Vanguard Etf

Annual Report | 30 June 2018
Vanguard Funds plc
An investment company with variable capital constituted as an umbrella fund with segregated liability between
Funds and incorporated with limited liability under the laws of Ireland under registration number 499158 and
authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings
for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).
Contents
Chairman’s Letter 1
Tracking Error 3
Company Financial Statements for Vanguard Funds plc 4
Vanguard Euro STOXX 50 UCITS ETF 7
Vanguard FTSE 100 UCITS ETF 13
Vanguard FTSE 250 UCITS ETF 20
Vanguard FTSE All-World UCITS ETF 28
Vanguard FTSE All-World High Dividend Yield UCITS ETF 61
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 80
Vanguard FTSE Developed Europe UCITS ETF 89
Vanguard FTSE Developed Europe ex UK UCITS ETF 100
Vanguard FTSE Developed World UCITS ETF 110
Vanguard FTSE Emerging Markets UCITS ETF 133
Vanguard FTSE Japan UCITS ETF 149
Vanguard FTSE North America UCITS ETF 159
Vanguard Global Liquidity Factor UCITS ETF 170
Vanguard Global Minimum Volatility UCITS ETF 186
Vanguard Global Momentum Factor UCITS ETF 195
Vanguard Global Value Factor UCITS ETF 210
Vanguard S&P 500 UCITS ETF 225
Vanguard EUR Corporate Bond UCITS ETF 235
Vanguard EUR Eurozone Government Bond UCITS ETF 248
Vanguard U.K. Gilt UCITS ETF 258
Vanguard USD Corporate 1–3 Year Bond UCITS ETF 264
Vanguard USD Corporate Bond UCITS ETF 277
Vanguard USD Emerging Markets Government Bond UCITS ETF 312
Vanguard USD Treasury Bond UCITS ETF 331
Notes to the Financial Statements 341
Report From the Directors 370
Additional Information From the Directors (unaudited) 374
Report of the Depositary to the Shareholders 381
Independent Auditors’ Report to the
members of Vanguard Funds plc 382
Glossary of Investment Terms 387
CEO’s Letter
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a Steady, time-tested approach
company filled with people who come to work every day Our view, as always, is that you should stay the course,
passionate about Vanguard’s core purpose: to take a stand tune out the hyperbolic headlines and focus on your goals
for all investors, to treat them fairly and to give them the and what you can control, such as costs and how much you
best chance for investment success. save. This time-tested approach has served our clients well
over the decades.
When I joined Vanguard in 1991, I found a mission-driven
team focused on improving lives—helping people retire Regardless of how the markets perform in the short term,
more comfortably, put their children through college and I’m incredibly optimistic about the future for our investors.
achieve financial security. I also found a company with We have a dedicated team serving you, and we will never
purpose in an industry ripe for improvement. stop striving to make Vanguard the best place for you to
invest through our high-quality funds and services, investor
It was clear, even early in my career, that the cards education to help you meet your financial goals, and an
were stacked against most investors. Hidden fees, experience that makes you feel good about entrusting us
performance-chasing and poor advice were relentlessly with your hard-earned savings.
eroding investors’ dreams.
Thank you for your continued loyalty.
We knew Vanguard could be different and, as a result,
could make a real difference. We have lowered the costs Sincerely,
of investing for our shareholders significantly. And we’re
proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on

you, our fund shareholders. Everything we do is designed to Mortimer J. Buckley
give our clients the best chance for investment success. In President and Chief Executive Officer
my role as CEO, I’ll keep this priority front and center. We’re The Vanguard Group, Inc.
proud of what we’ve achieved, but we’re even more excited 25 October 2018
about what’s to come.
1
Market Barometer
Average Annual Total Returns (in US dollars)
Periods Ended 30 June 2018
Index One Year Three Years Five Years
S&P 5001 (Large-cap US stocks) 13.71% 11.23% 12.72%
MSCI World 11.09 8.48 9.94
MSCI Europe 5.28 4.22 6.21
MSCI Pacific 9.91 6.37 6.93
MSCI Emerging Markets 8.20 5.60 5.01
Bloomberg Barclays Global Aggregate (World bonds) 1.36 2.58 1.50
Currency Impact
Year Ended 30 June 2018
Local-Currency Currency US Dollar
Index Returns Effect Returns
S&P 5001 13.71% 0.00% 13.71%
MSCI World 10.86 0.23 11.09
MSCI Europe 4.30 0.98 5.28
MSCI Pacific 9.64 0.27 9.91
MSCI Emerging Markets 10.47 -2.27 8.20
Bloomberg Barclays Global Aggregate 1.36 0.00 1.36
1 The returns of the S&P 500 Index are adjusted for the 30% withholding tax on dividends paid by US securities.
2
Tracking Error
Each of the funds listed in the table employs a “passive” investment strategy designed to replicate the performance of its benchmark index. Some of the funds
attempt to fully replicate the index by holding all of the component securities, in approximately the same proportion as their weighting in the index. Other funds
instead use an index sampling process, holding a representative sample of securities which approximates the full index in terms of key risk factors and other
characteristics.
Tracking error measures the volatility of the return difference between the fund and the index. It is calculated as the standard deviation of the tracking difference
between the fund and the index (gross of fees for the trailing 36-month period, or since the fund’s inception if it does not have 36 months of performance
history). Realised (ex-post) tracking error may vary from the anticipated tracking error, depending on a range of circumstances. These include transaction costs,
securities lending income and withholding tax differences. The anticipated tracking error and ex-post tracking error are not expected to vary significantly under
normal circumstances.
For the Year Ended

30 June 2018
Anticipated Ex-Post
Fund Tracking Error Tracking Error Explanation for Divergence
Euro STOXX 50 UCITS ETF1 0.500 0.317 The fund has tracked its benchmark within acceptable
tolerances of its anticipated tracking error.
FTSE 100 UCITS ETF1 0.030 0.027 The fund has tracked its benchmark within acceptable
FTSE 250 UCITS ETF1 0.068 0.062 The fund has tracked its benchmark within acceptable
FTSE All-World UCITS ETF2 0.057 0.083 The fund has tracked its benchmark within acceptable
FTSE All-World High Dividend Yield UCITS ETF2 0.072 0.097 The fund has tracked its benchmark within acceptable
FTSE Developed Asia Pacific ex Japan UCITS ETF1 0.136 0.118 The fund has tracked its benchmark within acceptable
FTSE Developed Europe UCITS ETF1 0.137 0.145 The fund has tracked its benchmark within acceptable
FTSE Developed Europe ex UK UCITS ETF1 0.190 0.197 The fund has tracked its benchmark within acceptable
FTSE Developed World UCITS ETF2 0.058 0.088 The fund has tracked its benchmark within acceptable
FTSE Emerging Markets UCITS ETF1 0.186 0.211 The fund has tracked its benchmark within acceptable
FTSE Japan UCITS ETF1 0.113 0.594 The fund has tracked its benchmark within acceptable
FTSE North America UCITS ETF1 0.043 0.044 The fund has tracked its benchmark within acceptable
S&P 500 UCITS ETF1 0.036 0.035 The fund has tracked its benchmark within acceptable
EUR Corporate Bond UCITS ETF2 0.384 0.147 The fund has tracked its benchmark within acceptable
EUR Eurozone Government Bond UCITS ETF2 0.121 0.112 The fund has tracked its benchmark within acceptable
U.K. Gilt UCITS ETF2 0.153 0.205 The fund has tracked its benchmark within acceptable
USD Corporate 1–3 Year Bond UCITS ETF2,3 0.500 0.227 The fund has tracked its benchmark within acceptable
USD Corporate Bond UCITS ETF2 0.177 0.333 The fund has tracked its benchmark within acceptable
USD Emerging Markets Government Bond UCITS ETF2 0.135 0.217 The fund has tracked its benchmark within acceptable
USD Treasury Bond UCITS ETF2 0.248 0.225 The fund has tracked its benchmark within acceptable
1 The fund seeks to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting
in the index.
2 The fund attempts to select those securities that will create the representative sample that tracks the performance of the index as closely as possible.
3 Tracking error is calculated based on daily returns during the time period since inception and then annualized. This fund launched on 22 May 2018.
3
Company Financial Statements for Vanguard Funds plc
Company Statement of Assets and Liabilities
Total Total
US Dollars ($) US Dollars ($)
As at 30 June As at 30 June
2018 2017
Current Assets
Financial Assets at Fair Value Through Profit or Loss 38,833,442,744 29,806,948,670
Financial Derivative Instruments 360,337 358,602
Cash 159,322,241 148,818,683
Unrealised Appreciation on Spot Currency Contracts 20,794 15,126
Receivables:
Interest and Dividends 77,020,210 61,275,188
Capital Shares Sold 112,260,848 79,251,536
Investments Sold or Matured 54,923,346 5,979,981
Futures Margin Cash 12,825,385 6,914,330
Cash Collateral 480,172 34,529
Other Receivables 134,533 90,965
Total Current Assets 39,250,790,610 30,109,687,610
Current Liabilities
Financial Derivative Instruments 3,595,433 1,794,876
Bank Overdraft 6,521,808 537,875
Unrealised Depreciation on Spot Currency Contracts 1,135,249 525
Payables and Other Liabilities:
Capital Shares Redeemed 27,307,800 —
Investments Purchased 165,736,024 184,523,968
Management Fees Payable 3,514,340 2,569,815
Futures Margin Cash Due to Broker 463 7,517
Total Current Liabilities 207,811,117 189,434,576
Net Assets Attributable to Holders of Redeemable Participating Shares (“Net Assets”) 39,042,979,493 29,920,253,034
On behalf of the Board,
Axel Lomholt
Peter Blessing
25 October 2018
The accompanying notes form an integral part of the financial statements.
4
Company Statement of Operations
Total Total
Year Ended Year Ended
30 June 2018 30 June 2017
Investment Income/(Loss)
Interest Income 15,525,877 9,844,471
Dividend Income 878,043,287 652,973,671
Securities Lending Income 1,938,684 623,339
Miscellaneous Income 223,087 53,833
Net Gain/(Loss) on Financial Instruments 2,832,640,447 3,492,158,355
Total Investment Income/(Loss) 3,728,371,382 4,155,653,669
Expenses
Management Fees 37,983,313 25,623,031
Transaction Fees and Commissions 7,490,904 7,554,015
Other Expenses 149,987 185,811
Total Expenses 45,624,204 33,362,857
Finance Costs
Interest Expense 184,069 102,394
Distribution Paid 759,807,200 593,344,516
Income Equalisation (10,652,034) (17,402,776)
Total Finance Costs 749,339,235 576,044,134
Net Investment Income/(Loss) After Finance Costs 2,933,407,943 3,546,246,678
Foreign Withholding Tax (94,927,316) (70,041,591)
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 2,838,480,627 3,476,205,087
There are no recognised gains or losses arising in the year other than those included above. In arriving at the results for the year, all amounts relate to continuing operations.
5
Company Statement of Changes in Net Assets Attributable to
Holders of Redeemable Participating Shares
Total Total
30 June 2018 30 June 2017
Increase/(Decrease) in Net Assets
Net Increase/(Decrease) in Net Assets Attributable to Holders of
Redeemable Participating Shares From Operations 2,838,480,627 3,476,205,087
Capital Transactions
Subscriptions 10,932,573,019 9,165,914,136
Redemptions (4,726,857,855) (3,213,157,568)
Total Capital Transactions1 6,205,715,164 5,952,756,568
Total Increase/(Decrease) for the Year 9,044,195,791 9,428,961,655
Net Assets Attributable to Holders of Redeemable Participating Shares
Beginning of Year 29,920,253,034 20,491,134,525
Foreign Exchange Translation Adjustment 2 78,530,668 156,854
End of Year 39,042,979,493 29,920,253,034

1 Capital Transactions include income equalisation adjustments as shown in the Company Statement of Operations.
2 Individual sub-fund financial statements are presented in the base currency of each sub-fund. For the purpose of calculating the Company Vanguard Funds plc US dollars total, the EUR-based
sub-funds and GBP-based sub-funds have been translated into US dollars at the following exchange rates:
Average rate for the

Daily exchange Daily exchange Average rate for the Average rate for the period from
rate as at rate as at year ended year ended 24 October 2017 to
30 June 2018 30 June 2017 30 June 2018 30 June 2017 30 June 2018
EUR-based sub-funds 1.1676 1.1406 1.1934 1.0903 1.2013
GBP-based sub-funds 1.3203 1.2990 1.3469 1.2687 —
The resulting translation adjustment represents the difference in exchange rates applied to the net assets at the beginning of the year and an exchange rate differential in consolidating the
Statement of Operations at the average rate for the year.
This adjustment is solely for the purposes of reporting a fund total in US dollars and has no effect on any individual sub-fund.
6
Vanguard Euro STOXX 50 UCITS ETF
Sub-managed by Vanguard Asset Management, Limited
Fund Profile (unaudited)

As at 30 June 2018
The Fund Profile does not form part of the Financial Statements.
Investment Objective Ten Largest Holdings1 (% of total net assets)
Vanguard Euro STOXX 50 UCITS ETF seeks to track the performance of the TOTAL SA Integrated Oils 5.9%
Euro STOXX 50 Index, a widely recognized index of the 50 largest companies
in the euro zone. SAP SE Application Software 4.5
Siemens AG Electrical Power Equipment 4.1
Bayer AG Large Pharma 3.7
Portfolio Characteristics
Euro Allianz SE P&C Insurance 3.3
STOXX 50 Sanofi Large Pharma 3.3
Fund Index LVMH Moet Hennessey Apparel, Footwear
Number of Stocks 52 50 Louis Vuitton SE & Acc Design 3.3
Median Market Cap BASF SE Basic & Diversified Chemicals 3.2
Euro €71.3B €71.3B Banco Santander SA Diversified Banks 3.1
British Pounds £63.1B £63.1B ASML Holding NV Semiconductor Manufacturing 3.1
Swiss Francs CHF82.7B CHF82.7B Top Ten 37.5%
US Dollar $83.2B $83.2B
Price/Earnings Ratio 14.2x 14.2x
Market Diversification (% of portfolio)
Price/Book Ratio 1.6x 1.6x Euro
Yield 3.4% 3.4% STOXX 50
Return on Equity 12.9% 12.9% Fund Index
Earnings Growth Rate 6.9% 6.9% France 37.0% 37.0%
Ongoing Charges Figure 0.10% — Germany 31.7 31.7

Netherlands 11.9 11.9
Spain 9.4 9.4
Sector Diversification (% of portfolio) Italy 4.9 4.9
Euro
STOXX 50 Belgium 2.8 2.8
Fund Index Finland 1.2 1.2
Basic Materials 5.2% 5.2% Ireland 1.1 1.1
Consumer Goods 18.8 18.8
Consumer Services 3.4 3.4
Financials 20.6 20.6
Investment Focus
Health Care 10.9 10.9
Industrials 14.9 14.9 Style Value Blend Growth
Oil & Gas 7.7 7.7 Market Cap Large

Technology 8.9 8.9
Telecommunications 4.5 4.5 Medium
Utilities 5.1 5.1
Small
1 The holdings listed exclude any temporary cash investments and equity index products.
7
Performance Summary (unaudited)

The Performance Summary does not form part of the Financial Statements.
• From its inception on 24 October 2017 through 30 June 2018, Vanguard Euro STOXX 50 UCITS ETF returned –3.29%. Its benchmark index returned –3.74%.1
• Global stocks soared in the first half of the period. In the United States, key stock indices hit record highs as investors welcomed new tax legislation, strong
corporate profits, low unemployment and economic growth. International stocks outperformed their US counterparts, with emerging markets gaining more
than developed markets.
• Global stock performance was more mixed for the second half of the period. US stocks continued to gain ground while stocks elsewhere declined. US
equities were supported by exceptionally robust corporate earnings and economic conditions, but their advance was tempered somewhat by trade tensions
and slowing global growth, especially in Europe. International equity markets lost ground amid concerns about monetary policy, the impact of tariffs and rising
oil prices. Emerging markets lagged developed markets in large part because of the heated trade rhetoric and a strong dollar.
• Four of the ETF’s ten sectors generated positive performance for the period, with oil and gas and consumer services contributing the most to returns.
Financials was the biggest detractor.
• France and the Netherlands were the strongest markets, while Germany, Spain and Belgium/Luxembourg detracted.

Benchmark: Euro STOXX 50 Index
EUR-Denominated
Cumulative Performance: 24 October 2017–30 June 2018

Initial Investment of €100,000
€105,000
96,712
90,000
2018
Average Annual Total Returns Final Value of

Period Ended 30 June 2018 a €100,000
Since Inception2 Investment
ETF Net Asset Value -3.29% €96,712
Benchmark -3.74 96,257
Tracking Difference (in percentage points)1 0.45
Fiscal-Year Total Investment Returns (%): 24 October 2017–30 June 2018
2018
–3.29
–3.74
ETF Net Asset Value

Benchmark
1 In tracking the performance of the index, the fund attempts to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in
approximately the same proportion as its weighting in the index. The tracking difference between the fund return and the index return over a stated period of time can be attributed to a number
of factors, including, without limitation, small differences in weightings, trading activity, market holidays, transaction costs and differences in the valuation and withholding tax treatment between
the fund and the index vendor.
2 24 October 2017.
8
Financial Statements
Statement of Investments
30 June 2018
Number of Fair Value % of Total Number of Fair Value % of Total

Shares EUR (€) Net Assets Shares EUR (€) Net Assets
Equities 99.48% Netherlands 11.87%
Belgium 2.79% ASML Holding NV 2,368 401,850 3.11%
Anheuser-Busch InBev SA 4,171 360,792 2.79% Unilever NV 8,304 396,807 3.07%
ING Groep NV 21,355 263,264 2.04%
360,792 2.79%
Koninklijke Philips NV 5,163 188,062 1.45%
Finland 1.18%
Unibail-Rodamco-Westfield 762 143,675 1.11%
Nokia OYJ 30,904 152,357 1.18% Koninklijke Ahold Delhaize NV 6,842 140,295 1.09%
152,357 1.18% 1,533,953 11.87%
France 36.86% Spain 9.35%
Total SA 14,589 761,692 5.90% Banco Santander SA 88,550 406,621 3.15%
Sanofi 6,208 426,179 3.30% Banco Bilbao Vizcaya Argentaria SA 36,591 222,254 1.72%
LVMH Moet Hennessy Louis Iberdrola SA 32,304 213,982 1.66%
Vuitton SE 1,478 421,526 3.26% Telefonica SA 25,592 186,284 1.44%
BNP Paribas SA 6,323 336,320 2.60% Industria de Diseno Textil SA 6,099 178,457 1.38%
Airbus SE 3,135 314,315 2.43%
1,207,598 9.35%
L’Oreal SA 1,351 285,737 2.21%
Air Liquide SA 2,353 253,418 1.96% Total Equities 12,852,293 99.48%
Vinci SA 3,050 251,198 1.95% Financial Assets at Fair Value
AXA SA 11,432 240,243 1.86% Through Profit or Loss 12,852,293 99.48%
Danone SA 3,493 219,605 1.70%
Schneider Electric SE 2,956 211,118 1.63% Unrealised
Safran SA 1,968 204,770 1.59% Number of Notional Gain/(Loss)
Orange SA 11,247 161,338 1.25% Contracts Amount EUR (€)
Societe Generale SA 4,434 160,134 1.24% Financial Derivative Instruments (0.01%)
Essilor International Cie Generale Futures (0.01%)
d’Optique SA 1,202 145,322 1.13%
Euro Stoxx 50
Engie SA 10,143 133,178 1.03%
September 2018 2 69,255 (1,435) (0.01%)
Vivendi SA 5,669 119,049 0.92%
Total Financial Derivative Instruments (1,435) (0.01%)
Cie de Saint-Gobain 3,038 116,264 0.90%

4,761,406 36.86%
Fair Value
Germany 31.51% EUR (€)
SAP SE 5,931 586,873 4.54% Other Assets and Liabilities 68,270 0.53%
Siemens AG 4,665 528,171 4.09%
Net Assets Attributable to Holders of
Bayer AG 5,118 482,883 3.74%
Redeemable Participating Shares 12,919,128 100.00%
Allianz SE 2,416 427,680 3.31%

