redemptions of shares held for less than two months; or the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Annualized.
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.
42
FTSE All-World ex-US Index Fund
Financial Highlights
Institutional Shares |
|
|
| Year | April 30, |
| Ended | 20071 to |
| Oct. 31, | Oct. 31, |
For a Share Outstanding Throughout Each Period | 2008 | 2007 |
Net Asset Value, Beginning of Period | $124.76 | $107.33 |
Investment Operations |
|
|
Net Investment Income | 3.3232 | 1.1502 |
Net Realized and Unrealized Gain (Loss) on Investments | (62.979) | 16.280 |
Total from Investment Operations | (59.656) | 17.430 |
Distributions |
|
|
Dividends from Net Investment Income | (1.044) | — |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (1.044) | — |
Net Asset Value, End of Period | $64.06 | $124.76 |
|
|
|
Total Return3 | –48.18% | 16.24% |
|
|
|
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) | $448 | $157 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.15%4 |
Ratio of Net Investment Income to Average Net Assets | 3.49% | 2.86%4 |
Portfolio Turnover Rate5 | 7% | 10% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not reflect the 0.25% transaction fee on purchases through June 26, 2008, or the 2% fee assessed on redemptions of shares held for less than two months.
4 Annualized.
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.
43
FTSE All-World ex-US Index Fund
Financial Highlights
ETF Shares |
|
|
| Year | March 2, |
| Ended | 20071 to |
| Oct. 31, | Oct. 31, |
For a Share Outstanding Throughout Each Period | 2008 | 2007 |
Net Asset Value, Beginning of Period | $63.32 | $49.80 |
Investment Operations |
|
|
Net Investment Income | 1.7052 | 1.0302 |
Net Realized and Unrealized Gain (Loss) on Investments | (32.015) | 12.490 |
Total from Investment Operations | (30.310) | 13.520 |
Distributions |
|
|
Dividends from Net Investment Income | (.510) | — |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (.510) | — |
Net Asset Value, End of Period | $32.50 | $63.32 |
|
|
|
Total Return | –48.23% | 27.15% |
|
|
|
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) | $1,701 | $1,068 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.25%3 |
Ratio of Net Investment Income to Average Net Assets | 3.39% | 2.76%3 |
Portfolio Turnover Rate4 | 7% | 10% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
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.
44
FTSE All-World ex-US Index Fund
Notes to Financial Statements
Vanguard FTSE All-World ex-US Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers three classes of shares: Investor Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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 at their fair values calculated according to procedures adopted 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 all of its taxable income. Management has analyzed the fund’s tax positions taken on its federal income tax returns for all open tax years (tax years ended October 31, 2007–2008), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
45
FTSE All-World ex-US Index Fund
6. Other: Dividend income is recorded on the ex-dividend date. 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.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At October 31, 2008, the fund had contributed capital of $241,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.24% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2008, custodian fee offset arrangements reduced the fund’s expenses by $34,000.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended October 31, 2008, the fund realized net foreign currency losses of $930,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. The fund’s realized losses for the year ended October 31, 2008, include taxes paid on realized capital gains on Indian securities of $1,000, which are treated as decreases to taxable income; accordingly, these amounts have been reclassified from accumulated net realized losses to undistributed net investment income.
Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the year ended October 31, 2008, the fund realized gains on the sale of passive foreign investment companies of $63,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Unrealized appreciation on the fund’s passive foreign investment company holdings at October 31, 2008, was $113,000.
46
FTSE All-World ex-US Index Fund
During the year ended October 31, 2008, the fund realized $2,249,000 of net capital losses resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such losses are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2008, the fund had $71,201,000 of ordinary income available for distribution. The fund had available realized losses of $31,350,000 to offset future net capital gains of $1,431,000 through October 31, 2015, and $29,919,000 through October 31, 2016.
At October 31, 2008, the cost of investment securities for tax purposes was $3,952,909,000. Net unrealized depreciation of investment securities for tax purposes was $1,445,998,000, consisting of unrealized gains of $17,563,000 on securities that had risen in value since their purchase and $1,463,561,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended October 31, 2008, the fund purchased $2,799,807,000 of investment securities and sold $218,023,000 of investment securities, other than temporary cash investments.
F. Capital share transactions for each class of shares were:
|
| Year Ended | Inception1 to | |
| October 31, 2008 | October 31, 2007 | ||
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 379,549 | 20,129 | 206,612 | 9,294 |
Issued in Lieu of Cash Distributions | 1,746 | 76 | — | — |
Redeemed2 | (101,321) | (5,570) | (16,719) | (746) |
Net Increase (Decrease)—Investor Shares | 279,974 | 14,635 | 189,893 | 8,548 |
Institutional Shares |
|
|
|
|
Issued | 617,923 | 6,448 | 148,203 | 1,261 |
Issued in Lieu of Cash Distributions | 934 | 8 | — | — |
Redeemed2 | (55,346) | (720) | — | — |
Net Increase (Decrease)—Institutional Shares | 563,511 | 5,736 | 148,203 | 1,261 |
ETF Shares |
|
|
|
|
Issued | 1,761,621 | 37,286 | 963,359 | 16,872 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed2 | (51,697) | (1,800) | — | — |
Net Increase (Decrease)—ETF Shares | 1,709,924 | 35,486 | 963,359 | 16,872 |
G. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements.
1 Inception was March 8, 2007, for Investor Shares, April 30, 2007, for Institutional Shares, and March 2, 2007, for ETF Shares.
2 Net of redemption fees of $164,000 and $30,000 (fund totals).
47
FTSE All-World ex-US Index Fund
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing 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).
The following table summarizes the fund’s investments as of October 31, 2008, based on the inputs used to value them:
| Investments |
| in Securities |
Valuation Inputs | ($000) |
Level 1—Quoted prices | 389,299 |
Level 2—Other significant observable inputs | 2,117,612 |
Level 3—Significant unobservable inputs | — |
Total | 2,506,911 |
48
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard FTSE All-World ex-US Index Fund:
In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard FTSE All-World ex-US Index Fund (the “Fund”) at October 31, 2008, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period March 2, 2007 (commencement of operations) through October 31, 2007, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and by agreement to the underlying ownership records for Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2008
Special 2008 tax information (unaudited) for Vanguard FTSE All-World ex-US Index Fund |
This information for the fiscal year ended October 31, 2008, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $12,997,000 of qualified dividend income to shareholders during the fiscal year.
The fund will pass through to shareholders foreign source income of $79,307,000 and foreign taxes paid of $4,282,000. The pass-through of foreign taxes paid will affect only shareholders on the dividend record date in December 2008. Shareholders will receive more detailed information along with their Form 1099-DIV in January 2009.
49
Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-t ax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2008. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-t ax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns: FTSE All-World ex-US Index Fund Investor Shares1 | ||
Periods Ended October 31, 2008 |
|
|
| One | Since |
| Year | Inception2 |
Returns Before Taxes | –48.32% | –23.44% |
Returns After Taxes on Distributions | –48.37 | –23.49 |
Returns After Taxes on Distributions and Sale of Fund Shares | –31.22 | –19.55 |
1 Total returns do not reflect the 2% fee assessed on redemptions of shares held for less than two months, or the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Inception date for Investor Shares is March 8, 2007.
50
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Six Months Ended October 31, 2008 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
FTSE All-World ex-US Index Fund | 4/30/2008 | 10/31/2008 | Period1 |
Based on Actual Fund Return |
|
|
|
Investor Shares | $1,000.00 | $572.90 | $1.39 |
Institutional Shares | 1,000.00 | 573.50 | 0.40 |
ETF Shares | 1,000.00 | 573.29 | 0.79 |
Based on Hypothetical 5% Yearly Return |
|
|
|
Investor Shares | $1,000.00 | $1,023.44 | $1.79 |
Institutional Shares | 1,000.00 | 1,024.70 | 0.51 |
ETF Shares | 1,000.00 | 1,024.20 | 1.02 |
1 The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.35% for Investor Shares, 0.10% for Institutional Shares, and 0.20% for ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
51
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the 2% fee on redemptions of shares held for less than two months, nor do they include the account service fee described in the prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
52
Glossary
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
53
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Chairman of the Board and Trustee | |
|
|
John J. Brennan1 |
|
Born 1954 | Principal Occupation(s) During the Past Five Years: Chairman of the Board and Director/ |
Trustee Since May 1987; | Trustee of The Vanguard Group, Inc., and of each of the investment companies served |
Chairman of the Board | by The Vanguard Group; Chief Executive Officer and President of The Vanguard Group |
156 Vanguard Funds Overseen | and of each of the investment companies served by The Vanguard Group (1996–2008). |
|
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Independent Trustees |
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Charles D. Ellis |
|
Born 1937 | Principal Occupation(s) During the Past Five Years: Applecore Partners (pro bono ventures |
Trustee Since January 2001 | in education); Senior Advisor to Greenwich Associates (international business strategy |
156 Vanguard Funds Overseen | consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business |
| at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
|
|
Emerson U. Fullwood |
|
Born 1948 | Principal Occupation(s) During the Past Five Years: Executive Chief Staff and Marketing |
Trustee Since January 2008 | Officer for North America since 2004 and Corporate Vice President of Xerox Corporation |
156 Vanguard Funds Overseen | (photocopiers and printers); Director of SPX Corporation (multi-industry manufacturing), |
| of the United Way of Rochester, and of the Boy Scouts of America. |
|
|
Rajiv L. Gupta |
|
Born 1945 | Principal Occupation(s) During the Past Five Years: Chairman, President, and |
Trustee Since December 20012 | Chief Executive Officer of Rohm and Haas Co. (chemicals); Board Member of |
156 Vanguard Funds Overseen | the American Chemistry Council; Director of Tyco International, Ltd. (diversified |
| manufacturing and services), since 2005. |
|
|
Amy Gutmann |
|
Born 1949 | Principal Occupation(s) During the Past Five Years: President of the University of |
Trustee Since June 2006 | Pennsylvania since 2004; Professor in the School of Arts and Sciences, Annenberg School |
156 Vanguard Funds Overseen | for Communication, and Graduate School of Education of the University of Pennsylvania |
| since 2004; Provost (2001–2004) and Laurance S. Rockefeller Professor of Politics and |
| the University Center for Human Values (1990–2004), Princeton University; Director of |
| Carnegie Corporation of New York since 2005 and of Schuylkill River Development |
| Corporation and Greater Philadelphia Chamber of Commerce since 2004; Trustee of |
| the National Constitution Center since 2007. |
JoAnn Heffernan Heisen |
|
Born 1950 | Principal Occupation(s) During the Past Five Years: Corporate Vice President and |
Trustee Since July 1998 | Chief Global Diversity Officer since 2006, Vice President and Chief Information |
156 Vanguard Funds Overseen | Officer (1997–2005), and Member of the Executive Committee of Johnson & |
| Johnson (pharmaceuticals/consumer products); Director of the University Medical |
| Center at Princeton and Women’s Research and Education Institute. |
|
|
André F. Perold |
|
Born 1952 | Principal Occupation(s) During the Past Five Years: George Gund Professor of Finance |
Trustee Since December 2004 | and Banking, Harvard Business School; Senior Associate Dean and Director of Faculty |
156 Vanguard Funds Overseen | Recruiting, Harvard Business School; Director and Chairman of UNX, Inc. (equities |
| trading firm); Chair of the Investment Committee of HighVista Strategies LLC (private |
| investment firm) since 2005. |
|
|
Alfred M. Rankin, Jr. |
|
Born 1941 | Principal Occupation(s) During the Past Five Years: Chairman, President, Chief Executive |
Trustee Since January 1993 | Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director |
156 Vanguard Funds Overseen | of Goodrich Corporation (industrial products/aircraft systems and services). |
|
|
J. Lawrence Wilson |
|
Born 1936 | Principal Occupation(s) During the Past Five Years: Retired Chairman and Chief Executive |
Trustee Since April 1985 | Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines) and |
156 Vanguard Funds Overseen | AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University |
| and of Culver Educational Foundation. |
|
|
Executive Officers1 |
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|
|
Thomas J. Higgins |
|
Born 1957 | Principal Occupation(s) During the Past Five Years: Principal of The Vanguard Group, Inc.; |
Chief Financial Officer | Treasurer of each of the investment companies served by The Vanguard Group; Chief |
Since September 2008 | Financial Officer of each of the investment companies served by The Vanguard |
Treasurer Since July 1998 | Group since 2008. |
156 Vanguard Funds Overseen |
|
|
|
F. William McNabb III |
|
Born 1957 | Principal Occupation(s) During the Past Five Years: Chief Executive Officer, Director, |
Chief Executive Officer | and President of The Vanguard Group, Inc., since 2008; Chief Executive Officer and |
Since August 31, 2008 | President of each of the investment companies served by The Vanguard Group since |
President Since March 2008 | 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard |
156 Vanguard Funds Overseen | Group (1995–2008). |
|
|
Heidi Stam |
|
Born 1956 | Principal Occupation(s) During the Past Five Years: Managing Director of The Vanguard |
Secretary Since July 2005 | Group, Inc., since 2006; General Counsel of The Vanguard Group since 2005; Secretary of |
156 Vanguard Funds Overseen | The Vanguard Group and of each of the investment companies served by The Vanguard |
| Group since 2005; Director and Senior Vice President of Vanguard Marketing Corporation |
| since 2005; Principal of The Vanguard Group (1997–2006). |
Vanguard Senior Management Team |
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| |
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|
|
|
R. Gregory Barton | Kathleen C. Gubanich | Michael S. Miller | Ralph K. Packard | George U. Sauter |
Mortimer J. Buckley | Paul A. Heller | James M. Norris | Glenn W. Reed |
|
Founder |
|
John C. Bogle |
Chairman and Chief Executive Officer, 1974–1996 |
1 | These individuals are “interested persons” as defined in the Investment Company Act of 1940. |
2 | December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
| |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > www.vanguard.com
Fund Information > 800-662-7447 | All comparative mutual fund data are from Lipper Inc. |
| or Morningstar, Inc., unless otherwise noted. |
Direct Investor Account Services > 800-662-2739 |
|
|
|
Institutional Investor Services > 800-523-1036 | You can obtain a free copy of Vanguard’s proxy voting |
| guidelines by visiting our website, www.vanguard.com, |
Text Telephone for People | and searching for “proxy voting guidelines,” or by |
With Hearing Impairment > 800-952-3335 | calling Vanguard at 800-662-2739. The guidelines are |
| also available from the SEC’s website, www.sec.gov. |
| In addition, you may obtain a free report on how your |
| fund voted the proxies for securities it owned during |
This material may be used in conjunction | the 12 months ended June 30. To get the report, visit |
with the offering of shares of any Vanguard | either www.vanguard.com or www.sec.gov. |
fund only if preceded or accompanied by |
|
the fund’s current prospectus. |
|
| You can review and copy information about your fund |
| at the SEC’s Public Reference Room in Washington, D.C. |
“FTSE®” is a trademark jointly owned by the London | To find out more about this public service, call the SEC |
Stock Exchange plc and The Financial Times Limited | at 202-551-8090. Information about your fund is also |
and is used by FTSE International Limited under license. | available on the SEC’s website, and you can receive |
“All-World” is a trademark of FTSE International Limited. | copies of this information, for a fee, by sending a |
The FTSE All-World ex US Index is calculated by FTSE | request in either of two ways: via e-mail addressed to |
International Limited. FTSE International Limited does not | publicinfo@sec.gov or via regular mail addressed to the |
sponsor, endorse, or promote the fund; is not in any way | Public Reference Section, Securities and Exchange |
connected to it; and does not accept any liability in | Commission, Washington, DC 20549-0102. |
relation to its issue, operation, and trading. |
|
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The funds or securities referred to herein are not |
|
sponsored, endorsed, or promoted by MSCI, and MSCI |
|
bears no liability with respect to any such funds or |
|
securities. For any such funds or securities, the |
|
prospectus or the Statement of Additional Information |
|
contains a more detailed description of the limited |
|
relationship MSCI has with The Vanguard Group and |
|
any related funds. |
|
| © 2008 The Vanguard Group, Inc. |
Russell is a trademark of The Frank Russell Company. | All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
|
|
| Q7700 122008 |
> | For the fiscal year ended October 31, 2008, returns for the Vanguard International Stock Index Funds were sharply lower across the board. A rising U.S. dollar against most currencies further lowered returns for U.S. investors. |
> | The funds tracked their benchmarks and delivered returns that surpassed the average returns of their mutual fund peers. |
> | A global credit crisis and fears of a global economic slowdown drove down stock values worldwide. |
Contents |
|
|
|
Your Fund’s Total Returns | 1 |
President’s Letter | 4 |
European Stock Index Fund | 11 |
Pacific Stock Index Fund | 36 |
Emerging Markets Stock Index Fund | 61 |
Developed Markets Index Fund | 92 |
Institutional Developed Markets Index Fund | 101 |
Your Fund’s After-Tax Returns | 112 |
About Your Fund’s Expenses | 114 |
Glossary | 117 |
European Stock Index Fund
Pacific Stock Index Fund
Emerging Markets Stock Index Fund
Developed Markets Index Fund
Institutional Developed Markets Index Fund
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Total Returns
Fiscal Year Ended October 31, 2008 |
|
|
| Ticker | Total |
| Symbol | Returns |
Vanguard European Stock Index Fund |
|
|
Investor Shares | VEURX | –47.80% |
Admiral™ Shares1 | VEUSX | –47.74 |
Signal® Shares2 | VESSX | –47.74 |
Institutional Shares3 | VESIX | –47.72 |
ETF Shares4 | VGK |
|
Market Price |
| –47.28 |
Net Asset Value |
| –47.73 |
MSCI Europe Index |
| –48.02 |
Average European Region Fund5 |
| –49.48 |
|
|
|
Vanguard Pacific Stock Index Fund |
|
|
Investor Shares | VPACX | –42.71% |
Admiral Shares1 | VPADX | –42.62 |
Signal Shares2 | VPASX | –42.61 |
Institutional Shares3 | VPKIX | –42.62 |
ETF Shares4 | VPL |
|
Market Price |
| –42.40 |
Net Asset Value |
| –42.61 |
MSCI Pacific Index |
| –43.49 |
Average Japan/Pacific Region Fund5 |
| –46.22 |
1 A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund.
2 Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service, and account-size criteria.
3 This class of shares carries low expenses and is available for a minimum initial investment of $5 million.
4 Vanguard ETF™ Shares are traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
5 Derived from data provided by Lipper Inc.
1
Your Fund’s Total Returns
Fiscal Year Ended October 31, 2008 |
|
|
| Ticker | Total |
| Symbol | Returns |
Vanguard Emerging Markets Stock Index Fund |
|
|
Investor Shares | VEIEX | –56.66% |
Admiral Shares1 | VEMAX | –56.63 |
Signal Shares2 | VERSX | –56.64 |
Institutional Shares3 | VEMIX | –56.61 |
ETF Shares4 | VWO |
|
Market Price |
| –56.74 |
Net Asset Value |
| –56.62 |
MSCI Emerging Markets Index |
| –56.35 |
Average Emerging Markets Fund5 |
| –57.30 |
|
|
|
Vanguard Developed Markets Index Fund | VDMIX | –46.24% |
MSCI EAFE Index |
| –46.62 |
Average International Fund5 |
| –47.97 |
|
|
|
Vanguard Institutional Developed Markets Index Fund | VIDMX | –46.12% |
MSCI EAFE Index |
| –46.62 |
Average International Fund5 |
| –47.97 |
1 A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund.
2 Signal Shares also carry lower costs and are available to certain institutional shareholders who meet specific administrative, service, and account-size criteria.
3 This class of shares carries low expenses and is available for a minimum initial investment of $5 million.
4 Vanguard ETF Shares are traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
5 Derived from data provided by Lipper Inc.
2
Your Fund’s Performance at a Glance
October 31, 2007–October 31, 2008 |
|
|
|
|
|
|
| Distributions Per Share | |
| Starting | Ending | Income | Capital |
| Share Price | Share Price | Dividends | Gains |
European Stock Index Fund |
|
|
|
|
Investor Shares | $43.43 | $21.99 | $1.215 | $0.000 |
Admiral Shares | 102.09 | 51.71 | 2.939 | 0.000 |
Signal Shares | 39.50 | 20.01 | 1.129 | 0.000 |
Institutional Shares | 43.51 | 22.04 | 1.261 | 0.000 |
ETF Shares | 81.66 | 41.37 | 2.356 | 0.000 |
Pacific Stock Index Fund |
|
|
|
|
Investor Shares | $14.19 | $7.94 | $0.303 | $0.000 |
Admiral Shares | 92.94 | 52.04 | 2.060 | 0.000 |
Signal Shares | 32.28 | 18.08 | 0.709 | 0.000 |
Institutional Shares | 14.22 | 7.96 | 0.318 | 0.000 |
ETF Shares | 75.17 | 42.10 | 1.669 | 0.000 |
Emerging Markets Stock Index Fund |
|
|
|
|
Investor Shares | $36.78 | $15.66 | $0.587 | $0.000 |
Admiral Shares | 48.47 | 20.63 | 0.820 | 0.000 |
Signal Shares | 46.61 | 19.85 | 0.760 | 0.000 |
Institutional Shares | 36.90 | 15.71 | 0.632 | 0.000 |
ETF Shares1 | 58.31 | 24.83 | 0.985 | 0.000 |
Developed Markets Index Fund | $14.91 | $7.79 | $0.387 | $0.005 |
Institutional Developed Markets Index Fund | $14.79 | $7.74 | $0.396 | $0.000 |
1 Adjusted to reflect a 2-for-1 share split as of the close of business on June 13, 2008.
3
President’s Letter
Dear Shareholder,
After several years of generous returns, international markets dropped sharply during the past 12 months as a global credit crisis caused investors to pull back from riskier investments such as stocks. The bear market spared no country, but emerging markets suffered the most, as Vanguard Emerging Markets Stock Index Fund returned –56.66% for Investor Shares.
Losses in Europe and the Pacific region were a bit less severe, but still deep, as Vanguard European Stock Index Fund lost –47.80% and Vanguard Pacific Stock Index Fund retreated –42.71% (Investor Shares). Vanguard Developed Markets Index Fund and its institutional counterpart, which invest in the European and Pacific funds in market-weighted proportions, posted similar results.
These results for the Vanguard International Stock Index Funds (the Emerging Markets Stock Index Fund excepted) slightly exceeded the returns of their respective benchmark indexes because of short-term discrepancies that arose from fair-value pricing, which is described more fully later in this letter. The funds’ performances were also slightly better than the average returns of their peer groups.
Please note that the ETF Shares of the Emerging Markets Stock Index Fund underwent a 2-for-1 split in June. If you own one or more of the funds in a taxable account, you may wish to review the details of the funds’ after-tax returns on page 112.
4
Stock prices fell sharply in global upheaval
Global stock markets started the 12-month period near all-time highs but then declined sharply, laid low by the financial crisis that originated in the fixed income markets. The descent traced a series of jagged ups and downs. During the week ended October 10, for example, the U.S. stock market returned about –18%. When Wall Street opened the following Monday, stocks surged, returning more than 10% over the next six-and-a-half hours.
For the full 12 months, the broad U.S. stock market returned –36.43%; international stocks returned –48.27%. The pain was especially acute in emerging markets—among the strongest performers in recent years—as investors became increasingly risk-averse.
Bond market averages masked disparate returns
The broad U.S. taxable bond market registered an unremarkable return of 0.30% for the 12 months, but by its own typically sedate standards, the dislocations were extreme. The strong performance of U.S. Treasury and government securities was offset by double-digit declines in the corporate bond market. These dynamics led to unusually large differences between the yields of Treasuries and their corresponding private sector securities—both a reflection and a cause of the credit market’s distress. Despite their generally high creditworthiness, municipal bonds also fell in price, with the broad tax-exempt market registering a 12-month return of –3.30%.
Market Barometer |
| ||
| Average Annual Total Returns | ||
| Periods Ended October 31, 2008 | ||
| One Year | Three Years | Five Years |
Stocks |
|
|
|
MSCI All Country World Index ex USA (International) | –48.27% | –3.93% | 5.05% |
Russell 1000 Index (Large-caps) | –36.80 | –5.51 | 0.37 |
Russell 2000 Index (Small-caps) | –34.16 | –4.79 | 1.57 |
Dow Jones Wilshire 5000 Index (Entire market) | –36.43 | –5.10 | 0.81 |
|
|
|
|
Bonds |
|
|
|
Lehman U.S. Aggregate Bond Index (Broad taxable market) | 0.30% | 3.60% | 3.48% |
Lehman Municipal Bond Index | –3.30 | 1.71 | 2.73 |
Citigroup 3-Month Treasury Bill Index | 2.31 | 3.93 | 3.10 |
|
|
|
|
CPI |
|
|
|
Consumer Price Index | 3.66% | 2.83% | 3.20% |
5
Expense Ratios |
|
|
|
Your Fund Compared With Its Peer Group |
|
|
|
| Fund | Acquired Fund | Peer-Group |
| Expense | Fees and | Expense |
| Ratio1 | Expenses2 | Ratio3 |
European Stock Index Fund |
|
|
|
Investor Shares | 0.22% | — | 1.35% |
Admiral Shares | 0.12 | — | 1.35 |
Signal Shares | 0.12 | — | 1.35 |
Institutional Shares | 0.09 | — | 1.35 |
ETF Shares | 0.12 | — | 1.35 |
Pacific Stock Index Fund |
|
|
|
Investor Shares | 0.22% | — | 1.58% |
Admiral Shares | 0.12 | — | 1.58 |
Signal Shares | 0.12 | — | 1.58 |
Institutional Shares | 0.09 | — | 1.58 |
ETF Shares | 0.12 | — | 1.58 |
Emerging Markets Stock Index Fund |
|
|
|
Investor Shares | 0.37% | — | 1.80% |
Admiral Shares | 0.25 | — | 1.80 |
Signal Shares | 0.25 | — | 1.80 |
Institutional Shares | 0.20 | — | 1.80 |
ETF Shares | 0.25 | — | 1.80 |
Developed Markets Index Fund | — | 0.22% | 1.48% |
Institutional Developed Markets Index Fund | — | 0.09% | 1.48% |
1 The fund expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the European Stock Index Fund’s expense ratios were 0.22% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares. The Pacific Stock Index Fund’s expense ratios were 0.22% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares. The Emerging Markets Stock Index Fund’s expense ratios were 0.32% for Investor Shares, 0.20% for Admiral Shares, 0.20% for Signal Shares, 0.15% for Institutional Shares, and 0.20% for ETF Shares.
2 This figure—drawn from the prospectus dated October 14, 2008, for the Developed Markets Index Fund and February 27, 2008, for the Institutional Developed Markets Index Fund—represents a weighted average of the annualized expense ratios and any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the funds invest. The Developed Markets Index Fund and Institutional Developed Markets Index Fund do not charge any expenses or fees of their own. For the fiscal year ended October 31, 2008, the acquired fund fees and expenses were 0.22% for the Developed Markets Index Fund and 0.09% for the Institutional Developed Markets Index Fund.
3 Peer groups are: for the European Stock Index Fund, the Average European Region Fund; for the Pacific Stock Index Fund, the Average Japan/Pacific Region Fund; for the Emerging Markets Stock Index Fund, the Average Emerging Markets Fund; and for the two other funds, the Average International Fund. The peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2007.
6
The U.S. Federal Reserve Board responded to the turmoil with new lending programs and a dramatic easing of monetary policy. Over the full 12 months, the Fed reduced its target for the federal funds rate from 4.50% to 1.00%.
Investors turned bearish in every corner of the globe
This report includes three distinct regional index funds—European, Pacific, and Emerging Markets. It also includes two funds-of-funds, the Developed Markets Index Fund and its institutional counterpart (available at a minimum initial investment of $5 million). Both invest in the European and Pacific funds in market-weighted proportions.
Vanguard Total International Stock Index Fund, which previously was included in this report and invests in European, Pacific, and emerging markets, now issues its own report.
The European Stock Index Fund’s Investor Shares lost –47.80% for the fiscal period. Each of the region’s three largest markets, the United Kingdom, France, and Germany, which together represent more than half of the index, posted similar losses. Switz-erland (–32%) was the only market that didn’t fall by at least a third.
Owing to credit woes, the worst damage came from financials (–60%), the largest European sector, which represented on average about a quarter of the region’s market value. As in the United States, banks suffered from exposure to problematic debt securities linked to falling U.S. home values.
Most other industries fell between –33% (consumer staples) and –56% (industrials). The sector that suffered the least was health care (–19%). The decline of the euro (–10%) and British pound (–25%)
Total Returns |
|
|
|
Ten Years Ended October 31, 20081 |
|
|
|
|
| Average Annual Return | |
|
|
| Average |
| Vanguard | Target | Competing |
Index Fund | Fund | Index | Fund2 |
European Stock Investor Shares | 1.69% | 1.53% | 1.94% |
Pacific Stock Investor Shares | 2.16 | 2.05 | 1.62 |
Emerging Markets Stock Investor Shares | 9.24 | 9.39 | 9.08 |
Developed Markets | –0.97 | –1.12 | –1.92 |
Institutional Developed Markets | –0.94 | –1.12 | –2.03 |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
1 Since inception for the Developed Markets Index Fund (May 8, 2000) and the Institutional Developed Markets Index Fund (June 1, 2000).
2 Derived from data provided by Lipper Inc. against the U.S. dollar in currency markets during the fiscal year amplified losses for U.S.-based investors.
7
Pacific region losses were also severe
The Pacific Stock Index Fund’s Investor Shares returned –42.71% for the period. Japan, by far the largest market in the region, retreated –37% in U.S. dollar terms, a less severe loss than that experienced by Japanese investors given that the Japanese yen rose nearly 17% against the dollar during the period.
The other major Pacific markets—Australia, Hong Kong, and Singapore—lost more than half their value. As with other markets around the world, financial stocks (–50%), representing the region’s largest sector, were the leading cause of the losses.
Other sectors in the region faced similar headwinds during the global slowdown. In terms of negative impact on the fund, industrials (–47%) and materials (–54%) were most prominent. Consumer staples (–27%), typically less volatile during bear markets, and health care (–21%) were least affected by the downdraft.
Emerging markets suffered the most during the period
True to their more volatile reputation, emerging markets lost the most among international stocks during the period after stellar gains in recent years. The Emerging Markets Stock Index Fund’s Investor Shares fell –56.66%, with South Korea (–60%) and China (–68%) pulling the fund down the most. But no country was spared outsized losses, including Brazil (–54%), Taiwan (–49%), India (–62%), and Russia (–61%).
A quarter of the fund’s loss came from troubled financials, as commercial banks, brokerages, and other financial firms grappled with the unprecedented global credit squeeze. The energy sector (–57%), including coal companies and those active in oil and gas exploration and refining in Brazil, China, and Russia, was hit by rapidly falling energy prices as commodity markets anticipated slowing energy demand worldwide.
The Developed Markets Index Fund and the Institutional Developed Markets Index Fund are funds-of-funds that hold market-based weightings in the European and Pacific markets. Thus, their results were in line with proportional returns from those markets, with the two funds losing –46.24% and –46.12%, respectively.
The funds’ long-term performance is in line with the markets’
As the table on page 7 shows, the Vanguard International Stock Index Funds have met their objective of tracking their respective benchmarks over the past decade, with differences between fund and index returns of no more than 0.20 percentage point. And except for the European Stock Index Fund, their returns have also surpassed the average annual returns of their respective peer groups since inception or for the ten years ended October 31, 2008.
8
As noted earlier, the returns of the funds (except for the Emerging Markets Stock Index Fund) were slightly better than those of their target indexes for the past 12 months and, indeed, for the longer period shown on page 7. These differences were partly the result of fair-value pricing, which allows the funds to calculate their net asset values based on real-time developments not reflected in closing prices set in overseas markets that operate in different time zones. When fair-value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its index. This discrepancy corrects itself when market prices reflect fair value, usually the next day.
An index fund’s performance may also differ slightly from the return of its target benchmark because the fund may hold a slightly different roster of securities than those listed in the benchmark. Of course, the most consistent performance divergence arises from the operating costs incurred by an index fund—costs not present in the return from a benchmark.
Vanguard’s Quantitative Equity Group has managed index funds for more than three decades. Its disciplined execution of the funds’ indexing mandates, combined with the funds’ extremely low costs, can help you execute a long-term strategy of seeking to capture nearly all of the returns from international markets.
International investing still offers valuable diversification
After enjoying several years of strong returns with few bumps along the way, investors in international stocks were harshly reminded in the past year that a bear market can come at any time—and once in a while it can come with unusual severity. Such was the case with the credit crisis of 2008, with repercussions that unsettled even the most seasoned investors.
Nevertheless, the dramatic increase of international commerce in recent years, particularly in less developed nations, continues to offer long-term growth possibilities for patient investors.
That is why it is important to have a well-thought-out investment strategy based on a diversified mix of stock, bond, and money market mutual funds that fits your goals, time horizon, and risk tolerance. For those who can tolerate the extra volatility that sometimes comes with overseas investing, the International Stock Index Funds remain a cost-effective way to add an extra element of diversification to your portfolio and thus help you maintain a durable long-term investment plan.
Thank you for your confidence in Vanguard.
Sincerely,
F. William McNabb III
President and Chief Executive Officer
November 17, 2008
9
Vanguard European ETF |
|
|
|
| ||
Premium/Discount: March 4, 20051–October 31, 2008 |
|
|
| |||
|
|
|
|
| ||
| Market Price Above or | Market Price Below | ||||
| Equal to Net Asset Value |
| Net Asset Value | |||
| Number | Percentage | Number | Percentage | ||
Basis Point Differential2 | of Days | of Total Days | of Days | of Total Days | ||
0–24.9 | 251 | 27.14% | 80 | 8.65% | ||
25–49.9 | 273 | 29.51 | 11 | 1.19 | ||
50–74.9 | 160 | 17.30 | 5 | 0.54 | ||
75–100.0 | 85 | 9.19 | 1 | 0.11 | ||
>100.0 | 56 | 6.05 | 3 | 0.32 | ||
Total | 825 | 89.19% | 100 | 10.81% | ||
Vanguard Pacific ETF |
|
|
|
| ||
Premium/Discount: March 4, 20051–October 31, 2008 |
|
|
| |||
|
|
|
|
| ||
| Market Price Above or | Market Price Below | ||||
| Equal to Net Asset Value |
| Net Asset Value | |||
| Number | Percentage | Number | Percentage | ||
Basis Point Differential2 | of Days | of Total Days | of Days | of Total Days | ||
0–24.9 | 250 | 27.02% | 127 | 13.73% | ||
25–49.9 | 217 | 23.46 | 35 | 3.78 | ||
50–74.9 | 140 | 15.14 | 2 | 0.22 | ||
75–100.0 | 76 | 8.22 | 6 | 0.65 | ||
>100.0 | 69 | 7.46 | 3 | 0.32 | ||
Total | 752 | 81.30% | 173 | 18.70% | ||
Vanguard Emerging Markets ETF |
|
|
|
| |||
Premium/Discount: March 4, 20051–October 31, 2008 |
|
|
| ||||
|
|
|
|
| |||
| Market Price Above or | Market Price Below | |||||
| Equal to Net Asset Value |
| Net Asset Value | ||||
| Number | Percentage | Number | Percentage | |||
Basis Point Differential2 | of Days | of Total Days | of Days | of Total Days | |||
0–24.9 | 160 | 17.30% | 97 | 10.48% | |||
25–49.9 | 189 | 20.43 | 48 | 5.19 | |||
50–74.9 | 172 | 18.59 | 28 | 3.03 | |||
75–100.0 | 102 | 11.03 | 21 | 2.27 | |||
>100.0 | 80 | 8.65 | 28 | 3.03 | |||
Total | 703 | 76.00% | 222 | 24.00% | |||
1 Inception.
2 One basis point equals 1/100 of a percentage point.
10
European Stock Index Fund
Fund Profile
As of October 31, 2008
Portfolio Characteristics |
|
| |
|
| Target | Broad |
| Fund | Index1 | Index2 |
Number of Stocks | 530 | 513 | 1,898 |
Turnover Rate | 15% | — | — |
Expense Ratio |
|
|
|
(10/31/2007)3 |
| — | — |
Investor Shares | 0.22% |
|
|
Admiral Shares | 0.12% |
|
|
Signal Shares | 0.12% |
|
|
Institutional Shares | 0.09% |
|
|
ETF Shares | 0.12% |
|
|
Short-Term Reserves | 0.2% | — | — |
Sector Diversification (% of equity exposure) | |||
|
| Target | Broad |
| Fund | Index1 | Index2 |
Consumer Discretionary | 8.7% | 8.5% | 9.0% |
Consumer Staples | 11.7 | 11.8 | 9.9 |
Energy | 12.2 | 12.2 | 12.0 |
Financials | 22.3 | 22.4 | 21.4 |
Health Care | 11.7 | 11.7 | 9.7 |
Industrials | 8.6 | 8.6 | 10.0 |
Information Technology | 2.9 | 2.9 | 9.1 |
Materials | 7.2 | 7.2 | 7.4 |
Telecommunication |
|
|
|
Services | 7.2 | 7.2 | 6.0 |
Utilities | 7.5 | 7.5 | 5.5 |
Volatility Measures4 |
| |
| Fund Versus | Fund Versus |
| Target Index1 | Broad Index2 |
R-Squared | 0.99 | 0.95 |
Beta | 0.98 | 0.93 |
Ten Largest Holdings5 (% of total net assets) | ||
|
|
|
Royal Dutch Shell PLC | integrated oil |
|
| and gas | 3.3% |
BP PLC | integrated oil |
|
| and gas | 2.9 |
Nestle SA (Registered) | packaged foods |
|
| and meats | 2.9 |
HSBC Holdings PLC | diversified banks | 2.7 |
Novartis AG (Registered) | pharmaceuticals | 2.3 |
Total SA | integrated oil |
|
| and gas | 2.2 |
Roche Holdings AG | pharmaceuticals | 2.0 |
GlaxoSmithKline PLC | pharmaceuticals | 2.0 |
Vodafone Group PLC | wireless |
|
| telecommunication |
|
| services | 1.9 |
Volkswagen AG | automobile |
|
| manufacturers | 1.9 |
Top Ten |
| 24.1% |
Market Diversification (% of equity exposure) | ||
|
| Target |
| Fund | Index1 |
United Kingdom | 32.3% | 32.7% |
France | 15.4 | 15.9 |
Germany | 13.0 | 12.9 |
Switzerland | 12.8 | 12.7 |
Spain | 6.0 | 6.0 |
Italy | 5.3 | 5.3 |
Netherlands | 3.7 | 3.6 |
Sweden | 2.9 | 2.9 |
Finland | 2.1 | 2.2 |
Denmark | 1.3 | 1.3 |
Belgium | 1.1 | 1.1 |
Norway | 1.1 | 1.1 |
Other European Countries | 3.0 | 2.3 |
1 MSCI Europe Index.
2 MSCI All Country World Index ex USA.
3 The expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the expense ratios were 0.22% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares.
4 For an explanation of R-squared, beta, and other terms used here, see the Glossary.
5 The holdings listed exclude any temporary cash investments and equity index products.
11
European Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 1998–October 31, 2008
Initial Investment of $10,000
| Average Annual Total Returns | Final Value of | ||
| Periods Ended October 31, 2008 | a $10,000 | ||
| One Year | Five Years | Ten Years | Investment |
European Stock Index Fund Investor Shares1 | –47.80% | 4.57% | 1.69% | $11,824 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 3.19 | 13,692 |
MSCI Europe Index | –48.02 | 4.42 | 1.53 | 11,635 |
Average European Region Fund2 | –49.48 | 4.13 | 1.94 | 12,122 |
|
|
|
| Final Value of |
|
|
| Since | a $100,000 |
| One Year | Five Years | Inception3 | Investment |
European Stock Index Fund Admiral Shares1 | –47.74% | 4.67% | 2.96% | $123,435 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 4.22 | 134,713 |
MSCI Europe Index | –48.02 | 4.42 | 2.75 | 121,628 |
|
|
| Final Value of |
|
| Since | a $10,000,000 |
| One Year | Inception3 | Investment |
European Stock Index Fund Signal Shares1 | –47.74% | –16.05% | $6,962,972 |
MSCI All Country World Index ex USA | –48.27 | –15.28 | 7,096,378 |
MSCI Europe Index | –48.02 | 16.40 | 6,902,538 |
1 Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000; the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months; or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Derived from data provided by Lipper Inc.
3 Performance for the fund and its comparative standards is calculated since the following inception dates: August 13, 2001, for the Admiral Shares and October 6, 2006, for the Signal Shares.
12
European Stock Index Fund
|
|
|
| Final Value of |
|
|
| Since | a $5,000,000 |
| One Year | Five Years | Inception1 | Investment |
European Stock Index Fund Institutional Shares2 | –47.72% | 4.72% | –0.15% | $4,936,145 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 0.49 | 5,212,137 |
MSCI Europe Index | –48.02 | 4.42 | –0.37 | 4,847,388 |
|
|
| Final Value of |
|
| Since | a $10,000 |
| One Year | Inception1 | Investment |
European Stock Index Fund ETF Shares Net Asset Value | –47.73% | –3.35% | $8,828 |
MSCI All Country World Index ex USA | –48.27 | –2.35 | 9,168 |
MSCI Europe Index | –48.02 | –3.65 | 8,727 |
Cumulative Returns: ETF Shares, March 4, 2005–October 31, 2008 | ||
|
| Since |
| One Year | Inception1 |
European Stock Index Fund ETF Shares Market Price | –47.28% | –10.83% |
European Stock Index Fund ETF Shares Net Asset Value | –47.73 | –11.72 |
MSCI Europe Index | –48.02 | –12.73 |
1 Performance for the fund and its comparative standards is calculated since the following inception dates: May 15, 2000, for the Institutional Shares and March 4, 2005, for the ETF Shares.
2 Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000, or the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
13
European Stock Index Fund
Fiscal-Year Total Returns (%): October 31, 1998–October 31, 2008
Average Annual Total Returns: Periods Ended September 30, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Ten Years |
European Stock Index Fund |
|
|
|
|
Investor Shares1 | 6/18/1990 | –30.04% | 11.26% | 5.01% |
Admiral Shares1 | 8/13/2001 | –29.99 | 11.36 | 6.602 |
Signal Shares1 | 10/6/2006 | –29.98 | –5.722 | — |
Institutional Shares1 | 5/15/2000 | –29.97 | 11.41 | 2.812 |
ETF Shares | 3/4/2005 |
|
| — |
Market Price |
| –29.29 | 3.722 | — |
Net Asset Value |
| –29.98 | 3.432 | — |
1 Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000; the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months; or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Returns since inception.
Note: See Financial Highlights tables for dividend and capital gains information.
