Quarterly Schedule of portfolio holdings of management investment companies


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY

Investment Company Act file number: 811-05972

Name of Registrant: Vanguard International Equity Index Funds

Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

Date of fiscal year end: October 31

Date of reporting period: January 31, 2014

Item 1: Schedule of Investments



Vanguard Pacific Stock Index Fund

Schedule of Investments
As of January 31, 2014

Market
Value
Shares ($000)
Common Stocks (99.8%) 1
Australia (19.2%)
Commonwealth Bank of Australia 1,617,011 105,055
BHP Billiton Ltd. 3,225,644 103,166
Westpac Banking Corp. 3,095,336 83,634
Australia & New Zealand Banking Group Ltd. 2,729,011 71,662
National Australia Bank Ltd. 2,308,179 67,173
Wesfarmers Ltd. 1,143,818 42,046
Woolworths Ltd. 1,232,493 36,632
CSL Ltd. 515,355 31,691
Rio Tinto Ltd. 438,400 25,098
Woodside Petroleum Ltd. 621,171 20,253
Telstra Corp. Ltd. 4,406,485 19,769
Westfield Group 2,082,593 18,528
Macquarie Group Ltd. 323,065 15,295
Suncorp Group Ltd. 1,295,810 13,814
Origin Energy Ltd. 1,092,805 13,304
Brambles Ltd. 1,564,944 12,281
QBE Insurance Group Ltd. 1,205,421 12,075
Amcor Ltd. 1,217,725 11,415
Santos Ltd. 961,760 11,229
Insurance Australia Group Ltd. 2,330,732 11,155
AMP Ltd. 2,954,955 10,986
Aurizon Holdings Ltd. 2,070,648 8,916
Transurban Group 1,468,256 8,864
Westfield Retail Trust 3,073,821 8,104
Oil Search Ltd. 1,145,631 8,052
Fortescue Metals Group Ltd. 1,622,213 7,556
Orica Ltd. 367,424 7,534
AGL Energy Ltd. 553,480 7,341
Stockland 2,319,812 7,306
Goodman Group 1,722,351 6,989
Newcrest Mining Ltd. 720,310 6,084
ASX Ltd. 191,494 5,949
Coca-Cola Amatil Ltd. 540,550 5,530
Sonic Healthcare Ltd. 382,598 5,529
Crown Resorts Ltd. 379,171 5,510
Mirvac Group 3,692,772 5,369
Lend Lease Group 542,163 4,997
Ramsay Health Care Ltd. 130,332 4,986
James Hardie Industries plc 441,356 4,984
GPT Group 1,583,620 4,976
Asciano Ltd. 983,714 4,839
Computershare Ltd. 494,269 4,815
APA Group 814,841 4,267
Dexus Property Group 4,857,889 4,230
Bendigo and Adelaide Bank Ltd. 404,129 4,086
Incitec Pivot Ltd. 1,633,983 4,072
Tatts Group Ltd. 1,394,906 3,650
Sydney Airport 1,040,420 3,588
CFS Retail Property Trust Group 1,982,212 3,366



Toll Holdings Ltd. 688,120 3,352
Boral Ltd. 782,703 3,254
Iluka Resources Ltd. 424,865 3,250
WorleyParsons Ltd. 219,805 3,154
Bank of Queensland Ltd. 315,234 3,145
Cochlear Ltd. 58,125 2,909
Federation Centres Ltd. 1,439,443 2,851
Challenger Ltd. 534,716 2,791
* Alumina Ltd. 2,482,397 2,740
^ ALS Ltd. 373,818 2,589
* BlueScope Steel Ltd. 545,803 2,580
Ansell Ltd. 148,622 2,483
^ Metcash Ltd. 898,670 2,372
Flight Centre Travel Group Ltd. 57,330 2,371
Caltex Australia Ltd. 138,222 2,337
Tabcorp Holdings Ltd. 747,309 2,246
^ Commonwealth Property Office Fund 2,031,364 2,187
^ Leighton Holdings Ltd. 150,364 2,165
Treasury Wine Estates Ltd. 658,133 2,089
SP AusNet 1,671,829 1,819
Downer EDI Ltd. 419,574 1,811
Aristocrat Leisure Ltd. 452,157 1,793
Perpetual Ltd. 43,523 1,782
Arrium Ltd. 1,312,593 1,774
Echo Entertainment Group Ltd. 838,767 1,726
IOOF Holdings Ltd. 224,693 1,722
DuluxGroup Ltd. 358,845 1,680
Adelaide Brighton Ltd. 465,050 1,531
^ Harvey Norman Holdings Ltd. 519,046 1,356
* Orora Ltd. 1,204,450 1,349
Platinum Asset Management Ltd. 224,311 1,326
CSR Ltd. 506,242 1,294
* Recall Holdings Ltd. 312,062 1,226
Seven West Media Ltd. 635,035 1,209
Australand Property Group 353,370 1,197
Fairfax Media Ltd. 1,900,894 1,112
* Qantas Airways Ltd. 1,103,846 1,052
Goodman Fielder Ltd. 1,765,064 1,050
OZ Minerals Ltd. 313,035 964
*,^ Whitehaven Coal Ltd. 601,427 945
Envestra Ltd. 944,884 943
Macquarie Atlas Roads Group 379,006 930
* Sims Metal Management Ltd. 95,135 860
Shopping Centres Australasia Property Group 628,156 815
^ Atlas Iron Ltd. 884,109 782
GWA Group Ltd. 297,943 775
New Hope Corp. Ltd. 237,619 728
* Sims Metal Management Ltd. ADR 79,352 716
Nufarm Ltd. 171,496 579
* Ten Network Holdings Ltd. 1,694,786 527
*,^ Lynas Corp. Ltd. 1,836,919 452
Newcrest Mining Ltd. ADR 51,388 430
*,^ Paladin Energy Ltd. 918,214 404
* Aquila Resources Ltd. 152,555 323
* Energy Resources of Australia Ltd. 158,818 175
987,772



Hong Kong (8.9%)
AIA Group Ltd. 12,109,645 55,847
Hutchison Whampoa Ltd. 2,402,531 29,523
* Galaxy Entertainment Group Ltd. 2,102,950 20,433
Cheung Kong Holdings Ltd. 1,334,636 19,773
Sun Hung Kai Properties Ltd. 1,554,118 19,003
Sands China Ltd. 2,430,747 18,770
Hong Kong Exchanges and Clearing Ltd. 1,156,397 17,999
Jardine Matheson Holdings Ltd. 236,800 12,699
Hang Seng Bank Ltd. 774,241 12,126
CLP Holdings Ltd. 1,552,041 11,809
Hong Kong & China Gas Co. Ltd. 5,694,146 11,646
BOC Hong Kong Holdings Ltd. 3,629,046 10,964
Wharf Holdings Ltd. 1,530,297 10,456
Link REIT 2,312,243 10,388
Power Assets Holdings Ltd. 1,339,316 10,110
Want Want China Holdings Ltd. 6,674,000 8,938
Li & Fung Ltd. 5,823,259 8,018
Swire Pacific Ltd. Class A 687,625 7,354
Jardine Strategic Holdings Ltd. 224,000 7,284
Hongkong Land Holdings Ltd. 1,173,000 7,070
China Mengniu Dairy Co. Ltd. 1,376,000 6,276
Hang Lung Properties Ltd. 2,261,317 6,209
SJM Holdings Ltd. 1,845,359 5,774
Henderson Land Development Co. Ltd. 1,036,328 5,523
Bank of East Asia Ltd. 1,350,676 5,125
Tingyi Cayman Islands Holding Corp. 1,908,000 4,961
MTR Corp. Ltd. 1,405,417 4,939
New World Development Co. Ltd. 3,796,568 4,736
Wynn Macau Ltd. 1,052,440 4,502
Sino Land Co. Ltd. 3,008,300 4,003
Prada SPA 505,500 3,764
Hang Lung Group Ltd. 812,000 3,743
Samsonite International SA 1,288,473 3,512
* Esprit Holdings Ltd. 1,851,900 3,494
Wheelock & Co. Ltd. 820,486 3,343
Techtronic Industries Co. 1,251,000 3,200
MGM China Holdings Ltd. 782,000 3,097
Swire Properties Ltd. 1,176,415 3,036
^ AAC Technologies Holdings Inc. 696,500 3,008
Cheung Kong Infrastructure Holdings Ltd. 508,215 2,990
Sun Art Retail Group Ltd. 2,223,500 2,901
Melco International Development Ltd. 793,000 2,889
Yue Yuen Industrial Holdings Ltd. 838,519 2,608
Hysan Development Co. Ltd. 635,603 2,515
Shangri-La Asia Ltd. 1,452,096 2,438
Wing Hang Bank Ltd. 168,385 2,399
First Pacific Co. Ltd. 2,372,823 2,363
ASM Pacific Technology Ltd. 244,628 2,284
Cathay Pacific Airways Ltd. 1,039,548 2,176
* Semiconductor Manufacturing International Corp. 20,951,000 2,135
Kerry Properties Ltd. 650,858 2,098
NWS Holdings Ltd. 1,362,411 1,968
Hopewell Holdings Ltd. 546,624 1,898
VTech Holdings Ltd. 156,100 1,881
Television Broadcasts Ltd. 282,700 1,764
PCCW Ltd. 3,840,143 1,749



Chow Tai Fook Jewellery Group Ltd. 1,075,600 1,579
Xinyi Glass Holdings Ltd. 1,846,000 1,503
New World China Land Ltd. 2,552,000 1,352
Johnson Electric Holdings Ltd. 1,401,000 1,257
* FIH Mobile Ltd. 2,185,000 1,084
Shui On Land Ltd. 3,404,166 1,074
Shun Tak Holdings Ltd. 1,838,000 1,059
Cafe de Coral Holdings Ltd. 328,000 1,006
Shougang Fushan Resources Group Ltd. 3,610,000 988
Champion REIT 2,313,000 982
Huabao International Holdings Ltd. 1,880,000 959
Uni-President China Holdings Ltd. 1,047,000 944
* Kerry Logistics Network Ltd. 544,679 920
L'Occitane International SA 442,750 876
Lifestyle International Holdings Ltd. 471,000 843
*,^ Macau Legend Development Ltd. 868,000 834
Orient Overseas International Ltd. 200,324 831
* Brightoil Petroleum Holdings Ltd. 2,914,000 788
Great Eagle Holdings Ltd. 242,000 788
Dah Sing Financial Holdings Ltd. 130,400 625
Texwinca Holdings Ltd. 608,000 581
*,^ United Co. RUSAL plc 1,634,000 577
China Travel International Inv HK 2,562,000 487
Dah Sing Banking Group Ltd. 330,400 479
*,^ China Rongsheng Heavy Industries Group Holdings Ltd. 2,658,500 466
Hutchison Telecommunications Hong Kong Holdings Ltd. 1,224,000 447
Parkson Retail Group Ltd. 1,372,000 418
Hopewell Highway Infrastructure Ltd. 856,500 399
* Xinyi Solar Holdings Ltd. 1,846,000 388
Kowloon Development Co. Ltd. 320,000 370
Hutchison Harbour Ring Ltd. 2,492,000 201
* Mongolian Mining Corp. 583,500 63
456,679
Japan (56.3%)
Toyota Motor Corp. 2,662,271 151,749
Mitsubishi UFJ Financial Group Inc. 14,218,524 85,387
SoftBank Corp. 946,370 68,656
Honda Motor Co. Ltd. 1,802,027 67,708
Sumitomo Mitsui Financial Group Inc. 1,349,934 62,450
Mizuho Financial Group Inc. 24,038,441 50,669
Takeda Pharmaceutical Co. Ltd. 777,991 36,272
Japan Tobacco Inc. 1,168,859 36,102
Hitachi Ltd. 4,658,258 35,419
Canon Inc. 1,137,417 33,291
FANUC Corp. 197,176 31,797
Mitsubishi Estate Co. Ltd. 1,276,982 31,202
Seven & I Holdings Co. Ltd. 785,054 31,111
KDDI Corp. 549,700 30,224
Astellas Pharma Inc. 466,274 28,675
East Japan Railway Co. 382,085 28,512
Mitsui Fudosan Co. Ltd. 850,580 26,795
Mitsubishi Corp. 1,446,434 26,677
Nippon Steel & Sumitomo Metal Corp. 8,504,309 25,736
Denso Corp. 480,286 24,824
Nomura Holdings Inc. 3,530,394 24,624
Panasonic Corp. 2,138,790 24,359
Bridgestone Corp. 670,550 24,139



Mitsui & Co. Ltd. 1,739,600 23,255
Shin-Etsu Chemical Co. Ltd. 414,455 23,040
NTT DOCOMO Inc. 1,414,400 22,738
Mitsubishi Electric Corp. 1,991,954 22,458
Nissan Motor Co. Ltd. 2,550,646 21,755
Nippon Telegraph & Telephone Corp. 401,444 21,639
Sumitomo Realty & Development Co. Ltd. 482,492 21,202
Mitsubishi Heavy Industries Ltd. 3,223,743 20,876
Komatsu Ltd. 957,609 19,796
Central Japan Railway Co. 182,100 19,788
Tokio Marine Holdings Inc. 679,590 19,730
Fast Retailing Co. Ltd. 53,620 19,531
Kubota Corp. 1,262,895 19,399
Keyence Corp. 46,277 19,068
ITOCHU Corp. 1,559,997 18,963
ORIX Corp. 1,228,360 18,682
Murata Manufacturing Co. Ltd. 201,219 18,634
Sumitomo Mitsui Trust Holdings Inc. 3,849,819 18,621
Fuji Heavy Industries Ltd. 631,212 17,261
Toshiba Corp. 4,143,424 17,211
Kao Corp. 529,777 16,783
Daiwa Securities Group Inc. 1,757,984 16,378
Sony Corp. 1,002,844 15,826
SMC Corp. 62,600 15,585
Daikin Industries Ltd. 268,012 15,345
Kyocera Corp. 325,450 14,552
Dai-ichi Life Insurance Co. Ltd. 965,800 14,485
Sumitomo Corp. 1,136,138 14,105
FUJIFILM Holdings Corp. 462,672 13,436
* Mazda Motor Corp. 2,682,959 12,902
Tokyo Gas Co. Ltd. 2,544,959 12,742
MS&AD Insurance Group Holdings 548,101 12,716
Nintendo Co. Ltd. 106,598 12,657
Nidec Corp. 112,714 12,579
Daiwa House Industry Co. Ltd. 651,805 12,273
Hoya Corp. 439,702 12,150
Sumitomo Electric Industries Ltd. 773,521 12,126
Kirin Holdings Co. Ltd. 892,616 12,105
Otsuka Holdings Co. Ltd. 388,179 11,831
Asahi Group Holdings Ltd. 435,121 11,794
Secom Co. Ltd. 209,603 11,790
JX Holdings Inc. 2,442,323 11,732
Marubeni Corp. 1,681,356 11,713
Daiichi Sankyo Co. Ltd. 701,791 11,616
Inpex Corp. 928,900 10,929
Suzuki Motor Corp. 421,168 10,910
Eisai Co. Ltd. 278,368 10,651
Resona Holdings Inc. 1,951,643 10,281
Toray Industries Inc. 1,565,857 10,252
Asahi Kasei Corp. 1,348,836 10,250
NKSJ Holdings Inc. 389,526 10,171
* Fujitsu Ltd. 1,801,981 10,078
JFE Holdings Inc. 466,807 9,673
Ajinomoto Co. Inc. 650,706 9,131
Dentsu Inc. 226,902 8,928
Tokyo Electron Ltd. 172,913 8,835
* Olympus Corp. 300,436 8,827