BASF SE 5,040 412,826 3.19%
% of Total
Daimler AG 4,900 270,137 2.09%
Analysis of Total Net Assets EUR (€) Net Assets
Deutsche Telekom AG 17,797 236,166 1.83%
Adidas AG 998 186,576 1.44% (a) Transferable securities admitted to
an official stock exchange listing 12,852,293 99.48%
Fresenius SE & Co. KGaA 2,245 154,456 1.20%
Deutsche Post AG 5,379 150,451 1.16% (b) Transferable securities dealt in on
Muenchener Rueckversicherungs- another regulated market — 0.00%
Gesellschaft AG in Muenchen 821 148,642 1.15% (c) Transferable securities other than
Volkswagen AG - Preference Shares 1,005 142,931 1.11% those admitted to an official stock
Bayerische Motoren Werke AG 1,758 136,474 1.06% exchange listing or dealt in on another
E.ON SE 12,079 110,571 0.86% regulated market — 0.00%
Deutsche Bank AG 10,440 96,278 0.74% (d) Total Financial Derivative Instruments (1,435) (0.01%)
4,071,115 31.51% (e) Other net assets 68,270 0.53%
Ireland 1.09% Total Net Assets 12,919,128 100.00%
CRH plc 4,628 140,460 1.09%
140,460 1.09%
Italy 4.83%
Eni SpA 13,940 221,729 1.71%
Enel SpA 42,630 202,791 1.57%
Intesa Sanpaolo SpA 80,471 200,091 1.55%
Intesa Sanpaolo SpA - Rights Issue
17/7/2018 74,716 1 0.00%
624,612 4.83%
9
Significant Portfolio Changes (unaudited)

For the Period Ended 30 June 20181
Cost Proceeds
Shares EUR (€) Shares EUR (€)
Purchases Sales
Total SA 104,206 4,888,694 Total SA 89,617 4,258,575
Siemens AG 35,048 4,107,955 Siemens AG 30,383 3,565,312
SAP SE 41,730 4,027,252 SAP SE 35,799 3,384,001
Bayer AG 34,340 3,812,786 Banco Santander SA 574,139 3,238,766
Sanofi 47,360 3,809,292 Allianz SE 16,090 3,180,563
Banco Santander SA 662,689 3,803,235 Bayer AG 29,552 3,112,475
Allianz SE 18,506 3,677,958 BASF SE 32,832 3,072,426
BASF SE 37,872 3,480,332 Sanofi 41,152 3,029,561
BNP Paribas SA 47,484 3,199,814 Unilever NV 56,486 2,715,074
Unilever NV 64,790 3,139,032 BNP Paribas SA 41,161 2,655,365
Anheuser-Busch InBev SA 30,674 3,094,836 Daimler AG 36,149 2,568,084
Daimler AG 41,049 2,858,966 Anheuser-Busch InBev SA 26,503 2,507,387
LVMH Moet Hennessy Louis Vuitton SE 11,179 2,798,449 LVMH Moet Hennessy Louis Vuitton SE 9,701 2,396,015
ING Groep NV 160,181 2,521,646 ING Groep NV 138,826 2,165,771
ASML Holding NV 16,312 2,517,419 ASML Holding NV 13,944 2,088,346
AXA SA 85,792 2,184,785 AXA SA 74,360 1,890,897
Airbus SE 24,709 2,142,666 Airbus SE 21,574 1,870,588
Deutsche Telekom AG 134,494 2,057,012 Deutsche Telekom AG 116,697 1,760,029
Banco Bilbao Vizcaya Argentaria SA 274,864 2,001,145 Vinci SA 19,981 1,730,846
Vinci SA 23,031 1,909,374 Banco Bilbao Vizcaya Argentaria SA 238,273 1,713,794
Air Liquide SA 17,618 1,897,486 Air Liquide SA 15,265 1,642,282
L’Oreal SA 9,557 1,798,817 Danone SA 22,457 1,585,712
Danone SA 25,950 1,796,478 L’Oreal SA 8,200 1,547,872
Intesa Sanpaolo SpA 596,525 1,738,021 Enel SpA 277,561 1,504,158
Schneider Electric SE 23,030 1,692,254 Intesa Sanpaolo SpA 516,054 1,484,106
Enel SpA 320,191 1,679,005 Schneider Electric SE 20,074 1,445,351
Telefonica SA 186,409 1,621,852 Iberdrola SA 207,008 1,372,706
Iberdrola SA 239,312 1,600,306 Deutsche Post AG 34,300 1,369,116
Societe Generale SA 33,288 1,596,545 Telefonica SA 160,817 1,363,762
Deutsche Post AG 39,679 1,539,572 Eni SpA 90,747 1,283,919
Eni SpA 104,687 1,468,661 Societe Generale SA 28,854 1,277,263
Adidas AG 7,541 1,435,816 Industria de Diseno Textil SA 39,715 1,203,776
Industria de Diseno Textil SA 45,814 1,419,174 Adidas AG 6,543 1,145,308
Koninklijke Philips NV 38,777 1,355,860 Safran SA 12,809 1,131,620
Safran SA 14,777 1,329,434 Volkswagen AG - Preference Shares 6,541 1,130,533
Muenchener Rueckversicherungs-Gesellschaft Koninklijke Philips NV 33,614 1,097,906
AG in Muenchen 6,394 1,233,274 Orange SA 72,069 1,052,305
Fresenius SE & Co. KGaA 16,879 1,206,536 Deutsche Bank AG 66,523 1,047,222
Cie de Saint-Gobain 23,067 1,166,089 Muenchener Rueckversicherungs-Gesellschaft
Orange SA 83,316 1,149,851 AG in Muenchen 5,573 1,033,153
Bayerische Motoren Werke AG 13,257 1,145,281 Bayerische Motoren Werke AG 11,499 999,167
Volkswagen AG - Preference Shares 7,546 1,114,857 Fresenius SE & Co. KGaA 14,634 967,111
CRH plc 34,546 1,100,776 Cie de Saint-Gobain 20,029 956,252
Deutsche Bank AG 76,963 1,086,188 Engie SA 63,298 927,845
Engie SA 73,441 1,055,767 CRH plc 29,918 899,169
Nokia OYJ 239,899 1,030,973 Essilor International Cie Generale d’Optique SA 7,803 878,905
1 The fund was launched on 24 October 2017.

The Central Bank of Ireland requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding 1% of
the total value of purchases for the period and aggregate disposals greater than 1% of the total value of sales. At a minimum, the largest 20 purchases and 20 sales must be shown; all purchases
and sales must be shown if there are fewer than 20. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.
10
Statement of Assets and Liabilities
EUR (€)
As at 30 June
2018
Current Assets
Financial Assets at Fair Value Through Profit or Loss 12,852,293
Cash 59,500
Receivables:
Interest and Dividends 25,409
Investments Sold or Matured 2,831
Futures Margin Cash 6,328
Total Current Assets 12,946,361
Current Liabilities
Financial Derivative Instruments 1,435
Investments Purchased 24,816
Management Fees Payable 982
Total Current Liabilities 27,233
Net Assets Attributable to Holders of Redeemable Participating Shares (“Net Assets”) 12,919,128
Statement of Operations
EUR (€)
Period Ended
30 June 20181
Interest Income 96
Dividend Income 449,523
Securities Lending Income 29
Miscellaneous Income 52
Net Gain/(Loss) on Financial Instruments (1,648,269)
Total Investment Income/(Loss) (1,198,569)
Expenses
Management Fees 18,416
Transaction Fees and Commissions 144,946
Total Expenses 163,362
Finance Costs
Interest Expense 1,072
Distribution Paid 363,191
Income Equalisation 31,652
Total Finance Costs 395,915
Net Investment Income/(Loss) After Finance Costs (1,757,846)
Foreign Withholding Tax (36,049)
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (1,793,895)

There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations.
11
Statement of Changes in Net Assets

Attributable to Holders of Redeemable Participating Shares
EUR (€)
Period Ended
30 June 20181
Redeemable Participating Shares From Operations (1,793,895)
Subscriptions 101,608,241
Redemptions (86,895,218)
Total Capital Transactions² 14,713,023
Total Increase/(Decrease) for the Period 12,919,128
Beginning of Period —
End of Period 12,919,128

2 Capital Transactions include income equalisation adjustments as shown in the Statement of Operations.
12
Vanguard FTSE 100 UCITS ETF

As at 30 June 2018
Vanguard FTSE 100 UCITS ETF seeks to track the performance of the Royal Dutch Shell plc Integrated Oil & Gas 11.2%
FTSE 100 Index, a widely recognised benchmark of the UK market’s
most highly capitalised blue-chip companies. HSBC Holdings plc Banks 7.2
BP plc Integrated Oil & Gas 5.7
British American Tobacco plc Tobacco 4.4
FTSE 100 GlaxoSmithKline plc Pharmaceuticals 3.7
Fund Index AstraZeneca plc Pharmaceuticals 3.3
Number of Stocks 102 101 Diageo plc Distillers & Vintners 3.3
Median Market Cap Vodafone Group plc Mobile Telecommunications 2.5
British Pounds £49.0B £49.0B Rio Tinto Steel Raw Material Suppliers 2.4
Price/Earnings Ratio 13.1x 13.1x Unilever Personal Products 2.4
Price/Book Ratio 1.8x 1.8x Top Ten 46.1%
Yield 4.1% 4.1%
Return on Equity 10.6% 10.6%
Earnings Growth Rate -2.1% -2.1%
Investment Focus
Turnover Rate 8% —
Ongoing Charges Figure 0.09% — Style Value Blend Growth
Market Cap Large
Volatility Measures
FTSE 100 Medium
Fund Index
R-Squared 1.00 1.00 Small
Beta 1.00 1.00
Sector Diversification (% of portfolio)

FTSE 100
Fund Index
Basic Materials 8.9% 8.9%
Health Care 9.8 9.8
Industrials 8.6 8.6
Oil & Gas 17.0 17.0
Technology 0.6 0.6
Telecommunications 3.4 3.4
Utilities 3.1 3.1
13

• For the 12 months ended 30 June 2018, Vanguard FTSE 100 UCITS ETF returned 8.60%, in line with its benchmark index, which returned 8.69%.1
• Six of the ETF’s ten sectors generated positive performance for the 12-month period, with oil and gas and basic materials contributing the most to returns.
Consumer goods was the biggest detractor.

Benchmark: FTSE 100 Index
GBP-Denominated
Cumulative Performance: 22 May 2012–30 June 2018

Initial Investment of £100,000
£200,000
177,036
90,000
2012 2013 2014 2015 2016 2017 2018

Periods Ended 30 June 2018 a £100,000
One Year Five Years Since Inception2 Investment
ETF Net Asset Value 8.60% 8.12% 9.81% £177,036
Benchmark 8.69 8.21 9.89 177,870
Tracking Difference (in percentage points)1 -0.09
Fiscal-Year Total Investment Returns (%): 22 May 2012–30 June 2018
2012 2013 2014 2015 2016 2017 2018
16.75 16.88
15.71 15.80
12.23 12.33
8.60 8.69
3.55 3.54 3.68 3.77
0.14 0.19
ETF Net Asset Value

Benchmark
2 22 May 2012.
14
30 June 2018

Shares GBP (£) Net Assets Shares GBP (£) Net Assets
Equities 97.78% (30 June 2017: 97.64%) Financials 19.72% (30 June 2017: 21.61%)
Basic Materials 8.87% (30 June 2017: 7.38%) HSBC Holdings plc 27,463,342 195,181,972 7.16%
Rio Tinto plc 1,573,934 66,120,967 2.43% Lloyds Banking Group plc 98,110,679 61,858,783 2.27%
Glencore plc 15,957,294 57,765,404 2.12% Prudential plc 3,541,105 61,420,466 2.25%
BHP Billiton plc 2,841,520 48,476,331 1.78% Barclays plc 23,319,672 44,074,180 1.62%
Anglo American plc 1,348,993 22,862,733 0.84% Aviva plc 5,478,203 27,610,143 1.01%
Mondi plc 499,707 10,248,991 0.38% Standard Chartered plc 3,699,195 25,620,625 0.94%
Johnson Matthey plc 260,221 9,417,398 0.34% Legal & General Group plc 8,085,531 21,507,512 0.79%
Croda International plc 174,011 8,356,008 0.31% London Stock Exchange Group plc 426,024 19,047,533 0.70%
Randgold Resources Ltd. 128,129 7,457,108 0.27% Royal Bank of Scotland Group plc 6,172,249 15,807,130 0.58%
Antofagasta plc 471,254 4,665,415 0.17% Standard Life Aberdeen plc 3,710,734 12,085,861 0.44%
Evraz plc 692,404 3,520,182 0.13% 3i Group plc 1,303,926 11,743,157 0.43%
Fresnillo plc 250,967 2,869,808 0.10% RSA Insurance Group plc 1,397,583 9,495,179 0.35%
St James’s Place plc 710,601 8,154,146 0.30%
241,760,345 8.87%
Hargreaves Lansdown plc 359,933 7,096,079 0.26%
Consumer Goods 15.75% (30 June 2017: 17.65%)
Direct Line Insurance Group plc 1,871,475 6,417,288 0.24%
British American Tobacco plc 3,119,103 119,461,645 4.38% Admiral Group plc 279,719 5,335,640 0.20%
Diageo plc 3,300,484 89,839,175 3.30% Schroders plc 152,041 4,801,455 0.18%
Unilever plc 1,567,123 65,693,796 2.41%
537,257,149 19.72%
Reckitt Benckiser Group plc 855,342 53,364,787 1.96%
Health Care 9.76% (30 June 2017: 10.72%)
Imperial Brands plc 1,297,626 36,619,006 1.34%
Associated British Foods plc 476,059 13,034,496 0.48% GlaxoSmithKline plc 6,659,860 101,882,538 3.74%
Burberry Group plc 566,734 12,241,454 0.45% AstraZeneca plc 1,732,049 90,984,534 3.34%
Persimmon plc 423,183 10,719,225 0.39% Shire plc 1,225,039 52,247,913 1.92%
Taylor Wimpey plc 4,446,132 7,954,130 0.29% Smith & Nephew plc 1,193,659 16,687,353 0.61%
Barratt Developments plc 1,371,768 7,070,092 0.26% NMC Health plc 117,564 4,211,143 0.15%
Coca-Cola HBC AG 269,118 6,811,377 0.25% 266,013,481 9.76%
Berkeley Group Holdings plc 170,088 6,437,831 0.24% Industrials 8.55% (30 June 2017: 7.99%)
429,247,014 15.75% CRH plc 1,151,230 30,795,402 1.13%
Consumer Services 11.26% (30 June 2017: 9.90%) BAE Systems plc 4,358,539 28,191,030 1.03%
Compass Group plc 2,161,893 34,990,238 1.28% Experian plc 1,250,249 23,435,918 0.86%
Tesco plc 13,205,690 33,899,006 1.24% Rolls-Royce Holdings plc (XLON) 2,268,061 22,412,979 0.82%
RELX plc 1,420,125 23,041,528 0.85% Ferguson plc 322,165 19,813,147 0.73%
Sky plc 1,409,973 20,606,756 0.76% Ashtead Group plc 667,482 15,171,866 0.56%
WPP plc 1,674,780 19,980,125 0.73% Melrose Industries plc 5,966,687 12,691,143 0.47%
International Consolidated Intertek Group plc 220,968 12,630,531 0.46%
Airlines Group SA 2,237,808 14,859,045 0.55% Bunzl plc 460,172 10,560,947 0.39%
Informa plc 1,705,487 14,240,817 0.52% Smurfit Kappa Group plc 324,616 9,952,727 0.37%
InterContinental Hotels Group plc 259,950 12,269,640 0.45% Smiths Group plc 542,524 9,212,058 0.34%
Next plc 185,050 11,195,525 0.41% Rentokil Initial plc 2,518,168 8,833,733 0.32%
Carnival plc 237,102 10,306,824 0.38% DCC plc 122,005 8,412,245 0.31%
TUI AG 595,290 9,896,696 0.36% Halma plc 518,386 7,101,888 0.26%
Whitbread plc 249,776 9,888,632 0.36% DS Smith plc 1,358,884 7,082,503 0.26%
Pearson plc 1,063,759 9,414,267 0.35% Royal Mail plc 1,257,232 6,354,051 0.23%
Paddy Power Betfair plc 113,179 9,393,857 0.34% Rolls-Royce Holdings plc 159,678,858 159,679 0.01%
ITV plc 5,107,907 8,887,758 0.33% 232,811,847 8.55%
Kingfisher plc 2,937,868 8,725,468 0.32% Oil & Gas 16.83% (30 June 2017: 13.58%)
GVC Holdings plc 751,252 7,895,659 0.29%
Royal Dutch Shell plc Class A 6,283,524 165,193,846 6.06%
Ocado Group plc 750,808 7,714,552 0.28%
BP plc 26,692,398 154,362,137 5.67%
WM Morrison Supermarkets plc 2,977,485 7,503,262 0.28%
Royal Dutch Shell plc Class B 5,125,702 139,085,924 5.10%
J Sainsbury plc 2,218,459 7,125,690 0.26%
Rightmove plc 123,292 6,546,805 0.24% 458,641,907 16.83%
Marks & Spencer Group plc 2,210,345 6,522,728 0.24% Technology 0.63% (30 June 2017: 0.67%)
Just Eat plc 786,629 6,127,840 0.23% Sage Group plc 1,484,259 9,330,052 0.34%
easyJet plc 337,505 5,646,459 0.21% Micro Focus International plc 587,221 7,771,870 0.29%
306,679,177 11.26% 17,101,922 0.63%
15
Number of Fair Value % of Total

Shares GBP (£) Net Assets
Telecommunications 3.37% (30 June 2017: 4.42%)
Vodafone Group plc 36,479,524 67,056,661 2.46%
BT Group plc Class A 11,398,247 24,825,382 0.91%
91,882,043 3.37%
Utilities 3.04% (30 June 2017: 3.72%)
National Grid plc 4,584,165 38,433,639 1.41%
SSE plc 1,387,741 18,803,891 0.69%
Centrica plc 7,657,316 12,071,759 0.44%
United Utilities Group plc 930,465 7,101,309 0.26%
Severn Trent plc 323,766 6,408,948 0.24%
82,819,546 3.04%
Total Equities 2,664,214,431 97.78%
Investment Funds 0.37% (30 June 2017: 0.29%)
Financials 0.37% (30 June 2017: 0.29%)
Scottish Mortgage Investment
Trust plc 1,925,045 10,202,739 0.37%
Total Investment Funds 10,202,739 0.37%
Collective Investment Schemes 1.01% (30 June 2017: 1.25%)
Financials 1.01% (30 June 2017: 1.25%)
Land Securities Group plc REIT 977,354 9,352,300 0.34%
Segro plc REIT 1,377,886 9,223,569 0.34%
British Land Co., plc REIT 1,338,284 8,995,945 0.33%
Total Collective Investment Schemes 27,571,814 1.01%
Financial Assets at Fair Value
Through Profit or Loss 2,701,988,984 99.16%
Unrealised
Number of Notional Gain/(Loss) % of Total
Contracts Amount GBP (£) Net Assets
Financial Derivative Instruments 0.00% (30 June 2017: (0.02%))
Futures 0.00% (30 June 2017: (0.02%))
FTSE 100 Index 21 September 2018 302 22,941,690 14,840 0.00%
14,840 0.00%
Buy (Sell) Settlement

Currency Amount Currency Amount Counterparty Date
Open Forward Currency Exchange Contracts (0.00%) (30 June 2017: 0.00%)
GBP 3,519,247 EUR 3,990,000 BNP Paribas 7/8/2018 (12,855) (0.00%)
(12,855) (0.00%)
Total Financial Derivative Instruments 1,985 0.00%
Fair Value
GBP (£)
Other Assets and Liabilities 22,826,742 0.84%
Net Assets Attributable to Holders of Redeemable Participating Shares 2,724,817,711 100.00%
REIT—Real Estate Investment Trust.
% of Total
Analysis of Total Net Assets GBP (£) Net Assets
(a) Transferable securities admitted to an official stock exchange listing 2,701,988,984 99.16%
(b) Transferable securities dealt in on another regulated market — 0.00%
(c) Transferable securities other than those admitted to an official stock exchange listing
or dealt in on another regulated market — 0.00%
(d) Total Financial Derivative Instruments 1,985 0.00%
(e) Other net assets 22,826,742 0.84%
Total Net Assets 2,724,817,711 100.00%
16