14
European Stock Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Common Stocks (99.4%)1 |
|
| |
Austria (0.6%) |
|
| |
| OMV AG | 541,937 | 17,347 |
^ | Erste Bank der |
|
|
| Oesterreichischen |
|
|
| Sparkassen AG | 617,659 | 16,467 |
| Telekom Austria AG | 1,133,107 | 13,923 |
| Oesterreichische |
|
|
| Elektrizitaetswirtschafts |
|
|
| AG Class A | 252,692 | 11,954 |
| Voestalpine AG | 379,871 | 9,270 |
| Raiffeisen International |
|
|
| Bank-Holding AG | 174,078 | 5,478 |
| Wienerberger AG | 274,945 | 4,564 |
* | Atrium European |
|
|
| Real Estate | 998,913 | 4,542 |
| Andritz AG | 124,822 | 3,555 |
| Vienna Insurance Group | 122,666 | 3,311 |
| Strabag SE | 163,770 | 3,206 |
* | IMMOFINANZ AG | 1,465,265 | 1,634 |
* | IMMOEAST Immobilien |
|
|
| Anlagen AG | 1,330,952 | 1,605 |
|
|
| 96,856 |
Belgium (1.1%) |
|
| |
^ | InBev NV | 606,503 | 24,462 |
| KBC Bank & |
|
|
| Verzekerings Holding | 522,976 | 22,484 |
| Groupe Bruxelles |
|
|
| Lambert SA | 264,070 | 19,399 |
| Belgacom SA | 553,444 | 18,936 |
| Delhaize Group | 326,858 | 18,382 |
| Solvay SA | 194,250 | 18,068 |
| Colruyt NV | 54,325 | 12,210 |
^ | Dexia | 1,743,399 | 9,273 |
| UCB SA | 331,810 | 8,446 |
^ | Fortis | 7,230,107 | 8,377 |
| Umicore | 402,363 | 7,196 |
| Compagnie Nationale a |
|
|
| Portefeuille | 127,975 | 6,921 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Mobistar SA | 101,710 | 6,749 |
| KBC Ancora | 99,989 | 2,972 |
|
|
| 183,875 |
Denmark (1.3%) |
|
| |
| Novo Nordisk A/S |
|
|
| B Shares | 1,500,382 | 80,425 |
* | Vestas Wind Systems A/S | 607,475 | 24,882 |
| Danske Bank A/S | 1,479,595 | 21,903 |
| AP Moller-Maersk A/S |
|
|
| B Shares | 3,584 | 20,626 |
| Novozymes A/S | 151,103 | 10,667 |
| AP Moller-Maersk A/S |
|
|
| A Shares | 1,805 | 10,524 |
| Carlsberg A/S B Shares | 231,276 | 9,105 |
^ | DSV A/S | 631,217 | 7,584 |
| Danisco A/S | 159,675 | 6,918 |
^ | FLS Industries A/S |
|
|
| B Shares | 174,427 | 6,506 |
| Coloplast A/S B Shares | 80,247 | 5,819 |
* | Topdanmark A/S | 51,456 | 5,559 |
^ | Trygvesta A/S | 89,445 | 5,378 |
* | Jyske Bank A/S | 165,713 | 4,895 |
| Sydbank A/S | 204,547 | 3,179 |
^,* | William Demant A/S | 77,995 | 2,984 |
^ | Rockwool International A/S | 26,738 | 1,798 |
|
|
| 228,752 |
Finland (2.1%) |
|
| |
| Nokia Oyj | 12,431,942 | 190,435 |
| Fortum Oyj | 1,451,547 | 35,673 |
| Sampo Oyj A Shares | 1,400,647 | 28,069 |
| UPM-Kymmene Oyj | 1,705,266 | 24,113 |
| Stora Enso Oyj R Shares | 1,895,807 | 17,630 |
| Kone Oyj | 500,352 | 11,196 |
| Wartsila Oyj B Shares | 273,965 | 6,941 |
| Elisa Oyj Class A | 458,033 | 6,890 |
| Neste Oil Oyj | 418,260 | 6,616 |
| Metso Oyj | 423,100 | 5,623 |
| Kesko Oyj | 217,188 | 5,084 |
| Pohjola Bank PLC | 369,044 | 4,965 |
| Nokian Renkaat Oyj | 350,245 | 4,579 |
15
European Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Rautaruuki Oyj | 270,123 | 4,408 |
| Orion Oyj | 283,516 | 4,166 |
^ | Sanoma Oyj | 269,766 | 4,129 |
| Outokumpu Oyj A Shares | 376,772 | 3,904 |
^ | YIT Oyj | 420,880 | 2,621 |
| Cargotec Corp. | 112,023 | 1,551 |
|
|
| 368,593 |
France (15.2%) |
|
| |
| Total SA | 7,067,224 | 388,793 |
| Sanofi-Aventis | 3,440,561 | 217,984 |
| BNP Paribas SA | 2,666,717 | 192,541 |
| Gaz de France | 3,584,919 | 159,578 |
| France Telecom SA | 5,986,774 | 150,960 |
| Vivendi SA | 3,811,913 | 99,640 |
| AXA | 5,062,423 | 96,713 |
| Carrefour SA | 2,075,118 | 87,663 |
| Societe Generale Class A | 1,526,648 | 83,210 |
| Groupe Danone | 1,428,888 | 79,562 |
| Air Liquide SA | 807,617 | 69,693 |
| L’Oreal SA | 799,359 | 60,531 |
| LVMH Louis Vuitton |
|
|
| Moet Hennessy | 801,325 | 53,323 |
| Vinci SA | 1,357,124 | 48,839 |
| Schneider Electric SA | 722,352 | 43,296 |
| Credit Agricole SA | 2,912,674 | 42,138 |
| Unibail Co. | 267,503 | 40,121 |
| Electricite de France | 655,483 | 39,384 |
| Cie. de St. Gobain SA | 928,653 | 35,834 |
| Pernod Ricard SA | 538,073 | 35,039 |
| Alstom | 696,026 | 34,498 |
| Bouygues SA | 797,782 | 33,970 |
| Lafarge SA | 479,870 | 31,723 |
| Veolia Environnement | 1,234,536 | 30,594 |
| Essilor International SA | 656,738 | 29,460 |
^ | Hermes International | 225,695 | 29,130 |
| Accor SA | 640,235 | 24,909 |
| Compagnie Generale |
|
|
| des Etablissements |
|
|
| Michelin SA | 472,249 | 24,307 |
* | Alcatel-Lucent | 7,595,861 | 19,614 |
| Vallourec SA | 173,276 | 19,382 |
| Renault SA | 604,441 | 18,525 |
| STMicroelectronics NV | 2,227,863 | 18,314 |
* | Suez Environnement SA | 884,230 | 16,905 |
| Pinault-Printemps-Redoute |
|
|
| SA | 250,907 | 15,990 |
| Lagardere S.C.A. | 393,128 | 15,631 |
| Sodexho Alliance SA | 311,912 | 14,976 |
| Cap Gemini SA | 451,488 | 14,547 |
| PSA Peugeot Citroen | 497,864 | 13,285 |
| Thales SA | 292,651 | 11,743 |
| Christian Dior SA | 178,907 | 10,839 |
| Technip SA | 336,491 | 10,076 |
| Casino Guichard-Perrachon |
|
|
| SA | 143,653 | 10,042 |
| CNP Assurances | 122,638 | 9,882 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Publicis Groupe SA | 410,989 | 9,289 |
| SCOR SA | 564,904 | 9,255 |
| Neopost SA | 104,633 | 8,760 |
^ | Dassault Systemes SA | 208,336 | 8,626 |
| Safran SA | 615,472 | 7,811 |
| Natixis | 3,184,064 | 7,051 |
* | Compagnie Generale |
|
|
| de Geophysique SA | 426,135 | 6,890 |
| Air France | 437,379 | 6,302 |
* | Eutelsat Communications | 290,614 | 6,238 |
| Aeroports de Paris (ADP) | 95,771 | 5,700 |
| Zodiac SA | 137,836 | 5,390 |
| Klepierre | 233,888 | 5,387 |
| Atos Origin SA | 225,237 | 5,230 |
| Legrand SA | 302,866 | 5,040 |
^ | Societe Television |
|
|
| Francaise 1 | 391,067 | 5,014 |
| Eurazeo | 82,491 | 4,967 |
| Bureau Veritas SA | 134,243 | 4,786 |
^ | Eiffage SA | 123,396 | 4,741 |
| Societe BIC SA | 87,867 | 4,641 |
^ | Valeo SA | 245,728 | 4,280 |
| Imerys SA | 93,909 | 4,275 |
^ | Wendel Investissement | 89,296 | 4,266 |
| ICADE | 65,764 | 3,931 |
^ | PagesJaunes SA | 405,532 | 3,845 |
^ | JCDecaux SA | 212,223 | 3,688 |
| Gecina SA | 50,189 | 3,485 |
| Eramet SLN | 16,541 | 3,353 |
| M6 Metropole Television | 206,356 | 3,250 |
|
|
| 2,638,675 |
Germany (12.9%) |
|
| |
^ | Volkswagen AG | 473,445 | 301,282 |
| E.On AG | 6,218,765 | 233,047 |
| Siemens AG | 2,840,980 | 167,066 |
| Bayer AG | 2,500,528 | 136,882 |
| Deutsche Telekom AG | 9,273,920 | 136,058 |
| RWE AG | 1,455,227 | 119,301 |
| Allianz AG | 1,479,714 | 108,596 |
| BASF AG | 3,095,110 | 102,181 |
| SAP AG | 2,854,837 | 99,951 |
| Muenchener |
|
|
| Rueckversicherungs- |
|
|
| Gesellschaft AG |
|
|
| (Registered) | 675,183 | 87,652 |
| Daimler AG (Registered) | 2,511,541 | 85,141 |
| Deutsche Bank AG | 1,772,962 | 66,232 |
| Deutsche Boerse AG | 637,973 | 49,893 |
| Linde AG | 438,696 | 36,299 |
| Continental AG |
|
|
| Acceptance Line | 484,850 | 34,540 |
| Deutsche Post AG | 2,766,157 | 30,330 |
| Fresenius Medical Care |
|
|
| AG | 623,217 | 27,610 |
| Bayerische Motoren |
|
|
| Werke AG | 1,083,250 | 27,470 |
16
European Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Porsche AG | 285,684 | 24,968 |
| Commerzbank AG | 2,245,135 | 23,896 |
| Adidas AG | 666,554 | 23,154 |
| ThyssenKrupp AG | 1,181,415 | 22,377 |
| Volkswagen AG Pfd. | 345,289 | 21,292 |
| K&S AG | 487,570 | 18,887 |
| Merck KGaA | 211,022 | 18,641 |
| Man AG | 347,637 | 16,997 |
| Henkel AG & Co. KGaA | 585,615 | 16,736 |
| Fresenius AG Pfd. | 263,297 | 16,714 |
| Beiersdorf AG | 287,045 | 14,979 |
| Metro AG | 373,755 | 11,918 |
| DaimlerChrysler AG | 327,337 | 11,293 |
| Henkel KGaA | 426,987 | 10,441 |
| Deutsche Lufthansa AG | 749,417 | 10,380 |
| Salzgitter AG | 133,687 | 8,608 |
^ | TUI AG | 699,731 | 8,451 |
| Celesio AG | 277,931 | 8,170 |
| RWE AG Pfd. | 126,372 | 7,891 |
* | Q-Cells AG | 195,388 | 7,737 |
* | Infineon Technologies AG | 2,443,705 | 7,568 |
^ | Solarworld AG | 271,643 | 6,686 |
^ | HeidelbergCement AG | 82,364 | 6,117 |
| Wacker Chemie AG | 51,710 | 5,588 |
| Bilfinger Berger AG | 122,964 | 5,540 |
| Fresenius AS | 93,136 | 5,449 |
^ | Deutsche Postbank AG | 268,603 | 5,409 |
| Hannover |
|
|
| Rueckversicherung AG | 200,424 | 4,962 |
| Hochtief AG | 135,203 | 4,149 |
| Fraport AG | 121,722 | 3,899 |
* | United Internet AG | 417,737 | 3,696 |
| Rheinmetall AG | 114,951 | 3,500 |
| Puma AG | 20,402 | 3,399 |
^ | Hypo Real Estate Holding |
|
|
| AG | 516,566 | 3,364 |
| Bayerische Motoren Werke |
|
|
| (BMW) | 166,088 | 3,320 |
| Hamburger Hafen |
|
|
| und Logistik AG | 81,289 | 2,759 |
| IVG Immobilien AG | 296,255 | 1,940 |
^,* | Arcandor AG | 372,475 | 870 |
^ | ProSieben Sat.1 Media AG | 258,624 | 765 |
^ | Continental AG | 2,378 | 101 |
|
|
| 2,232,142 |
Greece (0.8%) |
|
| |
| National Bank of Greece |
|
|
| SA | 1,349,401 | 29,644 |
| Alpha Credit Bank SA | 1,239,359 | 18,095 |
| Greek Organization of |
|
|
| Football Prognostics | 729,090 | 15,919 |
| Bank of Piraeus | 1,019,833 | 12,937 |
| EFG Eurobank Ergasias | 1,031,126 | 11,208 |
| Hellenic |
|
|
| Telecommunications |
|
|
| Organization SA | 622,527 | 8,786 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Marfin Financial Group |
|
|
| SA | 1,974,640 | 8,693 |
| Coca-Cola Hellenic |
|
|
| Bottling Co. SA | 537,115 | 7,496 |
| GEA Group AG | 487,105 | 6,995 |
| National Bank of Greece |
|
|
| SA ADR | 1,379,083 | 6,027 |
| Public Power Corp. | 339,494 | 4,198 |
| Hellenic |
|
|
| Telecommunications |
|
|
| Organization SA ADR | 516,570 | 3,750 |
| Hellenic Petroleum SA | 389,295 | 3,225 |
| Titan Cement Co. SA | 184,670 | 3,154 |
|
|
| 140,127 |
Ireland (0.6%) |
|
| |
| CRH PLC | 1,756,106 | 38,585 |
| Allied Irish Banks PLC | 2,867,306 | 15,273 |
* | Elan Corp. PLC | 1,550,298 | 11,697 |
| Kerry Group PLC |
|
|
| A Shares | 460,036 | 10,251 |
| Bank of Ireland | 3,279,465 | 9,683 |
^ | Anglo Irish Bank Corp. |
|
|
| PLC | 2,444,939 | 7,848 |
* | Ryanair Holdings PLC |
|
|
| ADR | 161,755 | 3,602 |
| Irish Life & Permanent PLC | 866,373 | 2,964 |
* | Ryanair Holdings PLC | 357,520 | 1,246 |
|
|
| 101,149 |
Italy (5.3%) |
|
| |
| Eni SpA | 8,516,877 | 203,282 |
| Enel SpA | 14,165,636 | 94,772 |
| Intesa Sanpaolo SpA | 25,195,698 | 92,214 |
| UniCredit SpA | 37,105,117 | 90,834 |
| Assicurazioni Generali |
|
|
| SpA | 3,459,783 | 87,373 |
| Telecom Italia SpA | 32,830,147 | 37,714 |
| Unione Di |
|
|
| Banche Italiane ScpA | 1,986,838 | 33,518 |
| Banco Popolare SpA | 2,094,722 | 26,132 |
| Fiat SpA | 2,317,453 | 18,389 |
| Mediobanca Banca di |
|
|
| Credito Finanziaria SpA | 1,609,904 | 18,380 |
| Telecom Italia SpA RNC | 19,764,142 | 16,632 |
| Saipem SpA | 862,007 | 16,202 |
| Banca Monte dei Paschi |
|
|
| di Siena SpA | 8,089,039 | 15,705 |
| Atlantia SpA | 839,133 | 15,359 |
| Mediaset SpA | 2,509,537 | 13,634 |
| Snam Rete Gas SpA | 2,567,396 | 12,996 |
| Terna SpA | 3,935,540 | 12,693 |
| Finmeccanica SpA | 984,752 | 12,213 |
| Parmalat SpA | 5,505,962 | 9,667 |
| Alleanza Assicurazioni |
|
|
| SpA | 1,376,767 | 9,178 |
| Luxottica Group SpA | 453,474 | 9,164 |
17
European Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Intesa Sanpaolo SpA |
|
|
| Non Convertible Risp. | 2,885,324 | 8,564 |
| Banca Popolare di Milano |
|
|
| SpA | 1,285,151 | 7,521 |
| A2A SpA | 4,070,374 | 7,419 |
| Banca Carige SpA | 2,351,971 | 5,028 |
| Lottomatica SpA | 200,992 | 4,693 |
| Prysmian SpA | 358,881 | 4,354 |
| Fondiari-Sai SpA | 227,980 | 4,283 |
| Unipol Gruppo Finanziario |
|
|
| SpA | 2,206,084 | 3,914 |
| Bulgari SpA | 499,865 | 3,738 |
| Unipol Gruppo Finanziario |
|
|
| SpA Pfd. | 3,049,854 | 3,347 |
| IFIL Investments SpA | 988,473 | 3,065 |
| Pirelli & C. Accomandita |
|
|
| per Azioni SpA | 8,438,712 | 2,975 |
| Mediolanum SpA | 701,564 | 2,751 |
| Italcementi SpA | 227,872 | 2,656 |
| Autogrill SpA | 324,934 | 2,597 |
| Italcementi SpA Risp. | 338,104 | 2,353 |
* | IFI-Istituto Finanziario |
|
|
| Industriale SpA | 226,075 | 1,974 |
* | Finmeccanica SpA |
|
|
| Rights Exp. 11/7/08 | 937,309 | 382 |
|
|
| 917,665 |
Luxembourg (0.6%) |
|
| |
| ArcelorMittal |
|
|
| (Paris Shares) | 2,843,784 | 73,965 |
| SES Global Fiduciary |
|
|
| Depositary Receipts | 989,272 | 17,797 |
| Millicom International |
|
|
| Cellular SA | 231,749 | 8,571 |
| Acergy SA | 629,485 | 4,257 |
|
|
| 104,590 |
Netherlands (3.7%) |
|
| |
| Unilever NV | 5,329,342 | 128,434 |
| Koninklijke KPN NV | 5,897,571 | 83,057 |
| Koninklijke (Royal) |
|
|
| Philips Electronics NV | 3,366,016 | 62,203 |
| ING Groep NV | 6,240,706 | 58,540 |
| Koninklijke Ahold NV | 3,899,935 | 41,867 |
| Akzo Nobel NV | 889,484 | 36,972 |
| Reed Elsevier NV | 2,052,068 | 27,428 |
| Heineken NV | 801,456 | 27,036 |
| TNT NV | 1,240,995 | 26,190 |
| ASML Holding NV | 1,378,420 | 24,131 |
| Aegon NV | 4,562,166 | 18,957 |
^ | European Aeronautic |
|
|
| Defence and Space Co. | 1,060,736 | 17,643 |
| Wolters Kluwer NV | 972,574 | 17,217 |
| Koninklijke DSM NV | 444,346 | 12,374 |
| Heineken Holding NV | 360,885 | 10,956 |
| SBM Offshore NV | 467,337 | 8,221 |
| Corio NV | 142,289 | 7,604 |
| Fugro NV | 191,349 | 6,838 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Randstad Holding NV | 319,907 | 6,218 |
| Koninklijke Boskalis |
|
|
| Westminster NV | 179,098 | 5,913 |
| SNS REAAL | 419,765 | 3,079 |
^,* | TomTom NV | 194,425 | 1,482 |
| ASML Holding NV |
|
|
| (New York Shares) | 34,293 | 602 |
| Aegon NV (New York) ARS | 3,320 | 14 |
|
|
| 632,976 |
Norway (1.1%) |
|
| |
| StatoilHydro ASA | 4,198,527 | 84,448 |
| Orkla ASA | 2,711,944 | 18,054 |
| Telenor ASA | 2,741,223 | 16,357 |
| DnB NOR ASA | 2,396,241 | 13,887 |
| Yara International ASA | 622,672 | 13,009 |
| Norsk Hydro ASA | 2,255,503 | 9,424 |
| Seadrill Ltd. | 909,583 | 8,757 |
^ | Frontline Ltd. | 172,000 | 5,350 |
^,* | Renewable Energy Corp. |
|
|
| AS | 488,200 | 4,606 |
| Storebrand ASA | 1,278,459 | 3,030 |
| Aker Solutions ASA | 527,145 | 2,883 |
* | Petroleum Geo-Services |
|
|
| ASA | 542,477 | 2,701 |
|
|
| 182,506 |
Portugal (0.4%) |
|
| |
| Electricidade de |
|
|
| Portugal SA | 5,984,810 | 20,385 |
| Portugal Telecom |
|
|
| SGPS SA | 2,007,779 | 13,205 |
^ | Banco Comercial |
|
|
| Portugues SA | 7,629,963 | 8,868 |
^ | Brisa-Auto Estradas de |
|
|
| Portugal SA | 979,314 | 7,513 |
| Banco Espirito Santo SA | 735,978 | 7,007 |
^ | Cimpor-Cimento de |
|
|
| Portugal SA | 891,716 | 4,069 |
| Jeronimo Martins, |
|
|
| SGPS, SA | 733,322 | 3,742 |
| Zon Multimedia Servicos |
|
|
| de Telecomunicacoes |
|
|
| e Multimedia SGPS SA | 548,772 | 2,785 |
| Banco BPI SA | 874,411 | 1,802 |
| Sonae SGPS SA | 2,843,363 | 1,729 |
|
|
| 71,105 |
Spain (5.9%) |
|
| |
| Telefonica SA | 13,792,445 | 255,366 |
| Banco Santander |
|
|
| Central Hispano SA | 20,524,656 | 221,978 |
| Banco Bilbao Vizcaya |
|
|
| Argentaria SA | 11,648,522 | 135,197 |
| Iberdrola SA | 11,436,717 | 82,772 |
| Repsol YPF SA | 2,396,926 | 45,580 |
* | Union Fenosa, SA | 1,196,281 | 25,382 |
18
European Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Industria de Diseno Textil |
|
|
| SA | 713,954 | 24,133 |
^ | ACS, Actividades de |
|
|
| Contruccion y Servisios, |
|
|
| SA | 636,597 | 23,636 |
^ | Banco Popular Espanol |
|
|
| SA | 2,590,952 | 23,579 |
^ | Banco de Sabadell SA | 3,003,428 | 20,486 |
| Red Electrica de Espana |
|
|
| SA | 352,511 | 15,451 |
^ | Abertis Infraestructuras |
|
|
| SA | 874,466 | 15,018 |
| Enagas SA | 585,621 | 11,442 |
| Gas Natural SDG SA | 367,852 | 11,322 |
| Gamesa Corporacion |
|
|
| Tecnologica SA | 600,134 | 9,839 |
^ | Bankinter SA | 860,835 | 9,289 |
| Criteria Caixacorp SA | 2,768,375 | 8,959 |
| Acciona SA | 92,900 | 8,787 |
* | Iberdrola Renovables | 2,745,041 | 8,351 |
| Grifols SA | 413,082 | 8,221 |
^ | Zardoya Otis SA | 414,946 | 7,861 |
^ | Corporacion Mapfre SA | 2,229,794 | 7,096 |
^ | Grupo Ferrovial SA | 208,326 | 6,420 |
^ | Cintra Concesiones de |
|
|
| Infraestructuras de |
|
|
| Transport SA | 709,164 | 6,309 |
^ | Indra Sistemas, SA | 322,039 | 6,258 |
^ | Fomento de Construc |
|
|
| y Contra SA | 150,120 | 5,969 |
^ | Acerinox SA | 467,286 | 5,874 |
| Telefonica SA ADR | 87,308 | 4,846 |
^,* | Banco Santander SA | 403,252 | 4,431 |
^ | Iberia |
|
|
| (Linea Aerea Espana) | 1,539,517 | 3,632 |
^ | Gestevision Telecinco SA | 353,420 | 2,838 |
^ | Sacyr Vallehermoso SA | 243,285 | 2,244 |
^ | Promotora de |
|
|
| Informaciones SA | 287,236 | 1,125 |
|
|
| 1,029,691 |
Sweden (2.9%) |
|
| |
| Telefonaktiebolaget |
|
|
| LM Ericsson AB |
|
|
| Class B | 9,699,502 | 66,028 |
^ | Hennes & Mauritz |
|
|
| AB B Shares | 1,672,317 | 59,968 |
| Nordea Bank AB | 6,803,694 | 54,532 |
| TeliaSonera AB | 7,348,882 | 32,333 |
| Svenska Handelsbanken |
|
|
| AB A Shares | 1,501,424 | 27,592 |
| Investor AB B Shares | 1,490,700 | 22,482 |
| Sandvik AB | 3,285,297 | 21,322 |
| Volvo AB B Shares | 3,553,810 | 18,571 |
| Atlas Copco AB A Shares | 2,190,072 | 18,369 |
^ | Skandinaviska Enskilda |
|
|
| Banken AB A Shares | 1,522,997 | 15,094 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Svenska Cellulosa |
|
|
| AB B Shares | 1,839,478 | 13,583 |
| Swedish Match AB | 836,994 | 11,623 |
| SKF AB B Shares | 1,268,101 | 11,551 |
| Assa Abloy AB | 1,028,571 | 11,484 |
| Skanska AB B Shares | 1,241,678 | 10,906 |
| Securitas AB B Shares | 1,028,615 | 9,876 |
^ | Swedbank AB A Shares | 1,174,639 | 9,707 |
| Scania AB B Shares | 1,168,548 | 9,604 |
| Atlas Copco AB B Shares | 1,273,595 | 9,535 |
| Alfa Laval AB | 1,250,704 | 9,029 |
| Tele2 AB B Shares | 1,005,494 | 8,580 |
| Getinge AB B Shares | 591,918 | 8,279 |
^ | Electrolux AB Series B | 820,765 | 7,556 |
^ | Husqvarna AB B Shares | 898,089 | 6,227 |
| SSAB Svenskt Stal |
|
|
| AB Series A | 581,316 | 5,878 |
^ | Holmen AB | 173,838 | 4,900 |
| Modern Times Group |
|
|
| AB B Shares | 165,453 | 3,550 |
^,* | Lundin Petroleum AB | 703,154 | 3,357 |
| SSAB Svenskt Stal |
|
|
| AB Series B | 265,337 | 2,405 |
^ | Boliden AB | 921,095 | 2,215 |
|
|
| 496,136 |
Switzerland (12.7%) |
|
| |
| Nestle SA (Registered) | 12,858,743 | 500,038 |
| Novartis AG (Registered) | 7,783,387 | 395,069 |
| Roche Holdings AG | 2,298,344 | 351,479 |
* | UBS AG | 9,514,695 | 161,438 |
| Credit Suisse Group |
|
|
| (Registered) | 3,422,814 | 127,992 |
| Zurich Financial Services |
|
|
| AG | 476,200 | 96,610 |
| ABB Ltd. | 7,198,007 | 94,446 |
| Syngenta AG | 340,427 | 63,637 |
| Swiss Re (Registered) | 1,151,061 | 48,004 |
| Holcim Ltd. (Registered) | 689,946 | 39,188 |
* | Compagnie Financiere |
|
|
| Richemont SA | 1,708,168 | 35,910 |
| Julius Baer Holding, Ltd. | 693,713 | 27,131 |
| Synthes, Inc. | 194,197 | 25,060 |
| Swisscom AG | 74,196 | 22,671 |
* | Actelion Ltd. | 321,017 | 16,959 |
| Swatch Group AG (Bearer) | 104,047 | 16,236 |
| SGS Societe Generale de |
|
|
| Surveillance Holding |
|
|
| SA (Registered) | 15,328 | 15,091 |
| Givaudan SA | 21,363 | 14,557 |
| Adecco SA (Registered) | 401,867 | 13,980 |
| Geberit AG | 129,576 | 13,462 |
| Lonza AG (Registered) | 155,862 | 12,935 |
| Kuehne & |
|
|
| Nagel International AG | 175,199 | 10,608 |
| Swiss Life Holding | 114,765 | 10,341 |
| Baloise Holdings AG | 165,780 | 8,863 |
19
European Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Logitech International SA | 567,817 | 8,465 |
| Schindler Holding AG |
|
|
| (Bearer Participation |
|
|
| Certificates) | 167,792 | 7,264 |
| Pargesa Holding SA | 88,661 | 6,792 |
| Nobel Biocare Holding AG | 391,223 | 6,721 |
| Sonova Holding AG | 153,643 | 6,384 |
| Lindt & Spruengli AG | 2,719 | 5,849 |
| Sulzer AG (Registered) | 88,009 | 5,196 |
| Swatch Group AG |
|
|
| (Registered) | 169,717 | 4,860 |
* | Aryzta AG (Ireland Shares) | 135,681 | 4,842 |
^ | Straumann Holding AG | 25,815 | 4,381 |
* | Aryzta AG | 120,510 | 4,261 |
| EFG International | 170,944 | 3,680 |
^,* | OC Oerlikon Corp AG | 22,574 | 1,751 |
* | UBS AG (New York Shares) | 100,268 | 1,695 |
|
|
| 2,193,846 |
United Kingdom (32.2%) |
|
| |
| BP PLC | 58,158,406 | 474,077 |
| HSBC Holdings PLC | 39,272,586 | 465,153 |
| GlaxoSmithKline PLC | 17,893,098 | 343,976 |
| Vodafone Group PLC | 163,507,416 | 314,542 |
| Royal Dutch Shell PLC |
|
|
| Class B | 8,961,986 | 242,975 |
| Royal Dutch Shell PLC |
|
|
| Class A |
|
|
| (Amsterdam Shares) | 8,492,604 | 235,389 |
| AstraZeneca Group PLC | 4,763,526 | 201,871 |
| BG Group PLC | 10,945,624 | 160,944 |
| British American Tobacco |
|
|
| PLC | 5,624,275 | 154,270 |
| Rio Tinto PLC | 3,265,061 | 152,518 |
| Tesco PLC | 25,690,147 | 140,759 |
| Diageo PLC | 8,344,153 | 127,336 |
| BHP Billiton PLC | 7,220,395 | 122,606 |
| Anglo American PLC | 4,324,974 | 108,519 |
| Unilever PLC | 4,246,214 | 95,395 |
| National Grid Transco |
|
|
| PLC | 8,163,540 | 91,963 |
| Imperial Tobacco Group |
|
|
| PLC | 3,324,007 | 89,088 |
| Royal Dutch Shell PLC |
|
|
| Class A | 3,111,039 | 85,475 |
| Reckitt Benckiser Group |
|
|
| PLC | 1,979,431 | 83,729 |
| Standard Chartered PLC | 4,646,517 | 76,793 |
| Barclays PLC | 26,640,814 | 76,368 |
| BAE Systems PLC | 11,514,840 | 64,724 |
| Lloyds TSB Group PLC | 19,412,063 | 62,742 |
| Royal Bank of |
|
|
| Scotland Group PLC | 54,080,402 | 59,570 |
| Centrica PLC | 12,053,088 | 59,227 |
| Scottish & |
|
|
| Southern Energy PLC | 2,846,290 | 55,792 |
| Aviva PLC | 8,691,979 | 51,848 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| BT Group PLC | 25,280,961 | 47,504 |
| SABMiller PLC | 2,955,882 | 46,951 |
| Prudential PLC | 8,145,080 | 40,915 |
| Cadbury PLC | 4,431,135 | 40,688 |
| British Energy Group PLC | 3,382,598 | 40,459 |
| Xstrata PLC | 2,079,175 | 35,563 |
| Morrison Supermarkets |
|
|
| PLC | 7,902,909 | 33,650 |
| Man Group PLC | 5,618,518 | 32,438 |
| Reed Elsevier PLC | 3,603,325 | 31,617 |
| Rolls-Royce Group PLC | 5,957,768 | 31,522 |
| HBOS PLC | 17,679,593 | 28,949 |
| BP PLC ADR | 575,360 | 28,595 |
| Compass Group PLC | 6,066,235 | 28,209 |
| Standard Life PLC | 7,124,413 | 27,579 |
| Land Securities Group |
|
|
| PLC | 1,541,072 | 27,355 |
| Smith & Nephew PLC | 2,905,415 | 26,603 |
| Pearson PLC | 2,643,786 | 26,333 |
* | United Utilities Group |
|
|
| PLC | 2,230,852 | 25,191 |
| Shire Ltd. | 1,832,864 | 24,017 |
| Royal & Sun Alliance |
|
|
| Insurance Group PLC | 10,657,932 | 23,701 |
| Legal & General Group |
|
|
| PLC | 19,780,658 | 22,750 |
| British Sky |
|
|
| Broadcasting Group |
|
|
| PLC | 3,729,227 | 22,694 |
| Capita Group PLC | 1,971,882 | 20,375 |
| Tullow Oil PLC | 2,357,944 | 20,025 |
| Vodafone Group PLC ADR | 1,030,225 | 19,852 |
| WPP Group PLC | 3,244,313 | 19,407 |
| Experian Group Ltd. | 3,357,547 | 18,517 |
| Marks & Spencer Group |
|
|
| PLC | 5,181,283 | 18,368 |
| International Power PLC | 4,947,354 | 17,699 |
| Severn Trent PLC | 768,873 | 16,995 |
| British Land Co., PLC | 1,662,872 | 16,581 |
| Smiths Group PLC | 1,261,798 | 16,246 |
| Cable and Wireless PLC | 8,175,900 | 16,205 |
| J. Sainsbury PLC | 3,420,343 | 15,625 |
| Kingfisher PLC | 7,717,310 | 14,244 |
| Old Mutual PLC | 16,362,880 | 13,250 |
| Associated British Foods |
|
|
| PLC | 1,161,622 | 12,998 |
| Rexam PLC | 2,107,372 | 12,699 |
| Group 4 Securicor PLC | 4,151,079 | 12,572 |
| The Sage Group PLC | 4,289,767 | 12,009 |
| Wolseley PLC | 2,171,127 | 11,882 |
| Carnival PLC | 532,567 | 11,712 |
| Cobham PLC | 3,732,869 | 11,345 |
* | Cairn Energy PLC | 431,793 | 11,187 |
| Next PLC | 651,996 | 11,082 |
| 3i Group PLC | 1,261,866 | 11,007 |
| Hammerson PLC | 952,930 | 10,983 |
20
European Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Bunzl PLC | 1,076,863 | 10,827 |
^ | Thomson Reuters PLC | 614,742 | 10,651 |
| Johnson Matthey PLC | 696,564 | 10,484 |
| FirstGroup PLC | 1,581,027 | 10,433 |
| Drax Group PLC | 1,112,680 | 10,339 |
| Lonmin PLC | 515,041 | 9,606 |
| Serco Group PLC | 1,591,221 | 9,489 |
| Liberty International PLC | 822,661 | 9,153 |
| Home Retail Group | 2,851,297 | 9,088 |
| Amec PLC | 1,078,670 | 9,025 |
| Tate & Lyle PLC | 1,500,202 | 8,919 |
| Friends Provident PLC | 7,541,583 | 8,648 |
| ICAP PLC | 1,692,333 | 8,433 |
| Whitbread PLC | 576,990 | 8,363 |
| Antofagasta PLC | 1,288,868 | 7,963 |
| InterContinental |
|
|
| Hotels Group PLC | 862,000 | 7,318 |
| Vedanta Resources PLC | 475,400 | 6,584 |
| Segro PLC | 1,441,688 | 6,509 |
* | Invensys PLC | 2,571,746 | 6,449 |
| Burberry Group PLC | 1,432,391 | 6,375 |
| Balfour Beatty PLC | 1,568,451 | 6,338 |
| TUI Travel PLC | 1,836,703 | 5,606 |
| LogicaCMG PLC | 4,775,049 | 5,316 |
| Tomkins PLC | 2,876,781 | 5,280 |
| Stagecoach Group PLC | 1,747,353 | 5,247 |
| Eurasian Natural |
|
|
| Resources Corp. | 1,044,573 | 5,224 |
| Schroders PLC | 406,988 | 5,217 |
| ITV PLC | 10,752,321 | 5,193 |
| Investec PLC | 1,326,697 | 5,038 |
| Hays PLC | 4,525,365 | 4,968 |
| Ladbrokes PLC | 1,938,116 | 4,939 |
| United Business |
|
|
| Media Ltd. | 756,774 | 4,924 |
| Meggitt PLC | 2,186,146 | 4,789 |
^ | Persimmon PLC | 962,035 | 4,657 |
| IMI PLC | 1,047,957 | 4,657 |
| London Stock Exchange |
|
|
| PLC | 503,273 | 4,566 |
| GKN PLC | 2,323,697 | 4,456 |
| Daily Mail and |
|
|
| General Trust PLC | 908,886 | 4,280 |
| Thomas Cook Group PLC | 1,575,279 | 4,273 |
| Mondi PLC | 1,174,912 | 4,264 |
| Rentokil Initial PLC | 5,793,344 | 4,211 |
| British Airways PLC | 1,857,699 | 4,111 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| National Express Group |
|
|
| PLC | 426,535 | 3,929 |
| William Hill PLC | 1,113,603 | 3,424 |
| Mitchells & Butlers PLC | 1,342,377 | 3,398 |
| Kazakhmys PLC | 713,165 | 3,344 |
| The Berkeley Group |
|
|
| Holdings PLC | 270,078 | 3,252 |
^ | Carphone Warehouse |
|
|
| PLC | 1,313,186 | 2,851 |
| Enterprise Inns PLC | 1,598,578 | 2,517 |
| WPP Group PLC ADR | 78,406 | 2,384 |
| Inchcape PLC | 1,381,578 | 1,762 |
|
|
| 5,572,868 |
Total Common Stocks |
|
| |
(Cost $24,683,829) |
| 17,191,552 | |
Temporary Cash Investments (3.2%)1 |
|
| |
Money Market Fund (3.0%) |
|
| |
2,3 | Vanguard Market |
|
|
| Liquidity Fund, |
|
|
| 2.217% | 524,204,153 | 524,204 |
|
|
|
|
|
| Face |
|
|
| Amount |
|
|
| ($000) |
|
U.S. Agency Obligations (0.2%) |
|
| |
4 | Federal Home Loan Bank, |
|
|
| 2.674%, 2/27/09 | 9,000 | 8,930 |
4 | Federal Home Loan |
|
|
| Mortgage Corp., |
|
|
| 2.383%, 2/9/09 | 10,000 | 9,934 |
4,5 | Federal National |
|
|
| Mortgage Assn., |
|
|
| 2.585%, 11/17/08 | 11,000 | 10,992 |
|
|
| 29,856 |
Total Temporary Cash Investments |
|
| |
(Cost $554,048) |
| 554,060 | |
Total Investments (102.6%) |
|
| |
(Cost $25,237,877) |
| 17,745,612 | |
Other Assets and Liabilites (–2.6%) |
|
| |
Other Assets |
| 200,308 | |
Liabilities3 |
| (647,791) | |
|
|
| (447,483) |
Net Assets (100%) |
| 17,298,129 |
21
European Stock Index Fund
At October 31, 2008, net assets consisted of: | |
| Amount |
| ($000) |
Paid-in Capital | 24,360,187 |
Undistributed Net Investment Income | 1,073,239 |
Accumulated Net Realized Losses | (616,281) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | (7,492,265) |
Futures Contracts | (14,447) |
Foreign Currencies and Forward |
|
Currency Contracts | (12,304) |
Net Assets | 17,298,129 |
|
|
Investor Shares—Net Assets |
|
Applicable to 478,999,317 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 10,534,353 |
Net Asset Value Per Share— |
|
Investor Shares | $21.99 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 28,466,434 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 1,471,904 |
Net Asset Value Per Share— |
|
Admiral Shares | $51.71 |
|
|
Signal Shares—Net Assets |
|
Applicable to 11,130,074 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 222,722 |
Net Asset Value Per Share— |
|
Signal Shares | $20.01 |
|
|
Institutional Shares—Net Assets |
|
Applicable to 150,430,711 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 3,315,638 |
Net Asset Value Per Share— |
|
Institutional Shares | $22.04 |
|
|
ETF Shares—Net Assets |
|
Applicable to 42,390,728 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 1,753,512 |
Net Asset Value Per Share— |
|
ETF Shares | $41.37 |
• | See Note A in Notes to Financial Statements. |
^ | Part of security position is on loan to broker-dealers. The total value of securities on loan is $414,364,000. |
* | Non-income-producing security. |
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.9% and 2.7%, respectively, of net assets.
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 Includes $434,146,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government.
5 Securities with a value of $10,992,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
ARS—Auction Rate Security.
See accompanying Notes, which are an integral part of the Financial Statements.
22
European Stock Index Fund
Statement of Operations
| Year Ended |
| October 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Dividends1 | 1,212,764 |
Interest2 | 3,604 |
Security Lending | 49,302 |
Total Income | 1,265,670 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 765 |
Management and Administrative—Investor Shares | 37,024 |
Management and Administrative—Admiral Shares | 1,986 |
Management and Administrative—Signal Shares | 336 |
Management and Administrative—Institutional Shares | 1,825 |
Management and Administrative—ETF Shares | 1,563 |
Marketing and Distribution—Investor Shares | 5,630 |
Marketing and Distribution—Admiral Shares | 472 |
Marketing and Distribution—Signal Shares | 75 |
Marketing and Distribution—Institutional Shares | 1,183 |
Marketing and Distribution—ETF Shares | 745 |
Custodian Fees | 5,561 |
Auditing Fees | 39 |
Shareholders’ Reports—Investor Shares | 170 |
Shareholders’ Reports—Admiral Shares | 10 |
Shareholders’ Reports—Signal Shares | 2 |
Shareholders’ Reports—Institutional Shares | 1 |
Shareholders’ Reports—ETF Shares | 83 |
Trustees’ Fees and Expenses | 40 |
Total Expenses | 57,510 |
Net Investment Income | 1,208,160 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | 3,088,109 |
Futures Contracts | (76,194) |
Foreign Currencies and Forward Currency Contracts | (8,781) |
Realized Net Gain (Loss) | 3,003,134 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (20,939,502) |
Futures Contracts | (19,010) |
Foreign Currencies and Forward Currency Contracts | (17,769) |
Change in Unrealized Appreciation (Depreciation) | (20,976,281) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (16,764,987) |
1 Dividends are net of foreign withholding taxes of $75,256,000.
2 Interest income from an affiliated company of the fund was $3,179,000.
See accompanying Notes, which are an integral part of the Financial Statements.
23
European Stock Index Fund
Statement of Changes in Net Assets
| Year Ended October 31, | |
| 2008 | 2007 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 1,208,160 | 1,038,999 |
Realized Net Gain (Loss) | 3,003,134 | 97,343 |
Change in Unrealized Appreciation (Depreciation) | (20,976,281) | 6,493,764 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (16,764,987) | 7,630,106 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (743,072) | (460,764) |
Admiral Shares | (87,518) | (62,628) |
Signal Shares | (14,971) | (341) |
Institutional Shares | (139,970) | (90,854) |
ETF Shares | (97,010) | (39,981) |
Realized Capital Gain |
|
|
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (1,082,541) | (654,568) |
Capital Share Transactions |
|
|
Investor Shares | (3,934,149) | 4,446,099 |
Admiral Shares | 12,041 | 162,740 |
Signal Shares | (29,856) | 467,826 |
Institutional Shares | 815,638 | 1,192,242 |
ETF Shares | 225,574 | 1,456,669 |
Net Increase (Decrease) from Capital Share Transactions | (2,910,752) | 7,725,576 |
Total Increase (Decrease) | (20,758,280) | 14,701,114 |
Net Assets |
|
|
Beginning of Period | 38,056,409 | 23,355,295 |
End of Period1 | 17,298,129 | 38,056,409 |
1 Net Assets—End of Period includes undistributed net investment income of $1,073,239,000 and $954,677,000.
See accompanying Notes, which are an integral part of the Financial Statements.
24
European Stock Index Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $43.43 | $34.67 | $27.00 | $23.77 | $19.93 |
Investment Operations |
|
|
|
|
|
Net Investment Income | 1.3721 | 1.2981 | .920 | .670 | .540 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (21.597) | 8.386 | 7.450 | 3.140 | 3.760 |
Total from Investment Operations | (20.225) | 9.684 | 8.370 | 3.810 | 4.300 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (1.215) | (.924) | (.700) | (.580) | (.460) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.215) | (.924) | (.700) | (.580) | (.460) |
Net Asset Value, End of Period | $21.99 | $43.43 | $34.67 | $27.00 | $23.77 |
|
|
|
|
|
|
Total Return2 | –47.80% | 28.49% | 31.63% | 16.21% | 21.89% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $10,534 | $26,188 | $16,850 | $10,759 | $7,904 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.22% | 0.22% | 0.27% | 0.27% | 0.27% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 3.82% | 3.35% | 3.35% | 2.84% | 2.67% |
Portfolio Turnover Rate3 | 15% | 9% | 6% | 5% | 5% |
1 Calculated based on average shares outstanding.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or the account service fee that may be applicable to certain accounts with balances below $10,000.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
25
European Stock Index Fund
Financial Highlights
Admiral Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $102.09 | $81.50 | $63.44 | $55.84 | $46.82 |
Investment Operations |
|
|
|
|
|
Net Investment Income | 3.1771 | 3.1401 | 2.230 | 1.611 | 1.308 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (50.618) | 19.692 | 17.510 | 7.396 | 8.830 |
Total from Investment Operations | (47.441) | 22.832 | 19.740 | 9.007 | 10.138 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (2.939) | (2.242) | (1.680) | (1.407) | (1.118) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.939) | (2.242) | (1.680) | (1.407) | (1.118) |
Net Asset Value, End of Period | $51.71 | $102.09 | $81.50 | $63.44 | $55.84 |
|
|
|
|
|
|
Total Return2 | –47.74% | 28.59% | 31.77% | 16.32% | 21.98% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $1,472 | $2,955 | $2,175 | $1,360 | $628 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.12% | 0.12% | 0.17% | 0.18% | 0.18% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 3.92% | 3.45% | 3.45% | 2.93% | 2.76% |
Portfolio Turnover Rate3 | 15% | 9% | 6% | 5% | 5% |
1 Calculated based on average shares outstanding.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
European Stock Index Fund
Financial Highlights
Signal Shares |
|
|
|
|
|
| Oct. 6, |
| Year Ended | 20061 to | |
| October 31, | Oct. 31, | |
For a Share Outstanding Throughout Each Period | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $39.50 | $31.51 | $30.41 |
Investment Operations |
|
|
|
Net Investment Income | 1.2552 | 1.1512 | .0102 |
Net Realized and Unrealized Gain (Loss) on Investments | (19.616) | 7.681 | 1.090 |
Total from Investment Operations | (18.361) | 8.832 | 1.100 |
Distributions |
|
|
|
Dividends from Net Investment Income | (1.129) | (.842) | — |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (1.129) | (.842) | — |
Net Asset Value, End of Period | $20.01 | $39.50 | $31.51 |
|
|
|
|
Total Return3 | –47.74% | 28.59% | 3.62% |
|
|
|
|
Ratios/Supplemental Data |
|
|
|
Net Assets, End of Period (Millions) | $223 | $502 | $12 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.17%4 |
Ratio of Net Investment Income to Average Net Assets | 3.92% | 3.45% | 3.45%4 |
Portfolio Turnover Rate5 | 15% | 9% | 6% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not reflect the 2% fee assessed on redemptions of shares held for less than two months.
4 Annualized.
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.
27
European Stock Index Fund
Financial Highlights
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $43.51 | $34.74 | $27.05 | $23.80 | $19.96 |
Investment Operations |
|
|
|
|
|
Net Investment Income | 1.3151 | 1.3501 | .978 | .721 | .570 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (21.524) | 8.390 | 7.450 | 3.140 | 3.760 |
Total from Investment Operations | (20.209) | 9.740 | 8.428 | 3.861 | 4.330 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (1.261) | (.970) | (.738) | (.611) | (.490) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.261) | (.970) | (.738) | (.611) | (.490) |
Net Asset Value, End of Period | $22.04 | $43.51 | $34.74 | $27.05 | $23.80 |
|
|
|
|
|
|
Total Return2 | –47.72% | 28.63% | 31.83% | 16.42% | 22.03% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $3,316 | $5,263 | $3,113 | $1,827 | $988 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.09% | 0.09% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 3.95% | 3.48% | 3.50% | 2.99% | 2.77% |
Portfolio Turnover Rate3 | 15% | 9% | 6% | 5% | 5% |
1 Calculated based on average shares outstanding.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
28
European Stock Index Fund
Financial Highlights
ETF Shares |
|
|
|
|
|
|
|
| March 4, |
|
|
|
| 20051 to |
| Year Ended October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $81.66 | $65.21 | $50.80 | $50.96 |
Investment Operations |
|
|
|
|
Net Investment Income | 2.5302 | 2.5762 | 1.800 | 1.040 |
Net Realized and Unrealized Gain (Loss) on Investments | (40.464) | 15.683 | 13.990 | (1.200) |
Total from Investment Operations | (37.934) | 18.259 | 15.790 | (.160) |
Distributions |
|
|
|
|
Dividends from Net Investment Income | (2.356) | (1.809) | (1.380) | — |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (2.356) | (1.809) | (1.380) | — |
Net Asset Value, End of Period | $41.37 | $81.66 | $65.21 | $50.80 |
|
|
|
|
|
Total Return | –47.73% | 28.60% | 31.75% | –0.31% |
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
Net Assets, End of Period (Millions) | $1,754 | $3,148 | $1,205 | $178 |
Ratio of Total Expenses to Average Net Assets | 0.11% | 0.12% | 0.18% | 0.18%3 |
Ratio of Net Investment Income to Average Net Assets | 3.93% | 3.45% | 3.44% | 2.93%3 |
Portfolio Turnover Rate4 | 15% | 9% | 6% | 5% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
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.
29
European Stock Index Fund
Notes to Financial Statements
Vanguard European Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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 at their fair values calculated according to procedures adopted 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. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market 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).
30
European Stock Index Fund
3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, 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 fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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.
The fund also may enter into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these 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.
Futures and forward currency contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets 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 or forward currency contracts.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended October 31, 2005–2008), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
7. Other: Dividend income is recorded on the ex-dividend date. 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 redemptions of capital shares 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) 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.
31
European Stock Index Fund
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At October 31, 2008, the fund had contributed capital of $1,979,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 1.98% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended October 31, 2008, the fund realized net foreign currency losses of $7,600,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the year ended October 31, 2008, the fund realized gains on the sale of passive foreign investment companies of $543,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Unrealized appreciation of $19,314,000 on the fund’s passive foreign investment company holdings at October 31, 2007, has been distributed and is reflected in the balance of undistributed net investment income. Since October 31, 2007, the fund’s passive foreign investment company holdings have depreciated in value, reducing the amount of taxable income available for distribution as of October 31, 2008 by $14,818,000. Unrealized appreciation on the fund’s passive foreign investment company holdings at October 31, 2008, was $4,496,000.
During the year ended October 31, 2008, the fund realized $3,596,684,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2008, the fund had $1,109,431,000 of ordinary income available for distribution. The fund had available realized losses of $370,782,000 to offset future net capital gains of $13,739,000 through October 31, 2011, and $357,043,000 through October 31, 2016.
At October 31, 2008, the cost of investment securities for tax purposes was $25,496,864,000. Net unrealized depreciation of investment securities for tax purposes was $7,751,252,000, consisting of unrealized gains of $583,528,000 on securities that had risen in value since their purchase and $8,334,780,000 in unrealized losses on securities that had fallen in value since their purchase.
32
European Stock Index Fund
At October 31, 2008, the aggregate settlement value of open futures contracts expiring in December 2008 and the related unrealized appreciation (depreciation) were:
|
|
| ($000) |
| Number of | Aggregate | Unrealized |
| Long (Short) | Settlement | Appreciation |
Futures Contracts | Contracts | Value | (Depreciation) |
MSCI Pan-Euro Index | 4,433 | 85,106 | (14,447) |
At October 31, 2008, the fund had open forward currency contracts to receive and deliver currencies as follows:
|
|
|
|
| Unrealized |
|
|
|
|
| Appreciation |
| Contract Amount (000) | (Depreciation) | |||
Contract Settlement Date |
| Receive |
| Deliver | ($000) |
12/23/2008 | EUR | 58,608 | USD | 74,204 | (10,078) |
|
|
|
|
|
|
EUR—Euro. |
|
|
|
|
|
USD—U.S. dollar. |
|
|
|
|
|
Unrealized appreciation (depreciation) on open forward currency contracts is required to be treated as realized gain (loss) for tax purposes.
The fund had net unrealized foreign currency losses of $2,226,000 resulting from the translation of other assets and liabilities at October 31, 2008.
D. During the year ended October 31, 2008, the fund purchased $8,586,185,000 of investment securities and sold $11,402,293,000 of investment securities, other than temporary cash investments.
33
European Stock Index Fund
E. Capital share transactions for each class of shares were:
|
|
| Year Ended October 31, | |
|
| 2008 |
| 2007 |
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 4,845,905 | 141,072 | 5,660,208 | 147,210 |
Issued in Lieu of Cash Distributions | 735,566 | 18,702 | 454,609 | 12,663 |
Redeemed1 | (9,515,620) | (283,778) | (1,668,718) | (42,810) |
Net Increase (Decrease)—Investor Shares | (3,934,149) | (124,004) | 4,446,099 | 117,063 |
Admiral Shares |
|
|
|
|
Issued | 414,328 | 4,886 | 919,141 | 10,184 |
Issued in Lieu of Cash Distributions | 73,521 | 796 | 51,856 | 615 |
Redeemed1 | (475,808) | (6,157) | (808,257) | (8,547) |
Net Increase (Decrease)—Admiral Shares | 12,041 | (475) | 162,740 | 2,252 |
Signal Shares |
|
|
|
|
Issued | 155,336 | 4,630 | 477,278 | 12,591 |
Issued in Lieu of Cash Distributions | 11,877 | 332 | 341 | 10 |
Redeemed1 | (197,069) | (6,553) | (9,793) | (265) |
Net Increase (Decrease)—Signal Shares | (29,856) | (1,591) | 467,826 | 12,336 |
Institutional Shares |
|
|
|
|
Issued | 2,001,811 | 62,248 | 2,139,740 | 55,266 |
Issued in Lieu of Cash Distributions | 129,816 | 3,297 | 80,880 | 2,251 |
Redeemed1 | (1,315,989) | (36,071) | (1,028,378) | (26,180) |
Net Increase (Decrease)—Institutional Shares | 815,638 | 29,474 | 1,192,242 | 31,337 |
ETF Shares |
|
|
|
|
Issued | 454,883 | 7,234 | 1,456,669 | 20,084 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed1 | (229,309) | (3,400) | — | — |
Net Increase (Decrease)—ETF Shares | 225,574 | 3,834 | 1,456,669 | 20,084 |
F. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements.
1 Net of redemption fees of $1,724,000 and $1,200,000 (fund totals).
34
European Stock Index Fund
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing 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).
The following table summarizes the fund’s investments as of October 31, 2008, based on the inputs used to value them:
|
|
| Forward |
| Investments | Futures | Currency |
| in Securities | Contracts | Contracts |
Valuation Inputs | ($000) | ($000) | ($000) |
Level 1—Quoted prices | 606,865 | (14,447) | (10,078) |
Level 2—Other significant observable inputs | 17,138,747 | — | — |
Level 3—Significant unobservable inputs | — | — | — |
Total | 17,745,612 | (14,447) | (10,078) |
35
Pacific Stock Index Fund
Fund Profile
As of October 31, 2008
Portfolio Characteristics |
|
| |
|
| Target | Broad |
| Fund | Index1 | Index2 |
Number of Stocks | 510 | 507 | 1,898 |
Turnover Rate | 9% | — | — |
Expense Ratio |
|
|
|
(10/31/2007)3 |
| — | — |
Investor Shares | 0.22% |
|
|
Admiral Shares | 0.12% |
|
|
Signal Shares | 0.12% |
|
|
Institutional Shares | 0.09% |
|
|
ETF Shares | 0.12% |
|
|
Short-Term Reserves | –0.4%4 | — | — |
Sector Diversification (% of equity exposure) | |||
|
| Target | Broad |
| Fund | Index1 | Index2 |
Consumer Discretionary | 14.9% | 14.9% | 9.0% |
Consumer Staples | 6.6 | 6.7 | 9.9 |
Energy | 2.1 | 2.1 | 12.0 |
Financials | 26.4 | 26.1 | 21.4 |
Health Care | 5.6 | 5.7 | 9.7 |
Industrials | 14.9 | 14.9 | 10.0 |
Information Technology | 9.2 | 9.2 | 9.1 |
Materials | 9.9 | 9.8 | 7.4 |
Telecommunication |
|
|
|
Services | 3.9 | 4.0 | 6.0 |
Utilities | 6.5 | 6.6 | 5.5 |
Volatility Measures5 |
| |
| Fund Versus | Fund Versus |
| Target Index1 | Broad Index2 |
R-Squared | 0.96 | 0.88 |
Beta | 0.94 | 0.78 |
Ten Largest Holdings6 (% of total net assets) | ||
|
|
|
Toyota Motor Corp. | automobile |
|
| manufacturers | 4.1% |
Mitsubishi UFJ | diversified |
|
Financial Group | banks | 2.5 |
BHP Billiton Ltd. | diversified metals |
|
| and mining | 2.5 |
Takeda |
|
|
Pharmaceutical Co. Ltd. | pharmaceuticals | 1.6 |
Honda Motor Co., Ltd. | automobile |
|
| manufacturers | 1.6 |
Canon, Inc. | office electronics | 1.4 |
Commonwealth Bank | diversified |
|
of Australia | banks | 1.4 |
Tokyo Electric Power Co. | electric | 1.3 |
Nintendo Co. | home entertainment |
|
| software | 1.2 |
Matsushita Electric | consumer |
|
Industrial Co., Ltd. | electronics | 1.1 |
Top Ten |
| 18.7% |
Market Diversification (% of equity exposure) | ||
|
| Target |
| Fund | Index1 |
Japan | 72.4% | 72.2% |
Australia | 18.1 | 18.1 |
Hong Kong | 6.1 | 6.2 |
Singapore | 3.1 | 3.2 |
Other Pacific Countries | 0.3 | 0.3 |
1 MSCI Pacific Index.
2 MSCI All Country World Index ex USA.
3 The expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the expense ratios were 0.22% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares.
4 The fund invested a portion of its cash reserves in equity markets through the use of index futures contracts. After the effect of the futures investments, the fund’s temporary cash position was negative.
5 For an explanation of R-squared, beta, and other terms used here, see the Glossary.
6 The holdings listed exclude any temporary cash investments and equity index products.
36
Pacific Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 1998–October 31, 2008
Initial Investment of $10,000
|
| Average Annual Total Returns | Final Value of | |
| Periods Ended October 31, 2008 | a $10,000 | ||
| One Year | Five Years | Ten Years | Investment |
Pacific Stock Index Fund Investor Shares1 | –42.71% | 2.17% | 2.16% | $12,379 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 3.19 | 13,692 |
MSCI Pacific Index | –43.49 | 1.74 | 2.05 | 12,249 |
Average Japan/Pacific Region Fund2 | –46.22 | –0.73 | 1.62 | 11,739 |
|
|
|
| Final Value of |
|
|
| Since | a $100,000 |
| One Year | Five Years | Inception3 | Investment |
Pacific Stock Index Fund Admiral Shares1 | –42.62% | 2.29% | 2.12% | $116,365 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 4.14 | 133,975 |
MSCI Pacific Index | –43.49 | 1.74 | 1.89 | 114,483 |
|
|
| Final Value of |
|
| Since | a $10,000,000 |
| One Year | Inception3 | Investment |
Pacific Stock Index Fund Signal Shares1 | –42.61% | –29.86% | $6,067,631 |
MSCI All Country World Index ex USA | –48.27 | –33.15 | 5,670,641 |
MSCI Pacific Index | –43.49 | –31.06 | 5,921,269 |
1 Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000; the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months; or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Derived from data provided by Lipper Inc.
3 Performance for the fund and its comparative standards is calculated since the following inception dates: August 13, 2001, for the Admiral Shares and June 4, 2007, for the Signal Shares.
37
Pacific Stock Index Fund
|
|
|
| Final Value of |
|
|
| Since | a $5,000,000 |
| One Year | Five Years | Inception1 | Investment |
Pacific Stock Index Fund Institutional Shares2 | –42.62% | 2.34% | –2.37% | $4,083,198 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | –0.04 | 4,983,004 |
MSCI Pacific Index | –43.49 | 1.74 | –2.58 | 4,008,333 |
|
|
| Final Value of |
|
| Since | a $10,000 |
| One Year | Inception1 | Investment |
Pacific Stock Index Fund ETF Shares Net Asset Value | –42.61% | –3.33% | $8,836 |
MSCI All Country World Index ex USA | –48.27 | –2.35 | 9,168 |
MSCI Pacific Index | –43.49 | –3.91 | 8,642 |
Cumulative Returns: ETF Shares, March 4, 2005–October 31, 2008 |
|
|
|
| Since |
| One Year | Inception1 |
Pacific Stock Index Fund ETF Shares Market Price | –42.40% | –11.37% |
Pacific Stock Index Fund ETF Shares Net Asset Value | –42.61 | –11.64 |
MSCI Pacific Index | –43.49 | –13.58 |
1 Performance for the fund and its comparative standards is calculated since the following inception dates: May 15, 2000, for the Institutional Shares and March 4, 2005, for the ETF Shares.
2 Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000, or the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
38
Pacific Stock Index Fund
Fiscal-Year Total Returns (%): October 31, 1998–October 31, 2008
Average Annual Total Returns: Periods Ended September 30, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Ten Years |
Pacific Stock Index Fund |
|
|
|
|
Investor Shares1 | 6/18/1990 | –27.28% | 7.51% | 5.96% |
Admiral Shares1 | 8/13/2001 | –27.24 | 7.60 | 5.092 |
Signal Shares1 | 6/4/2007 | –27.25 | –20.102 | — |
Institutional Shares1 | 5/15/2000 | –27.21 | 7.67 | 0.002 |
ETF Shares | 3/4/2005 |
|
|
|
Market Price |
| –27.11 | 2.292 | — |
Net Asset Value |
| –27.23 | 2.232 | — |
1 Total returns do not reflect the 0.5% transaction fee on purchases through March 31, 2000; the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months; or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Returns since inception.
Note: See Financial Highlights tables for dividend and capital gains information.