Terumo Corp. 183,850 8,552
Yamato Holdings Co. Ltd. 405,661 8,509
Chubu Electric Power Co. Inc. 716,172 8,505
* Kansai Electric Power Co. Inc. 783,214 8,497
JGC Corp. 222,221 8,381
Omron Corp. 210,110 8,301
Ono Pharmaceutical Co. Ltd. 93,933 8,208
Oriental Land Co. Ltd. 53,518 8,146
T&D Holdings Inc. 667,061 8,119
Osaka Gas Co. Ltd. 2,000,548 8,067
Sekisui House Ltd. 574,735 7,963
Tokyu Corp. 1,278,409 7,930
West Japan Railway Co. 192,137 7,852
Toyota Industries Corp. 171,020 7,789
NEC Corp. 2,637,284 7,623
Isuzu Motors Ltd. 1,286,996 7,619
Yahoo Japan Corp. 1,347,800 7,588
Aeon Co. Ltd. 602,595 7,489
Nitto Denko Corp. 166,366 7,478
Ricoh Co. Ltd. 708,082 7,428
LIXIL Group Corp. 287,532 7,387
Daito Trust Construction Co. Ltd. 77,458 7,311
Aisin Seiki Co. Ltd. 199,529 7,302
Shimano Inc. 79,698 7,078
Sumitomo Metal Mining Co. Ltd. 540,149 7,017
Kawasaki Heavy Industries Ltd. 1,559,357 6,778
* Tokyo Electric Power Co. Inc. 1,471,484 6,684
Shionogi & Co. Ltd. 322,673 6,559
Makita Corp. 127,127 6,536
IHI Corp. 1,439,720 6,531
Unicharm Corp. 119,441 6,493
Hankyu Hanshin Holdings Inc. 1,269,000 6,435
Shizuoka Bank Ltd. 639,859 6,428
Bank of Yokohama Ltd. 1,264,462 6,335
Sumitomo Chemical Co. Ltd. 1,555,276 6,335
Shiseido Co. Ltd. 395,353 6,275
Dai Nippon Printing Co. Ltd. 631,513 6,251
Kintetsu Corp. 1,797,927 6,198
Nikon Corp. 356,030 6,069
Mitsubishi Chemical Holdings Corp. 1,371,879 5,859
*,^ Mitsubishi Motors Corp. 532,821 5,762
TDK Corp. 124,587 5,617
Odakyu Electric Railway Co. Ltd. 631,362 5,536
Konica Minolta Inc. 527,253 5,536
Yakult Honsha Co. Ltd. 110,315 5,388
TOTO Ltd. 338,078 5,349
Toyota Tsusho Corp. 227,948 5,334
Asahi Glass Co. Ltd. 944,115 5,329
* Kyushu Electric Power Co. Inc. 468,444 5,325
NSK Ltd. 469,736 5,299
* Tohoku Electric Power Co. Inc. 481,542 5,189
Chugai Pharmaceutical Co. Ltd. 227,257 5,146
* Sharp Corp. 1,495,829 5,088
Nippon Yusen KK 1,631,083 5,066
Tobu Railway Co. Ltd. 1,082,206 5,029
Sekisui Chemical Co. Ltd. 436,445 5,020
NGK Spark Plug Co. Ltd. 216,081 4,984



Chiba Bank Ltd. 782,129 4,920
Lawson Inc. 66,295 4,808
Sega Sammy Holdings Inc. 202,091 4,796
Rohm Co. Ltd. 96,033 4,785
Taisei Corp. 1,083,863 4,743
NGK Insulators Ltd. 276,541 4,676
Mitsui OSK Lines Ltd. 1,132,811 4,656
Isetan Mitsukoshi Holdings Ltd. 366,980 4,608
Taiheiyo Cement Corp. 1,215,000 4,515
NTT Data Corp. 127,900 4,514
Hirose Electric Co. Ltd. 32,141 4,511
Oji Holdings Corp. 954,521 4,504
Toppan Printing Co. Ltd. 616,872 4,498
MEIJI Holdings Co. Ltd. 71,915 4,497
Namco Bandai Holdings Inc. 197,954 4,449
Electric Power Development Co. Ltd. 148,179 4,387
* Kobe Steel Ltd. 2,611,957 4,324
Nippon Express Co. Ltd. 910,925 4,280
Mitsubishi Materials Corp. 1,265,508 4,234
Keikyu Corp. 536,531 4,184
Chugoku Electric Power Co. Inc. 315,713 4,128
Obayashi Corp. 686,575 4,049
Hino Motors Ltd. 277,209 4,049
* Tokyu Fudosan Holdings Corp. 465,355 4,034
Sysmex Corp. 73,292 4,034
Seiko Epson Corp. 153,100 3,986
Credit Saison Co. Ltd. 162,975 3,981
Kuraray Co. Ltd. 352,313 3,956
Keio Corp. 614,808 3,939
Yokogawa Electric Corp. 252,496 3,898
Tokyo Tatemono Co. Ltd. 409,000 3,795
Yamaha Motor Co. Ltd. 285,647 3,765
Nitori Holdings Co. Ltd. 38,591 3,738
Hulic Co. Ltd. 295,700 3,736
Nippon Paint Co. Ltd. 226,000 3,724
JSR Corp. 204,543 3,636
Fukuoka Financial Group Inc. 864,041 3,598
Hisamitsu Pharmaceutical Co. Inc. 78,940 3,583
Shimizu Corp. 663,504 3,560
Stanley Electric Co. Ltd. 156,441 3,519
Nippon Meat Packers Inc. 202,466 3,454
Kansai Paint Co. Ltd. 255,442 3,448
Nissin Foods Holdings Co. Ltd. 79,447 3,443
Kajima Corp. 925,362 3,422
Yaskawa Electric Corp. 250,655 3,395
Santen Pharmaceutical Co. Ltd. 80,720 3,392
Suruga Bank Ltd. 199,396 3,376
Joyo Bank Ltd. 716,338 3,371
Taisho Pharmaceutical Holdings Co. Ltd. 46,623 3,352
J Front Retailing Co. Ltd. 500,380 3,342
Mitsubishi Tanabe Pharma Corp. 226,536 3,328
JTEKT Corp. 228,266 3,322
Aozora Bank Ltd. 1,160,676 3,310
Trend Micro Inc. 105,958 3,258
Nomura Research Institute Ltd. 99,684 3,257
Aeon Mall Co. Ltd. 110,655 3,251
Daihatsu Motor Co. Ltd. 206,557 3,215



Brother Industries Ltd. 253,059 3,176
Kikkoman Corp. 175,642 3,110
Suntory Beverage & Food Ltd. 95,300 3,109
Don Quijote Holdings Co. Ltd. 51,200 3,106
Shinsei Bank Ltd. 1,526,373 3,105
SBI Holdings Inc. 225,544 3,087
Toyo Seikan Group Holdings Ltd. 173,573 3,075
Toyo Suisan Kaisha Ltd. 97,996 3,075
Amada Co. Ltd. 380,393 3,069
Yamada Denki Co. Ltd. 888,240 3,066
Mitsubishi Gas Chemical Co. Inc. 433,921 3,053
Japan Airlines Co. Ltd. 60,846 3,053
Asics Corp. 173,932 3,000
Bank of Kyoto Ltd. 373,363 2,959
Rinnai Corp. 38,207 2,949
Hamamatsu Photonics KK 70,122 2,946
USS Co. Ltd. 215,060 2,938
Iyo Bank Ltd. 308,498 2,885
FamilyMart Co. Ltd. 63,365 2,876
Sony Financial Holdings Inc. 177,724 2,872
* Iida Group Holdings Co. Ltd. 160,900 2,848
Ebara Corp. 440,000 2,820
Toho Co. Ltd. 135,833 2,798
Dainippon Sumitomo Pharma Co. Ltd. 160,138 2,719
Takashimaya Co. Ltd. 290,494 2,705
Miraca Holdings Inc. 57,185 2,703
Kyowa Hakko Kirin Co. Ltd. 265,386 2,692
Casio Computer Co. Ltd. 246,972 2,674
Alfresa Holdings Corp. 47,058 2,670
Sumitomo Heavy Industries Ltd. 574,153 2,662
Hachijuni Bank Ltd. 478,828 2,649
Mitsubishi UFJ Lease & Finance Co. Ltd. 509,610 2,647
Yokohama Rubber Co. Ltd. 297,000 2,644
Benesse Holdings Inc. 66,847 2,638
Suzuken Co. Ltd. 76,448 2,637
THK Co. Ltd. 121,232 2,625
Yamaha Corp. 178,039 2,616
Chiyoda Corp. 170,123 2,611
Shimadzu Corp. 289,596 2,572
Nabtesco Corp. 114,765 2,564
Minebea Co. Ltd. 342,000 2,556
M3 Inc. 873 2,556
Nagoya Railroad Co. Ltd. 853,000 2,545
Sankyo Co. Ltd. 53,617 2,538
Hitachi Metals Ltd. 162,407 2,530
^ ANA Holdings Inc. 1,182,143 2,523
Marui Group Co. Ltd. 269,042 2,519
Tosoh Corp. 588,000 2,512
Kurita Water Industries Ltd. 117,978 2,506
Hokuhoku Financial Group Inc. 1,320,000 2,500
MediPal Holdings Corp. 172,284 2,497
Sumitomo Rubber Industries Ltd. 181,290 2,497
Air Water Inc. 169,281 2,487
Keisei Electric Railway Co. Ltd. 279,404 2,482
Daicel Corp. 310,473 2,479
Kakaku.com Inc. 130,600 2,475
Citizen Holdings Co. Ltd. 316,748 2,474



Fuji Electric Co. Ltd. 568,783 2,467
MISUMI Group Inc. 85,700 2,453
Seven Bank Ltd. 640,440 2,438
TonenGeneral Sekiyu KK 276,713 2,425
Gunma Bank Ltd. 459,081 2,418
^ Dena Co. Ltd. 126,351 2,410
Nomura Real Estate Holdings Inc. 117,278 2,366
Shimamura Co. Ltd. 26,453 2,340
Nisshin Seifun Group Inc. 235,140 2,333
Hokuriku Electric Power Co. 189,634 2,331
^ AEON Financial Service Co. Ltd. 100,670 2,328
Konami Corp. 98,149 2,327
Toho Gas Co. Ltd. 501,518 2,326
Koito Manufacturing Co. Ltd. 113,455 2,294
Nippon Kayaku Co. Ltd. 173,000 2,288
^ Sanrio Co. Ltd. 62,050 2,285
Nissan Chemical Industries Ltd. 160,500 2,277
Mitsui Chemicals Inc. 944,190 2,268
Ibiden Co. Ltd. 123,683 2,266
Kamigumi Co. Ltd. 252,148 2,254
* Alps Electric Co. Ltd. 172,700 2,251
* Shikoku Electric Power Co. Inc. 157,044 2,241
DIC Corp. 773,000 2,207
Sawai Pharmaceutical Co. Ltd. 36,700 2,204
Teijin Ltd. 982,175 2,202
* NTN Corp. 510,000 2,201
Hiroshima Bank Ltd. 548,000 2,199
Ube Industries Ltd. 1,074,936 2,198
Idemitsu Kosan Co. Ltd. 98,392 2,195
Yamaguchi Financial Group Inc. 240,864 2,182
Sojitz Corp. 1,270,918 2,173
Ryohin Keikaku Co. Ltd. 23,300 2,148
Dowa Holdings Co. Ltd. 233,000 2,106
Keihan Electric Railway Co. Ltd. 553,000 2,092
Hitachi Construction Machinery Co. Ltd. 108,232 2,079
Taiyo Nippon Sanso Corp. 297,728 2,055
Hakuhodo DY Holdings Inc. 253,750 2,048
Showa Denko KK 1,510,499 2,046
Obic Co. Ltd. 66,200 2,041
Mitsubishi Logistics Corp. 144,831 2,026
Park24 Co. Ltd. 97,600 2,012
^ Square Enix Holdings Co. Ltd. 70,415 2,000
Chugoku Bank Ltd. 160,109 1,985
Otsuka Corp. 16,742 1,981
GS Yuasa Corp. 379,999 1,976
Kaneka Corp. 317,995 1,967
* Haseko Corp. 261,800 1,953
* Hokkaido Electric Power Co. Inc. 187,293 1,938
^ Nippon Paper Industries Co. Ltd. 107,948 1,935
Zeon Corp. 196,000 1,907
Nippon Electric Glass Co. Ltd. 422,752 1,904
NOK Corp. 115,356 1,865
Showa Shell Sekiyu KK 195,522 1,848
Advantest Corp. 172,087 1,846
Nishi-Nippon City Bank Ltd. 729,839 1,830
COMSYS Holdings Corp. 122,800 1,779
NHK Spring Co. Ltd. 171,396 1,761



DMG Mori Seiki Co. Ltd. 100,800 1,745
Denki Kagaku Kogyo KK 449,927 1,735
Japan Steel Works Ltd. 351,865 1,735
Maruichi Steel Tube Ltd. 65,214 1,697
Furukawa Electric Co. Ltd. 689,600 1,682
Azbil Corp. 71,200 1,675
Nippon Shokubai Co. Ltd. 159,000 1,668
Daido Steel Co. Ltd. 336,087 1,666
Tsumura & Co. 66,472 1,650
Disco Corp. 23,600 1,648
77 Bank Ltd. 360,000 1,636
Sugi Holdings Co. Ltd. 40,900 1,634
Ushio Inc. 132,884 1,583
Rohto Pharmaceutical Co. Ltd. 98,000 1,566
Kewpie Corp. 109,800 1,565
Hoshizaki Electric Co. Ltd. 43,700 1,560
Hikari Tsushin Inc. 18,700 1,559
Toyobo Co. Ltd. 871,000 1,558
Sotetsu Holdings Inc. 432,000 1,553
Jafco Co. Ltd. 28,800 1,549
Yamazaki Baking Co. Ltd. 142,435 1,536
Takara Holdings Inc. 190,000 1,533
Fujikura Ltd. 332,000 1,530
Toyoda Gosei Co. Ltd. 72,503 1,523
Mabuchi Motor Co. Ltd. 26,501 1,516
Hitachi Chemical Co. Ltd. 105,366 1,506
Kobayashi Pharmaceutical Co. Ltd. 27,400 1,487
OKUMA Corp. 155,000 1,475
Hitachi High-Technologies Corp. 63,280 1,451
Mitsui Engineering & Shipbuilding Co. Ltd. 739,000 1,448
Sumitomo Osaka Cement Co. Ltd. 385,000 1,443
Seino Holdings Co. Ltd. 152,000 1,442
Mitsui Mining & Smelting Co. Ltd. 538,000 1,428
Taiyo Yuden Co. Ltd. 117,700 1,423
Glory Ltd. 57,700 1,416
Nishi-Nippon Railroad Co. Ltd. 372,000 1,413
Kawasaki Kisen Kaisha Ltd. 606,000 1,413
Sundrug Co. Ltd. 33,500 1,405
Sapporo Holdings Ltd. 370,000 1,403
Sumitomo Forestry Co. Ltd. 129,300 1,391
Aoyama Trading Co. Ltd. 53,800 1,389
Nagase & Co. Ltd. 119,100 1,387
Oracle Corp. Japan 34,268 1,360
Yamato Kogyo Co. Ltd. 45,917 1,354
Lion Corp. 254,000 1,334
Ezaki Glico Co. Ltd. 100,000 1,333
Century Tokyo Leasing Corp. 45,900 1,321
Nisshinbo Holdings Inc. 152,000 1,321
Nichirei Corp. 289,000 1,312
Wacoal Holdings Corp. 126,000 1,302
Ito En Ltd. 59,800 1,287
UNY Group Holdings Co. Ltd. 212,900 1,279
Kinden Corp. 129,431 1,271
Calbee Inc. 55,200 1,263
Rengo Co. Ltd. 238,000 1,257
Autobacs Seven Co. Ltd. 78,000 1,257
^ Kagome Co. Ltd. 75,500 1,251