For the Year Ended 30 June 2018
Cost Proceeds
Shares GBP (£) Shares GBP (£)
Purchases Sales
British American Tobacco plc ADR 422,812 22,848,159 Worldpay Group plc 2,610,731 11,342,305
British American Tobacco plc 210,341 10,794,910 Old Mutual plc 6,593,341 10,318,579
Ocado Group plc 750,808 7,808,403 HSBC Holdings plc 837,029 6,243,524
GVC Holdings plc 751,252 7,550,083 G4S plc 2,198,458 6,073,127
DS Smith plc 1,369,944 6,884,077 Unilever plc 120,546 5,124,007
Halma plc 522,598 6,542,762 Hammerson plc REIT 1,115,317 4,914,295
Royal Mail plc 1,257,232 6,493,082 Babcock International Group plc 697,394 4,782,865
Rightmove plc 123,292 6,430,911 Royal Mail plc 1,264,388 4,765,749
Berkeley Group Holdings plc 177,811 6,231,580 Diageo plc 179,060 4,549,708
Royal Dutch Shell plc Class A 262,822 6,182,563 Rio Tinto plc 119,248 4,485,326
Just Eat plc 793,025 6,120,613 Royal Dutch Shell plc Class A 193,345 4,375,705
Melrose Industries plc 2,611,799 5,865,926 British American Tobacco plc 85,797 3,941,044
Informa plc 593,703 4,939,764 ConvaTec Group plc 1,822,643 3,766,992
Micro Focus International plc 210,226 4,854,295 Royal Dutch Shell plc Class B 157,563 3,606,058
Royal Bank of Scotland Group plc 1,814,001 4,822,163 Merlin Entertainments plc 973,506 3,524,722
Tesco plc 2,193,864 4,503,680 BP plc 728,223 3,402,868
Standard Life Aberdeen plc 1,072,308 4,396,811 Quilter plc 2,197,780 3,343,263
BP plc 676,705 3,569,083 Anglo American plc 230,609 3,250,329
NMC Health plc 118,461 3,366,637 Mediclinic International plc 542,614 2,985,184
HSBC Holdings plc 453,494 3,191,604 GlaxoSmithKline plc 186,438 2,716,905
Evraz plc 692,404 2,652,739 AstraZeneca plc 55,091 2,692,381
Micro Focus International plc ADR 108,781 2,546,775 Vodafone Group plc 1,091,169 2,405,763
GlaxoSmithKline plc 138,662 1,983,426 National Grid plc 259,683 2,292,959
Royal Dutch Shell plc Class B 75,698 1,833,611 Prudential plc 101,969 1,853,552
Lloyds Banking Group plc 2,685,248 1,773,868
Reckitt Benckiser Group plc 23,330 1,674,563
Glencore plc 456,620 1,632,316
Provident Financial plc 205,038 1,630,614
The Central Bank of Ireland requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding 1% of
the total value of purchases for the year and aggregate disposals greater than 1% of the total value of sales. At a minimum, the largest 20 purchases and 20 sales must be shown; all purchases
and sales must be shown if there are fewer than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.
17
GBP (£) GBP (£)

2018 2017
Current Assets
Financial Derivative Instruments 14,840 —
Cash 8,253,689 5,667,628
Unrealised Appreciation on Spot Currency Contracts 420 —
Receivables:
Other Receivables 119 120
Current Liabilities
Investments Purchased 922,784 —
Management Fees Payable 202,591 196,443
Total Current Liabilities 1,138,230 829,294
GBP (£) GBP (£)

30 June 2018 30 June 2017
Interest Income 16,362 3,670
Dividend Income 110,267,237 105,359,240
Securities Lending Income 372,223 202,065
Miscellaneous Income 95 99
Net Gain/(Loss) on Financial Instruments 113,217,746 268,183,542
Total Investment Income/(Loss) 223,873,663 373,748,616
Expenses
Management Fees 2,372,916 2,209,686
Transaction Fees and Commissions 762,607 1,522,787
Other Expenses 20,532 219
Total Expenses 3,156,055 3,732,692
Finance Costs
Income Equalisation 267,705 (329,439)
Net Investment Income/(Loss) After Finance Costs 113,859,133 268,987,839
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 112,336,207 267,511,407
18

GBP (£) GBP (£)

30 June 2018 30 June 2017
Redeemable Participating Shares From Operations 112,336,207 267,511,407
Subscriptions 68,767,286 166,903,826
Redemptions (51,246,465) —
Total Capital Transactions1 17,520,821 166,903,826
Total Increase/(Decrease) for the Year 129,857,028 434,415,233
End of Year 2,724,817,711 2,594,960,683
19

As at 30 June 2018
Vanguard FTSE 250 UCITS ETF seeks to track the performance of the Weir Group plc Industrial Machinery 1.2%
FTSE 250 Index, a widely recognised benchmark of mid-capitalised
companies of the United Kingdom. Spirax-Sarco Engineering plc Industrial Machinery 1.2
Hiscox Ltd. P&C Insurance 1.0
Hammerson plc REIT 1.0
FTSE 250 G4S plc Security Devices 1.0
Fund Index John Wood Group plc Oil & Gas Services & Equipment 1.0
Number of Stocks 252 250 Babcock International Group plc Transport Support Services 1.0
Median Market Cap Auto Trader Group plc Internet Based Services 1.0
British Pounds £2.1B £2.2B Meggitt plc Aerospace 1.0
Price/Earnings Ratio 12.1x 12.1x Foreign & Colonial Investment
Price/Book Ratio 1.5x 1.5x Trust plc Financials 1.0
Yield 2.8% 2.8% Top Ten 10.4%

Earnings Growth Rate 9.2% 9.2%
Turnover Rate 42% — Investment Focus
Ongoing Charges Figure 0.10% —
Style Value Blend Growth
Market Cap Large

FTSE 250
Fund Index Medium

Consumer Goods 5.9 6.0 Small

Health Care 4.9 4.9
Industrials 24.1 24.1
Oil & Gas 3.3 3.3
Technology 2.3 2.0
Utilities 1.3 1.3
20

• For the 12 months ended 30 June 2018, Vanguard FTSE 250 UCITS ETF returned 10.39%, in line with its benchmark index, which returned 10.53%.1
• Stocks in the United Kingdom, Switzerland, Russia and Canada contributed the most to the ETF’s returns for the 12-month period. South African, Peruvian
and Austrian stocks lagged.

Benchmark: FTSE 250 Index
GBP-Denominated
Cumulative Performance: 30 September 2014–30 June 2018

£170,000
148,611
90,000
2015 2016 2017 2018

One Year Since Inception2 Investment
ETF Net Asset Value 10.39% 11.15% £148,611
Benchmark 10.53 11.34 149,568
Fiscal Year Total Investment Returns (%): 30 September 2014–30 June 2018
2015 2016 2017 2018
21.87 22.11
16.04 16.21
10.39 10.53
–4.81 –4.64
ETF Net Asset Value

Benchmark
2 30 September 2014.
21
30 June 2018

Equities 76.25% (30 June 2017: 80.52%) J D Wetherspoon plc 124,562 1,569,481 0.22%
Basic Materials 3.22% (30 June 2017: 3.68%) Sports Direct International plc 347,474 1,387,811 0.20%
Euromoney Institutional Investor plc 95,243 1,278,161 0.18%
Victrex plc 146,098 4,257,296 0.60%
888 Holdings plc 464,164 1,251,386 0.18%
KAZ Minerals plc 417,302 3,517,856 0.50%
Halfords Group plc 357,251 1,239,661 0.17%
Polymetal International plc 412,320 2,762,544 0.39%
Go-Ahead Group plc 76,847 1,220,330 0.17%
Sirius Minerals plc 8,071,976 2,670,209 0.38%
Millennium & Copthorne Hotels plc 211,959 1,123,383 0.16%
Synthomer plc 477,807 2,518,043 0.35%
Card Factory plc 566,078 1,115,174 0.16%
Centamin plc 1,938,672 2,307,020 0.32%
Stagecoach Group plc 754,494 1,068,364 0.15%
Elementis plc 822,044 2,078,127 0.29%
Mitchells & Butlers plc 393,164 1,023,799 0.14%
Ferrexpo plc 522,787 958,007 0.14%
On the Beach Group plc 191,933 963,504 0.14%
Vedanta Resources plc 147,055 951,152 0.13%
Dunelm Group plc 175,386 885,699 0.12%
Hochschild Mining plc 444,655 847,068 0.12%
Rank Group plc 307,273 588,121 0.08%
22,867,322 3.22%
99,739,036 14.04%
Financials 16.71% (30 June 2017: 15.54%)
Bellway plc 220,632 6,627,785 0.93%
Hiscox Ltd. 497,862 7,592,395 1.07%
Tate & Lyle plc 834,226 5,395,774 0.76%
Investec plc 1,144,954 6,159,852 0.87%
Britvic plc 472,492 3,680,713 0.52%
NEX Group plc 564,072 5,798,660 0.82%
Cranswick plc 90,852 3,067,164 0.43%
IG Group Holdings plc 648,643 5,584,816 0.79%
Bovis Homes Group plc 240,717 2,757,413 0.39%
Intermediate Capital Group plc 498,057 5,488,588 0.77%
Countryside Properties plc 793,726 2,730,418 0.38%
Beazley plc 930,596 5,453,293 0.77%
Greencore Group plc 1,265,739 2,353,009 0.33%
CYBG plc 1,588,121 5,043,872 0.71%
Redrow plc 428,708 2,285,014 0.32%
Man Group plc 2,820,382 4,980,795 0.70%
Crest Nicholson Holdings plc 444,889 1,734,177 0.24%
Phoenix Group Holdings 702,063 4,752,966 0.67%
Galliford Try plc 194,190 1,696,250 0.24%
Metro Bank plc 146,814 4,750,901 0.67%
Games Workshop Group plc 53,540 1,606,200 0.23%
Quilter plc 3,131,923 4,538,783 0.64%
Dairy Crest Group plc 244,856 1,202,243 0.17%
TP ICAP plc 1,010,663 4,258,934 0.60%
Ted Baker plc 51,058 1,099,789 0.16%
Close Brothers Group plc 270,039 4,012,779 0.56%
AG Barr plc 149,267 1,025,464 0.14%
Capital & Counties Properties plc 1,314,719 3,777,188 0.53%
Superdry plc 89,461 1,003,752 0.14%
Jupiter Fund Management plc 742,920 3,313,423 0.47%
McCarthy & Stone plc 953,327 935,214 0.13%
Jardine Lloyd Thompson Group plc 218,338 2,794,726 0.39%
Hilton Food Group plc 77,178 767,149 0.11%
Provident Financial plc 454,608 2,726,739 0.38%
PZ Cussons plc 338,812 763,682 0.11%
Ashmore Group plc 687,504 2,564,390 0.36%
TI Fluid Systems plc 292,033 724,242 0.10%
John Laing Group plc 881,238 2,428,692 0.34%
Bakkavor Group plc 261,381 504,465 0.07%
Rathbone Brothers plc 90,735 2,353,666 0.33%
41,959,917 5.90%
IP Group plc 1,801,529 2,284,339 0.32%
Consumer Services 14.04% (30 June 2017: 18.31%) Grainger plc 735,242 2,264,545 0.32%
Auto Trader Group plc 1,661,435 7,076,052 1.00% Just Group plc 1,673,234 2,258,866 0.32%
B&M European Value Retail SA 1,525,890 6,166,121 0.87% Paragon Banking Group plc 459,613 2,204,304 0.31%
Inchcape plc 740,164 5,776,980 0.81% Savills plc 235,861 2,051,991 0.29%
SSP Group plc 820,961 5,207,356 0.73% Lancashire Holdings Ltd. 360,495 2,044,007 0.29%
Merlin Entertainments plc 1,262,610 4,882,513 0.69% Renewables Infrastructure
Cineworld Group plc 1,805,135 4,794,439 0.68% Group Ltd. 1,825,598 2,008,158 0.28%
William Hill plc 1,538,562 4,667,997 0.66% Virgin Money Holdings UK plc 503,962 1,849,037 0.26%
Playtech plc 526,259 3,962,730 0.56% OneSavings Bank plc 433,110 1,778,350 0.25%
WH Smith plc 188,872 3,775,551 0.53% Brewin Dolphin Holdings plc 486,674 1,728,666 0.24%
Wizz Air Holdings plc 99,327 3,575,772 0.50% Hastings Group Holdings plc 551,509 1,404,142 0.20%
Dixons Carphone plc 1,794,940 3,349,358 0.47% St Modwen Properties plc 314,634 1,322,721 0.19%
Ascential plc 703,686 3,184,883 0.45% IntegraFin Holdings plc 343,887 1,237,993 0.17%
Greene King plc 549,373 3,162,191 0.45% Bank of Georgia Group plc 64,640 1,218,464 0.17%
National Express Group plc 757,898 3,043,718 0.43% esure Group plc 509,786 1,108,275 0.16%
Domino’s Pizza Group plc 861,587 2,988,845 0.42% TBC Bank Group plc 61,845 1,079,814 0.15%
Moneysupermarket.com Group plc 928,886 2,925,062 0.41% Charter Court Financial Services
JD Sports Fashion plc 646,318 2,847,677 0.40% Group plc 254,080 846,849 0.12%
Thomas Cook Group plc 2,445,334 2,633,625 0.37% CLS Holdings plc 278,286 635,883 0.09%
ZPG plc 529,597 2,587,611 0.36% Phoenix Group Holdings -
Saga plc 1,993,207 2,503,468 0.35% Rights Issue 16/7/2018 326,511 539,004 0.07%
Entertainment One Ltd. 635,713 2,338,152 0.33% Daejan Holdings plc 8,202 482,278 0.07%
Firstgroup plc 2,155,975 1,800,239 0.25% 118,723,144 16.71%
Greggs plc 178,184 1,773,822 0.25%
22

Health Care 4.83% (30 June 2017: 3.90%) Cairn Energy plc 1,039,445 2,598,612 0.37%
ConvaTec Group plc 2,611,080 5,545,934 0.78% Hunting plc 250,148 1,941,148 0.27%
Indivior plc 1,295,529 4,964,467 0.70% Premier Oil plc 1,356,369 1,745,647 0.25%
Dechra Pharmaceuticals plc 177,856 4,947,954 0.69% Energean Oil & Gas plc 128,424 683,216 0.10%
Hikma Pharmaceuticals plc 250,707 3,763,112 0.53% 23,139,279 3.26%
Mediclinic International plc 701,065 3,691,808 0.52% Technology 2.03% (30 June 2017: 1.27%)
UDG Healthcare plc 446,002 3,683,977 0.52%
Sophos Group plc 581,142 3,713,497 0.52%
BTG plc 689,654 3,558,615 0.50%
AVEVA Group plc 113,741 3,055,083 0.43%
Genus plc 110,276 2,906,875 0.41%
Fidessa Group plc 67,142 2,595,038 0.37%
Spire Healthcare Group plc 503,927 1,262,841 0.18%
Computacenter plc 128,094 1,852,239 0.26%
34,325,583 4.83% FDM Group Holdings plc 151,164 1,479,896 0.21%
Industrials 24.00% (30 June 2017: 26.18%) Softcat plc 188,044 1,440,417 0.20%
Weir Group plc 431,362 8,627,240 1.21% Alfa Financial Software Holdings plc 169,368 297,072 0.04%
Spirax-Sarco Engineering plc 131,533 8,575,952 1.21% 14,433,242 2.03%
G4S plc 2,774,639 7,427,709 1.04% Telecommunications 0.98% (30 June 2017: 1.32%)
Babcock International Group plc 901,599 7,373,277 1.04%
Inmarsat plc 822,183 4,522,007 0.64%
Meggitt plc 1,387,959 6,846,802 0.96%
TalkTalk Telecom Group plc 1,199,921 1,259,917 0.18%
Travis Perkins plc 452,368 6,434,935 0.91%
Telecom Plus plc 103,409 1,164,385 0.16%
BBA Aviation plc 1,833,161 6,258,412 0.88%
6,946,309 0.98%
Electrocomponents plc 793,024 6,011,122 0.85%
Howden Joinery Group plc 1,054,076 5,651,955 0.80% Utilities 1.28% (30 June 2017: 1.23%)
Spectris plc 212,547 5,547,477 0.78% Pennon Group plc 750,701 5,963,569 0.84%
Cobham plc 4,287,242 5,515,537 0.78% Drax Group plc 725,293 2,377,511 0.34%
IMI plc 480,528 5,439,577 0.77% ContourGlobal plc 313,012 738,708 0.10%
RPC Group plc 717,483 5,368,208 0.76% 9,079,788 1.28%
Rotork plc 1,555,263 5,205,465 0.73%
Total Equities 541,744,968 76.25%
Capita plc 2,964,637 4,736,008 0.67%
Hays plc 2,403,245 4,484,455 0.63%
HomeServe plc 485,674 4,366,209 0.61% Financials 16.44% (30 June 2017: 14.13%)
IWG plc 1,220,178 3,899,689 0.55% Foreign & Colonial Investment
Balfour Beatty plc 1,229,214 3,487,280 0.49% Trust plc 972,017 6,736,078 0.95%
Bodycote plc 335,923 3,290,366 0.46% RIT Capital Partners plc 227,040 4,688,376 0.66%
Renishaw plc 61,264 3,246,992 0.46% HICL Infrastructure Co., Ltd. 3,207,982 4,638,742 0.65%
Pagegroup plc 556,406 3,135,348 0.44% Alliance Trust plc 609,494 4,559,015 0.64%
Grafton Group plc 389,192 3,097,968 0.44% Pershing Square Holdings Ltd. 390,984 4,308,644 0.61%
BCA Marketplace plc 1,364,324 3,001,513 0.42% International Public Partnerships
Aggreko plc 431,184 2,914,804 0.41% Ltd. 2,516,580 3,608,776 0.51%
QinetiQ Group plc 994,629 2,682,514 0.38% Witan Investment Trust plc 317,421 3,453,540 0.49%
Diploma plc 198,122 2,597,379 0.37% Templeton Emerging Markets
Senior plc 752,629 2,286,487 0.32% Investment Trust plc Class O 484,221 3,394,389 0.48%
Vesuvius plc 382,203 2,285,574 0.32% Monks Investment Trust plc 386,725 3,248,490 0.46%
Essentra plc 468,403 2,250,208 0.32% Mercantile Investment Trust plc 1,443,364 3,155,194 0.44%
Ultra Electronics Holdings plc 131,180 2,164,470 0.30% Polar Capital Technology Trust plc 239,444 3,007,417 0.42%
Hill & Smith Holdings plc 141,140 2,087,460 0.29% City of London Investment Trust plc 633,115 2,735,057 0.38%
Ibstock plc 686,879 2,055,142 0.29% Murray International Trust plc
Class O 222,244 2,533,582 0.36%
Rhi Magnesita NV 43,410 1,996,860 0.28%
Finsbury Growth & Income Trust plc 299,061 2,428,375 0.34%
Coats Group plc 2,536,589 1,970,930 0.28%
TR Property Investment Trust
Serco Group plc 1,944,495 1,924,078 0.27%
plc-Ordinary Shares 569,460 2,394,579 0.34%
Morgan Advanced Materials plc 507,036 1,655,979 0.23%
Edinburgh Investment Trust plc 350,464 2,390,164 0.34%
Sanne Group plc 239,902 1,616,939 0.23%
Worldwide Healthcare Trust plc 88,863 2,359,313 0.33%
Kier Group plc 167,049 1,603,670 0.23%
Greencoat UK Wind plc 1,846,984 2,312,424 0.33%
SIG plc 1,057,488 1,477,311 0.21%
Aberforth Smaller Companies
Equiniti Group plc 583,352 1,440,879 0.20%
Trust plc 164,302 2,310,086 0.33%
Marshalls plc 352,682 1,438,942 0.20%
3i Infrastructure plc 973,099 2,175,849 0.31%
AA plc 1,096,028 1,360,719 0.19%
Pantheon International plc 96,262 1,954,119 0.27%
Polypipe Group plc 335,875 1,293,119 0.18%
Bankers Investment Trust plc 220,005 1,922,844 0.27%
James Fisher & Sons plc 73,137 1,278,435 0.18%
JPMorgan Emerging Markets
Stobart Group Ltd. 537,630 1,236,549 0.17% Investment Trust plc 222,719 1,877,521 0.26%
Clarkson plc 44,548 1,024,604 0.14% GCP Infrastructure Investments
Renewi plc 1,101,026 858,800 0.12% Ltd. 1,541,298 1,846,475 0.26%
170,531,348 24.00% HarbourVest Global Private Equity
Oil & Gas 3.26% (30 June 2017: 2.43%) Ltd. 143,145 1,835,119 0.26%
John Laing Infrastructure Fund Ltd. 1,512,783 1,791,135 0.25%
John Wood Group plc 1,181,420 7,416,955 1.04%
Syncona Ltd. 688,614 1,731,864 0.24%
Tullow Oil plc 2,466,806 6,043,675 0.85%
JPMorgan American Investment
Petrofac Ltd. 463,728 2,710,026 0.38%
Trust plc 403,384 1,704,297 0.24%
23
Unrealised
Number of Fair Value % of Total Number of Notional Gain/(Loss) % of Total
Shares GBP (£) Net Assets Contracts Amount GBP (£) Net Assets
Genesis Emerging Markets Fund Financial Derivative Instruments 0.00% (30 June 2017: (0.01%))
Ltd. 240,648 1,677,317 0.24% Futures 0.00% (30 June 2017: (0.01%))
Sequoia Economic Infrastructure
FTSE 100 Index
Income Fund Ltd. 1,478,990 1,671,259 0.24%
21 September 2018 46 3,495,831 859 0.00%
Fidelity European Values plc 747,327 1,670,276 0.23%
Herald Investment Trust plc 123,741 1,664,316 0.23% Total Financial Derivative Instruments 859 0.00%
Caledonia Investments plc 58,368 1,640,141 0.23%
Fidelity China Special Situations plc 666,222 1,608,926 0.23% Fair Value
Temple Bar Investment Trust plc 120,224 1,589,361 0.22% GBP (£)
Perpetual Income and Growth Other Assets and Liabilities 5,391,905 0.76%
Investment Trust plc Class O 433,230 1,553,130 0.22% Net Assets Attributable to Holders of
British Empire Trust plc 204,798 1,542,129 0.22% Redeemable Participating Shares 710,495,234 100.00%
F&C Global Smaller Companies plc 107,557 1,521,932 0.21%
NB Global Floating Rate Income