39
Pacific Stock Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Common Stocks (98.6%)1 |
|
| |
Australia (17.8%) |
|
| |
| BHP Billiton Ltd. | 11,162,872 | 214,452 |
| Commonwealth Bank |
|
|
| of Australia | 4,410,927 | 120,576 |
| National Australia |
|
|
| Bank Ltd. | 5,428,312 | 88,080 |
| Westpac Banking |
|
|
| Corp., Ltd. | 6,247,404 | 85,718 |
| Woolworths Ltd. | 4,048,458 | 75,470 |
| Australia & New Zealand |
|
|
| Bank Group Ltd. | 6,391,980 | 74,930 |
| Westfield Group | 5,833,414 | 64,428 |
| QBE Insurance Group Ltd. | 2,953,586 | 50,391 |
| Rio Tinto Ltd. | 950,429 | 49,168 |
| CSL Ltd. | 1,988,715 | 48,365 |
| Woodside Petroleum Ltd. | 1,602,649 | 45,283 |
| Telstra Corp. Ltd. | 14,485,690 | 39,873 |
| St. George Bank Ltd. | 1,866,177 | 34,915 |
| Wesfarmers Ltd. | 2,152,620 | 30,937 |
| Origin Energy Ltd. | 2,922,048 | 30,644 |
| Brambles Ltd. | 4,607,341 | 24,576 |
| Foster’s Group Ltd. | 6,391,148 | 24,432 |
| AMP Ltd. | 6,236,065 | 22,684 |
| Newcrest Mining Ltd. | 1,507,922 | 20,729 |
^ | Macquarie Group, Ltd. | 914,073 | 18,134 |
| Santos Ltd. | 1,980,538 | 17,932 |
| Suncorp-Metway Ltd. | 3,178,282 | 17,109 |
| Insurance Australia |
|
|
| Group Ltd. | 6,248,674 | 15,829 |
| Orica Ltd. | 1,179,578 | 15,333 |
| AGL Energy Ltd. | 1,475,591 | 13,857 |
| Transurban Group | 3,858,588 | 13,854 |
| Stockland | 4,879,110 | 13,120 |
| Australian Stock |
|
|
| Exchange Ltd. | 570,054 | 11,447 |
| Incitec Pivot Ltd. | 4,028,093 | 10,799 |
| Amcor Ltd. | 2,793,081 | 10,782 |
^ | Macquarie |
|
|
| Infrastructure Group | 7,980,147 | 10,460 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Coca-Cola Amatil Ltd. | 1,836,061 | 9,911 |
| Sonic Healthcare Ltd. | 1,056,064 | 9,651 |
| Computershare Ltd. | 1,574,956 | 8,904 |
| AXA Asia Pacific |
|
|
| Holdings Ltd. | 2,822,087 | 8,325 |
* | Fortescue Metals |
|
|
| Group Ltd. | 4,208,223 | 8,323 |
^ | Leighton Holdings Ltd. | 496,793 | 8,261 |
| Toll Holdings Ltd. | 2,054,543 | 8,202 |
| Tabcorp Holdings Ltd. | 1,740,641 | 7,980 |
| Bendigo Bank Ltd. | 893,457 | 7,882 |
| CFS Gandel Retail Trust | 5,670,183 | 7,627 |
| BlueScope Steel Ltd. | 2,519,947 | 7,412 |
| GPT Group | 14,580,048 | 7,296 |
| Cochlear Ltd. | 185,731 | 7,047 |
| Wesfarmers, Ltd. Price |
|
|
| Protected Shares | 479,522 | 6,922 |
| Metcash Ltd. | 2,551,563 | 6,887 |
| Alumina Ltd. | 4,829,064 | 6,872 |
| Crown Ltd. | 1,494,157 | 6,687 |
| OneSteel Ltd. | 2,765,418 | 6,353 |
| Tatt’s Group, Ltd. | 3,776,286 | 6,324 |
| OZ Minerals Ltd. | 9,830,228 | 6,175 |
^ | Boral Ltd. | 1,931,184 | 5,812 |
^ | John Fairfax Holdings Ltd. | 4,516,974 | 5,791 |
| Lion Nathan Ltd. | 978,258 | 5,781 |
| Lend Lease Corp. | 1,197,105 | 5,539 |
| Macquarie |
|
|
| Goodman Group | 8,275,273 | 5,221 |
| Qantas Airways Ltd. | 3,103,479 | 5,041 |
| WorleyParsons Ltd. | 499,635 | 5,020 |
| Goodman Fielder Ltd. | 4,389,078 | 4,871 |
| Dexus Property Group |
|
|
| NPV | 9,722,627 | 4,845 |
| CSR Ltd. | 3,272,099 | 4,756 |
| Billabong International Ltd. | 555,225 | 4,439 |
| James Hardie Industries |
|
|
| NV | 1,435,643 | 4,083 |
| Macquarie Airports Group | 2,291,884 | 3,259 |
| Harvey Norman |
|
|
| Holdings Ltd. | 1,754,107 | 3,028 |
40
Pacific Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
^ | Perpetual Trustees |
|
|
| Australia Ltd. | 124,537 | 2,900 |
| Caltex Australia Ltd. | 445,456 | 2,806 |
* | Paladin Resources Ltd. | 1,820,943 | 2,790 |
| Aristocrat Leisure Ltd. | 1,078,578 | 2,716 |
| Sims Group Ltd. | 272,679 | 2,615 |
| Asciano Group | 1,863,017 | 2,603 |
| Sims Group Ltd. ADR | 235,750 | 2,315 |
| Mirvac Group | 3,468,260 | 2,270 |
| Boart Longyear Group | 4,773,956 | 1,385 |
| Macquarie Office Trust | 6,807,999 | 1,310 |
^ | Babcock & Brown Ltd. | 880,995 | 770 |
|
|
| 1,559,314 |
Hong Kong (6.1%) |
|
| |
| CLP Holdings Ltd. | 6,808,705 | 45,918 |
| Cheung Kong |
|
|
| Holdings Ltd. | 4,621,886 | 44,377 |
| Sun Hung Kai |
|
|
| Properties Ltd. | 4,691,324 | 41,101 |
| Hutchison Whampoa Ltd. | 7,090,095 | 38,314 |
| Hong Kong Exchanges |
|
|
| & Clearing Ltd. | 3,392,500 | 34,403 |
| Hang Seng Bank Ltd. | 2,543,666 | 31,739 |
| Hong Kong Electric |
|
|
| Holdings Ltd. | 4,614,050 | 24,869 |
| Hong Kong & China |
|
|
| Gas Co., Ltd. | 13,302,481 | 23,436 |
| Esprit Holdings Ltd. | 3,516,078 | 19,979 |
| Swire Pacific Ltd. |
|
|
| A Shares | 2,741,000 | 19,304 |
| Hang Lung |
|
|
| Properties Ltd. | 6,896,720 | 16,852 |
| Li & Fung Ltd. | 7,473,450 | 14,999 |
| Boc Hong Kong |
|
|
| Holdings Ltd. | 12,313,300 | 14,098 |
| Henderson Land |
|
|
| Development Co. Ltd. | 3,575,593 | 12,931 |
| Link REIT | 7,119,000 | 12,729 |
| MTR Corp. | 4,677,700 | 10,365 |
| Bank of East Asia Ltd. | 4,735,073 | 9,551 |
| Hang Lung |
|
|
| Development Co., Ltd. | 2,893,000 | 9,310 |
| Wharf Holdings Ltd. | 4,566,903 | 9,112 |
| New World |
|
|
| Development Co., Ltd. | 8,048,146 | 6,700 |
| Hopewell Holdings Ltd. | 2,080,800 | 6,469 |
| Shangri-La Asia Ltd. | 4,303,068 | 6,092 |
* | Hutchison |
|
|
| Telecommunications |
|
|
| International Ltd. | 5,572,673 | 6,020 |
^ | Cheung Kong |
|
|
| Infrastructure |
|
|
| Holdings Ltd. | 1,505,600 | 5,515 |
| Kerry Properties Ltd. | 2,126,013 | 5,341 |
| Sino Land Co. | 5,637,400 | 4,956 |
^ | Cathay Pacific Airways Ltd. | 3,938,500 | 4,806 |
41
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
^,* | Mongolia Energy |
|
|
| Corp. Ltd. | 11,071,000 | 4,749 |
| PCCW Ltd. | 12,350,769 | 4,622 |
| Wheelock and Co. Ltd. | 3,057,000 | 4,580 |
| Yue Yuen Industrial |
|
|
| (Holdings) Ltd. | 2,206,900 | 4,414 |
* | CITIC International |
|
|
| Financial Holdings Ltd. | 6,705,000 | 4,239 |
| Kingboard Chemical |
|
|
| Holdings Ltd. | 1,824,500 | 3,642 |
| Hysan Development |
|
|
| Co., Ltd. | 1,898,811 | 2,977 |
| Pacific Basin Shipping Ltd. | 5,463,000 | 2,925 |
| NWS Holdings Ltd. | 2,697,000 | 2,815 |
| Wing Hang Bank Ltd. | 585,009 | 2,744 |
| Television Broadcasts Ltd. | 942,412 | 2,621 |
* | Foxconn International |
|
|
| Holdings Ltd. | 6,969,238 | 2,564 |
* | Genting International PLC | 9,557,000 | 2,357 |
| Chinese Estates Holdings | 3,032,000 | 2,330 |
^ | ASM Pacific |
|
|
| Technology Ltd. | 644,100 | 2,152 |
| Hong Kong Aircraft & |
|
|
| Engineering Co., Ltd. | 222,000 | 1,750 |
| Lifestyle International |
|
|
| Holdings, Ltd. | 2,267,000 | 1,513 |
| Orient Overseas |
|
|
| International Ltd. | 732,224 | 1,308 |
| Shun Tak Holdings Ltd. | 3,506,382 | 699 |
| C C Land Holdings Ltd. | 3,180,000 | 578 |
| Lee & Man Paper |
|
|
| Manufacturing Ltd. | 1,552,000 | 507 |
|
|
| 535,372 |
Japan (71.2%) |
|
| |
| Toyota Motor Corp. | 9,174,865 | 358,287 |
| Mitsubishi UFJ |
|
|
| Financial Group | 34,321,182 | 215,680 |
| Takeda Pharmaceutical |
|
|
| Co. Ltd. | 2,767,847 | 137,521 |
| Honda Motor Co., Ltd. | 5,492,672 | 136,577 |
| Canon, Inc. | 3,548,649 | 124,173 |
| Tokyo Electric Power Co. | 4,049,910 | 114,696 |
| Nintendo Co. | 329,820 | 105,974 |
| Matsushita Electric |
|
|
| Industrial Co., Ltd. | 6,119,563 | 98,548 |
| Sumitomo Mitsui |
|
|
| Financial Group, Inc. | 22,309 | 89,434 |
| NTT DoCoMo, Inc. | 52,236 | 82,844 |
| East Japan Railway Co. | 11,309 | 80,475 |
| Seven and I Holdings |
|
|
| Co., Ltd. | 2,863,140 | 80,391 |
| Sony Corp. | 3,340,964 | 79,182 |
| Mizuho Financial |
|
|
| Group, Inc. | 32,220 | 78,675 |
| Mitsubishi Corp. | 4,510,000 | 75,596 |
Pacific Stock Index Fund
|
| Market |
|
| Value• |
| Shares | ($000) |
Shin-Etsu Chemical |
|
|
Co., Ltd. | 1,365,400 | 72,578 |
Nippon Telegraph and |
|
|
Telephone Corp. | 17,278 | 70,507 |
Millea Holdings, Inc. | 2,274,600 | 70,162 |
Mitsubishi Estate |
|
|
Co., Ltd. | 3,909,000 | 69,828 |
Astellas Pharma Inc. | 1,639,898 | 66,053 |
Kansai Electric Power |
|
|
Co., Inc. | 2,561,700 | 64,235 |
KDDI Corp. | 9,696 | 58,094 |
Chubu Electric Power Co. | 2,202,400 | 57,670 |
Nippon Steel Corp. | 16,981,343 | 57,158 |
Nomura Holdings Inc. | 5,885,100 | 55,757 |
Mitsui & Co., Ltd. | 5,753,600 | 55,750 |
Japan Tobacco, Inc. | 14,968 | 53,102 |
Hitachi Ltd. | 11,203,000 | 52,599 |
Kao Corp. | 1,736,661 | 50,783 |
Mitsui Fudosan Co., Ltd. | 2,785,557 | 48,589 |
Daiichi Sankyo Co., Ltd. | 2,322,536 | 47,623 |
JFE Holdings, Inc. | 1,737,200 | 44,325 |
Central Japan Railway Co. | 5,215 | 42,839 |
Fanuc Co., Ltd. | 637,300 | 42,462 |
Mitsubishi Electric Corp. | 6,428,000 | 39,849 |
Fuji Photo Film Co., Ltd. | 1,626,166 | 37,435 |
Nissan Motor Co., Ltd. | 7,518,320 | 37,339 |
Toshiba Corp. | 10,229,000 | 36,972 |
Bridgestone Corp. | 2,028,359 | 35,462 |
Mitsui Sumitomo |
|
|
Insurance Group |
|
|
Holdings, Inc. | 1,261,265 | 35,049 |
Mitsubishi Heavy |
|
|
Industries Ltd. | 10,660,000 | 34,180 |
Tokyo Gas Co., Ltd. | 7,751,000 | 33,329 |
Sumitomo Corp. | 3,743,756 | 32,938 |
Sumitomo Metal |
|
|
Industries Ltd. | 12,788,000 | 32,890 |
Komatsu Ltd. | 2,989,768 | 32,868 |
Tohoku Electric Power Co. | 1,421,800 | 31,936 |
Kyocera Corp. | 540,900 | 31,772 |
Denso Corp. | 1,617,300 | 31,522 |
Orix Corp. | 306,656 | 31,507 |
Kirin Brewery Co., Ltd. | 2,620,048 | 28,978 |
Kyushu Electric |
|
|
Power Co., Inc. | 1,261,800 | 28,927 |
Eisai Co., Ltd. | 838,500 | 27,205 |
Secom Co., Ltd. | 698,300 | 26,635 |
Itochu Corp. | 5,008,000 | 26,466 |
Hoya Corp. | 1,374,594 | 25,100 |
Daiwa Securities |
|
|
Group Inc. | 4,438,850 | 25,095 |
T & D Holdings, Inc. | 655,460 | 25,039 |
West Japan Railway Co. | 5,654 | 24,881 |
Softbank Corp. | 2,508,518 | 24,702 |
Murata |
|
|
Manufacturing Co., Ltd. | 711,755 | 24,530 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Fujitsu Ltd. | 6,197,000 | 24,365 |
| Keyence Corp. | 125,319 | 24,015 |
| Ricoh Co. | 2,230,386 | 24,003 |
| Sharp Corp. | 3,325,000 | 23,731 |
| Dai-Nippon |
|
|
| Printing Co., Ltd. | 1,980,741 | 23,403 |
| Terumo Corp. | 561,159 | 23,387 |
| Osaka Gas Co., Ltd. | 6,461,000 | 22,854 |
| Shiseido Co., Ltd. | 1,090,524 | 22,438 |
| Chugoku Electric |
|
|
| Power Co., Ltd. | 925,690 | 22,405 |
| Sumitomo Trust & |
|
|
| Banking Co., Ltd. | 4,736,388 | 21,935 |
| Marubeni Corp. | 5,492,000 | 21,337 |
| Asahi Breweries Ltd. | 1,286,800 | 21,240 |
| Asahi Glass Co., Ltd. | 3,355,200 | 21,083 |
^ | Kintetsu Corp. | 5,407,150 | 20,697 |
| Sumitomo Realty & |
|
|
| Development Co. | 1,266,572 | 20,636 |
^ | Toray Industries, Inc. | 4,428,740 | 20,564 |
| Aeon Co., Ltd. | 2,129,900 | 20,424 |
| Sumitomo Electric |
|
|
| Industries Ltd. | 2,494,700 | 20,198 |
| Bank of Yokohama Ltd. | 4,104,000 | 19,906 |
| Mitsui OSK Lines Ltd. | 3,812,000 | 19,906 |
| Daikin Industries Ltd. | 877,489 | 19,737 |
| Sompo Japan |
|
|
| Insurance Inc. | 2,793,000 | 19,577 |
| Nidec Corp. | 361,800 | 19,459 |
| Ajinomoto Co., Inc. | 2,212,000 | 19,099 |
| Tokyo Electron Ltd. | 570,730 | 19,030 |
| NEC Corp. | 6,413,812 | 19,015 |
| Hankyu Corp. | 4,017,958 | 18,954 |
| Kubota Corp. | 3,636,000 | 18,250 |
| SMC Corp. | 191,277 | 18,057 |
| Nippon Oil Corp. | 4,384,479 | 17,997 |
^ | Resona Holdings Inc. | 17,066 | 17,896 |
| Nippon Yusen Kabushiki |
|
|
| Kaisha Co. | 3,683,000 | 17,810 |
| Shikoku Electric Power | 606,388 | 17,794 |
| Shizuoka Bank Ltd. | 2,009,000 | 17,743 |
| Suzuki Motor Corp. | 1,174,457 | 17,234 |
| Mitsubishi Chemical |
|
|
| Holdings Corp. | 4,259,000 | 17,218 |
| Fast Retailing Co., Ltd. | 158,900 | 16,940 |
| Shionogi & Co., Ltd. | 993,362 | 16,907 |
^ | Yahoo Japan Corp. | 50,312 | 16,648 |
^,* | Mitsubishi Motors Corp. | 11,977,620 | 16,559 |
| Office Building Fund of |
|
|
| Japan Inc. | 1,715 | 16,479 |
| Rohm Co., Ltd. | 336,200 | 16,200 |
| Sumitomo Chemical Co. | 5,233,000 | 16,010 |
| Inpex Holdings, Inc. | 2,750 | 15,965 |
| Nikon Corp. | 1,128,718 | 15,907 |
| Yamada Denki Co., Ltd. | 288,676 | 15,713 |
42
Pacific Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Hokuriku Electric |
|
|
| Power Co. | 586,432 | 15,454 |
| Odakyu Electric |
|
|
| Railway Co. | 2,085,000 | 15,288 |
| Daiwa House |
|
|
| Industry Co., Ltd. | 1,698,000 | 15,095 |
| Asahi Kasei Corp. | 3,968,000 | 14,925 |
| Tokyu Corp. | 3,785,000 | 14,870 |
^ | Olympus Corp. | 768,464 | 14,810 |
| Sekisui House Ltd. | 1,465,858 | 14,699 |
| Hokkaido Electric |
|
|
| Power Co., Ltd. | 644,761 | 14,458 |
| Ono Pharmaceutical |
|
|
| Co., Ltd. | 321,773 | 14,344 |
| Yamato Holdings Co., Ltd. | 1,295,000 | 14,306 |
| Kobe Steel Ltd. | 8,816,095 | 14,300 |
| NTT Data Corp. | 4,203 | 13,887 |
| TDK Corp. | 409,800 | 13,847 |
| Sumitomo Metal |
|
|
| Mining Co. | 1,840,000 | 13,799 |
| Tobu Railway Co., Ltd. | 2,716,000 | 13,799 |
| Toyoda Automatic |
|
|
| Loom Works Ltd. | 596,800 | 13,473 |
| Electric Power |
|
|
| Development Co., Ltd. | 443,640 | 13,208 |
| Nipponkoa Insurance |
|
|
| Co., Ltd. | 2,176,193 | 13,043 |
| Mitsui Trust Holding Inc. | 3,279,400 | 12,938 |
| Toppan Printing Co., Ltd. | 1,747,000 | 12,846 |
| Chiba Bank Ltd. | 2,536,000 | 12,535 |
| Japan Real Estate |
|
|
| Investment Corp. | 1,397 | 12,371 |
^ | Oriental Land Co., Ltd. | 174,300 | 12,360 |
| Nitto Denko Corp. | 550,100 | 12,183 |
| JS Group Corp. | 886,208 | 11,476 |
| Lawson Inc. | 232,300 | 11,354 |
| Daito Trust |
|
|
| Construction Co., Ltd. | 268,384 | 11,322 |
| Aisin Seiki Co., Ltd. | 638,238 | 11,294 |
^ | Keihin Electric Express |
|
|
| Railway Co., Ltd. | 1,427,000 | 11,014 |
| Joyo Bank Ltd. | 2,330,000 | 10,961 |
| Matsushita Electric |
|
|
| Works, Ltd. | 1,252,000 | 10,927 |
| OJI Paper Co., Ltd. | 2,836,740 | 10,831 |
^ | Rakuten, Inc. | 21,793 | 10,804 |
| Bank of Kyoto Ltd. | 1,025,000 | 10,782 |
| Nippon Express Co., Ltd. | 2,655,000 | 10,716 |
^ | Dentsu Inc. | 6,488 | 10,646 |
| Chugai Pharmaceutical |
|
|
| Co., Ltd. | 745,900 | 10,608 |
| Konica Minolta |
|
|
| Holdings, Inc. | 1,595,000 | 10,475 |
| Benesse Corp. | 248,157 | 10,423 |
* | Isetan Mitsukoshi |
|
|
| Holdings Ltd. | 1,098,480 | 10,347 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Keio Electric |
|
|
| Railway Co., Ltd. | 1,929,000 | 9,989 |
| Ohbayashi Corp. | 2,035,000 | 9,957 |
| Uni-Charm Corp. | 138,000 | 9,898 |
| Omron Corp. | 677,500 | 9,673 |
| Shimizu Corp. | 1,962,000 | 9,627 |
| Sony Financial |
|
|
| Holdings, Inc. | 2,887 | 9,389 |
| Hisamitsu |
|
|
| Pharmaceutical Co. Inc. | 222,145 | 9,259 |
| Hirose Electric Co., Ltd. | 106,300 | 9,205 |
| Toho Gas Co., Ltd. | 1,579,297 | 9,116 |
| Kawasaki Heavy |
|
|
| Industries Ltd. | 4,984,000 | 9,030 |
| Nippon Mining |
|
|
| Holdings Inc. | 2,942,000 | 9,006 |
| Kuraray Co., Ltd. | 1,143,000 | 8,747 |
| NGK Insulators Ltd. | 839,534 | 8,720 |
| The Iyo Bank, Ltd. | 806,331 | 8,699 |
| Mitsubishi |
|
|
| Materials Corp. | 3,840,000 | 8,671 |
| Kurita Water |
|
|
| Industries Ltd. | 376,200 | 8,583 |
| Trend Micro Inc. | 348,500 | 8,525 |
| Fukuoka Financial |
|
|
| Group, Inc. | 2,567,600 | 8,492 |
* | Sanyo Electric Co., Ltd. | 5,589,000 | 8,483 |
| Ibiden Co., Ltd. | 450,139 | 8,421 |
| Sekisui Chemical Co. | 1,432,000 | 8,367 |
| Nippon Meat Packers, Inc. | 607,000 | 8,326 |
| Nitori Co., Ltd. | 132,568 | 8,306 |
| Japan Steel Works Ltd. | 1,170,832 | 8,294 |
^ | All Nippon Airways |
|
|
| Co., Ltd. | 2,147,000 | 8,199 |
| Kajima Corp. | 2,806,000 | 8,116 |
^ | Yakult Honsha Co., Ltd. | 320,900 | 7,997 |
| Kawasaki Kisen |
|
|
| Kaisha Ltd. | 2,013,000 | 7,975 |
^ | Nippon Paper Group, Inc. | 2,980 | 7,964 |
| TonenGeneral Sekiyu K.K. | 938,000 | 7,934 |
| Sankyo Co., Ltd. | 178,100 | 7,924 |
| Shinsei Bank, Ltd. | 5,125,046 | 7,861 |
| Nissin Food |
|
|
| Products Co., Ltd. | 274,800 | 7,855 |
| Tanabe Seiyaku Co., Ltd. | 746,000 | 7,851 |
| JGC Corp. | 730,000 | 7,826 |
| Hokuhoku Financial |
|
|
| Group, Inc. | 3,923,400 | 7,764 |
| FamilyMart Co., Ltd. | 195,200 | 7,734 |
| Taisho Pharmaceutical Co. | 428,000 | 7,709 |
| Teijin Ltd. | 2,940,000 | 7,646 |
| Toyo Suisan Kaisha, Ltd. | 296,000 | 7,632 |
| Takashimaya Co. | 987,972 | 7,614 |
| J. Front Retailing Co., Ltd. | 1,690,400 | 7,538 |
| The Chugoku Bank, Ltd. | 542,439 | 7,462 |
| Isuzu Motors Ltd. | 4,245,728 | 7,459 |
43
Pacific Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Makita Corp. | 406,000 | 7,362 |
| Yamaha Motor Co., Ltd. | 665,000 | 7,352 |
| Taisei Corp. | 3,190,000 | 7,352 |
| Mitsui Chemicals, Inc. | 2,102,000 | 7,339 |
| Kyowa Hakko Kogyo Co. | 861,589 | 7,180 |
| Toho Co., Ltd. | 376,100 | 7,170 |
^ | Advantest Corp. | 496,436 | 7,133 |
| Ube Industries Ltd. | 3,367,000 | 7,084 |
| The Suruga Bank, Ltd. | 747,000 | 7,032 |
| Namco Bandai |
|
|
| Holdings Inc. | 682,100 | 7,014 |
| The Hachijuni Bank Ltd. | 1,427,550 | 7,005 |
�� | Nippon Electric |
|
|
| Glass Co., Ltd. | 1,155,097 | 6,948 |
| Kamigumi Co., Ltd. | 864,000 | 6,874 |
| Fuji Heavy Industries Ltd. | 1,947,189 | 6,850 |
| Toyota Tsusho Corp. | 709,704 | 6,849 |
| Sojitz Holdings Corp. | 4,088,900 | 6,833 |
^,* | Japan Airlines |
|
|
| System Co. | 2,991,000 | 6,806 |
| Mazda Motor Corp. | 3,056,422 | 6,779 |
| Yamaguchi Financial |
|
|
| Group, Inc. | 704,473 | 6,738 |
| Gunma Bank Ltd. | 1,314,000 | 6,709 |
| JSR Corp. | 594,100 | 6,701 |
| SBI Holdings, Inc. | 55,575 | 6,669 |
| Toyo Seikan Kaisha Ltd. | 538,800 | 6,647 |
| Nippon Sheet Glass |
|
|
| Co., Ltd. | 1,999,000 | 6,538 |
| Shimano, Inc. | 222,900 | 6,376 |
| Furukawa Electric Co. | 2,109,000 | 6,371 |
| Seiko Epson Corp. | 423,300 | 6,357 |
| Nisshin Seifun Group Inc. | 584,600 | 6,338 |
| Santen Pharmaceutical |
|
|
| Co., Ltd. | 246,300 | 6,299 |
| Stanley Electric Co. | 499,100 | 6,275 |
| Aioi Insurance Co., Ltd. | 1,504,000 | 6,176 |
| The Hiroshima Bank, Ltd. | 1,657,650 | 6,160 |
| Nomura Research |
|
|
| Institute, Ltd. | 372,580 | 6,152 |
| Acom Co., Ltd. | 159,290 | 6,085 |
| Toto Ltd. | 867,000 | 6,050 |
| Konami Corp. | 333,149 | 6,027 |
| Showa Denko K.K. | 3,933,000 | 5,974 |
| NSK Ltd. | 1,463,000 | 5,971 |
| Citizen Watch Co., Ltd. | 1,072,200 | 5,933 |
| Nippon Sanso Corp. | 942,000 | 5,924 |
| Mizuho Trust & |
|
|
| Banking Co., Ltd. | 5,028,950 | 5,910 |
| Credit Saison Co., Ltd. | 541,852 | 5,750 |
| Shimadzu Corp. | 833,787 | 5,705 |
| Sumitomo Heavy |
|
|
| Industries Ltd. | 1,909,000 | 5,667 |
| Yamaha Corp. | 582,200 | 5,642 |
| Amada Co., Ltd. | 1,211,000 | 5,561 |
| THK Co., Inc. | 401,700 | 5,501 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
^ | Oracle Corp. Japan | 126,500 | 5,499 |
| Jupiter |
|
|
| Telecommunications |
|
|
| Co., Ltd. | 8,045 | 5,432 |
| 77 Bank Ltd. | 1,151,000 | 5,423 |
| NGK Spark Plug Co. | 574,682 | 5,417 |
| IHI Corp. | 4,404,000 | 5,343 |
| Brother Industries Ltd. | 782,362 | 5,337 |
| Yamazaki Baking Co., Ltd. | 401,000 | 5,328 |
| Kikkoman Corp. | 527,000 | 5,314 |
| Ushio Inc. | 393,300 | 5,313 |
| Square Enix Co., Ltd. | 210,000 | 5,291 |
| Mediceo Paltac |
|
|
| Holdings Co., Ltd. | 487,361 | 5,281 |
| NTN Corp. | 1,412,000 | 5,262 |
| AEON Mall Co., Ltd. | 210,300 | 5,191 |
| The Nishi-Nippon |
|
|
| City Bank, Ltd. | 2,375,307 | 5,175 |
| Nomura Real Estate |
|
|
| Office Fund, Inc. | 910 | 5,174 |
| Marui Co., Ltd. | 845,400 | 5,168 |
| Showa Shell Sekiyu K.K. | 628,400 | 5,134 |
| Casio Computer Co. | 786,500 | 5,052 |
| Shimamura Co., Ltd. | 72,900 | 5,050 |
| Sumitomo Rubber |
|
|
| Industries Ltd. | 569,600 | 5,025 |
| Susuken Co., Ltd. | 233,720 | 4,994 |
| USS Co., Ltd. | 81,210 | 4,974 |
| JTEKT Corp. | 641,123 | 4,919 |
| Mitsubishi Gas |
|
|
| Chemical Co. | 1,291,000 | 4,750 |
| Daihatsu Motor Co., Ltd. | 637,507 | 4,720 |
^ | Sapporo Holdings Ltd. | 856,000 | 4,709 |
^ | Sumco Corp. | 430,116 | 4,658 |
| Uny Co., Ltd. | 594,000 | 4,629 |
| Mitsubishi UFJ Lease & |
|
|
| Finance Company Ltd. | 192,680 | 4,614 |
| Kaneka Corp. | 987,982 | 4,610 |
| Sega Sammy Holdings Inc. | 608,532 | 4,600 |
| Keisei Electric |
|
|
| Railway Co., Ltd. | 921,000 | 4,522 |
| Shinko Securities |
|
|
| Co., Ltd. | 1,753,000 | 4,347 |
| Sapporo Hokuyo |
|
|
| Holdings, Inc. | 1,001 | 4,317 |
| Alfresa Holdings Corp. | 99,000 | 4,306 |
| Idemitsu Kosan Co. Ltd. | 73,047 | 4,259 |
| Tokyu Land Corp. | 1,499,000 | 4,242 |
| Dai Nippon |
|
|
| Pharmaceutical Co., Ltd. | 531,000 | 4,195 |
| Japan Retail Fund |
|
|
| Investment Corp. | 1,158 | 4,182 |
^ | Hitachi Construction |
|
|
| Machinery Co. | 356,778 | 4,142 |
| Hitachi Metals Ltd. | 546,320 | 4,108 |
| Kansai Paint Co., Ltd. | 722,000 | 4,030 |
44
Pacific Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Meiji Dairies Corp. | 882,000 | 4,023 |
| NTT Urban |
|
|
| Development Corp. | 3,853 | 3,953 |
| Mabuchi Motor Co. | 99,800 | 3,948 |
| Nissan Chemical |
|
|
| Industries, Ltd. | 485,000 | 3,922 |
| Cosmo Oil Co., Ltd. | 1,839,000 | 3,912 |
| Haseko Corp. | 4,313,655 | 3,904 |
^ | Mitsubishi Rayon Co., Ltd. | 1,803,000 | 3,871 |
| Canon Sales Co. Inc. | 225,300 | 3,769 |
| Hitachi High- |
|
|
| Technologies Corp. | 230,575 | 3,740 |
| Tokuyama Corp. | 737,000 | 3,732 |
| Coca-Cola West |
|
|
| Japan Co., Ltd. | 185,700 | 3,724 |
| Tokyo Tatemono Co., Ltd. | 902,000 | 3,716 |
| Kinden Corp. | 441,000 | 3,682 |
| Japan Petroleum |
|
|
| Exploration Co., Ltd. | 95,485 | 3,637 |
| Mitsumi Electric Co., Ltd. | 276,500 | 3,637 |
^ | Promise Co., Ltd. | 201,950 | 3,625 |
| Denki Kagaku Kogyo K.K. | 1,610,000 | 3,567 |
| Hitachi Chemical Co., Ltd. | 348,400 | 3,560 |
| NOK Corp. | 373,700 | 3,558 |
| Hakuhodo DY Holdings Inc. | 77,830 | 3,544 |
| Yaskawa Electric Corp. | 803,380 | 3,526 |
| Yokogawa Electric Corp. | 755,197 | 3,497 |
| Taiheiyo Cement Corp. | 3,000,000 | 3,492 |
| Mitsui Mining & |
|
|
| Smelting Co., Ltd. | 1,906,000 | 3,486 |
| Mitsubishi Logistics Corp. | 380,000 | 3,457 |
^ | Nomura Real Estate |
|
|
| Holdings Inc. | 173,200 | 3,393 |
^ | Ito En, Ltd. | 212,400 | 3,383 |
| Tosoh Corp. | 1,691,000 | 3,372 |
| Nisshin Steel Co. | 2,498,000 | 3,345 |
| Asics Corp. | 530,139 | 3,322 |
| Japan Prime Realty |
|
|
| Investment Corp. | 1,859 | 3,303 |
^ | Mitsui Engineering & |
|
|
| Shipbuilding Co., Ltd. | 2,350,000 | 3,288 |
| Daicel Chemical |
|
|
| Industries Ltd. | 910,000 | 3,281 |
| Minebea Co., Ltd. | 1,193,000 | 3,220 |
| Dai-Nippon Ink & |
|
|
| Chemicals, Inc. | 1,987,000 | 3,212 |
| Daido Steel Co., Ltd. | 1,006,000 | 3,189 |
| Leopalace21 Corp. | 425,300 | 3,166 |
| Alps Electric Co., Ltd. | 573,900 | 3,157 |
| Onward Kashiyama |
|
|
| Co., Ltd. | 430,000 | 3,145 |
| Yamato Kogyo Co., Ltd. | 131,900 | 3,117 |
| Toyoda Gosei Co., Ltd. | 217,900 | 3,059 |
| JAFCO Co., Ltd. | 112,000 | 3,015 |
^ | Takefuji Corp. | 367,260 | 2,953 |
| Maruichi Steel Tube Ltd. | 124,800 | 2,839 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Obic Co., Ltd. | 23,110 | 2,829 |
| Tokyo Steel |
|
|
| Manufacturing Co. | 359,800 | 2,779 |
| Aeon Credit Service |
|
|
| Co. Ltd. | 260,790 | 2,778 |
| Dowa Mining Co., Ltd. | 908,000 | 2,737 |
| Fuji Electric Holdings |
|
|
| Co., Ltd. | 1,872,000 | 2,731 |
| Otsuka Corp. | 52,464 | 2,639 |
| Nisshinbo Industries, Inc. | 447,000 | 2,598 |
^ | Itochu |
|
|
| Techno-Science Corp. | 100,100 | 2,346 |
| Tokyo Broadcasting |
|
|
| System, Inc. | 127,900 | 2,266 |
^,* | DeNA Co., Ltd. | 963 | 2,155 |
| NHK Spring Co. | 527,000 | 2,124 |
| Okuma Corp. | 476,711 | 2,096 |
| Hino Motors, Ltd. | 869,000 | 2,008 |
| CSK Corp. | 237,400 | 1,984 |
| Toyota Boshoku Corp. | 217,900 | 1,944 |
^,* | Elpida Memory Inc. | 363,600 | 1,938 |
| Fuji Television |
|
|
| Network, Inc. | 1,580 | 1,892 |
| Aozora Bank, Ltd. | 2,165,000 | 1,808 |
| Tokai Rika Co., Ltd. | 172,724 | 1,747 |
^ | Osaka Titanium |
|
|
| Technologies Co. | 61,726 | 1,610 |
^ | Pioneer Corp. | 517,400 | 1,535 |
| Shinko Electric |
|
|
| Industries Co., Ltd. | 224,753 | 1,449 |
| Hikari Tsushin, Inc. | 87,700 | 1,309 |
^,* | NEC Electronics Corp. | 123,200 | 1,241 |
^ | Toho Titanium Co., Ltd. | 103,142 | 1,206 |
^ | Aiful Corp. | 252,400 | 1,170 |
* | Dowa Mining Co., Ltd. |
|
|
| Rights Exp. 1/29/10 | 425,000 | 62 |
|
|
| 6,230,585 |
New Zealand (0.3%) |
|
| |
| Telecom Corp. of |
|
|
| New Zealand Ltd. | 6,067,847 | 8,225 |
| Fletcher Building Ltd. | 1,669,131 | 5,668 |
| Contact Energy Ltd. | 963,459 | 4,085 |
| Auckland International |
|
|
| Airport Ltd. | 3,257,122 | 3,486 |
| Sky City Entertainment |
|
|
| Group Ltd. | 1,599,910 | 3,088 |
|
|
| 24,552 |
Singapore (3.2%) |
|
| |
| Singapore |
|
|
| Telecommunications |
|
|
| Ltd. | 26,478,290 | 44,561 |
| United Overseas Bank |
|
|
| Ltd. | 4,054,567 | 36,656 |
| DBS Group Holdings Ltd. | 3,792,161 | 28,947 |
| Oversea-Chinese Banking |
|
|
| Corp., Ltd. | 8,319,068 | 28,126 |
45
Pacific Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Singapore Airlines Ltd. | 1,778,010 | 13,622 |
| Keppel Corp., Ltd. | 4,239,500 | 13,217 |
| Capitaland Ltd. | 5,644,895 | 11,313 |
| Singapore Press |
|
|
| Holdings Ltd. | 5,041,833 | 11,014 |
| Singapore Exchange Ltd. | 2,846,318 | 10,188 |
| City Developments Ltd. | 1,659,412 | 7,338 |
| Singapore Technologies |
|
|
| Engineering Ltd. | 4,471,407 | 7,060 |
| Fraser & Neave Ltd. | 3,224,500 | 6,084 |
| Sembcorp Industries Ltd. | 3,257,393 | 5,475 |
| ComfortDelGro Corp. Ltd. | 6,275,586 | 5,148 |
| CapitaMall Trust | 3,879,148 | 5,144 |
| Wilmar International Ltd. | 2,768,000 | 4,787 |
| Noble Group Ltd. | 5,244,600 | 3,818 |
| Ascendas REIT | 3,310,000 | 3,683 |
| Olam International Ltd. | 3,981,100 | 3,504 |
| SembCorp Marine Ltd. | 2,730,800 | 3,394 |
| Parkway Holdings Ltd. | 2,986,705 | 3,202 |
| Jardine Cycle N |
|
|
| Carriage Ltd. | 468,128 | 3,003 |
| Venture Corp. Ltd. | 730,250 | 2,669 |
| United Overseas |
|
|
| Land Ltd. | 1,731,556 | 2,267 |
| Capitacommercial Trust | 3,238,365 | 2,225 |
| Golden |
|
|
| Agri-Resources Ltd. | 16,432,000 | 2,193 |
| Cosco Corp. |
|
|
| Singapore Ltd. | 2,951,000 | 1,615 |
| Keppel Land Ltd. | 1,194,000 | 1,535 |
| Neptune Orient Lines Ltd. | 1,712,000 | 1,446 |
| Yanlord Land Group Ltd. | 1,483,000 | 761 |
|
|
| 273,995 |
Total Common Stocks |
|
| |
(Cost $12,257,290) |
| 8,623,818 | |
Temporary Cash Investments (3.0%)1 |
|
| |
Money Market Fund (2.7%) |
|
| |
2,3 | Vanguard Market |
|
|
| Liquidity Fund, |
|
|
| 1.701% | 233,905,019 | 233,905 |
|
| Face | Market |
|
| Amount | Value• |
|
| ($000) | ($000) |
U.S. Agency Obligations (0.3%) |
| ||
4,5 | Federal Home |
|
|
| Loan Bank, |
|
|
| 2.674%, 2/27/09 | 2,000 | 1,984 |
4,5 | Federal Home Loan |
|
|
| Mortgage Corp., |
|
|
| 1.912%, 2/27/09 | 2,500 | 2,481 |
4 | Federal National |
|
|
| Mortgage Assn., |
|
|
| 2.464%, 11/5/08 | 15,000 | 14,998 |
4,5 | Federal National |
|
|
| Mortgage Assn., |
|
|
| 2.585%, 11/17/08 | 10,000 | 9,993 |
|
|
| 29,456 |
Total Temporary Cash Investments |
| ||
(Cost $263,357) |
| 263,361 | |
Total Investments (101.6%) |
|
| |
(Cost $12,520,647) |
| 8,887,179 | |
Other Assets and Liabilites (–1.6%) |
| ||
Other Assets |
| 110,944 | |
Liabilities3 |
| (250,869) | |
|
|
| (139,925) |
Net Assets (100%) |
| 8,747,254 |
46
Pacific Stock Index Fund
At October 31, 2008, net assets consisted of: | |
| Amount |
| ($000) |
Paid-in Capital | 12,919,869 |
Undistributed Net Investment Income | 100,521 |
Accumulated Net Realized Losses | (615,831) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | (3,633,468) |
Futures Contracts | (25,432) |
Foreign Currencies and Forward |
|
Currency Contracts | 1,595 |
Net Assets | 8,747,254 |
|
|
Investor Shares—Net Assets |
|
Applicable to 637,638,547 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 5,064,602 |
Net Asset Value Per Share— |
|
Investor Shares | $7.94 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 14,151,536 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 736,509 |
Net Asset Value Per Share— |
|
Admiral Shares | $52.04 |
|
|
Signal Shares—Net Assets |
|
Applicable to 8,285,921 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 149,792 |
Net Asset Value Per Share— |
|
Signal Shares | $18.08 |
| Amount |
| ($000) |
Institutional Shares—Net Assets |
|
Applicable to 202,207,192 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 1,610,027 |
Net Asset Value Per Share— |
|
Institutional Shares | $7.96 |
|
|
ETF Shares—Net Assets |
|
Applicable to 28,180,618 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 1,186,324 |
Net Asset Value Per Share— |
|
ETF Shares | $42.10 |
• | See Note A in Notes to Financial Statements. |
^ | Part of security position is on loan to broker-dealers. The total value of securities on loan is $163,674,000. |
* | Non-income-producing security. |
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 1.6%, respectively, of net assets.
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 Includes $176,426,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government.
5 Securities with a value of $14,458,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
47
Pacific Stock Index Fund
Statement of Operations
| Year Ended |
| October 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Dividends1 | 361,276 |
Interest2 | 2,723 |
Security Lending | 6,738 |
Total Income | 370,737 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 390 |
Management and Administrative—Investor Shares | 15,864 |
Management and Administrative—Admiral Shares | 839 |
Management and Administrative—Signal Shares | 182 |
Management and Administrative—Institutional Shares | 873 |
Management and Administrative—ETF Shares | 870 |
Marketing and Distribution—Investor Shares | 2,713 |
Marketing and Distribution—Admiral Shares | 231 |
Marketing and Distribution—Signal Shares | 42 |
Marketing and Distribution—Institutional Shares | 620 |
Marketing and Distribution—ETF Shares | 400 |
Custodian Fees | 2,854 |
Auditing Fees | 39 |
Shareholders’ Reports—Investor Shares | 162 |
Shareholders’ Reports—Admiral Shares | 8 |
Shareholders’ Reports—Signal Shares | 3 |
Shareholders’ Reports—Institutional Shares | 1 |
Shareholders’ Reports—ETF Shares | 60 |
Trustees’ Fees and Expenses | 19 |
Total Expenses | 26,170 |
Net Investment Income | 344,567 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | 625,715 |
Futures Contracts | (27,279) |
Foreign Currencies and Forward Currency Contracts | (1,132) |
Realized Net Gain (Loss) | 597,304 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (7,978,294) |
Futures Contracts | (28,896) |
Foreign Currencies and Forward Currency Contracts | 811 |
Change in Unrealized Appreciation (Depreciation) | (8,006,379) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,064,508) |
1 Dividends are net of foreign withholding taxes of $16,172,000.
2 Interest income from an affiliated company of the fund was $2,397,000.
See accompanying Notes, which are an integral part of the Financial Statements.
48
Pacific Stock Index Fund
Statement of Changes in Net Assets
| Year Ended October 31, | |
| 2008 | 2007 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 344,567 | 260,891 |
Realized Net Gain (Loss) | 597,304 | 30,327 |
Change in Unrealized Appreciation (Depreciation) | (8,006,379) | 2,252,375 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,064,508) | 2,543,593 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (247,822) | (176,611) |
Admiral Shares | (29,349) | (25,966) |
Signal Shares | (6,128) | — |
Institutional Shares | (59,339) | (42,679) |
ETF Shares | (34,784) | (18,129) |
Realized Capital Gain |
|
|
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (377,422) | (263,385) |
Capital Share Transactions |
|
|
Investor Shares | (1,532,226) | 1,937,377 |
Admiral Shares | 34,355 | (42,070) |
Signal Shares | 31,639 | 242,515 |
Institutional Shares | 93,372 | 573,669 |
ETF Shares | 519,132 | 628,365 |
Net Increase (Decrease) from Capital Share Transactions | (853,728) | 3,339,856 |
Total Increase (Decrease) | (8,295,658) | 5,620,064 |
Net Assets |
|
|
Beginning of Period | 17,042,912 | 11,422,848 |
End of Period1 | 8,747,254 | 17,042,912 |
1 Net Assets—End of Period includes undistributed net investment income of $100,521,000 and $131,063,000.
See accompanying Notes, which are an integral part of the Financial Statements.
49
Pacific Stock Index Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $14.19 | $12.13 | $10.39 | $8.63 | $7.80 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .281 | .236 | .190 | .156 | .121 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (6.228) | 2.091 | 1.710 | 1.761 | .814 |
Total from Investment Operations | (5.947) | 2.327 | 1.900 | 1.917 | .935 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.303) | (.267) | (.160) | (.157) | (.105) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.303) | (.267) | (.160) | (.157) | (.105) |
Net Asset Value, End of Period | $7.94 | $14.19 | $12.13 | $10.39 | $8.63 |
|
|
|
|
|
|
Total Return1 | –42.71% | 19.52% | 18.39% | 22.48% | 12.15% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $5,065 | $11,281 | $7,814 | $5,202 | $3,471 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.22% | 0.22% | 0.27% | 0.32% | 0.34% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 2.32% | 1.80% | 1.73% | 1.76% | 1.57% |
Portfolio Turnover Rate2 | 9% | 3% | 2% | 7% | 3% |
1 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or the account service fee that may be applicable to certain accounts with balances below $10,000.
2 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.
50
Pacific Stock Index Fund
Financial Highlights
Admiral Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $92.94 | $79.43 | $68.05 | $56.47 | $51.05 |
Investment Operations |
|
|
|
|
|
Net Investment Income | 1.933 | 1.613 | 1.302 | 1.069 | .835 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (40.773) | 13.714 | 11.185 | 11.583 | 5.318 |
Total from Investment Operations | (38.840) | 15.327 | 12.487 | 12.652 | 6.153 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (2.060) | (1.817) | (1.107) | (1.072) | (.733) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.060) | (1.817) | (1.107) | (1.072) | (.733) |
Net Asset Value, End of Period | $52.04 | $92.94 | $79.43 | $68.05 | $56.47 |
|
|
|
|
|
|
Total Return1 | –42.62% | 19.64% | 18.46% | 22.68% | 12.23% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $737 | $1,292 | $1,128 | $720 | $314 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.12% | 0.12% | 0.17% | 0.20% | 0.25% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 2.42% | 1.90% | 1.83% | 1.90% | 1.69% |
Portfolio Turnover Rate2 | 9% | 3% | 2% | 7% | 3% |
1 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
2 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.
51
Pacific Stock Index Fund
Financial Highlights
Signal Shares |
|
|
| Year | June 4, |
| Ended | 20071 to |
| Oct. 31, | Oct. 31, |
For a Share Outstanding Throughout Each Period | 2008 | 2007 |
Net Asset Value, Beginning of Period | $32.28 | $30.53 |
Investment Operations |
|
|
Net Investment Income | .667 | .250 |
Net Realized and Unrealized Gain (Loss) on Investments | (14.158) | 1.500 |
Total from Investment Operations | (13.491) | 1.750 |
Distributions |
|
|
Dividends from Net Investment Income | (.709) | — |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (.709) | — |
Net Asset Value, End of Period | $18.08 | $32.28 |
|
|
|
Total Return2 | –42.61% | 5.73% |
|
|
|
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) | $150 | $247 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12%3 |
Ratio of Net Investment Income to Average Net Assets | 2.42% | 1.90%3 |
Portfolio Turnover Rate4 | 9% | 3% |
1 Inception.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares held for less than two months.
3 Annualized.
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.
52
Pacific Stock Index Fund
Financial Highlights
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $14.22 | $12.15 | $10.41 | $8.64 | $7.81 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .300 | .251 | .206 | .180 | .134 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (6.242) | 2.102 | 1.710 | 1.760 | .814 |
Total from Investment Operations | (5.942) | 2.353 | 1.916 | 1.940 | .948 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.318) | (.283) | (.176) | (.170) | (.118) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.318) | (.283) | (.176) | (.170) | (.118) |
Net Asset Value, End of Period | $7.96 | $14.22 | $12.15 | $10.41 | $8.64 |
|
|
|
|
|
|
Total Return1 | –42.62% | 19.72% | 18.52% | 22.74% | 12.32% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $1,610 | $2,720 | $1,788 | $1,280 | $754 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.09% | 0.09% | 0.12% | 0.14% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 2.45% | 1.93% | 1.88% | 1.95% | 1.76% |
Portfolio Turnover Rate2 | 9% | 3% | 2% | 7% | 3% |
1 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
2 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.
53
Pacific Stock Index Fund
Financial Highlights
ETF Shares |
|
|
|
|
|
|
|
| March 4, |
|
|
|
| 20051 to |
| Year Ended October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $75.17 | $64.24 | $55.09 | $50.71 |
Investment Operations |
|
|
|
|
Net Investment Income | 1.573 | 1.314 | 1.060 | .750 |
Net Realized and Unrealized Gain (Loss) on Investments | (32.974) | 11.089 | 9.020 | 3.630 |
Total from Investment Operations | (31.401) | 12.403 | 10.080 | 4.380 |
Distributions |
|
|
|
|
Dividends from Net Investment Income | (1.669) | (1.473) | (.930) | — |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (1.669) | (1.473) | (.930) | — |
Net Asset Value, End of Period | $42.10 | $75.17 | $64.24 | $55.09 |
|
|
|
|
|
Total Return | –42.61% | 19.65% | 18.43% | 8.64% |
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
Net Assets, End of Period (Millions) | $1,186 | $1,503 | $693 | $164 |
Ratio of Total Expenses to Average Net Assets | 0.11% | 0.12% | 0.18% | 0.18%2 |
Ratio of Net Investment Income to Average Net Assets | 2.43% | 1.90% | 1.82% | 1.89%2 |
Portfolio Turnover Rate3 | 9% | 3% | 2% | 7% |
1 Inception.
2 Annualized.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
54
Pacific Stock Index Fund
Notes to Financial Statements
Vanguard Pacific Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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 at their fair values calculated according to procedures adopted 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. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market 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 and Forward Currency 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.
55
Pacific Stock Index Fund
The fund may also enter into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The primary risk associated with the fund’s use of these contracts is that a counterparty will fail to fulfill its obligation to pay gains due to the fund under the contracts.
Futures and forward currency contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets 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 or forward currency contracts.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended October 31, 2005–2008), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
7. Other: Dividend income is recorded on the ex-dividend date. 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 redemptions of capital shares 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At October 31, 2008, the fund had contributed capital of $985,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.98% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
56
Pacific Stock Index Fund
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the year ended October 31, 2008, the fund realized net foreign currency losses of $9,327,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the year ended October 31, 2008, the fund realized gains on the sale of passive foreign investment companies of $11,640,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Unrealized appreciation of $194,526,000 on the fund’s passive foreign investment company holdings at October 31, 2007, has been distributed and is reflected in the balance of undistributed net investment income. Since October 31, 2007, the fund’s passive foreign investment company holdings have depreciated in value, reducing the amount of taxable income available for distribution as of October 31, 2008 by $185,016,000. Unrealized appreciation on the fund’s passive foreign investment company holdings at October 31, 2008, was $9,510,000.
During the year ended October 31, 2008, the fund realized $1,129,766,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2008, the fund had $125,413,000 of ordinary income available for distribution. The fund had available realized losses of $532,747,000 to offset future net capital gains of $1,920,000 through October 31, 2009, $68,660,000 through October 31, 2010, $4,471,000 through October 31, 2011, $4,674,000 through October 31, 2013, and $453,022,000 through October 31, 2016.
At October 31, 2008, the cost of investment securities for tax purposes was $12,616,600,000. Net unrealized depreciation of investment securities for tax purposes was $3,729,421,000, consisting of unrealized gains of $154,068,000 on securities that had risen in value since their purchase and $3,883,489,000 in unrealized losses on securities that had fallen in value since their purchase.
57
Pacific Stock Index Fund
At October 31, 2008, the aggregate settlement value of open futures contracts expiring in December 2008 and the related unrealized appreciation (depreciation) were:
|
|
| ($000) |
| Number of | Aggregate | Unrealized |
| Long (Short) | Settlement | Appreciation |
Futures Contracts | Contracts | Value | (Depreciation) |
Topix Index | 1,064 | 92,390 | (22,399) |
S&P ASX 200 Index | 414 | 27,559 | (3,033) |
At October 31, 2008, the fund had open forward currency contracts to receive and deliver currencies as follows:
|
|
|
|
| Unrealized |
|
|
|
|
| Appreciation |
|
| Contract Amount (000) | (Depreciation) | ||
Contract Settlement Date |
| Receive |
| Deliver | ($000) |
12/23/2008 | AUD | 36,477 | USD | 23,952 | (3,616) |
12/17/2008 | JPY | 1,237,180 | USD | 12,606 | 257 |
|
|
|
|
|
|
AUD—Australian dollar. |
|
|
|
|
|
JPY—Japanese yen. |
|
|
|
|
|
USD—U.S. dollar. |
|
|
|
|
|
Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
The fund had net unrealized foreign currency gains of $4,954,000 resulting from the translation of other assets and liabilities at October 31, 2008.
D. During the year ended October 31, 2008, the fund purchased $3,238,517,000 of investment securities and sold $4,194,545,000 of investment securities, other than temporary cash investments.
58
Pacific Stock Index Fund
E. Capital share transactions for each class of shares were:
|
|
| Year Ended October 31, | |
|
| 2008 |
| 2007 |
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 2,411,768 | 203,868 | 2,509,485 | 193,872 |
Issued in Lieu of Cash Distributions | 244,964 | 19,319 | 174,133 | 14,134 |
Redeemed1 | (4,188,958) | (380,723) | (746,241) | (57,211) |
Net Increase (Decrease)—Investor Shares | (1,532,226) | (157,536) | 1,937,377 | 150,795 |
Admiral Shares |
|
|
|
|
Issued | 226,260 | 2,951 | 364,227 | 4,302 |
Issued in Lieu of Cash Distributions | 24,546 | 296 | 22,198 | 275 |
Redeemed1 | (216,451) | (2,998) | (428,495) | (4,870) |
Net Increase (Decrease)—Admiral Shares | 34,355 | 249 | (42,070) | (293) |
Signal Shares |
|
|
|
|
Issued | 119,279 | 4,249 | 249,314 | 7,875 |
Issued in Lieu of Cash Distributions | 5,089 | 176 | — | — |
Redeemed1 | (92,729) | (3,794) | (6,799) | (220) |
Net Increase (Decrease)—Signal Shares | 31,639 | 631 | 242,515 | 7,655 |
Institutional Shares |
|
|
|
|
Issued | 918,220 | 82,517 | 963,535 | 73,688 |
Issued in Lieu of Cash Distributions | 51,874 | 4,047 | 36,590 | 2,965 |
Redeemed1 | (876,722) | (75,668) | (426,456) | (32,512) |
Net Increase (Decrease)—Institutional Shares | 93,372 | 10,896 | 573,669 | 44,141 |
ETF Shares |
|
|
|
|
Issued | 541,682 | 8,588 | 628,365 | 9,203 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed1 | (22,550) | (400) | — | — |
Net Increase (Decrease)—ETF Shares | 519,132 | 8,188 | 628,365 | 9,203 |
1 Net of redemption fees of $911,000 and $508,000 (fund totals).
59
Pacific Stock Index Fund
F. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements.
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing 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).
The following table summarizes the fund’s investments as of October 31, 2008, based on the inputs used to value them:
|
|
| Forward |
| Investments | Futures | Currency |
| in Securities | Contracts | Contracts |
Valuation Inputs | ($000) | ($000) | ($000) |
Level 1—Quoted prices | 236,220 | (25,432) | (3,359) |
Level 2—Other significant observable inputs | 8,650,959 | — | — |
Level 3—Significant unobservable inputs | — | — | — |
Total | 8,887,179 | (25,432) | (3,359) |
60
Emerging Markets Stock Index Fund
Fund Profile
As of October 31, 2008
Portfolio Characteristics |
|
| |
|
| Target | Broad |
| Fund | Index1 | Index2 |
Number of Stocks | 830 | 781 | 1,898 |
Turnover Rate | 20% | — | — |
Expense Ratio |
|
|
|
(10/31/2007)3 |
| — | — |
Investor Shares | 0.37% |
|
|
Admiral Shares | 0.25% |
|
|
Signal Shares | 0.25% |
|
|
Institutional Shares | 0.20% |
|
|
ETF Shares | 0.25% |
|
|
Short-Term Reserves | 0.4% | — | — |
Sector Diversification (% of equity exposure) | |||
|
| Target | Broad |
| Fund | Index1 | Index2 |
Consumer Discretionary | 5.5% | 5.2% | 9.0% |
Consumer Staples | 5.3 | 5.3 | 9.9 |
Energy | 16.3 | 16.2 | 12.0 |
Financials | 21.4 | 21.5 | 21.4 |
Health Care | 2.5 | 2.4 | 9.7 |
Industrials | 7.4 | 7.4 | 10.0 |
Information Technology | 12.5 | 12.3 | 9.1 |
Materials | 12.6 | 12.8 | 7.4 |
Telecommunication |
|
|
|
Services | 12.9 | 13.2 | 6.0 |
Utilities | 3.6 | 3.7 | 5.5 |
Volatility Measures4 |
| |
| Fund Versus | Fund Versus |
| Target Index1 | Broad Index2 |
R-Squared | 0.99 | 0.93 |
Beta | 0.98 | 1.32 |
Ten Largest Holdings5 (% of total net assets) | ||
|
|
|
Petróleo Brasileiro SA | integrated oil |
|
| and gas | 3.6% |
China Mobile | wireless |
|
(Hong Kong) Ltd. | telecommunication |
|
| services | 3.0 |
Samsung |
|
|
Electronics Co., Ltd. | semiconductors | 2.9 |
OAO Gazprom | integrated oil |
|
Sponsored ADR | and gas | 2.7 |
Companhia Vale do | diversified metals |
|
Rio Doce | and mining | 2.4 |
Teva Pharmaceutical |
|
|
Industries Ltd. | pharmaceuticals | 1.8 |
Taiwan Semiconductor |
|
|
Manufacturing Co., Ltd. | semiconductors | 1.7 |
America Movil SA de CV | wireless |
|
| telecommunication |
|
| services | 1.6 |
Industrial and |
|
|
Commercial Bank of | diversified |
|
China Ltd. Class H | banks | 1.1 |
China Life | life and |
|
Insurance Co., Ltd. | health insurance | 1.1 |
Top Ten |
| 21.9% |
1 MSCI Emerging Markets Index.
2 MSCI All Country World Index ex USA.
3 The expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the expense ratios were 0.32% for Investor Shares, 0.20% for Admiral Shares, 0.20% for Signal Shares, 0.15% for Institutional Shares, and 0.20% for ETF Shares.
4 For an explanation of R-squared, beta, and other terms used here, see the Glossary.
5 The holdings listed exclude any temporary cash investments and equity index products.
61
Emerging Markets Stock Index Fund
Market Diversification (% of equity exposure) | ||
|
| Target |
| Fund | Index1 |
China | 15.6% | 15.4% |
Brazil | 13.8 | 14.2 |
South Korea | 13.6 | 13.5 |
Taiwan | 11.8 | 11.7 |
Russia | 7.8 | 7.4 |
South Africa | 7.6 | 7.2 |
India | 6.8 | 6.6 |
Mexico | 5.1 | 5.2 |
Israel | 3.4 | 3.3 |
Malaysia | 3.0 | 2.9 |
Poland | 1.8 | 1.7 |
Turkey | 1.7 | 1.6 |
Chile | 1.4 | 1.4 |
Indonesia | 1.4 | 1.4 |
Thailand | 1.4 | 1.3 |
Other Emerging Markets | 3.8 | 5.2 |
1 MSCI Emerging Markets Index.
62
Emerging Markets Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 1998–October 31, 2008
Initial Investment of $10,000
|
| Average Annual Total Returns | Final Value of | |
| Periods Ended October 31, 2008 | a $10,000 | ||
| One Year | Five Years | Ten Years | Investment |
Emerging Markets Stock Index Fund |
|
|
|
|
Investor Shares1 | –56.88% | 8.94% | 9.19% | $24,084 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 3.19 | 13,692 |
Spliced Emerging Markets Index2 | –56.35 | 9.22 | 9.39 | 24,536 |
Average Emerging Markets Fund3 | –57.30 | 8.20 | 9.08 | 23,847 |
|
|
| Final Value of |
|
| Since | a $100,000 |
| One Year | Inception4 | Investment |
Emerging Markets Stock Index Fund Admiral Shares1 | –56.85% | –6.62% | $85,102 |
MSCI All Country World Index ex USA | –48.27 | –10.00 | 78,004 |
Spliced Emerging Markets Index2 | –56.35 | –6.61 | 85,121 |
1 Performance figures are adjusted for the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases and redemptions. Total returns do not reflect the 2% fee assessed until March 23, 2005, on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or, for Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index thereafter.
3 Derived from data provided by Lipper Inc.
4 Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception: June 23, 2006.
63
Emerging Markets Stock Index Fund
|
|
|
| Final Value of |
|
|
| Since | a $10,000,000 |
| One Year |
| Inception1 | Investment |
Emerging Markets Stock Index Fund Signal Shares2 | –56.85% |
| –20.67% | $6,620,273 |
MSCI All Country World Index ex USA | –48.27 |
| –21.83 | 6,448,410 |
MSCI Emerging Markets Index | –56.35 |
| –20.57 | 6,634,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Final Value of |
|
|
| Since | a $5,000,000 |
| One Year | Five Years | Inception1 | Investment |
Emerging Markets Stock Index Fund |
|
|
|
|
Institutional Shares2 | –56.82% | 9.13% | 6.10% | $8,203,312 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 0.11 | 5,047,306 |
Spliced Emerging Markets Index3 | –56.35 | 9.22 | 6.24 | 8,291,634 |
|
|
| Final Value of |
|
| Since | a $10,000 |
| One Year | Inception1 | Investment |
Emerging Markets Stock Index Fund |
|
|
|
ETF Shares Net Asset Value | –56.62% | 0.99% | $10,368 |
MSCI All Country World Index ex USA | –48.27 | –2.25 | 9,202 |
Spliced Emerging Markets Index3 | –56.35 | 1.00 | 10,372 |
Cumulative Returns: ETF Shares, March 4, 2005–October 31, 2008 |
|
|
|
| Since |
| One Year | Inception1 |
Emerging Markets Stock Index Fund ETF Shares Market Price | –56.74% | 3.81% |
Emerging Markets Stock Index Fund ETF Shares Net Asset Value | –56.62 | 3.68 |
Spliced Emerging Markets Index3 | –56.35 | 1.00 |
1 Performance for the fund and its comparative standards is calculated since the following inception dates: January 19, 2007, for the Signal Shares; June 22, 2000, for the Institutional Shares; and March 4, 2005, for the ETF Shares.
2 Performance figures are adjusted for the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases and redemptions. Total returns do not reflect the 2% fee assessed until March 23, 2005, on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
3 Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index thereafter.
64
Emerging Markets Stock Index Fund
Fiscal-Year Total Returns (%): October 31, 1998–October 31, 2008
Average Annual Total Returns: Periods Ended September 30, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Ten Years |
Emerging Markets Stock Index Fund |
|
|
|
|
Investor Shares2 | 5/4/1994 | –32.71% | 18.39% | 14.46% |
Fee-Adjusted Returns3 |
| –33.05 | 18.27 | 14.41 |
Admiral Shares | 6/23/2006 | –32.61 | 7.674 | — |
Fee-Adjusted Returns3 |
| –32.95 | 7.434 | — |
Signal Shares | 1/19/2007 | –32.63 | –4.794 | — |
Fee-Adjusted Returns3 |
| –32.96 | –5.074 | — |
Institutional Shares | 6/22/2000 | –32.59 | 18.59 | 10.474 |
Fee-Adjusted Returns3 |
| –32.93 | 18.48 | 10.414 |
ETF Shares | 3/4/2005 |
|
|
|
Market Price |
| –32.01 | 10.814 | — |
Net Asset Value |
| –32.62 | 10.594 | — |
1 Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index thereafter.
2 Returns do not reflect the account service fee that may be applicable to certain accounts with balances below $10,000.
3 Performance figures are adjusted for the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases and redemptions.
4 Return since inception.
Note: See Financial Highlights tables for dividend and capital gains information.