Sohgo Security Services Co. Ltd. 66,400 1,246
Coca-Cola West Co. Ltd. 63,024 1,233
Shiga Bank Ltd. 252,000 1,229
SCSK Corp. 44,500 1,228
Daishi Bank Ltd. 344,000 1,218
Matsui Securities Co. Ltd. 107,500 1,218
Juroku Bank Ltd. 349,000 1,214
Matsumotokiyoshi Holdings Co. Ltd. 34,000 1,210
Kaken Pharmaceutical Co. Ltd. 75,000 1,205
* Nippon Sheet Glass Co. Ltd. 906,000 1,177
*,^ Acom Co. Ltd. 396,700 1,171
K's Holdings Corp. 43,600 1,166
KYORIN Holdings Inc. 51,600 1,155
Hitachi Capital Corp. 46,300 1,155
Shimachu Co. Ltd. 51,200 1,132
* Cosmo Oil Co. Ltd. 603,046 1,123
Japan Petroleum Exploration Co. 30,179 1,118
Izumi Co. Ltd. 36,600 1,108
San-In Godo Bank Ltd. 159,000 1,104
House Foods Group Inc. 72,800 1,092
Keiyo Bank Ltd. 253,000 1,090
SKY Perfect JSAT Holdings Inc. 208,000 1,076
Itochu Techno-Solutions Corp. 25,966 1,068
Musashino Bank Ltd. 33,000 1,061
* Aiful Corp. 280,100 1,049
H2O Retailing Corp. 125,000 1,031
NTT Urban Development Corp. 106,200 1,028
Senshu Ikeda Holdings Inc. 229,200 1,023
Exedy Corp. 32,600 1,023
Hokkoku Bank Ltd. 304,000 1,019
North Pacific Bank Ltd. 260,300 1,010
* Dainippon Screen Manufacturing Co. Ltd. 213,000 1,005
^ Nipro Corp. 115,200 1,004
Hyakugo Bank Ltd. 249,000 1,004
Capcom Co. Ltd. 51,300 1,003
Higo Bank Ltd. 192,000 998
ABC-Mart Inc. 22,787 992
Takata Corp. 33,300 983
*,^ Orient Corp. 434,500 968
Lintec Corp. 52,900 961
Onward Holdings Co. Ltd. 133,000 960
^ Fukuyama Transporting Co. Ltd. 175,000 946
^ Gree Inc. 96,379 944
Nanto Bank Ltd. 266,000 939
Kagoshima Bank Ltd. 158,000 937
Tokai Rika Co. Ltd. 51,100 937
Ogaki Kyoritsu Bank Ltd. 335,000 929
Kose Corp. 29,600 927
Mochida Pharmaceutical Co. Ltd. 15,700 910
Nexon Co. Ltd. 104,100 908
Nippon Television Holdings Inc. 53,100 907
Hyakujushi Bank Ltd. 274,000 896
Fuji Media Holdings Inc. 47,600 889
Anritsu Corp. 79,300 874
KYB Co. Ltd. 177,000 870
Awa Bank Ltd. 176,000 851
Maeda Road Construction Co. Ltd. 51,000 833



Sumco Corp. 106,601 812
Toshiba TEC Corp. 122,000 807
Kissei Pharmaceutical Co. Ltd. 34,200 805
Nisshin Steel Holdings Co. Ltd. 75,200 800
Toda Corp. 237,000 782
Nippo Corp. 50,000 780
FP Corp. 12,500 780
Cosmos Pharmaceutical Corp. 6,100 764
Calsonic Kansei Corp. 152,000 758
Toyota Boshoku Corp. 65,709 748
Komeri Co. Ltd. 31,300 744
Shochiku Co. Ltd. 82,000 728
Tsuruha Holdings Inc. 7,700 722
Heiwa Corp. 39,000 693
Asatsu-DK Inc. 29,300 679
Hitachi Transport System Ltd. 42,600 670
Canon Marketing Japan Inc. 51,700 660
Sumitomo Bakelite Co. Ltd. 175,000 654
Tokai Carbon Co. Ltd. 202,000 640
Pola Orbis Holdings Inc. 19,000 634
Kokuyo Co. Ltd. 90,100 629
Nissan Shatai Co. Ltd. 46,000 580
Kandenko Co. Ltd. 102,000 523
PanaHome Corp. 73,000 507
Pacific Metals Co. Ltd. 144,000 503
Shinko Electric Industries Co. Ltd. 64,800 500
Sumitomo Real Estate Sales Co. Ltd. 15,300 473
Tokyo Broadcasting System Holdings Inc. 37,200 444
TV Asahi Corp. 20,800 428
Adastria Holdings Co. Ltd. 15,720 415
NS Solutions Corp. 14,700 375
Toppan Forms Co. Ltd. 43,300 374
Hitachi Koki Co. Ltd. 51,800 366
Tokai Rubber Industries Ltd. 33,700 347
Mitsubishi Shokuhin Co. Ltd. 13,500 322
^ OSAKA Titanium Technologies Co. Ltd. 19,400 309
Kansai Urban Banking Corp. 239,000 288
2,889,073
New Zealand (0.4%)
Fletcher Building Ltd. 686,430 5,031
Telecom Corp. of New Zealand Ltd. 1,830,994 3,479
Auckland International Airport Ltd. 986,841 2,913
SKYCITY Entertainment Group Ltd. 562,347 1,762
Sky Network Television Ltd. 377,177 1,760
Fisher & Paykel Healthcare Corp. Ltd. 526,150 1,720
Contact Energy Ltd. 357,437 1,490
Kiwi Income Property Trust 1,002,077 896
Air New Zealand Ltd. 503,055 693
Vector Ltd. 244,450 500
Chorus Ltd. 389,454 441
Warehouse Group Ltd. 103,647 302
20,987
Singapore (3.7%)
DBS Group Holdings Ltd. 1,744,779 22,529
Singapore Telecommunications Ltd. 7,357,109 20,356
Oversea-Chinese Banking Corp. Ltd. 2,725,594 19,785



United Overseas Bank Ltd. 1,185,267 18,584
Keppel Corp. Ltd. 1,437,358 11,719
Genting Singapore plc 6,130,597 6,633
Global Logistic Properties Ltd. 3,019,773 6,590
CapitaLand Ltd. 2,556,558 5,496
Wilmar International Ltd. 2,124,303 5,195
^ Singapore Press Holdings Ltd. 1,608,417 5,029
Singapore Technologies Engineering Ltd. 1,562,055 4,640
Singapore Exchange Ltd. 829,260 4,453
City Developments Ltd. 598,713 4,107
CapitaMall Trust 2,641,112 3,873
Singapore Airlines Ltd. 511,226 3,846
Sembcorp Industries Ltd. 897,820 3,694
Hutchison Port Holdings Trust 5,146,639 3,419
Ascendas REIT 1,982,894 3,298
ComfortDelGro Corp. Ltd. 2,042,980 3,082
Noble Group Ltd. 3,871,304 2,884
Sembcorp Marine Ltd. 839,666 2,672
Golden Agri-Resources Ltd. 6,548,163 2,669
Jardine Cycle & Carriage Ltd. 97,621 2,660
Suntec REIT 2,008,000 2,530
CapitaCommercial Trust 1,951,000 2,161
UOL Group Ltd. 460,717 2,110
StarHub Ltd. 590,567 1,967
Yangzijiang Shipbuilding Holdings Ltd. 2,136,210 1,926
CapitaMalls Asia Ltd. 1,374,335 1,896
Keppel Land Ltd. 715,575 1,773
^ Olam International Ltd. 1,426,181 1,655
Singapore Post Ltd. 1,391,000 1,455
Venture Corp. Ltd. 245,000 1,419
SIA Engineering Co. Ltd. 223,000 860
M1 Ltd. 285,000 749
*,^ Neptune Orient Lines Ltd. 885,000 698
^ SMRT Corp. Ltd. 668,000 599
Yanlord Land Group Ltd. 648,000 569
^ Cosco Corp. Singapore Ltd. 961,001 527
Wing Tai Holdings Ltd. 381,000 517
^ Indofood Agri Resources Ltd. 402,000 243
190,867
South Korea (11.3%)
Samsung Electronics Co. Ltd. 109,330 129,374
Hyundai Motor Co. 156,266 34,167
POSCO 75,532 21,025
Shinhan Financial Group Co. Ltd. 464,050 19,644
Hyundai Mobis 68,322 19,524
* SK Hynix Inc. 530,750 18,591
NAVER Corp. 27,718 17,541
KB Financial Group Inc. 394,000 13,556
Kia Motors Corp. 263,650 13,200
Hana Financial Group Inc. 297,760 11,297
LG Chem Ltd. 44,616 10,754
Samsung Life Insurance Co. Ltd. 101,818 9,753
Hyundai Heavy Industries Co. Ltd. 44,967 9,343
Samsung Fire & Marine Insurance Co. Ltd. 39,550 9,124
KT&G Corp. 123,243 8,702
* Korea Electric Power Corp. 260,600 8,512
SK Telecom Co. Ltd. 40,515 8,180



SK Innovation Co. Ltd. 62,126 7,335
Samsung C&T Corp. 126,891 6,912
LG Electronics Inc. 109,967 6,714
Samsung Heavy Industries Co. Ltd. 181,440 5,668
* LG Display Co. Ltd. 229,430 5,390
E-Mart Co. Ltd. 21,271 5,125
LG Corp. 91,596 4,905
Hyundai Steel Co. 67,459 4,777
Samsung SDI Co. Ltd. 34,784 4,612
SK Holdings Co. Ltd. 26,417 4,417
LG Household & Health Care Ltd. 9,541 4,228
Woori Finance Holdings Co. Ltd. 363,170 4,173
Lotte Shopping Co. Ltd. 11,528 4,039
Hyundai Engineering & Construction Co. Ltd. 73,730 3,995
Hankook Tire Co. Ltd. 68,597 3,933
KT Corp. 130,350 3,754
Kangwon Land Inc. 116,470 3,668
Coway Co. Ltd. 56,164 3,599
Samsung Electro-Mechanics Co. Ltd. 56,992 3,532
Korea Zinc Co. Ltd. 10,738 3,480
Cheil Industries Inc. 48,438 3,400
Hyundai Glovis Co. Ltd. 16,005 3,377
^ OCI Co. Ltd. 18,642 3,289
Daewoo Shipbuilding & Marine Engineering Co. Ltd. 97,120 3,097
Orion Corp. 3,747 3,052
Amorepacific Corp. 3,189 3,011
BS Financial Group Inc. 195,960 2,893
Lotte Chemical Corp. 14,554 2,846
^ Celltrion Inc. 66,679 2,794
S-Oil Corp. 42,716 2,729
NCSoft Corp. 14,968 2,717
SK C&C Co. Ltd. 22,301 2,589
GS Holdings 52,436 2,501
Samsung Securities Co. Ltd. 61,294 2,484
Dongbu Insurance Co. Ltd. 49,603 2,464
KCC Corp. 5,330 2,411
Industrial Bank of Korea 203,330 2,350
Hyundai Wia Corp. 15,650 2,317
* Cheil Worldwide Inc. 87,640 2,266
LG Uplus Corp. 216,790 2,209
Hyundai Department Store Co. Ltd. 16,148 2,167
Daelim Industrial Co. Ltd. 28,020 2,150
Samsung Techwin Co. Ltd. 41,209 2,035
^ Samsung Engineering Co. Ltd. 30,275 1,995
DGB Financial Group Inc. 126,290 1,962
CJ CheilJedang Corp. 7,715 1,892
Hyundai Marine & Fire Insurance Co. Ltd. 61,600 1,784
Hanwha Corp. 53,110 1,780
Daewoo International Corp. 46,160 1,769
Korea Gas Corp. 27,385 1,719
^ Hyundai Mipo Dockyard 10,336 1,657
CJ Corp. 14,631 1,618
Hyosung Corp. 24,675 1,534
S-1 Corp. 21,223 1,530
Daewoo Securities Co. Ltd. 187,980 1,501
Korea Investment Holdings Co. Ltd. 40,660 1,492
Hanwha Life Insurance Co. Ltd. 220,030 1,486



Shinsegae Co. Ltd. 6,983 1,480
Kumho Petro chemical Co. Ltd. 17,907 1,462
Mando Corp. 12,920 1,455
Doosan Heavy Industries & Construction Co. Ltd. 42,920 1,455
Samsung Card Co. Ltd. 44,860 1,448
* Doosan Infracore Co. Ltd. 119,325 1,442
Yuhan Corp. 7,921 1,435
Hyundai Development Co-Engineering & Construction 63,530 1,434
Lotte Confectionery Co. Ltd. 822 1,424
AMOREPACIFIC Group 3,046 1,333
LS Corp. 17,063 1,330
*,^ Daewoo Engineering & Construction Co. Ltd. 202,990 1,299
Hanwha Chemical Corp. 69,870 1,295
^ Halla Visteon Climate Control Corp. 33,770 1,235
SK Networks Co. Ltd. 153,220 1,199
Doosan Corp. 8,909 1,128
*,^ CJ Korea Express Co. Ltd. 10,830 1,080
Daum Communications Corp. 13,827 1,028
^ GS Engineering & Construction Corp. 32,693 1,022
* Korean Air Lines Co. Ltd. 29,170 951
Lotte Chilsung Beverage Co. Ltd. 628 946
Woori Investment & Securities Co. Ltd. 109,720 928
LG Hausys Ltd. 6,237 908
* NHN Entertainment Corp. 12,529 898
*,^ Hyundai Merchant Marine Co. Ltd. 68,449 896
NongShim Co. Ltd. 3,474 888
Mirae Asset Securities Co. Ltd. 24,370 802
^ Samsung Fine Chemicals Co. Ltd. 18,299 692
^ KEPCO Engineering & Construction Co. Inc. 9,660 610
SKC Co. Ltd. 20,510 587
Hite Jinro Co. Ltd. 29,090 579
Hyundai Securities Co. Ltd. 107,270 571
* Hanjin Shipping Co. Ltd. 77,000 461
Dongkuk Steel Mill Co. Ltd. 34,380 388
Hyundai Hysco Co. Ltd. 7,988 299
Daishin Securities Co. Ltd. 34,800 246
Daishin Securities Co. Ltd. Prior Pfd. 24,940 128
* Pan Ocean Co. Ltd. 4,767 20
578,192
Total Common Stocks (Cost $6,013,564) 5,123,570
Coupon
Temporary Cash Investments (1.4%) 1
Money Market Fund (1.3%)
2,3 Vanguard Market Liquidity Fund 0.130% 67,023,353 67,023
Face
Maturity Amount
Date ($000)
U.S. Government and Agency Obligations (0.1%)
4,5,6 Freddie Mac Discount Notes 0.085% 3/3/14 3,000 3,000
Total Temporary Cash Investments (Cost $70,023) 70,023
Total Investments (101.2%) (Cost $6,083,587) 5,193,593
Other Assets and Liabilities-Net (-1.2%) 3 (61,891)
Net Assets (100%) 5,131,702
* Non-income-producing security.



^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $48,971,000.
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 100.0% and 1.2%, 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 $51,791,000 of collateral received for securities on loan.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
5 Securities with a value of $700,000 have been segregated as initial margin for open futures contracts.
6 Securities with a value of $8,000 have been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.

A. 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.

B. 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).

C. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1 Quoted prices in active markets for identical securities.
Level 2 Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3 Significant unobservable inputs (including the fund's own assumptions used to determine
the fair value of investments).



Pacific Stock Index Fund

The following table summarizes the market value of the fund's investments as of January 31, 2014, based on the inputs used to value them:

Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 1,145 5,122,425
Temporary Cash Investments 67,023 3,000
Futures Contracts— Liabilities 1 (68)
Forward Currency Contracts—Assets 136
Forward Currency Contracts—Liabilities (52)
Total 68,100 5,125,509
1 Represents variation margin on the last day of the reporting period.

D. 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. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.

The fund may also 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. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate notional amounts of the contracts



Pacific Stock Index Fund

are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).