Fund Ltd. Class C 1,613,865 1,517,033 0.21%
% of Total
Jupiter European Opportunities
Trust plc 191,126 1,496,517 0.21%
Dragon Capital-Vietnam Enterprise (a) Transferable securities admitted to
Investments Ltd. Class C 353,351 1,484,074 0.21% an official stock exchange listing 702,926,621 98.93%
Personal Assets Trust plc 3,695 1,468,762 0.21% (b) Transferable securities dealt in on
F&C Commercial Property Trust Ltd. 939,313 1,414,605 0.20% another regulated market 2,175,849 0.31%
Schroder AsiaPacific Fund plc 298,215 1,350,914 0.19% (c) Transferable securities other than
Baillie Gifford Japan Trust plc 159,445 1,350,499 0.19% those admitted to an official stock
JPMorgan Japanese Investment exchange listing or dealt in on another
Trust plc 287,219 1,344,185 0.19% regulated market — 0.00%
JPMorgan Indian Investment (d) Total Financial Derivative Instruments 859 0.00%
Trust plc 189,136 1,301,256 0.18% (e) Other net assets 5,391,905 0.76%
Riverstone Energy Ltd. 99,836 1,273,907 0.18%
Total Net Assets 710,495,234 100.00%
Edinburgh Dragon Trust plc 341,977 1,244,796 0.18%
Scottish Investment Trust plc 141,321 1,239,385 0.17%
VinaCapital Vietnam Opportunity
Fund Ltd. 348,470 1,136,012 0.16%
UK Commercial Property Trust Ltd. 1,174,123 1,033,228 0.15%
Fidelity Special Values plc 323,420 882,937 0.12%
Total Investment Funds 116,778,361 16.44%
Financials 6.55% (30 June 2017: 5.14%)
Hammerson plc REIT 1,423,748 7,440,507 1.05%
Derwent London plc REIT 179,584 5,577,879 0.79%
Tritax Big Box plc REIT 2,640,298 4,116,225 0.58%
UNITE Group plc REIT 465,639 4,009,152 0.56%
Shaftesbury plc REIT 411,276 3,847,487 0.54%
Great Portland Estates plc REIT 503,816 3,599,261 0.51%
Intu Properties plc REIT 1,588,192 2,861,922 0.40%
Big Yellow Group plc REIT 261,467 2,493,088 0.35%
Assura plc REIT 4,205,141 2,422,161 0.34%
Workspace Group plc REIT 216,615 2,339,442 0.33%
Londonmetric Property plc REIT 1,153,774 2,134,482 0.30%
Safestore Holdings plc REIT 366,912 2,016,181 0.28%
Primary Health Properties plc REIT 1,277,090 1,489,087 0.21%
NewRiver plc REIT 535,544 1,445,969 0.20%
RDI plc REIT 2,249,780 786,298 0.11%
Through Profit or Loss 705,102,470 99.24%

24

Cost Proceeds
Shares GBP (£) Shares GBP (£)
Purchases Sales
G4S plc 2,774,639 7,648,746 Ocado Group plc 974,156 10,063,903
Hammerson plc REIT 1,423,748 6,306,724 GVC Holdings plc 967,768 9,726,992
Babcock International Group plc 904,014 6,240,887 Rightmove plc 164,555 8,538,943
Royal Mail plc 1,564,002 6,077,952 DS Smith plc 1,647,899 8,267,769
GVC Holdings plc 602,888 5,575,589 Royal Mail plc 1,564,002 8,055,918
ConvaTec Group plc 2,619,310 5,458,160 Halma plc 631,755 7,913,483
Quilter plc 3,131,923 4,764,281 UBM plc 699,353 7,519,429
Merlin Entertainments plc 1,267,038 4,572,987 Just Eat plc 958,065 7,401,046
Mediclinic International plc 701,065 3,832,907 Melrose Industries plc 3,293,456 7,391,925
Weir Group plc 162,320 3,306,076 Booker Group plc 2,798,260 6,256,083
BCA Marketplace plc 1,364,324 2,797,387 Berkeley Group Holdings plc 164,730 5,758,961
Bellway plc 68,485 2,338,112 Ladbrokes Coral Group plc 3,072,944 5,288,122
Spirax-Sarco Engineering plc 40,792 2,314,392 Aberdeen Asset Management plc 1,235,316 3,921,651
John Wood Group plc 353,489 2,279,499 Evraz plc 812,919 3,043,082
Provident Financial plc 280,401 2,212,421 NMC Health plc 103,265 2,875,930
Hiscox Ltd. 155,407 2,153,234 Elis SA 88,484 1,740,876
B&M European Value Retail SA 537,161 2,147,150 Kennedy Wilson Europe Real Estate plc 137,658 1,536,792
Meggitt plc 430,296 2,109,422 Marston’s plc 1,110,523 1,121,741
Rightmove plc 48,939 2,109,164 Woodford Patient Capital Trust plc 1,469,908 1,102,391
Travis Perkins plc 141,341 2,076,876 P2P Global Investments plc 136,086 1,088,291
25
GBP (£) GBP (£)

2018 2017
Current Assets
Financial Assets at Fair Value Through Profit or Loss 705,102,470 489,358,492
Financial Derivative Instruments 859 —
Cash 1,728,894 260,319
Receivables:
Capital Shares Sold 1,647,300 —
Investments Sold or Matured 1,728,220 —
Futures Margin Cash 58,879 332,322
Total Current Assets 711,872,561 491,662,345
Current Liabilities
Financial Derivative Instruments — 32,496
Net Assets Attributable to Holders of Redeemable Participating Shares (“Net Assets”) 710,495,234 490,404,997
GBP (£) GBP (£)

30 June 2018 30 June 2017
Dividend Income 19,339,016 11,872,916
Expenses
Management Fees 609,541 307,576
Total Expenses 2,049,805 1,884,479
Finance Costs
Interest Expense 605 383
Foreign Withholding Tax (213,994) (108,265)
26

GBP (£) GBP (£)

30 June 2018 30 June 2017
Subscriptions 187,903,880 296,573,273
Beginning of Year 490,404,997 155,495,829
End of Year 710,495,234 490,404,997
27
Vanguard FTSE All-World UCITS ETF

As at 30 June 2018
Investment Objective Volatility Measures

FTSE
Vanguard FTSE All-World UCITS ETF seeks to provide long-term growth All-World
of capital by tracking the performance of the FTSE All-World Index, a Fund Index
market capitalisation-weighted index of common stocks of large- and R-Squared 1.00 1.00
mid-cap companies in developed and emerging markets.
Beta 1.00 1.00
FTSE Sector Diversification (% of portfolio)
All-World FTSE
Fund Index All-World
Fund Index
Number of Stocks 3,129 3,180
Median Market Cap Basic Materials 4.6% 4.6%
US Dollars $55.0B $55.0B Consumer Goods 12.0 12.0
British Pounds £41.6B £41.6B Consumer Services 11.3 11.3

Euro €47.1B €47.1B Financials 21.6 21.7
Swiss Francs CHF54.6B CHF54.6B Health Care 10.5 10.4
Price/Earnings Ratio 16.9x 16.9x Industrials 12.7 12.7
Price/Book Ratio 2.2x 2.2x Oil & Gas 6.7 6.7
Yield 2.4% 2.4% Technology 14.8 14.8
Return on Equity 14.1% 14.0% Telecommunications 2.8 2.8
Earnings Growth Rate 8.6% 8.6% Utilities 3.0 3.0
Ten Largest Holdings1 (% of total net assets)
Market Diversification (% of portfolio) Apple Inc. Computer Hardware 2.0%

FTSE Microsoft Corp. Software 1.6
All-World Amazon.com Inc. Internet Retail 1.5
Fund Index
Alphabet Inc. Internet Software & Services 1.5
Europe Facebook Inc. Internet 1.0
United Kingdom 6.0% 6.0% Berkshire Hathaway Inc. Reinsurance 0.8
France 3.4 3.4 JPMorgan Chase & Co. Banks 0.8
Germany 3.0 3.0 Exxon Mobil Corp. Integrated Oil & Gas 0.8
Switzerland 2.5 2.5 Johnson & Johnson Pharmaceuticals 0.7
Netherlands 1.1 1.2 Royal Dutch Shell plc Integrated Oil & Gas 0.6
Spain 1.0 1.0 Top Ten 11.3%
Other 3.5 3.4
Subtotal 20.5% 20.5%
Allocation by Region (% of portfolio)
Pacific
Japan 8.4% 8.4%
■ 20.5% Europe
Australia 2.3 2.3
■ 14.1% Pacific
South Korea 1.6 1.6
■ 9.6% Emerging Markets
Hong Kong 1.3 1.3
■ 55.5% North America
Other 0.5 0.5
■ 0.2% Middle East
■ 0.1% Other
Emerging Markets
China 3.5% 3.6%
Taiwan 1.3 1.3
India 1.1 1.1 Investment Focus
Other 3.7 3.7 Style Value Blend Growth
Subtotal 9.6% 9.7%
Market Cap Large
North America
United States 52.7% 52.6%
Medium
Canada 2.8 2.8
Small
Middle East 0.2% 0.2%
Other 0.1% 0.1%
28

• For the 12 months ended 30 June 2018, Vanguard FTSE All-World UCITS ETF returned 10.59%, in line with its benchmark, which returned 10.61%.1
• The United States, China, Canada and Australia were the ETF’s strongest performers for the 12-month period. Turkey, Israel and the Philippines were a drag
on performance.
• Nine of the ETF’s ten sectors generated positive returns, with technology, consumer services and financials contributing the most to returns.
Telecommunications was the only sector in negative territory.

Benchmark: FTSE All-World Index
US Dollar-Denominated

Initial Investment of $100,000
$220,000
189,357
90,000
2012 2013 2014 2015 2016 2017 2018

Periods Ended 30 June 2018 a $100,000
ETF Net Asset Value 10.59% 9.44% 11.02% $189,357
Benchmark 10.61 9.45 11.00 189,125
2012 2013 2014 2015 2016 2017 2018
22.93 22.96
18.81 18.83
16.87 16.78
10.59 10.61
3.23 3.11
0.92 0.88
–3.71 –3.66
ETF Net Asset Value

Benchmark
1 In tracking the performance of the index, the fund attempts to select those securities that will create the representative sample that tracks the performance of the index as closely as possible.
Optimisation or stratified sampling techniques, or both, are used to create the sample. The tracking difference between the fund return and the index return over a stated period of time can be
attributed to a number of factors, including, without limitation, small differences in weightings, trading activity, market holidays, transaction costs and differences in the valuation and withholding
tax treatment between the fund and the index vendor.
2 22 May 2012.
29
30 June 2018

Shares US Dollars ($) Net Assets Shares US Dollars ($) Net Assets
Equities 96.90% (30 June 2017: 97.72%) Crown Resorts Ltd. 13,552 135,174 0.01%
Australia 2.17% (30 June 2017: 2.26%) WorleyParsons Ltd. 10,058 129,900 0.01%
Orora Ltd. 48,091 126,849 0.01%
Commonwealth Bank of Australia 84,511 4,550,072 0.22%
IOOF Holdings Ltd. 18,615 123,646 0.01%
BHP Billiton Ltd. 145,421 3,643,436 0.17%
Xero Ltd. 3,554 118,190 0.01%
Westpac Banking Corp. 152,887 3,309,744 0.16%
Star Entertainment Grp Ltd. 32,038 116,699 0.01%
CSL Ltd. 20,511 2,919,070 0.14%
CIMIC Group Ltd. 3,628 113,387 0.01%
Australia & New Zealand Banking
Group Ltd. 131,485 2,743,451 0.13% OZ Minerals Ltd. 15,793 109,919 0.01%
National Australia Bank Ltd. 122,582 2,482,516 0.12% Flight Centre Travel Group Ltd. 2,302 108,258 0.01%
Wesfarmers Ltd. 50,831 1,853,788 0.09% Healthscope Ltd. 65,956 107,697 0.01%
Woolworths Group Ltd. 58,216 1,312,753 0.06% Ansell Ltd. 5,079 102,034 0.01%
Macquarie Group Ltd. 13,460 1,229,689 0.06% Domino’s Pizza Enterprises Ltd. 2,572 99,235 0.00%
Rio Tinto Ltd. 18,822 1,160,370 0.06% Magellan Financial Group Ltd. 5,492 94,546 0.00%
Woodside Petroleum Ltd. 42,637 1,117,073 0.05% Bank of Queensland Ltd. 12,550 94,487 0.00%
Transurban Group 102,977 910,732 0.04% DuluxGroup Ltd. 13,913 78,639 0.00%
Aristocrat Leisure Ltd. 30,507 696,489 0.03% Adelaide Brighton Ltd. 14,930 76,666 0.00%
Suncorp Group Ltd. 64,467 694,943 0.03% Sims Metal Management Ltd. 6,439 76,500 0.00%
Insurance Australia Group Ltd. 109,090 687,528 0.03% Nufarm Ltd. 10,284 67,321 0.00%
South32 Ltd. 239,594 639,057 0.03% TPG Telecom Ltd. 17,113 65,369 0.00%
Origin Energy Ltd. 76,075 563,766 0.03% Metcash Ltd. 31,768 61,261 0.00%
Newcrest Mining Ltd. 34,661 558,282 0.03% AusNet Services 50,441 59,816 0.00%
Amcor Ltd. 51,938 552,975 0.03% CSR Ltd. 17,285 58,619 0.00%
AGL Energy Ltd. 29,693 493,181 0.02% Harvey Norman Holdings Ltd. 18,482 45,336 0.00%
Oil Search Ltd. 70,087 460,876 0.02% Perpetual Ltd. 1,445 44,414 0.00%
QBE Insurance Group Ltd. 63,464 456,712 0.02% Fairfax Media Ltd. 74,655 41,369 0.00%
Treasury Wine Estates Ltd. 35,126 451,320 0.02% Platinum Asset Management Ltd. 9,604 40,872 0.00%
Brambles Ltd. 68,550 449,756 0.02% Vocus Group Ltd. 16,271 27,770 0.00%
ASX Ltd. 8,688 413,328 0.02% Domain Holdings Australia Ltd. 7,465 17,760 0.00%
Santos Ltd. 89,127 412,889 0.02% OneMarket Ltd. 4,383 4,145 0.00%
AMP Ltd. 151,932 399,628 0.02% 45,563,149 2.17%
APA Group 54,518 396,764 0.02% Austria 0.08% (30 June 2017: 0.08%)
LendLease Group 26,184 383,245 0.02% Erste Group Bank AG 13,425 560,358 0.03%
Telstra Corp., Ltd. 188,965 365,796 0.02% OMV AG 6,561 372,061 0.02%
Cochlear Ltd. 2,399 354,802 0.02% Voestalpine AG 5,604 258,119 0.01%
Unibail-Rodamco-Westfield (XASX) 32,320 350,314 0.02% Raiffeisen Bank International AG 5,956 182,819 0.01%
James Hardie Industries plc 20,650 346,034 0.02% Andritz AG 2,738 145,324 0.01%
Sonic Healthcare Ltd. 18,394 333,373 0.02% Vienna Insurance Group AG Wiener
BlueScope Steel Ltd. 24,526 312,769 0.02% Versicherung Gruppe 1,707 46,557 0.00%
Seek Ltd. 18,921 304,899 0.01% Telekom Austria AG Class A 4,177 34,821 0.00%
Computershare Ltd. 22,079 300,650 0.01%
1,600,059 0.08%
Sydney Airport 55,982 296,154 0.01%
Belgium 0.35% (30 June 2017: 0.38%)
Caltex Australia Ltd. 12,299 295,695 0.01%
Tabcorp Holdings Ltd. 85,278 281,014 0.01% Anheuser-Busch InBev SA 34,476 3,481,837 0.17%
Medibank Pvt Ltd. 128,262 276,718 0.01% KBC Group NV 12,768 985,669 0.05%
Aurizon Holdings Ltd. 84,055 268,910 0.01% Umicore SA 9,175 526,508 0.03%
Challenger Ltd. 30,727 268,572 0.01% UCB SA 6,118 481,014 0.02%
Boral Ltd. 55,083 265,758 0.01% Ageas 7,976 402,388 0.02%
Fortescue Metals Group Ltd. 75,607 245,235 0.01% Solvay SA 2,954 373,003 0.02%
Alumina Ltd. 116,452 240,914 0.01% Groupe Bruxelles Lambert SA 2,933 309,294 0.01%
Ramsay Health Care Ltd. 5,930 236,507 0.01% Colruyt SA 3,057 174,427 0.01%
Coca-Cola Amatil Ltd. 33,498 227,700 0.01% Proximus SADP 6,853 154,504 0.01%
Bendigo & Adelaide Bank Ltd. 27,334 218,922 0.01% Ackermans & van Haaren NV 768 132,260 0.01%
Orica Ltd. 16,068 210,725 0.01% Telenet Group Holding NV 2,092 97,701 0.00%
Incitec Pivot Ltd. 63,870 171,301 0.01% bpost SA 5,779 91,291 0.00%
Iluka Resources Ltd. 20,718 171,138 0.01% Sofina SA 437 75,512 0.00%
Downer EDI Ltd. 33,898 169,809 0.01% 7,285,408 0.35%
Qantas Airways Ltd. 37,229 169,441 0.01% Brazil 0.70% (30 June 2017: 0.75%)
REA Group Ltd. 2,345 157,442 0.01%
Vale SA 167,195 2,155,014 0.10%
Atlas Arteria Ltd. 31,756 150,867 0.01%
Itau Unibanco Holding SA -
ALS Ltd. 25,558 142,382 0.01% Preference Shares 141,292 1,481,447 0.07%
Whitehaven Coal Ltd. 32,782 139,997 0.01%
30