65
Emerging Markets Stock Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Common Stocks (99.6%)1 |
|
| |
Argentina (0.4%) |
|
| |
| Tenaris SA ADR | 1,010,982 | 20,816 |
| Tenaris SA | 1,351,827 | 15,289 |
| Siderar SA Class A | 780,264 | 3,917 |
| Petrobras Energia |
|
|
| Participaciones SA ADR | 587,636 | 3,649 |
* | Telecom Argentina SA |
|
|
| ADR | 362,513 | 2,110 |
^ | Banco Macro Bansud SA |
|
|
| ADR | 282,918 | 1,994 |
| Petrobras Energia |
|
|
| Participaciones SA | 2,793,723 | 1,939 |
* | Telecom Argentina SA | 1,330,950 | 1,729 |
|
|
| 51,443 |
Brazil (13.8%) |
|
| |
| Petroleo Brasileiro |
|
|
| SA Pfd. | 17,653,912 | 190,188 |
| Petroleo Brasileiro SA | 12,758,696 | 168,899 |
| Companhia Vale do Rio |
|
|
| Doce Pfd. Class A | 10,624,077 | 123,232 |
| Companhia Vale do |
|
|
| Rio Doce | 7,430,038 | 95,340 |
| Banco Bradesco SA | 8,005,600 | 91,825 |
| Banco Itau Holding |
|
|
| Financeira SA | 6,217,400 | 67,153 |
| Petroleo Brasileiro |
|
|
| SA Series A ADR | 2,300,677 | 50,776 |
| Itausa-Investimentos |
|
|
| Itau SA | 14,535,985 | 46,362 |
| Petroleo Brasileiro SA |
|
|
| ADR | 1,700,354 | 45,723 |
| Companhia Vale do Rio |
|
|
| Doce Sponsored ADR | 3,902,181 | 45,695 |
| Companhia de Bebidas |
|
|
| das Americas Pfd. | 967,909 | 41,147 |
| Companhia Vale do Rio |
|
|
| Doce ADR | 2,754,348 | 36,137 |
| Unibanco-Uniao de |
|
|
| Bancos Brasileiros SA | 5,211,883 | 32,236 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Banco Bradesco SA ADR | 2,319,882 | 27,143 |
| Banco Itau Holding |
|
|
| Financeira SA ADR | 2,419,633 | 26,761 |
| Companhia Siderurgica |
|
|
| Nacional SA | 1,808,860 | 24,062 |
| Companhia Energetica |
|
|
| de Minas Gerais Pfd. | 1,569,006 | 23,848 |
| BM&F BOVESPA SA | 8,622,676 | 22,885 |
| Usiminas-Usinas |
|
|
| Siderugicas de |
|
|
| Minas Gerais SA Pfd. | 1,785,255 | 22,826 |
| Gerdau SA Pfd. | 3,504,900 | 22,293 |
| Tele Norte Leste |
|
|
| Participacoes SA Pfd. | 1,524,163 | 20,613 |
| Redecard SA | 1,894,997 | 20,564 |
| Centrais Electricas |
|
|
| Brasileiras SA | 1,591,391 | 19,076 |
| Metalurgica Gerdau SA | 1,936,562 | 17,278 |
| Banco do Brasil SA | 2,328,965 | 15,372 |
| Centrais Electricas |
|
|
| Brasileiras SA Pfd. |
|
|
| B Shares | 1,418,019 | 15,349 |
| Uniao de Bancos |
|
|
| Brasileiros SA GDR | 234,630 | 14,800 |
| Bradespar SA Pfd. | 1,603,511 | 14,092 |
| All America Latina |
|
|
| Logistica | 2,767,013 | 12,746 |
| CPFL Energia SA | 845,189 | 12,242 |
| Empresa Brasileira |
|
|
| de Aeronautica SA | 2,387,949 | 12,235 |
| Perdigao SA | 797,962 | 11,595 |
* | Ironx Mineracao SA | 861,125 | 11,328 |
* | OGX Petroleo e Gas |
|
|
| Participacoes SA | 90,386 | 11,327 |
| Companhia Siderurgica |
|
|
| Nacional SA ADR | 803,380 | 10,926 |
| Brasil Telecom |
|
|
| Participacoes SA | 484,328 | 10,172 |
| Ultrapar Participacoes S.A. | 546,123 | 10,083 |
| Vivo Participacoes SA Pfd. | 911,118 | 9,917 |
66
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Companhia de Bebidas |
|
|
| das Americas ADR | 224,399 | 9,537 |
| Souza Cruz SA | 536,015 | 9,295 |
| Electropaulo Metropolitana |
|
|
| SA | 660,113 | 8,105 |
| Embraer-Empresa Brasileira |
|
|
| de Aeronautica SA ADR | 387,345 | 8,103 |
| Companhia de Concessoes |
|
|
| Rodoviarias | 842,040 | 8,084 |
| Telmar Norte Leste SA | 321,300 | 8,075 |
* | Net Servicos de |
|
|
| Comunicacao SA | 1,267,041 | 8,053 |
| Brasil Telecom |
|
|
| Participacoes SA Pfd. | 1,086,126 | 7,610 |
| Natura Cosmeticos SA | 900,089 | 7,561 |
| Gerdau SA ADR | 1,125,056 | 7,212 |
| Tractebel Energia SA | 917,109 | 7,196 |
| Cyrela Brazil Realty SA | 1,501,689 | 7,153 |
| Tele Norte Leste |
|
|
| Participacoes SA | 461,381 | 6,921 |
| Votorantim Celulose e |
|
|
| Papel SA Pfd. | 666,869 | 6,556 |
| Gerdau SA | 1,236,550 | 6,535 |
| Companhia de |
|
|
| Saneamento Basico |
|
|
| do Estado de Sao Paulo | 568,382 | 6,506 |
| Lojas Americanas SA Pfd. | 2,318,498 | 6,410 |
| Lojas Renner SA | 849,165 | 6,271 |
| Companhia Brasileira de |
|
|
| Distribuicao Grupo Pao |
|
|
| de Acucar ADR | 206,032 | 6,167 |
| Companhia Energetica |
|
|
| de Minas Gerais ADR | 401,689 | 6,110 |
* | GVT Holding SA | 546,499 | 5,941 |
| Gafisa SA | 832,380 | 5,898 |
| Suzano Papel e Celulose |
|
|
| SA | 950,803 | 5,639 |
| B2W Com Global |
|
|
| Do Varejo | 416,598 | 5,346 |
| Tam SA | 510,917 | 5,330 |
| Klabin SA | 3,045,753 | 5,258 |
| Usinas Siderurgicas de |
|
|
| Minas Gerais SA | 450,033 | 5,152 |
| Braskem SA | 1,200,724 | 5,143 |
| Brasil Telecom SA Pfd. | 855,932 | 5,097 |
| Energias do Brasil SA | 472,795 | 5,085 |
| CESP - Companhia |
|
|
| Energetica de Sao Paulo | 1,125,527 | 5,039 |
| Tim Participacoes SA Pfd. | 3,420,432 | 4,878 |
| Companhia Paranaense |
|
|
| de Energia-COPEL | 442,739 | 4,868 |
| Fertilizantes Fosfatados |
|
|
| S.A. | 912,776 | 4,740 |
| JBS SA | 2,478,845 | 4,474 |
| Tele Norte Leste |
|
|
| Participacoes ADR | 320,272 | 4,349 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Duratex SA Pfd. | 501,492 | 4,190 |
| Companhia Paranaense |
|
|
| de Energia-COPEL ADR | 290,409 | 3,229 |
| Sadia SA Pfd. | 1,600,277 | 3,191 |
| Banco do Estado do |
|
|
| Rio Grande do Sul SA | 1,295,430 | 2,996 |
* | Cosan SA Industria e |
|
|
| Comercio | 584,450 | 2,881 |
| Companhia de |
|
|
| Saneamento Basico |
|
|
| do Estado de Sao |
|
|
| Paulo ADR | 123,449 | 2,839 |
| Companhia Brasileira |
|
|
| de Distribuicao Grupo |
|
|
| Pao de Acucar Pfd. | 183,869 | 2,755 |
| Localiza Rent a Car SA | 698,552 | 2,708 |
| MRV Engenharia e |
|
|
| Participacoes SA | 462,446 | 2,393 |
| Aracruz Celulose SA ADR | 176,849 | 2,352 |
| Aracruz Celulose SA Pfd. |
|
|
| B Shares | 1,658,905 | 2,037 |
| Sadia SA ADR | 310,387 | 1,881 |
| Gol - Linhas Aereas |
|
|
| Inteligentes SA Pfd. | 410,260 | 1,767 |
| MMX Mineracao e |
|
|
| Metalicos SA | 918,072 | 1,754 |
| Tim Participacoes SA ADR | 97,154 | 1,405 |
| Brasil Telecom |
|
|
| Participacoes SA ADR | 11,676 | 400 |
* | LLX Logistica SA | 813,466 | 285 |
* | Vivo Participacoes SA ADR | 2,193 | 24 |
| Votorantim Celulose |
|
|
| e Papel SA ADR | 1,799 | 18 |
| Braskem SA ADR | 2,012 | 17 |
|
|
| 1,723,065 |
Chile (1.4%) |
|
| |
| Empresas Copec SA | 2,715,193 | 22,244 |
| Empresa Nacional de |
|
|
| Electricidad SA | 16,338,550 | 19,073 |
| Enersis SA | 65,024,375 | 17,645 |
| Empresas CMPC SA | 715,891 | 13,181 |
| Sociedad Quimica y |
|
|
| Minera de Chile SA | 444,322 | 9,340 |
| Empresa Nacional de |
|
|
| Electricidad SA ADR | 244,239 | 9,086 |
| Lan Airlines SA | 971,219 | 8,789 |
| Enersis SA ADR | 582,508 | 8,388 |
| Empresa Nacional de |
|
|
| Telecomunicaciones SA | 765,922 | 7,936 |
| Cencosud SA | 5,359,821 | 7,839 |
| Banco Santander Chile |
|
|
| SA ADR | 211,216 | 7,561 |
| CAP SA | 542,652 | 6,532 |
* | Colburn SA | 39,500,394 | 5,924 |
| S.A.C.I. Falabella, SA | 2,111,290 | 5,556 |
67
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Banco Santander Chile |
|
|
| SA | 177,458,517 | 5,424 |
| Compania Cervecerias |
|
|
| Unidas SA | 931,173 | 4,998 |
| Sociedad Quimica y |
|
|
| Minera de Chile SA ADR | 213,144 | 4,881 |
| Distribucion y Servicio |
|
|
| D&S SA | 15,999,047 | 4,484 |
| Banco de Credito e |
|
|
| Inversiones | 220,261 | 3,694 |
| Masisa SA | 22,645,066 | 1,722 |
| Compania de |
|
|
| Telecomunicaciones |
|
|
| de Chile SA ADR | 228,090 | 1,549 |
| Distribucion y Servicio |
|
|
| D&S SA ADR | 40,380 | 719 |
|
|
| 176,565 |
China (15.7%) |
|
| |
| China Mobile |
|
|
| (Hong Kong) Ltd. | 42,582,467 | 374,867 |
^ | Industrial and |
|
|
| Commercial Bank of |
|
|
| China Ltd. Class H | 293,692,659 | 138,188 |
^ | China Life |
|
|
| Insurance Co., Ltd. | 50,087,110 | 133,853 |
^ | China Construction |
|
|
| Bank | 238,544,163 | 118,337 |
| PetroChina Co. Ltd. | 149,630,899 | 112,506 |
| CNOOC Ltd. | 110,897,552 | 91,056 |
| China Petroleum & |
|
|
| Chemical Corp. | 118,586,580 | 77,872 |
| China Unicom Ltd. | 42,065,048 | 60,056 |
^ | Bank of China | 188,874,475 | 55,149 |
^ | Tencent Holdings Ltd. | 6,366,159 | 46,345 |
| China Shenhua |
|
|
| Energy Co. Ltd. |
|
|
| H-Shares | 22,998,000 | 43,664 |
^ | Ping An Insurance |
|
|
| (Group) Co. |
|
|
| of China Ltd. | 9,036,488 | 38,647 |
| China Telecom |
|
|
| Corp. Ltd. | 98,013,305 | 34,883 |
^ | China Overseas Land |
|
|
| & Investment Ltd. | 27,381,958 | 30,922 |
^ | China Merchants |
|
|
| Bank Co., Ltd. Class H | 18,789,500 | 28,786 |
^ | Bank of |
|
|
| Communications Ltd. |
|
|
| Class H | 40,997,902 | 24,161 |
| China Communications |
|
|
| Construction Co., Ltd. | 29,751,484 | 21,074 |
| China Resources Power |
|
|
| Holdings Co., Ltd. | 10,282,740 | 20,096 |
| China Merchants |
|
|
| Holdings International |
|
|
| Co. Ltd. | 7,656,462 | 18,241 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| China Resources |
|
|
| Enterprise Ltd. | 8,401,916 | 16,727 |
*,^ | China Railway |
|
|
| Group, Ltd. | 26,775,616 | 15,634 |
* | China Railway |
|
|
| Construction Corp. | 12,524,500 | 15,472 |
| China Coal Energy Co. | 23,186,000 | 14,062 |
^ | Tingyi Holding Corp. | 11,935,347 | 12,643 |
^ | Hengan International |
|
|
| Group Co. Ltd. | 4,501,000 | 12,554 |
| China Insurance |
|
|
| International Holdings |
|
|
| Co., Ltd. | 5,123,007 | 11,943 |
| Beijing Enterprises |
|
|
| Holdings Ltd. | 2,813,500 | 11,111 |
^ | Huaneng Power |
|
|
| International, Inc. |
|
|
| H Shares | 21,447,262 | 10,434 |
^ | Aluminum Corp. of |
|
|
| China Ltd. | 27,800,680 | 10,102 |
| China COSCO |
|
|
| Holdings Co., Ltd. | 18,027,500 | 9,712 |
*,^ | Anhui Conch |
|
|
| Cement Co. Ltd. | 3,039,828 | 9,681 |
| Chaoda Modern |
|
|
| Agriculture |
|
|
| Holdings Ltd. | 13,670,319 | 9,631 |
^ | China Citic Bank | 30,480,482 | 9,416 |
| GOME Electrical |
|
|
| Appliances |
|
|
| Holdings Ltd. | 44,554,920 | 8,900 |
| Beijing Datang |
|
|
| Power Generation |
|
|
| Co., Ltd. | 23,087,736 | 8,695 |
| Denway Motors Ltd. | 34,437,618 | 8,588 |
| China Shipping |
|
|
| Development Co. | 8,683,659 | 8,557 |
| Fujian Zijin Mining |
|
|
| Industry Co., Ltd. | 28,134,120 | 8,503 |
| Lenovo Group Ltd. | 28,021,447 | 8,496 |
| Belle International |
|
|
| Holdings Ltd. | 17,642,073 | 8,473 |
^ | Sinofert Holdings, Ltd. | 14,748,000 | 8,230 |
| Yanzhou Coal Mining |
|
|
| Co. Ltd. H Shares | 13,100,582 | 8,091 |
| CHINA YURUN FOOD |
|
|
| GROUP LTD. | 6,473,000 | 7,694 |
^ | China Resources |
|
|
| Land Ltd. | 7,340,000 | 7,430 |
| Beijing Capital |
|
|
| International Airport |
|
|
| Co., Ltd. | 13,173,654 | 7,428 |
^ | Parkson Retail |
|
|
| Group Ltd. | 7,787,975 | 7,229 |
| China Mengniu |
|
|
| Dairy Co., Ltd. | 7,442,836 | 7,156 |
68
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
^ | BYD Co. Ltd. | 4,031,755 | 6,853 |
| China Communication |
|
|
| Services Corp. Ltd. | 12,562,000 | 6,606 |
* | Shanghai Electric Group |
|
|
| Co., Ltd. Class H | 20,971,178 | 6,346 |
| CITIC Pacific Ltd. | 7,652,218 | 6,223 |
| Jiangsu Expressway |
|
|
| Co. Ltd. H Shares | 8,685,777 | 6,075 |
| Shanghai Industrial |
|
|
| Holding Ltd. | 3,776,645 | 6,005 |
| Sino-Ocean Land |
|
|
| Holdings Ltd. | 21,982,365 | 5,909 |
| China Oilfield |
|
|
| Services Ltd. | 10,740,000 | 5,902 |
^ | Li Ning Co., Ltd. | 4,741,068 | 5,867 |
| Cosco Pacific Ltd. | 7,928,492 | 5,774 |
| Dongfeng Motor Corp. | 19,297,832 | 5,463 |
| Guangdong |
|
|
| Investment Ltd. | 17,697,304 | 5,417 |
| CNPC Hong Kong Ltd. | 17,594,330 | 5,395 |
^ | Shimao Property |
|
|
| Holdings Ltd. | 9,602,862 | 5,207 |
| China Everbright Ltd. | 5,276,570 | 4,954 |
| China Vanke Co., Ltd. | 8,271,480 | 4,888 |
| Zhejiang Expressway |
|
|
| Co., Ltd. | 10,184,528 | 4,879 |
^ | Air China Ltd. | 17,135,068 | 4,786 |
*,^ | PICC Property and |
|
|
| Casualty Co., Ltd. | 17,173,551 | 4,755 |
^ | Angang Steel Co., Ltd. | 7,711,306 | 4,732 |
^ | Jiangxi Copper Co. Ltd. | 9,315,637 | 4,580 |
^ | China High Speed |
|
|
| Transmission Equipment |
|
|
| Group Co., Ltd. | 5,759,872 | 4,576 |
*,^ | Alibaba.com, Ltd. | 7,544,687 | 4,556 |
^ | Country Garden |
|
|
| Holdings Co. | 22,728,307 | 4,037 |
| Agile Property |
|
|
| Holdings, Inc. | 11,751,177 | 3,905 |
| Inner Mongolia Yitai |
|
|
| Coal Co., Ltd. | 2,297,800 | 3,884 |
| Yantai Changyu Pioneer |
|
|
| Wine Co., Ltd. | 1,249,940 | 3,884 |
| The Guangshen |
|
|
| Railway Co., Ltd. | 9,789,345 | 3,811 |
^ | China National Building |
|
|
| Material Co., Ltd. | 6,284,359 | 3,660 |
*,^ | China Agri-Industries |
|
|
| Holdings Ltd. | 9,963,534 | 3,552 |
^ | China Bluechemical, Ltd. | 9,204,000 | 3,491 |
^ | Guangzhou R&F |
|
|
| Properties Co. Ltd. | 7,189,600 | 3,455 |
^ | ZTE Corp. | 1,449,423 | 3,277 |
* | Soho China | 10,973,068 | 3,262 |
| Sinopec Shanghai |
|
|
| Petrochemical Co. Ltd. | 16,747,668 | 3,135 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Shui On Land Ltd. | 12,882,464 | 2,918 |
| China Travel |
|
|
| International | 20,448,049 | 2,900 |
^ | China Shipping Container |
|
|
| Lines Co. Ltd. | 24,776,618 | 2,853 |
| Shanghai Zhenhua Port |
|
|
| Machinery Co., Ltd. |
|
|
| Class B | 4,528,999 | 2,851 |
| China International |
|
|
| Marine Containers |
|
|
| (Group) Co.,Ltd. | 5,440,259 | 2,750 |
| Harbin Power Equipment |
|
|
| Co., Ltd. | 4,645,867 | 2,583 |
| Shanghai Lujiazui Finance |
|
|
| & Trade Zone |
|
|
| DevelopmentCo., Ltd. |
|
|
| Class B | 3,375,400 | 2,429 |
| Maanshan Iron and |
|
|
| Steel Co. Ltd. | 12,534,922 | 2,336 |
^ | Dongfang Electrical |
|
|
| Corp. Ltd. | 1,161,600 | 2,261 |
| Fosun International | 10,918,630 | 2,248 |
| Guangzhou Investment |
|
|
| Co. Ltd. | 27,856,000 | 2,071 |
*,^ | China Southern Airlines |
|
|
| Co. Ltd. | 12,283,924 | 1,913 |
^ | Nine Dragons Paper |
|
|
| Holdings Ltd. | 10,132,150 | 1,747 |
| Shougang Concord |
|
|
| International |
|
|
| Enterprises |
|
|
| Company Ltd. | 20,663,469 | 1,711 |
*,^ | CITIC Resources |
|
|
| Holdings Ltd. | 18,452,300 | 1,404 |
^ | Hopson Development |
|
|
| Holdings Ltd. | 4,126,211 | 1,379 |
| Hidili Industry Int’l |
|
|
| Development Ltd. | 6,260,424 | 1,325 |
*,^ | China Eastern Airlines |
|
|
| Corp. Ltd. | 10,403,782 | 1,320 |
| KWG Property |
|
|
| Holding, Ltd. | 5,591,500 | 1,197 |
|
|
| 1,960,592 |
Colombia (0.2%) |
|
| |
| Bancolombia SA ADR | 1,183,037 | 23,105 |
|
|
|
|
Czech Republic (0.9%) |
|
| |
| Ceske Energeticke |
|
|
| Zavody a.s. | 1,470,303 | 64,306 |
| Cesky Telecom a.s. | 819,877 | 17,520 |
| Komercni Banka a.s. | 109,207 | 16,628 |
| Zentiva NV | 193,052 | 11,262 |
* | Central European |
|
|
| Media Enterprises Ltd. | 219,616 | 5,432 |
| Unipetrol a.s. | 517,362 | 3,877 |
|
|
| 119,025 |
69
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Egypt (0.4%) |
|
| |
| Orascom Construction |
|
|
| Industries GDR | 440,725 | 29,727 |
| Orascom Telecom Holding |
|
|
| SAE GDR | 834,925 | 25,938 |
|
|
| 55,665 |
Hungary (0.6%) |
|
| |
*,^ | OTP Bank Nyrt. | 1,945,583 | 32,223 |
| MOL Hungarian Oil and |
|
|
| Gas Nyrt. | 430,528 | 23,293 |
| Richter Gedeon Nyrt. | 102,323 | 14,137 |
| Magyar Tavkozlesi Nyrt. | 3,400,554 | 10,759 |
|
|
| 80,412 |
India (6.8%) |
|
| |
| Reliance Industries Ltd. | 4,625,776 | 131,129 |
| Infosys Technologies Ltd. | 3,229,800 | 93,890 |
| Housing Development |
|
|
| Finance Corp. Ltd. | 1,484,470 | 53,885 |
| HDFC Bank Ltd. | 1,465,139 | 31,139 |
| ICICI Bank Ltd. | 3,409,415 | 28,308 |
| Hindustan Lever Ltd. | 6,140,273 | 27,886 |
| Oil and Natural |
|
|
| Gas Corp. Ltd. | 1,982,723 | 27,257 |
| ITC Ltd. | 7,730,236 | 24,611 |
| Larsen & Toubro Ltd. | 1,398,237 | 23,308 |
| Bharat Heavy |
|
|
| Electricals Ltd. | 826,949 | 21,969 |
| Reliance Communication |
|
|
| Ventures | 4,354,751 | 19,859 |
| NTPC Ltd. | 5,911,251 | 17,151 |
| ICICI Bank Ltd. ADR | 1,000,672 | 17,102 |
| Axis Bank Ltd. | 1,387,263 | 16,069 |
| Satyam Computer |
|
|
| Services Ltd. | 2,541,913 | 16,027 |
| Tata Consultancy |
|
|
| Services Ltd. | 1,402,825 | 15,648 |
| Gail India Ltd. | 2,670,329 | 11,843 |
| Reliance Capital Ltd. | 793,943 | 10,778 |
| HDFC Bank Ltd. ADR | 158,255 | 10,382 |
| Sterlite Industries |
|
|
| (India) Ltd. | 1,735,827 | 10,333 |
| Sun Pharmaceutical |
|
|
| Industries Ltd. | 433,519 | 10,031 |
| Wipro Ltd. | 1,661,681 | 9,315 |
| Hero Honda Motors Ltd. | 569,710 | 8,726 |
| Cipla Ltd. | 2,250,179 | 8,185 |
| State Bank of India | 339,697 | 7,777 |
| Tata Power Co. Ltd. | 543,908 | 7,742 |
| Mahindra & Mahindra Ltd. | 945,775 | 7,323 |
| Jindal Steel & Power Ltd. | 436,669 | 7,172 |
| Reliance Energy Ltd. | 750,891 | 7,120 |
* | Reliance Petroleum Ltd. | 3,804,445 | 6,764 |
| Satyam Computer |
|
|
| Services Ltd. ADR | 421,377 | 6,628 |
| Hindalco Industries Ltd. | 5,213,607 | 6,521 |
| DLF Ltd. | 1,441,588 | 6,502 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | United Spirits Ltd. | 350,383 | 6,447 |
| Kotak Mahindra Bank | 854,854 | 6,015 |
| Tata Motors Ltd. | 1,576,639 | 5,702 |
| Maruti Udyog Ltd. | 486,147 | 5,674 |
| Steel Authority of |
|
|
| India Ltd. | 3,227,300 | 5,641 |
* | Cairn India Ltd. | 2,061,305 | 5,568 |
| Ambuja Cements Ltd. | 4,397,113 | 5,536 |
| Infrastructure |
|
|
| Development |
|
|
| Finance Co., Ltd. | 4,575,089 | 5,510 |
| Jaiprakash |
|
|
| Associates Ltd. | 3,646,302 | 5,494 |
| Tata Iron and |
|
|
| Steel Co. Ltd. | 1,242,588 | 5,416 |
| Grasim Industries Ltd. | 254,490 | 5,394 |
| Zee Entertainment |
|
|
| Enterprises | 1,483,790 | 4,712 |
| Dr. Reddy’s |
|
|
| Laboratories Ltd. | 477,512 | 4,228 |
| Glenmark |
|
|
| Pharmaceuticals Ltd. | 699,504 | 4,141 |
| Asea Brown Boveri |
|
|
| India Ltd. | 353,858 | 3,992 |
| HCL Technologies Ltd. | 1,115,945 | 3,990 |
| JSW Steel Ltd. | 609,752 | 3,882 |
| Associated |
|
|
| Cement Cos. Ltd. | 377,262 | 3,831 |
* | Reliance Natural |
|
|
| Resources, Ltd. | 4,193,633 | 3,773 |
* | Essar Oil Ltd. | 2,082,972 | 3,696 |
| Bharat Petroleum |
|
|
| Corp. Ltd. | 620,460 | 3,636 |
| Indiabulls Real Estate Ltd. | 1,388,774 | 3,450 |
| Tata Communications Ltd. | 328,050 | 3,318 |
* | GMR Infrastructure Ltd. | 3,050,621 | 3,200 |
| Siemens India Ltd. | 567,689 | 3,096 |
^ | Wipro Ltd. ADR | 390,702 | 3,024 |
| Ranbaxy Laboratories Ltd. | 778,281 | 2,705 |
| Aditya Birla Nuvo Ltd. | 239,808 | 2,702 |
| State Bank of India GDR | 52,929 | 2,454 |
| Indiabulls Financial |
|
|
| Services Ltd. | 1,039,056 | 2,390 |
| Unitech, Ltd. | 2,325,644 | 2,369 |
| Indian Hotels Co. Ltd. | 2,152,155 | 2,048 |
| Dr. Reddy’s |
|
|
| Laboratories Ltd. ADR | 234,413 | 1,983 |
| Ultratech Cemco Ltd. | 262,141 | 1,922 |
| Tata Communications Ltd. | 45,952 | 1,102 |
| Infosys Technologies Ltd. |
|
|
| ADR | 5,089 | 149 |
|
|
| 846,570 |
Indonesia (1.4%) |
|
| |
| PT Telekomunikasi |
|
|
| Indonesia Tbk | 72,688,179 | 36,365 |
| PT Bumi Resources Tbk | 122,337,552 | 24,411 |
70
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| PT Bank Central |
|
|
| Asia Tbk | 89,010,224 | 21,572 |
| PT Bank Rakyat |
|
|
| Indonesia Tbk | 39,989,552 | 12,236 |
| PT Astra |
|
|
| International Tbk | 14,657,694 | 12,201 |
| PT Perusahaan Gas |
|
|
| Negara Tbk | 74,900,210 | 9,432 |
| PT Indonesian |
|
|
| Satellite Corp. Tbk | 17,745,003 | 8,511 |
| PT Unilever |
|
|
| Indonesia Tbk | 11,451,730 | 7,815 |
| PT Bank Mandiri Tbk | 52,674,024 | 7,556 |
| PT Bank International |
|
|
| Indonesia Tbk | 158,038,500 | 6,886 |
| PT United Tractors Tbk | 10,921,347 | 3,183 |
| PT Tambang Batubara |
|
|
| Bukit Asam Tbk | 6,230,286 | 3,129 |
| PT Bank Danamon Tbk | 13,035,058 | 3,089 |
| PT Indofood Sukses |
|
|
| Makmur Tbk | 31,011,796 | 3,050 |
| PT Semen Gresik Tbk | 11,144,320 | 3,011 |
| PT Indocement Tunggal |
|
|
| Prakarsa Tbk (Local) | 7,625,149 | 2,500 |
| PT Aneka Tambang Tbk | 26,066,659 | 2,454 |
| PT International Nickel |
|
|
| Indonesia Tbk | 14,733,650 | 2,343 |
* | PT Indah Kiat Pulp & |
|
|
| Paper Corp. | 21,667,500 | 1,653 |
| PT Astra Agro Lestari Tbk | 2,970,680 | 1,649 |
* | PT Truba |
|
|
| Alam Manunggal |
|
|
| Engineering Tbk | 48,262,767 | 248 |
* | PT Bank Pan |
|
|
| Indonesia Tbk |
|
|
| Warrants Exp. 7/10/09 | 7,066,431 | 107 |
|
|
| 173,401 |
Israel (3.4%) |
|
| |
| Teva Pharmaceutical |
|
|
| Industries Ltd. | 5,418,628 | 231,079 |
| Israel Chemicals Ltd. | 3,738,144 | 37,702 |
* | Check Point Software |
|
|
| Technologies Ltd. | 1,280,551 | 25,893 |
| Bank Leumi Le-Israel | 7,291,573 | 19,129 |
| Bank Hapoalim Ltd. | 6,883,479 | 15,587 |
| Partner Communications |
|
|
| Co. Ltd. | 634,289 | 11,618 |
| Bezeq Israeli |
|
|
| Telecommunication |
|
|
| Corp., Ltd. | 7,478,866 | 11,166 |
* | NICE Systems Ltd. | 472,711 | 10,461 |
| Elbit Systems Ltd. | 194,049 | 9,281 |
| Cellcom Israel Ltd. | 268,871 | 7,921 |
| Makhteshim-Agan |
|
|
| Industries Ltd. | 2,075,383 | 7,859 |
| The Israel Corp. Ltd. | 16,287 | 7,686 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| United Mizrahi Bank Ltd. | 892,781 | 4,674 |
| Ormat Industries Ltd. | 567,738 | 4,043 |
| Israel Discount Bank Ltd. | 3,609,103 | 3,546 |
| Oil Refineries Ltd. | 6,846,615 | 3,465 |
| Koor Industries Ltd. | 81,197 | 2,765 |
| Discount Investment |
|
|
| Corp. Ltd. | 225,942 | 2,639 |
| Gazit Globe (1982) Ltd. | 424,518 | 2,314 |
| IDB Development Corp. Ltd. | 183,705 | 2,168 |
| Africa-Israel |
|
|
| Investments Ltd. | 105,194 | 1,566 |
| Delek Group, Ltd. | 16,782 | 1,096 |
|
|
| 423,658 |
Malaysia (3.0%) |
|
| |
| Bumiputra-Commerce |
|
|
| Holdings Bhd. | 17,976,832 | 31,322 |
| Sime Darby Bhd. | 16,716,813 | 29,524 |
| Malayan Banking Bhd. | 17,424,092 | 26,546 |
| Genting Bhd. | 15,884,190 | 20,492 |
| IOI Corp. Bhd. | 23,847,155 | 18,903 |
| Malaysia International |
|
|
| Shipping Corp., Bhd. |
|
|
| (Foreign) | 7,899,365 | 18,194 |
| Public Bank Bhd. | 7,562,460 | 17,909 |
| Tenaga Nasional Bhd. | 9,187,746 | 15,617 |
| Resorts World Bhd. | 21,023,710 | 14,844 |
| British American |
|
|
| Tobacco Bhd. | 1,016,705 | 11,771 |
| Digi.com Bhd. | 2,222,455 | 11,563 |
| YTL Corp., Bhd. | 5,863,562 | 10,342 |
| Petronas Gas Bhd. | 3,573,028 | 9,881 |
* | TM International Bhd. | 7,690,640 | 9,842 |
| PPB Group Bhd. | 3,826,544 | 8,391 |
| PLUS Expressways Bhd. | 10,756,482 | 8,082 |
| Kuala Lumpur |
|
|
| Kepong Bhd. | 3,434,408 | 8,035 |
| AMMB Holdings Bhd. | 12,895,658 | 7,860 |
| UMW Holdings |
|
|
| Malaysia Bhd. | 4,742,360 | 7,331 |
| Telekom Malaysia Bhd. | 7,506,440 | 7,101 |
| Berjaya Sports Toto Bhd. | 5,362,456 | 6,651 |
| YTL Power |
|
|
| International Bhd. | 13,682,527 | 6,447 |
| Hong Leong Bank Bhd. | 3,491,736 | 5,190 |
| Tanjong Public Ltd. Co. | 1,542,036 | 5,175 |
| Gamuda Bhd. | 11,467,288 | 4,903 |
| SP Setia Bhd. | 5,930,952 | 4,700 |
| IJM Corp. Bhd. | 5,486,150 | 3,982 |
| Malaysia Mining Corp., |
|
|
| Bhd. | 6,603,800 | 3,706 |
| Petronas Dagangan Bhd. | 1,856,200 | 3,515 |
| Bursa Malaysia Bhd. | 2,384,052 | 3,505 |
| KNM Group Bhd. | 20,323,116 | 3,446 |
| Alliance Financial Group |
|
|
| Bhd. | 6,409,717 | 3,330 |
| RHB Capital Bhd. | 3,281,935 | 2,858 |
71
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | UEM World Bhd. | 5,154,883 | 2,831 |
| KLCC Property Holdings |
|
|
| Bhd. | 3,535,100 | 2,708 |
* | Airasia Bhd. | 8,028,648 | 2,586 |
| IGB Corp., Bhd. | 6,704,600 | 2,437 |
| Parkson Holdings, Bhd. | 2,449,095 | 2,323 |
| Hong Leong |
|
|
| Financial Group Bhd. | 2,028,700 | 2,202 |
| Lafarge Malayan Cement |
|
|
| Bhd. | 2,632,620 | 2,129 |
| Malaysian Airline System |
|
|
| Bhd. | 2,433,900 | 1,961 |
| Astro All Asia Networks |
|
|
| PLC | 2,937,190 | 1,751 |
| Asiatic Development Bhd. | 1,807,700 | 1,609 |
* | IJM Land Corp. Bhd. |
|
|
| Warrants Exp. 9/11/13 | 437,505 | 22 |
|
|
| 373,517 |
Mexico (5.1%) |
|
| |
| America Movil SA de |
|
|
| CV | 127,323,682 | 197,207 |
| Grupo Televisa SA CPO | 17,490,186 | 61,357 |
| Wal-Mart de Mexico SA | 20,872,024 | 56,124 |
| Telefonos de Mexico SA | 44,789,714 | 40,204 |
| Fomento Economico |
|
|
| Mexicano UBD | 15,178,368 | 38,455 |
| Cemex SA CPO | 50,023,311 | 37,554 |
| Telmex Internacional |
|
|
| SAB de CV | 46,701,782 | 24,535 |
| Grupo Mexico SA de CV | 27,290,726 | 21,315 |
* | Carso Global Telecom |
|
|
| SAB de CV | 4,998,518 | 19,112 |
| Grupo Financerio Banorte |
|
|
| SA de CV | 9,415,030 | 17,246 |
| Grupo Financiero Inbursa, |
|
|
| SA de CV | 6,188,761 | 16,425 |
| Grupo Elektra SA de CV | 524,205 | 14,136 |
| Kimberly Clark de Mexico |
|
|
| SA de CV Series A | 3,962,732 | 13,027 |
| Grupo Modelo SA | 3,696,047 | 11,398 |
| Grupo Carso SA de CV |
|
|
| Series A1 | 4,163,766 | 11,387 |
| Grupo Bimbo SA | 2,082,788 | 9,995 |
| Industrias Penoles SA de |
|
|
| CV | 714,094 | 6,407 |
| Coca-Cola Femsa SA de |
|
|
| CV | 1,930,673 | 6,117 |
* | Desarrolladora Homex |
|
|
| SA de CV | 1,459,690 | 5,614 |
* | URBI Desarrollos Urbanos |
|
|
| SA de CV | 3,216,493 | 4,824 |
* | Empresas ICA SA de CV | 3,327,723 | 4,784 |
* | Corporacion GEO, SA de |
|
|
| CV | 3,140,417 | 4,357 |
| Alfa SA de CV Series A | 2,013,231 | 4,168 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Grupo Aeroportuario |
|
|
| del Pacifico SA ADR | 177,067 | 3,235 |
| Grupo Aeroportuario |
|
|
| del Pacifico SA | 1,638,707 | 2,993 |
| Banco Conpartamos SA |
|
|
| de CV | 1,738,418 | 2,956 |
* | Axtel, SAB de CV | 3,885,310 | 2,023 |
| Controladora Comercial |
|
|
| Mexicana SA de CV |
|
|
| (Units) | 2,501,535 | 690 |
| Cemex SAB de CV ADR | 11,033 | 83 |
|
|
| 637,728 |
Peru (0.6%) |
|
| |
| Credicorp Ltd. | 468,402 | 18,104 |
| Southern Copper Corp. |
|
|
| (U.S. Shares) | 1,164,836 | 16,960 |
| Southern Copper Corp. | 769,472 | 11,157 |
| Compania de Minas |
|
|
| Buenaventura SA | 854,554 | 10,769 |
| Compania Minera Milpo |
|
|
| SA | 3,702,499 | 5,238 |
| Compania de Minas |
|
|
| Buenaventura SA ADR | 388,691 | 4,913 |
| Minsur SA | 2,827,565 | 3,347 |
| Volcan Compania |
|
|
| Minera SA | 3,615,332 | 1,716 |
* | Credicorp Ltd. | 17,368 | 682 |
|
|
| 72,886 |
Philippines (0.6%) |
|
| |
| Philippine Long Distance |
|
|
| Telephone Co. | 405,180 | 16,576 |
| Bank of Philippine Islands | 10,647,700 | 8,816 |
| Ayala Corp. | 1,441,366 | 6,935 |
| SM Investments Corp. | 1,340,166 | 5,430 |
| Ayala Land, Inc. | 40,078,550 | 4,862 |
| SM Prime Holdings, Inc. | 27,975,806 | 4,815 |
| Globe Telecom, Inc. | 244,503 | 4,540 |
| Manila Electric Co. | 3,300,832 | 3,986 |
| Banco De Oro | 6,030,291 | 3,346 |
| Jollibee Foods Corp. | 3,042,759 | 2,877 |
| PNOC Energy |
|
|
| Development Corp. | 42,283,503 | 2,567 |
| Metropolitan Bank & |
|
|
| Trust Co. | 4,300,210 | 2,276 |
| International Container |
|
|
| Terminal Services, Inc. | 5,867,826 | 1,703 |
| Megaworld Corp. | 73,180,739 | 1,182 |
|
|
| 69,911 |
Poland (1.8%) |
|
| |
| Powszechna Kasa |
|
|
| Oszczednosci Bank |
|
|
| Polski SA | 3,593,587 | 40,600 |
| Telekomunikacja Polska |
|
|
| SA | 5,070,315 | 38,312 |
72
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Bank Polska Kasa Opieki |
|
|
| Grupa Pekao SA | 839,644 | 38,188 |
| Polski Koncern Naftowy |
|
|
| SA | 2,355,303 | 24,017 |
| Polish Oil & Gas | 8,530,338 | 10,223 |
| KGHM Polska Miedz SA | 887,655 | 9,853 |
| Bank Zachodni WBK SA | 166,499 | 7,342 |
| Asseco Poland SA | 395,367 | 6,672 |
| TVN SA | 1,178,322 | 5,893 |
* | Globe Trade Centre SA | 926,498 | 5,470 |
* | Getin Holding SA | 2,323,002 | 4,842 |
* | PBG SA | 67,387 | 4,751 |
* | Bank Rozwoju Eksportu |
|
|
| SA | 66,046 | 4,449 |
| Polimex Mostostal SA | 2,919,002 | 3,234 |
| BIG Bank Gdanski SA | 2,200,950 | 3,130 |
* | Grupa Lotos SA | 388,672 | 2,751 |
* | Cersanit-Krasnystaw SA | 581,184 | 2,727 |
| Orbis SA | 194,706 | 2,662 |
| Agora SA | 319,533 | 2,257 |
* | Echo Investment SA | 2,051,301 | 1,826 |
* | Bioton SA | 12,263,028 | 1,739 |
| Bank Przemyslowo |
|
|
| Handlowy PBK SA | 68,120 | 1,221 |
|
|
| 222,159 |
Russia (7.8%) |
|
| |
| OAO Gazprom |
|
|
| Sponsored ADR | 16,768,867 | 333,920 |
| LUKOIL Sponsored ADR | 3,328,960 | 127,802 |
| Sberbank | 61,310,982 | 67,057 |
| MMC Norilsk Nickel ADR | 6,301,280 | 63,238 |
| Mobile TeleSystems ADR | 1,417,800 | 55,507 |
| OAO |
|
|
| Vimpel-Communications |
|
|
| Sponsored ADR | 3,281,322 | 47,579 |
| Rosneft Oil Co. GDR | 9,032,845 | 41,456 |
| Surgutneftegaz OJSC |
|
|
| ADR | 5,908,325 | 38,196 |
| Uralkali | 5,295,110 | 23,135 |
| Tatneft GDR | 515,607 | 22,585 |
| NovaTek OAO GDR | 541,668 | 21,421 |
| VTB Bank OJSC GDR | 6,534,031 | 20,628 |
| Rostelecom ADR | 456,226 | 16,994 |
| Polyus Gold ADR | 1,094,052 | 12,141 |
| Surgutneftegaz Pfd. | 49,938,991 | 11,708 |
^ | Mechel OAO ADR | 1,063,677 | 9,754 |
* | Pharmstandard-GDR | 515,581 | 8,203 |
* | Hydro OGK | 383,793,137 | 7,087 |
| Sistema JSFC GDR | 740,764 | 5,591 |
| Gazprom Neft | 2,442,010 | 5,569 |
| Novolipetsk Steel GDR | 581,257 | 5,475 |
| Cherepovets MK |
|
|
| Severstal GDR | 1,482,811 | 5,148 |
* | Wimm-Bill-Dann Foods |
|
|
| ADR | 116,305 | 5,110 |
* | PIK Group-GDR | 716,976 | 4,301 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| OAO TMK-GDR | 396,987 | 4,289 |
| OAO Transneft | 11,741 | 3,856 |
| Comstar United |
|
|
| Telesystems GDR | 1,242,721 | 3,481 |
| Magnitogorsk Iron & |
|
|
| Steel Works-GDR | 913,694 | 2,705 |
| Sberbank Pfd. | 3,239,785 | 1,463 |
* | TGK-11 | 80,810,231 | 31 |
* | RAO Energy System of |
|
|
| East OAO Pfd. | 14,263,636 | 28 |
|
|
| 975,458 |
South Africa (7.6%) |
|
| |
| MTN Group Ltd. | 11,212,054 | 125,902 |
| Sasol Ltd. | 4,250,515 | 125,466 |
| Standard Bank |
|
|
| Group Ltd. | 8,095,473 | 64,280 |
| Naspers Ltd. | 2,706,087 | 45,052 |
| Impala Platinum |
|
|
| Holdings Ltd. | 3,790,379 | 39,563 |
| AngloGold Ltd. | 1,955,266 | 37,156 |
| British American |
|
|
| Tobacco PLC ZAR Line | 1,296,524 | 35,309 |
| Gold Fields Ltd. | 4,389,518 | 30,558 |
| FirstRand Ltd. | 19,917,654 | 28,934 |
| Sanlan Ltd. | 15,001,046 | 24,618 |
| Remgro Ltd. | 3,215,083 | 23,641 |
| ABSA Group Ltd. | 2,158,929 | 22,588 |
| Telkom South Africa Ltd. | 2,024,179 | 21,969 |
| Anglo Platinum Ltd. | 504,539 | 20,847 |
| Bidvest Group Ltd. | 1,834,442 | 19,565 |
* | Harmony Gold |
|
|
| Mining Co., Ltd. | 2,419,671 | 17,697 |
| Tiger Brands Ltd. | 1,164,925 | 16,888 |
| Shoprite Holdings Ltd. | 3,073,935 | 16,226 |
| African Bank |
|
|
| Investments Ltd. | 5,410,902 | 14,836 |
| Nedbank Group Ltd. | 1,493,754 | 14,500 |
| Murray & Roberts |
|
|
| Holdings Ltd. | 2,104,377 | 14,247 |
| Aveng Ltd. | 2,841,443 | 14,048 |
| ArcelorMittal |
|
|
| South Africa, Ltd. | 1,426,348 | 13,482 |
| Massmart Holdings Ltd. | 1,428,607 | 12,815 |
| RMB Holdings Ltd. | 5,115,619 | 11,922 |
| Pretoria Portland |
|
|
| Cement Co. Ltd. | 3,851,748 | 11,857 |
| Steinhoff International |
|
|
| Holdings Ltd. | 7,592,727 | 11,068 |
| Truworths |
|
|
| International Ltd. | 3,063,899 | 10,409 |
| Sappi Ltd. | 1,552,879 | 9,573 |
| African Rainbow |
|
|
| Minerals Ltd. | 818,497 | 8,375 |
| Barloworld Ltd. | 1,430,713 | 8,360 |
| Kumba Iron Ore Ltd. | 568,627 | 7,488 |
| Imperial Holdings Ltd. | 1,185,254 | 6,768 |
73
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Investec Ltd. | 1,366,783 | 6,743 |
| Woolworths Holdings Ltd. | 5,818,582 | 6,717 |
* | Aspen Pharmacare |
|
|
| Holdings Ltd. | 1,836,684 | 6,424 |
| Reunert Ltd. | 1,263,511 | 6,375 |
| Foschini Ltd. | 1,539,943 | 6,335 |
| Exxaro Resources Ltd. | 879,424 | 5,805 |
| Network Healthcare |
|
|
| Holdings Ltd. | 7,877,570 | 5,533 |
| Liberty Group Ltd. | 814,082 | 5,119 |
| Pick’n Pay Stores Ltd. | 1,610,718 | 5,092 |
| Northam Platinum Ltd. | 930,049 | 2,923 |
| Reinet Investments |
|
|
| SCA ZAR Line | 2,033,857 | 2,580 |
|
|
| 945,653 |
South Korea (13.6%) |
|
| |
| Samsung |
|
|
| Electronics Co., Ltd. | 636,904 | 268,521 |
| POSCO | 259,043 | 71,348 |
2 | Samsung |
|
|
| Electronics Co., Ltd. GDR | 289,516 | 59,771 |
| KT & G Corp. | 794,870 | 51,018 |
^ | Hyundai Motor Co., Ltd. | 1,086,598 | 50,210 |
^ | LG Electronics Inc. | 663,704 | 49,553 |
| POSCO ADR | 691,188 | 46,441 |
| Shinhan Financial |
|
|
| Group Co. Ltd. | 1,834,459 | 44,630 |
* | KB Financial Group, Inc. | 1,670,634 | 41,412 |
^ | Hyundai Heavy |
|
|
| Industries Co., Inc. | 294,730 | 38,937 |
| Samsung |
|
|
| Electronics Co., Ltd. Pfd. | 144,894 | 38,051 |
| Samsung Fire & |
|
|
| Marine Insurance Co. | 269,627 | 35,711 |
| Shinsegae Co., Ltd. | 99,711 | 34,997 |
| Samsung Corp. | 935,193 | 29,966 |
* | NHN Corp. | 274,076 | 29,168 |
| SK Telecom Co., Ltd. | 169,251 | 26,863 |
| LG Corp. | 668,042 | 26,737 |
| SK Energy Co., Ltd. | 422,929 | 24,331 |
| Korea Electric Power Corp. | 1,207,311 | 23,990 |
| Hyundai Mobis | 400,387 | 23,515 |
| LG. Philips LCD Co., Ltd. | 1,258,496 | 23,333 |
| LG Chem Ltd. | 370,410 | 22,487 |
*,^ | Hynix Semiconductor Inc. | 2,261,950 | 19,379 |
^ | Samsung |
|
|
| Securities Co. Ltd. | 358,087 | 18,212 |
| KT Corp. | 700,674 | 17,836 |
* | KB Financial Group, Inc. | 718,877 | 17,692 |
| SK Telecom Co., Ltd. ADR | 1,022,354 | 17,595 |
^ | Samsung Heavy |
|
|
| Industries Co., Ltd. | 1,139,260 | 17,545 |
| SK Holdings Co Ltd | 247,241 | 16,583 |
^ | S-Oil Corp. | 321,704 | 16,299 |
^ | Hyundai Engineering & |
|
|
| Construction Co., Ltd. | 352,293 | 14,465 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Hana Financial Group Inc. | 910,460 | 14,459 |
^ | DC Chemical Co., Ltd. | 86,337 | 14,120 |
| Shinhan Financial |
|
|
| Group Co., Ltd. ADR | 271,963 | 13,527 |
*,^ | Samsung SDI Co. Ltd. | 240,876 | 13,525 |
^ | Samsung |
|
|
| Electro-Mechanics Co. | 420,878 | 12,396 |
| Korea Electric Power Corp. |
|
|
| ADR | 1,237,534 | 12,252 |
* | Korea Telecom Freetel | 553,389 | 11,604 |
| Hyundai Steel Co. | 399,098 | 11,579 |
| Hyundai Development Co. | 424,886 | 11,498 |
*,^ | Kia Motors | 1,339,474 | 11,284 |
^ | GS Engineering & |
|
|
| Construction Corp. | 232,546 | 11,045 |
| Cheil Industrial, Inc. | 333,011 | 10,869 |
| Korea Exchange Bank | 1,849,560 | 10,288 |
^ | Amorepacific Corp. | 22,524 | 9,900 |
| Lotte Shopping Co., Ltd. | 71,617 | 9,798 |
^ | Doosan Heavy Industries |
|
|
| and Construction Co., Ltd. | 220,748 | 9,728 |
| LG Household & |
|
|
| Health Care Ltd. | 65,941 | 9,420 |
| Woori Finance |
|
|
| Holdings Co., Ltd. | 1,696,480 | 9,104 |
| Samsung Engineering |
|
|
| Co., Ltd. | 223,527 | 8,940 |
^ | Daewoo Engineering & |
|
|
| Construction Co., Ltd. | 1,265,914 | 8,787 |
| Daewoo Securities |
|
|
| Co., Ltd. | 893,520 | 8,498 |
^ | Mirae Asset Securities |
|
|
| Co., Ltd. | 160,130 | 7,998 |
^ | Samsung Techwin |
|
|
| Co., Ltd. | 377,084 | 7,993 |
| Kangwon Land Inc. | 757,938 | 7,757 |
| Industrial Bank of Korea | 1,328,690 | 7,638 |
| GS Holdings Corp. | 371,318 | 7,412 |
| Hyundai Mipo Dockyard |
|
|
| Co., Ltd. | 84,101 | 7,221 |
| Kumkang Korea Chemical |
|
|
| Co., Ltd. | 36,888 | 7,198 |
| Korean Air Co. Ltd. | 251,134 | 7,107 |
| LG Telecom Ltd. | 994,245 | 7,087 |
| Woongjin Coway Co., Ltd. | 341,069 | 7,018 |
| KT Corp. ADR | 524,012 | 6,576 |
^ | Samsung Card Co. Ltd. | 270,020 | 6,372 |
| Daewoo Shipbuilding & |
|
|
| Marine Engineering |
|
|
| Co., Ltd. | 670,512 | 6,317 |
| Hankook Tire Co. Ltd. | 639,586 | 6,191 |
| Korea Gas Corp. | 164,212 | 6,184 |
* | CJ Cheiljedang Corp. | 51,707 | 6,021 |
^ | Hyundai Securities Co. | 966,271 | 5,927 |
| Korea Investment Holdings |
|
|
| Co., Ltd. | 280,752 | 5,761 |
74
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Daelim Industrial Co. | 196,093 | 5,661 |
^ | Woori Investment & |
|
|
| Securities Co., Ltd. | 603,191 | 5,635 |
^ | Hanjin Shipping Co., Ltd. | 417,070 | 5,486 |
| LS Cable Ltd. | 121,859 | 5,147 |
*,^ | STX Pan Ocean Co., Ltd. | 7,246,600 | 5,119 |
*,^ | Doosan Corp. | 70,318 | 5,100 |
| Hanwha Corp. | 319,826 | 5,012 |
| Hyundai Department |
|
|
| Store Co., Ltd. | 101,944 | 4,982 |
* | Hite Brewery Co., Ltd. | 36,109 | 4,825 |
| Pusan Bank | 887,699 | 4,535 |
| Daegu Bank | 891,295 | 4,532 |
^ | Doosan Infracore Co., Ltd. | 517,782 | 4,410 |
| Dongkuk Steel Mill |
|
|
| Co., Ltd. | 265,032 | 4,310 |
| Lotte Confectionery |
|
|
| Co., Ltd. | 5,008 | 4,274 |
| Honam Petrochemical Corp. | 103,635 | 4,242 |
| LG Dacom Corp. | 294,480 | 4,163 |
| S1 Corp. | 120,480 | 4,095 |
^ | Hyosung Corp. | 168,879 | 4,023 |
| Hyundai Motor Co., Ltd. |
|
|
| 2nd Pfd. | 259,077 | 3,906 |
| Daewoo International Corp. | 338,347 | 3,751 |
^ | STX Shipbuilding Co., Ltd. | 321,357 | 3,716 |
* | SK Networks Co., Ltd. | 506,680 | 3,225 |
| LG Electronics Inc. Pfd. | 119,679 | 3,198 |
^ | Hanjin Heavy Industries |
|
|
| & Construction Co., Ltd. | 223,327 | 3,177 |
^ | Korea Zinc Co., Ltd. | 62,079 | 3,111 |
| Korea Line Corp. | 47,877 | 2,568 |
| Dongbu Insurance Co., Ltd. | 245,292 | 2,497 |
| Taihan Electric Wire |
|
|
| Co., Ltd. | 173,872 | 2,478 |
| Hanwha Chemical Corp. | 536,770 | 2,329 |
| Tong Yang Investment Bank | 549,484 | 2,266 |
^ | Kumho Industrial Co., Ltd. | 167,783 | 1,535 |
|
|
| 1,696,303 |
Taiwan (11.5%) |
|
| |
| Taiwan Semiconductor |
|
|
| Manufacturing |
|
|
| Co., Ltd. | 108,283,231 | 157,558 |
| Hon Hai Precision |
|
|
| Industry Co., Ltd. | 39,926,812 | 96,371 |
| Taiwan Semiconductor |
|
|
| Manufacturing Co., Ltd. |
|
|
| ADR | 7,086,817 | 58,537 |
| MediaTek Inc. | 6,174,057 | 55,291 |
| Chunghwa Telecom |
|
|
| Co., Ltd. | 30,620,142 | 50,662 |
| High Tech |
|
|
| Computer Corp. | 4,119,436 | 48,829 |
| Nan Ya Plastic Corp. | 34,324,291 | 47,569 |
| China Steel Corp. | 65,047,369 | 46,977 |
| Formosa Plastic Corp. | 27,743,289 | 46,820 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Cathay Financial |
|
|
| Holding Co. | 40,508,202 | 43,505 |
| Asustek Computer Inc. | 25,605,898 | 36,677 |
| Formosa Chemicals & |
|
|
| Fibre Corp. | 19,166,276 | 30,984 |
| AU Optronics Corp. | 38,658,737 | 26,994 |
| Delta Electronics Inc. | 10,441,535 | 23,696 |
| Acer Inc. | 17,422,737 | 22,473 |
| United |
|
|
| Microelectronics Corp. | 71,242,970 | 19,562 |
| Fuhwa Financial |
|
|
| Holdings Co., Ltd. | 49,522,773 | 19,374 |
| Formosa |
|
|
| Petrochemical Corp. | 8,377,000 | 19,139 |
| Compal Electronics Inc. | 25,620,501 | 18,389 |
| Fubon Financial Holding |
|
|
| Co., Ltd. | 29,509,100 | 17,898 |
| Uni-President |
|
|
| Enterprises Co. | 20,631,609 | 17,636 |
| Taiwan Cellular Corp. | 12,425,485 | 17,179 |
| Chinatrust |
|
|
| Financial Holding | 57,044,153 | 16,295 |
| Siliconware Precision |
|
|
| Industries Co. | 15,584,860 | 16,087 |
| Mega Financial |
|
|
| Holding Co. Ltd. | 57,989,224 | 16,043 |
| Chunghwa |
|
|
| Telecom Co., Ltd. | 899,012 | 14,798 |
| Quanta Computer Inc. | 13,714,401 | 14,436 |
| First Financial Holding |
|
|
| Co., Ltd. | 30,116,597 | 14,203 |
| China Development |
|
|
| Financial Holding Corp. | 62,951,785 | 12,373 |
| Hau Nan Financial |
|
|
| Holdings Co., Ltd. | 22,593,708 | 11,906 |
| Far EasTone |
|
|
| Telecommunications |
|
|
| Co., Ltd. | 11,123,043 | 11,786 |
| Taiwan Cooperative Bank | 23,083,450 | 11,093 |
| Chi Mei |
|
|
| Optoelectronics Corp. | 29,767,999 | 10,951 |
| Far Eastern Textile Ltd. | 18,733,852 | 10,873 |
| Chang Hwa |
|
|
| Commercial Bank | 26,831,094 | 10,278 |
^ | United Microelectronics |
|
|
| Corp. ADR | 4,182,987 | 10,248 |
| Advanced |
|
|
| Semiconductor |
|
|
| Engineering Inc. | 23,796,400 | 10,133 |
| Taiwan Cement Corp. | 19,641,883 | 10,086 |
| Innolux Display Corp. | 12,755,689 | 9,562 |
| SinoPac Holdings | 42,462,214 | 9,002 |
| Foxconn Technology |
|
|
| Co., Ltd. | 3,517,313 | 8,619 |
| Lite-On |
|
|
| Technology Corp. | 13,780,910 | 8,605 |
75
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Catcher Technology |
|
|
| Co., Ltd. | 3,358,821 | 8,528 |
| Synnex Technology |
|
|
| International Corp. | 6,289,201 | 8,164 |
| President Chain |
|
|
| Store Corp. | 3,475,985 | 8,070 |
| Shin Kong Financial |
|
|
| Holdings Co. | 28,027,822 | 7,413 |
| Asia Cement Corp. | 12,398,097 | 7,346 |
| AU Optronics Corp. ADR | 1,009,960 | 6,969 |
| Wistron Corp. | 8,651,653 | 6,842 |
| Pou Chen Corp. | 14,279,432 | 6,509 |
| Largan Precision Co., Ltd. | 627,074 | 6,396 |
* | Powerchip |
|
|
| Semiconductor Corp. | 52,467,716 | 6,139 |
| Taiwan Fertilizer Co., Ltd. | 4,841,000 | 5,974 |
| Cheng Shin Rubber |
|
|
| Industry Co., Ltd. | 5,290,987 | 5,898 |
| HannStar Display Corp. | 30,893,202 | 5,624 |
| Macronix International |
|
|
| Co., Ltd. | 19,631,511 | 5,478 |
| Powertech |
|
|
| Technology Inc. | 3,699,300 | 5,226 |
| Chunghwa Picture |
|
|
| Tubes, Ltd. | 50,819,331 | 5,149 |
| E.Sun Financial |
|
|
| Holding Co., Ltd. | 20,807,302 | 4,837 |
* | Tatung Co., Ltd. | 25,960,000 | 4,609 |
| Taishin |
|
|
| Financial Holdings | 30,803,678 | 4,598 |
| Siliconware Precision |
|
|
| Industries Co. ADR | 806,911 | 4,551 |
| Realtek |
|
|
| Semiconductor Corp. | 2,944,710 | 4,417 |
| Walsin Lihwa Corp. | 18,179,970 | 4,216 |
| Epistar Corp. | 3,567,414 | 4,170 |
| Evergreen Marine Corp. | 7,638,879 | 3,925 |
| KGI Securities Co., Ltd. | 16,387,000 | 3,798 |
| Motech Industries Inc. | 1,393,204 | 3,796 |
| RichTek Technology Corp. | 793,600 | 3,744 |
| Novatek |
|
|
| Microelectronics |
|
|
| Corp., Ltd. | 3,317,415 | 3,678 |
| U-Ming Marine |
|
|
| Transport Corp. | 3,116,600 | 3,638 |
| Tung Ho Enterprise Corp. | 5,525,000 | 3,591 |
| Transcend Information Inc. | 2,116,544 | 3,583 |
| Formosa Taffeta Co., Ltd. | 6,042,868 | 3,561 |
| Inventec Co., Ltd. | 10,985,796 | 3,443 |
| Tripod Technology Corp. | 2,807,710 | 3,431 |
| Unimicron |
|
|
| Technology Corp. | 6,083,754 | 3,375 |
| Wan Hai Lines Ltd. | 7,956,538 | 3,334 |
* | Nanya Technology Corp. | 18,613,397 | 3,305 |
| Polaris Securities |
|
|
| Co., Ltd. | 14,696,475 | 3,278 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | EVA Airways Corp. | 13,303,879 | 3,226 |
| Nan Ya Printed Circuit |
|
|
| Board Corp. | 1,354,670 | 3,197 |
| Cheng Uei Precision |
|
|
| Industry Co., Ltd. | 2,309,319 | 3,184 |
| Advantech Co., Ltd. | 2,277,725 | 3,178 |
| Everlight Electronics |
|
|
| Co., Ltd. | 2,059,812 | 3,113 |
| Teco Electric & |
|
|
| Machinery Co., Ltd. | 12,879,000 | 3,101 |
| Mitac International Corp. | 8,363,288 | 3,095 |
* | Taiwan Business Bank | 15,175,000 | 2,975 |
| Taiwan Glass |
|
|
| Industrial Corp. | 6,093,361 | 2,956 |
* | China Airlines | 11,252,246 | 2,693 |
| Sino-American Silicon |
|
|
| Products, Inc. | 1,272,555 | 2,667 |
* | ProMOS |
|
|
| Technologies Inc. | 40,405,000 | 2,662 |
* | CMC Magnetics Corp. | 18,990,700 | 2,608 |
| Far Eastern Department |
|
|
| Stores Ltd. | 5,751,200 | 2,601 |
| Advanced Semiconductor |
|
|
| Engineering Inc. ADR | 1,195,195 | 2,594 |
| D-Link Corp. | 3,760,013 | 2,574 |
| Wafer Works Corp. | 1,454,067 | 2,496 |
| Yageo Corp. | 15,974,520 | 2,464 |
| Yang Ming |
|
|
| Marine Transport | 8,922,450 | 2,460 |
| Taiwan Secom Corp., Ltd. | 1,957,846 | 2,404 |
| Eternal Chemical Co., Ltd. | 4,533,996 | 2,368 |
| Qisda Corp. | 9,616,928 | 2,330 |
* | Winbond |
|
|
| Electronics Corp. | 22,139,000 | 2,303 |
| Pan-International |
|
|
| Industrial Co., Ltd. | 2,592,650 | 2,254 |
| Yulon Motor Co., Ltd. | 5,418,128 | 2,168 |
| Feng Hsin Iron & |
|
|
| Steel Co., Ltd. | 3,013,310 | 2,114 |
| Firich Enterprises Co., Ltd. | 813,395 | 2,108 |
| Kinsus Interconnect |
|
|
| Technology Corp. | 1,838,233 | 2,016 |
| Zinwell Corporation | 1,872,135 | 2,005 |
| Vanguard International |
|
|
| Semiconductor Corp. | 6,491,396 | 1,919 |
| Wintek Corp. | 7,289,607 | 1,850 |
| Asia Optical Co., Inc. | 1,339,801 | 1,760 |
* | Mosel Vitelic Inc. | 7,176,910 | 1,668 |
* | Via Technologies Inc. | 6,512,379 | 1,577 |
* | Inotera Memories, Inc. | 6,502,620 | 1,556 |
| Inventec Appliances Corp. | 1,589,909 | 1,529 |
| China Motor Co., Ltd. | 4,345,588 | 1,478 |
| Cathay Construction Corp. | 6,286,779 | 1,372 |
| Compal |
|
|
| Communications, Inc. | 2,051,374 | 1,279 |
76
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Farglory Land |
|
|
| Development Co., Ltd | 1,496,000 | 934 |
* | Ya Hsin Industrial |
|
|
| Co., Ltd. | 5,306,018 | — |
|
|
| 1,442,936 |
Thailand (1.4%) |
|
| |
| PTT Public Co. Ltd. |
|
|
| (Foreign) | 6,043,052 | 27,765 |
| PTT Exploration and |
|
|
| Production Public |
|
|
| Co. Ltd. (Foreign) | 8,314,873 | 20,797 |
| Kasikornbank Public |
|
|
| Co. Ltd. (Foreign) | 12,279,319 | 17,861 |
| Bangkok Bank Public |
|
|
| Co., Ltd. (Foreign) | 6,863,431 | 13,866 |
| Advanced Info Service |
|
|
| Public Co., Ltd. (Foreign) | 6,233,077 | 13,117 |
| Siam Commercial Bank |
|
|
| Public Co. Ltd. (Foreign) | 6,963,457 | 10,792 |
| Siam Cement Public |
|
|
| Co. Ltd. (Foreign) | 2,422,017 | 7,326 |
* | Bangkok Bank Public |
|
|
| Co., Ltd. (Local) | 3,549,543 | 7,141 |
* | Bank of Ayudhya PLC |
|
|
| (Local) | 18,940,765 | 5,566 |
| IRPC Public Co., Ltd. |
|
|
| (Foreign) | 67,767,960 | 4,418 |
| Banpu Public Co. Ltd. |
|
|
| (Foreign) | 906,575 | 4,340 |
* | Total Access |
|
|
| Communication Public |
|
|
| Co. Ltd. | 5,222,682 | 3,733 |
| Thai Oil Public Co., Ltd. |
|
|
| (Foreign) | 6,004,400 | 3,597 |
| C.P. 7-Eleven Public |
|
|
| Co. Ltd. (Foreign) | 15,782,900 | 3,484 |
| BEC World Public |
|
|
| Co. Ltd. (Foreign) | 6,339,530 | 3,034 |
| PTT Chemical Public |
|
|
| Co., Ltd. (Foreign) | 2,524,733 | 2,536 |
| Krung Thai Bank Public |
|
|
| Co. Ltd. (Foreign) | 21,466,731 | 2,511 |
* | Siam Cement Public |
|
|
| Co. Ltd. (Local) | 846,988 | 2,490 |
| PTT Aromatics & |
|
|
| Refining Public Co. Ltd. |
|
|
| (Foreign) | 8,530,659 | 2,468 |
| Ratchaburi Electricity |
|
|
| Generating Holding |
|
|
| Public Co., Ltd. | 2,757,000 | 2,455 |
* | Thai Military Bank Public |
|
|
| Co., Ltd. (Foreign) | 148,854,344 | 2,421 |
| Glow Energy Public |
|
|
| Co. Ltd. (Foreign) | 3,786,300 | 2,180 |
| Land and Houses Public |
|
|
| Co. Ltd. (Foreign) | 19,489,147 | 2,098 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Banpu Public Co. Ltd. |
|
|
| (Local) | 391,432 | 1,841 |
| Airports of Thailand |
|
|
| Public Co. Ltd. (Foreign) | 3,162,956 | 1,732 |
| Central Pattana |
|
|
| Public Co. Ltd. (Foreign) | 5,007,200 | 1,348 |
* | PTT Public Co., Ltd. (Local) | 108,500 | 498 |
* | Advanced Info Service |
|
|
| Public Co., Ltd. (Local) | 162,000 | 341 |
* | Siam Commercial Bank |
|
|
| Public Co. Ltd. (Local) | 146,600 | 227 |
* | Central Pattana Public |
|
|
| Co. Ltd. (Local) | 457,700 | 123 |
* | Airports of Thailand Public |
|
|
| Co. Ltd. (Local) | 220,200 | 121 |
* | Glow Energy Public |
|
|
| Co. Ltd. (Local) | 199,200 | 115 |
* | TMB Bank Public Co., Ltd. | 6,957,000 | 113 |
* | PTT Aromatics & Refining |
|
|
| Public Co. Ltd. (Local) | 370,000 | 107 |
* | BEC World Public |
|
|
| Co. Ltd. (Local) | 173,000 | 83 |
* | Krung Thai Bank Public |
|
|
| Co. Ltd. (Local) | 595,000 | 68 |
|
|
| 172,713 |
Turkey (1.6%) |
|
| |
* | Turkiye Garanti Bankasi |
|
|
| A.S. | 15,246,880 | 25,608 |
| Turkcell Iletisim |
|
|
| Hizmetleri A.S. | 4,703,605 | 23,610 |
| Akbank T.A.S. | 6,573,916 | 22,579 |
| Turkiye Is Bankasi A.S. |
|
|
| C Shares | 7,108,407 | 20,209 |
| Anadolu Efes Biracilik ve |
|
|
| Malt Sanayii A.S. | 1,609,697 | 13,629 |
| Eregli Demir ve Celik |
|
|
| Fabrikalari A.S. | 4,169,634 | 12,853 |
| Tupras-Turkiye Petrol |
|
|
| Rafinerileri A.S. | 913,140 | 11,531 |
| Haci Omer Sabanci |
|
|
| Holding A.S. | 3,422,134 | 8,311 |
* | Yapi ve Kredi Bankasi A.S. | 6,323,430 | 8,019 |
* | Turk Telekomunikasyon |
|
|
| A.S. | 3,786,690 | 8,007 |
| Turkiye Halk Bankasi A.S. | 2,363,378 | 6,467 |
| Enka Insaat ve Sanayi A.S. | 1,723,687 | 6,458 |
* | KOC Holding A.S. | 3,092,397 | 5,770 |
| Turkiye Vakiflar Bankasi |
|
|
| T.A.O. | 5,763,603 | 5,629 |
* | BIM Birlesik Magazalar |
|
|
| A.S. | 268,138 | 5,415 |
* | Dogan Sirketler Grubu |
|
|
| Holding A.S. | 3,693,502 | 2,912 |
* | Asya Katilim Bankasi AS | 3,091,213 | 2,712 |
* | Tekfen Holding A.S. | 886,126 | 2,377 |
* | Coca-Cola Icecek A.S. | 462,467 | 2,217 |
77
Emerging Markets Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Turk Sise ve Cam |
|
|
| Fabrikalari A.S. | 2,427,982 | 1,974 |
| Aksigorta A.S. | 918,816 | 1,894 |
* | TAV Havalimanlari Holding |
|
|
| A.S. | 764,759 | 1,859 |
* | Petkim Petrokimya Holding |
|
|
| A.S. | 642,947 | 1,748 |
| Ford Otomotiv Sanayi A.S. | 487,644 | 1,534 |
| Arcelik A.S. | 923,671 | 1,311 |
| Tofas Turk Otomobil |
|
|
| Fabrikasi A.S. | 901,701 | 1,054 |
* | Dogan Yayin Holding A.S. | 1,718,602 | 991 |
| Migros Turk A.S. | 1,729 | 19 |
|
|
| 206,697 |
Total Common Stocks |
|
| |
(Cost $17,143,464) |
| 12,449,462 | |
Temporary Cash Investments (5.7%)1 |
|
| |
Money Market Fund (5.6%) |
|
| |
3,4 | Vanguard Market |
|
|
| Liquidity Fund, |
|
|
| 2.217% | 707,689,488 | 707,689 |
| Face | Market |
| Amount | Value• |
| ($000) | ($000) |
U.S. Agency Obligation (0.1%) |
|
|
5,6 Federal Home Loan |
|
|
Mortgage Corp., |
|
|
2.585%, 11/25/08 | 7,000 | 6,992 |
Total Temporary Cash Investments |
|
|
(Cost $714,678) |
| 714,681 |
Total Investments (105.3%) |
|
|
(Cost $17,858,142) |
| 13,164,143 |
Other Assets and Liabilities (–5.3%) |
|
|
Other Assets |
| 86,454 |
Liabilities4 |
| (744,384) |
|
| (657,930) |
Net Assets (100%) |
| 12,506,213 |
78
Emerging Markets Stock Index Fund
At October 31, 2008, net assets consisted of: |
|
| Amount |
| ($000) |
Paid-in Capital | 17,466,201 |
Undistributed Net Investment Income | 540,785 |
Accumulated Net Realized Losses | (807,165) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | (4,693,999) |
Futures Contracts | 1,800 |
Foreign Currencies | (1,409) |
Net Assets | 12,506,213 |
|
|
Investor Shares—Net Assets |
|
Applicable to 341,400,537 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 5,345,312 |
Net Asset Value Per Share— |
|
Investor Shares | $15.66 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 73,085,578 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 1,507,842 |
Net Asset Value Per Share— |
|
Admiral Shares | $20.63 |
|
|
Signal Shares—Net Assets |
|
Applicable to 13,410,668 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 266,252 |
Net Asset Value Per Share— |
|
Signal Shares | $19.85 |
| Amount |
| ($000) |
Institutional Shares—Net Assets |
|
Applicable to 56,455,422 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 887,021 |
Net Asset Value Per Share— |
|
Institutional Shares | $15.71 |
|
|
ETF Shares—Net Assets |
|
Applicable to 181,235,250 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 4,499,786 |
Net Asset Value Per Share— |
|
ETF Shares | $24.83 |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
^ | Part of security position is on loan to broker-dealers. The total value of securities on loan is $574,361,000. |
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.9% and 5.4%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2008, the value of this security represented 0.5% 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 Includes $632,927,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government.