At January 31, 2014, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

($000)
Aggregate
Number of Settlement Unrealized
Long (Short) Value Long Appreciation
Futures Contracts Expiration Contracts (Short) (Depreciation)
Topix Index March 2014 52 6,195 (402)
S&P ASX 200 Index March 2014 32 3,590 (152)
(554)

At January 31, 2014, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.

Contract Amount (000)
Unrealized
Contract Appreciation
Settlement (Depreciation)
Counterparty Date Receive Deliver ($000)
UBS AG 3/18/14 JPY 536,718 USD 5,123 132
UBS AG 3/18/14 JPY 271,370 USD 2,661 (5)
UBS AG 3/25/14 AUD 2,582 USD 2,298 (46)
UBS AG 3/25/14 AUD 1,674 USD 1,456 4
Brown Brothers Harriman & Co. 3/18/14 USD 1,203 JPY 122,950 (1)
84
AUD—Australian dollar.
JPY—Japanese yen.
USD—U.S. dollar.

E. At January 31, 2014, the cost of investment securities for tax purposes was $6,097,937,000. Net unrealized depreciation of investment securities for tax purposes was $904,344,000, consisting of unrealized gains of $424,440,000 on securities that had risen in value since their purchase and $1,328,784,000 in unrealized losses on securities that had fallen in value since their purchase.



Vanguard European Stock Index Fund
Schedule of Investments
As of January 31, 2014
Market
Value
Shares ($000)
Common Stocks (99.6%) 1
Austria (0.4%)
Erste Group Bank AG 663,591 24,106
OMV AG 336,394 14,554
Voestalpine AG 258,593 11,586
IMMOFINANZ AG 2,402,024 11,273
Andritz AG 170,354 9,355
Telekom Austria AG 533,156 4,630
^ Raiffeisen Bank International AG 112,043 4,302
Vienna Insurance Group AG Wiener Versicherung Gruppe 86,122 4,060
Verbund AG 156,090 3,291
Strabag SE 35,893 1,069
88,226
Belgium (1.7%)
Anheuser-Busch InBev NV 1,880,263 180,334
KBC Groep NV 648,784 38,301
Ageas 514,948 22,117
UCB SA 275,531 19,491
Solvay SA Class A 135,090 18,875
Groupe Bruxelles Lambert SA 182,995 16,530
Delhaize Group SA 240,747 15,455
Umicore SA 265,704 11,370
Colruyt SA 170,486 9,670
Belgacom SA 328,113 9,377
Telenet Group Holding NV 112,482 6,675
348,195
Denmark (2.0%)
* Novo Nordisk A/S Class B 4,592,475 182,018
* Danske Bank A/S 1,851,012 41,806
AP Moeller - Maersk A/S Class B 3,193 35,555
Carlsberg A/S Class B 251,410 24,500
Novozymes A/S 543,669 23,436
Coloplast A/S Class B 235,364 17,671
TDC A/S 1,860,017 17,486
AP Moeller - Maersk A/S Class A 1,554 16,589
DSV A/S 419,960 13,476
Chr Hansen Holding A/S 203,971 7,882
^ FLSmidth & Co. A/S 118,938 6,333
Tryg A/S 61,970 5,915
* William Demant Holding A/S 50,776 4,667
H Lundbeck A/S 121,133 3,000
Rockwool International A/S Class B 13,838 2,509
402,843
Finland (1.3%)
* Nokia Oyj 8,811,516 61,051
Sampo 1,108,005 51,406
^ Kone Oyj Class B 873,438 35,530
Fortum Oyj 1,048,797 22,535
Wartsila OYJ Abp 367,608 19,947
UPM-Kymmene Oyj 1,238,046 18,969



Nokian Renkaat Oyj 313,070 13,206
Stora Enso Oyj 1,381,904 12,912
Metso Oyj 322,675 10,103
Kesko Oyj Class B 157,739 5,818
^ Neste Oil Oyj 300,193 5,354
^,* Valmet Corp. 299,567 2,527
259,358
France (14.2%)
Total SA 4,792,495 273,672
Sanofi 2,700,288 264,324
BNP Paribas SA 2,304,039 177,885
AXA SA 4,409,002 115,718
Schneider Electric SA 1,286,958 103,771
LVMH Moet Hennessy Louis Vuitton SA 582,978 103,720
Societe Generale SA 1,680,656 95,034
Air Liquide SA 733,097 91,970
L'Oreal SA 550,089 90,324
Airbus Group NV 1,231,819 87,309
Danone 1,287,377 84,968
Vivendi SA 2,995,621 80,347
Vinci SA 1,133,969 74,085
GDF Suez 3,069,477 67,671
Orange SA 4,239,460 52,327
Pernod Ricard SA 465,862 49,975
Cie de St-Gobain 934,692 49,040
Carrefour SA 1,409,163 48,429
Cie Generale des Etablissements Michelin 440,890 46,451
Essilor International SA 462,441 46,433
Safran SA 617,399 43,918
Kering 172,881 34,479
Renault SA 395,113 34,392
Publicis Groupe SA 368,513 32,660
Legrand SA 615,730 32,647
* Credit Agricole SA 2,355,646 31,676
Lafarge SA 426,912 30,636
* Alcatel-Lucent 6,354,914 25,679
Cap Gemini SA 348,090 23,704
Christian Dior SA 123,220 22,525
SES SA 692,952 22,244
^ Sodexo 217,478 21,409
Technip SA 251,151 21,392
Electricite de France 604,763 20,540
Valeo SA 180,028 20,101
Accor SA 421,015 20,067
Dassault Systemes 147,997 17,527
Bouygues SA 420,725 16,050
Zodiac Aerospace 88,763 15,633
Veolia Environnement SA 986,457 15,486
Thales SA 233,676 15,217
Arkema SA 141,780 15,118
AtoS 168,717 14,741
Alstom SA 510,803 14,483
Rexel SA 544,037 13,970
Bureau Veritas SA 532,372 13,830
Casino Guichard Perrachon SA 133,471 13,745
Vallourec SA 270,442 13,478
Natixis 2,282,508 13,425



Edenred 463,195 12,934
Groupe Eurotunnel SA 1,139,210 12,570
Iliad SA 52,911 12,114
STMicroelectronics NV 1,470,509 12,045
Suez Environnement Co. 634,364 11,366
SCOR SE 337,981 10,966
Wendel SA 78,660 10,668
Aeroports de Paris 91,525 10,329
Klepierre 228,167 9,901
Lagardere SCA 272,966 9,640
Eutelsat Communications SA 304,208 9,228
^,* Peugeot SA 586,696 8,990
CNP Assurances 377,060 7,384
Societe BIC SA 60,875 7,009
Bollore SA 12,937 6,969
JCDecaux SA 156,728 6,684
ICADE 75,011 6,575
Hermes International 20,572 6,546
Eurazeo SA 90,818 6,496
Fonciere Des Regions 77,282 6,335
* CGG SA 424,387 6,312
Imerys SA 76,425 6,214
Gecina SA 47,663 5,815
Eiffage SA 92,432 5,367
SEB SA 60,032 4,698
Societe Television Francaise 1 239,150 4,416
* Air France-KLM 376,553 4,321
Remy Cointreau SA 53,863 4,017
Euler Hermes SA 29,068 3,566
BioMerieux 31,055 3,266
Ipsen SA 57,251 2,402
^ Eramet 21,441 2,043
2,871,411
Germany (13.8%)
Bayer AG 1,950,963 256,861
^ Siemens AG 1,870,202 236,996
BASF SE 2,177,876 233,041
Daimler AG 2,252,890 188,606
Allianz SE 1,074,159 179,213
SAP AG 2,108,686 161,227
Deutsche Telekom AG 7,230,522 116,743
Deutsche Bank AG 2,400,586 116,110
Volkswagen AG Prior Pfd. 340,163 86,210
Bayerische Motoren Werke AG 764,866 83,280
Linde AG 435,733 82,513
E.ON SE 4,308,459 78,273
Muenchener Rueckversicherungs AG 378,269 78,090
Deutsche Post AG 2,241,314 77,522
Adidas AG 492,422 55,015
Continental AG 254,619 54,824
Fresenius SE & Co. KGaA 308,099 48,040
Henkel AG & Co. KGaA Prior Pfd. 407,501 44,160
RWE AG 1,137,948 42,114
Commerzbank AG 2,227,045 37,849
Fresenius Medical Care AG & Co. KGaA 507,537 35,700
Porsche Automobil Holding SE Prior Pfd. 359,004 35,129
Deutsche Boerse AG 431,205 33,160



Infineon Technologies AG 2,593,530 26,739
Henkel AG & Co. KGaA 268,242 26,088
* ThyssenKrupp AG 992,293 25,515
HeidelbergCement AG 334,152 24,859
Beiersdorf AG 239,703 23,715
Merck KGaA 152,087 23,580
Brenntag AG 120,120 20,702
GEA Group AG 425,676 19,961
Volkswagen AG 69,398 16,864
^ K&S AG 448,985 13,349
Metro AG 319,899 13,189
* Deutsche Lufthansa AG 550,503 13,100
LANXESS AG 193,089 12,668
* QIAGEN NV 577,611 12,650
Hannover Rueck SE 148,486 11,776
* OSRAM Licht AG 199,291 11,646
United Internet AG 263,166 11,499
Bilfinger SE 88,451 10,200
MAN SE 81,612 9,937
Hugo Boss AG 71,591 9,062
Fuchs Petrolub SE Prior Pfd. 82,346 7,422
^ Celesio AG 219,534 7,254
Kabel Deutschland Holding AG 53,884 7,078
MTU Aero Engines AG 78,444 6,962
Fraport AG Frankfurt Airport Services Worldwide 86,735 6,411
Axel Springer SE 98,735 6,319
* Evonik Industries AG 158,661 5,989
* TUI AG 344,308 5,867
Hochtief AG 66,714 5,314
Software AG 138,340 5,137
* Telefonica Deutschland Holding AG 631,971 5,034
Salzgitter AG 101,696 4,497
Suedzucker AG 175,970 4,387
^ Wacker Chemie AG 33,979 4,040
Fielmann AG 28,819 3,216
Fuchs Petrolub SE 38,246 2,964
* Talanx AG 82,751 2,652
Puma SE 6,137 1,743
Deutsche Postbank AG 33,664 1,703
Generali Deutschland Holding AG 8,264 1,258
2,793,022
Greece (0.1%)
* Hellenic Telecommunications Organization SA 312,875 4,547
* Hellenic Telecommunications Organization SA ADR 592,410 4,271
Hellenic Petroleum SA 154,551 1,500
10,318
Ireland (0.3%)
* Bank of Ireland 65,137,286 25,850
Kerry Group plc Class A 343,051 23,080
* Ryanair Holdings plc ADR 298,059 14,083
* Ryanair Holdings plc 110,857 945
^,* Irish Bank Resolution Corp. Ltd. 2,503,596
63,958
Italy (3.5%)
Eni SPA 5,803,394 131,497
UniCredit SPA 10,489,113 78,687



Intesa Sanpaolo SPA (Registered) 25,946,570 70,159
Enel SPA 15,252,490 69,590
Assicurazioni Generali SPA 2,968,779 64,197
Telecom Italia SPA (Registered) 24,620,371 27,354
Snam SPA 4,892,088 26,833
Tenaris SA 1,135,945 25,364
Luxottica Group SPA 408,439 21,718
Atlantia SPA 934,711 21,296
* Fiat SPA 2,018,690 20,119
Terna Rete Elettrica Nazionale SPA 3,354,021 16,289
Unione di Banche Italiane SCPA 2,005,889 14,612
Saipem SPA 591,442 13,872
Pirelli & C. SPA 784,987 12,652
Prysmian SPA 515,543 12,606
Telecom Italia SPA (Bearer) 14,867,775 12,523
* Mediobanca SPA 1,131,206 10,370
Exor SPA 237,914 9,328
Enel Green Power SPA 3,654,144 9,223
* Finmeccanica SPA 913,266 8,023
* Mediaset SPA 1,531,981 7,799
^,* Banco Popolare SC 4,186,953 7,174
Davide Campari-Milano SPA 704,925 5,628
Mediolanum SPA 585,648 5,042
Gtech SPA 146,330 4,454
^,* Banca Monte dei Paschi di Siena SPA 14,637,692 3,332
Buzzi Unicem SPA 158,590 2,894
Parmalat SPA 751,067 2,500
715,135
Netherlands (4.5%)
Unilever NV 3,704,814 138,223
* ING Groep NV 9,092,070 120,406
Koninklijke Philips NV 2,213,844 77,024
ASML Holding NV 787,395 67,100
Unibail-Rodamco SE 228,651 55,030
Heineken NV 673,872 41,086
Akzo Nobel NV 558,534 40,079
Aegon NV 4,526,479 39,441
ArcelorMittal 2,355,710 39,053
Reed Elsevier NV 1,593,370 32,829
Koninklijke DSM NV 424,342 28,053
Koninklijke Ahold NV 1,639,481 27,334
* Koninklijke KPN NV 7,279,231 27,155
* CNH Industrial NV 2,143,603 22,531
Gemalto NV 183,366 20,611
Wolters Kluwer NV 723,739 19,939
Randstad Holding NV 260,764 16,553
Ziggo NV 338,735 14,715
Heineken Holding NV 240,261 13,845
Fugro NV 188,287 9,848
TNT Express NV 1,107,108 9,740
* OCI 193,735 8,984
Koninklijke Vopak NV 156,105 8,579
Koninklijke Boskalis Westminster NV 177,495 8,515
* SBM Offshore NV 409,786 7,887
Corio NV 157,578 6,698
901,258



Norway (1.2%)
Statoil ASA 2,262,845 53,713
DNB ASA 2,523,856 42,689
Seadrill Ltd. 839,731 30,151
Telenor ASA 1,426,338 29,637
Yara International ASA 378,544 15,672
Norsk Hydro ASA 3,119,467 14,146
Orkla ASA 1,797,459 13,975
Subsea 7 SA 658,525 11,325
Schibsted ASA 189,940 11,118
Gjensidige Forsikring ASA 398,908 7,648
Aker Solutions ASA 341,143 5,220
235,294
Portugal (0.3%)
EDP - Energias de Portugal SA 4,037,562 15,171
Galp Energia SGPS SA 679,830 10,516
Jeronimo Martins SGPS SA 555,615 9,496
* Banco Espirito Santo SA 4,996,372 7,606
^ Portugal Telecom SGPS SA 1,271,524 5,597
EDP Renovaveis SA 451,615 2,602
50,988
Spain (5.1%)
* Banco Santander SA 26,585,639 229,505
Banco Bilbao Vizcaya Argentaria SA 13,637,186 162,923
Telefonica SA 9,363,713 144,288
Inditex SA 500,669 74,686
Iberdrola SA 11,289,280 69,586
Repsol SA 2,072,383 48,522
Amadeus IT Holding SA 921,183 36,428
Abertis Infraestructuras SA 1,144,396 25,560
* CaixaBank SA 4,004,027 24,567
Banco de Sabadell SA 8,222,509 24,287
Grifols SA 384,017 19,900
* Banco Popular Espanol SA 2,877,955 19,777
Ferrovial SA 979,302 18,807
Red Electrica Corp. SA 263,873 18,458
Gas Natural SDG SA 744,751 18,416
* ACS Actividades de Construccion y Servicios SA 407,749 14,327
Enagas SA 498,297 13,629
Distribuidora Internacional de Alimentacion SA 1,428,516 11,748
Bankinter SA 1,529,268 11,438
Mapfre SA 2,397,577 9,893
^ Zardoya Otis SA 378,508 6,359
Endesa SA 199,827 5,873
* Mediaset Espana Comunicacion SA 412,422 5,081
^ Acciona SA 67,178 4,456
Corp Financiera Alba SA 44,382 2,538
^,* Acerinox SA 192,131 2,495
* Banco Popular Espanol SA Rights Exp. 02/14/2014 367,904 20
1,023,567
Sweden (4.8%)
Nordea Bank AB 7,481,942 99,891
Hennes & Mauritz AB Class B 2,238,309 96,425
Telefonaktiebolaget LM Ericsson Class B 7,031,575 86,323
Swedbank AB Class A 2,455,181 64,019
Svenska Handelsbanken AB Class A 1,131,933 53,670