Banco Bradesco SA - Fleury SA 5,800 39,874 0.00%
Preference Shares 152,275 1,064,666 0.05% Atacadao Distribuicao Comercio
Ambev SA 199,262 931,208 0.05% e Industria Ltda 9,307 36,624 0.00%
Petroleo Brasileiro SA 154,500 779,849 0.04% M Dias Branco SA 3,600 34,995 0.00%
Petroleo Brasileiro SA - Preference Banco do Estado do Rio Grande do
Shares 163,400 730,063 0.04% Sul SA - Preference Shares 7,900 30,287 0.00%
B3 S.A.-Brasil Bolsa Balcao 93,000 494,321 0.02% Odontoprev SA 8,600 29,215 0.00%
Itausa-Investimentos Itau SA - Sao Martinho SA 6,100 28,301 0.00%
Preference Shares 193,862 462,559 0.02% Engie Brasil Energia SA 3,000 26,691 0.00%
Banco do Brasil SA 55,600 414,030 0.02% Multiplus SA 3,400 25,849 0.00%
Lojas Renner SA 35,950 274,432 0.01% Alpargatas SA - Preference Shares 7,900 24,845 0.00%
Banco Bradesco SA 39,868 252,633 0.01% Smiles Fidelidade SA 1,836 24,815 0.00%
Raia Drogasil SA 14,300 246,795 0.01% Via Varejo SA 5,100 24,669 0.00%
BB Seguridade Participacoes SA 36,135 229,730 0.01% Usinas Siderurgicas de Minas Gerais
Telefonica Brasil SA - Preference SA - Preference Shares Class A 12,123 23,065 0.00%
Shares 19,232 228,641 0.01% Transmissora Alianca de Energia
Cielo SA 52,689 226,236 0.01% Eletrica SA 4,000 19,442 0.00%
Suzano Papel e Celulose SA 19,200 224,418 0.01% Grendene SA 9,300 19,144 0.00%
Ultrapar Participacoes SA 18,700 223,337 0.01% Cia Paranaense de Energia -
Fibria Celulose SA 10,800 203,711 0.01% Preference Shares 1,400 7,976 0.00%
Embraer SA 30,556 192,673 0.01% AES Tiete Energia SA 1,135 2,847 0.00%
Rumo SA 51,200 187,638 0.01% Cia Energetica de Minas Gerais Class A 1,451 2,489 0.00%
Cia Brasileira de Distribuicao - 14,798,793 0.70%
Preference Shares 8,800 178,155 0.01%
Canada 2.71% (30 June 2017: 2.79%)
Gerdau SA - Preference Shares 48,000 173,541 0.01%
Royal Bank of Canada 65,817 4,952,860 0.24%
Equatorial Energia SA 10,721 158,221 0.01%
Toronto-Dominion Bank 83,696 4,841,255 0.23%
Klabin SA 31,000 157,925 0.01%
Bank of Nova Scotia 55,445 3,137,577 0.15%
Kroton Educacional SA 64,108 155,296 0.01%
Suncor Energy, Inc. 74,392 3,025,559 0.14%
CCR SA 49,436 130,034 0.01%
Canadian National Railway Co. 33,827 2,765,151 0.13%
WEG SA 30,446 128,593 0.01%
Bank of Montreal 29,507 2,279,449 0.11%
BRF SA 24,400 114,155 0.01%
Enbridge, Inc. (XTSE) 60,599 2,165,155 0.10%
Banco Santander Brasil SA 14,900 113,471 0.01%
Canadian Natural Resources Ltd. 53,948 1,945,975 0.09%
Localiza Rent a Car SA 18,160 112,007 0.01%
Canadian Imperial Bank of Commerce 20,008 1,739,416 0.08%
IRB Brasil Resseguros S/A 8,800 110,589 0.01%
TransCanada Corp. 40,156 1,736,344 0.08%
Hypera SA 15,200 109,079 0.01%
Manulife Financial Corp. 91,992 1,651,793 0.08%
TIM Participacoes SA 31,700 108,594 0.01%
Nutrien Ltd. 29,488 1,603,240 0.08%
JBS SA 42,788 103,428 0.01%
Brookfield Asset Management, Inc.
Lojas Americanas SA - Preference
Class A 38,425 1,557,798 0.07%
Shares 22,522 97,583 0.01%
Canadian Pacific Railway Ltd. 6,380 1,168,474 0.06%
Lojas Americanas SA 28,640 96,400 0.01%
Sun Life Financial, Inc. 26,856 1,078,568 0.05%
Braskem SA - Preference Shares
Class A 7,300 96,311 0.01% Magna International, Inc. 15,207 883,901 0.04%
Magazine Luiza SA 2,800 93,147 0.01% Alimentation Couche-Tard, Inc.
Class B 19,090 828,789 0.04%
Petrobras Distribuidora SA 18,709 88,940 0.00%
Pembina Pipeline Corp. 23,422 810,676 0.04%
Cia de Saneamento Basico do
Estado de Sao Paulo 13,200 79,905 0.00% National Bank of Canada 16,840 808,043 0.04%
Qualicorp Consultoria e Corretora Rogers Communications, Inc. Class B 16,356 776,364 0.04%
de Seguros SA 16,000 76,769 0.00% Constellation Software, Inc. 951 737,080 0.04%
Centrais Eletricas Brasileiras SA 23,700 75,090 0.00% Barrick Gold Corp. 55,132 723,805 0.03%
BR Malls Participacoes SA 27,972 70,523 0.00% Fairfax Financial Holdings Ltd. 1,254 702,248 0.03%
Natura Cosmeticos SA 8,000 62,941 0.00% CGI Group, Inc. Class A 11,076 701,465 0.03%
Cia Energetica de Minas Gerais - Enbridge, Inc. 19,026 679,038 0.03%
Preference Shares 32,686 62,018 0.00% Teck Resources Ltd. Class B 25,278 643,552 0.03%
Estacio Participacoes SA 9,400 59,565 0.00% Franco-Nevada Corp. 8,538 622,769 0.03%
EDP-Energias do Brasil SA 16,135 58,167 0.00% Fortis, Inc. 19,286 616,061 0.03%
Energisa SA 7,500 57,019 0.00% Encana Corp. 45,207 590,067 0.03%
Porto Seguro SA 5,300 56,039 0.00% Restaurant Brands International,
Sul America SA 11,570 54,972 0.00% Inc. (XTSE) 9,311 561,300 0.03%
Bradespar SA - Preference Shares 7,000 53,181 0.00% Goldcorp, Inc. 38,595 529,583 0.03%
Azul SA - Preference Shares 8,700 48,233 0.00% Thomson Reuters Corp. 12,809 516,567 0.03%
Cosan SA Industria e Comercio 4,900 44,805 0.00% Cenovus Energy, Inc. 49,439 513,013 0.02%
B2W Compania Digital 6,300 44,048 0.00% Dollarama, Inc. 13,128 508,573 0.02%
Cia Siderurgica Nacional SA 21,300 43,515 0.00% Intact Financial Corp. 6,973 494,304 0.02%
Cia de Transmissao de Energia Agnico Eagle Mines Ltd. 10,674 489,051 0.02%
Eletrica Paulista - Preference Shares 2,700 40,703 0.00% BCE, Inc. 11,676 472,561 0.02%
Banco BTG Pactual SA 8,460 40,679 0.00% Loblaw Cos., Ltd. 8,660 445,031 0.02%
Multiplan Empreendimentos Shaw Communications, Inc. Class B 21,802 443,846 0.02%
Imobiliarios SA 2,742 40,623 0.00% Power Corp. of Canada 19,311 432,184 0.02%
31

Wheaton Precious Metals Corp. 19,044 420,128 0.02% China Petroleum & Chemical Corp.
Canadian Tire Corp., Ltd. Class A 3,141 409,742 0.02% Class H 1,145,400 1,023,428 0.05%
Imperial Oil Ltd. 12,194 405,092 0.02% Ctrip.com International Ltd. ADR 18,697 890,538 0.04%
Metro, Inc. 11,252 382,266 0.02% NetEase, Inc. ADR 3,503 885,103 0.04%
SNC-Lavalin Group, Inc. 8,619 380,417 0.02% China Life Insurance Co., Ltd.
Inter Pipeline Ltd. 18,815 352,428 0.02% Class H 334,000 862,092 0.04%
Valeant Pharmaceuticals International, PetroChina Co., Ltd. Class H 982,000 747,253 0.04%
Inc. 14,756 343,254 0.02% Agricultural Bank of China Ltd.
Saputo, Inc. 9,266 307,470 0.02% Class H 1,472,000 688,583 0.03%
Great-West Lifeco, Inc. 10,814 265,695 0.01% Country Garden Holdings Co., Ltd. 362,602 637,810 0.03%
Telus Corp., Ltd. 7,141 253,514 0.01% New Oriental Education &
Power Financial Corp. 10,539 246,360 0.01% Technology Group, Inc. ADR 6,698 634,033 0.03%
BlackBerry Ltd. 23,394 225,501 0.01% China Merchants Bank Co., Ltd.
Class H 171,110 631,402 0.03%
Husky Energy, Inc. 13,918 216,793 0.01%
Geely Automobile Holdings Ltd. 230,000 596,588 0.03%
Tourmaline Oil Corp. 11,860 211,784 0.01%
China Overseas Land & Investment
Crescent Point Energy Corp. 26,208 192,458 0.01%
Ltd. 178,000 586,493 0.03%
CI Financial Corp. 10,355 186,011 0.01%
CSPC Pharmaceutical Group Ltd. 190,376 575,099 0.03%
ARC Resources Ltd. 17,270 178,286 0.01%
Sunny Optical Technology Group
Hydro One Ltd. 11,636 177,267 0.01%
Co., Ltd. 28,500 530,371 0.03%
George Weston Ltd. 1,928 157,206 0.01%
TAL Education Group ADR 13,394 492,899 0.02%
Canadian Utilities Ltd. Class A 5,615 141,714 0.01%
China Pacific Insurance Group Co.,
Turquoise Hill Resources Ltd. 35,764 101,138 0.01% Ltd. Class H 121,000 468,087 0.02%
IGM Financial, Inc. 2,968 85,986 0.00% Sino Biopharmaceutical Ltd. 298,500 458,092 0.02%
Restaurant Brands International, Inc. 1,421 85,686 0.00% Shenzhou International Group
56,904,681 2.71% Holdings Ltd. 35,300 435,769 0.02%
Chile 0.13% (30 June 2017: 0.13%) China Unicom Hong Kong Ltd. 326,000 407,217 0.02%
China Resources Land Ltd. 119,790 403,858 0.02%
Empresas COPEC SA 27,544 423,070 0.02%
Bank of Communications Co., Ltd.
SACI Falabella 31,135 286,365 0.02%
Class H 506,000 387,621 0.02%
Banco Santander Chile 3,214,869 252,629 0.01%
China Shenhua Energy Co., Ltd.
Banco de Chile 1,464,280 227,162 0.01%
Class H 159,500 378,549 0.02%
Sociedad Quimica y Minera de
China Evergrande Group 136,000 346,698 0.02%
Chile SA - Preference Shares
Sunac China Holdings Ltd. 96,860 338,898 0.02%
Class B 4,046 194,735 0.01%
58.com, Inc. ADR 4,831 334,982 0.02%
Banco de Credito e Inversiones SA 2,824 188,622 0.01%
CITIC Ltd. 236,000 332,697 0.02%
Enel Americas SA 1,002,970 177,919 0.01%
Anhui Conch Cement Co., Ltd.
Latam Airlines Group SA 16,539 163,854 0.01%
Class H 58,000 332,677 0.02%
Empresas CMPC SA 42,312 154,678 0.01%
China Conch Venture Holdings Ltd. 90,500 331,065 0.02%
Cencosud SA 45,340 112,472 0.01%
PICC Property & Casualty Co., Ltd.
Enel Chile SA 925,814 91,679 0.01%
Class H 297,748 321,451 0.02%
Colbun SA 330,479 68,426 0.00%
ENN Energy Holdings Ltd. 32,000 314,679 0.02%
Aguas Andinas SA Class A 115,055 63,073 0.00%
China Telecom Corp., Ltd. Class H 666,000 311,546 0.02%
Empresa Nacional de
Hengan International Group Co., Ltd. 32,000 307,949 0.02%
Telecomunicaciones SA 6,691 61,665 0.00%
China Resources Beer Holdings
Cia Cervecerias Unidas SA 4,863 61,102 0.00%
Co., Ltd. 63,335 307,575 0.02%
Engie Energia Chile SA 32,815 60,484 0.00%
ZTO Express Cayman, Inc. ADR 15,082 301,640 0.01%
SONDA SA 35,623 53,075 0.00%
ANTA Sports Products Ltd. 54,000 285,987 0.01%
Parque Arauco SA 18,665 52,694 0.00%
Autohome, Inc. ADR 2,726 275,326 0.01%
Itau CorpBanca 4,880,424 47,834 0.00%
China Gas Holdings Ltd. 68,200 274,262 0.01%
AES Gener SA 133,516 33,202 0.00%
SINA Corp. 3,008 254,748 0.01%
Embotelladora Andina SA -
Wuxi Biologics Cayman, Inc. 22,665 252,349 0.01%
Preference Shares Class B 7,583 29,678 0.00%
China CITIC Bank Corp., Ltd. Class H 390,000 244,078 0.01%
2,804,418 0.13% China Minsheng Banking Corp., Ltd.
China 3.49% (30 June 2017: 2.38%) Class H 336,600 240,691 0.01%
Tencent Holdings Ltd. 260,387 13,070,047 0.62% Guangdong Investment Ltd. 150,000 238,227 0.01%
Alibaba Group Holding Ltd. ADR 49,172 9,122,881 0.43% Vipshop Holdings Ltd. ADR 21,108 229,022 0.01%
China Construction Bank Corp. Haier Electronics Group Co., Ltd. 66,000 225,876 0.01%
Class H 4,050,000 3,742,615 0.18% CITIC Securities Co., Ltd. Class H 113,000 225,843 0.01%
Baidu, Inc. ADR 12,710 3,088,530 0.15% China Everbright International Ltd. 169,000 218,427 0.01%
Industrial & Commercial Bank of Huazhu Group Ltd. ADR 5,173 217,214 0.01%
China Ltd. Class H 3,520,000 2,633,679 0.13% Longfor Properties Co., Ltd. 80,000 215,666 0.01%
Ping An Insurance Group Co. of Momo, Inc. ADR 4,862 211,497 0.01%
China Ltd. Class H 233,000 2,144,249 0.10% Postal Savings Bank of China Co.,
China Mobile Ltd. 235,000 2,087,771 0.10% Ltd. Class H 321,000 209,078 0.01%
Bank of China Ltd. Class H 3,402,000 1,686,810 0.08% China Taiping Insurance Holdings
JD.com, Inc. ADR 36,927 1,438,307 0.07% Co., Ltd. 65,509 204,991 0.01%
CNOOC Ltd. 745,000 1,285,752 0.06% Fullshare Holdings Ltd. 410,000 202,767 0.01%
32

China Vanke Co., Ltd. Class H 57,645 201,691 0.01% Shanghai Lujiazui Finance & Trade
Sinopharm Group Co., Ltd. Class H 49,600 199,463 0.01% Zone Development Co., Ltd. Class B 72,100 102,959 0.01%
Fosun International Ltd. 105,540 198,557 0.01% Agile Group Holdings Ltd. 60,250 102,600 0.01%
Brilliance China Automotive Holdings Genscript Biotech Corp. 36,000 99,574 0.01%
Ltd. 110,000 198,535 0.01% Beijing Capital International Airport
Huatai Securities Co., Ltd. Class H 120,780 192,128 0.01% Co., Ltd. Class H 94,000 99,087 0.01%
Haitong Securities Co., Ltd. Class H 183,536 185,514 0.01% China Cinda Asset Management
Sinopec Shanghai Petrochemical Co., Ltd. Class H 303,000 97,325 0.01%
Co., Ltd. Class H 284,000 173,033 0.01% Kunlun Energy Co., Ltd. 110,000 96,323 0.01%
China Communications Construction Yantai Changyu Pioneer Wine Co.,
Co., Ltd. Class H 179,000 172,944 0.01% Ltd. Class B 36,569 96,160 0.01%
Weibo Corp. ADR 1,902 168,822 0.01% Li Ning Co., Ltd. 85,000 93,717 0.01%
BYD Co., Ltd. Class H 27,690 167,825 0.01% Shandong Weigao Group Medical
CRRC Corp., Ltd. Class H 212,500 164,952 0.01% Polymer Co., Ltd. Class H 132,000 93,379 0.00%
China National Building Material CIFI Holdings Group Co., Ltd. 144,000 91,589 0.00%
Co., Ltd. Class H 163,400 161,829 0.01% China Molybdenum Co., Ltd. Class H 183,000 88,637 0.00%
China Railway Group Ltd. Class H 214,000 161,480 0.01% Zijin Mining Group Co., Ltd. Class H 222,000 84,890 0.00%
Beijing Enterprises Water Group Ltd. 292,000 159,297 0.01% Kingboard Chemical Holdings Ltd. 23,200 84,870 0.00%
Alibaba Health Information Towngas China Co., Ltd. 86,000 83,419 0.00%
Technology Ltd. 164,000 158,242 0.01% AviChina Industry & Technology Co.,
Huaneng Power International, Inc. Ltd. Class H 137,000 81,549 0.00%
Class H 238,000 157,747 0.01% China Merchants Port Holdings
TravelSky Technology Ltd. Class H 54,000 157,276 0.01% Co., Ltd. 40,000 81,270 0.00%
China Huarong Asset Management Guangzhou R&F Properties Co., Ltd.
Co., Ltd. Class H 529,000 153,061 0.01% Class H 39,600 79,953 0.00%
People’s Insurance Co. Group of Air China Ltd. Class H 80,000 77,293 0.00%
China Ltd. Class H 320,000 150,508 0.01% China Southern Airlines Co., Ltd.
New China Life Insurance Co., Ltd. Class H 98,000 77,071 0.00%
Class H 35,599 148,151 0.01% Aluminum Corp. of China Ltd.
Beijing Enterprises Holdings Ltd. 30,000 146,072 0.01% Class H 174,000 76,737 0.00%
China Traditional Chinese Medicine China State Construction
Holdings Co., Ltd. 166,864 144,416 0.01% International Holdings Ltd. 72,000 73,877 0.00%
Lenovo Group Ltd. 254,000 137,596 0.01% Alibaba Pictures Group Ltd. 670,000 73,444 0.00%
China Railway Construction Corp., Luye Pharma Group Ltd. 69,500 71,312 0.00%
Ltd. Class H 134,500 136,292 0.01% Fuyao Glass Industry Group Co.,
Shanghai Pharmaceuticals Holding Ltd. Class H 20,400 68,906 0.00%
Co., Ltd. Class H 48,500 133,839 0.01% Nine Dragons Paper Holdings Ltd. 54,000 68,830 0.00%
Great Wall Motor Co., Ltd. Class H 172,500 131,924 0.01% Tsingtao Brewery Co., Ltd. Class H 12,000 65,924 0.00%
Zhongsheng Group Holdings Ltd. 43,500 130,576 0.01% China Communications Services
GF Securities Co., Ltd. Class H 89,200 130,069 0.01% Corp., Ltd. Class H 104,000 65,883 0.00%
Shanghai Fosun Pharmaceutical Sinopec Engineering Group Co., Ltd.
Group Co., Ltd. Class H 23,510 129,005 0.01% Class H 60,500 63,234 0.00%
Zhuzhou CRRC Times Electric Co., Inner Mongolia Yitai Coal Co., Ltd.
Ltd. Class H 26,500 125,990 0.01% Class B 46,000 62,744 0.00%
Guangzhou Automobile Group Co., Guangzhou Baiyunshan
Ltd. Class H 128,800 125,920 0.01% Pharmaceutical Holdings Co.,
China Longyuan Power Group Corp., Ltd. Class H 14,000 61,743 0.00%
Ltd. Class H 156,000 125,668 0.01% Dali Foods Group Co., Ltd. 80,000 61,692 0.00%
Shenzhen International Holdings Ltd. 60,500 125,234 0.01% Guotai Junan Securities Co., Ltd.
Weichai Power Co., Ltd. Class H 90,800 125,226 0.01% Class H 28,600 60,806 0.00%
Dongfeng Motor Group Co., Ltd. Poly Property Group Co., Ltd. 145,000 59,882 0.00%
Class H 118,000 124,837 0.01% Far East Horizon Ltd. 61,000 59,169 0.00%
China Jinmao Holdings Group Ltd. 248,000 124,546 0.01% China Galaxy Securities Co., Ltd.
China Resources Gas Group Ltd. 28,000 121,344 0.01% Class H 112,500 57,788 0.00%
Shimao Property Holdings Ltd. 43,500 114,219 0.01% KWG Property Holding Ltd. 45,000 56,555 0.00%
Xiaomi Corp. 52,064 112,815 0.01% Chongqing Rural Commercial Bank
China Resources Power Holdings Co., Ltd. Class H 93,000 55,358 0.00%
Co., Ltd. 64,000 112,738 0.01% BAIC Motor Corp., Ltd. Class H 56,600 54,108 0.00%
Kingsoft Corp., Ltd. 37,000 112,243 0.01% Country Garden Services Holdings
China Oilfield Services Ltd. Class H 118,000 111,451 0.01% Co., Ltd. 41,678 53,443 0.00%
China Reinsurance Group Corp. China Railway Signal &
Class H 507,000 111,152 0.01% Communication Corp., Ltd. Class H 75,000 53,247 0.00%
CGN Power Co., Ltd. Class H 424,000 109,709 0.01% Red Star Macalline Group Corp., Ltd.
Class H 38,905 52,465 0.00%
China Medical System Holdings Ltd. 54,418 108,760 0.01%
GCL-Poly Energy Holdings Ltd. 552,000 52,066 0.00%
Yanzhou Coal Mining Co., Ltd.
Class H 80,000 104,621 0.01% Yuexiu Property Co., Ltd. 270,625 51,742 0.00%
China Resources Cement Holdings Huaneng Renewables Corp., Ltd.
Ltd. 102,000 103,359 0.01% Class H 154,000 51,232 0.00%
Sinotruk Hong Kong Ltd. 31,000 51,051 0.00%
33