6 Securities with a value of $6,992,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.
79
Emerging Markets Stock Index Fund
Statement of Operations
�� | Year Ended |
| October 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Dividends1 | 693,413 |
Interest2 | 973 |
Security Lending | 13,902 |
Total Income | 708,288 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 543 |
Management and Administrative—Investor Shares | 22,714 |
Management and Administrative—Admiral Shares | 2,693 |
Management and Administrative—Signal Shares | 374 |
Management and Administrative—Institutional Shares | 479 |
Management and Administrative—ETF Shares | 5,157 |
Marketing and Distribution—Investor Shares | 2,943 |
Marketing and Distribution—Admiral Shares | 530 |
Marketing and Distribution—Signal Shares | 80 |
Marketing and Distribution—Institutional Shares | 310 |
Marketing and Distribution—ETF Shares | 1,649 |
Custodian Fees | 20,906 |
Auditing Fees | 41 |
Shareholders’ Reports—Investor Shares | 333 |
Shareholders’ Reports—Admiral Shares | 15 |
Shareholders’ Reports—Signal Shares | 4 |
Shareholders’ Reports—Institutional Shares | — |
Shareholders’ Reports—ETF Shares | 223 |
Trustees’ Fees and Expenses | 31 |
Total Expenses | 59,025 |
Expenses Paid Indirectly | (375) |
Net Expenses | 58,650 |
Net Investment Income | 649,638 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | 194,432 |
Futures Contracts | (15,502) |
Foreign Currencies | (15,685) |
Realized Net Gain (Loss) | 163,245 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (16,915,195) |
Futures Contracts | 1,800 |
Foreign Currencies | (2,454) |
Change in Unrealized Appreciation (Depreciation) | (16,915,849) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (16,102,966) |
1 Dividends are net of foreign withholding taxes of $61,493,000.
2 Interest income from an affiliated company of the fund was $796,000.
See accompanying Notes, which are an integral part of the Financial Statements.
80
Emerging Markets Stock Index Fund
Statement of Changes in Net Assets
| Year Ended October 31, | |
| 2008 | 2007 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 649,638 | 372,700 |
Realized Net Gain (Loss) | 163,245 | 174,147 |
Change in Unrealized Appreciation (Depreciation) | (16,915,849) | 8,817,938 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (16,102,966) | 9,364,785 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (229,894) | (130,073) |
Admiral Shares | (66,571) | (30,176) |
Signal Shares | (8,343) | — |
Institutional Shares | (24,830) | (11,028) |
ETF Shares | (111,980) | (34,662) |
Realized Capital Gain |
|
|
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
ETF Shares | — | — |
Total Distributions | (441,618) | (205,939) |
Capital Share Transactions |
|
|
Investor Shares | (954,191) | 1,679,248 |
Admiral Shares | 218,311 | 699,959 |
Signal Shares | 207,807 | 330,912 |
Institutional Shares | 471,828 | 356,607 |
ETF Shares | 3,320,651 | 2,727,702 |
Net Increase (Decrease) from Capital Share Transactions | 3,264,406 | 5,794,428 |
Total Increase (Decrease) | (13,280,178) | 14,953,274 |
Net Assets |
|
|
Beginning of Period | 25,786,391 | 10,833,117 |
End of Period1 | 12,506,213 | 25,786,391 |
1 Net Assets—End of Period includes undistributed net investment income of $540,785,000 and $344,566,000.
See accompanying Notes, which are an integral part of the Financial Statements.
81
Emerging Markets Stock Index Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $36.78 | $22.05 | $16.91 | $12.88 | $11.04 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .780 | .6041 | .396 | .307 | .263 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments2 | (21.313) | 14.522 | 5.059 | 3.982 | 1.749 |
Total from Investment Operations | (20.533) | 15.126 | 5.455 | 4.289 | 2.012 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.587) | (.396) | (.315) | (.259) | (.172) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.587) | (.396) | (.315) | (.259) | (.172) |
Net Asset Value, End of Period | $15.66 | $36.78 | $22.05 | $16.91 | $12.88 |
|
|
|
|
|
|
Total Return3 | –56.66% | 69.59% | 32.55% | 33.66% | 18.43% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $5,345 | $14,150 | $7,202 | $4,937 | $2,556 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.32% | 0.37% | 0.42% | 0.45% | 0.48% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 2.81% | 2.24% | 2.20% | 2.48% | 2.44% |
Portfolio Turnover Rate4 | 20% | 9% | 26% | 15% | 11% |
1 Calculated based on average shares outstanding.
2 Includes increases from redemption fees of $.02, $.01, $.01, $.00, and $.00.
3 Total returns do not reflect the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases; the 2% fee assessed until March 23, 2005, on redemptions of shares purchased on or after June 27, 2003, and held for less than two months; the 0.25% (0.50% prior to June 26, 2008) fee on all other redemptions; or the account service fee that may be applicable to certain accounts with balanced below $10,000.
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.
82
Emerging Markets Stock Index Fund
Financial Highlights
Admiral Shares |
|
|
|
|
|
| June 23, |
|
| Year Ended | 20061 to |
| October 31, | Oct. 31, | |
For a Share Outstanding Throughout Each Period | 2008 | 2007 | 2006 |
Net Asset Value, Beginning of Period | $48.47 | $29.03 | $25.00 |
Investment Operations |
|
|
|
Net Investment Income | 1.079 | .8532 | .222 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (28.099) | 19.121 | 3.808 |
Total from Investment Operations | (27.020) | 19.974 | 4.030 |
Distributions |
|
|
|
Dividends from Net Investment Income | (.820) | (.534) | — |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.820) | (.534) | — |
Net Asset Value, End of Period | $20.63 | $48.47 | $29.03 |
|
|
|
|
Total Return4 | –56.63% | 69.82% | 16.12% |
|
|
|
|
Ratios/Supplemental Data |
|
|
|
Net Assets, End of Period (Millions) | $1,508 | $3,514 | $1,491 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.25% | 0.30%5 |
Ratio of Net Investment Income to Average Net Assets | 2.93% | 2.36% | 2.32%5 |
Portfolio Turnover Rate6 | 20% | 9% | 26% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from redemption fees of $.03, $.01, and $.01.
4 Total returns do not reflect the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases and redemptions.
5 Annualized.
6 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.
83
Emerging Markets Stock Index Fund
Financial Highlights
Signal Shares |
|
|
| Year | Jan. 19, |
| Ended | 20071 to |
| Oct. 31, | Oct. 31, |
For a Share Outstanding Throughout Each Period | 2008 | 2007 |
Net Asset Value, Beginning of Period | $46.61 | $30.38 |
Investment Operations |
|
|
Net Investment Income | 1.029 | .5802 |
Net Realized and Unrealized Gain (Loss) on Investments3 | (27.029) | 15.650 |
Total from Investment Operations | (26.000) | 16.230 |
Distributions |
|
|
Dividends from Net Investment Income | (.760) | — |
Distributions from Realized Capital Gains | — | — |
Total Distributions | (.760) | — |
Net Asset Value, End of Period | $19.85 | $46.61 |
|
|
|
Total Return4 | –56.64% | 53.42% |
|
|
|
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) | $266 | $385 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.25%5 |
Ratio of Net Investment Income to Average Net Assets | 2.93% | 2.36%5 |
Portfolio Turnover Rate6 | 20% | 9% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from redemption fees of $.02 and $.00.
4 Total returns do not reflect the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases and redemptions.
5 Annualized.
6 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.
84
Emerging Markets Stock Index Fund
Financial Highlights
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $36.90 | $22.11 | $16.95 | $12.90 | $11.05 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .835 | .6861 | .443 | .344 | .287 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments2 | (21.393) | 14.533 | 5.059 | 3.982 | 1.749 |
Total from Investment Operations | (20.558) | 15.219 | 5.502 | 4.326 | 2.036 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.632) | (.429) | (.342) | (.276) | (.186) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.632) | (.429) | (.342) | (.276) | (.186) |
Net Asset Value, End of Period | $15.71 | $36.90 | $22.11 | $16.95 | $12.90 |
|
|
|
|
|
|
Total Return3 | –56.61% | 69.90% | 32.78% | 33.92% | 18.64% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $887 | $1,463 | $559 | $468 | $245 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.15% | 0.20% | 0.25% | 0.25% | 0.33% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 2.98% | 2.41% | 2.37% | 2.64% | 2.61% |
Portfolio Turnover Rate4 | 20% | 9% | 26% | 15% | 11% |
1 Calculated based on average shares outstanding.
2 Includes increases from redemption fees of $.01, $.01, $.01, $.00, and $.00.
3 Total returns do not reflect the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases; the 2% fee assessed until March 23, 2005, on redemptions of shares purchased on or after June 27, 2003, and held for less than two months; or the 0.25% (0.50% prior to June 26, 2008) fee on all other redemptions.
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.
85
Emerging Markets Stock Index Fund
Financial Highlights
ETF Shares |
|
|
|
|
|
|
|
| March 4, |
|
|
|
| 20052 to |
| Year Ended October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period1 | 2008 | 2007 | 2006 | 2005 |
Net Asset Value, Beginning of Period | $58.31 | $34.96 | $26.81 | $25.28 |
Investment Operations |
|
|
|
|
Net Investment Income | 1.303 | 1.0653 | .667 | .435 |
Net Realized and Unrealized Gain (Loss) on Investments4 | (33.798) | 22.955 | 8.022 | 1.095 |
Total from Investment Operations | (32.495) | 24.020 | 8.689 | 1.530 |
Distributions |
|
|
|
|
Dividends from Net Investment Income | (.985) | (.670) | (.539) | — |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.985) | (.670) | (.539) | — |
Net Asset Value, End of Period | $24.83 | $58.31 | $34.96 | $26.81 |
|
|
|
|
|
Total Return | –56.62% | 69.78% | 32.74% | 6.05% |
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
Net Assets, End of Period (Millions) | $4,500 | $6,275 | $1,582 | $375 |
Ratio of Total Expenses to Average Net Assets | 0.20% | 0.25% | 0.30% | 0.30%5 |
Ratio of Net Investment Income to Average Net Assets | 2.93% | 2.36% | 2.32% | 2.59%5 |
Portfolio Turnover Rate6 | 20% | 9% | 26% | 15% |
1 Adjusted to reflect a 2-for-1 share split as of the close of business on June 13, 2008.
2 Inception.
3 Calculated based on average shares outstanding.
4 Includes increases from redemption fees of $.02, $.03, $.03, and $.00.
5 Annualized.
6 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.
86
Emerging Markets Stock Index Fund
Notes to Financial Statements
Vanguard Emerging Markets Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, tenure, and account-size criteria. Signal Shares are designed for institutional investors who meet certain administrative, service, and account-size criteria. Institutional Shares are designed for investors who meet certain administrative and service criteria and invest a minimum of $5 million. ETF Shares are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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 at their fair values calculated according to procedures adopted 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. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market 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, enhancing returns, 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 fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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.
87
Emerging Markets Stock Index Fund
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets 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 futures gains (losses).
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended October 31, 2005–2008), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
7. Other: Dividend income is recorded on the ex-dividend date. 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.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At October 31, 2008, the fund had contributed capital of $1,567,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 1.57% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2008, custodian fee offset arrangements reduced the fund’s expenses by $375,000.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
88
Emerging Markets Stock Index Fund
During the year ended October 31, 2008, the fund realized net foreign currency losses of $15,685,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. The fund’s realized losses for the year ended October 31, 2008, include a refund for taxes paid on Indian securities of $67,000, which is treated as an increase to taxable income; accordingly, this amount has been reclassified from accumulated net realized losses to undistributed net investment income.
Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the year ended October 31, 2008, the fund realized gains on the sale of passive foreign investment companies of $3,817,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Unrealized appreciation of $41,815,000 on the fund’s passive foreign investment company holdings at October 31, 2007, has been distributed and is reflected in the balance of undistributed net investment income. Since October 31, 2007, the fund’s passive foreign investment company holdings have depreciated in value, reducing the amount of taxable income available for distribution as of October 31, 2008 by $38,708,000. Unrealized appreciation on the fund’s passive foreign investment company holdings at October 31, 2008, was $3,107,000.
During the year ended October 31, 2008, the fund realized $795,501,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2008, the fund had $562,586,000 of ordinary income available for distribution. The fund had available realized losses of $643,327,000 to offset future net capital gains of $15,143,000 through October 31, 2012, $167,331,000 through October 31, 2014, and $460,853,000 through October 31, 2016.
At October 31, 2008, the cost of investment securities for tax purposes was $18,025,084,000. Net unrealized depreciation of investment securities for tax purposes was $4,860,941,000, consisting of unrealized gains of $1,104,758,000 on securities that had risen in value since their purchase and $5,965,699,000 in unrealized losses on securities that had fallen in value since their purchase.
At October 31, 2008, the aggregate settlement value of open futures contracts expiring in November 2008 and the related unrealized appreciation (depreciation) were:
|
|
| ($000) |
| Number of | Aggregate | Unrealized |
| Long (Short) | Settlement | Appreciation |
Futures Contracts | Contracts | Value | (Depreciation) |
MSCI Taiwan Index | 1,800 | 33,606 | 1,800 |
The fund had net unrealized foreign currency losses of $1,409,000 resulting from the translation of other assets and liabilities at October 31, 2008.
E. During the year ended October 31, 2008, the fund purchased $9,315,325,000 of investment securities and sold $5,904,943,000 of investment securities, other than temporary cash investments.
89
Emerging Markets Stock Index Fund
F. Capital share transactions for each class of shares were:
|
|
| Year Ended October 31, | |
|
| 2008 |
| 2007 |
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 3,872,977 | 135,857 | 3,408,393 | 122,527 |
Issued in Lieu of Cash Distributions | 222,748 | 6,777 | 123,741 | 5,215 |
Redeemed1 | (5,049,916) | (185,897) | (1,852,886) | (69,648) |
Net Increase (Decrease)—Investor Shares | (954,191) | (43,263) | 1,679,248 | 58,094 |
Admiral Shares |
|
|
|
|
Issued | 997,071 | 24,577 | 1,276,261 | 35,934 |
Issued in Lieu of Cash Distributions | 58,820 | 1,359 | 26,534 | 849 |
Redeemed1 | (837,580) | (25,354) | (602,836) | (15,634) |
Net Increase (Decrease)—Admiral Shares | 218,311 | 582 | 699,959 | 21,149 |
Signal Shares |
|
|
|
|
Issued | 301,803 | 8,027 | 340,696 | 8,511 |
Issued in Lieu of Cash Distributions | 7,172 | 172 | — | — |
Redeemed1 | (101,168) | (3,051) | (9,784) | (248) |
Net Increase (Decrease)—Signal Shares | 207,807 | 5,148 | 330,912 | 8,263 |
Institutional Shares |
|
|
|
|
Issued | 650,503 | 24,200 | 515,085 | 20,056 |
Issued in Lieu of Cash Distributions | 16,639 | 505 | 9,287 | 391 |
Redeemed1 | (195,314) | (7,891) | (167,765) | (6,075) |
Net Increase (Decrease)—Institutional Shares | 471,828 | 16,814 | 356,607 | 14,372 |
ETF Shares2 |
|
|
|
|
Issued | 3,410,974 | 76,025 | 2,751,033 | 62,762 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed1 | (90,323) | (2,400) | (23,331) | (400) |
Net Increase (Decrease)—ETF Shares | 3,320,651 | 73,625 | 2,727,702 | 62,362 |
1 Net of redemption fees of $14,015,000 and $7,194,000 (fund totals).
2 Shares adjusted to reflect a 2-for-1 split as of the close of business on June 13, 2008.
90
Emerging Markets Stock Index Fund
G. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements.
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing 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).
The following table summarizes the fund’s investments as of October 31, 2008, based on the inputs used to value them:
| Investments | Futures |
| in Securities | Contracts |
Valuation Inputs | ($000) | ($000) |
Level 1—Quoted prices | 3,813,389 | 1,800 |
Level 2—Other significant observable inputs | 9,350,754 | — |
Level 3—Significant unobservable inputs | — | — |
Total | 13,164,143 | 1,800 |
91
Developed Markets Index Fund
Fund Profile
As of October 31, 2008
Portfolio Characteristics |
|
| Fund |
Acquired Fund Fees and |
|
Expenses (10/31/2007)1 | 0.22% |
Sector Diversification (% of equity exposure) | |||
|
| Target | Broad |
| Fund2 | Index3 | Index4 |
Consumer Discretionary | 10.5% | 10.6% | 9.0% |
Consumer Staples | 10.2 | 10.1 | 9.9 |
Energy | 9.1 | 8.9 | 12.0 |
Financials | 23.4 | 23.6 | 21.4 |
Health Care | 9.9 | 9.7 | 9.7 |
Industrials | 10.5 | 10.7 | 10.0 |
Information Technology | 4.8 | 5.0 | 9.1 |
Materials | 8.0 | 8.0 | 7.4 |
Telecommunication |
|
|
|
Services | 6.3 | 6.2 | 6.0 |
Utilities | 7.3 | 7.2 | 5.5 |
Volatility Measures5 |
| |
| Fund Versus | Fund Versus |
| Target Index3 | Broad Index4 |
R-Squared | 0.98 | 0.97 |
Beta | 0.97 | 0.88 |
Allocation to Underlying Vanguard Funds |
|
|
|
European Stock Index Fund Investor Shares | 67.0% |
Pacific Stock Index Fund Investor Shares | 33.0 |
Market Diversification (% of equity exposure) | ||
|
| Target |
| Fund2 | Index3 |
United Kingdom | 21.9% | 22.0% |
Japan | 21.7 | 23.6 |
France | 11.1 | 10.7 |
Germany | 9.1 | 8.7 |
Switzerland | 8.9 | 8.5 |
Australia | 5.4 | 5.9 |
Spain | 4.2 | 4.0 |
Italy | 3.7 | 3.6 |
Netherlands | 3.4 | 2.4 |
Sweden | 2.0 | 2.0 |
Hong Kong | 1.9 | 2.0 |
Finland | 1.5 | 1.5 |
Singapore | 1.0 | 1.0 |
Other Developed Markets | 4.2 | 4.1 |
1 This figure—drawn from the prospectus dated October 14, 2008—represents a weighted average of the annualized expense ratios and any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the Developed Markets Index Fund invests. The Developed Markets Index Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2008, the acquired fund fees and expenses figure was 0.22%.
2 Reflects holdings of underlying funds.
3 MSCI EAFE Index.
4 MSCI All Country World Index ex USA.
5 For an explanation of R-squared, beta, and other terms used here, see the Glossary.
92
Developed Markets Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: May 8, 2000–October 31, 2008
Initial Investment of $10,000
| Average Annual Total Returns |
| ||
| Periods Ended October 31, 2008 | Final Value of | ||
|
|
| Since | a $10,000 |
| One Year | Five Years | Inception1 | Investment |
Developed Markets Index Fund2 | –46.24% | 3.84% | –0.97% | $9,204 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 0.31 | 10,265 |
MSCI EAFE Index | –46.62 | 3.60 | –1.12 | 9,092 |
Average International Fund3 | –47.97 | 2.81 | –1.92 | 8,488 |
1 Performance for the fund and its comparative standards is calculated since the fund’s inception: May 8, 2000.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or the account service fee that may be applicable to certain accounts with balances below $10,000.
3 Derived from data provided by Lipper Inc.
93
Developed Markets Index Fund
Fiscal-Year Total Returns (%): May 8, 2000–October 31, 2008
Average Annual Total Returns: Periods Ended September 30, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
|
|
|
| Since |
| Inception Date | One Year | Five Years | Inception |
Developed Markets Index Fund1 | 5/8/2000 | –29.17% | 10.10% | 1.80% |
1 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or the account service fee that may be applicable to certain accounts with balances below $10,000.
Note: See Financial Highlights table for dividend and capital gains information.
94
Developed Markets Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
| Market |
|
| Value• |
| Shares | ($000) |
Investment Companies (100.2%) |
|
|
International Stock Funds (99.7%) |
|
|
Vanguard European Stock Index Fund Investor Shares | 69,810,604 | 1,535,135 |
Vanguard Pacific Stock Index Fund Investor Shares | 95,434,290 | 757,748 |
|
| 2,292,883 |
Money Market Fund (0.5%) |
|
|
1 Vanguard Market Liquidity Fund, 2.217% | 10,755,557 | 10,756 |
Total Investment Companies (Cost $2,842,181) |
| 2,303,639 |
Other Assets and Liabilities (–0.2%) |
|
|
Other Assets |
| 8,693 |
Liabilities |
| (13,570) |
|
| (4,877) |
Net Assets (100%) |
|
|
Applicable to 295,016,266 outstanding $.001 par value shares of |
|
|
beneficial interest (unlimited authorization) |
| 2,298,762 |
Net Asset Value Per Share |
| $7.79 |
At October 31, 2008, net assets consisted of: |
|
| Amount |
| ($000) |
Paid-in Capital | 2,896,845 |
Undistributed Net Investment Income | 1,334 |
Accumulated Net Realized Losses | (60,875) |
Unrealized Appreciation (Depreciation) | (538,542) |
Net Assets | 2,298,762 |
• | See Note A in Notes to Financial Statements. |
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.
See accompanying Notes, which are an integral part of the Financial Statements.
95
Developed Markets Index Fund
Statement of Operations
| Year Ended |
| October 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Income Distributions Received | 107,155 |
Net Investment Income—Note B | 107,155 |
Realized Net Gain (Loss) on Investment Securities Sold | (60,515) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | (1,992,254) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,945,614) |
See accompanying Notes, which are an integral part of the Financial Statements.
96
Developed Markets Index Fund
Statement of Changes in Net Assets
| Year Ended October 31, | |
| 2008 | 2007 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 107,155 | 67,803 |
Realized Net Gain (Loss) | (60,515) | 1,415 |
Change in Unrealized Appreciation (Depreciation) | (1,992,254) | 681,973 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,945,614) | 751,191 |
Distributions |
|
|
Net Investment Income | (107,258) | (66,258) |
Realized Capital Gain1 | (1,386) | (1,108) |
Total Distributions | (108,644) | (67,366) |
Capital Share Transactions |
|
|
Issued | 1,208,773 | 1,375,081 |
Issued in Lieu of Cash Distributions | 98,662 | 60,616 |
Redeemed2 | (930,804) | (715,040) |
Net Increase (Decrease) from Capital Share Transactions | 376,631 | 720,657 |
Total Increase (Decrease) | (1,677,627) | 1,404,482 |
Net Assets |
|
|
Beginning of Period | 3,976,389 | 2,571,907 |
End of Period3 | 2,298,762 | 3,976,389 |
1 Includes fiscal 2008 and 2007 short-term gain distributions totaling $1,386,000 and $1,108,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
2 The fund collected redemption fees of $298,000 and $202,000, which were reallocated proportionately to the funds in which it invests.
3 Net Assets—End of Period includes undistributed net investment income of $1,334,000 and $1,437,000.
See accompanying Notes, which are an integral part of the Financial Statements.
97
Developed Markets Index Fund
Financial Highlights
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $14.91 | $12.15 | $9.75 | $8.43 | $7.22 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .3691 | .305 | .219 | .190 | .143 |
Capital Gain Distributions Received | — | — | — | — | — |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (7.097) | 2.759 | 2.400 | 1.320 | 1.210 |
Total from Investment Operations | (6.728) | 3.064 | 2.619 | 1.510 | 1.353 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.387) | (.299) | (.219) | (.190) | (.143) |
Distributions from Realized Capital Gains | (.005) | (.005) | — | — | — |
Total Distributions | (.392) | (.304) | (.219) | (.190) | (.143) |
Net Asset Value, End of Period | $7.79 | $14.91 | $12.15 | $9.75 | $8.43 |
|
|
|
|
|
|
Total Return2 | –46.24% | 25.67% | 27.27% | 18.07% | 18.94% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $2,299 | $3,976 | $2,572 | $1,623 | $1,038 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0%3 | 0% | 0% | 0% | 0% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 3.04% | 2.05% | 1.82% | 1.77% | 1.52% |
Portfolio Turnover Rate | 13% | 7% | 9% | 10% | 4% |
1 Calculated based on average shares outstanding.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or the account service fee that may be applicable to certain accounts with balances below $10,000.
3 The acquired fund fees and expenses were 0.22%.
See accompanying Notes, which are an integral part of the Financial Statements.
98
Developed Markets Index Fund
Notes to Financial Statements
Vanguard Developed Markets Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund seeks to match the performance of its target index by investing in the European and Pacific Stock Index Funds. The fund’s indirect investments in foreign securities involve investment risks not normally associated with investing in securities of U.S. corporations.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended October 31, 2005–2008), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Other: Income and capital gain distributions received are recorded on the ex-dividend 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.
B. Under a service agreement, The Vanguard Group furnishes investment advisory, corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the year ended October 31, 2008, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
For tax purposes, at October 31, 2008, the fund had $1,285,000 of ordinary income available for distribution. The fund had available realized losses of $11,015,000 to offset future net capital gains through October 31, 2016.
At October 31, 2008, the cost of investment securities for tax purposes was $2,891,993,000. Net unrealized depreciation of investment securities for tax purposes was $588,354,000, consisting entirely of unrealized losses on securities that had fallen in value since their purchase.
D. During the year ended October 31, 2008, the fund purchased $816,948,000 of investment securities and sold $451,715,000 of investment securities, other than temporary cash investments.
99
Developed Markets Index Fund
E. Capital shares issued and redeemed were:
| Year Ended October 31, | |
| 2008 | 2007 |
| Shares | Shares |
| (000) | (000) |
Issued | 101,813 | 103,370 |
Issued in Lieu of Cash Distributions | 7,287 | 4,803 |
Redeemed | (80,732) | (53,150) |
Net Increase (Decrease) in Shares Outstanding | 28,368 | 55,023 |
F. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements.
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing 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).
At October 31, 2008, 100% of the fund’s investments were valued based on Level 1 inputs.
100
Institutional Developed Markets Index Fund
Fund Profile
As of October 31, 2008
Portfolio Characteristics |
|
| Fund |
Acquired Fund Fees and |
|
Expenses (10/31/2007)1 | 0.09% |
Sector Diversification (% of equity exposure) | |||
|
| Target | Broad |
| Fund2 | Index3 | Index4 |
Consumer Discretionary | 10.5% | 10.6% | 9.0% |
Consumer Staples | 10.2 | 10.1 | 9.9 |
Energy | 9.1 | 8.9 | 12.0 |
Financials | 23.4 | 23.6 | 21.4 |
Health Care | 9.9 | 9.7 | 9.7 |
Industrials | 10.5 | 10.7 | 10.0 |
Information Technology | 4.8 | 5.0 | 9.1 |
Materials | 8.0 | 8.0 | 7.4 |
Telecommunication |
|
|
|
Services | 6.3 | 6.2 | 6.0 |
Utilities | 7.3 | 7.2 | 5.5 |
Volatility Measures5 |
| |
| Fund Versus | Fund Versus |
| Target Index3 | Broad Index4 |
R-Squared | 0.98 | 0.97 |
Beta | 0.97 | 0.88 |
Allocation to Underlying Vanguard Funds |
|
|
|
European Stock Index Fund Institutional Shares | 67.0% |
Pacific Stock Index Fund Institutional Shares | 33.0 |
Market Diversification (% of equity exposure) | ||
|
| Target |
| Fund2 | Index3 |
United Kingdom | 21.9% | 22.0% |
Japan | 21.7 | 23.6 |
France | 11.1 | 10.7 |
Germany | 9.1 | 8.7 |
Switzerland | 8.9 | 8.5 |
Australia | 5.4 | 5.9 |
Spain | 4.2 | 4.0 |
Italy | 3.7 | 3.6 |
Netherlands | 3.4 | 2.4 |
Sweden | 2.0 | 2.0 |
Hong Kong | 1.9 | 2.0 |
Finland | 1.5 | 1.5 |
Singapore | 1.0 | 1.0 |
Other Developed Markets | 4.2 | 4.1 |
1 This figure—drawn from the prospectus dated February 27, 2008—represents a weighted average of the annualized expense ratios and any transaction fees charged by the underlying mutual funds (the “acquired” funds) in which the Institutional Developed Markets Index Fund invests. The Institutional Developed Markets Index Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2008, the acquired fund fees and expenses figure was 0.09%.
2 Reflects holdings of underlying funds.
3 MSCI EAFE Index.
4 MSCI All Country World Index ex USA.
5 For an explanation of R-squared, beta, and other terms used here, see the Glossary.
101
Institutional Developed Markets Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: June 1, 2000–October 31, 2008
Initial Investment of $5,000,000
|
| Average Annual Total Returns |
| |
| Periods Ended October 31, 2008 | Final Value of | ||
|
|
| Since | a $5,000,000 |
| One Year | Five Years | Inception1 | Investment |
Institutional Developed Markets Index Fund2 | –46.12% | 4.01% | –0.94% | $4,619,022 |
MSCI All Country World Index ex USA | –48.27 | 5.05 | 0.23 | 5,096,809 |
MSCI EAFE Index | –46.62 | 3.60 | –1.12 | 4,549,517 |
Average International Fund3 | –47.97 | 2.81 | –2.03 | 4,207,428 |
1 Performance for the fund and its comparative standards is calculated since the fund’s inception: June 1, 2000.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
3 Derived from data provided by Lipper Inc.
102
Institutional Developed Markets Index Fund
Fiscal-Year Total Returns (%): June 1, 2000–October 31, 2008
Average Annual Total Returns: Periods Ended September 30, 2008
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Ten Years |
Institutional Developed Markets Index Fund1 | 6/1/2000 | –29.11% | 10.25% | 1.84% |
1 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
Note: See Financial Highlights table for dividend and capital gains information.
103
Institutional Developed Markets Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
| Market |
|
| Value• |
| Shares | ($000) |
Investment Companies (100.0%) |
|
|
International Stock Funds (99.9%) |
|
|
Vanguard European Stock Index Fund Institutional Shares | 111,125,369 | 2,449,203 |
Vanguard Pacific Stock Index Fund Institutional Shares | 151,864,763 | 1,208,844 |
|
| 3,658,047 |
Money Market Fund (0.1%) |
|
|
1 Vanguard Market Liquidity Fund, 2.217% | 1,276,253 | 1,276 |
Total Investment Companies (Cost $4,939,454) |
| 3,659,323 |
Other Assets and Liabilities (0.0%) |
|
|
Other Assets |
| 67,822 |
Liabilities |
| (66,660) |
|
| 1,162 |
Net Assets (100%) |
|
|
Applicable to 472,820,736 outstanding $.001 par value shares of |
|
|
beneficial interest (unlimited authorization) |
| 3,660,485 |
Net Asset Value Per Share |
| $7.74 |
At October 31, 2008, net assets consisted of: |
|
| Amount |
| ($000) |
Paid-in Capital | 5,001,132 |
Undistributed Net Investment Income | 1,409 |
Accumulated Net Realized Losses | (61,925) |
Unrealized Appreciation (Depreciation) | (1,280,131) |
Net Assets | 3,660,485 |
• | See Note A in Notes to Financial Statements. |
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.
See accompanying Notes, which are an integral part of the Financial Statements.
104
Institutional Developed Markets Index Fund
Statement of Operations
| Year Ended |
| October 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Income Distributions Received | 137,824 |
Net Investment Income—Note B | 137,824 |
Realized Net Gain (Loss) on Investment Securities Sold | (51,686) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | (2,799,636) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,713,498) |
See accompanying Notes, which are an integral part of the Financial Statements.
105
Institutional Developed Markets Index Fund
Statement of Changes in Net Assets
| Year Ended October 31, | |
| 2008 | 2007 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 137,824 | 98,306 |
Realized Net Gain (Loss) | (51,686) | 224,995 |
Change in Unrealized Appreciation (Depreciation) | (2,799,636) | 690,223 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,713,498) | 1,013,524 |
Distributions |
|
|
Net Investment Income | (138,374) | (97,353) |
Realized Capital Gain | — | — |
Total Distributions | (138,374) | (97,353) |
Capital Share Transactions |
|
|
Issued | 2,406,003 | 1,605,380 |
Issued in Lieu of Cash Distributions | 118,333 | 79,390 |
Redeemed1 | (1,123,411) | (1,096,395) |
Net Increase (Decrease) from Capital Share Transactions | 1,400,925 | 588,375 |
Total Increase (Decrease) | (1,450,947) | 1,504,546 |
Net Assets |
|
|
Beginning of Period | 5,111,432 | 3,606,886 |
End of Period2 | 3,660,485 | 5,111,432 |
1 The fund collected redemption fees of $16,000 and $14,000, which were reallocated proportionately to the funds in which it invests.
2 Net Assets—End of Period includes undistributed net investment income of $1,409,000 and $1,959,000.
See accompanying Notes, which are an integral part of the Financial Statements.
106
Institutional Developed Markets Index Fund
Financial Highlights
For a Share Outstanding | Year Ended October 31, | ||||
Throughout Each Period | 2008 | 2007 | 2006 | 2005 | 2004 |
Net Asset Value, Beginning of Period | $14.79 | $12.05 | $9.67 | $8.35 | $7.16 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .3571 | .323 | .229 | .200 | .158 |
Capital Gain Distributions Received | — | — | — | — | — |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
on Investments | (7.011) | 2.733 | 2.380 | 1.320 | 1.190 |
Total from Investment Operations | (6.654) | 3.056 | 2.609 | 1.520 | 1.348 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.396) | (.316) | (.229) | (.200) | (.158) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.396) | (.316) | (.229) | (.200) | (.158) |
Net Asset Value, End of Period | $7.74 | $14.79 | $12.05 | $9.67 | $8.35 |
|
|
|
|
|
|
Total Return2 | –46.12% | 25.84% | 27.41% | 18.37% | 19.05% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $3,660 | $5,111 | $3,607 | $1,748 | $911 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0%3 | 0% | 0% | 0% | 0% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 3.02% | 2.25% | 1.72% | 1.86% | 1.81% |
Portfolio Turnover Rate | 18% | 11%4 | 14% | 6% | 19% |
1 Calculated based on average shares outstanding.
2 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months.
3 The acquired fund fees and expenses were 0.09%.
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.
107
Institutional Developed Markets Index Fund
Notes to Financial Statements
Vanguard Institutional Developed Markets Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund seeks to match the performance of its target index by investing in the European and Pacific Stock Index Funds. The fund’s indirect investments in foreign securities involve investment risks not normally associated with investing in securities of U.S. corporations.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended October 31, 2005–2008), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Other: Income and capital gain distributions received are recorded on the ex-dividend 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.
B. Under a service agreement, The Vanguard Group furnishes investment advisory, corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the year ended October 31, 2008, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
For tax purposes, at October 31, 2008, the fund had $1,409,000 of ordinary income available for distribution. The fund had available realized losses of $8,141,000 to offset future net capital gains through October 31, 2011.
At October 31, 2008, the cost of investment securities for tax purposes was $4,993,237,000. Net unrealized depreciation of investment securities for tax purposes was $1,333,914,000, consisting entirely of unrealized losses on securities that had fallen in value since their purchase.
D. During the year ended October 31, 2008, the fund purchased $2,219,370,000 of investment securities and sold $821,024,000 of investment securities, other than temporary cash investments.
108
Institutional Developed Markets Index Fund
E. Capital shares issued and redeemed were:
| Year Ended October 31, | |
| 2008 | 2007 |
| Shares | Shares |
| (000) | (000) |
Issued | 213,601 | 121,169 |
Issued in Lieu of Cash Distributions | 8,811 | 6,351 |
Redeemed | (95,151) | (81,220) |
Net Increase (Decrease) in Shares Outstanding | 127,261 | 46,300 |
F. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements.
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing 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).
At October 31, 2008, 100% of the fund’s investments were valued based on Level 1 inputs.
109
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard European Stock Index Fund, Vanguard Pacific Stock Index Fund, Vanguard Emerging Markets Stock Index Fund, Vanguard Developed Markets Index Fund and Vanguard Institutional Developed Markets Index Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard European Stock Index Fund, Vanguard Pacific Stock Index Fund, Vanguard Emerging Markets Stock Index Fund, Vanguard Developed Markets Index Fund and Vanguard Institutional Developed Markets Index Fund (separate portfolios of Vanguard International Equity Index Funds, hereafter referred to as the “Funds”) at October 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodians and brokers, and by agreement to the underlying ownership records of the Vanguard funds, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2008
Special 2008 tax information (unaudited) for Vanguard European Stock Index Fund |
This information for the fiscal year ended October 31, 2008, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $1,082,542,000 of qualified dividend income to shareholders during the fiscal year.
The fund will pass through to shareholders foreign source income of $1,293,621,000 and foreign taxes paid of $75,188,000. The pass-through of foreign taxes paid will affect only shareholders on the dividend record date in December 2008. Shareholders will receive more detailed information along with their Form 1099-DIV in January 2009.
110
Special 2008 tax information (unaudited) for Vanguard Pacific Stock Index Fund |
This information for the fiscal year ended October 31, 2008, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $228,642,000 of qualified dividend income to shareholders during the fiscal year.
The fund will pass through to shareholders foreign source income of $377,281,000 and foreign taxes paid of $16,059,000. The pass-through of foreign taxes paid will affect only shareholders on the dividend record date in December 2008. Shareholders will receive more detailed information along with their Form 1099-DIV in January 2009.
Special 2008 tax information (unaudited) for Vanguard Emerging Markets Stock Index Fund |
This information for the fiscal year ended October 31, 2008, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $264,663,000 of qualified dividend income to shareholders during the fiscal year.
The fund will pass through to shareholders foreign source income of $712,123,000 and foreign taxes paid of $59,213,000. The pass-through of foreign taxes paid will affect only shareholders on the dividend record date in December 2008. Shareholders will receive more detailed information along with their Form 1099-DIV in January 2009.
Special 2008 tax information (unaudited) for Vanguard Developed Markets Index Fund |
This information for the fiscal year ended October 31, 2008, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $7,000 as capital gain dividends (from net long-term capital gains) to shareholders during the fiscal year.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund are qualified short-term capital gains.
The fund distributed $82,020,000 of qualified dividend income to shareholders during the fiscal year.
Special 2008 tax information (unaudited) for Vanguard Institutional Developed Markets |
Index Fund |
This information for the fiscal year ended October 31, 2008, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $105,483,000 of qualified dividend income to shareholders during the fiscal year.
111
Your Fund’s After-Tax Returns
This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2008. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.
Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.
Average Annual Total Returns: International Stock Index Funds |
|
|
|
Periods Ended October 31, 2008 |
|
|
|
| One | Five | Ten |
| Year | Years | Years |
European Stock Index Fund Investor Shares1 |
|
|
|
Returns Before Taxes | –47.80% | 4.57% | 1.69% |
Returns After Taxes on Distributions | –48.04 | 4.16 | 1.12 |
Returns After Taxes on Distributions and Sale of Fund Shares | –30.39 | 4.02 | 1.32 |
|
|
|
|
Pacific Stock Index Fund Investor Shares1 |
|
|
|
Returns Before Taxes | –42.71% | 2.17% | 2.16% |
Returns After Taxes on Distributions | –42.99 | 1.80 | 1.82 |
Returns After Taxes on Distributions and Sale of Fund Shares | –27.35 | 1.87 | 1.76 |
|
|
|
|
Emerging Markets Stock Index Fund Investor Shares2 |
|
|
|
Returns Before Taxes | –56.88% | 8.94% | 9.19% |
Returns After Taxes on Distributions | –57.00 | 8.69 | 8.61 |
Returns After Taxes on Distributions and Sale of Fund Shares | –36.59 | 7.86 | 7.89 |
1 Total returns do not reflect the 0.25% transaction fee on purchases through March 31, 2000; the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months; or the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Performance figures are adjusted for the 0.25% (0.50% prior to June 26, 2008) transaction fee on purchases and redemptions. Total returns do not reflect the 2% fee assessed until March 23, 2005, on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or the account service fee that may be applicable to certain accounts with balances below $10,000.
112
Average Annual Total Returns: International Stock Index Funds |
|
|
|
Periods Ended October 31, 2008 |
|
|
|
| One | Five | Ten |
| Year | Years | Years |
Developed Markets Index Fund1 |
|
|
|
Returns Before Taxes | –46.24% | 3.84% | –0.97%2 |
Returns After Taxes on Distributions | –46.54 | 3.37 | –1.492 |
Returns After Taxes on Distributions and Sale of Fund Shares | –29.51 | 3.27 | –0.962 |
|
|
|
|
Institutional Developed Markets Index Fund1 |
|
|
|
Returns Before Taxes | –46.12% | 4.01% | –0.94%2 |
Returns After Taxes on Distributions | –46.43 | 3.51 | –1.492 |
Returns After Taxes on Distributions and Sale of Fund Shares | –29.43 | 3.41 | –0.952 |
1 Total returns do not reflect the 2% fee assessed on redemptions of shares purchased on or after June 27, 2003, and held for less than two months, or for the Developed Markets Index Fund, the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Returns since inception. Inception dates are May 8, 2000, for the Developed Markets Index Fund and June 1, 2000, for the Institutional Developed Markets Index Fund.
113
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A typical fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. “Funds of funds,” such as the Developed Markets Index Fund and Institutional Developed Markets Index Fund, have no direct expenses, but each fund bears its proportionate share of the expenses of the underlying funds in which it invests. These indirect expenses make up the fund’s acquired fund fees and expenses, also expressed as a percentage of average net assets.
The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs are calculated using each fund’s acquired fund fees and expenses.
The accompanying tables illustrate your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include the transaction fees or the account service fee described in the prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
114
Six Months Ended October 31, 2008 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
International Stock Index Fund | 4/30/2008 | 10/31/2008 | Period1 |
Based on Actual Fund Return |
|
|
|
European |
|
|
|
Investor Shares | $1,000.00 | $578.84 | $0.96 |
Admiral Shares | 1,000.00 | 579.32 | 0.52 |
Signal Shares | 1,000.00 | 579.33 | 0.52 |
Institutional Shares | 1,000.00 | 579.39 | 0.36 |
ETF Shares | 1,000.00 | 579.41 | 0.44 |
Pacific |
|
|
|
Investor Shares | $1,000.00 | $633.68 | $0.99 |
Admiral Shares | 1,000.00 | 634.09 | 0.54 |
Signal Shares | 1,000.00 | 634.16 | 0.54 |
Institutional Shares | 1,000.00 | 634.26 | 0.37 |
ETF Shares | 1,000.00 | 634.23 | 0.45 |
Emerging Markets |
|
|
|
Investor Shares2 | $1,000.00 | $488.61 | $1.16 |
Admiral Shares2 | 1,000.00 | 488.75 | 0.71 |
Signal Shares2 | 1,000.00 | 488.68 | 0.75 |
Institutional Shares2 | 1,000.00 | 488.80 | 0.53 |
ETF Shares | 1,000.00 | 488.78 | 0.75 |
Developed Markets | $1,000.00 | $595.57 | $0.88 |
Institutional Developed Markets | $1,000.00 | $596.76 | $0.36 |
1 These calculations are based on expenses incurred in the most recent six-month period, except for the two “funds of funds,” for which calculations are based on the acquired fund fees and expenses charged by the underlying mutual funds in which the funds of funds invest. The funds of funds’ annualized expense figures for the same period are 0.22% for the Developed Markets Index Fund and 0.09% for the Institutional Developed Markets Index Fund. The annualized six-month expense ratios for the European, Pacific, and Emerging Markets funds are as follows: European Stock Index Fund—0.24% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares; Pacific Stock Index Fund—0.24% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares and Emerging Markets Stock Index Fund—0.31% for Investor Shares, 0.19% for Admiral Shares, 0.20% for Signal Shares, 0.14% for Institutional Shares, and 0.20% for ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
2 Calculations do not reflect the fund’s 0.25% (0.50% prior to June 26, 2008) purchase fee, which is deducted from all purchases (including exchanges from other Vanguard funds) but not from reinvested dividends and capital gains.
115
Six Months Ended October 31, 2008 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
International Stock Index Fund | 4/30/2008 | 10/31/2008 | Period1 |
Based on Hypothetical 5% Yearly Return |
|
|
|
European |
|
|
|
Investor Shares | $1,000.00 | $1,025.08 | $0.12 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
Signal Shares | 1,000.00 | 1,024.55 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.75 | 0.46 |
ETF Shares | 1,000.00 | 1,024.65 | 0.56 |
Pacific |
|
|
|
Investor Shares | $1,000.00 | $1,024.00 | $1.22 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
Signal Shares | 1,000.00 | 1,024.55 | 0.66 |
Institutional Shares | 1,000.00 | 1,024.75 | 0.46 |
ETF Shares | 1,000.00 | 1,024.65 | 0.56 |
Emerging Markets |
|
|
|
Investor Shares2 | $1,000.00 | $1,023.64 | $1.58 |
Admiral Shares2 | 1,000.00 | 1,024.25 | 0.97 |
Signal Shares2 | 1,000.00 | 1,024.20 | 1.02 |
Institutional Shares2 | 1,000.00 | 1,024.50 | 0.71 |
ETF Shares | 1,000.00 | 1,024.20 | 1.02 |
Developed Markets | $1,000.00 | $1,024.10 | $1.12 |
Institutional Developed Markets | $1,000.00 | $1,024.75 | $0.46 |
1 These calculations are based on expenses incurred in the most recent six-month period, except for the two “funds of funds,” for which calculations are based on the acquired fund fees and expenses charged by the underlying mutual funds in which the funds of funds invest. The funds of funds’ annualized expense figures for the same period are 0.22% for the Developed Markets Index Fund and 0.09% for the Institutional Developed Markets Index Fund. The annualized six-month expense ratios for the European, Pacific, and Emerging Markets funds are as follows: European Stock Index Fund—0.24% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares; Pacific Stock Index Fund—0.24% for Investor Shares, 0.13% for Admiral Shares, 0.13% for Signal Shares, 0.09% for Institutional Shares, and 0.11% for ETF Shares and Emerging Markets Stock Index Fund—0.31% for Investor Shares, 0.19% for Admiral Shares, 0.20% for Signal Shares, 0.14% for Institutional Shares, and 0.20% for ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
2 Calculations do not reflect the fund’s 0.25% (0.50% prior to June 26, 2008) purchase fee, which is deducted from all purchases (including exchanges from other Vanguard funds) but not from reinvested dividends and capital gains.