Volvo AB Class B 3,591,475 47,500
Skandinaviska Enskilda Banken AB Class A 3,415,308 43,987
Atlas Copco AB Class A 1,452,669 39,320
Svenska Cellulosa AB SCA Class B 1,365,110 38,828
TeliaSonera AB 5,096,621 37,820
Assa Abloy AB Class B 738,436 36,799
Sandvik AB 2,543,218 35,629
Investor AB Class B 1,063,169 34,391
SKF AB 980,888 25,958
Atlas Copco AB Class B 919,941 22,979
Investment AB Kinnevik 491,224 19,260
Hexagon AB Class B 590,680 18,745
Alfa Laval AB 737,654 17,881
Skanska AB Class B 883,522 17,381
Scania AB Class B 737,116 15,078
Getinge AB 434,057 14,901
Swedish Match AB 478,363 14,011
Elekta AB Class B 825,668 12,029
Electrolux AB Class B 519,952 11,022
Boliden AB 635,889 9,655
Industrivarden AB Class A 453,861 8,744
* Lundin Petroleum AB 465,584 8,035
* Tele2 AB 723,913 7,972
Securitas AB Class B 703,431 7,302
Modern Times Group AB Class B 125,215 5,647
Husqvarna AB 967,027 5,601
Industrivarden AB 269,403 4,875
Ratos AB 506,590 4,671
Holmen AB 115,834 4,001
^ SSAB AB Class A 454,158 3,618
^ SSAB AB Class B 185,813 1,313
975,281
Switzerland (13.7%)
Nestle SA 7,608,056 551,634
Roche Holding AG 1,657,597 455,514
Novartis AG 5,489,950 434,165
UBS AG 8,319,088 164,716
ABB Ltd. 5,453,100 135,645
Credit Suisse Group AG 3,697,602 111,405
* Cie Financiere Richemont SA 1,174,131 108,645
Zurich Insurance Group AG 347,343 100,710
Syngenta AG 219,706 77,850
Swiss Re AG 872,502 75,344
Swatch Group AG (Bearer) 73,836 43,892
Holcim Ltd. 523,951 38,104
Transocean Ltd. 809,629 35,204
Givaudan SA 21,603 31,933
Swisscom AG 54,759 30,092
SGS SA 12,523 28,331
Julius Baer Group Ltd. 526,494 25,537
Geberit AG 87,945 25,463
Adecco SA 301,600 23,702
Actelion Ltd. 248,837 23,340
Sonova Holding AG 156,620 21,506
Schindler Holding AG 112,053 16,237
Sika AG 4,907 16,160
Aryzta AG 204,358 16,071



Kuehne & Nagel International AG 119,992 15,934
Swiss Life Holding AG 71,517 15,409
Lindt & Spruengli AG (Regular) 245 13,129
Baloise Holding AG 109,765 13,116
Lonza Group AG 122,482 12,272
Clariant AG 633,970 11,966
Swatch Group AG (Registered) 114,958 11,773
Swiss Prime Site AG 132,566 10,299
Partners Group Holding AG 40,606 9,608
Lindt & Spruengli AG 2,073 9,306
Sulzer AG 53,414 8,055
PSP Swiss Property AG 90,674 7,802
Schindler Holding AG (Registered) 51,365 7,543
GAM Holding AG 434,145 7,292
EMS-Chemie Holding AG 17,106 5,874
Barry Callebaut AG 4,481 5,305
Pargesa Holding SA 63,554 5,109
DKSH Holding AG 59,671 4,053
Banque Cantonale Vaudoise 6,684 3,629
2,768,674
United Kingdom (32.7%)
HSBC Holdings plc 44,422,735 457,038
Vodafone Group plc 114,906,481 427,008
BP plc 43,980,416 344,645
GlaxoSmithKline plc 11,469,981 295,320
Royal Dutch Shell plc Class A 7,108,505 245,535
Royal Dutch Shell plc Class B 5,852,744 213,686
British American Tobacco plc 4,458,075 213,461
AstraZeneca plc 2,943,037 186,843
Diageo plc 5,942,238 177,298
Barclays plc 37,898,965 169,424
Rio Tinto plc 2,938,518 156,509
* Lloyds Banking Group plc 114,010,279 155,889
BHP Billiton plc 4,982,870 147,110
BG Group plc 8,016,587 134,527
Prudential plc 6,011,239 121,130
Glencore Xstrata plc 22,647,811 119,920
BT Group plc 18,562,727 116,995
National Grid plc 8,781,210 113,918
Reckitt Benckiser Group plc 1,518,630 113,765
Unilever plc 2,846,301 109,430
SABMiller plc 2,225,601 100,188
Tesco plc 18,941,390 99,684
Standard Chartered plc 4,660,860 94,940
Rolls-Royce Holdings plc 4,412,687 86,008
Imperial Tobacco Group plc 2,298,541 83,946
Anglo American plc London Shares 3,082,757 72,703
Royal Dutch Shell plc Class A (Amsterdam Shares) 1,993,089 68,872
WPP plc 3,138,588 65,778
Shire plc 1,302,139 65,079
Compass Group plc 4,237,104 63,347
Centrica plc 12,145,982 62,121
BAE Systems plc 7,613,403 53,632
Aviva plc 6,941,738 50,732
ARM Holdings plc 3,292,749 50,532
Legal & General Group plc 13,753,974 48,589
SSE plc 2,261,013 48,541



Experian plc 2,381,080 40,690
Reed Elsevier plc 2,784,121 40,569
Associated British Foods plc 818,512 36,508
Next plc 350,222 36,056
Pearson plc 1,934,385 35,321
Wolseley plc 627,369 33,806
Kingfisher plc 5,565,259 33,770
Standard Life plc 5,548,630 33,300
British Sky Broadcasting Group plc 2,290,025 32,948
Old Mutual plc 11,457,136 32,413
Land Securities Group plc 1,844,530 31,165
Smith & Nephew plc 2,108,481 30,344
Marks & Spencer Group plc 3,780,275 29,229
CRH plc (XDUB) 1,135,535 29,130
ITV plc 8,812,164 28,451
* Royal Bank of Scotland Group plc 4,989,629 27,827
Tullow Oil plc 2,115,223 27,456
Whitbread plc 431,101 26,553
Johnson Matthey plc 489,292 25,970
British Land Co. plc 2,368,638 25,519
Capita plc 1,567,623 25,312
Burberry Group plc 1,056,558 25,115
GKN plc 3,842,614 24,867
Smiths Group plc 922,379 21,775
WM Morrison Supermarkets plc 5,231,119 20,610
InterContinental Hotels Group plc 605,238 19,579
J Sainsbury plc 3,372,232 19,144
Babcock International Group plc 834,770 19,068
United Utilities Group plc 1,615,478 19,029
Bunzl plc 801,507 18,273
Resolution Ltd. 3,170,087 18,146
IMI plc 732,019 17,986
* Sage Group plc 2,654,096 17,793
Carnival plc 430,530 17,677
Intertek Group plc 375,329 17,457
Weir Group plc 497,377 17,104
Meggitt plc 1,911,586 16,183
Severn Trent plc 569,816 16,174
* International Consolidated Airlines Group SA (London Shares) 2,334,556 15,977
Rexam plc 1,897,680 15,366
CRH plc (XLON) 592,433 15,266
Randgold Resources Ltd. 220,851 15,241
Melrose Industries plc 2,986,089 15,173
Aggreko plc 589,229 14,973
Hammerson plc 1,685,934 14,542
G4S plc 3,676,632 14,423
3i Group plc 2,330,505 14,299
Aberdeen Asset Management plc 2,225,106 14,264
RSA Insurance Group plc 8,531,355 13,600
easyJet plc 502,025 13,552
Tate & Lyle plc 1,087,324 13,530
Cobham plc 2,657,780 12,826
Drax Group plc 959,185 12,804
London Stock Exchange Group plc 415,393 12,554
Croda International plc 314,136 12,436
Hargreaves Lansdown plc 506,550 12,357
AMEC plc 723,840 12,245



Coca-Cola HBC AG 455,005 12,055
Informa plc 1,401,185 11,893
Petrofac Ltd. 618,132 11,715
Antofagasta plc 830,834 11,604
Inmarsat plc 993,812 11,446
William Hill plc 2,025,375 11,058
Admiral Group plc 455,236 10,803
Schroders plc (Voting Shares) 262,437 10,628
Segro plc 1,776,579 9,834
Daily Mail & General Trust plc 606,522 9,578
John Wood Group plc 847,490 8,943
ICAP plc 1,354,625 8,601
Serco Group plc 1,173,909 8,445
Rentokil Initial plc 4,182,472 8,277
Intu Properties plc 1,562,617 8,100
TUI Travel plc 1,151,178 8,043
Investec plc 1,234,371 7,944
Ladbrokes plc 2,296,895 5,641
Man Group plc 3,819,428 5,120
* Lonmin plc 1,015,142 5,115
Fresnillo plc 382,425 4,837
Polymetal International plc 509,099 4,827
Polyus Gold International Ltd. 1,572,633 4,802
* Cairn Energy plc 1,345,805 4,767
Ashmore Group plc 891,850 4,754
^ Vedanta Resources plc 287,161 3,805
Schroders plc 112,228 3,524
^ Kazakhmys plc 694,297 2,030
* Evraz plc 1,288,299 1,808
Ferrexpo plc 391,659 976
African Barrick Gold plc 232,052 838
* Essar Energy plc 777,750 737
6,610,436
Total Common Stocks (Cost $20,841,999) 20,117,964
Coupon
Temporary Cash Investments (1.0%) 1
Money Market Fund (1.0%)
2,3 Vanguard Market Liquidity Fund 0.130% 196,892,000 196,892
Face
Maturity Amount
Date ($000)
U.S. Government and Agency Obligations (0.0%)
4,5 Federal Home Loan Bank Discount Notes 0.090% 2/21/14 3,800 3,799
4 Federal Home Loan Bank Discount Notes 0.120% 5/23/14 800 800
5,6 Freddie Mac Discount Notes 0.070% 3/31/14 700 700
5 United States Treasury Note/Bond 1.750% 3/31/14 300 301
5,600
Total Temporary Cash Investments (Cost $202,493) 202,492
Total Investments (100.6%) (Cost $21,044,492) 20,320,456
Other Assets and Liabilities-Net (-0.6%) 3 (123,876)
Net Assets (100%) 20,196,580
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $162,995,000.
* 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 99.8% and 0.8%, 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 $173,541,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
5 Securities with a value of $2,801,000 have been segregated as initial margin for open futures contracts.
6 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
ADR—American Depositary Receipt.

A. 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.

B. 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).

C. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1 Quoted prices in active markets for identical securities.
Level 2 Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments).

The following table summarizes the market value of the fund's investments as of January 31, 2014, based on the inputs used to value them:



European Stock Index Fund
Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks 18,355 20,099,609
Temporary Cash Investments 196,892 5,600
Futures Contracts—Liabilities 1 (97)
Forward Currency Contracts—Assets 148
Forward Currency Contracts—Liabilities (328)
Total 215,150 20,105,029
1 Represents variation margin on the last day of the reporting period.

D. 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. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.

The fund may also 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. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).



European Stock Index Fund

At January 31, 2014, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

($000)
Aggregate
Number of Settlement Unrealized
Long (Short) Value Long Appreciation
Futures Contracts Expiration Contracts (Short) (Depreciation)
Dow Jones EURO STOXX 50 Index March 2014 488 19,861 (153)
FTSE 100 Index March 2014 161 17,089 (167)
(320)

Unrealized appreciation (depreciation) on open futures contracts are required to be treated as realized gain (loss) for tax purposes.

At January 31, 2014, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.

Contract Amount (000)
Unrealized
Contract Appreciation
Settlement (Depreciation)
Counterparty Date Receive Deliver ($000)
UBS AG 3/26/14 EUR 14,075 USD 19,311 (328)
UBS AG 3/26/14 GBP 10,221 USD 16,648 148
(180)
EUR—Euro.
GBP—British pound.
USD—U.S. dollar.

E. At January 31, 2014, the cost of investment securities for tax purposes was $21,053,037,000. Net unrealized depreciation of investment securities for tax purposes was $732,581,000, consisting of unrealized gains of $1,638,274,000 on securities that had risen in value since their purchase and $2,370,855,000 in unrealized losses on securities that had fallen in value since their purchase.



Vanguard Emerging Markets Stock Index Fund
Schedule of Investments
As of January 31, 2014
Market
Value
Shares ($000)
Common Stocks (99.9%) 1
Brazil (12.6%)
AMBEV SA 53,041,690 351,977
Itau Unibanco Holding SA ADR 23,993,509 293,681
Itau Unibanco Holding SA Prior Pfd. 21,758,980 271,283
Petroleo Brasileiro SA Prior Pfd. 44,782,486 270,705
Petroleo Brasileiro SA 45,842,497 258,543
Vale SA Class B Pfd. ADR 19,024,340 233,619
Vale SA Prior Pfd. 17,859,186 220,931
BRF SA 12,278,164 219,997
AMBEV SA ADR 33,320,061 217,913
Banco Bradesco SA ADR 20,071,320 211,351
Petroleo Brasileiro SA ADR 17,118,021 203,704
Banco Bradesco SA Prior Pfd. 18,300,186 197,627
Itausa - Investimentos Itau SA Prior Pfd. 53,224,256 184,696
Cielo SA 6,967,230 184,537
Vale SA Class B ADR 12,260,109 166,737
Vale SA 12,005,512 163,144
Ultrapar Participacoes SA 7,099,795 156,391
BM&FBovespa SA 35,131,749 138,615
Banco do Brasil SA 15,808,885 135,983
Petroleo Brasileiro SA ADR Series A 10,956,933 122,827
Banco Bradesco SA 9,354,219 111,028
BB Seguridade Participacoes SA 11,377,178 106,880
CCR SA 16,412,895 105,283
Telefonica Brasil SA Prior Pfd. 3,711,232 70,211
Gerdau SA Prior Pfd. 9,135,462 64,546
BRF SA ADR 3,639,990 64,355
Souza Cruz SA 7,349,279 64,329
Itau Unibanco Holding SA 5,011,863 57,052
Tractebel Energia SA 3,971,301 56,762
Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. 1,444,016 55,599
Lojas Renner SA 2,349,272 53,773
Natura Cosmeticos SA 3,237,139 52,436
Embraer SA 6,851,882 51,933
Lojas Americanas SA Prior Pfd. 8,152,357 49,500
Grupo BTG Pactual 4,739,743 49,317
BR Malls Participacoes SA 7,768,699 48,736
Cia Energetica de Minas Gerais Prior Pfd. 8,444,689 48,596
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR 1,229,830 47,066
JBS SA 13,427,506 46,825
Metalurgica Gerdau SA Prior Pfd. Class A 5,250,391 46,506
Klabin SA Prior Pfd. 9,093,830 46,395
Gerdau SA ADR 6,504,889 45,859
Tim Participacoes SA 8,718,042 45,608
WEG SA 3,971,958 44,979
* Fibria Celulose SA 3,954,540 44,031
Embraer SA ADR 1,415,657 43,447
Hypermarcas SA 6,683,690 42,005
Banco Santander Brasil SA ADR 8,723,332 39,866
Banco Santander Brasil SA 8,499,992 39,660