Jiangxi Copper Co., Ltd. Class H 40,000 50,985 0.00% Shenzhen Investment Ltd. 57,849 21,088 0.00%
BYD Electronic International Co., Ltd. 37,000 50,651 0.00% Orient Securities Co., Ltd. Class H 26,800 20,872 0.00%
COSCO SHIPPING Ports Ltd. 60,000 50,016 0.00% Huadian Power International Corp.,
Kingboard Laminates Holdings Ltd. 40,000 49,404 0.00% Ltd. Class H 50,000 19,757 0.00%
Legend Holdings Corp. Class H 16,200 49,351 0.00% CSG Holding Co., Ltd. Class B 47,213 19,618 0.00%
Shandong Chenming Paper Holdings BOE Technology Group Co., Ltd.
Ltd. Class B 38,000 49,017 0.00% Class A 48,800 18,287 0.00%
Meitu, Inc. 56,000 48,895 0.00% Anhui Expressway Co., Ltd. Class H 30,000 18,087 0.00%
China Literature Ltd. 5,200 48,849 0.00% Xinjiang Goldwind Science &
Lee & Man Paper Manufacturing Ltd. 48,000 48,578 0.00% Technology Co., Ltd. Class H 14,820 18,040 0.00%
SOHO China Ltd. 102,000 48,494 0.00% Beijing North Star Co., Ltd. Class H 56,000 17,845 0.00%
Haitian International Holdings Ltd. 20,000 47,212 0.00% Datang International Power
Sino-Ocean Group Holding Ltd. 81,000 47,080 0.00% Generation Co., Ltd. Class H 56,000 17,131 0.00%
Logan Property Holdings Co., Ltd. 34,000 46,024 0.00% China Power International
Development Ltd. 74,064 17,087 0.00%
ZhongAn Online P&C Insurance Co.,
Ltd. Class H 7,100 44,842 0.00% Dazhong Transportation Group Co.,
Ltd. Class B 38,550 17,001 0.00%
Landing International
Development Ltd. 2,820,000 43,133 0.00% Metallurgical Corp. of China Ltd.
Class H 53,000 15,673 0.00%
Nexteer Automotive Group Ltd. 28,000 41,400 0.00%
Shanghai Jinqiao Export Processing
ZTE Corp. Class H 26,920 40,901 0.00%
Zone Development Co., Ltd. Class B 12,100 15,319 0.00%
COSCO SHIPPING Holdings Co., Ltd.
Guangdong Electric Power
Class H 88,500 40,610 0.00%
Development Co., Ltd. Class B 41,200 14,914 0.00%
China International Capital Corp., Ltd.
China Zhongwang Holdings Ltd. 28,000 14,811 0.00%
Class H 22,400 39,915 0.00%
China International Marine
China Merchants Securities Co., Ltd.
Containers Group Co., Ltd. Class H 10,500 13,758 0.00%
Class H 27,800 37,702 0.00%
China Foods Ltd. 26,000 13,554 0.00%
Anhui Gujing Distillery Co., Ltd.
Class B 5,600 35,832 0.00% Chongqing Changan Automobile Co.,
Ltd. Class B 12,700 12,837 0.00%
China Everbright Bank Co., Ltd.
Class H 80,000 34,364 0.00% Shanghai Haixin Group Co. Class B 26,700 12,682 0.00%
Zhaojin Mining Industry Co., Ltd. COSCO SHIPPING Development Co.,
Class H 45,000 34,357 0.00% Ltd. Class H 75,000 12,523 0.00%
GOME Retail Holdings Ltd. 328,000 33,446 0.00% Shanghai Industrial Holdings Ltd. 5,000 11,650 0.00%
Jiangsu Expressway Co., Ltd. Bosideng International Holdings Ltd. 82,000 11,288 0.00%
Class H 28,000 33,370 0.00% CSSC Offshore & Marine Engineering
China Everbright Ltd. 18,000 33,038 0.00% Group Co., Ltd. Class H 10,000 10,324 0.00%
BBMG Corp. Class H 89,000 32,898 0.00% Huadian Energy Co., Ltd. Class B 29,500 9,322 0.00%
China Coal Energy Co., Ltd. Class H 79,000 32,726 0.00% Huadian Fuxin Energy Corp., Ltd.
Class H 38,000 8,912 0.00%
Guangshen Railway Co., Ltd. Class H 58,000 32,676 0.00%
Beijing Jingneng Clean Energy Co.,
Zhejiang Expressway Co., Ltd.
Ltd. Class H 36,000 8,351 0.00%
Class H 36,000 32,121 0.00%
China South City Holdings Ltd. 38,000 7,411 0.00%
Shanghai Electric Group Co., Ltd.
Class H 94,000 31,631 0.00% China Agri-Industries Holdings Ltd. 18,000 6,883 0.00%
Maanshan Iron & Steel Co., Ltd. Hanergy Thin Film Power Group Ltd. 236,000 6,412 0.00%
Class H 70,000 31,139 0.00% Zoomlion Heavy Industry Science
Wuxi Little Swan Co., Ltd. Class B 5,100 30,520 0.00% and Technology Co., Ltd. Class H 13,600 5,807 0.00%
Hopson Development Holdings Ltd. 34,000 30,293 0.00% Tianhe Chemicals Group Ltd. 38,000 5,667 0.00%
Sihuan Pharmaceutical Holdings Sinopec Oilfield Service Corp. Class H 42,000 5,621 0.00%
Group Ltd. 135,000 30,113 0.00% Bengang Steel Plates Co., Ltd. Class B 1,400 480 0.00%
China BlueChemical Ltd. Class H 78,000 28,733 0.00% China Huishan Dairy Holdings Co.,
Health & Happiness H&H Ltd. 120,000 0 0.00%
International Holdings Ltd. 4,000 27,583 0.00% 73,308,789 3.49%
Angang Steel Co., Ltd. Class H 30,000 27,073 0.00% Colombia 0.05% (30 June 2017: 0.05%)
Sinotrans Ltd. Class H 49,000 25,857 0.00%
Bancolombia SA - Preference Shares 27,661 336,416 0.02%
Livzon Pharmaceutical Group, Inc.
Ecopetrol SA 215,485 221,942 0.01%
Class H 5,200 24,921 0.00%
Grupo de Inversiones Suramericana
Lao Feng Xiang Co., Ltd. Class B 7,500 24,540 0.00%
SA 12,271 157,096 0.01%
CAR, Inc. 23,436 23,420 0.00%
Almacenes Exito SA 22,406 123,588 0.01%
China Dongxiang Group Co., Ltd. 126,000 23,127 0.00%
Interconexion Electrica SA ESP 17,517 86,482 0.00%
China Eastern Airlines Corp., Ltd.
Bancolombia SA 5,108 61,429 0.00%
Class H 34,000 23,012 0.00%
Grupo Aval Acciones y Valores SA -
Greentown China Holdings Ltd. 16,500 22,125 0.00%
Shenzhen Expressway Co., Ltd.
Cemex Latam Holdings SA 2,261 6,390 0.00%
Class H 22,000 21,592 0.00%
Grupo de Inversiones Suramericana
COSCO SHIPPING Energy
SA - Preference Shares 451 5,488 0.00%
Transportation Co., Ltd. Class H 44,000 21,200 0.00%
1,056,701 0.05%
34

Czech Republic 0.03% (30 June 2017: 0.02%) Kering SA 3,352 1,892,630 0.09%
Moneta Money Bank A.S. 75,314 257,900 0.01% Safran SA 15,051 1,828,449 0.09%
CEZ A.S. 10,766 254,634 0.01% L’Oreal SA 6,669 1,646,822 0.08%
Komercni banka A.S. 3,658 153,582 0.01% Pernod Ricard SA 9,667 1,579,010 0.07%
Air Liquide SA 11,664 1,466,691 0.07%
666,116 0.03%
Societe Generale SA 33,457 1,410,750 0.07%
Denmark 0.52% (30 June 2017: 0.60%)
Orange SA 83,342 1,395,854 0.07%
Novo Nordisk A/S Class B 79,687 3,696,208 0.17% Essilor International Cie Generale
Danske Bank A/S 31,025 971,126 0.05% d’Optique SA 9,327 1,316,569 0.06%
DSV A/S 8,622 696,624 0.03% Vivendi SA 48,448 1,187,875 0.06%
Coloplast A/S Class B 5,883 587,977 0.03% Cie de Saint-Gobain 22,703 1,014,419 0.05%
Vestas Wind Systems A/S 9,340 578,124 0.03% Legrand SA 13,547 994,877 0.05%
Carlsberg A/S Class B 4,820 567,690 0.03% Cie Generale des Etablissements
Novozymes A/S Class B 10,604 537,885 0.02% Michelin SCA 7,980 971,768 0.05%
AP Moller-Maersk A/S Class B 351 437,162 0.02% Capgemini SE 6,947 934,384 0.04%
Orsted A/S 7,033 425,407 0.02% Hermes International 1,374 840,287 0.04%
Genmab A/S 2,545 392,747 0.02% Dassault Systemes SE 5,749 805,469 0.04%
Chr Hansen Holding A/S 4,026 371,844 0.02% Engie SA 51,810 794,244 0.04%
Pandora A/S 4,939 345,030 0.02% Renault SA 8,432 716,995 0.03%
ISS A/S 7,871 270,487 0.01% Credit Agricole SA 50,702 676,919 0.03%
Jyske Bank A/S 4,165 228,434 0.01% L’Oreal SA (Prime De Fidelite) 2,706 668,211 0.03%
William Demant Holding A/S 4,342 174,728 0.01% STMicroelectronics NV 28,940 645,706 0.03%
AP Moller-Maersk A/S Class A 146 173,306 0.01% Publicis Groupe SA 9,340 642,736 0.03%
H Lundbeck A/S 2,282 160,346 0.01% Peugeot SA 26,737 610,600 0.03%
Tryg A/S 6,408 150,422 0.01% Valeo SA 10,805 590,652 0.03%
Rockwool International A/S Class B 327 127,695 0.00% Thales SA 4,501 579,905 0.03%
10,893,242 0.52% Atos SE 4,077 556,694 0.03%
Air Liquide SA (Prime De Fidelite) 4,085 513,669 0.02%
Egypt 0.02% (30 June 2017: 0.02%)
Veolia Environnement SA 22,478 481,056 0.02%
Commercial International Bank
TechnipFMC PLC-EUR 14,719 470,014 0.02%
Egypt SAE 49,763 235,324 0.01%
Accor SA 9,314 456,949 0.02%
ElSewedy Electric Co. 4,803 53,432 0.01%
Bouygues SA 10,583 456,067 0.02%
Global Telecom Holding SAE 149,208 38,949 0.00%
Teleperformance 2,537 448,162 0.02%
Eastern Tobacco 3,717 36,996 0.00%
Ubisoft Entertainment SA 3,867 424,312 0.02%
Talaat Moustafa Group 24,780 16,206 0.00%
Engie SA (Prime De Fidelite) 27,547 422,294 0.02%
Egyptian Financial Group-Hermes
Carrefour SA 23,596 382,112 0.02%
Holding Co. 8,735 11,269 0.00%
Arkema SA 3,215 380,622 0.02%
Telecom Egypt Co. 8,349 6,580 0.00%
Eiffage SA 3,349 364,345 0.02%
398,756 0.02%
Edenred 10,755 339,792 0.02%
Finland 0.35% (30 June 2017: 0.36%) Eurofins Scientific SE 601 334,289 0.02%
Nokia OYJ 256,591 1,476,943 0.07% SES SA Class A 17,096 313,179 0.01%
Sampo OYJ Class A 21,120 1,030,732 0.05% Bureau Veritas SA 11,652 310,994 0.01%
Kone OYJ Class B 17,588 896,552 0.04% Alstom SA 6,672 306,610 0.01%
UPM-Kymmene OYJ 24,798 886,538 0.04% Getlink 21,772 298,557 0.01%
Stora Enso OYJ Class R 26,248 513,625 0.03% Aeroports de Paris 1,277 288,799 0.01%
Neste OYJ 6,226 488,488 0.02% Orpea 2,027 270,505 0.01%
Fortum OYJ 19,074 455,196 0.02% Natixis SA 37,898 268,938 0.01%
Wartsila OYJ Abp 20,472 402,272 0.02% Sodexo SA 2,599 259,811 0.01%
Elisa OYJ 5,956 275,862 0.01% SCOR SE 6,952 258,277 0.01%
Nokian Renkaat OYJ 6,381 252,113 0.01% Ipsen SA 1,590 249,408 0.01%
Kesko OYJ Class B 3,353 205,135 0.01% Amundi SA 3,553 246,160 0.01%
Metso OYJ 5,004 167,677 0.01% Air Liquide SA International 1,942 244,197 0.01%
Orion OYJ Class B 5,170 139,377 0.01% Faurecia SA 3,294 235,062 0.01%
Huhtamaki OYJ 3,681 136,196 0.01% Ingenico Group SA 2,598 233,564 0.01%
7,326,706 0.35% Suez 17,716 229,699 0.01%
Rexel SA 14,964 215,158 0.01%
France 3.26% (30 June 2017: 3.29%)
Rubis SCA 3,359 209,816 0.01%
Total SA 114,913 7,004,842 0.33%
Bollore SA 44,699 207,918 0.01%
Sanofi 49,338 3,954,555 0.19%
Elis SA 8,861 203,189 0.01%
LVMH Moet Hennessy Louis
TechnipFMC plc 6,229 197,708 0.01%
Vuitton SE 11,197 3,728,436 0.18%
Wendel SA 1,421 195,772 0.01%
BNP Paribas SA 48,757 3,027,906 0.14%
Iliad SA 1,189 187,895 0.01%
Airbus SE 24,713 2,892,868 0.14%
Eurazeo SA 2,312 175,324 0.01%
AXA SA 89,463 2,195,070 0.10%
Dassault Aviation SA 90 171,490 0.01%
Schneider Electric SE 24,432 2,037,297 0.10%
CNP Assurances 7,197 163,772 0.01%
Vinci SA 20,944 2,013,963 0.10%
Remy Cointreau SA 1,260 163,294 0.01%
Danone SA 26,628 1,954,598 0.09%
L’Oreal UK Limited 638 157,546 0.01%
35

Electricite de France SA (XPAR) 11,107 152,763 0.01% Commerzbank AG 46,204 442,946 0.02%
Imerys SA 1,859 150,305 0.01% RWE AG 18,486 421,415 0.02%
Eutelsat Communications SA 7,160 148,509 0.01% Brenntag AG 6,892 383,991 0.02%
BioMerieux 1,628 146,550 0.01% Zalando SE 6,773 378,547 0.02%
SEB SA (XPAR) 797 139,208 0.01% Hannover Rueck SE 2,641 329,318 0.02%
Air Liquide SA Societe Anonyme 1,069 134,422 0.01% LANXESS AG 4,064 316,961 0.02%
Lagardere SCA 5,034 132,889 0.01% United Internet AG 5,230 299,574 0.01%
Cie Plastic Omnium SA 3,102 131,143 0.01% LEG Immobilien AG 2,618 284,513 0.01%
Sodexo SA (Prime De Fidelite) 2020 1,277 127,656 0.01% HUGO BOSS AG 3,081 279,720 0.01%
Worldline SA 1,955 110,750 0.01% Uniper SE 8,950 266,882 0.01%
Sartorius Stedim Biotech 1,036 108,258 0.01% ProSiebenSat.1 Media SE 10,328 262,030 0.01%
Casino Guichard Perrachon SA 2,773 107,651 0.01% Siemens Healthineers AG 6,129 252,997 0.01%
Electricite de France SA 6,936 95,396 0.00% Innogy SE 5,905 252,955 0.01%
JCDecaux SA 2,697 90,247 0.00% GEA Group AG 7,426 250,483 0.01%
Societe BIC SA 946 87,698 0.00% Deutsche Lufthansa AG 10,413 250,449 0.01%
Elior Group SA 5,533 79,846 0.00% Delivery Hero AG 4,703 250,279 0.01%
ALD SA 3,771 64,369 0.00% Sartorius AG - Preference Shares 1,579 236,160 0.01%
Air France-KLM 7,270 59,281 0.00% KION Group AG 3,225 232,096 0.01%
SEB SA Prime 238 41,570 0.00% Puma SE 376 219,938 0.01%
Electricite de France SA (Prime K+S AG 8,725 215,452 0.01%
De Fidelite) 2,666 36,667 0.00% Rheinmetall AG 1,907 210,540 0.01%
Sodexo SA (Prime De Fidelite) 2021 217 21,693 0.00% Evonik Industries AG 5,961 204,130 0.01%
SEB SA 124 21,659 0.00% Volkswagen AG 1,212 200,232 0.01%
SEB SA (Prime De Fidelite) 91 15,895 0.00% Bayerische Motoren Werke AG -
Sodexo SA (Prime De Fidelite) 2022 137 13,695 0.00% Preference Shares 2,494 198,881 0.01%
68,532,496 3.26% L’Oreal SA (Prime De Fidelite) 2020 755 186,437 0.01%
OSRAM Licht AG 4,527 184,992 0.01%
Germany 3.02% (30 June 2017: 3.16%)
RTL Group SA 2,536 172,029 0.01%
SAP SE 44,240 5,111,006 0.24%
Hochtief AG 932 168,447 0.01%
Bayer AG 43,103 4,748,155 0.23%
Fraport AG Frankfurt Airport Services
Siemens AG 34,482 4,558,176 0.22% Worldwide 1,726 166,495 0.01%
Allianz SE 19,502 4,030,667 0.19% MAN SE 1,387 157,000 0.01%
BASF SE 41,436 3,962,691 0.19% Axel Springer SE 2,095 151,531 0.01%
Daimler AG 39,915 2,569,210 0.12% RWE AG - Preference Shares 7,389 138,895 0.01%
Deutsche Telekom AG 144,835 2,243,985 0.11% Fuchs Petrolub SE 2,441 115,425 0.01%
Linde AG 8,397 2,003,921 0.10% 1&1 Drillisch AG 1,922 109,419 0.01%
Adidas AG 8,978 1,959,659 0.09% Fuchs Petrolub SE - Preference Shares 2,062 101,692 0.01%
Muenchener Rueckversicherungs- Hella GmbH & Co. KGaA 1,788 100,204 0.01%
Gesellschaft AG in Muenchen 7,142 1,509,711 0.07%
Wacker Chemie AG 758 99,253 0.01%
Fresenius SE & Co. KGaA 18,308 1,470,635 0.07%
Telefonica Deutschland Holding AG 24,663 97,213 0.01%
Deutsche Post AG 43,712 1,427,475 0.07%
STADA Arzneimittel AG 1,015 95,326 0.01%
Volkswagen AG - Preference Shares 8,393 1,393,649 0.07%
Carl Zeiss Meditec AG 1,311 89,467 0.00%
Infineon Technologies AG 51,837 1,321,202 0.06%
Rational AG 125 81,583 0.00%
Bayerische Motoren Werke AG 14,535 1,317,407 0.06%
METRO AG 6,553 80,985 0.00%
Deutsche Boerse AG 8,506 1,133,644 0.05%
Ceconomy AG 8,675 72,297 0.00%
Continental AG 4,932 1,126,047 0.05%
Fielmann AG 901 62,381 0.00%
Vonovia SE 23,593 1,122,775 0.05%
Suedzucker AG 3,622 57,682 0.00%
Henkel AG & Co. KGaA - Preference
Hapag-Lloyd AG 1,291 45,973 0.00%
Shares 8,734 1,116,613 0.05%
Talanx AG 1,240 45,286 0.00%
E.ON SE 104,411 1,115,919 0.05%
Deutsche Bank AG 90,693 976,505 0.05% 63,410,946 3.02%
Fresenius Medical Care AG & Co. Greece 0.04% (30 June 2017: 0.05%)
KGaA 9,541 962,238 0.05% Alpha Bank AE 58,302 130,355 0.01%
Wirecard AG 5,125 825,451 0.04% OPAP SA 11,312 127,847 0.01%
Deutsche Wohnen SE 16,756 809,928 0.04% Hellenic Telecommunications
Covestro AG 8,107 723,340 0.03% Organization SA 9,046 111,954 0.01%
Merck KGaA 5,991 584,905 0.03% Eurobank Ergasias SA 93,381 97,579 0.01%
Beiersdorf AG 4,927 559,375 0.03% Titan Cement Co., SA 3,845 97,416 0.00%
HeidelbergCement AG 6,624 557,456 0.03% JUMBO SA 5,526 91,100 0.00%
thyssenkrupp AG 22,299 542,053 0.03% Mytilineos Holdings SA 8,285 83,092 0.00%
Henkel AG & Co. KGaA 4,591 510,561 0.02% National Bank of Greece SA 260,132 79,878 0.00%
Symrise AG 5,694 499,267 0.02% Motor Oil Hellas Corinth
QIAGEN NV 13,580 494,686 0.02% Refineries SA 2,646 53,137 0.00%
MTU Aero Engines AG 2,364 454,311 0.02% Piraeus Bank SA 8,386 28,590 0.00%
Porsche Automobil Holding SE - FF Group 1,291 7,235 0.00%
Preference Shares 7,030 447,822 0.02% 908,183 0.04%
36