116
Glossary
Acquired Fund Fees and Expenses. Funds that invest in other Vanguard funds incur no direct expenses, but they do bear proportionate shares of the operating, administrative, and advisory expenses of the underlying funds, and they must pay any fees charged by those funds. The figure for acquired fund fees and expenses represents a weighted average of these underlying costs. Acquired is a term that the Securities and Exchange Commission applies to any mutual fund whose shares are owned by another fund.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
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117
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Chairman of the Board and Trustee | |
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John J. Brennan1 |
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Born 1954 | Principal Occupation(s) During the Past Five Years: Chairman of the Board and Director/ |
Trustee Since May 1987; | Trustee of The Vanguard Group, Inc., and of each of the investment companies served |
Chairman of the Board | by The Vanguard Group; Chief Executive Officer and President of The Vanguard Group |
156 Vanguard Funds Overseen | and of each of the investment companies served by The Vanguard Group (1996–2008). |
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Independent Trustees |
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Charles D. Ellis |
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Born 1937 | Principal Occupation(s) During the Past Five Years: Applecore Partners (pro bono ventures |
Trustee Since January 2001 | in education); Senior Advisor to Greenwich Associates (international business strategy |
156 Vanguard Funds Overseen | consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business |
| at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
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Emerson U. Fullwood |
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Born 1948 | Principal Occupation(s) During the Past Five Years: Executive Chief Staff and Marketing |
Trustee Since January 2008 | Officer for North America since 2004 and Corporate Vice President of Xerox Corporation |
156 Vanguard Funds Overseen | (photocopiers and printers); Director of SPX Corporation (multi-industry manufacturing), |
| of the United Way of Rochester, and of the Boy Scouts of America. |
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Rajiv L. Gupta |
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Born 1945 | Principal Occupation(s) During the Past Five Years: Chairman, President, and |
Trustee Since December 20012 | Chief Executive Officer of Rohm and Haas Co. (chemicals); Board Member of |
156 Vanguard Funds Overseen | the American Chemistry Council; Director of Tyco International, Ltd. (diversified |
| manufacturing and services), since 2005. |
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Amy Gutmann |
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Born 1949 | Principal Occupation(s) During the Past Five Years: President of the University of |
Trustee Since June 2006 | Pennsylvania since 2004; Professor in the School of Arts and Sciences, Annenberg School |
156 Vanguard Funds Overseen | for Communication, and Graduate School of Education of the University of Pennsylvania |
| since 2004; Provost (2001–2004) and Laurance S. Rockefeller Professor of Politics and |
| the University Center for Human Values (1990–2004), Princeton University; Director of |
| Carnegie Corporation of New York since 2005 and of Schuylkill River Development |
| Corporation and Greater Philadelphia Chamber of Commerce since 2004; Trustee of |
| the National Constitution Center since 2007. |
JoAnn Heffernan Heisen |
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Born 1950 | Principal Occupation(s) During the Past Five Years: Corporate Vice President and |
Trustee Since July 1998 | Chief Global Diversity Officer since 2006, Vice President and Chief Information |
156 Vanguard Funds Overseen | Officer (1997–2005), and Member of the Executive Committee of Johnson & |
| Johnson (pharmaceuticals/consumer products); Director of the University Medical |
| Center at Princeton and Women’s Research and Education Institute. |
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André F. Perold |
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Born 1952 | Principal Occupation(s) During the Past Five Years: George Gund Professor of Finance |
Trustee Since December 2004 | and Banking, Harvard Business School; Senior Associate Dean and Director of Faculty |
156 Vanguard Funds Overseen | Recruiting, Harvard Business School; Director and Chairman of UNX, Inc. (equities |
| trading firm); Chair of the Investment Committee of HighVista Strategies LLC (private |
| investment firm) since 2005. |
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Alfred M. Rankin, Jr. |
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Born 1941 | Principal Occupation(s) During the Past Five Years: Chairman, President, Chief Executive |
Trustee Since January 1993 | Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director |
156 Vanguard Funds Overseen | of Goodrich Corporation (industrial products/aircraft systems and services). |
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J. Lawrence Wilson |
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Born 1936 | Principal Occupation(s) During the Past Five Years: Retired Chairman and Chief Executive |
Trustee Since April 1985 | Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines) and |
156 Vanguard Funds Overseen | AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University |
| and of Culver Educational Foundation. |
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Executive Officers1 |
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Thomas J. Higgins |
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Born 1957 | Principal Occupation(s) During the Past Five Years: Principal of The Vanguard Group, Inc.; |
Chief Financial Officer | Treasurer of each of the investment companies served by The Vanguard Group; Chief |
Since September 2008 | Financial Officer of each of the investment companies served by The Vanguard |
Treasurer Since July 1998 | Group since 2008. |
156 Vanguard Funds Overseen |
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F. William McNabb III |
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Born 1957 | Principal Occupation(s) During the Past Five Years: Chief Executive Officer, Director, |
Chief Executive Officer | and President of The Vanguard Group, Inc., since 2008; Chief Executive Officer and |
Since August 31, 2008 | President of each of the investment companies served by The Vanguard Group since |
President Since March 2008 | 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard |
156 Vanguard Funds Overseen | Group (1995–2008). |
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Heidi Stam |
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Born 1956 | Principal Occupation(s) During the Past Five Years: Managing Director of The Vanguard |
Secretary Since July 2005 | Group, Inc., since 2006; General Counsel of The Vanguard Group since 2005; Secretary of |
156 Vanguard Funds Overseen | The Vanguard Group and of each of the investment companies served by The Vanguard |
| Group since 2005; Director and Senior Vice President of Vanguard Marketing Corporation |
| since 2005; Principal of The Vanguard Group (1997–2006). |
Vanguard Senior Management Team |
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R. Gregory Barton | Kathleen C. Gubanich | Michael S. Miller | Ralph K. Packard | George U. Sauter |
Mortimer J. Buckley | Paul A. Heller | James M. Norris | Glenn W. Reed |
|
Founder |
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John C. Bogle |
Chairman and Chief Executive Officer, 1974–1996 |
1 | These individuals are “interested persons” as defined in the Investment Company Act of 1940. |
2 | December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
| |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > www.vanguard.com
Fund Information > 800-662-7447 | All comparative mutual fund data are from Lipper Inc. |
| or Morningstar, Inc., unless otherwise noted. |
Direct Investor Account Services > 800-662-2739 |
|
|
|
Institutional Investor Services > 800-523-1036 | You can obtain a free copy of Vanguard’s proxy voting |
| guidelines by visiting our website, www.vanguard.com, |
Text Telephone for People | and searching for “proxy voting guidelines,” or by |
With Hearing Impairment > 800-952-3335 | calling Vanguard at 800-662-2739. The guidelines are |
| also available from the SEC’s website, www.sec.gov. |
| In addition, you may obtain a free report on how your |
| fund voted the proxies for securities it owned during |
This material may be used in conjunction | the 12 months ended June 30. To get the report, visit |
with the offering of shares of any Vanguard | either www.vanguard.com or www.sec.gov. |
fund only if preceded or accompanied by |
|
the fund’s current prospectus. |
|
| You can review and copy information about your fund |
| at the SEC’s Public Reference Room in Washington, D.C. |
The funds or securities referred to herein are not | To find out more about this public service, call the SEC |
sponsored, endorsed, or promoted by MSCI, and MSCI | at 202-551-8090. Information about your fund is also |
bears no liability with respect to any such funds or | available on the SEC’s website, and you can receive |
securities. For any such funds or securities, the | copies of this information, for a fee, by sending a |
prospectus or the Statement of Additional Information | request in either of two ways: via e-mail addressed to |
contains a more detailed description of the limited | publicinfo@sec.gov or via regular mail addressed to the |
relationship MSCI has with The Vanguard Group and | Public Reference Section, Securities and Exchange |
any related funds. | Commission, Washington, DC 20549-0102. |
|
|
Russell is a trademark of The Frank Russell Company. |
|
|
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S&P ® is the trademark of The McGraw-Hill |
|
Companies, Inc., and has been licensed for use |
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by The Vanguard Group, Inc. Vanguard mutual funds |
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are not sponsored, endorsed, sold, or promoted by |
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Standard & Poor’s, and Standard & Poor’s makes no |
|
representation regarding the advisability of investing |
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in the funds. |
|
| © 2008 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
|
|
| Q720 122008 |
> | From their inception on June 26, 2008, through October 31, 2008, Investor Shares of Vanguard Total World Stock Index Fund declined –31.45%. |
> | The time period was a tumultuous one, as credit problems that had started in the United States reverberated globally. |
> | The fund provides market-capitalization-weighted exposure to developed and emerging markets around the world. All of these regions turned in negative results for the period. |
Contents |
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Your Fund’s Total Returns | 1 |
President’s Letter | 2 |
Fund Profile | 7 |
Performance Summary | 9 |
Financial Statements | 11 |
Trustees Approve Advisory Arrangement | 45 |
Glossary | 46 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Total Returns
Periods Ended October 31, 2008 |
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| Return Since |
| Ticker | Share-Class |
| Symbols | Inception |
Vanguard Total World Stock Index Fund Investor Shares (Inception 6/26/2008) | VTWSX | –31.45% |
FTSE All-World Index |
| –33.03 |
Average Global Fund1 |
| –31.80 |
|
|
|
Vanguard Total World Stock Index Fund Institutional Shares2 (Inception 10/09/2008) | VTWIX | 2.72% |
FTSE All-World Index |
| –1.09 |
Average Global Fund1 |
| 2.72 |
|
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|
Vanguard Total World Stock Index Fund ETF Shares3 (Inception 6/24/2008) | VT |
|
Market Price |
| –31.23% |
Net Asset Value |
| –32.47 |
FTSE All-World Index |
| –33.67 |
Average Global Fund1 |
| –32.83 |
Your Fund’s Performance at a Glance |
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Inception Through October 31, 2008 |
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| Distributions Per Share | |
| Share Price | Ending | Income | Capital |
| at Inception | Share Price | Dividends | Gains |
Vanguard Total World Stock Index Fund |
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|
|
|
Investor Shares | $20.00 | $13.71 | $0.000 | $0.000 |
Institutional Shares | 66.81 | 68.63 | 0.000 | 0.000 |
ETF Shares | 49.74 | 33.59 | 0.000 | 0.000 |
1 Derived from data provided by Lipper Inc.
2 This class of shares carries lower expenses and is available for a minimum initial investment of $5 million.
3 Vanguard ETF™ Shares are traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.
1
President’s Letter
Dear Shareholder,
Vanguard Total World Stock Index Fund opened its Investor and ETF share classes to investors in late June 2008. The fund introduced a new class of Institutional Shares in early October. I’m pleased to submit the fund’s first “annual report” for this partial year.
The fund is designed to closely track the FTSE All-World Index, a measure of global stock markets that includes about 2,900 stocks. The fund and index provide exposure to U.S. stocks, developed international markets, and emerging markets, with each weighted in proportion to its market value. The fund made its debut during an unsettled time in the financial markets. Since inception, Vanguard Total World Stock Index Fund Investor Shares have returned –31.45%.
Stock prices fell sharply in a global upheaval
Although the fund began operations in June, we provide a brief overview of the investment environment during the fiscal year ended October 31, 2008. Global stock markets started the 12-month period near all-time highs, but then declined sharply, laid low by the financial crisis that originated in the fixed income markets. The descent traced a series of jagged ups and downs. During the week ended October 10, for example, the U.S. stock market returned about –18%. When Wall Street opened the following Monday, stocks surged, returning more than 10% over the next six and a half hours.
2
For the full 12 months, the broad U.S. stock market returned –36.43%; international stocks returned –48.27%. The pain was especially acute in emerging markets—among the strongest performers in recent years—as investors became increasingly risk-averse.
Bond market averages masked disparate returns
The broad U.S. taxable bond market registered an unremarkable return of 0.30% for the 12 months, but by its own typically sedate standards, the dislocations were extreme. The strong performance of U.S. Treasury and government securities was offset by double-digit declines in the corporate bond market. These dynamics led to unusually large differences between the yields of Treasuries and their corresponding private-sector securities—both a reflection and a cause of the credit market’s distress. Despite their generally high creditworth-iness, municipal bonds also fell in price, with the broad tax-exempt market registering a 12-month return of –3.30%.
The U.S. Federal Reserve Board responded to the turmoil with new lending programs and a dramatic easing of monetary policy. Over the full 12 months, the Fed reduced its target for the federal funds rate from 4.50% to 1.00%.
Index returns were hurt by foreign and domestic stocks alike
Over the four months from their inception through October 31, the Investor Shares of Vanguard Total World Stock Index Fund
Market Barometer |
| ||
| Average Annual Total Returns | ||
| Periods Ended October 31, 2008 | ||
| One Year | Three Years | Five Years |
Stocks |
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|
MSCI All Country World Index ex USA (International) | –48.27% | –3.93% | 5.05% |
Russell 1000 Index (Large-caps) | –36.80 | –5.51 | 0.37 |
Russell 2000 Index (Small-caps) | –34.16 | –4.79 | 1.57 |
Dow Jones Wilshire 5000 Index (Entire market) | –36.43 | –5.10 | 0.81 |
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Bonds |
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Lehman U.S. Aggregate Bond Index (Broad taxable market) | 0.30% | 3.60% | 3.48% |
Lehman Municipal Bond Index | –3.30 | 1.71 | 2.73 |
Citigroup 3-Month Treasury Bill Index | 2.31 | 3.93 | 3.10 |
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CPI |
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Consumer Price Index | 3.66% | 2.83% | 3.20% |
3
returned –31.45%, declining slightly less than the benchmark. The apparent discrepancy between fund and index returns reflected fair-value pricing and, to a lesser extent, fund costs. The fund relies on fair-value pricing to account for any changes in the portfolio’s market value that occur after the close of international markets but before the fund’s U.S. close at 4 p.m., Eastern time. These discrepancies typically disappear when the international markets reopen.
It was hard to find a bright spot for the index during the period; all regions and all sectors posted negative results. Financial stocks—which were down across the board because of the global credit crunch—accounted for about 20% of the index’s holdings during the period. The sector subtracted almost 9 percentage points from the index’s return, as commercial banks and insurance companies registered especially weak performances. The index’s energy holdings also weighed on returns. Oil companies were down both domestically and abroad, as global demand for oil decreased and prices dropped significantly.
Consistent with the value of their stock markets, North America’s developed economies, principally the United States, accounted for the index’s heaviest regional weighting—about 47%, on average, during the period. Although North American markets held up somewhat better than the rest of the globe, their losses were steep, and their heavy weighting made them one of the index’s largest detractors, with the biggest losses coming from financials, energy, and information technology stocks.
Expense Ratios1 |
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Your Fund Compared With Its Peer Group |
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| Investor | Institutional | ETF | Average |
| Shares | Shares | Shares | Global Fund |
Total World Stock Index Fund | 0.45% | 0.20% | 0.25% | 1.49% |
1 The fund expense ratios shown are from the prospectuses dated June 17, 2008, and were based on estimated expenses. For the fiscal period ended October 31, 2008, the annualized expense ratios were 0.46% for Investor Shares, 0.20% for Institutional Shares, and 0.29% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2007.
4
Europe represented the fund’s—and the index’s—second-largest exposure (about 29%, on average, during the period), with the United Kingdom constituting the largest country weighting there. The index also had sizable weightings in French, German, and Swiss companies. The European countries took a substantial toll on the fund’s performance, delivering weaker returns than their North American counterparts, mostly because of hard-hit financial and materials holdings.
The Pacific region represented the fund’s third-largest geographical exposure. The developed countries in this region, in particular Japan and Australia, also suffered because of downturns in banks and materials companies.
Emerging markets accounted for a relatively small proportion of the fund’s value—less than 10% of assets, on average, during the period—but their returns were among the globe’s most disappointing. Many of these natural-resource-rich markets were hurt by the swift decline in commodity prices, and emerging markets as a group paid a price for investors’ shrinking appetite for risk during the period.
Long-term perspective is key despite market conditions
The past 12 months have been a difficult time for investors globally. As both domestic and foreign stocks continued to struggle, the Total World Stock Index Fund was no stranger to the markets’ upheavals, and posted a decidedly weak return for the partial fiscal period.
Although the fund’s four-month return was certainly less than impressive, this limited time period provides little meaningful information about the fund’s potential or the promise of its investment strategy, especially given the unusual volatility in the global stock market throughout the fund’s existence. We’re confident that, over the long-term, the Total World Stock Index Fund will benefit from its diverse mix of stocks from all over the globe, its low expense ratio, and the skill of its experienced index advisor, Vanguard Quantitative Equity Group.
For these reasons, we believe that the Total World Stock Index Fund is an excellent choice to help balance your investment portfolio.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
President and Chief Executive Officer
November 18, 2008
5
Vanguard Total World Stock Index Fund ETF | ||||
Premium/Discount: June 24, 20081 –October 31, 2008 | ||||
| Market Price Above or | Market Price Below | ||
| Equal to Net Asset Value |
| Net Asset Value | |
| Number | Percentage | Number | Percentage |
Basis Point Differential2 | of Days | of Total Days | of Days | of Total Days |
0–24.9 | 17 | 18.28% | 1 | 1.08% |
25–49.9 | 22 | 23.66 | 0 | 0.00 |
50–74.9 | 16 | 17.20 | 1 | 1.08 |
75–100.0 | 10 | 10.75 | 0 | 0.00 |
>100.0 | 25 | 26.87 | 1 | 1.08 |
Total | 90 | 96.76% | 3 | 3.24% |
1 Inception
2 One basis point equals 1/100 of a percentage point.
6
Total World Stock Index Fund
Fund Profile
As of October 31, 2008
Portfolio Characteristics |
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| Target |
| Fund | Index1 |
Number of Stocks | 2,065 | 2,873 |
Turnover Rate | 5% | — |
Expense Ratio2 |
| — |
Investor Shares | 0.45% |
|
Institutional Shares | 0.20% |
|
ETF Shares | 0.25% |
|
Short-Term Reserves | 1.6% | — |
Sector Diversification (% of equity exposure) | ||
|
| Target |
| Fund | Index1 |
Consumer Discretionary | 8.8% | 8.8% |
Consumer Staples | 11.0 | 10.7 |
Energy | 11.4 | 11.7 |
Financials | 20.7 | 20.9 |
Health Care | 10.2 | 10.3 |
Industrials | 10.1 | 10.1 |
Information Technology | 10.6 | 10.6 |
Materials | 6.0 | 6.3 |
Telecommunication |
|
|
Services | 5.6 | 5.5 |
Utilities | 5.6 | 5.1 |
Ten Largest Holdings3 (% of total net assets) | ||
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ExxonMobil Corp. | integrated oil |
|
| and gas | 1.9% |
General Electric Co. | industrial |
|
| conglomerates | 1.0 |
Microsoft Corp. | systems software | 1.0 |
The Procter & Gamble Co. | household products | 1.0 |
Johnson & Johnson | pharmaceuticals | 0.9 |
Royal Dutch Shell PLC | integrated oil |
|
| and gas | 0.8 |
Wal-Mart Stores, Inc. | hypermarkets |
|
| and supercenters | 0.8 |
AT&T Inc. | integrated |
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| telecommunication |
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| services | 0.8 |
Chevron Corp. | integrated oil |
|
| and gas | 0.8 |
BP PLC | integrated oil |
|
| and gas | 0.8 |
Top Ten |
| 9.8% |
Allocation by Region (% of equity exposure)
1 FTSE All-World Index.
2 The expense ratios shown are from the prospectuses dated June 17, 2008, and were based on estimated expenses. For the fiscal period ended October 31, 2008, the annualized expense ratios were 0.46% for Investor Shares, 0.20% for Institutional Shares, and 0.29% for ETF Shares.
3 The holdings listed exclude any temporary cash investments and equity index products.
For explanations of investment terms used here, see the Glossary.
7
Total World Stock Index Fund
Market Diversification (% of equity exposure) | ||
|
| Target |
| Fund | Index1 |
Europe |
|
|
United Kingdom | 8.7% | 8.6% |
France | 4.6 | 4.8 |
Switzerland | 3.5 | 3.4 |
Germany | 3.5 | 3.5 |
Spain | 1.8 | 1.8 |
Italy | 1.5 | 1.5 |
Netherlands | 1.0 | 0.9 |
Other European Markets | 3.2 | 3.0 |
Subtotal | 27.8% | 27.5% |
Pacific |
|
|
Japan | 9.2% | 9.1% |
Australia | 2.5 | 2.5 |
Hong Kong | 1.2 | 1.0 |
Other Pacific Markets | 0.6 | 0.5 |
Subtotal | 13.5% | 13.1% |
Emerging Markets |
|
|
South Korea | 1.4% | 1.4% |
Brazil | 1.2 | 1.4 |
China | 1.2 | 1.4 |
Taiwan | 1.2 | 1.2 |
Other Emerging Markets | 4.7 | 4.7 |
Subtotal | 9.7% | 10.1% |
North America |
|
|
United States | 45.8% | 46.2% |
Canada | 3.2 | 3.1 |
Subtotal | 49.0% | 49.3% |
1 FTSE All-World Index.
8
Total World Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Returns: Inception Through October 31, 2008 |
|
| |
| Total Returns |
| |
| Periods Ended October 31, 2008 |
| |
|
| Final Value of | |
| Since | a $10,000 | |
| Inception1 | Investment | |
Total World Stock Index Fund Investor Shares2,3 | –31.62% | $6,838 | |
FTSE All-World Index | –33.03 | 6,697 | |
Average Global Fund4 | –31.80 | 6,820 | |
|
|
| |
|
| Final Value of | |
| Since | a $5,000,000 | |
| Inception1 | Investment | |
Total World Stock Index Fund Institutional Shares5 | 0.42% | $5,021,155 | |
FTSE All-World Index | –1.09 | 4,945,509 | |
|
|
| |
|
| Final Value of | |
| Since | a $10,000 | |
| Inception1 | Investment | |
Total World Stock Index Fund ETF Shares Net Asset Value | –32.47% | $6,753 | |
FTSE All-World Index | –33.67 | 6,633 | |
Cumulative Returns—ETF Shares: June 24, 2008–October 31, 2008 |
|
| Cumulative |
| Since Inception1 |
Total World Stock Index Fund ETF Shares Market Price | –31.23% |
Total World Stock Index Fund ETF Shares Net Asset Value | –32.47 |
FTSE All-World Index | –33.67 |
1 Performance for the fund and its comparative standards is calculated since the following inception dates: June 26, 2008, for the Investor Shares, October 9, 2008, for the Institutional Shares, and June 24, 2008, for the ETF Shares.
2 Performance figures are adjusted for the 0.25% transaction fee on purchases but do not reflect the 2% fee assessed on redemptions of shares held for less than two months.
3 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Derived from data provided by Lipper Inc.
5 Performance figures are adjusted for the 0.25% transaction fee on purchases and the 2% fee assessed on redemptions of shares held for less than two months.
9
Total World Stock Index Fund
Fiscal-Year Total Returns (%): June 26, 2008–October 31, 2008
Total Returns: Periods Ended September 30, 20082
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception | Since |
| Date | Inception |
Total World Stock Index Fund |
|
|
Investor Shares3 | 6/26/2008 | –14.60% |
Fee-Adjusted Returns4 |
| –14.81 |
ETF Shares | 6/24/2008 |
|
Market Price |
| –12.70% |
Net Asset Value |
| –15.86 |
1 Since the Investor Shares’ inception on June 26, 2008.
2 Table does not include the Institutional Share class because its inception date is after September 30, 2008.
3 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Performance figures are adjusted for the 0.25% transaction fee on purchases but do not reflect the 2% fee assessed on redemptions of shares held for less than two months.
Note: See Financial Highlights tables for dividend and capital gains information.
10
Total World Stock Index Fund
Financial Statements
Statement of Net Assets
As of October 31, 2008
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
| Market |
|
| Value• |
| Shares | ($000) |
Common Stocks (98.3%) |
|
|
Argentina (0.0%) |
|
|
Tenaris SA ADR | 3,502 | 72 |
|
|
|
Australia (2.5%) |
|
|
BHP Billiton Ltd. | 27,097 | 521 |
Commonwealth Bank |
|
|
of Australia | 10,437 | 285 |
National Australia Bank Ltd. | 14,178 | 230 |
Westpac Banking Corp., Ltd. | 15,908 | 218 |
Australia & New Zealand |
|
|
Bank Group Ltd. | 17,856 | 209 |
Woolworths Ltd. | 10,140 | 189 |
Westfield Group | 15,816 | 175 |
Rio Tinto Ltd. | 2,808 | 145 |
QBE Insurance Group Ltd. | 8,330 | 142 |
Woodside Petroleum Ltd. | 3,983 | 113 |
CSL Ltd. | 4,377 | 106 |
Telstra Corp. Ltd. | 35,274 | 97 |
St. George Bank Ltd. | 4,608 | 86 |
Origin Energy Ltd. | 7,535 | 79 |
Brambles Ltd. | 14,688 | 78 |
Wesfarmers Ltd. | 5,267 | 76 |
Foster’s Group Ltd. | 16,042 | 61 |
Macquarie Group, Ltd. | 2,609 | 52 |
Newcrest Mining Ltd. | 3,745 | 51 |
AMP Ltd. | 13,199 | 48 |
Computershare Ltd. | 7,837 | 44 |
Santos Ltd. | 4,673 | 42 |
Orica Ltd. | 3,150 | 41 |
Suncorp-Metway Ltd. | 6,874 | 37 |
Stockland | 13,431 | 36 |
Perpetual Trustees |
|
|
Australia Ltd. | 1,530 | 36 |
Transurban Group | 9,809 | 35 |
Insurance Australia |
|
|
Group Ltd. | 13,756 | 35 |
Oil Search Ltd. | 11,305 | 34 |
Wesfarmers, Ltd. Price |
|
|
Protected Shares | 2,295 | 33 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Fortescue Metals |
|
|
| Group Ltd. | 16,390 | 32 |
| Sonic Healthcare Ltd. | 3,326 | 30 |
| Coca-Cola Amatil Ltd. | 5,481 | 30 |
| Amcor Ltd. | 7,622 | 29 |
| Incitec Pivot Ltd. | 9,860 | 26 |
| AGL Energy Ltd. | 2,725 | 26 |
| OneSteel Ltd. | 10,642 | 24 |
| Leighton Holdings Ltd. | 1,445 | 24 |
| AXA Asia Pacific |
|
|
| Holdings Ltd. | 7,757 | 23 |
| BlueScope Steel Ltd. | 7,684 | 23 |
| Alumina Ltd. | 14,365 | 20 |
| Australian Stock |
|
|
| Exchange Ltd. | 936 | 19 |
| WorleyParsons Ltd. | 1,853 | 19 |
| CSR Ltd. | 12,455 | 18 |
| Macquarie |
|
|
| Infrastructure Group | 13,073 | 17 |
| Bendigo Bank Ltd. | 1,924 | 17 |
| OZ Minerals Ltd. | 25,527 | 16 |
| James Hardie Industries NV | 5,478 | 16 |
| Nufarm Ltd. | 2,085 | 15 |
| Tatt’s Group, Ltd. | 8,921 | 15 |
| Aristocrat Leisure Ltd. | 5,593 | 14 |
| Metcash Ltd. | 5,163 | 14 |
| Lion Nathan Ltd. | 2,123 | 13 |
| CFS Gandel Retail Trust | 8,902 | 12 |
| Toll Holdings Ltd. | 2,951 | 12 |
| Lend Lease Corp. | 2,517 | 12 |
| Crown Ltd. | 2,509 | 11 |
| Tabcorp Holdings Ltd. | 2,442 | 11 |
| Sims Group Ltd. | 1,150 | 11 |
| Cochlear Ltd. | 278 | 11 |
| GPT Group | 19,874 | 10 |
| Boral Ltd. | 3,135 | 9 |
| Macquarie Goodman Group | 10,753 | 7 |
| Dexus Property Group NPV | 12,611 | 6 |
| Mirvac Group | 8,198 | 5 |
| Harvey Norman Holdings Ltd. | 2,621 | 5 |
| Qantas Airways Ltd. | 1,972 | 3 |
11
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Ansell Ltd. | 323 | 3 |
| Sigma Pharmaceuticals Ltd. | 3,101 | 3 |
| Goodman Fielder Ltd. | 2,239 | 2 |
| Billabong International Ltd. | 291 | 2 |
| Commonwealth Property |
|
|
| Office Fund | 2,531 | 2 |
| Asciano Group | 1,564 | 2 |
* | Paladin Resources Ltd. | 1,382 | 2 |
| Bank of Queensland Ltd. | 234 | 2 |
| SP Ausnet | 2,838 | 2 |
| AWB Ltd. | 1,109 | 2 |
| Futuris Corp., Ltd. | 2,478 | 2 |
| Macquarie Airports Group | 1,295 | 2 |
* | Iluka Resources Ltd. | 685 | 2 |
| Flight Centre Ltd. | 174 | 2 |
| Challenger Financial |
|
|
| Services Group Ltd. | 1,429 | 2 |
| John Fairfax Holdings Ltd. | 1,211 | 2 |
| Caltex Australia Ltd. | 238 | 2 |
| Downer EDI Ltd. | 459 | 2 |
| Consolidated Media |
|
|
| Holdings, Ltd. | 1,000 | 1 |
| Energy Resources |
|
|
| of Australia Ltd. | 132 | 1 |
| Macquarie Office Trust | 3,823 | 1 |
| Boart Longyear Group | 2,322 | 1 |
| Macquarie CountryWide Trust | 3,540 | 1 |
| Babcock & Brown |
|
|
| Infrastructure Group | 4,196 | 1 |
| Babcock & Brown Ltd. | 436 | — |
|
|
| 3,983 |
Austria (0.1%) |
|
| |
| Erste Bank der |
|
|
| Oesterreichischen |
|
|
| Sparkassen AG | 1,669 | 44 |
| Wienerberger AG | 2,465 | 41 |
| Voestalpine AG | 1,564 | 38 |
| Telekom Austria AG | 2,930 | 36 |
| OMV AG | 784 | 25 |
* | Atrium European |
|
|
| Real Estate | 5,508 | 25 |
| Oesterreichische |
|
|
| Elektrizitaetswirtschafts |
|
|
| AG Class A | 88 | 4 |
| Vienna Insurance Group | 153 | 4 |
| Raiffeisen International |
|
|
| Bank-Holding AG | 81 | 3 |
* | IMMOFINANZ AG | 1,577 | 2 |
* | IMMOEAST Immobilien Anlagen AG | 865 | 1 |
|
|
| 223 |
Belgium (0.3%) |
|
| |
| Delhaize Group | 3,281 | 185 |
^ | InBev NV | 1,168 | 47 |
| KBC Bank &Verzekerings Holding | 953 | 41 |
|
| Market |
|
| Value• |
| Shares | ($000) |
Dexia | 7,480 | 40 |
Groupe Bruxelles |
|
|
Lambert SA | 483 | 35 |
Umicore | 1,649 | 29 |
Belgacom SA | 629 | 22 |
Solvay SA | 105 | 10 |
Mobistar SA | 131 | 9 |
UCB SA | 334 | 8 |
Fortis | 7,141 | 8 |
Colruyt NV | 36 | 8 |
Fortis (Amsterdam Shares) | 6,569 | 8 |
Compagnie Nationale |
|
|
a Portefeuille | 139 | 8 |
|
| 458 |
Brazil (1.2%) |
|
|
Companhia de Bebidas |
|
|
das Americas ADR | 4,859 | 207 |
Banco Itau Holding |
|
|
Financeira SA ADR | 18,445 | 204 |
Banco Bradesco SA ADR | 14,399 | 168 |
Embraer-Empresa Brasileira |
|
|
de Aeronautica SA ADR | 8,011 | 168 |
Petroleo Brasileiro SA ADR | 5,723 | 154 |
Petroleo Brasileiro SA |
|
|
Series A ADR | 6,832 | 151 |
Companhia Vale do |
|
|
Rio Doce ADR | 10,234 | 134 |
Companhia Vale do |
|
|
Rio Doce Sponsored ADR | 11,203 | 131 |
Companhia Siderurgica |
|
|
Nacional SA ADR | 7,905 | 108 |
Petroleo Brasileiro SA Pfd. | 8,937 | 96 |
Tele Norte Leste |
|
|
Participacoes ADR | 6,171 | 84 |
Brasil Telecom |
|
|
Participacoes SA ADR | 2,127 | 73 |
Gerdau SA ADR | 9,962 | 64 |
Tim Participacoes SA ADR | 4,352 | 63 |
Petroleo Brasileiro SA | 3,500 | 46 |
Itausa-Investimentos Itau SA | 4,800 | 15 |
BM&F BOVESPA SA | 4,552 | 12 |
Centrais Electricas |
|
|
Brasileiras SA | 1,000 | 12 |
Banco do Brasil SA | 1,500 | 10 |
Companhia de Concessoes Rodoviarias | 1,000 | 10 |
Usiminas-Usinas Siderugicas de Minas Gerais SA Pfd. | 600 | 8 |
Natura Cosmeticos SA | 900 | 8 |
Tractebel Energia SA | 800 | 6 |
Redecard SA | 574 | 6 |
Perdigao SA | 400 | 6 |
All America Latina Logistica | 1,200 | 6 |
Weg SA | 953 | 5 |
Metalurgica Gerdau SA | 600 | 5 |
Bradespar SA Pfd. | 600 | 5 |
12
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Ultrapar Participacoes S.A. | 274 | 5 |
| Cyrela Brazil Realty SA | 736 | 4 |
| Usinas Siderurgicas |
|
|
| de Minas Gerais SA | 300 | 3 |
| Aracruz Celulose SA Pfd. |
|
|
| B Shares | 2,000 | 2 |
|
|
| 1,979 |
Canada (3.1%) |
|
| |
| Royal Bank of Canada | 10,700 | 416 |
| Toronto-Dominion Bank | 6,500 | 307 |
| EnCana Corp. | 5,700 | 290 |
| Manulife Financial Corp. | 13,250 | 265 |
| Bank of Nova Scotia, Halifax | 7,500 | 250 |
* | Research in Motion Ltd. | 4,330 | 219 |
| Canadian Natural |
|
|
| Resources Ltd. | 4,330 | 218 |
| Potash Corp. of |
|
|
| Saskatchewan, Inc. | 2,270 | 193 |
| Suncor Energy, Inc. | 6,728 | 162 |
| Canadian National |
|
|
| Railway Co. | 3,700 | 161 |
| Sun Life Financial Services |
|
|
| of Canada | 6,800 | 160 |
| Canadian Imperial Bank |
|
|
| of Commerce | 3,400 | 154 |
| Barrick Gold Corp. | 6,530 | 149 |
| TransCanada Corp. | 4,650 | 140 |
| Bank of Montreal, Quebec | 3,800 | 136 |
| Rogers Communications, Inc. |
|
|
| Class B | 3,700 | 107 |
| Goldcorp Inc. | 5,680 | 106 |
| Petro-Canada | 3,800 | 95 |
| Canadian Utilities Ltd. | 2,700 | 95 |
| Brookfield Asset |
|
|
| Management Inc. | 5,100 | 89 |
| Enbridge Inc. | 2,490 | 86 |
| Imperial Oil Ltd. | 2,390 | 85 |
| Canadian Pacific Railway Ltd. | 1,700 | 77 |
| Talisman Energy, Inc. | 7,700 | 76 |
| Power Corp. of Canada | 3,290 | 72 |
* | CGI Group Inc. | 8,500 | 68 |
| Agrium, Inc. | 1,700 | 65 |
| Husky Energy Inc. | 2,060 | 62 |
| BCE Inc. | 2,100 | 61 |
| Nexen Inc. | 3,700 | 59 |
| Shaw Communications Inc. | 3,320 | 58 |
| Power Financial Corp. | 2,260 | 57 |
| Shoppers Drug Mart Corp. | 1,460 | 56 |
| Cameco Corp. | 3,400 | 56 |
| Kinross Gold Corp. | 5,100 | 53 |
| National Bank of Canada | 1,230 | 46 |
| Bombardier Inc. Class B | 11,900 | 46 |
| Teck Cominco Ltd. Class B | 3,700 | 37 |
| Thomson Reuters Corp. | 1,260 | 30 |
| Magna International | 830 | 28 |
| Great-West Lifeco Inc. | 1,200 | 25 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Canadian Tire Corp. Class A | 600 | 23 |
| Loblaw Cos., Ltd. | 900 | 22 |
| TransAlta Corp. | 1,060 | 21 |
| Brookfield Properties Corp. | 2,000 | 20 |
| IGM Financial, Inc. | 600 | 18 |
| George Weston Ltd. | 100 | 5 |
| Saputo Inc. | 200 | 4 |
| Finning International Inc. | 300 | 4 |
| Telus Communications Inc. | 100 | 4 |
| Telus Corp.-Non Voting Shares 100 |
| 3 |
| Biovail Corp. | 300 | 3 |
* | MDS Inc. | 200 | 2 |
| Bombardier Inc. Class A | 415 | 2 |
| Nova Chemicals Corp. | 100 | 1 |
* | Nortel Networks Corp. | 900 | 1 |
|
|
| 5,048 |
Chile (0.2%) |
| ||
| Empresa Nacional de |
|
|
| Electricidad SA ADR | 4,437 | 165 |
| Enersis SA | 114,300 | 31 |
| Empresas Copec SA | 2,763 | 23 |
| S.A.C.I. Falabella SA | 7,400 | 20 |
| Sociedad Quimica y |
|
|
| Minera de Chile SA | 353 | 7 |
| CAP SA | 253 | 3 |
| Sociedad Quimica y |
|
|
| Minera de Chile SA ADR | 100 | 2 |
|
|
| 251 |
China (1.2%) |
| ||
| China Mobile |
|
|
| (Hong Kong) Ltd. | 48,000 | 423 |
| China Life |
|
|
| Insurance Co., Ltd. | 57,000 | 152 |
| PetroChina Co. Ltd. | 180,000 | 135 |
| China Unicom Ltd. | 86,770 | 124 |
^ | China Construction Bank | 204,000 | 101 |
| CNOOC Ltd. | 112,000 | 92 |
| China Petroleum & |
|
|
| Chemical Corp. | 126,000 | 83 |
^ | Bank of China | 261,000 | 76 |
^ | Ping An Insurance |
|
|
| (Group) Co. of China Ltd. | 17,000 | 73 |
| China Communications |
|
|
| Construction Co., Ltd. | 85,000 | 60 |
| China Merchants Bank Co., |
|
|
| Ltd. Class H | 34,000 | 52 |
| China Shenhua Energy Co. |
|
|
| Ltd. H-Shares | 27,000 | 51 |
| Bank of Communications |
|
|
| Ltd. Class H | 85,000 | 50 |
| GOME Electrical Appliances Holdings Ltd. | 240,000 | 48 |
| China Telecom Corp. Ltd. | 130,000 | 46 |
| China Shipping Development Co. | 34,000 | 34 |
| China Coal Energy Co. | 51,000 | 31 |
13
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Fujian Zijin Mining |
|
|
| Industry Co., Ltd. | 102,000 | 31 |
| CITIC Pacific Ltd. | 37,000 | 30 |
| Denway Motors Ltd. | 82,000 | 20 |
| Beijing Datang Power |
|
|
| Generation Co., Ltd. | 48,000 | 18 |
| Weiqiao Textile Co. Ltd. | 79,000 | 16 |
| BYD Co. Ltd. | 8,500 | 14 |
| China Merchants Holdings |
|
|
| International Co. Ltd. | 6,000 | 14 |
* | China Railway |
|
|
| Construction Corp. | 10,500 | 13 |
| Huadian Power |
|
|
| International Corp. Ltd. | 68,000 | 13 |
| Aluminum Corp. of |
|
|
| China Ltd. | 34,000 | 12 |
| China Resources Land Ltd. | 12,000 | 12 |
| China Resources |
|
|
| Enterprise Ltd. | 6,000 | 12 |
| China Resources Power |
|
|
| Holdings Co., Ltd. | 6,000 | 12 |
| Huaneng Power |
|
|
| International, Inc. |
|
|
| H Shares | 24,000 | 12 |
| Lenovo Group Ltd. | 32,000 | 10 |
| Beijing Enterprises |
|
|
| Holdings Ltd. | 2,000 | 8 |
| China Communication |
|
|
| Services Corp. Ltd. | 14,000 | 7 |
| Beijing Capital International |
|
|
| Airport Co., Ltd. | 12,000 | 7 |
* | Anhui Conch Cement Co. Ltd. | 2,000 | 6 |
| Shanghai Industrial |
|
|
| Holding Ltd. | 4,000 | 6 |
| Guangzhou R&F |
|
|
| Properties Co. Ltd. | 11,600 | 6 |
| China Mengniu Dairy Co., Ltd. | 3,000 | 3 |
| Li Ning Co., Ltd. | 2,000 | 3 |
| Yanzhou Coal Mining Co. |
|
|
| Ltd. H Shares | 4,000 | 3 |
| China COSCO |
|
|
| Holdings Co., Ltd. | 3,500 | 2 |
| Air China Ltd. | 6,000 | 2 |
* | PICC Property and |
|
|
| Casualty Co., Ltd. | 6,000 | 2 |
| Cosco Pacific Ltd. | 2,000 | 1 |
| Angang Steel Co., Ltd. | 2,000 | 1 |
| China Oilfield Services Ltd. | 2,000 | 1 |
| Jiangxi Copper Co. Ltd. | 2,000 | 1 |
| Inner Mongolia Yitai |
|
|
| Coal Co., Ltd. | 400 | 1 |
|
|
| 1,930 |
Colombia (0.1%) |
|
| |
| Bancolombia SA ADR | 6,372 | 124 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Czech Republic (0.1%) |
|
| |
| Ceske Energeticke |
|
|
| Zavody a.s. | 1,579 | 69 |
| Cesky Telecom a.s. | 705 | 15 |
| Komercni Banka a.s. | 82 | 12 |
| Zentiva NV | 200 | 12 |
| Unipetrol a.s. | 206 | 2 |
|
|
| 110 |
Denmark (0.4%) |
|
| |
| Novo Nordisk A/S B Shares | 4,825 | 259 |
| Coloplast A/S B Shares | 1,204 | 87 |
| Danske Bank A/S | 4,800 | 71 |
* | Vestas Wind Systems A/S | 1,700 | 70 |
| Danisco A/S | 1,252 | 54 |
| AP Moller-Maersk A/S |
|
|
| B Shares | 7 | 40 |
| AP Moller-Maersk A/S |
|
|
| A Shares | 4 | 23 |
| Carlsberg A/S B Shares | 400 | 16 |
| Novozymes A/S | 150 | 11 |
| FLS Industries A/S B Shares | 200 | 8 |
* | Jyske Bank A/S | 150 | 4 |
|
|
| 643 |
Egypt (0.0%) |
|
| |
| Orascom Telecom Holding SAE GDR | 1,241 | 39 |
| Orascom Construction Industries GDR | 493 | 33 |
|
|
| 72 |
Finland (0.5%) |
|
| |
| Nokia Oyj | 30,443 | 466 |
| Stora Enso Oyj R Shares | 12,610 | 117 |
| Sampo Oyj A Shares | 4,540 | 91 |
| Fortum Oyj | 2,240 | 55 |
| Wartsila Oyj B Shares | 2,023 | 51 |
| UPM-Kymmene Oyj | 2,720 | 39 |
| Metso Oyj | 2,363 | 32 |
| Kone Oyj | 1,100 | 25 |
| Neste Oil Oyj | 450 | 7 |
| Nokian Renkaat Oyj | 383 | 5 |
| Rautaruuki Oyj | 200 | 3 |
| Outokumpu Oyj A Shares | 200 | 2 |
|
|
| 893 |
France (4.5%) |
|
| |
| Total SA | 19,166 | 1,054 |
| Gaz de France | 13,351 | 594 |
| BNP Paribas SA | 7,254 | 524 |
| Sanofi-Aventis | 7,656 | 485 |
| France Telecom SA | 15,664 | 395 |
| AXA | 16,513 | 315 |
| Societe Generale Class A | 4,733 | 258 |
| Vivendi SA | 9,583 | 250 |
| Carrefour SA | 5,339 | 226 |
| Groupe Danone | 3,999 | 223 |
| L’Oreal SA | 2,652 | 201 |
14
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Air Liquide SA | 2,164 | 187 |
| LVMH Louis Vuitton |
|
|
| Moet Hennessy | 2,782 | 185 |
| Vinci SA | 4,407 | 159 |
| Cie. de St. Gobain SA | 3,270 | 126 |
| Electricite de France | 2,056 | 123 |
| Unibail Co. | 813 | 122 |
| Schneider Electric SA | 1,949 | 117 |
| Pernod Ricard SA | 1,752 | 114 |
| Alstom | 2,237 | 111 |
| Credit Agricole SA | 7,136 | 103 |
| Bouygues SA | 2,374 | 101 |
| Hermes International | 769 | 99 |
| Accor SA | 2,399 | 93 |
| Veolia Environnement | 3,636 | 90 |
| Lafarge SA | 1,182 | 78 |
| Societe BIC SA | 1,351 | 71 |
| Pinault-Printemps-Redoute SA | 1,116 | 71 |
* | Suez Environnement SA | 3,687 | 70 |
| Essilor International SA | 1,445 | 65 |
| Cap Gemini SA | 1,513 | 49 |
| Vallourec SA | 418 | 47 |
| Sodexho Alliance SA | 962 | 46 |
| Renault SA | 1,492 | 46 |
| STMicroelectronics NV | 5,469 | 45 |
| Lagardere S.C.A. | 1,075 | 43 |
| PSA Peugeot Citroen | 1,598 | 43 |
* | Alcatel-Lucent | 16,492 | 43 |
| Compagnie Generale des |
|
|
| Etablissements Michelin SA | 717 | 37 |
| Technip SA | 1,122 | 34 |
| Eiffage SA | 714 | 27 |
| CNP Assurances | 326 | 26 |
| Casino Guichard-Perrachon SA | 314 | 22 |
| Christian Dior SA | 321 | 19 |
| Dassault Systemes SA | 446 | 18 |
| Thales SA | 423 | 17 |
| Air France | 1,112 | 16 |
| Safran SA | 1,119 | 14 |
| Publicis Groupe SA | 567 | 13 |
* | Compagnie Generale de |
|
|
| Geophysique SA | 551 | 9 |
| Societe Television Francaise 1 | 672 | 9 |
* | Eutelsat Communications | 400 | 9 |
| Eramet SLN | 40 | 8 |
| Societe des Autoroutes Paris-Rhin-Rhone | 114 | 7 |
| Natixis | 3,212 | 7 |
| Bureau Veritas SA | 189 | 7 |
| Klepierre | 286 | 7 |
| PagesJaunes SA | 650 | 6 |
| Aeroports de Paris (ADP) | 60 | 4 |
| Imerys SA | 78 | 4 |
| Legrand SA | 203 | 3 |
| Atos Origin SA | 145 | 3 |
| Eurazeo | 53 | 3 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Arkema | 116 | 3 |
| Gecina SA | 38 | 3 |
| Wendel Investissement | 47 | 2 |
| Valeo SA | 99 | 2 |
|
|
| 7,311 |
Germany (3.4%) |
|
| |
| Volkswagen AG | 1,301 | 828 |
| E.On AG | 15,183 | 569 |
| Siemens AG | 7,325 | 431 |
| Deutsche Telekom AG | 26,547 | 389 |
| Bayer AG | 5,953 | 326 |
| Daimler AG (Registered) | 7,857 | 266 |
| Allianz AG | 3,513 | 258 |
| SAP AG | 7,347 | 257 |
| RWE AG | 3,092 | 253 |
| BASF AG | 7,647 | 252 |
| Muenchener |
|
|
| Rueckversicherungs- |
|
|
| Gesellschaft AG (Registered) | 1,823 | 237 |
| Deutsche Bank AG | 4,699 | 176 |
| Deutsche Boerse AG | 1,830 | 143 |
| Deutsche Post AG | 8,364 | 92 |
| Linde AG | 1,036 | 86 |
| Fresenius Medical Care AG | 1,797 | 80 |
| Porsche AG | 668 | 58 |
| Henkel AG & Co. KGaA | 1,938 | 55 |
| ThyssenKrupp AG | 2,918 | 55 |
| Commerzbank AG | 5,192 | 55 |
| Bayerische Motoren |
|
|
| Werke AG | 2,135 | 54 |
| Man AG | 1,094 | 53 |
| Volkswagen AG Pfd. | 838 | 52 |
| K&S AG | 1,244 | 48 |
| Adidas AG | 1,340 | 47 |
| Fresenius AG Pfd. | 733 | 47 |
| Beiersdorf AG | 822 | 43 |
| Merck KGaA | 448 | 40 |
| Metro AG | 1,082 | 35 |
| Henkel KGaA | 1,165 | 28 |
| TUI AG | 2,334 | 28 |
| Deutsche Lufthansa AG | 1,942 | 27 |
* | Infineon Technologies AG | 7,463 | 23 |
| Salzgitter AG | 357 | 23 |
| Continental AG Acceptance Line | 217 | 15 |
| Celesio AG | 446 | 13 |
| HeidelbergCement AG | 162 | 12 |
| Lanxess | 591 | 9 |
| Continental AG | 198 | 8 |
* | Q-Cells AG | 208 | 8 |
| Deutsche Postbank AG | 373 | 8 |
| Solarworld AG | 259 | 6 |
| Hamburger Hafen und Logistik AG | 155 | 5 |
| Hypo Real Estate Holding AG | 566 | 4 |
| Fresenius AS | 58 | 3 |
15
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Hochtief AG | 99 | 3 |
| Fraport AG | 93 | 3 |
| Hannover |
|
|
| Rueckversicherung AG | 114 | 3 |
| Wacker Chemie AG | 24 | 3 |
| Altana AG | 183 | 2 |
| Suedzucker AG | 160 | 2 |
| Puma AG | 10 | 2 |
| Aachener & Muenchener |
|
|
| Beteiligungs AG (Bearer) | 16 | 2 |
* | Arcandor AG | 271 | 1 |
|
|
| 5,526 |
Greece (0.2%) |
|
| |
| National Bank of |
|
|
| Greece SA ADR | 28,356 | 124 |
| Hellenic |
|
|
| Telecommunications |
|
|
| Organization SA ADR | 8,874 | 64 |
| Alpha Credit Bank SA | 2,720 | 40 |
| Bank of Piraeus | 2,191 | 28 |
| GEA Group AG | 1,818 | 26 |
| EFG Eurobank Ergasias | 2,124 | 23 |
| Greek Organization of |
|
|
| Football Prognostics | 1,050 | 23 |
| Marfin Financial Group SA | 1,761 | 8 |
| Titan Cement Co. SA | 270 | 5 |
| Public Power Corp. | 350 | 4 |
| Coca-Cola Hellenic |
|
|
| Bottling Co. SA | 140 | 2 |
| Hellenic Petroleum SA | 220 | 2 |
* | Commercial Bank of |
|
|
| Greece SA | 140 | 1 |
|
|
| 350 |
Hong Kong (1.2%) |
|
| |
| Hutchison Whampoa Ltd. | 34,000 | 184 |
^ | Industrial and Commercial |
|
|
| Bank of China Ltd. |
|
|
| Class H | 361,000 | 170 |
| Cheung Kong Holdings Ltd. | 17,000 | 163 |
| Sun Hung Kai Properties Ltd. | 17,000 | 149 |
| Hang Seng Bank Ltd. | 6,800 | 85 |
| CLP Holdings Ltd. | 12,000 | 81 |
| Hong Kong Exchanges & |
|
|
| Clearing Ltd. | 7,800 | 79 |
| China Overseas Land & |
|
|
| Investment Ltd. | 68,000 | 77 |
| Hong Kong Electric |
|
|
| Holdings Ltd. | 13,000 | 70 |
| Li & Fung Ltd. | 34,000 | 68 |
| Hong Kong & China Gas Co., Ltd. | 37,000 | 65 |
| Swire Pacific Ltd. A Shares | 8,500 | 60 |
| Hang Lung Development Co., Ltd. | 17,000 | 55 |
| Esprit Holdings Ltd. | 8,500 | 48 |
| Shangri-La Asia Ltd. | 34,000 | 48 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Tencent Holdings Ltd. | 5,800 | 42 |
| Hang Lung Properties Ltd. | 17,000 | 42 |
| Bank of East Asia Ltd. | 20,400 | 41 |
| Henderson Land |
|
|
| Development Co. Ltd. | 9,000 | 33 |
| Sino Land Co. | 34,000 | 30 |
| New World |
|
|
| Development Co., Ltd. | 34,000 | 28 |
| Boc Hong Kong Holdings Ltd. | 22,500 | 26 |
| Link REIT | 14,000 | 25 |
| Giordano International Ltd. | 136,000 | 24 |
| MTR Corp. | 11,000 | 24 |
| Hengan International |
|
|
| Group Co. Ltd. | 6,000 | 17 |