Bradespar SA Prior Pfd. 4,299,463 39,544
^ Cia Energetica de Minas Gerais ADR 6,842,044 39,479
CETIP SA - Mercados Organizados 3,992,144 38,204
^ Cia Siderurgica Nacional SA ADR 8,171,275 37,833
* Usinas Siderurgicas de Minas Gerais SA Prior Pfd. 7,508,478 36,920
^ Telefonica Brasil SA ADR 1,784,019 33,896
CPFL Energia SA 4,441,502 33,410
Tim Participacoes SA ADR 1,247,788 32,480
Cia Energetica de Sao Paulo Prior Pfd. 3,369,386 32,230
Localiza Rent a Car SA 2,535,523 32,023
Cosan SA Industria e Comercio 2,132,501 31,757
Cyrela Brazil Realty SA Empreendimentos e Participacoes 5,205,798 30,707
Cia de Saneamento Basico do Estado de Sao Paulo ADR 3,274,111 29,893
Raia Drogasil SA 4,642,825 27,866
M Dias Branco SA 805,017 27,462
Cia Hering 2,371,833 26,328
Multiplan Empreendimentos Imobiliarios SA 1,430,639 25,792
Cia de Saneamento Basico do Estado de Sao Paulo 2,755,186 25,370
BR Properties SA 3,375,350 23,794
Duratex SA 4,838,469 23,695
ALL - America Latina Logistica SA 8,674,066 23,594
Totvs SA 1,786,229 23,373
Cia Siderurgica Nacional SA 5,027,948 23,186
Porto Seguro SA 1,842,248 21,520
MRV Engenharia e Participacoes SA 5,750,966 19,578
Oi SA Prior Pfd. 11,091,005 19,062
* PDG Realty SA Empreendimentos e Participacoes 26,810,595 18,483
EDP - Energias do Brasil SA 4,494,921 17,943
^ Cia Paranaense de Energia ADR 1,475,600 16,910
Sul America SA 2,849,555 15,650
Gerdau SA 2,482,476 14,508
AES Tiete SA Prior Pfd. 1,802,696 14,101
Lojas Americanas SA 2,586,353 13,383
EcoRodovias Infraestrutura e Logistica SA 2,442,899 12,426
Centrais Eletricas Brasileiras SA 5,397,752 11,646
Centrais Eletricas Brasileiras SA Prior Pfd. 2,821,151 10,969
* Braskem SA Prior Pfd. 1,397,378 10,729
* Braskem SA ADR 695,070 10,530
* Usinas Siderurgicas de Minas Gerais SA 2,246,944 10,467
Multiplus SA 918,635 9,865
^ Oi SA ADR 5,667,840 9,692
Cia Energetica de Minas Gerais 1,585,227 9,111
Light SA 1,115,553 8,829
AES Tiete SA 961,650 6,939
CPFL Energia SA ADR 467,320 6,888
Guararapes Confeccoes SA 162,220 6,246
Cia de Transmissao de Energia Eletrica Paulista Prior Pfd. 575,428 5,808
Cia de Gas de Sao Paulo Prior Pfd. Class A 269,021 5,786
Oi SA 2,689,615 5,106
^ Centrais Eletricas Brasileiras SA ADR Prior Pfd. 1,293,047 5,095
Arteris SA 738,083 5,071
Eneva SA 3,425,974 4,519
*,^ Fibria Celulose SA ADR 269,506 3,010
* MMX Mineracao e Metalicos SA 1,341,093 2,055
Cia Paranaense de Energia Prior Pfd. 148,540 1,705
Centrais Eletricas Brasileiras SA ADR 595,104 1,262



Oi SA ADR 625,137 1,175
6,881,747
Chile (1.8%)
Empresas COPEC SA 7,070,940 82,665
Banco de Chile 645,956,695 79,445
SACI Falabella 8,920,307 69,831
Latam Airlines Group 4,865,790 67,478
Cencosud SA 20,721,095 58,624
Empresas CMPC SA 27,332,688 57,774
Enersis SA ADR 3,834,011 50,877
Empresa Nacional de Electricidad SA ADR 1,195,005 46,103
Banco de Credito e Inversiones 833,236 44,626
Enersis SA 163,962,717 43,327
Aguas Andinas SA Class A 55,959,759 35,768
Empresa Nacional de Electricidad SA 26,717,495 34,483
Corpbanca SA 3,056,187,106 33,609
Colbun SA 139,361,902 30,576
Cia Cervecerias Unidas SA 2,861,158 30,479
Banco Santander Chile ADR 1,466,991 28,577
Banco Santander Chile 544,089,640 27,341
Sociedad Matriz Banco de Chile Class B 89,217,775 27,307
Sociedad Quimica y Minera de Chile SA ADR 1,054,927 26,278
ENTEL Chile SA 2,125,070 25,572
AES Gener SA 45,666,534 22,601
CAP SA 1,407,317 20,560
Embotelladora Andina SA Prior Pfd. 4,479,904 16,679
Sociedad Quimica y Minera de Chile SA Prior Pfd. Class B 663,282 16,642
Latam Airlines Group SA 739,267 10,814
^ Latam Airlines Group SA ADR 605,451 8,416
996,452
China (22.0%)
Tencent Holdings Ltd. 16,803,672 1,159,916
China Mobile Ltd. 95,483,567 910,922
China Construction Bank Corp. 1,322,343,913 908,732
Industrial & Commercial Bank of China Ltd. 1,320,916,003 809,664
Bank of China Ltd. 1,377,989,177 578,084
CNOOC Ltd. 294,832,252 455,870
PetroChina Co. Ltd. 385,667,479 370,009
China Life Insurance Co. Ltd. 135,692,470 369,516
China Petroleum & Chemical Corp. 465,809,372 366,579
Ping An Insurance Group Co. of China Ltd. 34,998,488 279,161
China Overseas Land & Investment Ltd. 75,145,276 201,239
Agricultural Bank of China Ltd. 420,547,065 181,708
China Shenhua Energy Co. Ltd. 61,456,925 156,961
China Merchants Bank Co. Ltd. 84,532,405 147,247
Lenovo Group Ltd. 112,006,109 144,337
China Pacific Insurance Group Co. Ltd. 39,920,994 142,950
Hengan International Group Co. Ltd. 13,227,400 141,458
China Telecom Corp. Ltd. 298,815,683 138,011
China Unicom Hong Kong Ltd. 82,780,248 107,974
Belle International Holdings Ltd. 93,939,500 99,965
Bank of Communications Co. Ltd. 149,552,345 96,045
^ China Minsheng Banking Corp. Ltd. 91,336,368 88,959
China Oilfield Services Ltd. 33,275,800 87,843
Great Wall Motor Co. Ltd. 18,774,500 87,435
Kunlun Energy Co. Ltd. 52,465,230 86,432



ENN Energy Holdings Ltd. 13,328,400 86,182
China Resources Power Holdings Co. Ltd. 35,573,048 83,822
^ Anhui Conch Cement Co. Ltd. 21,736,452 83,073
China Resources Land Ltd. 34,863,200 82,197
Beijing Enterprises Holdings Ltd. 9,590,000 81,563
Dongfeng Motor Group Co. Ltd. 54,150,744 79,060
Brilliance China Automotive Holdings Ltd. 51,034,700 77,758
PICC Property & Casualty Co. Ltd. 55,386,601 73,727
China Merchants Holdings International Co. Ltd. 21,492,610 73,180
China CITIC Bank Corp. Ltd. 136,975,719 65,376
China Resources Enterprise Ltd. 21,860,860 65,105
China Communications Construction Co. Ltd. 82,124,504 59,421
*,^ GCL-Poly Energy Holdings Ltd. 162,660,000 55,400
China Longyuan Power Group Corp. 45,159,800 53,786
*,^ Byd Co. Ltd. 11,196,755 52,869
China National Building Material Co. Ltd. 54,656,960 52,208
China State Construction International Holdings Ltd. 28,362,872 51,569
Huaneng Power International Inc. 55,636,978 51,335
Shimao Property Holdings Ltd. 22,427,957 48,965
Sinopharm Group Co. Ltd. 17,447,700 48,614
Tsingtao Brewery Co. Ltd. 6,194,000 44,993
Jiangxi Copper Co. Ltd. 24,759,898 44,451
China Vanke Co. Ltd. Class B 26,603,441 43,746
Country Garden Holdings Co. Ltd. 77,088,662 42,096
Guangzhou Automobile Group Co. Ltd. 42,082,584 41,277
Haier Electronics Group Co. Ltd. 13,713,000 40,181
* China Cinda Asset Management Co. Ltd. 62,038,000 40,113
Shandong Weigao Group Medical Polymer Co. Ltd. 33,257,800 38,649
Shenzhou International Group Holdings Ltd. 11,277,065 38,624
* New China Life Insurance Co. Ltd. 12,949,453 37,915
China Gas Holdings Ltd. 27,123,900 37,899
Guangdong Investment Ltd. 40,560,080 37,858
GOME Electrical Appliances Holding Ltd. 218,917,805 37,817
^ China Coal Energy Co. Ltd. 76,444,800 37,815
COSCO Pacific Ltd. 29,629,788 37,596
China Resources Gas Group Ltd. 11,958,100 36,898
^ Evergrande Real Estate Group Ltd. 91,375,785 36,645
Sino-Ocean Land Holdings Ltd. 66,378,802 35,639
CITIC Securities Co. Ltd. 15,466,700 35,055
Haitong Securities Co. Ltd. 23,867,600 34,517
Inner Mongolia Yitai Coal Co. Ltd. Class B 22,238,193 34,456
Weichai Power Co. Ltd. 9,135,820 34,246
Geely Automobile Holdings Ltd. 82,787,300 33,644
Longfor Properties Co. Ltd. 23,782,080 32,989
China Railway Group Ltd. 71,657,408 31,606
China Railway Construction Corp. Ltd. 36,213,765 30,069
Jiangsu Expressway Co. Ltd. 23,632,139 29,895
Zhuzhou CSR Times Electric Co. Ltd. 9,350,000 29,070
Chongqing Changan Automobile Co. Ltd. Class B 15,967,211 28,794
Shanghai Industrial Holdings Ltd. 8,571,445 28,579
^ CITIC Pacific Ltd. 22,530,674 28,179
2 People's Insurance Co. Group of China Ltd. 65,657,000 28,151
2 Sinopec Engineering Group Co. Ltd. 21,648,272 27,668
^ Yanzhou Coal Mining Co. Ltd. 36,745,320 27,578
Kingboard Chemical Holdings Ltd. 12,119,171 27,246
*,^ Aluminum Corp. of China Ltd. 74,573,220 26,598
China International Marine Containers Group Co. Ltd. 10,944,598 25,333



* China Taiping Insurance Holdings Co. Ltd. 14,546,107 25,202
^ Zijin Mining Group Co. Ltd. 116,367,680 25,187
Shanghai Pharmaceuticals Holding Co. Ltd. 10,210,700 25,123
CSR Corp. Ltd. 33,355,377 24,358
Fosun International Ltd. 22,659,737 24,231
Nine Dragons Paper Holdings Ltd. 28,142,000 24,221
China Communications Services Corp. Ltd. 44,765,973 24,066
China Resources Cement Holdings Ltd. 34,706,686 23,761
*,^ China Huishan Dairy Holdings Co. Ltd. 71,414,672 23,672
Guangzhou R&F Properties Co. Ltd. 17,775,700 23,505
ANTA Sports Products Ltd. 15,619,000 22,743
SOHO China Ltd. 28,253,506 22,388
Agile Property Holdings Ltd. 24,114,345 22,202
Far East Horizon Ltd. 30,677,010 22,076
Chongqing Rural Commercial Bank 52,049,461 21,990
China Everbright Ltd. 16,058,010 21,793
*,^ ZTE Corp. 10,448,528 21,361
Datang International Power Generation Co. Ltd. 53,326,568 21,295
Zhejiang Expressway Co. Ltd. 23,640,704 21,255
^ Zoomlion Heavy Industry Science and Technology Co. Ltd. 26,148,379 21,086
Beijing Capital International Airport Co. Ltd. 27,520,564 20,972
*,^ China COSCO Holdings Co. Ltd. 48,191,000 20,119
Shenzhen International Holdings Ltd. 155,710,000 20,062
Air China Ltd. 29,980,748 19,346
Franshion Properties China Ltd. 60,024,094 19,276
Sinopec Shanghai Petrochemical Co. Ltd. 67,084,788 19,025
China BlueChemical Ltd. 34,367,405 19,012
BBMG Corp. 23,311,500 18,088
Greentown China Holdings Ltd. 12,538,500 17,827
Shanghai Electric Group Co. Ltd. 55,949,756 17,801
Lee & Man Paper Manufacturing Ltd. 25,992,000 17,551
Travelsky Technology Ltd. 16,707,000 17,543
Yuexiu Property Co. Ltd. 84,157,300 17,178
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B 10,362,266 16,888
*,^ China Shipping Container Lines Co. Ltd. 70,245,618 16,444
China Agri-Industries Holdings Ltd. 36,818,961 16,348
^ Golden Eagle Retail Group Ltd. 11,944,000 16,324
*,^ Li Ning Co. Ltd. 20,171,500 16,004
*,2 China Galaxy Securities Co. Ltd. 22,064,000 15,739
^ Zhongsheng Group Holdings Ltd. 10,512,500 15,535
Poly Property Group Co. Ltd. 32,086,900 15,366
Sinotrans Ltd. 36,086,000 15,025
*,^ China Yurun Food Group Ltd. 25,310,149 14,850
*,^ China Shipping Development Co. Ltd. 22,408,021 13,319
*,^ Angang Steel Co. Ltd. 20,588,374 12,943
* Huishang Bank Corp. Ltd. 26,849,380 12,418
Shenzhen Investment Ltd. 33,210,000 11,790
CSG Holding Co. Ltd. Class B 14,865,164 11,749
Yantai Changyu Pioneer Wine Co. Ltd. Class B 4,592,066 11,723
^ China Dongxiang Group Co. 58,591,000 11,404
China Molybdenum Co. Ltd. 27,095,000 11,309
KWG Property Holding Ltd. 21,655,000 11,284
^ China Southern Airlines Co. Ltd. 31,990,000 10,969
Huadian Power International Corp. Ltd. 26,250,000 10,891
Weifu High-Technology Group Co. Ltd. Class B 3,047,253 10,513
Wumart Stores Inc. 8,158,000 10,398
*,^ Hopson Development Holdings Ltd. 11,270,000 10,396



^ Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. 3,108,000 10,103
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B 4,293,029 9,718
^ Xinjiang Goldwind Science & Technology Co. Ltd. 9,045,000 9,598
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B 4,600,075 9,191
^ Guangzhou Shipyard International Co. Ltd. 4,292,000 9,147
Guangshen Railway Co. Ltd. 21,118,000 9,083
*,^ Renhe Commercial Holdings Co. Ltd. 182,642,000 9,055
^ Zhaojin Mining Industry Co. Ltd. 14,410,000 8,602
*,^ Sinopec Yizheng Chemical Fibre Co. Ltd. 44,742,000 8,190
^ Bosideng International Holdings Ltd. 44,214,000 7,974
Guangdong Electric Power Development Co. Ltd. Class B 13,330,537 7,864
*,^ Maanshan Iron & Steel 32,260,000 7,761
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B 8,446,215 7,727
* Shanghai Zhenhua Heavy Industries Co. Ltd. Class B 18,121,057 7,593
*,^ China Eastern Airlines Corp. Ltd. 22,528,000 7,581
Dazhong Transportation Group Co. Ltd. Class B 11,357,506 7,519
* BOE Technology Group Co. Ltd. Class B 28,217,600 7,030
^ Dongfang Electric Corp. Ltd. 5,025,030 6,915
*,^ Metallurgical Corp. of China Ltd. 39,238,937 6,875
Harbin Electric Co. Ltd. 12,144,000 6,696
China Merchants Property Development Co. Ltd. Class B 2,583,180 6,594
Shenzhen Expressway Co. Ltd. 14,818,000 6,543
^ Sinotruk Hong Kong Ltd. 12,327,500 6,323
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B 5,790,169 6,167
Jiangling Motors Corp. Ltd. Class B 1,720,246 6,163
* CITIC Resources Holdings Ltd. 50,156,000 6,142
*,^ China Zhongwang Holdings Ltd. 20,285,686 6,038
Shandong Chenming Paper Holdings Ltd. Class B 12,036,985 5,832
Anhui Expressway Co. Ltd. 10,678,000 5,472
Kingboard Laminates Holdings Ltd. 14,067,000 5,241
Sichuan Expressway Co. Ltd. 18,632,000 5,120
Shanghai Jinjiang International Hotels Development Co. Ltd. Class B 3,272,024 5,088
Shanghai Friendship Group Inc. Co. Class B 3,823,241 5,020
^ Lianhua Supermarket Holdings Co. Ltd. 8,211,000 4,799
Shenzhen Chiwan Wharf Holdings Ltd. Class B 2,595,918 4,662
* Shanghai Haixin Group Co. Class B 8,925,019 4,599
*,^ China Foods Ltd. 12,907,506 4,502
^ Sany Heavy Equipment International Holdings Co. Ltd. 17,137,000 4,465
^ Sinofert Holdings Ltd. 28,716,000 4,221
Anhui Gujing Distillery Co. Ltd. Class B 1,887,309 4,154
* Shanghai Chlor-Alkali Chemical Co. Ltd. Class B 8,649,032 3,970
Foshan Electrical and Lighting Co. Ltd. Class B 4,592,770 3,931
Double Coin Holdings Ltd. Class B 5,030,634 3,545
Tianjin Capital Environmental Protection Group Co. Ltd. 6,920,000 3,139
Beijing North Star Co. Ltd. 14,830,000 3,127
Shandong Chenming Paper Holdings Ltd. 7,243,000 3,022
* Huadian Energy Co. Ltd. Class B 9,190,269 2,730
Bengang Steel Plates Co. Class B 8,157,311 2,572
^ China National Materials Co. Ltd. 10,776,000 2,071
Jinzhou Port Co. Ltd. Class B 4,698,200 1,884
* China Zhongwang Rights Exp. 01/22/2014 7,181,305
12,052,414
Colombia (1.0%)
^ Ecopetrol SA ADR 2,544,536 87,176
Bancolombia SA ADR 1,685,819 74,075
Ecopetrol SA 41,832,913 73,044
Grupo de Inversiones Suramericana SA 4,076,195 62,075



Almacenes Exito SA 4,366,209 57,395
Cementos Argos SA 7,814,633 32,291
Corp Financiera Colombiana SA 1,587,356 27,953
Grupo de Inversiones Suramericana SA Prior Pfd. 1,794,504 27,773
* Cemex Latam Holdings SA 3,739,336 25,041
Interconexion Electrica SA ESP 5,691,321 20,948
Isagen SA ESP 14,143,465 20,627
Grupo Aval Acciones y Valores Prior Pfd. 29,303,930 16,862
Grupo Argos SA Prior Pfd. 1,800,471 16,237
* Bancolombia SA Prior Pfd. 59,020 651
542,148
Czech Republic (0.3%)
CEZ AS 2,920,141 73,886
Komercni Banka AS 273,328 59,344
Telefonica Czech Republic AS 1,736,787 25,171
158,401
Egypt (0.1%)
* Global Telecom Holding GDR 9,175,935 30,450
Commercial International Bank Egypt SAE 5,859,213 28,296
* Talaat Moustafa Group 4,208,215 4,341
Telecom Egypt Co. 1,443,930 3,078
* Egyptian Financial Group-Hermes Holding 1,602,116 2,605
Egypt Kuwait Holding Co. SAE 2,456,711 2,432
71,202
Hong Kong (0.0%)
* Top Frontier Investment Holdings Inc 1,391,339 2,211
Hungary (0.3%)
OTP Bank plc 3,419,329 62,871
MOL Hungarian Oil & Gas plc 835,163 51,233
* Richter Gedeon Nyrt 2,442,787 49,469
Magyar Telekom Telecommunications plc 7,252,463 9,735
173,308
India (9.6%)
Infosys Ltd. 8,905,212 522,879
Reliance Industries Ltd. 29,611,176 393,221
Housing Development Finance Corp. 29,212,323 372,292
Tata Consultancy Services Ltd. 8,734,582 309,170
ITC Ltd. 34,698,393 178,985
Oil & Natural Gas Corp. Ltd. 38,855,735 168,761
ICICI Bank Ltd. 10,496,484 162,378
Hindustan Unilever Ltd. 14,527,214 131,854
Sun Pharmaceutical Industries Ltd. 14,125,576 131,008
HDFC Bank Ltd. 13,078,335 129,283
Bharti Airtel Ltd. 23,487,597 117,082
HCL Technologies Ltd. 4,938,667 114,574
Tata Motors Ltd. 17,453,774 96,906
HDFC Bank Ltd. ADR 2,752,421 86,123
Mahindra & Mahindra Ltd. 5,593,420 78,752
Axis Bank Ltd. 4,274,299 75,246
Sesa Sterlite Ltd. 25,010,579 75,046
NTPC Ltd. 37,304,635 74,873
United Spirits Ltd. 1,571,483 61,641
Larsen & Toubro Ltd. 3,917,907 60,697
State Bank of India 2,505,808 60,131
Tech Mahindra Ltd. 2,019,019 57,589



Kotak Mahindra Bank Ltd. 5,119,663 53,004
^ Wipro Ltd. ADR 4,061,568 52,557
Hero MotoCorp Ltd. 1,531,200 47,848
Coal India Ltd. 11,754,114 46,236
Wipro Ltd. 4,905,628 45,020
Cairn India Ltd. 8,537,586 44,144
Asian Paints Ltd. 5,517,638 41,143
Bajaj Auto Ltd. 1,318,567 39,949
Cipla Ltd. 6,113,725 39,792
Lupin Ltd. 2,745,828 38,596
Nestle India Ltd. 453,322 36,537
Dr Reddy's Laboratories Ltd. ADR 866,897 36,167
Zee Entertainment Enterprises Ltd. 8,470,819 36,022
Power Grid Corp. of India Ltd. 22,910,285 34,797
Ultratech Cement Ltd. 1,222,228 33,383
Maruti Suzuki India Ltd. 1,279,142 33,274
Idea Cellular Ltd. 14,351,554 32,862
JSW Steel Ltd. 2,228,519 32,529
NMDC Ltd. 13,761,574 31,762
GAIL India Ltd. 5,458,133 31,067
Bharat Heavy Electricals Ltd. 11,100,515 30,380
Ambuja Cements Ltd. 10,986,831 27,834
Godrej Consumer Products Ltd. 2,302,324 27,555
Dr Reddy's Laboratories Ltd. 657,542 27,402
Jindal Steel & Power Ltd. 6,713,911 26,798
IndusInd Bank Ltd. 4,443,695 26,657
Tata Steel Ltd. 4,345,817 24,574
Hindalco Industries Ltd. 13,702,594 23,799
Shriram Transport Finance Co. Ltd. 2,318,017 23,011
Reliance Communications Ltd. 11,448,869 22,605
Indian Oil Corp. Ltd. 5,690,541 22,086
IDFC Ltd. 14,327,767 21,354
Dabur India Ltd. 7,584,364 20,784
* Oracle Financial Services Software Ltd. 399,846 20,476
Adani Ports and Special Economic Zone Ltd. 8,490,020 19,889
GlaxoSmithKline Pharmaceuticals Ltd. 397,756 18,939
Adani Enterprises Ltd. 4,944,747 18,878
Bharat Petroleum Corp. Ltd. 3,234,920 18,749
Rural Electrification Corp. Ltd. 6,457,375 18,475
Tata Power Co. Ltd. 15,559,633 18,320
Glenmark Pharmaceuticals Ltd. 2,010,710 17,909
DLF Ltd. 8,157,571 17,780
United Breweries Ltd. 1,286,395 17,049
Oil India Ltd. 2,178,051 16,493
Divi's Laboratories Ltd. 744,634 15,650
Grasim Industries Ltd. 374,286 15,239
Steel Authority of India Ltd. 14,516,462 14,878
Piramal Enterprises Ltd. 1,671,176 14,763
Yes Bank Ltd. 3,035,543 14,614
ACC Ltd. 904,261 14,549
GlaxoSmithKline Consumer Healthcare Ltd. 213,341 14,524
Reliance Infrastructure Ltd. 2,405,979 14,318
Titan Co. Ltd. 3,972,263 14,055
Siemens Ltd. 1,508,099 13,223
Power Finance Corp. Ltd. 5,906,104 12,854
Cadila Healthcare Ltd. 968,940 12,647
Colgate-Palmolive India Ltd. 596,486 12,375



* Ranbaxy Laboratories Ltd. 2,353,661 12,044
Jaiprakash Associates Ltd. 18,702,739 11,891
Reliance Capital Ltd. 2,267,988 11,696
Shree Cement Ltd. 164,229 11,663
Bank of Baroda 1,273,791 11,167
* Reliance Power Ltd. 10,608,501 10,513
Castrol India Ltd. 2,216,830 10,413
Aditya Birla Nuvo Ltd. 563,233 9,893
Mphasis Ltd. 1,642,737 9,717
Container Corp. Of India 759,132 8,851
ABB India Ltd. 954,476 8,816
Bharat Forge Ltd. 1,589,174 8,801
Cummins India Ltd. 1,255,041 8,702
Sun TV Network Ltd. 1,497,723 8,609
Hindustan Zinc Ltd. 4,065,463 8,400
Punjab National Bank 961,865 8,246
Bharti Infratel Ltd. 2,843,159 7,811
NHPC Ltd. 27,127,504 7,730
Bajaj Holdings and Investment Ltd. 499,973 7,363
Tata Communications Ltd. 1,384,211 6,084
Crompton Greaves Ltd. 3,276,954 6,063
Exide Industries Ltd. 3,773,081 6,045
Hindustan Petroleum Corp. Ltd. 1,492,783 5,794
Bharat Electronics Ltd. 385,739 5,709
Bank of India 1,850,816 5,673
GMR Infrastructure Ltd. 16,317,625 5,284
Godrej Industries Ltd. 1,202,404 5,232
* Unitech Ltd. 22,709,829 4,577
* Adani Power Ltd. 8,239,730 4,229
IDBI Bank Ltd. 4,688,372 4,164
Canara Bank 1,143,973 4,046
JSW Energy Ltd. 5,646,035 3,970
Great Eastern Shipping Co. Ltd. 777,407 3,646
Torrent Power Ltd. 2,409,638 3,628
Tata Chemicals Ltd. 857,198 3,595
Union Bank of India 2,070,656 3,561
Ashok Leyland Ltd. 12,710,004 3,311
Oriental Bank of Commerce 1,194,783 3,297
Wockhardt Ltd. 502,256 3,166
* Mangalore Refinery & Petrochemicals Ltd. 3,711,949 2,491
* Essar Oil Ltd. 3,173,339 2,245
Corp Bank 482,151 1,915
State Bank of India GDR 39,524 1,897
ICICI Bank Ltd. ADR 689 22
5,238,635
Indonesia (2.7%)
Astra International Tbk PT 375,793,500 198,282
Bank Central Asia Tbk PT 229,422,324 186,870
* Telekomunikasi Indonesia Persero Tbk PT 941,300,905 173,838
Bank Rakyat Indonesia Persero Tbk PT 198,704,400 135,912
Bank Mandiri Persero Tbk PT 169,990,280 121,549
Perusahaan Gas Negara Persero Tbk PT 195,225,604 75,517
Semen Indonesia Persero Tbk PT 53,015,004 61,845
Bank Negara Indonesia Persero Tbk PT 132,514,861 47,476
Unilever Indonesia Tbk PT 19,881,530 46,590
Indofood Sukses Makmur Tbk PT 80,773,796 45,863
Charoen Pokphand Indonesia Tbk PT 132,745,432 45,122



Kalbe Farma Tbk PT 373,618,490 43,090
Indocement Tunggal Prakarsa Tbk PT 23,178,631 42,282
United Tractors Tbk PT 26,192,101 41,506
Gudang Garam Tbk PT 11,180,880 38,430
XL Axiata Tbk PT 56,323,724 22,404
Bank Danamon Indonesia Tbk PT 58,994,524 21,007
Adaro Energy Tbk PT 262,836,780 20,501
Indofood CBP Sukses Makmur Tbk PT 19,808,000 17,760
Media Nusantara Citra Tbk PT 88,575,250 16,248
Indo Tambangraya Megah Tbk PT 7,244,300 15,929
Jasa Marga Persero Tbk PT 33,965,000 14,258
Tambang Batubara Bukit Asam Persero Tbk PT 16,610,325 12,602
Global Mediacom Tbk PT 72,081,889 10,828
* Bumi Resources Tbk PT 385,935,914 9,656
Astra Agro Lestari Tbk PT 4,604,680 8,030
Indosat Tbk PT 20,180,273 7,015
Vale Indonesia Tbk PT 36,795,427 6,962
Aneka Tambang Persero Tbk PT 62,692,000 5,295
1,492,667
Malaysia (5.0%)
Malayan Banking Bhd. 79,793,888 229,252
CIMB Group Holdings Bhd. 90,125,648 185,935
Axiata Group Bhd. 92,538,694 181,307
Sime Darby Bhd. 58,402,913 156,554
Genting Bhd. 41,235,390 128,230
Public Bank Bhd. (Foreign) 20,336,447 116,086
Petronas Chemicals Group Bhd. 54,656,022 109,014
Petronas Gas Bhd. 15,147,696 105,483
Maxis Bhd. 49,597,550 103,177
DiGi.Com Bhd. 70,853,650 99,445
Tenaga Nasional Bhd. 25,500,807 90,521
IOI Corp. Bhd. 70,556,278 88,690
* Sapurakencana Petroleum Bhd. 63,421,225 82,937
Genting Malaysia Bhd. 57,869,090 75,355
AMMB Holdings Bhd. 33,474,958 73,364
Kuala Lumpur Kepong Bhd. 10,079,112 69,918
* IHH Healthcare Bhd. 51,754,076 56,822
PPB Group Bhd. 11,693,108 53,862
Petronas Dagangan Bhd. 5,644,900 51,569
British American Tobacco Malaysia Bhd. 2,760,887 50,037
Gamuda Bhd. 36,223,116 48,392
YTL Corp. Bhd. 102,453,856 47,377
Felda Global Ventures Holdings Bhd. 35,619,357 46,436
UMW Holdings Bhd. 13,141,920 46,420
Hong Leong Bank Bhd. 10,913,805 45,907
IJM Corp. Bhd. 23,543,050 41,594
* YTL Power International Bhd. 64,842,727 36,244
Telekom Malaysia Bhd. 20,126,840 33,209
Bumi Armada Bhd. 26,140,581 31,488
RHB Capital Bhd. 13,733,335 31,485
Alliance Financial Group Bhd. 21,319,417 29,660
* IOI Properties Group Sdn Bhd. 36,539,038 29,480
2 Astro Malaysia Holdings Bhd. 29,809,100 26,180
Lafarge Malaysia Bhd. 8,006,220 20,301
Berjaya Sports Toto Bhd. 15,519,595 18,784
Hong Leong Financial Group Bhd. 3,897,400 18,435
UEM Sunrise Bhd. 24,455,100 15,076