Hong Kong 1.19% (30 June 2017: 1.24%) Shougang Fushan Resources Group
AIA Group Ltd. 549,200 4,802,162 0.23% Ltd. 186,000 44,334 0.00%
Hong Kong Exchanges & Clearing Sa Sa International Holdings Ltd. 66,000 41,894 0.00%
Ltd. 57,000 1,714,624 0.08% Chow Tai Fook Jewellery Group Ltd. 36,400 41,014 0.00%
CK Hutchison Holdings Ltd. 117,044 1,241,237 0.06% Cathay Pacific Airways Ltd. 26,000 40,895 0.00%
Sun Hung Kai Properties Ltd. 65,000 980,951 0.05% First Pacific Co., Ltd. 76,750 37,077 0.00%
CLP Holdings Ltd. 90,500 974,737 0.05% Johnson Electric Holdings Ltd. 11,625 33,858 0.00%
CK Asset Holdings Ltd. 117,044 929,436 0.04% Shui On Land Ltd. 130,500 33,101 0.00%
Hong Kong & China Gas Co., Ltd. 467,812 895,619 0.04% Uni-President China Holdings Ltd. 24,200 31,093 0.00%
Hang Seng Bank Ltd. 32,100 802,761 0.04% Haitong International Securities
BOC Hong Kong Holdings Ltd. 168,000 791,236 0.04% Group Ltd. 56,000 25,554 0.00%
Galaxy Entertainment Group Ltd. 94,000 727,874 0.04% HengTen Networks Group Ltd. 668,000 23,841 0.00%
Sands China Ltd. 108,000 577,481 0.03% Cafe de Coral Holdings Ltd. 8,000 19,374 0.00%
Jardine Matheson Holdings Ltd. 8,600 542,660 0.03% Dah Sing Financial Holdings Ltd. 3,200 18,681 0.00%
MTR Corp., Ltd. 79,000 437,018 0.02% China Travel International Investment
Hong Kong Ltd. 46,000 17,942 0.00%
AAC Technologies Holdings, Inc. 31,000 436,622 0.02%
Esprit Holdings Ltd. 57,300 17,821 0.00%
Power Assets Holdings Ltd. 61,500 429,966 0.02%
Television Broadcasts Ltd. 5,600 17,738 0.00%
New World Development Co., Ltd. 290,681 409,042 0.02%
Guotai Junan International Holdings
China Mengniu Dairy Co., Ltd. 118,000 400,079 0.02%
Ltd. 80,000 17,335 0.00%
Wharf Real Estate Investment Co.,
Hutchison Telecommunications
Ltd. 56,000 398,651 0.02%
Hong Kong Holdings Ltd. 38,000 13,417 0.00%
Henderson Land Development Co.,
L’Occitane International SA 7,250 11,976 0.00%
Ltd. 70,230 371,495 0.02%
China Oceanwide Holdings Ltd. 207,000 10,554 0.00%
Hongkong Land Holdings Ltd. 50,000 357,500 0.02%
FIH Mobile Ltd. 65,000 10,108 0.00%
Techtronic Industries Co., Ltd. 63,000 351,318 0.02%
Shun Tak Holdings Ltd. 14,000 5,728 0.00%
Wheelock & Co., Ltd. 48,000 334,359 0.02%
Kerry Logistics Network Ltd. 4,000 5,578 0.00%
Jardine Strategic Holdings Ltd. 9,100 331,968 0.02%
Macau Legend Development Ltd. 11,000 1,809 0.00%
Swire Pacific Ltd. Class A 30,000 317,764 0.02%
Brightoil Petroleum Holdings Ltd. 32,384 826 0.00%
WH Group Ltd. 357,918 291,519 0.01%
Bank of East Asia Ltd. 63,600 254,142 0.01% 24,970,543 1.19%
Want Want China Holdings Ltd. 278,000 247,333 0.01% Hungary 0.03% (30 June 2017: 0.05%)
Wynn Macau Ltd. 68,000 218,853 0.01% OTP Bank Nyrt 10,237 370,777 0.02%
Tingyi Cayman Islands Holding Corp. 92,000 213,423 0.01% MOL Hungarian Oil & Gas plc 21,194 204,652 0.01%
PCCW Ltd. 371,000 209,015 0.01% Richter Gedeon Nyrt 5,478 100,079 0.00%
Wharf Holdings Ltd. 64,000 205,571 0.01% Magyar Telekom Telecommunications
ASM Pacific Technology Ltd. 16,023 202,599 0.01% plc 26,122 37,252 0.00%
Hang Lung Properties Ltd. 94,000 193,860 0.01% 712,760 0.03%
CK Infrastructure Holdings Ltd. 25,000 185,298 0.01%
India 1.11% (30 June 2017: 1.12%)
Samsonite International SA 51,335 182,885 0.01%
Sino Land Co., Ltd. 110,000 178,906 0.01% Housing Development Finance
Corp., Ltd. 79,391 2,210,990 0.11%
Semiconductor Manufacturing
International Corp. 118,400 153,934 0.01% Reliance Industries Ltd. 138,623 1,967,510 0.09%
Minth Group Ltd. 36,000 152,114 0.01% Infosys Ltd. 90,003 1,717,170 0.08%
Swire Properties Ltd. 39,000 144,160 0.01% Tata Consultancy Services Ltd. 42,594 1,148,698 0.06%
Hysan Development Co., Ltd. 21,000 117,240 0.01% Hindustan Unilever Ltd. 30,538 731,481 0.04%
Hopewell Holdings Ltd. 33,000 113,148 0.01% Maruti Suzuki India Ltd. 5,485 706,538 0.03%
Yue Yuen Industrial Holdings Ltd. 37,500 105,873 0.01% Axis Bank Ltd. 89,817 669,613 0.03%
VTech Holdings Ltd. 9,100 105,030 0.01% ITC Ltd. 136,313 529,614 0.03%
Xinyi Glass Holdings Ltd. 82,000 100,234 0.01% Sun Pharmaceutical Industries Ltd. 57,733 475,245 0.02%
China Resources Pharmaceutical Mahindra & Mahindra Ltd. 29,629 388,206 0.02%
Group Ltd. 70,500 97,589 0.01% Yes Bank Ltd. 76,907 381,252 0.02%
Sun Art Retail Group Ltd. 73,500 96,121 0.01% Hero MotoCorp Ltd. 6,761 342,762 0.02%
Hang Lung Group Ltd. 34,000 95,342 0.00% Bharti Airtel Ltd. 58,580 326,565 0.02%
Kerry Properties Ltd. 19,000 90,938 0.00% HCL Technologies Ltd. 23,353 315,708 0.02%
Prada SpA 19,500 90,224 0.00% Oil & Natural Gas Corp., Ltd. 130,922 302,679 0.02%
Melco International Development Ltd. 29,000 89,268 0.00% JSW Steel Ltd. 62,288 297,099 0.01%
Li & Fung Ltd. 224,000 82,228 0.00% Larsen & Toubro Ltd. 15,880 295,535 0.01%
BOC Aviation Ltd. 12,600 78,294 0.00% State Bank of India 75,276 284,942 0.01%
Dairy Farm International Holdings Ltd. 8,900 78,231 0.00% Asian Paints Ltd. 15,112 278,893 0.01%
NWS Holdings Ltd. 43,000 74,430 0.00% Bajaj Finance Ltd. 8,018 268,731 0.01%
SJM Holdings Ltd. 58,000 72,154 0.00% Vedanta Ltd. Foreign 77,621 267,592 0.01%
Lifestyle International Holdings Ltd. 33,000 69,992 0.00% Wipro Ltd. 65,194 248,825 0.01%
Orient Overseas International Ltd. 7,000 68,167 0.00% Eicher Motors Ltd. 595 248,286 0.01%
Xinyi Solar Holdings Ltd. 214,400 65,860 0.00% Indian Oil Corp., Ltd. 107,212 244,108 0.01%
Shangri-La Asia Ltd. 34,000 63,966 0.00% Godrej Consumer Products Ltd. 13,434 240,328 0.01%
MGM China Holdings Ltd. 24,000 55,676 0.00% Tech Mahindra Ltd. 24,916 238,359 0.01%
Great Eagle Holdings Ltd. 10,000 48,818 0.00% Indiabulls Housing Finance Ltd. 13,949 232,602 0.01%
37

Bharat Petroleum Corp., Ltd. 42,363 230,812 0.01% Oracle Financial Services Software Ltd. 743 44,187 0.00%
Bajaj Finserv Ltd. 2,656 225,656 0.01% Cadila Healthcare Ltd. 7,940 43,736 0.00%
Grasim Industries Ltd. 14,715 216,242 0.01% Berger Paints India Ltd. 10,121 41,509 0.00%
Zee Entertainment Enterprises Ltd. 26,885 213,444 0.01% Dalmia Bharat Ltd. 1,241 41,298 0.00%
Adani Ports & Special Economic Zone Bajaj Holdings & Investment Ltd. 954 40,134 0.00%
Ltd. 39,056 212,709 0.01% Hindustan Zinc Ltd. 9,808 39,295 0.00%
UltraTech Cement Ltd. 3,692 205,769 0.01% Rural Electrification Corp., Ltd. 25,323 38,678 0.00%
Coal India Ltd. 52,773 203,613 0.01% Colgate-Palmolive India Ltd. 2,236 38,668 0.00%
Britannia Industries Ltd. 2,075 188,186 0.01% United Breweries Ltd. 2,268 38,114 0.00%
Hindalco Industries Ltd. 55,331 186,146 0.01% Steel Authority of India Ltd. 30,755 37,257 0.00%
NTPC Ltd. 75,016 174,798 0.01% ACC Ltd. 1,892 37,001 0.00%
Titan Co., Ltd. 13,495 173,033 0.01% Sun TV Network Ltd. 3,116 35,578 0.00%
Nestle India Ltd. 1,198 171,532 0.01% Rajesh Exports Ltd. 4,009 35,195 0.00%
Bajaj Auto Ltd. 4,087 167,638 0.01% Kansai Nerolac Paints Ltd. 5,436 35,084 0.00%
Bharti Infratel Ltd. 34,394 150,874 0.01% L&T Finance Holdings Ltd. 14,830 32,825 0.00%
United Spirits Ltd. 14,760 143,248 0.01% Oil India Ltd. 10,204 31,253 0.00%
HDFC Standard Life Insurance Co., IDFC Bank Ltd. 54,615 30,968 0.00%
Ltd. 21,086 140,384 0.01% MRF Ltd. 28 30,640 0.00%
Shriram Transport Finance Co., Ltd. 7,396 140,272 0.01% Bharat Heavy Electricals Ltd. 26,019 27,248 0.00%
Pidilite Industries Ltd. 8,898 138,116 0.01% Bharat Electronics Ltd. 15,547 24,654 0.00%
Ashok Leyland Ltd. 73,056 134,138 0.01% Bank of Baroda 14,765 24,276 0.00%
Aurobindo Pharma Ltd. 14,191 125,744 0.01% Torrent Power Ltd. 7,263 24,079 0.00%
Ambuja Cements Ltd. 40,687 123,192 0.01% Tata Communications Ltd. 2,706 23,411 0.00%
SBI Life Insurance Co., Ltd. 12,492 122,951 0.01% Glenmark Pharmaceuticals Ltd. 2,739 23,308 0.00%
Idea Cellular Ltd. 141,686 122,733 0.01% Emami Ltd. 2,952 22,799 0.00%
UPL Ltd. 13,557 122,441 0.01% NHPC Ltd. 59,747 20,449 0.00%
Piramal Enterprises Ltd. 3,196 118,310 0.01% Vakrangee Ltd. 20,329 19,835 0.00%
Mahindra & Mahindra Financial Canara Bank 5,128 18,827 0.00%
Services Ltd. 17,065 116,976 0.01% Power Finance Corp., Ltd. 16,220 18,300 0.00%
Power Grid Corp. of India Ltd. 42,036 114,638 0.01% Punjab National Bank 16,012 17,796 0.00%
Motherson Sumi Systems Ltd. 27,460 114,104 0.01% Wockhardt Ltd. 1,883 17,617 0.00%
Lupin Ltd. 8,618 113,682 0.01% GMR Infrastructure Ltd. 77,116 17,221 0.00%
Bharat Forge Ltd. 12,263 109,663 0.01% ABB India Ltd. 927 15,945 0.00%
Tata Motors Ltd. 26,787 105,287 0.01% Reliance Capital Ltd. 2,729 15,444 0.00%
Dabur India Ltd. 18,110 103,469 0.01% Reliance Infrastructure Ltd. 2,260 12,922 0.00%
Hindustan Petroleum Corp., Ltd. 25,529 96,579 0.01% State Bank of India GDR 320 12,000 0.00%
Future Retail Ltd. 11,449 96,042 0.01% Castrol India Ltd. 4,822 11,521 0.00%
Tata Motors Ltd. Class A 41,034 95,016 0.01% Petronet LNG Ltd. 2,388 7,640 0.00%
Cipla Ltd. 10,365 93,287 0.01% CG Power & Industrial Solutions Ltd. 9,193 7,507 0.00%
GAIL India Ltd. 18,709 92,910 0.01% Cummins India Ltd. 656 6,201 0.00%
Dr Reddy’s Laboratories Ltd. 2,758 89,970 0.01% Adani Enterprises Ltd. 3,629 5,993 0.00%
Page Industries Ltd. 214 86,875 0.00% Bank of India 3,927 5,015 0.00%
Mphasis Ltd. 5,238 82,888 0.00% Vedanta Ltd. 33,572 4,973 0.00%
Tata Steel Ltd. 9,525 78,929 0.00% Wipro Ltd. ADR 884 4,234 0.00%
NMDC Ltd. 48,456 76,452 0.00% Tata Motors Ltd. ADR 211 4,125 0.00%
Siemens Ltd. 4,912 70,284 0.00% IDFC Ltd. 5,462 3,683 0.00%
Marico Ltd. 13,922 67,390 0.00% Dr Reddy’s Laboratories Ltd. ADR 100 3,220 0.00%
InterGlobe Aviation Ltd. 4,174 66,313 0.00% Mahindra & Mahindra Ltd. GDR 224 2,923 0.00%
ICICI Prudential Life Insurance Co., Reliance Communications Ltd. 13,336 2,676 0.00%
Ltd. 11,619 63,984 0.00%
Adani Power Ltd. 6,748 1,591 0.00%
Shree Cement Ltd. 280 63,565 0.00%
Adani Green Energy Ltd. 2,761 1,080 0.00%
Havells India Ltd. 7,945 63,007 0.00%
23,367,396 1.11%
GlaxoSmithKline Consumer
Healthcare Ltd. 662 62,850 0.00% Indonesia 0.19% (30 June 2017: 0.25%)
Jindal Steel & Power Ltd. 19,006 61,874 0.00% Bank Central Asia Tbk PT 446,500 669,127 0.03%
Bosch Ltd. 241 61,591 0.00% Telekomunikasi Indonesia Persero
Biocon Ltd. 6,499 58,768 0.00% Tbk PT 2,278,000 596,127 0.03%
Torrent Pharmaceuticals Ltd. 2,817 57,608 0.00% Bank Rakyat Indonesia Persero
Divi’s Laboratories Ltd. 3,464 52,510 0.00% Tbk PT 2,405,400 476,716 0.02%
Container Corp. Of India Ltd. 5,478 52,150 0.00% Astra International Tbk PT 1,026,800 472,916 0.02%
LIC Housing Finance Ltd. 7,406 50,658 0.00% Bank Mandiri Persero Tbk PT 791,600 378,399 0.02%
Tata Power Co., Ltd. 46,689 49,916 0.00% Bank Negara Indonesia Persero
JSW Energy Ltd. 50,231 48,094 0.00% Tbk PT 369,800 181,932 0.01%
ICICI Lombard General Insurance United Tractors Tbk PT 63,300 139,587 0.01%
Co., Ltd. 4,713 47,928 0.00% Unilever Indonesia Tbk PT 42,400 136,402 0.01%
Avenue Supermarts Ltd. 2,107 45,680 0.00% Gudang Garam Tbk PT 27,300 128,118 0.01%
DLF Ltd. 16,408 45,214 0.00% Kalbe Farma Tbk PT 1,338,000 113,912 0.01%
38