| Tingyi Holding Corp. | 14,000 | 15 |
| China Insurance International |
|
|
| Holdings Co., Ltd. | 6,000 | 14 |
* | China Railway Group, Ltd. | 23,000 | 13 |
| Hopewell Holdings Ltd. | 4,000 | 12 |
^ | China Citic Bank | 31,000 | 10 |
| Jardine Matheson |
|
|
| Holdings Ltd. | 400 | 9 |
| Belle International |
|
|
| Holdings Ltd. | 18,000 | 9 |
| Wharf Holdings Ltd. | 3,000 | 6 |
| China National Building |
|
|
| Material Co., Ltd. | 10,000 | 6 |
| Cheung Kong Infrastructure |
|
|
| Holdings Ltd. | 1,000 | 4 |
| Cafe De Coral Holdings Ltd. | 2,000 | 3 |
| Yue Yuen Industrial |
|
|
| (Holdings) Ltd. | 1,500 | 3 |
| Hongkong Land Holdings Ltd. | 1,000 | 3 |
* | CITIC International |
|
|
| Financial Holdings Ltd. | 4,000 | 3 |
| Cathay Pacific Airways Ltd. | 2,000 | 2 |
| Sinofert Holdings, Ltd. | 4,000 | 2 |
| Hutchinson Harbour Ring Ltd. | 34,000 | 2 |
| Hong Kong and Shanghai |
|
|
| Hotels Ltd. | 2,000 | 2 |
| PCCW Ltd. | 5,000 | 2 |
| Texwinca Holdings Ltd. | 4,000 | 2 |
| Sino-Ocean Land Holdings Ltd. | 6,500 | 2 |
| First Pacific Co. Ltd. | 4,000 | 2 |
| Hysan Development Co., Ltd. | 1,000 | 2 |
| Chinese Estates Holdings | 2,000 | 2 |
| Henderson Investment Ltd. | 32,000 | 2 |
| Public Financial Holdings Ltd. | 4,000 | 1 |
| Next Media Ltd. | 8,000 | 1 |
| Johnson Electric Holdings Ltd. | 6,500 | 1 |
| ASM Pacific Technology Ltd. | 400 | 1 |
| Lifestyle International Holdings, Ltd. | 2,000 | 1 |
| Techtronic Industries Co., Ltd. | 3,500 | 1 |
| Chong Hing Bank Ltd. | 1,000 | 1 |
16
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Kerry Properties Ltd. | 500 | 1 |
| Great Eagle Holdings Ltd. | 1,000 | 1 |
* | Foxconn International |
|
|
| Holdings Ltd. | 3,000 | 1 |
| Shenzhen International |
|
|
| Holdings Ltd. | 32,500 | 1 |
| Country Garden Holdings Co. | 6,000 | 1 |
| NWS Holdings Ltd. | 1,000 | 1 |
| Kingboard Chemical |
|
|
| Holdings Ltd. | 500 | 1 |
| Dah Sing Financial Group | 400 | 1 |
| C C Land Holdings Ltd. | 5,000 | 1 |
| Orient Overseas |
|
|
| International Ltd. | 500 | 1 |
| Fubon Bank (Hong Kong) Ltd. | 4,000 | 1 |
| Shun Tak Holdings Ltd. | 4,000 | 1 |
| Lee & Man Paper |
|
|
| Manufacturing Ltd. | 2,000 | 1 |
| Melco International |
|
|
| Development Corp. | 3,000 | 1 |
* | Galaxy Entertainment |
|
|
| Group Ltd. | 5,000 | — |
| Kowloon Development Co., Ltd. | 1,000 | — |
|
|
| 1,887 |
Hungary (0.1%) |
|
| |
| MOL Hungarian |
|
|
| Oil and Gas Nyrt. | 1,275 | 69 |
* | OTP Bank Nyrt. | 2,068 | 34 |
| Richter Gedeon Nyrt. | 50 | 7 |
| Magyar Tavkozlesi Nyrt. | 1,050 | 4 |
|
|
| 114 |
India (0.8%) |
|
| |
| Infosys Technologies Ltd. ADR | 9,785 | 287 |
| ICICI Bank Ltd. ADR | 11,169 | 191 |
| Reliance Industries Ltd. GDR | 2,794 | 159 |
| HDFC Bank Ltd. ADR | 1,515 | 99 |
* | Bharti Airtel Ltd. | 5,053 | 68 |
| ITC Ltd. | 19,265 | 61 |
| Housing Development Finance Corp. Ltd. | 1,467 | 53 |
| Larsen & Toubro Ltd. | 2,923 | 49 |
| Bharat Heavy Electricals Ltd. | 1,031 | 27 |
| Oil and Natural Gas Corp. Ltd. | 1,550 | 21 |
| Reliance Communication Ventures | 4,065 | 19 |
| Hindustan Lever Ltd. | 3,644 | 17 |
| Axis Bank Ltd. | 1,267 | 15 |
| Tata Iron and Steel Co. Ltd. | 3,213 | 14 |
| NTPC Ltd. | 4,167 | 12 |
| Cipla Ltd. | 3,233 | 12 |
| Gail India Ltd. | 2,538 | 11 |
| Wipro Ltd. ADR | 1,286 | 10 |
| Reliance Industries Ltd. | 335 | 9 |
* | Reliance Petroleum Ltd. | 5,094 | 9 |
| Bajaj Auto Ltd. | 766 | 9 |
| Hero Honda Motors Ltd. | 516 | 8 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Reliance Power Ltd. | 3,486 | 7 |
| Hindalco Industries Ltd. | 5,005 | 6 |
* | Essar Oil Ltd. | 3,423 | 6 |
| Grasim Industries Ltd. | 282 | 6 |
| Sterlite Industries (India) Ltd. | 1,001 | 6 |
| Reliance Capital Ltd. | 423 | 6 |
* | United Spirits Ltd. | 310 | 6 |
| Asea Brown Boveri India Ltd. | 482 | 5 |
| Jindal Steel & Power Ltd. | 308 | 5 |
| Adani Exports, Ltd. | 648 | 5 |
* | Cairn India Ltd. | 1,785 | 5 |
| Tata Power Co. Ltd. | 332 | 5 |
| Jaiprakash Associates Ltd. | 3,081 | 5 |
| Kotak Mahindra Bank | 659 | 5 |
| Siemens India Ltd. | 744 | 4 |
| Sesa Goa Ltd. | 2,391 | 4 |
| Tata Motors Ltd. | 1,016 | 4 |
* | Idea Cellular Ltd. | 4,138 | 4 |
| Tata Consultancy Services Ltd. | 297 | 3 |
| Satyam Computer |
|
|
| Services Ltd. ADR | 205 | 3 |
| State Bank of India GDR | 65 | 3 |
| Indiabulls Financial |
|
|
| Services Ltd. | 1,287 | 3 |
| Infrastructure Development |
|
|
| Finance Co., Ltd. | 2,050 | 2 |
| GlaxoSmithKline |
|
|
| Pharmaceuticals (India) Ltd. | 110 | 2 |
| Sun Pharmaceutical |
|
|
| Industries Ltd. | 100 | 2 |
| Steel Authority of India Ltd. | 1,016 | 2 |
* | Reliance Natural Resources, Ltd. | 1,927 | 2 |
| Reliance Energy Ltd. | 172 | 2 |
| Ranbaxy Laboratories Ltd. | 448 | 2 |
| DLF Ltd. | 302 | 1 |
| Glenmark Pharmaceuticals Ltd. | 216 | 1 |
| Aditya Birla Nuvo Ltd. | 113 | 1 |
| JSW Steel Ltd. | 156 | 1 |
| Aban Offshore Ltd. | 50 | 1 |
| Unitech, Ltd. | 803 | 1 |
| Suzlon Energy Ltd. | 855 | 1 |
|
|
| 1,287 |
Indonesia (0.2%) |
|
| |
| PT Bank Central Asia Tbk | 308,000 | 75 |
| PT Bumi Resources Tbk | 220,500 | 44 |
| PT Astra International Tbk | 48,000 | 40 |
| PT Telekomunikasi Indonesia Tbk | 63,500 | 32 |
| PT Bank Rakyat Indonesia Tbk | 99,000 | 30 |
| PT United Tractors Tbk | 90,500 | 26 |
|
|
| 247 |
Ireland (0.2%) |
|
| |
| CRH PLC | 4,073 | 89 |
| Allied Irish Banks PLC | 7,939 | 42 |
* | Elan Corp. PLC | 4,786 | 36 |
17
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Bank of Ireland | 9,418 | 28 |
| Anglo Irish Bank Corp. PLC | 6,987 | 22 |
* | Ryanair Holdings PLC | 5,954 | 21 |
| Kerry Group PLC A Shares | 612 | 14 |
| Irish Life & Permanent PLC | 840 | 3 |
|
|
| 255 |
Israel (0.3%) |
|
| |
| Teva Pharmaceutical |
|
|
| Industries Ltd. | 8,451 | 360 |
* | Check Point Software |
|
|
| Technologies Ltd. | 3,400 | 69 |
| Israel Chemicals Ltd. | 6,069 | 61 |
| Bezeq Israeli |
|
|
| Telecommunication |
|
|
| Corp., Ltd. | 12,330 | 19 |
| Bank Leumi Le-Israel | 6,500 | 17 |
| Bank Hapoalim Ltd. | 5,540 | 13 |
| Partner |
|
|
| Communications Co. Ltd. | 600 | 11 |
| United Mizrahi Bank Ltd. | 1,500 | 8 |
| Elbit Systems Ltd. | 100 | 5 |
| Cellcom Israel Ltd. | 85 | 2 |
* | NICE Systems Ltd. | 100 | 2 |
| Makhteshim-Agan |
|
|
| Industries Ltd. | 300 | 1 |
|
|
| 568 |
Italy (1.5%) |
|
| |
| Eni SpA | 21,894 | 522 |
| Assicurazioni Generali SpA | 10,773 | 272 |
| Enel SpA | 38,457 | 257 |
| Intesa Sanpaolo SpA | 65,931 | 241 |
| UniCredit SpA | 77,142 | 189 |
| Telecom Italia SpA | 97,101 | 111 |
| Unione Di Banche |
|
|
| Italiane ScpA | 4,246 | 72 |
| Banco Popolare SpA | 4,828 | 60 |
| Mediolanum SpA | 14,556 | 57 |
| Unipol Gruppo |
|
|
| Finanziario SpA Pfd. | 51,680 | 57 |
| Bulgari SpA | 7,516 | 56 |
| Fondiaria-Sai SpA RNC | 3,910 | 50 |
| Fiat SpA | 6,247 | 49 |
| Autogrill SpA | 6,093 | 49 |
| Finmeccanica SpA | 3,467 | 43 |
| Saipem SpA | 2,197 | 41 |
| Telecom Italia SpA RNC | 48,286 | 41 |
| Mediobanca Banca di Credito Finanziaria SpA | 3,253 | 37 |
| Atlantia SpA | 1,905 | 35 |
| Banca Monte dei Paschi di Siena SpA | 14,743 | 28 |
| Italcementi SpA Risp. | 3,944 | 27 |
| Terna SpA | 8,052 | 26 |
| Snam Rete Gas SpA | 4,277 | 22 |
| Mediaset SpA | 3,113 | 17 |
| Parmalat SpA | 8,951 | 16 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| A2A SpA | 5,425 | 10 |
| Luxottica Group SpA | 429 | 9 |
| Fondiari-Sai SpA | 424 | 8 |
| Alleanza Assicurazioni SpA | 1,055 | 7 |
| Banca Carige SpA | 3,107 | 7 |
| Pirelli & C. Accomandita |
|
|
| per Azioni SpA | 16,215 | 6 |
| IFIL Investments SpA | 1,824 | 6 |
| Banca Popolare di Milano SpA | 647 | 4 |
* | Finmeccanica SpA |
|
|
| Rights Exp. 11/7/08 | 1,708 | 1 |
|
|
| 2,433 |
Japan (9.1%) |
|
| |
| Toyota Motor Corp. | 20,700 | 808 |
| Mitsubishi UFJ |
|
|
| Financial Group | 86,200 | 542 |
| Canon, Inc. | 10,100 | 353 |
| Matsushita Electric |
|
|
| Industrial Co., Ltd. | 19,000 | 306 |
| Nintendo Co. | 900 | 289 |
| Tokyo Electric Power Co. | 10,200 | 289 |
| Honda Motor Co., Ltd. | 11,000 | 274 |
| Takeda Pharmaceutical Co. Ltd. | 5,500 | 273 |
| Mitsubishi Estate Co., Ltd. | 15,000 | 268 |
| Nippon Telegraph and |
|
|
| Telephone Corp. | 62 | 253 |
| NTT DoCoMo, Inc. | 159 | 252 |
| Sumitomo Mitsui |
|
|
| Financial Group, Inc. | 62 | 249 |
| East Japan Railway Co. | 34 | 242 |
| Kansai Electric Power Co., Inc. | 8,500 | 213 |
| Japan Tobacco, Inc. | 60 | 213 |
| Millea Holdings, Inc. | 6,800 | 210 |
| KDDI Corp. | 34 | 204 |
| Yakult Honsha Co., Ltd. | 8,000 | 199 |
| Sony Corp. | 8,000 | 190 |
| Shin-Etsu Chemical Co., Ltd. | 3,400 | 181 |
| Nippon Steel Corp. | 50,000 | 168 |
| Nomura Holdings Inc. | 17,700 | 168 |
| Mitsui & Co., Ltd. | 17,000 | 165 |
| Mitsui Sumitomo Insurance Group Holdings, Inc. | 5,800 | 161 |
| Seven and I Holdings Co., Ltd. | 5,700 | 160 |
| Mitsubishi Corp. | 9,500 | 159 |
| Mizuho Financial Group, Inc. | 64 | 156 |
| Nomura Research Institute, Ltd. | 9,300 | 154 |
| Bridgestone Corp. | 8,500 | 149 |
| Central Japan Railway Co. | 17 | 140 |
| Astellas Pharma Inc. | 3,400 | 137 |
| Higo Bank Ltd. | 23,000 | 127 |
| Chubu Electric Power Co. | 4,700 | 123 |
| Mitsui Fudosan Co., Ltd. | 7,000 | 122 |
| Fuji Photo Film Co., Ltd. | 5,100 | 117 |
| Murata Manufacturing Co., Ltd. | 3,400 | 117 |
| Kao Corp. | 4,000 | 117 |
18
Total World Stock Index Fund
|
| Market |
|
| Value• |
| Shares | ($000) |
Fanuc Co., Ltd. | 1,700 | 113 |
Seino Transportation Co., Ltd. | 23,000 | 111 |
Mitsubishi Heavy |
|
|
Industries Ltd. | 34,000 | 109 |
Sumitomo Corp. | 11,900 | 105 |
Daiichi Sankyo Co., Ltd. | 5,100 | 105 |
Isuzu Motors Ltd. | 59,000 | 104 |
Nissan Motor Co., Ltd. | 20,400 | 101 |
Electric Power |
|
|
Development Co., Ltd. | 3,400 | 101 |
Kyocera Corp. | 1,700 | 100 |
Komatsu Ltd. | 9,000 | 99 |
Fukuyama |
|
|
Transporting Co., Ltd. | 23,000 | 98 |
JFE Holdings, Inc. | 3,700 | 94 |
Sagami Railway | 23,000 | 92 |
Itochu Corp. | 17,000 | 90 |
Hitachi Ltd. | 19,000 | 89 |
Sumitomo Metal |
|
|
Industries Ltd. | 34,000 | 87 |
Orix Corp. | 850 | 87 |
Yamada Denki Co., Ltd. | 1,530 | 83 |
Rohm Co., Ltd. | 1,700 | 82 |
Yahoo Japan Corp. | 238 | 79 |
Circle K Sunkus Co., Ltd. | 4,600 | 78 |
Toho Gas Co., Ltd. | 13,000 | 75 |
Suzuki Motor Corp. | 5,100 | 75 |
Mitsui OSK Lines Ltd. | 14,000 | 73 |
Kokuyo Co., Ltd. | 10,300 | 73 |
Daito Trust |
|
|
Construction Co., Ltd. | 1,700 | 72 |
Nippon Oil Corp. | 17,000 | 70 |
Tokyo Gas Co., Ltd. | 16,000 | 69 |
Mitsubishi Chemical |
|
|
Holdings Corp. | 17,000 | 69 |
Denso Corp. | 3,500 | 68 |
Mitsubishi Electric Corp. | 11,000 | 68 |
Fujitsu Ltd. | 17,000 | 67 |
Kyushu Electric Power Co., Inc. | 2,900 | 66 |
Kirin Brewery Co., Ltd. | 6,000 | 66 |
Marubeni Corp. | 17,000 | 66 |
Nippon Paint Co., Ltd. | 17,000 | 66 |
Toshiba Corp. | 18,000 | 65 |
T & D Holdings, Inc. | 1,500 | 57 |
Tohoku Electric Power Co. | 2,500 | 56 |
Haseko Corp. | 59,500 | 54 |
West Japan Railway Co. | 12 | 53 |
Sumitomo Chemical Co. | 17,000 | 52 |
Daiwa Securities Group Inc. | 9,000 | 51 |
Softbank Corp. | 5,100 | 50 |
Secom Co., Ltd. | 1,300 | 50 |
Sumitomo Realty & |
|
|
Development Co. | 3,000 | 49 |
Eisai Co., Ltd. | 1,500 | 49 |
Chugoku Electric Power Co., Ltd. | 2,000 | 48 |
Hankyu Corp. | 10,000 | 47 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Aeon Co., Ltd. | 4,800 | 46 |
* | Mitsubishi Motors Corp. | 33,000 | 46 |
| Shikoku Electric Power | 1,500 | 44 |
| Asahi Breweries Ltd. | 2,600 | 43 |
| Sharp Corp. | 6,000 | 43 |
| Fast Retailing Co., Ltd. | 400 | 43 |
| Sumitomo Trust & |
|
|
| Banking Co., Ltd. | 9,000 | 42 |
| Shiseido Co., Ltd. | 2,000 | 41 |
| Bank of Yokohama Ltd. | 8,000 | 39 |
| Mitsubishi Materials Corp. | 17,000 | 38 |
| Keyence Corp. | 200 | 38 |
| Daikin Industries Ltd. | 1,700 | 38 |
| SMC Corp. | 400 | 38 |
| Toray Industries, Inc. | 8,000 | 37 |
| Sojitz Holdings Corp. | 22,100 | 37 |
| Taisho Pharmaceutical Co. | 2,000 | 36 |
| Dai-Nippon Printing Co., Ltd. | 3,000 | 35 |
| Shizuoka Bank Ltd. | 4,000 | 35 |
| Ajinomoto Co., Inc. | 4,000 | 35 |
| Hokuriku Electric Power Co. | 1,300 | 34 |
| Shionogi & Co., Ltd. | 2,000 | 34 |
| Resona Holdings Inc. | 32 | 34 |
| Terumo Corp. | 800 | 33 |
| Yamato Holdings Co., Ltd. | 3,000 | 33 |
| Casio Computer Co. | 5,100 | 33 |
| Ricoh Co. | 3,000 | 32 |
| Osaka Gas Co., Ltd. | 9,000 | 32 |
| Ibiden Co., Ltd. | 1,700 | 32 |
| Tokyu Corp. | 8,000 | 31 |
| Asahi Glass Co., Ltd. | 5,000 | 31 |
| Ono Pharmaceutical Co., Ltd. | 700 | 31 |
| Hoya Corp. | 1,700 | 31 |
| Sumitomo Metal Mining Co. | 4,000 | 30 |
| Odakyu Electric Railway Co. | 4,000 | 29 |
| Nikon Corp. | 2,000 | 28 |
| Sompo Japan Insurance Inc. | 4,000 | 28 |
^ | Kintetsu Corp. | 7,000 | 27 |
| Toyo Suisan Kaisha, Ltd. | 1,000 | 26 |
| Nippon Yusen |
|
|
| Kabushiki Kaisha Co. | 5,000 | 24 |
| NEC Corp. | 8,000 | 24 |
| Tokyo Electron Ltd. | 700 | 23 |
| Inpex Holdings, Inc. | 4 | 23 |
| Keihin Electric Express |
|
|
| Railway Co., Ltd. | 3,000 | 23 |
| Mitsumi Electric Co., Ltd. | 1,700 | 22 |
| Sumitomo Electric Industries Ltd. | 2,600 | 21 |
| Hokkaido Electric Power Co., Ltd. | 900 | 20 |
| Sekisui House Ltd. | 2,000 | 20 |
| Konica Minolta Holdings, Inc. | 3,000 | 20 |
| Olympus Corp. | 1,000 | 19 |
| Nipponkoa Insurance Co., Ltd. | 3,000 | 18 |
| Daiwa House Industry Co., Ltd. | 2,000 | 18 |
19
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Mediceo Paltac |
|
|
| Holdings Co., Ltd. | 1,500 | 16 |
| Nidec Corp. | 300 | 16 |
| FamilyMart Co., Ltd. | 400 | 16 |
| Mitsui Trust Holding Inc. | 4,000 | 16 |
| OJI Paper Co., Ltd. | 4,000 | 15 |
| Tobu Railway Co., Ltd. | 3,000 | 15 |
| Kubota Corp. | 3,000 | 15 |
| Asahi Kasei Corp. | 4,000 | 15 |
| Chiba Bank Ltd. | 3,000 | 15 |
| Toppan Printing Co., Ltd. | 2,000 | 15 |
| Lawson Inc. | 300 | 15 |
| Kobe Steel Ltd. | 9,000 | 15 |
| Omron Corp. | 1,000 | 14 |
| The Chugoku Bank, Ltd. | 1,000 | 14 |
| Nippon Meat Packers, Inc. | 1,000 | 14 |
| TDK Corp. | 400 | 14 |
| Toho Co., Ltd. | 700 | 13 |
| Nitto Denko Corp. | 600 | 13 |
| Fukuoka Financial Group, Inc. | 4,000 | 13 |
| NTT Data Corp. | 4 | 13 |
| JTEKT Corp. | 1,700 | 13 |
| JS Group Corp. | 1,000 | 13 |
| Benesse Corp. | 300 | 13 |
| Trend Micro Inc. | 500 | 12 |
| Nippon Express Co., Ltd. | 3,000 | 12 |
| Seiko Epson Corp. | 800 | 12 |
| Kuraray Co., Ltd. | 1,500 | 11 |
| Kurita Water Industries Ltd. | 500 | 11 |
* | Japan Airlines System Co. | 5,000 | 11 |
| Chugai Pharmaceutical Co., Ltd. | 800 | 11 |
* | Isetan Mitsukoshi |
|
|
| Holdings Ltd. | 1,200 | 11 |
| The Hiroshima Bank, Ltd. | 3,000 | 11 |
| Nissha Printing Co., Ltd. | 200 | 11 |
| Kawasaki Heavy Industries Ltd. | 6,000 | 11 |
| The Iyo Bank, Ltd. | 1,000 | 11 |
| JGC Corp. | 1,000 | 11 |
* | Sanyo Electric Co., Ltd. | 7,000 | 11 |
| Tanabe Seiyaku Co., Ltd. | 1,000 | 11 |
| Bank of Kyoto Ltd. | 1,000 | 11 |
| NGK Insulators Ltd. | 1,000 | 10 |
| Santen Pharmaceutical Co., Ltd. | 400 | 10 |
| JSR Corp. | 900 | 10 |
| Kikkoman Corp. | 1,000 | 10 |
| Shinko Securities Co., Ltd. | 4,000 | 10 |
| Dentsu Inc. | 6 | 10 |
| Nippon Sheet Glass Co., Ltd. | 3,000 | 10 |
| Sony Financial Holdings, Inc. | 3 | 10 |
| Yamaguchi Financial Group, Inc. | 1,000 | 10 |
| The Suruga Bank, Ltd. | 1,000 | 9 |
| Nagoya Railroad Co., Ltd. | 3,000 | 9 |
| Taisei Corp. | 4,000 | 9 |
| Amada Co., Ltd. | 2,000 | 9 |
|
| Market |
|
| Value• |
| Shares | ($000) |
Nippon Mining Holdings Inc. | 3,000 | 9 |
Makita Corp. | 500 | 9 |
Konami Corp. | 500 | 9 |
Toyoda Automatic |
|
|
Loom Works Ltd. | 400 | 9 |
J. Front Retailing Co., Ltd. | 2,000 | 9 |
Stanley Electric Co. | 700 | 9 |
Matsushita Electric Works, Ltd. | 1,000 | 9 |
Alfresa Holdings Corp. | 200 | 9 |
Hirose Electric Co., Ltd. | 100 | 9 |
Toyo Seikan Kaisha Ltd. | 700 | 9 |
Advantest Corp. | 600 | 9 |
Nissin Food Products Co., Ltd. | 300 | 9 |
Cosmo Oil Co., Ltd. | 4,000 | 9 |
Credit Saison Co., Ltd. | 800 | 8 |
TonenGeneral Sekiyu K.K. | 1,000 | 8 |
Kinden Corp. | 1,000 | 8 |
Hisamitsu |
|
|
Pharmaceutical Co. Inc. | 200 | 8 |
Kyowa Hakko Kogyo Co. | 1,000 | 8 |
NTT Urban Development Corp. | 8 | 8 |
Brother Industries Ltd. | 1,200 | 8 |
Ushio Inc. | 600 | 8 |
Nissan Chemical Industries, Ltd. | 1,000 | 8 |
Marui Co., Ltd. | 1,300 | 8 |
Takashimaya Co. | 1,000 | 8 |
Shinsei Bank, Ltd. | 5,000 | 8 |
Hitachi Metals Ltd. | 1,000 | 8 |
NTN Corp. | 2,000 | 7 |
Daihatsu Motor Co., Ltd. | 1,000 | 7 |
IHI Corp. | 6,000 | 7 |
Uni-Charm Corp. | 100 | 7 |
Oriental Land Co., Ltd. | 100 | 7 |
Japan Steel Works Ltd. | 1,000 | 7 |
Toto Ltd. | 1,000 | 7 |
Shimadzu Corp. | 1,000 | 7 |
Maruichi Steel Tube Ltd. | 300 | 7 |
Mazda Motor Corp. | 3,000 | 7 |
Daido Steel Co., Ltd. | 2,000 | 6 |
Nippon Sanso Corp. | 1,000 | 6 |
Nippon Electric Glass Co., Ltd. | 1,000 | 6 |
Sekisui Chemical Co. | 1,000 | 6 |
Idemitsu Kosan Co. Ltd. | 100 | 6 |
Tokyu Land Corp. | 2,000 | 6 |
Sapporo Holdings Ltd. | 1,000 | 6 |
Nisshin Seifun Group Inc. | 500 | 5 |
Aisin Seiki Co., Ltd. | 300 | 5 |
Keio Electric Railway Co., Ltd. | 1,000 | 5 |
Gunma Bank Ltd. | 1,000 | 5 |
AEON Mall Co., Ltd. | 200 | 5 |
Shimizu Corp. | 1,000 | 5 |
The Hachijuni Bank Ltd. | 1,000 | 5 |
Ohbayashi Corp. | 1,000 | 5 |
Joyo Bank Ltd. | 1,000 | 5 |
20
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Keihan Electric |
|
|
| Railway Co., Ltd. | 1,000 | 5 |
| Sankyo Co., Ltd. | 100 | 4 |
| Aioi Insurance Co., Ltd. | 1,000 | 4 |
| NSK Ltd. | 1,000 | 4 |
| Kawasaki Kisen Kaisha Ltd. | 1,000 | 4 |
| Citizen Watch Co., Ltd. | 700 | 4 |
| All Nippon Airways Co., Ltd. | 1,000 | 4 |
| Mitsubishi Gas Chemical Co. | 1,000 | 4 |
| Mizuho Trust & |
|
|
| Banking Co., Ltd. | 3,000 | 4 |
| Fuji Heavy Industries Ltd. | 1,000 | 4 |
| Mitsui Chemicals, Inc. | 1,000 | 3 |
| Namco Bandai Holdings Inc. | 300 | 3 |
| Showa Denko K.K. | 2,000 | 3 |
| Furukawa Electric Co. | 1,000 | 3 |
| Sumitomo Heavy |
|
|
| Industries Ltd. | 1,000 | 3 |
| Kajima Corp. | 1,000 | 3 |
| Shimano, Inc. | 100 | 3 |
| THK Co., Inc. | 200 | 3 |
| Nippon Paper Group, Inc. | 1 | 3 |
| Teijin Ltd. | 1,000 | 3 |
| Yamato Kogyo Co., Ltd. | 100 | 2 |
| Yamaha Motor Co., Ltd. | 200 | 2 |
| Sumco Corp. | 200 | 2 |
| Ube Industries Ltd. | 1,000 | 2 |
| Hokuhoku Financial |
|
|
| Group, Inc. | 1,000 | 2 |
| Yamaha Corp. | 200 | 2 |
| Promise Co., Ltd. | 100 | 2 |
| SBI Holdings, Inc. | 14 | 2 |
| Nisshin Steel Co. | 1,000 | 1 |
| Hitachi Construction |
|
|
| Machinery Co. | 100 | 1 |
| Toyota Tsusho Corp. | 100 | 1 |
* | Elpida Memory Inc. | 100 | 1 |
|
|
| 14,702 |
Luxembourg (0.2%) |
|
| |
| ArcelorMittal (Paris Shares) | 8,110 | 211 |
| SES Global Fiduciary |
|
|
| Depositary Receipts | 5,478 | 99 |
| Millicom International |
|
|
| Cellular SA | 580 | 23 |
| RTL Group | 121 | 6 |
* | Reinet Investments SA |
|
|
| (South Africa Line) | 2,638 | 3 |
|
|
| 342 |
Malaysia (0.3%) |
|
| |
| Public Bank Bhd. | 30,900 | 73 |
| Sime Darby Bhd. | 41,200 | 73 |
| Malayan Banking Bhd. | 33,400 | 51 |
| Bumiputra-Commerce Holdings Bhd. | 28,200 | 49 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Malaysia International |
|
|
| Shipping Corp., Bhd. |
|
|
| (Foreign) | 14,400 | 33 |
* | TM International Bhd. | 24,700 | 32 |
| IOI Corp. Bhd. | 39,400 | 31 |
| Genting Bhd. | 24,100 | 31 |
| YTL Power International Bhd. | 37,237 | 18 |
| Berjaya Sports Toto Bhd. | 14,000 | 17 |
| UMW Holdings Malaysia Bhd. | 10,500 | 16 |
| Resorts World Bhd. | 18,000 | 13 |
| YTL Corp., Bhd. | 7,200 | 13 |
| PLUS Expressways Bhd. | 16,700 | 13 |
| Petronas Gas Bhd. | 4,500 | 12 |
| Kuala Lumpur Kepong Bhd. | 5,000 | 12 |
| British American Tobacco Bhd. | 1,000 | 12 |
| PPB Group Bhd. | 5,100 | 11 |
| Digi.com Bhd. | 1,900 | 10 |
| Tenaga Nasional Bhd. | 5,700 | 10 |
| AMMB Holdings Bhd. | 15,100 | 9 |
| Telekom Malaysia Bhd. | 3,000 | 3 |
| SP Setia Bhd. | 3,300 | 3 |
| Hong Leong Bank Bhd. | 1,700 | 2 |
| Petronas Dagangan Bhd. | 1,300 | 2 |
| Malaysia Mining Corp., Bhd. | 4,200 | 2 |
| Tanjong Public Ltd. Co. | 700 | 2 |
| Parkson Holdings, Bhd. | 2,100 | 2 |
| Alliance Financial Group Bhd. | 3,800 | 2 |
| Astro All Asia Networks PLC | 2,900 | 2 |
| Gamuda Bhd. | 3,900 | 2 |
| IJM Corp. Bhd. | 2,000 | 1 |
* | IJM Land Corp. Bhd. |
|
|
| Warrants Exp. 9/11/13 | 200 | — |
|
|
| 562 |
Mexico (0.5%) |
|
| |
| America Movil SA de CV | 173,733 | 269 |
| Telefonos de Mexico SA | 141,100 | 127 |
| Wal-Mart de Mexico SA | 33,600 | 90 |
| Cemex SAB de CV ADR | 9,741 | 74 |
| Grupo Televisa SA CPO | 20,400 | 72 |
| Grupo Mexico SA de CV | 86,836 | 68 |
| Grupo Financerio |
|
|
| Banorte SA de CV | 35,700 | 65 |
| Fomento Economico |
|
|
| Mexicano UBD | 23,800 | 60 |
| Telmex Internacional |
|
|
| SAB de CV | 51,153 | 27 |
* | Carso Global Telecom |
|
|
| SAB de CV | 3,000 | 11 |
| Grupo Elektra SA de CV | 200 | 5 |
| Grupo Financiero Inbursa, SA de CV | 1,900 | 5 |
| Grupo Carso SA de CV Series A1 | 1,400 | 4 |
| Grupo Modelo SA | 1,000 | 3 |
| Industrias Penoles SA de CV | 300 | 3 |
|
|
| 883 |
21
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Netherlands (1.0%) |
|
| |
| Unilever NV | 12,410 | 299 |
| Koninklijke KPN NV | 14,446 | 204 |
| ING Groep NV | 16,559 | 155 |
| Koninklijke (Royal) Philips |
|
|
| Electronics NV | 7,943 | 147 |
| Reed Elsevier NV | 9,275 | 124 |
| Koninklijke Ahold NV | 10,744 | 115 |
| TNT NV | 5,270 | 111 |
| Akzo Nobel NV | 2,290 | 95 |
| Aegon NV | 14,314 | 60 |
| ASML Holding NV | 2,874 | 50 |
| Heineken NV | 1,315 | 44 |
^ | European Aeronautic |
|
|
| Defence and Space Co. | 2,621 | 44 |
| Koninklijke DSM NV | 1,209 | 34 |
| Wolters Kluwer NV | 1,541 | 27 |
| Heineken Holding NV | 795 | 24 |
| Corio NV | 205 | 11 |
| Randstad Holding NV | 442 | 9 |
| SBM Offshore NV | 476 | 8 |
| Fugro NV | 218 | 8 |
|
|
| 1,569 |
New Zealand (0.1%) |
|
| |
| Fisher & Paykel Appliances |
|
|
| Holdings Ltd. | 59,364 | 47 |
| Auckland International |
|
|
| Airport Ltd. | 15,074 | 16 |
| Telecom Corp. of New Zealand Ltd. | 10,034 | 13 |
| Fletcher Building Ltd. | 2,585 | 9 |
| Contact Energy Ltd. | 1,637 | 7 |
|
|
| 92 |
Norway (0.3%) |
|
| |
| StatoilHydro ASA | 8,770 | 176 |
| Orkla ASA | 10,200 | 68 |
| Yara International ASA | 2,550 | 53 |
| Telenor ASA | 6,800 | 41 |
| Norsk Hydro ASA | 8,500 | 35 |
| DnB NOR ASA | 5,700 | 33 |
| Seadrill Ltd. | 3,400 | 33 |
| Storebrand ASA | 10,200 | 24 |
* | Renewable Energy Corp. AS | 300 | 3 |
| Aker Solutions ASA | 490 | 3 |
|
|
| 469 |
Peru (0.0%) |
|
| |
| Compania de Minas Buenaventura SA ADR | 5,066 | 64 |
|
|
|
|
Philippines (0.0%) |
|
| |
| Ayala Land, Inc. | 106,300 | 13 |
| Bank of Philippine Islands | 14,136 | 12 |
| Ayala Corp. | 2,000 | 10 |
| SM Investments Corp. | 1,000 | 4 |
| SM Prime Holdings, Inc. | 18,000 | 3 |
| Manila Electric Co. | 2,000 | 2 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Banco De Oro | 3,000 | 2 |
| Metropolitan Bank & Trust Co. | 3,000 | 1 |
|
|
| 47 |
Poland (0.1%) |
|
| |
| Powszechna Kasa |
|
|
| Oszczednosci Bank |
|
|
| Polski SA | 7,005 | 79 |
| Bank Polska Kasa Opieki |
|
|
| Grupa Pekao SA | 1,655 | 75 |
| Telekomunikacja Polska SA | 2,100 | 16 |
| Polski Koncern Naftowy SA | 993 | 10 |
| KGHM Polska Miedz SA | 867 | 10 |
| Polish Oil & Gas | 7,942 | 9 |
| Bank Zachodni WBK SA | 200 | 9 |
| Bank Handlowy W Warszawie | 362 | 6 |
* | Getin Holding SA | 2,440 | 5 |
|
|
| 219 |
Portugal (0.2%) |
|
| |
| Electricidade de Portugal SA | 29,070 | 99 |
| Portugal Telecom SGPS SA | 9,282 | 61 |
| Zon Multimedia Servicos |
|
|
| de Telecomunicacoes |
|
|
| e Multimedia SGPS SA | 8,466 | 43 |
| Banco Comercial |
|
|
| Portugues SA | 24,038 | 28 |
| Banco BPI SA | 8,262 | 17 |
| Brisa-Auto Estradas |
|
|
| de Portugal SA | 1,369 | 10 |
| Galp Energia, SGPS, |
|
|
| SA B shares | 506 | 5 |
|
|
| 263 |
Russia (0.7%) |
|
| |
| OAO Gazprom |
|
|
| Sponsored ADR | 13,485 | 269 |
| VTB Bank OJSC GDR | 45,050 | 142 |
| LUKOIL Sponsored ADR | 3,338 | 128 |
| Surgutneftegaz OJSC ADR | 19,074 | 123 |
| Rosneft Oil Co. GDR | 25,055 | 115 |
* | Gazprom | 14,457 | 70 |
| MMC Norilsk Nickel ADR | 6,222 | 62 |
* | LUKOIL | 1,420 | 53 |
| Sberbank | 44,709 | 49 |
| OAO Vimpel-Communications Sponsored ADR | 2,740 | 40 |
| Tatneft GDR | 476 | 21 |
* | Mobile TeleSystems | 4,129 | 20 |
* | Rosneft Oil Co. | 3,288 | 15 |
|
|
| 1,107 |
Singapore (0.5%) |
|
| |
| Singapore Telecommunications Ltd. | 50,000 | 84 |
| Fraser & Neave Ltd. | 34,000 | 64 |
| Singapore Exchange Ltd. | 17,000 | 61 |
| Parkway Holdings Ltd. | 51,000 | 55 |
| United Overseas Bank Ltd. | 6,000 | 54 |
22
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Haw Par Brothers |
|
|
| International Ltd. | 23,000 | 54 |
| Keppel Corp., Ltd. | 17,000 | 53 |
| Singapore Post Ltd. | 102,000 | 49 |
| MobileOne Ltd. | 51,000 | 45 |
| Venture Corp. Ltd. | 12,000 | 44 |
| Pacific Century Regional |
|
|
| Developments Ltd. | 357,000 | 42 |
| Oversea-Chinese |
|
|
| Banking Corp., Ltd. | 12,000 | 41 |
| Cerebos Pacific Ltd. | 23,000 | 39 |
| DBS Group Holdings Ltd. | 4,000 | 30 |
| Wilmar International Ltd. | 17,000 | 29 |
| Singapore Airlines Ltd. | 2,000 | 15 |
| Golden Agri-Resources Ltd. | 102,000 | 14 |
| City Developments Ltd. | 2,000 | 9 |
| Singapore Press Holdings Ltd. | 4,000 | 9 |
| Capitaland Ltd. | 3,000 | 6 |
|
|
| 797 |
South Africa (0.8%) |
|
| |
| MTN Group Ltd. | 15,697 | 176 |
| Sasol Ltd. | 5,261 | 155 |
| Standard Bank Group Ltd. | 13,460 | 107 |
| Naspers Ltd. | 3,927 | 65 |
| AngloGold Ltd. | 2,854 | 54 |
| FirstRand Ltd. | 36,975 | 54 |
| Impala Platinum Holdings Ltd. | 4,710 | 49 |
| Shoprite Holdings Ltd. | 9,010 | 48 |
| Gold Fields Ltd. | 5,508 | 38 |
| Murray & Roberts |
|
|
| Holdings Ltd. | 5,287 | 36 |
| Bidvest Group Ltd. | 3,145 | 34 |
* | Harmony Gold |
|
|
| Mining Co., Ltd. | 4,335 | 32 |
| Anglo Platinum Ltd. | 763 | 32 |
| Sanlan Ltd. | 18,683 | 31 |
| Remgro Ltd. | 4,142 | 30 |
| RMB Holdings Ltd. | 13,021 | 30 |
| Aveng Ltd. | 5,831 | 29 |
| ABSA Group Ltd. | 2,328 | 24 |
| Steinhoff International Holdings Ltd. | 15,674 | 23 |
* | Aspen Pharmacare Holdings Ltd. | 5,912 | 21 |
| Truworths International Ltd. | 5,500 | 19 |
| Telkom South Africa Ltd. | 1,720 | 19 |
| Tiger Brands Ltd. | 1,250 | 18 |
| Investec Ltd. | 3,600 | 18 |
| Imperial Holdings Ltd. | 2,900 | 17 |
| Kumba Iron Ore Ltd. | 1,207 | 16 |
| Barloworld Ltd. | 2,680 | 16 |
| ArcelorMittal South Africa, Ltd. | 1,620 | 15 |
| Massmart Holdings Ltd. | 1,500 | 13 |
| Nedbank Group Ltd. | 1,280 | 12 |
| African Bank Investments Ltd. | 4,401 | 12 |
| Growthpoint Properties Ltd. | 9,001 | 12 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Pretoria Portland |
|
|
| Cement Co. Ltd. | 3,700 | 11 |
| African Rainbow |
|
|
| Minerals Ltd. | 834 | 9 |
| Sappi Ltd. | 1,320 | 8 |
| Pick’n Pay Stores Ltd. | 800 | 3 |
| Reunert Ltd. | 500 | 3 |
| Liberty Group Ltd. | 400 | 3 |
| Foschini Ltd. | 600 | 2 |
| Spar Group Ltd. | 400 | 2 |
| Network Healthcare |
|
|
| Holdings Ltd. | 3,300 | 2 |
| Woolworths Holdings Ltd. | 1,900 | 2 |
| Nampak Ltd. | 1,600 | 2 |
| Sun International Ltd. | 260 | 2 |
| AECI Ltd. | 390 | 2 |
| Mondi Ltd. | 444 | 2 |
| Grindrod Ltd. | 1,000 | 1 |
| Northam Platinum Ltd. | 360 | 1 |
| Exxaro Resources Ltd. | 168 | 1 |
* | Mvelaphanda Resources Ltd. | 367 | 1 |
* | Adcock Ingram |
|
|
| Holdings Limited | 300 | 1 |
| Highveld Steel & |
|
|
| Vanadium Corp. Ltd. | 153 | 1 |
* | Metorex Ltd. | 1,193 | 1 |
|
|
| 1,315 |
South Korea (1.4%) |
|
| |
1 | Samsung Electronics Co., |
|
|
| Ltd. GDR | 1,598 | 330 |
| POSCO ADR | 3,665 | 246 |
| Shinhan Financial |
|
|
| Group Co., Ltd. ADR | 4,216 | 210 |
| Samsung Electronics Co., Ltd. | 372 | 157 |
| SK Telecom Co., Ltd. ADR | 7,323 | 126 |
* | KB Financial Group, Inc. | 4,460 | 110 |
| LG Electronics Inc. | 740 | 55 |
| Hyundai Motor Co., Ltd. | 1,120 | 52 |
| Hyundai Heavy |
|
|
| Industries Co., Inc. | 380 | 50 |
| Samsung Corp. | 1,517 | 49 |
| Shinsegae Co., Ltd. | 134 | 47 |
* | NHN Corp. | 396 | 42 |
| Samsung Fire & Marine Insurance Co. | 313 | 41 |
| Korea Electric Power Corp. | 2,050 | 41 |
| SK Energy Co., Ltd. | 679 | 39 |
| S-Oil Corp. | 750 | 38 |
| Hyundai Engineering & Construction Co., Ltd. | 920 | 38 |
| LG Corp. | 920 | 37 |
| LG Chem Ltd. | 600 | 36 |
| KT Corp. ADR | 2,847 | 36 |
| KT & G Corp. | 475 | 30 |
| Hyundai Mobis | 470 | 28 |
| Hyundai Development Co. | 1,000 | 27 |
23
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Samsung Heavy |
|
|
| Industries Co., Ltd. | 1,640 | 25 |
| Kangwon Land Inc. | 2,390 | 24 |
| Samsung Securities Co. Ltd. | 480 | 24 |
| Amorepacific Corp. | 53 | 23 |
| DC Chemical Co., Ltd. | 108 | 18 |
| Hana Financial Group Inc. | 1,110 | 18 |
* | Kia Motors | 1,940 | 16 |
* | Hynix Semiconductor Inc. | 1,560 | 13 |
| SK Holdings Co Ltd | 190 | 13 |
| Samsung Electro- |
|
|
| Mechanics Co. | 300 | 9 |
* | Korea Telecom Freetel | 380 | 8 |
| Hyundai Merchant |
|
|
| Marine Co., Ltd. | 270 | 7 |
| LG Household & |
|
|
| Health Care Ltd. | 50 | 7 |
| Halla Climate Control Corp. | 1,040 | 7 |
| Yuhan Corp. | 48 | 7 |
| Woongjin Coway Co., Ltd. | 330 | 7 |
| Doosan Heavy Industries |
|
|
| and Construction Co., Ltd. | 149 | 7 |
| Cheil Industrial, Inc. | 200 | 7 |
* | Samsung SDI Co. Ltd. | 115 | 6 |
| GS Engineering & |
|
|
| Construction Corp. | 130 | 6 |
| LS Cable Ltd. | 140 | 6 |
| Korea Exchange Bank | 1,030 | 6 |
| Woori Finance |
|
|
| Holdings Co., Ltd. | 1,040 | 6 |
| Samsung Engineering Co., Ltd. | 139 | 6 |
| Samsung Techwin Co., Ltd. | 260 | 6 |
| Daewoo Securities Co., Ltd. | 560 | 5 |
| Hyundai Steel Co. | 180 | 5 |
| Hyundai Mipo |
|
|
| Dockyard Co., Ltd. | 60 | 5 |
| Korea Investment |
|
|
| Holdings Co., Ltd. | 240 | 5 |
| Kumkang Korea Chemical Co., Ltd. | 25 | 5 |
| Lotte Shopping Co., Ltd. | 35 | 5 |
* | CJ Cheiljedang Corp. | 40 | 5 |
| LG. Philips LCD Co., Ltd. | 230 | 4 |
| Hanwha Corp. | 250 | 4 |
* | Doosan Corp. | 47 | 3 |
| Hyosung Corp. | 140 | 3 |
| Doosan Infracore Co., Ltd. | 390 | 3 |
| Dongbu Insurance Co., Ltd. | 320 | 3 |
| Daelim Industrial Co. | 110 | 3 |
| Daewoo International Corp. | 280 | 3 |
| Daewoo Shipbuilding & Marine Engineering Co., Ltd. | 270 | 3 |
| Sindo Ricoh Co., Inc. | 48 | 2 |
* | Ssangyong Motor Co. | 450 | — |
|
|
| 2,213 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Spain (1.8%) |
|
| |
| Telefonica SA | 38,249 | 708 |
| Banco Santander |
|
|
| Central Hispano SA | 51,442 | 556 |
| Banco Bilbao Vizcaya |
|
|
| Argentaria SA | 29,734 | 345 |
| Iberdrola SA | 38,422 | 278 |
| Repsol YPF SA | 9,614 | 183 |
^ | Banco de Sabadell SA | 19,288 | 132 |
^ | Banco Popular Espanol SA | 13,801 | 126 |
| ACS, Actividades de |
|
|
| Contruccion y Servisios, SA | 2,217 | 82 |
* | Union Fenosa, SA | 3,753 | 80 |
| Industria de Diseno Textil SA | 1,662 | 56 |
| Gas Natural SDG SA | 1,794 | 55 |
| Abertis Infraestructuras SA | 2,704 | 46 |
| Acerinox SA | 3,313 | 42 |
| Gamesa Corporacion |
|
|
| Tecnologica SA | 2,386 | 39 |
| Grifols SA | 1,797 | 36 |
| Bankinter SA | 2,477 | 27 |
| Criteria Caixacorp SA | 5,668 | 18 |
| Cintra Concesiones de |
|
|
| Infraestructuras de |
|
|
| Transport SA | 1,971 | 17 |
| Enagas SA | 815 | 16 |
| Zardoya Otis SA | 704 | 13 |
| Fomento de Construc |
|
|
| y Contra SA | 321 | 13 |
| Grupo Ferrovial SA | 368 | 11 |
| Corporacion Mapfre SA | 3,487 | 11 |
* | Iberdrola Renovables | 3,558 | 11 |
| Red Electrica de Espana SA | 245 | 11 |
| Acciona SA | 103 | 10 |
| Banco de Valencia SA | 827 | 8 |
| Compania Espanola |
|
|
| de Petroleos SA | 44 | 4 |
* | Banco Santander SA | 264 | 3 |
| Gestevision Telecinco SA | 226 | 2 |
| Sacyr Vallehermoso SA | 176 | 2 |
| Banco Espanol de Credito, SA | 118 | 1 |
| Promotora de Informaciones SA | 285 | 1 |
| Corporacion Financiera Alba SA | 30 | 1 |
|
|
| 2,944 |
Sweden (0.8%) |
|
| |
| Nordea Bank AB | 21,800 | 175 |
| Telefonaktiebolaget LM |
|
|
| Ericsson AB Class B | 23,800 | 162 |
| Tele2 AB B Shares | 11,700 | 100 |
| Hennes & Mauritz |
|
|
| AB B Shares | 2,350 | 84 |
| TeliaSonera AB | 18,000 | 79 |
| Svenska Handelsbanken AB A Shares | 4,100 | 75 |
| Skandinaviska Enskilda Banken AB A Shares | 6,800 | 67 |
24
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Volvo AB B Shares | 12,700 | 66 |
| Sandvik AB | 10,200 | 66 |
| Husqvarna AB B Shares | 8,500 | 59 |
| Industrivarden AB C Shares | 6,800 | 46 |
| Scania AB B Shares | 5,100 | 42 |
| Volvo AB A Shares | 6,800 | 35 |
| Investor AB B Shares | 2,043 | 31 |
| SSAB Svenskt Stal |
|
|
| AB Series A | 2,500 | 25 |
| SKF AB B Shares | 2,646 | 24 |
| Atlas Copco AB A Shares | 2,706 | 23 |
| Swedish Match AB | 1,500 | 21 |
| Swedbank AB A Shares | 2,088 | 17 |
| Svenska Cellulosa |
|
|
| AB B Shares | 1,900 | 14 |
| Securitas AB B Shares | 1,200 | 12 |
| Electrolux AB Series B | 1,000 | 9 |
| Assa Abloy AB | 800 | 9 |
| Skanska AB B Shares | 1,000 | 9 |
| Alfa Laval AB | 1,188 | 9 |
| Boliden AB | 3,400 | 8 |
| Atlas Copco AB B Shares | 788 | 6 |
| Industrivarden AB A Shares | 500 | 4 |
| Holmen AB | 100 | 3 |
|
|
| 1,280 |
Switzerland (3.4%) |
|
| |
| Nestle SA (Registered) | 31,496 | 1,225 |
| Novartis AG (Registered) | 18,135 | 920 |
| Roche Holdings AG | 5,630 | 861 |
* | UBS AG | 23,822 | 404 |
| Credit Suisse Group |
|
|
| (Registered) | 9,314 | 348 |
| Zurich Financial Services AG | 1,252 | 254 |
| ABB Ltd. | 17,402 | 228 |
| Syngenta AG | 859 | 161 |
| Ace Ltd. | 2,700 | 155 |
| Swiss Re (Registered) | 3,324 | 139 |
* | Compagnie Financiere |
|
|
| Richemont SA | 4,416 | 93 |
| Holcim Ltd. (Registered) | 1,570 | 89 |
| Swatch Group AG (Bearer) | 493 | 77 |
| Julius Baer Holding, Ltd. | 1,443 | 56 |
| Alcon, Inc. | 596 | 52 |
| Swisscom AG | 171 | 52 |
| Adecco SA (Registered) | 1,259 | 44 |
| SGS Societe Generale de Surveillance Holding |
|
|
| SA (Registered) | 44 | 43 |
| Givaudan SA | 63 | 43 |
* | Actelion Ltd. | 808 | 43 |
| Synthes, Inc. | 316 | 41 |
| Kuehne & Nagel International AG | 526 | 32 |
| Lonza AG (Registered) | 363 | 30 |
| Geberit AG | 277 | 29 |
| Swiss Life Holding | 317 | 28 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Lindt & Spruengli AG Regular | 1 | 24 |
| Sonova Holding AG | 528 | 22 |
| Pargesa Holding SA | 207 | 16 |
| Swatch Group AG (Registered) | 547 | 16 |
| Lindt & Spruengli AG | 7 | 15 |
| Baloise Holdings AG | 235 | 13 |
* | OC Oerlikon Corp AG | 153 | 12 |
| Nobel Biocare Holding AG | 572 | 10 |
| BKW FMB Energie AG | 89 | 8 |
| Petroplus Holdings AG | 164 | 4 |
| Clariant AG | 476 | 3 |
| Schindler Holding AG |
|
|
| (Registered) | 60 | 3 |
| Straumann Holding AG | 16 | 3 |
| Schindler Holding AG |
|
|
| (Bearer Participation |
|
|
| Certificates) | 44 | 2 |
| EFG International | 60 | 1 |
|
|
| 5,599 |
Taiwan (1.2%) |
|
| |
| Taiwan Semiconductor |
|
|
| Manufacturing Co., |
|
|
| Ltd. ADR | 46,183 | 381 |
| Hon Hai Precision |
|
|
| Industry Co., Ltd. | 57,550 | 139 |
| Chunghwa Telecom Co., Ltd. | 7,673 | 126 |
| AU Optronics Corp. ADR | 12,796 | 88 |
| Formosa Plastic Corp. | 49,000 | 83 |
| High Tech Computer Corp. | 6,300 | 75 |
| Nan Ya Plastic Corp. | 50,000 | 69 |
| MediaTek Inc. | 6,010 | 54 |
| Asustek Computer Inc. | 34,797 | 50 |
| Formosa Chemicals & |
|
|
| Fibre Corp. | 30,000 | 48 |
| China Steel Corp. | 63,450 | 46 |
| Cathay Financial Holding Co. | 35,400 | 38 |
| Delta Electronics Inc. | 16,060 | 36 |
| Acer Inc. | 28,030 | 36 |
| Compal Electronics Inc. | 45,035 | 32 |
| Fubon Financial |
|
|
| Holding Co., Ltd. | 49,000 | 30 |
| Uni-President |
|
|
| Enterprises Co. | 34,300 | 29 |
| China Development |
|
|
| Financial Holding Corp. | 140,525 | 28 |
| Fuhwa Financial |
|
|
| Holdings Co., Ltd. | 70,000 | 27 |
| Chinatrust Financial Holding | 90,689 | 26 |
| Quanta Computer Inc. | 24,060 | 25 |
| Innolux Display Corp. | 31,700 | 24 |
| First Financial Holding Co., Ltd. | 50,096 | 24 |
| Foxconn Technology Co., Ltd. | 9,200 | 23 |
| Chi Mei Optoelectronics Corp. | 60,300 | 22 |
25
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Siliconware Precision |
|
|
| Industries Co. | 21,030 | 22 |
| Mega Financial |
|
|
| Holding Co. Ltd. | 74,000 | 20 |
| SinoPac Holdings | 96,000 | 20 |
| Chang Hwa |
|
|
| Commercial Bank | 52,000 | 20 |
| Advanced Semiconductor |
|
|
| Engineering Inc. | 44,115 | 19 |
| Synnex Technology |
|
|
| International Corp. | 14,200 | 18 |
| Pou Chen Corp. | 38,399 | 17 |
| President Chain Store Corp. | 7,000 | 16 |
* | Powerchip |
|
|
| Semiconductor Corp. | 127,000 | 15 |
| Taiwan Cellular Corp. | 10,000 | 14 |
| United Microelectronics Corp. | 50,180 | 14 |
| Formosa Petrochemical Corp. | 6,000 | 14 |
| Siliconware Precision |
|
|
| Industries Co. ADR | 2,400 | 13 |
| Hau Nan Financial |
|
|
| Holdings Co., Ltd. | 24,180 | 13 |
| Taiwan Cooperative Bank | 24,900 | 12 |
| Far Eastern Textile Ltd. | 20,120 | 12 |
| Far EasTone |
|
|
| Telecommunications |
|
|
| Co., Ltd. | 10,000 | 11 |
| Largan Precision Co., Ltd. | 1,000 | 10 |
| Lite-On Technology Corp. | 16,015 | 10 |
| United Microelectronics |
|
|
| Corp. ADR | 3,135 | 8 |
| Walsin Lihwa Corp. | 29,000 | 7 |
| Unimicron Technology Corp. | 9,000 | 5 |
| Catcher Technology Co., Ltd. | 1,100 | 3 |
| Nan Ya Printed Circuit |
|
|
| Board Corp. | 1,000 | 2 |
| Shin Kong Financial |
|
|
| Holdings Co. | 8,399 | 2 |
| Macronix International Co., Ltd. | 7,069 | 2 |
| HannStar Display Corp. | 10,749 | 2 |
| Taiwan Glass Industrial Corp. | 4,000 | 2 |
| Inventec Co., Ltd. | 6,000 | 2 |
| Advanced Semiconductor Engineering Inc. ADR | 823 | 2 |
| Wistron Corp. | 2,098 | 2 |
* | Nanya Technology Corp. | 9,000 | 2 |
* | Tatung Co., Ltd. | 9,000 | 2 |
| Taiwan Cement Corp. | 3,030 | 2 |
| Taishin Financial Holdings | 9,000 | 1 |
| Chunghwa Picture Tubes, Ltd. | 13,000 | 1 |
| Asia Cement Corp. | 2,120 | 1 |
| Taiwan Fertilizer Co., Ltd. | 1,000 | 1 |
| KGI Securities Co., Ltd. | 5,000 | 1 |
| Feng Hsin Iron & Steel Co., Ltd. | 1,000 | 1 |
|
|
| 1,900 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
Thailand (0.1%) |
|
| |
* | Electricity Generating |
|
|
| Public Co. Ltd. (Local) | 75,600 | 129 |
| PTT Public Co. Ltd. (Foreign) | 3,400 | 16 |
| PTT Exploration and |
|
|
| Production Public |
|
|
| Co. Ltd. (Foreign) | 4,800 | 12 |
| Siam Commercial Bank |
|
|
| Public Co. Ltd. (Foreign) | 5,100 | 8 |
* | True Corp. Public Co. Ltd. |
|
|
| (Foreign) | 156,800 | 8 |
| Advanced Info Service |
|
|
| Public Co., Ltd. (Foreign) | 3,700 | 8 |
| Siam Cement |
|
|
| Public Co. Ltd. (Foreign) | 2,500 | 7 |
| Kasikornbank |
|
|
| Public Co. Ltd. (Foreign) | 4,400 | 6 |
| Bangkok Bank |
|
|
| Public Co., Ltd. (Foreign) | 2,600 | 5 |
| PTT Aromatics & Refining |
|
|
| Public Co. Ltd. (Foreign) | 16,700 | 5 |
|
|
| 204 |
Turkey (0.1%) |
|
| |
| Eregli Demir ve Celik |
|
|
| Fabrikalari A.S. | 15,504 | 48 |
* | Dogan Sirketler Grubu |
|
|
| Holding A.S. | 52,249 | 41 |
| Anadolu Efes Biracilik |
|
|
| ve Malt Sanayii A.S. | 2,480 | 21 |
* | Turkiye Garanti Bankasi A.S. | 11,089 | 19 |
| Akbank T.A.S. | 5,313 | 18 |
| Turkiye Is Bankasi |
|
|
| A.S. C Shares | 4,547 | 13 |
| Turkcell Iletisim |
|
|
| Hizmetleri A.S. | 1,817 | 9 |
| Tupras-Turkiye Petrol |
|
|
| Rafinerileri A.S. | 569 | 7 |
* | Yapi ve Kredi Bankasi A.S. | 4,443 | 6 |
| Turkiye Halk Bankasi A.S. | 1,984 | 5 |
* | KOC Holding A.S. | 1,687 | 3 |
| Enka Insaat ve Sanayi A.S. | 498 | 2 |
|
|
| 192 |
United Kingdom (8.5%) |
|
| |
| BP PLC | 150,983 | 1,231 |
| HSBC Holdings PLC | 96,192 | 1,139 |
| Vodafone Group PLC | 421,710 | 811 |
| GlaxoSmithKline PLC | 41,991 | 807 |
| Royal Dutch Shell PLC |
|
|
| Class A | 28,425 | 781 |
| Royal Dutch Shell PLC Class B | 21,770 | 590 |
| British American Tobacco PLC | 18,410 | 505 |
| AstraZeneca Group PLC | 11,694 | 496 |
| BG Group PLC | 27,182 | 400 |
| Rio Tinto PLC | 7,747 | 362 |
26
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Tesco PLC | 63,768 | 349 |
| Diageo PLC | 19,544 | 298 |
| BHP Billiton PLC | 17,095 | 290 |
| Anglo American PLC | 10,625 | 267 |
| National Grid Transco PLC | 20,834 | 235 |
| Reckitt Benckiser Group PLC | 5,511 | 233 |
| Unilever PLC | 9,957 | 224 |
| Imperial Tobacco Group PLC | 8,262 | 221 |
| Barclays PLC | 65,455 | 188 |
| Standard Chartered PLC | 11,140 | 184 |
| BAE Systems PLC | 30,288 | 170 |
| Centrica PLC | 31,994 | 157 |
| Scottish & Southern |
|
|
| Energy PLC | 7,818 | 153 |
| Royal Bank of Scotland |
|
|
| Group PLC | 126,494 | 139 |
| Lloyds TSB Group PLC | 42,675 | 138 |
| SABMiller PLC | 8,654 | 137 |
| Aviva PLC | 22,951 | 137 |
| Reed Elsevier PLC | 14,399 | 126 |
| BT Group PLC | 62,697 | 118 |
| Rolls-Royce Group PLC | 19,737 | 104 |
| Prudential PLC | 20,233 | 102 |
| Morrison Supermarkets PLC | 23,341 | 99 |
| Cadbury PLC | 10,819 | 99 |
| British Energy Group PLC | 8,237 | 99 |
| Xstrata PLC | 5,741 | 98 |
| Smith & Nephew PLC | 8,993 | 82 |
| HBOS PLC | 46,005 | 75 |
* | Cairn Energy PLC | 2,742 | 71 |
| Tullow Oil PLC | 8,313 | 71 |
| Man Group PLC | 11,981 | 69 |
| Pearson PLC | 6,446 | 64 |
| J. Sainsbury PLC | 13,787 | 63 |
* | United Utilities Group PLC | 5,409 | 61 |
| Kingfisher PLC | 32,827 | 61 |
| Marks & Spencer Group PLC | 16,847 | 60 |
| Royal & Sun Alliance |
|
|
| Insurance Group PLC | 26,526 | 59 |
| Compass Group PLC | 12,644 | 59 |
| Shire Ltd. | 4,482 | 59 |
| Land Securities Group PLC | 3,193 | 57 |
| Standard Life PLC | 14,565 | 56 |
| Legal & General Group PLC | 47,651 | 55 |
| British Sky Broadcasting |
|
|
| Group PLC | 8,965 | 55 |
| International Power PLC | 14,705 | 53 |
| WPP Group PLC | 8,266 | 49 |
| Home Retail Group | 14,977 | 48 |
| Experian Group Ltd. | 8,589 | 47 |
| Severn Trent PLC | 2,101 | 46 |
| British American Tobacco PLC (South Africa Line) | 1,682 | 46 |
| Segro PLC | 10,132 | 46 |
| Capita Group PLC | 4,105 | 42 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Old Mutual PLC | 49,232 | 40 |
| Carnival PLC | 1,735 | 38 |
| InterContinental |
|
|
| Hotels Group PLC | 4,437 | 38 |
| Kazakhmys PLC | 7,973 | 37 |
| Smiths Group PLC | 2,756 | 35 |
| Cable and Wireless PLC | 17,387 | 34 |
| Rexam PLC | 5,642 | 34 |
| British Land Co., PLC | 3,409 | 34 |
| William Hill PLC | 10,948 | 34 |
| Associated British Foods PLC | 2,799 | 31 |
| Hammerson PLC | 2,626 | 30 |
| Liberty International PLC | 2,650 | 30 |
| Drax Group PLC | 3,121 | 29 |
| The Sage Group PLC | 9,822 | 28 |
| Amec PLC | 3,250 | 27 |
| Wolseley PLC | 4,771 | 26 |
| Johnson Matthey PLC | 1,612 | 24 |
| Lonmin PLC | 1,292 | 24 |
| Group 4 Securicor PLC | 7,291 | 22 |
* | Amdocs Ltd. | 903 | 20 |
| Willis Group Holdings Ltd. | 731 | 19 |
| 3i Group PLC | 1,982 | 17 |
| Next PLC | 928 | 16 |
| Burberry Group PLC | 3,490 | 16 |
| Cobham PLC | 5,090 | 15 |
| Tate & Lyle PLC | 2,533 | 15 |
| Bunzl PLC | 1,472 | 15 |
| ITV PLC | 30,442 | 15 |
| The Alliance Trust PLC | 3,607 | 14 |
| Eurasian Natural |
|
|
| Resources Corp. | 2,841 | 14 |
| Thomson Reuters PLC | 814 | 14 |
| Foreign and Colonial |
|
|
| Investment Trust PLC | 3,837 | 14 |
| Whitbread PLC | 943 | 14 |
| ICAP PLC | 2,694 | 13 |
| Friends Provident PLC | 10,468 | 12 |
| Tomkins PLC | 5,296 | 10 |
| Schroders PLC | 687 | 9 |
| Rentokil Initial PLC | 8,354 | 6 |
| GKN PLC | 3,047 | 6 |
| Antofagasta PLC | 939 | 6 |
| LogicaCMG PLC | 3,664 | 4 |
| Vedanta Resources PLC | 277 | 4 |
* | Invensys PLC | 1,500 | 4 |
| Scottish Mortgage Investment Trust PLC | 694 | 4 |
| Provident Financial PLC | 252 | 3 |
| Mondi PLC | 762 | 3 |
| Daily Mail and General Trust PLC | 551 | 3 |
| Hays PLC | 1,926 | 2 |
| Thomas Cook Group PLC | 738 | 2 |
| United Business Media Ltd. | 296 | 2 |
| British Airways PLC | 700 | 2 |
27
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Aegis Group PLC | 1,466 | 2 |
| Enterprise Inns PLC | 957 | 2 |
| Ladbrokes PLC | 579 | 1 |
|
|
| 13,854 |
United States (45.1%) |
|
| |
| Consumer Discretionary (3.9%) |
|
|
| McDonald’s Corp. | 9,100 | 527 |
| The Walt Disney Co. | 14,900 | 386 |
| Home Depot, Inc. | 12,700 | 300 |
| Time Warner, Inc. | 27,700 | 279 |
| Comcast Corp. Class A | 15,900 | 251 |
| Lowe’s Cos., Inc. | 11,200 | 243 |
| Target Corp. | 5,800 | 233 |
* | DIRECTV Group, Inc. | 8,500 | 186 |
| News Corp., Class A | 13,300 | 141 |
| NIKE, Inc. Class B | 2,400 | 138 |
* | Amazon.com, Inc. | 2,340 | 134 |
| Staples, Inc. | 6,800 | 132 |
| Comcast Corp. |
|
|
| Special Class A | 8,500 | 131 |
| VF Corp. | 2,253 | 124 |
* | Kohl’s Corp. | 3,400 | 119 |
| Yum! Brands, Inc. | 3,600 | 104 |
* | Viacom Inc. Class B | 5,100 | 103 |
| Best Buy Co., Inc. | 3,600 | 96 |
| Carnival Corp. | 3,700 | 94 |
| TJX Cos., Inc. | 3,400 | 91 |
| General Motors Corp. | 15,700 | 91 |
| News Corp., Class B | 8,500 | 90 |
* | Starbucks Corp. | 6,800 | 89 |
* | Apollo Group, Inc. Class A | 1,235 | 86 |
| Johnson Controls, Inc. | 4,360 | 77 |
| Omnicom Group Inc. | 2,600 | 77 |
| Mattel, Inc. | 5,100 | 77 |
* | Liberty Media Corp.–Interactive Series A | 15,500 | 76 |
* | Coach, Inc. | 3,400 | 70 |
| The McGraw-Hill Cos., Inc. | 2,500 | 67 |
| PetSmart, Inc. | 3,400 | 67 |
| CBS Corp. | 6,800 | 66 |
| Fortune Brands, Inc. | 1,700 | 65 |
* | Liberty Media Corp. | 3,943 | 63 |
| Nordstrom, Inc. | 3,400 | 61 |
| Leggett & Platt, Inc. | 3,400 | 59 |
| Marriott International, Inc. Class A | 2,800 | 58 |
| The Stanley Works | 1,700 | 56 |
| Sherwin-Williams Co. | 900 | 51 |
* | AutoZone Inc. | 400 | 51 |
| Foot Locker, Inc. | 3,400 | 50 |
| Eastman Kodak Co. | 5,100 | 47 |
| The Gap, Inc. | 3,600 | 47 |
* | GameStop Corp. Class A | 1,700 | 47 |
* | Bed Bath & Beyond, Inc. | 1,702 | 44 |
| H & R Block, Inc. | 2,200 | 43 |
| Macy’s Inc. | 3,400 | 42 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| J.C. Penney Co., Inc. |
|
|
| (Holding Co.) | 1,700 | 41 |
* | Garmin Ltd. | 1,700 | 38 |
| Genuine Parts Co. | 900 | 35 |
* | Ford Motor Co. | 15,150 | 33 |
| Hillenbrand Inc. | 1,700 | 32 |
* | Sears Holdings Corp. | 551 | 32 |
| Brinker International, Inc. | 3,400 | 32 |
| Harley-Davidson, Inc. | 1,200 | 29 |
| Starwood Hotels & Resorts |
|
|
| Worldwide, Inc. | 1,300 | 29 |
| Williams-Sonoma, Inc. | 3,400 | 28 |
* | Dollar Tree, Inc. | 720 | 27 |
| D. R. Horton, Inc. | 3,400 | 25 |
| Newell Rubbermaid, Inc. | 1,800 | 25 |
| International Game Technology | 1,700 | 24 |
| Ross Stores, Inc. | 700 | 23 |
| Tiffany & Co. | 800 | 22 |
| Family Dollar Stores, Inc. | 800 | 21 |
| Hasbro, Inc. | 700 | 20 |
| Jones Apparel Group, Inc. | 1,700 | 19 |
| Whirlpool Corp. | 400 | 19 |
| Cablevision Systems NY |
|
|
| Group Class A | 1,000 | 18 |
| Black & Decker Corp. | 300 | 15 |
| Limited Brands, Inc. | 1,200 | 14 |
* | DISH Network Corp. | 800 | 13 |
* | Discovery Communications Inc. Class C | 878 | 12 |
* | Time Warner Cable, Inc. | 554 | 11 |
| Scripps Networks Interactive | 352 | 10 |
* | Mohawk Industries, Inc. | 200 | 10 |
* | Toll Brothers, Inc. | 400 | 9 |
* | Urban Outfitters, Inc. | 406 | 9 |
| Abercrombie & Fitch Co. | 300 | 9 |
* | Liberty Global, Inc. Class A | 500 | 8 |
* | Liberty Global, Inc. Series C | 479 | 8 |
| Gannett Co., Inc. | 700 | 8 |
* | Wendy’s/Arby’s Group, Inc. | 2,125 | 8 |
| RadioShack Corp. | 600 | 8 |
* | Expedia, Inc. | 778 | 7 |
| American Eagle Outfitters, Inc. | 642 | 7 |