AirAsia Bhd. 21,374,548 14,440
SP Setia Bhd. 16,002,724 13,771
MMC Corp. Bhd. 14,910,900 12,444
Parkson Holdings Bhd. 10,570,423 9,240
Malaysia Marine and Heavy Engineering Holdings Bhd. 8,510,935 9,240
2,733,161
Mexico (5.7%)
America Movil SAB de CV 565,051,606 603,330
Fomento Economico Mexicano SAB de CV 39,787,552 360,510
Grupo Televisa SAB 48,178,830 280,341
Grupo Financiero Banorte SAB de CV 41,352,534 261,027
* Cemex SAB de CV 207,595,021 256,583
Wal-Mart de Mexico SAB de CV 104,348,230 249,674
Grupo Mexico SAB de CV Class B 71,176,665 230,390
Alfa SAB de CV Class A 52,011,320 146,615
Grupo Financiero Inbursa SAB de CV 37,112,615 92,546
Grupo Bimbo SAB de CV Class A 33,879,210 90,005
Coca-Cola Femsa SAB de CV 7,781,570 82,918
Mexichem SAB de CV 20,348,035 70,657
Grupo Financiero Santander Mexico SAB de CV Class B 26,770,562 59,971
Industrias Penoles SAB de CV 2,386,095 55,870
Grupo Aeroportuario del Sureste SAB de CV Class B 4,215,220 47,545
Grupo Carso SAB de CV 8,852,654 46,236
Kimberly-Clark de Mexico SAB de CV Class A 16,409,852 41,841
* OHL Mexico SAB de CV 13,036,300 32,089
Arca Continental SAB de CV 4,657,306 25,571
Grupo Elektra SAB DE CV 666,895 20,360
* Industrias CH SAB de CV Class B 3,044,498 18,261
Infraestructura Energetica Nova SAB de CV 4,062,620 17,491
Grupo Sanborns SAB de CV 8,569,888 15,558
* Minera Frisco SAB de CV 9,357,976 14,750
* Organizacion Soriana SAB de CV Class B 4,463,344 12,809
Alpek SA de CV 5,997,121 11,946
3,144,894
Morocco (0.0%)
Douja Promotion Groupe Addoha SA 409,761 2,815
Peru (0.3%)
Credicorp Ltd. 596,195 78,650
Credicorp Ltd. XLIM 357,268 47,016
Cia de Minas Buenaventura SAA ADR 3,225,197 39,992
Volcan Cia Minera SAA Class B 45,835,484 18,510
Cia de Minas Buenaventura SAA 461,011 5,716
189,884
Philippines (1.4%)
Philippine Long Distance Telephone Co. 1,572,415 93,738
SM Investments Corp. 5,819,879 90,189
Ayala Land Inc. 104,320,229 59,796
Bank of the Philippine Islands 29,364,957 57,562
Aboitiz Equity Ventures Inc. 43,130,470 49,498
SM Prime Holdings Inc. 137,891,397 47,120
BDO Unibank Inc. 26,006,582 45,153
Alliance Global Group Inc. 74,844,234 44,301
Ayala Corp. 3,698,557 42,963
Universal Robina Corp. 15,701,090 40,924
International Container Terminal Services Inc. 15,701,840 34,092



Manila Electric Co. 5,621,276 32,080
Metropolitan Bank & Trust Co. 19,213,489 32,010
Jollibee Foods Corp. 7,299,229 24,484
Aboitiz Power Corp. 29,212,226 23,119
DMCI Holdings Inc. 16,781,950 22,061
Globe Telecom Inc. 534,398 20,049
San Miguel Corp. 10,813,996 13,316
Energy Development Corp. 110,635,753 12,820
* Bloomberry Resorts Corp. 52,193,672 10,136
795,411
Poland (1.8%)
Powszechna Kasa Oszczednosci Bank Polski SA 15,746,816 204,071
Bank Pekao SA 2,399,572 141,279
Powszechny Zaklad Ubezpieczen SA 1,022,940 134,030
KGHM Polska Miedz SA 2,595,674 90,095
^ Polski Koncern Naftowy Orlen SA 5,971,692 73,631
PGE SA 13,100,781 68,678
Polskie Gornictwo Naftowe i Gazownictwo SA 33,317,761 48,999
Orange Polska SA 12,526,958 41,773
^ mBank 235,204 38,075
Tauron Polska Energia SA 19,834,722 26,961
* ING Bank Slaski SA 545,771 20,682
^ Bank Handlowy w Warszawie SA 613,409 20,095
*,^ Getin Noble Bank SA 20,116,872 19,853
Enea SA 3,921,850 15,614
^ Jastrzebska Spolka Weglowa SA 971,267 14,248
Synthos SA 7,811,332 12,585
970,669
Russia (6.8%)
Sberbank of Russia 198,231,748 536,370
Gazprom OAO ADR 64,808,532 534,346
Lukoil OAO ADR 5,883,666 334,216
Gazprom OAO 77,421,833 320,373
Magnit OJSC GDR 5,078,214 267,579
Mobile Telesystems OJSC ADR 9,337,700 161,075
Lukoil OAO 2,824,354 159,376
NOVATEK OAO GDR 1,250,964 152,592
Uralkali OJSC 28,219,409 136,770
Rosneft OAO GDR 14,376,755 98,564
MMC Norilsk Nickel OJSC ADR 6,377,833 97,146
Tatneft OAO ADR 2,819,173 93,229
Surgutneftegas OAO ADR 10,040,984 77,147
VTB Bank OJSC 58,129,231,072 75,802
Sistema JSFC GDR 2,500,751 67,418
AK Transneft OAO Prior Pfd. 29,487 67,008
Rostelecom OJSC 20,674,267 65,314
MegaFon OAO GDR 1,906,354 56,841
Tatneft OAO 8,951,972 49,627
Rosneft OAO 6,628,175 46,214
VTB Bank OJSC GDR 17,273,102 43,834
MMC Norilsk Nickel OJSC 262,352 40,139
RusHydro JSC 2,377,093,363 37,607
Aeroflot - Russian Airlines OJSC 9,430,172 22,789
E.ON Russia JSC 297,929,779 19,619
Surgutneftegas OAO 24,504,449 18,871
Novolipetsk Steel OJSC GDR 1,274,366 18,386



Severstal OAO 2,193,939 17,668
* Federal Grid Co. Unified Energy System JSC 5,323,286,228 12,834
* Inter RAO JSC 41,677,450,909 12,557
* NOMOS-BANK GDR 895,670 12,445
Phosagro OAO GDR 1,203,361 12,264
TMK OAO GDR 945,462 10,434
LSR Group GDR 2,806,253 9,839
* Russian Grids OAO 407,033,605 8,465
Polyus Gold OJSC 371,589 7,445
* Magnitogorsk Iron & Steel Works 30,882,788 6,156
*,^ Mechel ADR 2,946,939 5,717
* Pharmstandard OJSC GDR 667,317 5,031
Severstal OAO GDR 472,123 3,829
Mosenergo OAO 125,477,702 2,946
* Raspadskaya OAO 2,596,971 2,216
Sberbank of Russia ADR 91,484 988
Mobile Telesystems OJSC 95,358 784
NOVATEK OAO 61,651 690
Rostelecom OJSC ADR 27,263 515
Novolipetsk Steel OJSC 82,970 122
* Mechel 9,605 17
3,731,214
South Africa (9.3%)
Naspers Ltd. 7,174,553 736,637
MTN Group Ltd. 33,071,980 589,519
Sasol Ltd. 10,024,672 481,820
Standard Bank Group Ltd. 22,129,132 233,205
FirstRand Ltd. 52,842,138 148,049
Remgro Ltd. 8,848,953 147,779
Sanlam Ltd. 34,392,560 147,703
Steinhoff International Holdings Ltd. 35,004,905 144,333
Aspen Pharmacare Holdings Ltd. 5,569,903 126,017
Bidvest Group Ltd. 4,936,949 110,071
Shoprite Holdings Ltd. 8,009,228 103,072
AngloGold Ashanti Ltd. 7,015,632 102,661
Impala Platinum Holdings Ltd. 9,458,305 98,284
Woolworths Holdings Ltd. 13,366,377 72,793
Tiger Brands Ltd. 2,965,109 71,087
Barclays Africa Group Ltd. 5,767,749 67,508
Nedbank Group Ltd. 3,681,121 64,012
Growthpoint Properties Ltd. 31,799,550 62,837
Vodacom Group Ltd. 5,828,994 61,592
Netcare Ltd. 27,397,651 54,895
Imperial Holdings Ltd. 3,217,528 53,587
Mr Price Group Ltd. 4,302,551 53,152
Life Healthcare Group Holdings Ltd. 16,604,675 53,041
Truworths International Ltd. 7,718,228 50,856
Gold Fields Ltd. 13,627,444 47,617
Mediclinic International Ltd. 7,330,950 47,114
RMB Holdings Ltd. 11,922,691 45,924
* Anglo American Platinum Ltd. 1,110,911 44,271
^ Kumba Iron Ore Ltd. 1,035,619 41,851
MMI Holdings Ltd. 17,702,061 37,552
Coronation Fund Managers Ltd. 5,194,398 37,274
Discovery Ltd. 5,494,675 37,168
SPAR Group Ltd. 3,229,485 34,853
Barloworld Ltd. 3,682,545 34,633



^ Exxaro Resources Ltd. 2,438,251 32,965
Mondi Ltd. 2,118,923 32,138
Nampak Ltd. 10,249,540 32,012
* Sappi Ltd. 10,040,955 31,125
Foschini Group Ltd. 3,693,261 30,835
Investec Ltd. 4,592,005 29,462
Hyprop Investments Ltd. 4,424,616 28,846
African Rainbow Minerals Ltd. 1,455,734 28,714
AVI Ltd. 5,758,595 26,633
Brait SE 6,030,033 26,061
Clicks Group Ltd. 4,736,235 24,218
Aeci Ltd. 2,055,030 23,887
PPC Ltd. 8,579,425 23,028
* Northam Platinum Ltd. 6,083,410 22,824
Tongaat Hulett Ltd. 2,073,288 22,564
Assore Ltd. 627,831 22,545
^ African Bank Investments Ltd. 23,366,086 22,509
Sibanye Gold Ltd. 15,663,125 22,358
Massmart Holdings Ltd. 2,025,588 22,066
Capital Property Fund 24,924,821 21,785
Omnia Holdings Ltd. 1,109,413 20,570
Harmony Gold Mining Co. Ltd. 7,010,952 20,228
Grindrod Ltd. 8,263,405 18,839
^ Capitec Bank Holdings Ltd. 1,081,317 18,353
Liberty Holdings Ltd. 1,759,652 18,055
Reunert Ltd. 2,782,500 16,003
* Telkom SA SOC Ltd. 5,796,311 15,788
Adcock Ingram Holdings Ltd. 2,533,094 15,423
* Aveng Ltd. 7,324,693 15,385
* Murray & Roberts Holdings Ltd. 6,810,069 15,201
^ Pick n Pay Stores Ltd. 3,586,490 14,714
Sun International Ltd. 1,593,256 14,128
DataTec Ltd. 2,950,402 12,631
Wilson Bayly Holmes-Ovcon Ltd. 924,614 12,255
Acucap Properties Ltd. 2,952,996 10,501
Santam Ltd. 646,045 10,266
Illovo Sugar Ltd. 4,253,010 10,257
JSE Ltd. 1,316,052 9,810
* ArcelorMittal South Africa Ltd. 2,469,393 8,482
Lewis Group Ltd. 1,309,808 7,032
Pick n Pay Holdings Ltd. 3,622,109 6,756
* Royal Bafokeng Platinum Ltd. 1,044,330 5,878
Fountainhead Property Trust 7,156,276 4,727
^ JD Group Ltd. 1,794,419 4,512
5,075,136
Taiwan (14.1%)
Taiwan Semiconductor Manufacturing Co. Ltd. 235,633,845 808,049
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 39,129,187 662,066
Hon Hai Precision Industry Co. Ltd. 207,124,645 578,739
MediaTek Inc. 23,095,921 304,957
Formosa Plastics Corp. 92,737,116 237,437
Nan Ya Plastics Corp. 107,478,853 232,847
Formosa Chemicals & Fibre Corp. 82,682,518 216,772
Delta Electronics Inc. 37,874,245 207,463
Cathay Financial Holding Co. Ltd. 137,415,920 206,605
China Steel Corp. 227,007,633 195,221
Fubon Financial Holding Co. Ltd. 132,791,336 187,158



CTBC Financial Holding Co. Ltd. 241,021,932 158,680
Uni-President Enterprises Corp. 80,519,826 132,305
Mega Financial Holding Co. Ltd. 156,974,340 126,645
Asustek Computer Inc. 13,314,458 122,895
Quanta Computer Inc. 49,687,165 122,584
^ Chunghwa Telecom Co. Ltd. ADR 3,773,724 110,947
Yuanta Financial Holding Co. Ltd. 181,426,712 100,118
Chunghwa Telecom Co. Ltd. 31,411,913 94,761
Hotai Motor Co. Ltd. 7,780,000 93,834
Taiwan Mobile Co. Ltd. 31,370,796 91,703
Formosa Petrochemical Corp. 36,053,393 90,207
Cheng Shin Rubber Industry Co. Ltd. 34,508,883 86,689
Catcher Technology Co. Ltd. 13,032,463 85,772
Taiwan Cement Corp. 58,067,877 84,305
First Financial Holding Co. Ltd. 129,187,294 77,146
China Development Financial Holding Corp. 263,664,649 76,497
Far Eastern New Century Corp. 73,138,788 74,787
Hua Nan Financial Holdings Co. Ltd. 130,100,022 73,065
Largan Precision Co. Ltd. 1,880,135 72,126
President Chain Store Corp. 10,708,647 71,495
SinoPac Financial Holdings Co. Ltd. 138,140,663 64,161
Taishin Financial Holding Co. Ltd. 133,137,921 62,975
HTC Corp. 13,548,925 60,040
Compal Electronics Inc. 78,102,629 58,445
Far EasTone Telecommunications Co. Ltd. 29,599,343 58,051
Lite-On Technology Corp. 39,179,607 57,558
Taiwan Cooperative Financial Holding Co. Ltd. 105,242,646 56,755
E.Sun Financial Holding Co. Ltd. 89,980,030 55,704
MStar Semiconductor Inc. 4,938,629 54,117
Advanced Semiconductor Engineering Inc. 58,567,717 54,034
* Innolux Corp. 154,844,724 53,241
Asia Cement Corp. 42,635,578 52,404
Inventec Corp. 56,288,489 51,491
United Microelectronics Corp. ADR 24,480,943 49,451
Foxconn Technology Co. Ltd. 19,202,380 42,924
United Microelectronics Corp. 102,568,970 41,846
Shin Kong Financial Holding Co. Ltd. 124,982,072 41,823
^ Advanced Semiconductor Engineering Inc. ADR 9,083,579 41,058
Pegatron Corp. 30,442,897 39,937
Novatek Microelectronics Corp. 9,699,817 38,592
Synnex Technology International Corp. 21,886,055 36,808
Advantech Co. Ltd. 5,526,942 34,419
Epistar Corp. 15,572,732 34,100
Wistron Corp. 41,134,759 34,012
Teco Electric and Machinery Co. Ltd. 30,276,000 32,925
Giant Manufacturing Co. Ltd. 5,168,721 32,597
Chang Hwa Commercial Bank 54,472,681 32,058
Siliconware Precision Industries Co. ADR 5,609,703 32,031
Siliconware Precision Industries Co. 26,201,860 31,298
* Acer Inc. 50,879,905 30,089
TPK Holding Co. Ltd. 4,732,067 29,934
Taiwan Fertilizer Co. Ltd. 13,303,100 27,812
Pou Chen Corp. 20,059,531 27,544
* AU Optronics Corp. 92,924,669 27,544
Chicony Electronics Co. Ltd. 10,583,060 26,994
Yulon Motor Co. Ltd. 15,408,584 26,448
Taiwan Glass Industry Corp. 25,197,551 24,678



Realtek Semiconductor Corp. 8,639,241 23,457
Formosa Taffeta Co. Ltd. 19,968,868 21,032
* Walsin Lihwa Corp. 63,113,770 19,609
* Taiwan Business Bank 63,328,854 18,739
* Evergreen Marine Corp. Taiwan Ltd. 31,037,969 18,222