| Darden Restaurants Inc. | 300 | 7 |
| Wynn Resorts Ltd. | 100 | 6 |
| Gentex Corp. | 585 | 6 |
| Pulte Homes, Inc. | 500 | 6 |
| Autoliv, Inc. | 239 | 5 |
* | MGM Mirage, Inc. | 300 | 5 |
* | Interpublic Group of Cos., Inc. | 900 | 5 |
* | Lamar Advertising Co. Class A | 300 | 4 |
* | Las Vegas Sands Corp. | 289 | 4 |
| Royal Caribbean Cruises, Ltd. | 300 | 4 |
* | Sirius XM Radio Inc. | 11,920 | 4 |
* | Discovery Communications Inc. Class A | 285 | 4 |
| Wyndham Worldwide Corp. | 371 | 3 |
28
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| WABCO Holdings Inc. | 139 | 3 |
| Virgin Media Inc. | 300 | 2 |
* | Ticketmaster Entertainment Inc. 80 |
| 1 |
* | Interval Leisure Group, Inc. | 80 | 1 |
* | HSN,Inc. | 80 | — |
|
|
|
|
| Consumer Staples (5.9%) |
|
|
| The Procter & Gamble Co. | 24,015 | 1,550 |
| Wal-Mart Stores, Inc. | 23,800 | 1,328 |
| The Coca-Cola Co. | 18,600 | 820 |
| Philip Morris International Inc. | 16,516 | 718 |
| PepsiCo, Inc. | 12,500 | 713 |
| CVS Caremark Corp. | 11,500 | 352 |
| Anheuser-Busch Cos., Inc. | 5,500 | 341 |
| Kraft Foods Inc. | 11,325 | 330 |
| Colgate-Palmolive Co. | 5,100 | 320 |
| Altria Group, Inc. | 16,400 | 315 |
| Kimberly-Clark Corp. | 3,600 | 221 |
| Costco Wholesale Corp. | 3,600 | 205 |
| Walgreen Co. | 7,500 | 191 |
| The Kroger Co. | 6,800 | 187 |
| General Mills, Inc. | 2,700 | 183 |
| Avon Products, Inc. | 5,100 | 127 |
| Sysco Corp. | 4,800 | 126 |
| SuperValu Inc. | 8,470 | 121 |
| Kellogg Co. | 2,300 | 116 |
| Sara Lee Corp. | 10,200 | 114 |
| Archer-Daniels-Midland Co. | 5,500 | 114 |
| Molson Coors Brewing Co. |
|
|
| Class B | 2,978 | 111 |
| Safeway, Inc. | 5,100 | 108 |
| H.J. Heinz Co. | 2,100 | 92 |
| Reynolds American Inc. | 1,771 | 87 |
* | Dean Foods Co. | 3,770 | 82 |
| UST, Inc. | 1,185 | 80 |
| Lorillard, Inc. | 1,158 | 76 |
| Campbell Soup Co. | 1,900 | 72 |
| The Clorox Co. | 1,100 | 67 |
| Bunge Ltd. | 1,700 | 65 |
| ConAgra Foods, Inc. | 3,600 | 63 |
| The Hershey Co. | 1,300 | 48 |
| The Estee Lauder Cos. Inc. Class A | 900 | 32 |
* | Dr. Pepper Snapple Group, Inc. | 1,306 | 30 |
| McCormick & Co., Inc. | 600 | 20 |
| Hormel Foods Corp. | 550 | 16 |
| Coca-Cola Enterprises, Inc. | 1,315 | 13 |
| The Pepsi Bottling Group, Inc. | 494 | 11 |
* | Energizer Holdings, Inc. | 200 | 10 |
| Tyson Foods, Inc. | 1,100 | 10 |
| Alberto-Culver Co. | 362 | 9 |
| Brown-Forman Corp. Class B | 121 | 6 |
* | Constellation Brands, Inc. Class A | 400 | 5 |
| Whole Foods Market, Inc. | 300 | 3 |
* | Smithfield Foods, Inc. | 279 | 3 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Energy (5.4%) |
|
|
| ExxonMobil Corp. | 41,593 | 3,083 |
| Chevron Corp. | 16,600 | 1,238 |
| ConocoPhillips Co. | 12,178 | 633 |
| Schlumberger Ltd. | 9,250 | 478 |
| Occidental Petroleum Corp. | 6,600 | 367 |
| Devon Energy Corp. | 3,600 | 291 |
| Apache Corp. | 2,700 | 222 |
* | Transocean, Inc. | 2,570 | 212 |
| Marathon Oil Corp. | 5,500 | 160 |
| EOG Resources, Inc. | 1,900 | 154 |
| XTO Energy, Inc. | 4,100 | 147 |
| Halliburton Co. | 7,300 | 144 |
| Anadarko Petroleum Corp. | 3,700 | 131 |
| Hess Corp. | 1,815 | 109 |
| Williams Cos., Inc. | 5,100 | 107 |
* | National Oilwell Varco Inc. | 3,500 | 105 |
| Chesapeake Energy Corp. | 4,350 | 96 |
* | Weatherford International Ltd. | 5,600 | 95 |
| Spectra Energy Corp. | 4,097 | 79 |
* | Ultra Petroleum Corp. | 1,700 | 79 |
| Valero Energy Corp. | 3,700 | 76 |
| Baker Hughes, Inc. | 2,170 | 76 |
| Noble Energy Inc. | 1,400 | 73 |
| Peabody Energy Corp. | 2,000 | 69 |
| Noble Corp. | 2,000 | 64 |
| Murphy Oil Corp. | 1,269 | 64 |
| Smith International, Inc. | 1,700 | 59 |
| El Paso Corp. | 5,600 | 54 |
| CONSOL Energy, Inc. | 1,700 | 53 |
| Sunoco, Inc. | 1,700 | 52 |
| Teekay Shipping Corp. | 1,700 | 36 |
| Diamond Offshore Drilling, Inc. | 371 | 33 |
| ENSCO International, Inc. | 800 | 30 |
* | Cameron International Corp. | 1,000 | 24 |
* | Nabors Industries, Inc. | 1,500 | 22 |
| BJ Services Co. | 1,000 | 13 |
* | Pride International, Inc. | 613 | 12 |
| Pioneer Natural Resources Co. | 400 | 11 |
* | Newfield Exploration Co. | 400 | 9 |
| Rowan Cos., Inc. | 400 | 7 |
| Patterson-UTI Energy, Inc. | 500 | 7 |
* | Plains Exploration & |
|
|
| Production Co. | 209 | 6 |
* | Patriot Coal Corp. | 144 | 2 |
|
|
|
|
| Financials (7.3%) |
|
|
| JPMorgan Chase & Co. | 29,500 | 1,217 |
| Bank of America Corp. | 40,175 | 971 |
| Wells Fargo & Co. | 26,420 | 900 |
* | Berkshire Hathaway Inc. Class A | 6 | 693 |
| Citigroup Inc. | 43,600 | 595 |
| U.S. Bancorp | 13,400 | 399 |
* | Berkshire Hathaway Inc. Class B | 84 | 323 |
29
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| The Goldman Sachs |
|
|
| Group, Inc. | 3,420 | 316 |
| Bank of New York Mellon Corp. | 8,700 | 284 |
| American Express Co. | 9,200 | 253 |
| Merrill Lynch & Co., Inc. | 12,233 | 227 |
| The Travelers Cos., Inc. | 5,300 | 226 |
| MetLife, Inc. | 6,158 | 205 |
| PNC Financial Services Group | 2,740 | 183 |
| Charles Schwab Corp. | 9,200 | 176 |
| Loews Corp. | 5,100 | 169 |
| AFLAC Inc. | 3,700 | 164 |
| Morgan Stanley | 8,900 | 155 |
| State Street Corp. | 3,500 | 152 |
| The Chubb Corp. | 2,900 | 150 |
| CME Group, Inc. | 509 | 144 |
| BB&T Corp. | 3,900 | 140 |
| The Allstate Corp. | 5,100 | 135 |
| Capital One Financial Corp. | 3,400 | 133 |
| Simon Property Group, Inc. |
|
|
| REIT | 1,800 | 121 |
| Marsh & McLennan Cos., Inc. | 4,100 | 120 |
| Prudential Financial, Inc. | 3,600 | 108 |
| SunTrust Banks, Inc. | 2,610 | 105 |
| Northern Trust Corp. | 1,800 | 101 |
| Brown & Brown, Inc. | 4,836 | 99 |
| Wachovia Corp. | 14,440 | 93 |
| Erie Indemnity Co. Class A | 2,265 | 84 |
| Franklin Resources Corp. | 1,200 | 82 |
| Aon Corp. | 1,900 | 80 |
| Hudson City Bancorp, Inc. | 4,170 | 78 |
| Progressive Corp. of Ohio | 5,400 | 77 |
| T. Rowe Price Group Inc. | 1,900 | 75 |
| Ameriprise Financial, Inc. | 3,400 | 73 |
| Public Storage, Inc. REIT | 900 | 73 |
| Vornado Realty Trust REIT | 1,000 | 71 |
| Regions Financial Corp. | 5,700 | 63 |
| Equity Residential REIT | 1,800 | 63 |
| Discover Financial Services | 5,100 | 62 |
| Mercury General Corp. | 1,185 | 61 |
| Liberty Property Trust REIT | 2,490 | 59 |
| M & T Bank Corp. | 700 | 57 |
| Boston Properties, Inc. REIT | 800 | 57 |
| NYSE Euronext | 1,861 | 56 |
| Moody’s Corp. | 2,000 | 51 |
| HCP, Inc. REIT | 1,700 | 51 |
| Invesco, Ltd. | 3,400 | 51 |
| Weingarten Realty Investors |
|
|
| REIT | 2,461 | 50 |
| KeyCorp | 4,000 | 49 |
| Duke Realty Corp. REIT | 3,400 | 48 |
| Old Republic International Corp. | 5,100 | 47 |
* | Forestar Real Estate Group, Inc. | 5,100 | 45 |
| Plum Creek Timber Co. Inc. REIT | 1,100 | 41 |
| People’s United Financial Inc. | 2,304 | 40 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| National City Corp. | 14,850 | 40 |
| Kimco Realty Corp. REIT | 1,700 | 38 |
| Marshall & Ilsley Corp. | 2,100 | 38 |
| Legg Mason Inc. | 1,700 | 38 |
* | SLM Corp. | 3,400 | 36 |
| Host Hotels & Resorts Inc. |
|
|
| REIT | 3,500 | 36 |
| American International |
|
|
| Group, Inc. | 18,900 | 36 |
| New York Community |
|
|
| Bancorp, Inc. | 2,300 | 36 |
| Avalonbay Communities, Inc. |
|
|
| REIT | 500 | 35 |
| The Hartford Financial |
|
|
| Services Group Inc. | 3,400 | 35 |
| Hospitality Properties Trust |
|
|
| REIT | 3,400 | 34 |
| Fifth Third Bancorp | 3,100 | 34 |
| Comerica, Inc. | 1,200 | 33 |
| The Principal |
|
|
| Financial Group, Inc. | 1,743 | 33 |
| Axis Capital Holdings Ltd. | 1,161 | 33 |
| Everest Re Group, Ltd. | 400 | 30 |
| Lincoln National Corp. | 1,700 | 29 |
| XL Capital Ltd. Class A | 2,970 | 29 |
| Cincinnati Financial Corp. | 1,100 | 29 |
| Unum Group | 1,800 | 28 |
| Huntington Bancshares Inc. | 2,900 | 27 |
| Commerce Bancshares, Inc. | 578 | 27 |
| PartnerRe Ltd. | 400 | 27 |
* | IntercontinentalExchange Inc. | 303 | 26 |
| Leucadia National Corp. | 937 | 25 |
| Assurant, Inc. | 945 | 24 |
| ProLogis REIT | 1,700 | 24 |
* | Guaranty Financial Group, Inc. | 10,200 | 21 |
| Protective Life Corp. | 2,416 | 20 |
* | Markel Corp. | 53 | 19 |
| Synovus Financial Corp. | 1,800 | 19 |
| W.R. Berkley Corp. | 600 | 16 |
| Zions Bancorp | 400 | 15 |
* | TD Ameritrade Holding Corp. | 1,120 | 15 |
| Torchmark Corp. | 300 | 13 |
| Associated Banc-Corp. | 500 | 11 |
| White Mountains Insurance Group Inc. | 32 | 11 |
| MBIA, Inc. | 1,000 | 10 |
| First Horizon National Corp. | 800 | 10 |
| Arthur J. Gallagher & Co. | 373 | 9 |
| TCF Financial Corp. | 500 | 9 |
| The Macerich Co. REIT | 300 | 9 |
| Fulton Financial Corp. | 802 | 8 |
| Federated Investors, Inc. | 317 | 8 |
| Popular, Inc. | 1,005 | 8 |
| AMB Property Corp. REIT | 309 | 7 |
| Janus Capital Group Inc. | 600 | 7 |
30
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Regency Centers Corp. REIT | 171 | 7 |
* | The St. Joe Co. | 200 | 6 |
| Valley National Bancorp | 300 | 6 |
| City National Corp. | 100 | 5 |
| Developers Diversified |
|
|
| Realty Corp. REIT | 400 | 5 |
| SEI Investments Co. | 293 | 5 |
| RenaissanceRe Holdings Ltd. | 100 | 5 |
| Genworth Financial Inc. | 900 | 4 |
| CIT Group Inc. | 1,000 | 4 |
| First American Corp. | 200 | 4 |
| Sovereign Bancorp, Inc. | 1,300 | 4 |
| Forest City Enterprise Class A | 312 | 4 |
| Apartment Investment & |
|
|
| Management Co. |
|
|
| Class A REIT | 200 | 3 |
| Allied Capital Corp. | 300 | 2 |
| General Growth Properties Inc. REIT | 500 | 2 |
* | Reinsurance Group of America, Inc. Group-B | 53 | 2 |
|
|
|
|
| Health Care (6.1%) |
|
|
| Johnson & Johnson | 22,595 | 1,386 |
| Pfizer Inc. | 54,000 | 956 |
| Abbott Laboratories | 12,400 | 684 |
| Merck & Co., Inc. | 17,230 | 533 |
* | Amgen Inc. | 8,500 | 509 |
| Medtronic, Inc. | 9,100 | 367 |
* | Gilead Sciences, Inc. | 7,300 | 335 |
| Wyeth | 10,400 | 335 |
| Baxter International, Inc. | 5,300 | 321 |
| Bristol-Myers Squibb Co. | 14,800 | 304 |
| Eli Lilly & Co. | 8,700 | 294 |
* | Genentech, Inc. | 3,319 | 275 |
| UnitedHealth Group Inc. | 9,800 | 233 |
* | Celgene Corp. | 3,600 | 231 |
| Covidien Ltd. | 5,100 | 226 |
* | Medco Health Solutions, Inc. | 5,100 | 194 |
| Schering-Plough Corp. | 12,979 | 188 |
* | WellPoint Inc. | 3,900 | 152 |
* | Thermo Fisher Scientific, Inc. | 3,600 | 146 |
| Becton, Dickinson & Co. | 2,000 | 139 |
* | Genzyme Corp. | 1,900 | 138 |
| Stryker Corp. | 2,500 | 134 |
| Cardinal Health, Inc. | 3,400 | 130 |
* | Express Scripts Inc. | 2,002 | 121 |
* | Boston Scientific Corp. | 12,700 | 115 |
| Allergan, Inc. | 2,580 | 102 |
| Aetna Inc. | 3,600 | 90 |
* | St. Jude Medical, Inc. | 2,300 | 87 |
* | Biogen Idec Inc. | 2,020 | 86 |
* | Zimmer Holdings, Inc. | 1,800 | 84 |
* | Forest Laboratories, Inc. | 3,400 | 79 |
| C.R. Bard, Inc. | 800 | 71 |
| McKesson Corp. | 1,800 | 66 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Lincare Holdings, Inc. | 2,428 | 64 |
| CIGNA Corp. | 3,400 | 55 |
* | Laboratory Corp. of |
|
|
| America Holdings | 900 | 55 |
* | Humana Inc. | 1,700 | 50 |
* | DaVita, Inc. | 800 | 45 |
* | Intuitive Surgical, Inc. | 258 | 45 |
* | Barr Pharmaceuticals Inc. | 654 | 42 |
| AmerisourceBergen Corp. | 1,300 | 41 |
| Hill-Rom Holdings, Inc. | 1,700 | 39 |
| Quest Diagnostics, Inc. | 800 | 37 |
* | Hospira, Inc. | 1,300 | 36 |
* | Cephalon, Inc. | 451 | 32 |
* | Varian Medical Systems, Inc. | 700 | 32 |
* | Henry Schein, Inc. | 597 | 28 |
| Applied Biosystems Inc. | 900 | 28 |
* | ImClone Systems, Inc. | 338 | 23 |
| DENTSPLY International Inc. | 600 | 18 |
* | Waters Corp. | 400 | 17 |
| Omnicare, Inc. | 600 | 17 |
* | Millipore Corp. | 296 | 15 |
* | Patterson Cos. | 400 | 10 |
| IMS Health, Inc. | 700 | 10 |
| Beckman Coulter, Inc. | 200 | 10 |
| Universal Health Services |
|
|
| Class B | 167 | 7 |
* | Invitrogen Corp. | 200 | 6 |
* | Watson Pharmaceuticals, Inc. | 220 | 6 |
* | Coventry Health Care Inc. | 400 | 5 |
* | Mylan Inc. | 570 | 5 |
* | King Pharmaceuticals, Inc. | 523 | 5 |
* | Community Health Systems, Inc. | 199 | 4 |
| Perrigo Co. | 91 | 3 |
* | Health Net Inc. | 200 | 3 |
|
|
|
|
| Industrials (4.8%) |
|
|
| General Electric Co. | 84,400 | 1,647 |
| United Technologies Corp. | 7,500 | 412 |
| 3M Co. | 5,500 | 354 |
| The Boeing Co. | 5,700 | 298 |
| Lockheed Martin Corp. | 3,500 | 298 |
| United Parcel Service, Inc. | 5,480 | 289 |
| Union Pacific Corp. | 3,800 | 254 |
| Burlington Northern Santa Fe Corp. | 2,640 | 235 |
| General Dynamics Corp. | 3,500 | 211 |
| Emerson Electric Co. | 5,700 | 187 |
| Raytheon Co. | 3,600 | 184 |
| Norfolk Southern Corp. | 2,980 | 179 |
| Caterpillar, Inc. | 4,590 | 175 |
| Honeywell International Inc. | 5,600 | 170 |
| CSX Corp. | 3,600 | 165 |
| Northrop Grumman Corp. | 3,400 | 159 |
| Waste Management, Inc. | 5,100 | 159 |
| FedEx Corp. | 2,230 | 146 |
31
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| Deere & Co. | 3,600 | 139 |
| Illinois Tool Works, Inc. | 3,800 | 127 |
| Precision Castparts Corp. | 1,700 | 110 |
| PACCAR, Inc. | 3,400 | 99 |
* | Alliant Techsystems, Inc. | 1,202 | 99 |
| Danaher Corp. | 1,600 | 95 |
| Tyco International, Ltd. | 3,600 | 91 |
| C.H. Robinson Worldwide Inc. | 1,700 | 88 |
| L-3 Communications |
|
|
| Holdings, Inc. | 1,000 | 81 |
| Cummins Inc. | 2,900 | 75 |
| Southwest Airlines Co. | 5,900 | 69 |
| ITT Industries, Inc. | 1,500 | 67 |
| Robert Half International, Inc. | 3,400 | 64 |
| Ingersoll-Rand Co. | 3,400 | 63 |
* | Jacobs Engineering Group Inc. | 1,700 | 62 |
| Eaton Corp. | 1,300 | 58 |
| R.R. Donnelley & Sons Co. | 3,400 | 56 |
| Fluor Corp. | 1,400 | 56 |
| Expeditors International |
|
|
| of Washington, Inc. | 1,702 | 56 |
* | Monster Worldwide Inc. | 3,400 | 48 |
* | Foster Wheeler Ltd. | 1,700 | 47 |
| Parker Hannifin Corp. | 1,100 | 43 |
| Rockwell Collins, Inc. | 1,100 | 41 |
| Goodrich Corp. | 999 | 36 |
| Textron, Inc. | 1,900 | 34 |
| Fastenal Co. | 800 | 32 |
| Dover Corp. | 1,000 | 32 |
| Avery Dennison Corp. | 900 | 31 |
| W.W. Grainger, Inc. | 400 | 31 |
* | First Solar, Inc. | 214 | 31 |
* | McDermott International, Inc. | 1,700 | 29 |
| Cooper Industries, Inc. Class A | 900 | 28 |
| Pitney Bowes, Inc. | 1,100 | 27 |
* | Iron Mountain, Inc. | 1,041 | 25 |
| Republic Services, Inc. Class A | 1,000 | 24 |
| Equifax, Inc. | 900 | 23 |
| Pall Corp. | 800 | 21 |
| Rockwell Automation, Inc. | 600 | 17 |
| The Dun & Bradstreet Corp. | 200 | 15 |
| Masco Corp. | 1,300 | 13 |
| Manpower Inc. | 300 | 9 |
| Ryder System, Inc. | 210 | 8 |
| SPX Corp. | 200 | 8 |
| Pentair, Inc. | 200 | 6 |
| J.B. Hunt Transport Services, Inc. | 189 | 5 |
* | Terex Corp. | 300 | 5 |
| Cintas Corp. | 200 | 5 |
|
|
|
|
| Information Technology (7.0%) |
|
|
| Microsoft Corp. | 73,168 | 1,634 |
| International Business Machines Corp. | 10,900 | 1,013 |
* | Cisco Systems, Inc. | 47,811 | 850 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Apple Inc. | 7,051 | 759 |
| Hewlett-Packard Co. | 19,750 | 756 |
* | Oracle Corp. | 41,208 | 754 |
| Intel Corp. | 45,059 | 721 |
* | Google Inc. | 1,931 | 694 |
| QUALCOMM Inc. | 13,102 | 501 |
| Applied Materials, Inc. | 15,300 | 198 |
| Texas Instruments, Inc. | 9,600 | 188 |
* | Dell Inc. | 15,053 | 183 |
* | EMC Corp. | 15,300 | 180 |
| Automatic Data Processing, Inc. | 5,100 | 178 |
| Accenture Ltd. | 4,800 | 159 |
* | Juniper Networks, Inc. | 7,935 | 149 |
| Corning, Inc. | 11,500 | 125 |
| MasterCard, Inc. Class A | 788 | 116 |
* | eBay Inc. | 7,300 | 111 |
| Western Union Co. | 6,800 | 104 |
* | Adobe Systems, Inc. | 3,800 | 101 |
* | Yahoo! Inc. | 7,800 | 100 |
| Tyco Electronics Ltd. | 5,100 | 99 |
| Paychex, Inc. | 3,400 | 97 |
| Motorola, Inc. | 16,900 | 91 |
* | Electronic Arts Inc. | 3,400 | 77 |
* | Symantec Corp. | 5,641 | 71 |
* | Cognizant Technology Solutions Corp. | 3,400 | 65 |
* | Agilent Technologies, Inc. | 2,900 | 64 |
* | Intuit, Inc. | 2,553 | 64 |
* | Broadcom Corp. | 3,400 | 58 |
* | HLTH Corp. | 6,800 | 56 |
| Xerox Corp. | 5,800 | 47 |
* | NetApp, Inc. | 3,400 | 46 |
| CA, Inc. | 2,553 | 45 |
* | NVIDIA Corp. | 5,100 | 45 |
* | Citrix Systems, Inc. | 1,700 | 44 |
* | Micron Technology, Inc. | 8,500 | 40 |
* | Autodesk, Inc. | 1,700 | 36 |
* | VeriSign, Inc. | 1,700 | 36 |
* | Flextronics International Ltd. | 8,500 | 36 |
| Altera Corp. | 2,000 | 35 |
* | Teradyne, Inc. | 6,800 | 35 |
| Analog Devices, Inc. | 1,600 | 34 |
| Xilinx, Inc. | 1,802 | 33 |
| Harris Corp. | 898 | 32 |
* | Sun Microsystems, Inc. | 6,800 | 31 |
* | Computer Sciences Corp. | 1,000 | 30 |
* | Fiserv, Inc. | 851 | 28 |
| Linear Technology Corp. | 1,200 | 27 |
* | McAfee Inc. | 812 | 26 |
* | Convergys Corp. | 3,400 | 26 |
* | BMC Software, Inc. | 1,000 | 26 |
| Amphenol Corp. | 900 | 26 |
| Microchip Technology, Inc. | 1,000 | 25 |
* | Akamai Technologies, Inc. | 1,700 | 24 |
| National Semiconductor Corp. | 1,600 | 21 |
32
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Marvell Technology Group Ltd. | 3,004 | 21 |
* | Affiliated Computer |
|
|
| Services, Inc. Class A | 500 | 20 |
* | Unisys Corp. | 10,200 | 16 |
* | SanDisk Corp. | 1,700 | 15 |
| KLA-Tencor Corp. | 600 | 14 |
| Seagate Technology | 1,800 | 12 |
* | MEMC Electronic |
|
|
| Materials, Inc. | 646 | 12 |
* | Avnet, Inc. | 553 | 9 |
| Diebold, Inc. | 301 | 9 |
* | LAM Research Corp. | 400 | 9 |
* | NCR Corp. | 371 | 7 |
* | IAC/InterActiveCorp | 400 | 7 |
| Total System Services, Inc. | 478 | 7 |
| Fidelity National Information |
|
|
| Services, Inc. | 400 | 6 |
| Broadridge Financial |
|
|
| Solutions LLC | 494 | 6 |
* | Teradata Corp. | 384 | 6 |
* | Alliance Data Systems Corp. | 114 | 6 |
* | Synopsys, Inc. | 300 | 5 |
* | Lexmark International, Inc. | 200 | 5 |
* | LSI Corp. | 1,200 | 5 |
* | Advanced Micro Devices, Inc. | 1,300 | 5 |
* | Arrow Electronics, Inc. | 238 | 4 |
* | DST Systems, Inc. | 100 | 4 |
* | Compuware Corp. | 600 | 4 |
| Lender Processing |
|
|
| Services, Inc. | 150 | 3 |
| Jabil Circuit, Inc. | 400 | 3 |
|
|
|
|
| Materials (1.3%) |
|
|
| Monsanto Co. | 4,200 | 374 |
| E.I. du Pont de |
|
|
| Nemours & Co. | 7,300 | 234 |
| Dow Chemical Co. | 7,400 | 197 |
| Praxair, Inc. | 2,340 | 152 |
| Air Products & Chemicals, Inc. | 1,800 | 105 |
| Newmont Mining Corp. (Holding Co.) | 3,600 | 95 |
| Nucor Corp. | 2,340 | 95 |
| Bemis Co., Inc. | 3,400 | 84 |
| Rohm & Haas Co. | 1,200 | 84 |
| Freeport-McMoRan Copper & Gold, Inc. Class B | 2,660 | 77 |
| The Mosaic Co. | 1,700 | 67 |
| Alcoa Inc. | 5,800 | 67 |
| Weyerhaeuser Co. | 1,700 | 65 |
| Ecolab, Inc. | 1,600 | 60 |
| International Paper Co. | 3,400 | 58 |
| PPG Industries, Inc. | 1,100 | 54 |
| Vulcan Materials Co. | 900 | 49 |
| Allegheny Technologies Inc. | 1,700 | 45 |
| Sigma-Aldrich Corp. | 700 | 31 |
| Ball Corp. | 800 | 27 |
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
* | Pactiv Corp. | 1,000 | 24 |
| United States Steel Corp. | 600 | 22 |
| Sealed Air Corp. | 1,100 | 19 |
| Southern Copper Corp. |
|
|
| (U.S. Shares) | 909 | 13 |
| Eastman Chemical Co. | 240 | 10 |
| International Flavors & |
|
|
| Fragrances, Inc. | 200 | 6 |
| MeadWestvaco Corp. | 400 | 6 |
|
|
|
|
| Telecommunication Services (1.4%) |
|
|
| AT&T Inc. | 47,580 | 1,274 |
| Verizon Communications Inc. | 22,800 | 676 |
* | American Tower Corp. |
|
|
| Class A | 3,400 | 110 |
| Sprint Nextel Corp. | 19,500 | 61 |
* | NII Holdings Inc. | 1,700 | 44 |
| Embarq Corp. | 1,142 | 34 |
* | Crown Castle |
|
|
| International Corp. | 1,400 | 30 |
* | MetroPCS |
|
|
| Communications Inc. | 2,000 | 28 |
| Qwest Communications |
|
|
| International Inc. | 6,400 | 18 |
* | Level 3 Communications, Inc. | 13,600 | 14 |
| CenturyTel, Inc. | 549 | 14 |
| Telephone & Data |
|
|
| Systems, Inc.–Special |
|
|
| Common Shares | 300 | 8 |
| Frontier Communications Corp. | 656 | 5 |
|
|
|
|
| Utilities (2.0%) |
|
|
| Exelon Corp. | 5,400 | 293 |
| Duke Energy Corp. | 13,780 | 226 |
| Southern Co. | 5,930 | 204 |
| Dominion Resources, Inc. | 4,600 | 167 |
| NSTAR | 4,729 | 156 |
| FPL Group, Inc. | 3,300 | 156 |
| FirstEnergy Corp. | 2,400 | 125 |
| NiSource, Inc. | 9,649 | 125 |
| Entergy Corp. | 1,500 | 117 |
| Public Service Enterprise Group, Inc. | 4,100 | 115 |
| CenterPoint Energy Inc. | 9,859 | 114 |
| Puget Energy, Inc. | 4,802 | 112 |
| American Electric Power Co., Inc. | 3,200 | 104 |
| PG&E Corp. | 2,400 | 88 |
| Northeast Utilities | 3,783 | 85 |
| Sempra Energy | 2,000 | 85 |
| Progress Energy, Inc. | 2,100 | 83 |
| PPL Corp. | 2,500 | 82 |
| Pinnacle West Capital Corp. | 2,513 | 80 |
* | NRG Energy, Inc. | 3,400 | 79 |
| Edison International | 2,200 | 78 |
| Consolidated Edison Inc. | 1,800 | 78 |
33
Total World Stock Index Fund
|
|
| Market |
|
|
| Value• |
|
| Shares | ($000) |
| TECO Energy, Inc. | 6,160 | 71 |
| Xcel Energy, Inc. | 3,400 | 59 |
| Ameren Corp. | 1,700 | 55 |
| Wisconsin Energy Corp. | 800 | 35 |
| Allegheny Energy, Inc. | 1,120 | 34 |
| Pepco Holdings, Inc. | 1,600 | 33 |
| DTE Energy Co. | 900 | 32 |
| Questar Corp. | 900 | 31 |
| SCANA Corp. | 900 | 30 |
* | AES Corp. | 3,500 | 28 |
* | Reliant Energy, Inc. | 5,100 | 27 |
| Alliant Energy Corp. | 884 | 26 |
| Constellation Energy |
|
|
| Group, Inc. | 1,000 | 24 |
| MDU Resources Group, Inc. | 978 | 18 |
| Equitable Resources, Inc. | 500 | 17 |
* | Mirant Corp. | 376 | 7 |
|
|
| 73,344 |
Total Common Stocks |
|
| |
(Cost $194,352) |
| 159,725 | |
Temporary Cash Investment (2.0%) |
|
| |
Money Market Fund (2.0%) |
|
| |
2,3 | Vanguard Market |
|
|
| Liquidity Fund, 2.217% |
|
|
| (Cost $3,140) | 3,139,722 | 3,140 |
Total Investments (100.3%) |
|
| |
(Cost $197,492) |
| 162,865 | |
Other Assets and Liabilites (–0.3%) |
|
| |
Other Assets |
| 838 | |
Liabilities3 |
| (1,268) | |
|
|
| (430) |
Net Assets (100%) |
| 162,435 |
At October 31, 2008, net assets consisted of: | |
| Amount |
| ($000) |
Paid-in Capital | 196,943 |
Undistributed Net Investment Income | 684 |
Accumulated Net Realized Losses | (572) |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | (34,627) |
Foreign Currencies | 7 |
Net Assets | 162,435 |
|
|
Investor Shares—Net Assets |
|
Applicable to 2,996,930 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 41,073 |
Net Asset Value Per Share— |
|
Investor Shares | $13.71 |
|
|
Institutional Shares—Net Assets |
|
Applicable to 104,514 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 7,172 |
Net Asset Value Per Share— |
|
Institutional Shares | $68.63 |
|
|
ETF Shares—Net Assets |
|
Applicable to 3,400,000 outstanding |
|
$.001 par value shares of beneficial |
|
interest (unlimited authorization) | 114,190 |
Net Asset Value Per Share— |
|
ETF Shares | $33.59 |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
^ | Part of security position is on loan to broker-dealers. The total value of securities on loan is $520,000. |
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2008, the value of this security represented 0.2% of net assets.
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 Includes $554,000 of collateral received for securities on loan.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
34
Total World Stock Index Fund
Statement of Operations
| June 24, 20081 to |
| October 31, 2008 |
| ($000) |
Investment Income |
|
Income |
|
Dividends2 | 722 |
Interest3 | 24 |
Total Income | 746 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 2 |
Management and Administrative—Investor Shares | 11 |
Management and Administrative—Institutional Shares | 1 |
Management and Administrative—ETF Shares | 1 |
Custodian Fees | 44 |
Auditing Fees | 30 |
Shareholders’ Reports—Investor Shares | 2 |
Shareholders’ Reports—Institutional Shares | — |
Shareholders’ Reports—ETF Shares | — |
Total Expenses | 91 |
Net Investment Income | 655 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | (572) |
Foreign Currencies | 29 |
Realized Net Gain (Loss) | (543) |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (34,627) |
Foreign Currencies | 7 |
Change in Unrealized Appreciation (Depreciation) | (34,620) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (34,508) |
1 Inception.
2 Dividends are net of foreign withholding taxes of $28,000.
3 Interest income from an affiliated company of the fund was $24,000.
See accompanying Notes, which are an integral part of the Financial Statements.
35
Total World Stock Index Fund
Statement of Changes in Net Assets
| June 24, 20081 to |
| October 31, 2008 |
| ($000) |
Increase (Decrease) in Net Assets |
|
Operations |
|
Net Investment Income | 655 |
Realized Net Gain (Loss) | (543) |
Change in Unrealized Appreciation (Depreciation) | (34,620) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (34,508) |
Distributions |
|
Net Investment Income |
|
Investor Shares | — |
Institutional Shares | — |
ETF Shares | — |
Realized Capital Gain |
|
Investor Shares | — |
Institutional Shares | — |
ETF Shares | — |
Total Distributions | — |
Capital Share Transactions |
|
Investor Shares | 51,939 |
Institutional Shares | 6,987 |
ETF Shares | 138,017 |
Net Increase (Decrease) from Capital Share Transactions | 196,943 |
Total Increase (Decrease) | 162,435 |
Net Assets |
|
Beginning of Period | — |
End of Period2 | 162,435 |
1 Inception.
2 Net Assets—End of Period includes undistributed net investment income of $684,000.
See accompanying Notes, which are an integral part of the Financial Statements.
36
Total World Stock Index Fund
Financial Highlights
Investor Shares |
|
| June 26, 20081 to |
For a Share Outstanding Throughout the Period | October 31, 2008 |
Net Asset Value, Beginning of Period | $20.00 |
Investment Operations |
|
Net Investment Income | .1602 |
Net Realized and Unrealized Gain (Loss) on Investments | (6.450) |
Total from Investment Operations | (6.290) |
Distributions |
|
Dividends from Net Investment Income | — |
Distributions from Realized Capital Gains | — |
Total Distributions | — |
Net Asset Value, End of Period | $13.71 |
|
|
Total Return3 | –31.45% |
|
|
Ratios/Supplemental Data |
|
Net Assets, End of Period (Millions) | $41 |
Ratio of Total Expenses to Average Net Assets | 0.46%4 |
Ratio of Net Investment Income to Average Net Assets | 2.32%4 |
Portfolio Turnover Rate5 | 5% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not reflect the 0.25% transaction fee on purchases; the 2% fee assessed on redemptions of shares held for less than two months; or the account service fee that may be applicable to certain accounts with balances below $10,000.
4 Annualized.
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.
37
Total World Stock Index Fund
Financial Highlights
Institutional Shares |
|
| October 9, 20081 to |
For a Share Outstanding Throughout the Period | October 31, 2008 |
Net Asset Value, Beginning of Period | $66.81 |
Investment Operations |
|
Net Investment Income | .1242 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.696 |
Total from Investment Operations | 1.820 |
Distributions |
|
Dividends from Net Investment Income | — |
Distributions from Realized Capital Gains | — |
Total Distributions | — |
Net Asset Value, End of Period | $68.63 |
|
|
Total Return3 | 2.72% |
|
|
Ratios/Supplemental Data |
|
Net Assets, End of Period (Millions) | $7 |
Ratio of Total Expenses to Average Net Assets | 0.20%4 |
Ratio of Net Investment Income to Average Net Assets | 2.58%4 |
Portfolio Turnover Rate5 | 5% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Total returns do not reflect the 0.25% transaction fee on purchases or the 2% fee assessed on redemptions of shares held for less than two months.
4 Annualized.
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.
38
Total World Stock Index Fund
Financial Highlights
ETF Shares |
|
| June 24, 20081 to |
For a Share Outstanding Throughout the Period | October 31, 2008 |
Net Asset Value, Beginning of Period | $49.74 |
Investment Operations |
|
Net Investment Income | .3402 |
Net Realized and Unrealized Gain (Loss) on Investments | (16.490) |
Total from Investment Operations | (16.150) |
Distributions |
|
Dividends from Net Investment Income | — |
Distributions from Realized Capital Gains | — |
Total Distributions | — |
Net Asset Value, End of Period | $33.59 |
|
|
Total Return | –32.47% |
|
|
Ratios/Supplemental Data |
|
Net Assets, End of Period (Millions) | $114 |
Ratio of Total Expenses to Average Net Assets | 0.29%3 |
Ratio of Net Investment Income to Average Net Assets | 2.49%3 |
Portfolio Turnover Rate4 | 5% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Annualized.
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.
39
Total World Stock Index Fund
Notes to Financial Statements
Vanguard Total World Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers three classes of shares: Investor Shares, Institutional Shares, and ETF Shares. Investor Shares were first issued on June 26, 2008, and are available to any investor who meets the fund’s minimum purchase requirements. Institutional Shares were first issued on October 9, 2008, and are designed for investors who meet certain administrative and service criteria and invest a minimum of $5 million. ETF Shares were first issued on June 24, 2008, and are listed for trading on the NYSE Arca, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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 at their fair values calculated according to procedures adopted 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 qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for the period from inception to October 31, 2008, and concluded that no provision for federal income taxes is required in the financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents the income earned on investing cash collateral, less expenses associated with the loan.
40
Total World Stock Index Fund
6. Other: Dividend income is recorded on the ex-dividend date. 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 redemptions of capital shares 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At October 31, 2008, the fund had contributed capital of $10,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.01% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the period ended October 31, 2008, the fund realized net foreign currency gains of $29,000, which increased distributable net income for tax purposes; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be “passive foreign investment companies,” for which any unrealized appreciation and/or realized gains are required to be included in distributable net investment income for tax purposes. Unrealized appreciation on passive foreign investment company holdings at October 31, 2008, was $9,000.
For tax purposes, at October 31, 2008, the fund had $699,000 of ordinary income available for distribution. The fund had available realized losses of $572,000 to offset future net capital gains through October 31, 2016.
At October 31, 2008, the cost of investment securities for tax purposes was $197,501,000. Net unrealized depreciation of investment securities for tax purposes was $34,636,000, consisting of unrealized gains of $1,154,000 on securities that had risen in value since their purchase and $35,790,000 in unrealized losses on securities that had fallen in value since their purchase.
D. During the period ended October 31, 2008, the fund purchased $199,277,000 of investment securities and sold $4,460,000 of investment securities, other than temporary cash investments.
Total World Stock Index Fund
41
E. Capital share transactions for each class of shares were:
| Inception1 to | |
| October 31, 2008 | |
| Amount | Shares |
| ($000) | (000) |
Investor Shares |
|
|
Issued | 56,750 | 3,304 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed2 | (4,811) | (307) |
Net Increase (Decrease)—Investor Shares | 51,939 | 2,997 |
Institutional Shares |
|
|
Issued | 6,987 | 105 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed2 | — | — |
Net Increase (Decrease)—Institutional Shares | 6,987 | 105 |
ETF Shares |
|
|
Issued | 138,017 | 3,400 |
Issued in Lieu of Cash Distributions | — | — |
Redeemed2 | — | — |
Net Increase (Decrease)—ETF Shares | 138,017 | 3,400 |
F. In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements.
The various inputs that may be used to determine the value of the fund’s investments are summarized in three broad levels. The inputs or methodologies used for valuing 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).
1 Inception was June 24, 2008, for ETF Shares, June 26, 2008, for Investor Shares, and October 9, 2008, for Institutional Shares.
2 Net of redemption fees of $40,000 (fund totals).
42
Total World Stock Index Fund
The following table summarizes the fund’s investments as of October 31, 2008, based on the inputs used to value them:
| Investments |
| in Securities |
Valuation Inputs | ($000) |
Level 1—Quoted Prices | 87,406 |
Level 2—Other Significant Observable Inputs | 75,459 |
Level 3—Significant Unobservable Inputs | — |
Total | 162,865 |
43
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard Total World Stock Index Fund:
In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Total World Stock Index Fund (the “Fund”) at October 31, 2008, and the results of its operations, the changes in its net assets and the financial highlights for the period June 24, 2008 (commencement of operations) through October 31, 2008, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and by agreement to the underlying ownership records for Vanguard Market Liquidity Fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2008
Special 2008 tax information (unaudited) for Vanguard Total World Stock Index Fund |
This information for the fiscal period ended October 31, 2008, is included pursuant to provisions of the Internal Revenue Code.
For corporate shareholders, 47.6% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
The fund will pass through to shareholders foreign source income of $388,000 and foreign taxes paid of $18,000. The pass-through of foreign taxes paid will affect only shareholders on the dividend record date in December 2008. Shareholders will receive more detailed information along with their Form 1099-DIV in January 2009.
44
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Total World Stock Index Fund approved the launch of the fund effective in June 2008, utilizing an internalized management structure whereby The Vanguard Group, Inc. (Vanguard)—through its Quantitative Equity Group—would provide investment advisory services at cost. The board determined that the investment advisory arrangement with Vanguard was in the best interests of the fund and its prospective shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance of similar mandates. The trustees 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 considered the benefits to shareholders of selecting the Quantitative Equity Group as an advisor to the fund, particularly in light of the nature, extent, and quality of services to be provided by Vanguard. The board noted that Vanguard has a track record of success in its management of other Vanguard index funds as well as actively managed funds. Vanguard has been managing investments for more than 25 years. George U. Sauter, Vanguard managing director and chief investment officer, has been in the investment management business since 1985. Vanguard adheres to a sound, disciplined investment management process; the portfolio management team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.
Investment performance
The board determined that, in its management of other Vanguard funds, the Quantitative Equity Group has a track record of consistent performance and disciplined investment processes. Information about the fund’s performance since inception can be found in the Performance Summary section of this report.
Cost
The board considered the cost of services to be provided, including consideration of competitive fee rates and the fact that, after the implementation of the arrangement with Vanguard, the fund’s advisory expense ratio would be well below the average advisory expense ratio for its peer group. Information about the fund’s expense ratio appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement after a one-year period.
45
Glossary
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
46
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Chairman of the Board and Trustee | |
|
|
John J. Brennan1 |
|
Born 1954 | Principal Occupation(s) During the Past Five Years: Chairman of the Board and Director/ |
Trustee Since May 1987; | Trustee of The Vanguard Group, Inc., and of each of the investment companies served |
Chairman of the Board | by The Vanguard Group; Chief Executive Officer and President of The Vanguard Group |
156 Vanguard Funds Overseen | and of each of the investment companies served by The Vanguard Group (1996–2008). |
|
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Independent Trustees |
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Charles D. Ellis |
|
Born 1937 | Principal Occupation(s) During the Past Five Years: Applecore Partners (pro bono ventures |
Trustee Since January 2001 | in education); Senior Advisor to Greenwich Associates (international business strategy |
156 Vanguard Funds Overseen | consulting); Successor Trustee of Yale University; Overseer of the Stern School of Business |
| at New York University; Trustee of the Whitehead Institute for Biomedical Research. |
|
|
Emerson U. Fullwood |
|
Born 1948 | Principal Occupation(s) During the Past Five Years: Executive Chief Staff and Marketing |
Trustee Since January 2008 | Officer for North America since 2004 and Corporate Vice President of Xerox Corporation |
156 Vanguard Funds Overseen | (photocopiers and printers); Director of SPX Corporation (multi-industry manufacturing), |
| of the United Way of Rochester, and of the Boy Scouts of America. |
|
|
Rajiv L. Gupta |
|
Born 1945 | Principal Occupation(s) During the Past Five Years: Chairman, President, and |
Trustee Since December 20012 | Chief Executive Officer of Rohm and Haas Co. (chemicals); Board Member of |
156 Vanguard Funds Overseen | the American Chemistry Council; Director of Tyco International, Ltd. (diversified |
| manufacturing and services), since 2005. |
|
|
Amy Gutmann |
|
Born 1949 | Principal Occupation(s) During the Past Five Years: President of the University of |
Trustee Since June 2006 | Pennsylvania since 2004; Professor in the School of Arts and Sciences, Annenberg School |
156 Vanguard Funds Overseen | for Communication, and Graduate School of Education of the University of Pennsylvania |
| since 2004; Provost (2001–2004) and Laurance S. Rockefeller Professor of Politics and |
| the University Center for Human Values (1990–2004), Princeton University; Director of |
| Carnegie Corporation of New York since 2005 and of Schuylkill River Development |
| Corporation and Greater Philadelphia Chamber of Commerce since 2004; Trustee of |
| the National Constitution Center since 2007. |
JoAnn Heffernan Heisen |
|
Born 1950 | Principal Occupation(s) During the Past Five Years: Corporate Vice President and |
Trustee Since July 1998 | Chief Global Diversity Officer since 2006, Vice President and Chief Information |
156 Vanguard Funds Overseen | Officer (1997–2005), and Member of the Executive Committee of Johnson & |
| Johnson (pharmaceuticals/consumer products); Director of the University Medical |
| Center at Princeton and Women’s Research and Education Institute. |
|
|
André F. Perold |
|
Born 1952 | Principal Occupation(s) During the Past Five Years: George Gund Professor of Finance |
Trustee Since December 2004 | and Banking, Harvard Business School; Senior Associate Dean and Director of Faculty |
156 Vanguard Funds Overseen | Recruiting, Harvard Business School; Director and Chairman of UNX, Inc. (equities |
| trading firm); Chair of the Investment Committee of HighVista Strategies LLC (private |
| investment firm) since 2005. |
|
|
Alfred M. Rankin, Jr. |
|
Born 1941 | Principal Occupation(s) During the Past Five Years: Chairman, President, Chief Executive |
Trustee Since January 1993 | Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/lignite); Director |
156 Vanguard Funds Overseen | of Goodrich Corporation (industrial products/aircraft systems and services). |
|
|
J. Lawrence Wilson |
|
Born 1936 | Principal Occupation(s) During the Past Five Years: Retired Chairman and Chief Executive |
Trustee Since April 1985 | Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines) and |
156 Vanguard Funds Overseen | AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University |
| and of Culver Educational Foundation. |
|
|
Executive Officers1 |
|
|
|
Thomas J. Higgins |
|
Born 1957 | Principal Occupation(s) During the Past Five Years: Principal of The Vanguard Group, Inc.; |
Chief Financial Officer | Treasurer of each of the investment companies served by The Vanguard Group; Chief |
Since September 2008 | Financial Officer of each of the investment companies served by The Vanguard |
Treasurer Since July 1998 | Group since 2008. |
156 Vanguard Funds Overseen |
|
|
|
F. William McNabb III |
|
Born 1957 | Principal Occupation(s) During the Past Five Years: Chief Executive Officer, Director, |
Chief Executive Officer | and President of The Vanguard Group, Inc., since 2008; Chief Executive Officer and |
Since August 31, 2008 | President of each of the investment companies served by The Vanguard Group since |
President Since March 2008 | 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard |
156 Vanguard Funds Overseen | Group (1995–2008). |
|
|
Heidi Stam |
|
Born 1956 | Principal Occupation(s) During the Past Five Years: Managing Director of The Vanguard |
Secretary Since July 2005 | Group, Inc., since 2006; General Counsel of The Vanguard Group since 2005; Secretary of |
156 Vanguard Funds Overseen | The Vanguard Group and of each of the investment companies served by The Vanguard |
| Group since 2005; Director and Senior Vice President of Vanguard Marketing Corporation |
| since 2005; Principal of The Vanguard Group (1997–2006). |
Vanguard Senior Management Team |
|
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| |
|
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|
|
|
R. Gregory Barton | Kathleen C. Gubanich | Michael S. Miller | Ralph K. Packard | George U. Sauter |
Mortimer J. Buckley | Paul A. Heller | James M. Norris | Glenn W. Reed |
|
Founder |
|
John C. Bogle |
Chairman and Chief Executive Officer, 1974–1996 |
1 | These individuals are “interested persons” as defined in the Investment Company Act of 1940. |
2 | December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
| |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > www.vanguard.com
Fund Information > 800-662-7447 | All comparative mutual fund data are from Lipper Inc. |
| or Morningstar, Inc., unless otherwise noted. |
Direct Investor Account Services > 800-662-2739 |
|
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Institutional Investor Services > 800-523-1036 | You can obtain a free copy of Vanguard’s proxy voting |
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Text Telephone for People | and searching for “proxy voting guidelines,” or by |
With Hearing Impairment > 800-952-3335 | calling Vanguard at 800-662-2739. The guidelines are |
| also available from the SEC’s website, www.sec.gov. |
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This material may be used in conjunction | the 12 months ended June 30. To get the report, visit |
with the offering of shares of any Vanguard | either www.vanguard.com or www.sec.gov. |
fund only if preceded or accompanied by |
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the fund’s current prospectus. |
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The funds or securities referred to herein are not |
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| Q6280 122008 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, André F. Perold, Alfred M. Rankin, Jr., and J. Lawrence Wilson.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended October 31, 2008: $178,000
Fiscal Year Ended October 31, 2007: $137,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended October 31, 2008: $3,055,590
Fiscal Year Ended October 31, 2007: $2,835,320
(b) Audit-Related Fees.
Fiscal Year Ended October 31, 2008: $626,240
Fiscal Year Ended October 31, 2007: $630,400
Includes fees billed in connection with assurance and related services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(c) Tax Fees.
Fiscal Year Ended October 31, 2008: $230,400
Fiscal Year Ended October 31, 2007: $215,900
Includes fees billed in connection with tax compliance, planning and advice services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group and related to income and excise taxes.
(d) All Other Fees.
Fiscal Year Ended October 31, 2008: $0
Fiscal Year Ended October 31, 2007: $0
Includes fees billed for services related to risk management and privacy matters. Services were provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; and (4) other registered investment companies in the Vanguard Group. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; or (4) other registered investment companies in the Vanguard Group.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended October 31, 2008: $230,400
Fiscal Year Ended October 31, 2007: $215,900
Includes fees billed for non-audit services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: The Registrant is a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Charles D. Ellis, Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, André F. Perold, Alfred M. Rankin, Jr., and J. Lawrence Wilson.
Item 6: Not Applicable.
Item 7: Not Applicable.
Item 8: Not Applicable.
Item 9: Not Applicable.
Item 10: Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
| (a) | Code of Ethics. |
| (b) | Certifications. |
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 INTERNATIONAL EQUITY INDEX FUNDS |
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By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III |
| CHIEF EXECUTIVE OFFICER |
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Date: December 16, 2008 |
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 INTERNATIONAL EQUITY INDEX FUNDS |
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By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III |
| CHIEF EXECUTIVE OFFICER |
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Date: December 16, 2008 |
| VANGUARD INTERNATIONAL EQUITY INDEX FUNDS |
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By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS |
| CHIEF FINANCIAL OFFICER |
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Date: December 16, 2008 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on January 18, 2008, see file Number 2-29601, Incorporated by Reference; and pursuant to a Power of Attorney filed on September 26, 2008, see File Number 2-47371, Incorporated by Reference.