Perusahaan Gas Negara Persero Tbk 677,000 94,251 0.01% Intesa Sanpaolo SpA 577,031 1,675,186 0.08%
Hanjaya Mandala Sampoerna Tbk PT 336,200 83,991 0.01% Assicurazioni Generali SpA 60,260 1,011,024 0.05%
Indofood Sukses Makmur Tbk PT 173,800 80,654 0.00% Fiat Chrysler Automobiles NV 49,538 944,727 0.04%
Matahari Department Store Tbk PT 107,300 65,892 0.00% Ferrari NV 5,751 782,249 0.04%
Semen Indonesia Persero Tbk PT 124,200 61,753 0.00% Atlantia SpA 24,426 722,090 0.03%
Charoen Pokphand Indonesia Tbk PT 235,400 60,452 0.00% CNH Industrial NV 45,274 480,811 0.02%
Bank Danamon Indonesia Tbk PT 130,200 57,922 0.00% Snam SpA 111,205 464,298 0.02%
Indocement Tunggal Prakarsa Tbk PT 54,600 52,009 0.00% Luxottica Group SpA 6,806 439,115 0.02%
Adaro Energy Tbk PT 389,600 48,666 0.00% Telecom Italia SpA 533,545 397,062 0.02%
Indofood CBP Sukses Makmur Tbk Tenaris SA 21,502 394,520 0.02%
PT 63,400 39,155 0.00% EXOR NV 5,082 342,362 0.02%
Surya Citra Media Tbk PT 268,000 38,526 0.00% Moncler SpA 7,067 321,792 0.02%
Tower Bersama Infrastructure Tbk Terna Rete Elettrica Nazionale SpA 59,454 321,533 0.02%
PT 77,800 27,091 0.00% Prysmian SpA 9,939 247,519 0.01%
Bumi Serpong Damai Tbk PT 239,900 26,200 0.00% Mediobanca Banca di Credito
Jasa Marga Persero Tbk PT 82,407 24,038 0.00% Finanziario SpA 25,104 233,368 0.01%
Bukit Asam Tbk PT 76,500 21,194 0.00% Intesa Sanpaolo SpA - RSP 70,293 213,219 0.01%
Vale Indonesia Tbk PT 40,400 11,390 0.00% Banco BPM SpA 72,266 211,948 0.01%
XL Axiata Tbk PT 51,750 9,100 0.00% Davide Campari-Milano SpA 24,612 202,443 0.01%
Media Nusantara Citra Tbk PT 91,400 5,868 0.00% FinecoBank Banca Fineco SpA 17,766 200,623 0.01%
4,101,388 0.19% Recordati SpA 5,022 199,709 0.01%
Ireland 0.10% (30 June 2017: 0.10%) Leonardo SpA 17,331 171,308 0.01%
Unione di Banche Italiane SpA 43,259 166,269 0.01%
Kerry Group plc Class A 6,536 683,747 0.03%
Poste Italiane SpA 19,510 163,325 0.01%
Paddy Power Betfair plc 3,686 403,915 0.02%
Saipem SpA 33,752 155,422 0.01%
Kingspan Group plc 6,886 344,744 0.02%
Telecom Italia SpA (Non CVA) 234,481 153,201 0.01%
Bank of Ireland Group plc 43,301 337,967 0.01%
A2A SpA 72,058 124,935 0.01%
AIB Group plc 33,220 180,355 0.01%
Pirelli & C SpA 14,036 117,205 0.01%
Glanbia plc 9,403 174,558 0.01%
Italgas SpA 17,839 98,349 0.00%
2,125,286 0.10% Salvatore Ferragamo SpA 3,437 83,869 0.00%
Israel 0.16% (30 June 2017: 0.18%) Mediaset SpA 25,744 82,357 0.00%
Teva Pharmaceutical Industries Ltd. 31,746 753,030 0.04% Banca Mediolanum SpA 11,838 80,234 0.00%
Bank Leumi Le-Israel BM 59,951 353,756 0.02% Buzzi Unicem SpA 2,965 72,663 0.00%
Bank Hapoalim BM 43,464 293,872 0.01% UnipolSai Assicurazioni SpA 27,143 59,975 0.00%
Nice Ltd. 2,747 283,364 0.01% Parmalat SpA 8,647 29,177 0.00%
Israel Discount Bank Ltd. Class A 75,668 220,562 0.01% Buzzi Unicem SpA-RSP 2,040 27,153 0.00%
Teva Pharmaceutical Industries Ltd. Intesa Sanpaolo SpA - Rights Issue
ADR 8,996 218,783 0.01% 17/7/2018 647,324 8 0.00%
Frutarom Industries Ltd. 1,880 184,120 0.01% 17,062,515 0.81%
Azrieli Group Ltd. 3,616 179,192 0.01% Japan 8.31% (30 June 2017: 8.37%)
Israel Chemicals Ltd. 32,613 148,786 0.01%
Toyota Motor Corp. 116,682 7,553,017 0.36%
Elbit Systems Ltd. 949 111,296 0.01%
Mitsubishi UFJ Financial Group, Inc. 586,200 3,339,961 0.16%
Bezeq The Israeli Telecommunication
Sony Corp. 57,300 2,930,052 0.14%
Corp., Ltd. 85,479 96,114 0.01%
SoftBank Group Corp. 38,500 2,771,277 0.13%
Tower Semiconductor Ltd. 3,999 88,561 0.01%
Sumitomo Mitsui Financial Group,
Mizrahi Tefahot Bank Ltd. 4,374 80,262 0.00%
Inc. 61,200 2,379,156 0.11%
First International Bank Of Israel Ltd. 2,299 47,951 0.00%
Honda Motor Co., Ltd. 81,000 2,378,847 0.11%
Mazor Robotics Ltd. 1,675 46,353 0.00%
Keyence Corp. 4,000 2,259,197 0.11%
Alony Hetz Properties & Investments
KDDI Corp. 81,000 2,216,503 0.11%
Ltd. 4,051 37,184 0.00%
Mizuho Financial Group, Inc. 1,217,600 2,050,128 0.10%
Paz Oil Co., Ltd. 266 34,873 0.00%
FANUC Corp. 8,900 1,768,108 0.08%
Gazit-Globe Ltd. 3,684 33,916 0.00%
Mitsubishi Corp. 61,600 1,711,775 0.08%
Airport City Ltd. 2,897 32,060 0.00%
Central Japan Railway Co. 8,200 1,699,743 0.08%
Melisron Ltd. 730 30,213 0.00%
Nidec Corp. 11,100 1,666,027 0.08%
Strauss Group Ltd. 1,486 29,878 0.00%
KAO Corp. 21,500 1,640,184 0.08%
Harel Insurance Investments &
Financial Services Ltd. 3,844 28,784 0.00% Shin-Etsu Chemical Co., Ltd. 18,300 1,631,164 0.08%
Oil Refineries Ltd. 57,590 24,181 0.00% East Japan Railway Co. 16,800 1,610,003 0.08%
Shikun & Binui Ltd. 13,367 23,553 0.00% Nintendo Co., Ltd. 4,800 1,568,727 0.08%
Israel Corp., Ltd. 49 10,421 0.00% Japan Tobacco, Inc. 56,000 1,564,754 0.07%
Delek Group Ltd. 69 9,355 0.00% Seven & i Holdings Co., Ltd. 34,900 1,522,159 0.07%
Recruit Holdings Co., Ltd. 54,973 1,521,665 0.07%
3,400,420 0.16%
Tokio Marine Holdings, Inc. 32,000 1,500,257 0.07%
Italy 0.81% (30 June 2017: 0.82%) Hitachi Ltd. 212,000 1,495,953 0.07%
Eni SpA 110,480 2,051,730 0.10% Canon, Inc. 45,500 1,491,541 0.07%
Enel SpA 348,050 1,933,082 0.09% Daikin Industries Ltd. 12,100 1,449,619 0.07%
UniCredit SpA 101,050 1,686,655 0.08% Takeda Pharmaceutical Co., Ltd. 34,100 1,440,164 0.07%
39

NTT DOCOMO, Inc. 56,100 1,429,533 0.07% Dentsu, Inc. 10,900 516,634 0.03%
Astellas Pharma, Inc. 92,800 1,415,061 0.07% Fujitsu Ltd. 85,000 515,533 0.02%
Shiseido Co., Ltd. 17,800 1,413,844 0.07% Nitori Holdings Co., Ltd. 3,300 514,820 0.02%
Murata Manufacturing Co., Ltd. 8,300 1,395,260 0.07% Nitto Denko Corp. 6,800 514,643 0.02%
Nippon Telegraph & Telephone Corp. 30,000 1,363,969 0.07% Makita Corp. 11,400 511,001 0.02%
Panasonic Corp. 94,800 1,278,236 0.06% Daito Trust Construction Co., Ltd. 3,100 504,049 0.02%
Mitsui & Co., Ltd. 75,700 1,262,635 0.06% Mitsubishi Chemical Holdings Corp. 60,000 502,361 0.02%
Komatsu Ltd. 42,400 1,212,686 0.06% Yamato Holdings Co., Ltd. 16,600 489,165 0.02%
Tokyo Electron Ltd. 7,000 1,202,004 0.06% Omron Corp. 10,200 476,089 0.02%
ITOCHU Corp. 64,900 1,176,245 0.06% Japan Exchange Group, Inc. 25,200 468,440 0.02%
Mitsubishi Electric Corp. 87,600 1,166,128 0.06% Daiwa Securities Group, Inc. 80,000 464,623 0.02%
Bridgestone Corp. 28,900 1,130,535 0.05% Mitsubishi Heavy Industries Ltd. 12,700 462,183 0.02%
Daiichi Sankyo Co., Ltd. 29,300 1,120,788 0.05% JFE Holdings, Inc. 24,200 457,935 0.02%
Daiwa House Industry Co., Ltd. 32,200 1,097,704 0.05% Ono Pharmaceutical Co., Ltd. 19,500 457,198 0.02%
Denso Corp. 22,300 1,089,582 0.05% Tokyo Gas Co., Ltd. 17,200 456,612 0.02%
Fast Retailing Co., Ltd. 2,300 1,057,130 0.05% Inpex Corp. 43,500 451,435 0.02%
Suzuki Motor Corp. 18,800 1,038,400 0.05% Kikkoman Corp. 8,700 439,065 0.02%
Mitsui Fudosan Co., Ltd. 43,000 1,038,072 0.05% Sumitomo Metal Mining Co., Ltd. 11,100 424,699 0.02%
JXTG Holdings, Inc. 145,050 1,008,599 0.05% Aisin Seiki Co., Ltd. 9,300 424,006 0.02%
Kirin Holdings Co., Ltd. 37,200 995,112 0.05% Ajinomoto Co., Inc. 22,300 421,982 0.02%
SMC Corp. 2,700 990,394 0.05% Bandai Namco Holdings, Inc. 10,200 420,837 0.02%
Hoya Corp. 17,000 966,758 0.05% T&D Holdings, Inc. 27,600 414,754 0.02%
ORIX Corp. 60,900 963,272 0.05% Sumitomo Chemical Co., Ltd. 73,000 413,885 0.02%
Mitsubishi Estate Co., Ltd. 53,700 939,077 0.05% MISUMI Group, Inc. 14,000 408,252 0.02%
Otsuka Holdings Co., Ltd. 19,300 934,638 0.04% Hankyu Hanshin Holdings, Inc. 10,100 406,225 0.02%
Dai-ichi Life Holdings, Inc. 50,500 900,898 0.04% Tokyu Corp. 22,400 385,855 0.02%
Nissan Motor Co., Ltd. 88,400 860,337 0.04% Toyota Tsusho Corp. 11,500 385,185 0.02%
Sysmex Corp. 9,200 858,827 0.04% Yamaha Corp. 7,400 384,815 0.02%
Asahi Group Holdings Ltd. 16,700 855,165 0.04% Obayashi Corp. 36,800 383,067 0.02%
Oriental Land Co., Ltd. 8,100 850,111 0.04% Toyota Industries Corp. 6,800 381,240 0.02%
Sumitomo Corp. 51,400 844,563 0.04% Yaskawa Electric Corp. 10,700 378,193 0.02%
Eisai Co., Ltd. 11,900 838,420 0.04% Yamaha Motor Co., Ltd. 14,900 374,770 0.02%
Terumo Corp. 14,500 831,264 0.04% Yakult Honsha Co., Ltd. 5,600 374,125 0.02%
Subaru Corp. 27,500 800,682 0.04% Shimadzu Corp. 12,300 372,004 0.02%
Kubota Corp. 50,600 796,242 0.04% Osaka Gas Co., Ltd. 17,600 364,267 0.02%
Toshiba Corp. 264,000 793,680 0.04% Asahi Glass Co., Ltd. 9,200 358,398 0.02%
Kyocera Corp. 13,900 783,942 0.04% Ryohin Keikaku Co., Ltd. 1,000 352,097 0.02%
Sumitomo Mitsui Trust Holdings, Inc. 18,600 737,686 0.04% FamilyMart UNY Holdings Co., Ltd. 3,321 349,595 0.02%
Aeon Co., Ltd. 33,600 718,927 0.03% Mazda Motor Corp. 28,100 345,019 0.02%
MS&AD Insurance Group Holdings, Rohm Co., Ltd. 4,100 344,242 0.02%
Inc. 22,900 712,026 0.03% Coca-Cola Bottlers Japan Holdings,
Shionogi & Co., Ltd. 13,800 709,031 0.03% Inc. 8,550 341,568 0.02%
Secom Co., Ltd. 9,200 706,581 0.03% NTT Data Corp. 29,600 340,989 0.02%
Asahi Kasei Corp. 55,300 702,951 0.03% NEC Corp. 12,300 337,580 0.02%
FUJIFILM Holdings Corp. 17,900 699,096 0.03% Isuzu Motors Ltd. 25,400 337,436 0.02%
Nippon Steel & Sumitomo Metal M3, Inc. 8,438 336,332 0.02%
Corp. 35,220 691,745 0.03% Tokyo Electric Power Co. Holdings,
Nomura Holdings, Inc. 142,000 689,969 0.03% Inc. 71,500 333,084 0.02%
Sumitomo Realty & Development Concordia Financial Group Ltd. 64,999 330,966 0.02%
Co., Ltd. 18,000 664,488 0.03% Showa Denko KK 7,400 328,696 0.02%
Sompo Holdings, Inc. 16,400 663,314 0.03% Kintetsu Group Holdings Co., Ltd. 8,000 326,457 0.02%
Japan Post Holdings Co., Ltd. 56,931 623,458 0.03% NGK Spark Plug Co., Ltd. 11,400 325,229 0.02%
Marubeni Corp. 81,400 621,055 0.03% Koito Manufacturing Co., Ltd. 4,800 317,212 0.02%
West Japan Railway Co. 8,100 597,015 0.03% Shimizu Corp. 30,500 316,386 0.02%
Resona Holdings, Inc. 109,600 586,367 0.03% MINEBEA MITSUMI, Inc. 18,700 316,380 0.02%
Unicharm Corp. 19,200 577,742 0.03% Kyushu Electric Power Co., Inc. 28,200 314,677 0.02%
Chugai Pharmaceutical Co., Ltd. 10,900 571,742 0.03% Alps Electric Co., Ltd. 12,200 313,467 0.02%
Sumitomo Electric Industries Ltd. 38,000 566,063 0.03% Dai Nippon Printing Co., Ltd. 13,800 308,854 0.02%
TDK Corp. 5,500 562,091 0.03% Santen Pharmaceutical Co., Ltd. 17,700 308,569 0.02%
Toray Industries, Inc. 68,300 538,927 0.03% Trend Micro, Inc. 5,400 308,112 0.02%
Chubu Electric Power Co., Inc. 35,500 532,348 0.03% Nippon Paint Holdings Co., Ltd. 7,100 305,755 0.02%
MEIJI Holdings Co., Ltd. 6,300 531,233 0.03% Tohoku Electric Power Co., Inc. 25,000 305,376 0.01%
Sekisui House Ltd. 30,000 530,854 0.03% Renesas Electronics Corp. 30,984 303,784 0.01%
Taisei Corp. 9,600 529,554 0.03% Nisshin Seifun Group, Inc. 14,290 302,533 0.01%
Shimano, Inc. 3,600 528,470 0.03% Kajima Corp. 39,000 302,099 0.01%
Olympus Corp. 13,900 520,787 0.03% Kose Corp. 1,400 301,702 0.01%
Kansai Electric Power Co., Inc. 35,500 517,925 0.03% Tobu Railway Co., Ltd. 9,800 299,932 0.01%
40

Sekisui Chemical Co., Ltd. 17,500 298,289 0.01% Tokyu Fudosan Holdings Corp. 27,200 192,032 0.01%
NGK Insulators Ltd. 16,000 285,000 0.01% Square Enix Holdings Co., Ltd. 3,900 191,541 0.01%
Ricoh Co., Ltd. 30,700 281,598 0.01% Aozora Bank Ltd. 5,000 190,268 0.01%
Keio Corp. 5,800 280,666 0.01% Shizuoka Bank Ltd. 21,000 189,780 0.01%
TOTO Ltd. 6,000 278,427 0.01% Otsuka Corp. 4,800 188,291 0.01%
Start Today Co., Ltd. 7,500 271,859 0.01% Fuji Electric Co., Ltd. 24,488 186,592 0.01%
CyberAgent, Inc. 4,500 270,573 0.01% Hakuhodo DY Holdings, Inc. 11,500 184,598 0.01%
Hisamitsu Pharmaceutical Co., Inc. 3,200 270,121 0.01% Mitsubishi Materials Corp. 6,700 184,187 0.01%
SBI Holdings, Inc. 10,400 267,969 0.01% TIS, Inc. 4,000 184,174 0.01%
Kobayashi Pharmaceutical Co., Ltd. 3,100 267,837 0.01% Sumitomo Rubber Industries Ltd. 11,500 182,729 0.01%
Nexon Co., Ltd. 18,300 265,830 0.01% Toyo Seikan Group Holdings Ltd. 10,400 182,715 0.01%
Nikon Corp. 16,700 265,807 0.01% Asahi Intecc Co., Ltd. 4,826 182,557 0.01%
Idemitsu Kosan Co., Ltd. 7,400 263,892 0.01% Sumitomo Heavy Industries Ltd. 5,400 182,332 0.01%
Rakuten, Inc. 38,900 263,185 0.01% Tokai Carbon Co., Ltd. 10,100 181,547 0.01%
Stanley Electric Co., Ltd. 7,700 262,773 0.01% Mebuki Financial Group, Inc. 53,800 180,685 0.01%
LIXIL Group Corp. 13,100 262,083 0.01% Isetan Mitsukoshi Holdings Ltd. 14,200 177,428 0.01%
Nissan Chemical Industries Ltd. 5,600 261,382 0.01% Bank of Kyoto Ltd. 3,800 175,994 0.01%
Kawasaki Heavy Industries Ltd. 8,800 259,396 0.01% Matsumotokiyoshi Holdings Co., Ltd. 3,900 175,168 0.01%
Kuraray Co., Ltd. 18,800 259,006 0.01% Lawson, Inc. 2,800 174,929 0.01%
Oji Holdings Corp. 41,000 254,295 0.01% Nihon M&A Center, Inc. 6,000 174,152 0.01%
Mitsubishi Motors Corp. 31,800 253,504 0.01% Hirose Electric Co., Ltd. 1,391 172,423 0.01%
Nippon Express Co., Ltd. 3,400 246,793 0.01% Daifuku Co., Ltd. 3,900 170,943 0.01%
Odakyu Electric Railway Co., Ltd. 11,400 244,745 0.01% USS Co., Ltd. 8,900 169,378 0.01%
Konami Holdings Corp. 4,800 244,409 0.01% Asics Corp. 10,000 169,097 0.01%
Keisei Electric Railway Co., Ltd. 7,100 243,899 0.01% Rinnai Corp. 1,900 167,589 0.01%
Suntory Beverage & Food Ltd. 5,700 243,407 0.01% Yokogawa Electric Corp. 9,400 167,352 0.01%
Hamamatsu Photonics KK 5,600 240,654 0.01% Kakaku.com, Inc. 7,400 167,154 0.01%
Nomura Research Institute Ltd. 4,953 240,126 0.01% Suzuken Co., Ltd. 3,920 165,980 0.01%
Nissin Foods Holdings Co., Ltd. 3,300 238,640 0.01% Kurita Water Industries Ltd. 5,800 165,467 0.01%
Casio Computer Co., Ltd. 14,400 234,269 0.01% Taiheiyo Cement Corp. 5,000 164,538 0.01%
Hoshizaki Corp. 2,300 232,772 0.01% Toho Co., Ltd. 4,900 164,343 0.01%
Sojitz Corp. 64,000 232,276 0.01% Sony Financial Holdings, Inc. 8,600 164,290 0.01%
NSK Ltd. 22,500 232,181 0.01% Nankai Electric Railway Co., Ltd. 5,900 163,793 0.01%
Don Quijote Holdings Co., Ltd. 4,800 230,542 0.01% Amada Holdings Co., Ltd. 16,800 161,531 0.01%
LINE Corp. 5,500 229,156 0.01% Pola Orbis Holdings, Inc. 3,600 158,444 0.01%
Taiyo Yuden Co., Ltd. 8,200 229,125 0.01% ANA Holdings, Inc. 4,300 157,962 0.01%
Kyushu Railway Co. 7,318 223,970 0.01% Kagome Co., Ltd. 4,700 156,150 0.01%
Obic Co., Ltd. 2,700 223,527 0.01% Japan Airlines Co., Ltd. 4,400 156,035 0.01%
Taisho Pharmaceutical Holdings Co., Sega Sammy Holdings, Inc. 9,100 155,932 0.01%
Ltd. 1,900 222,480 0.01% Ebara Corp. 5,000 155,509 0.01%
Disco Corp. 1,300 221,938 0.01% Nippon Shinyaku Co., Ltd. 2,500 155,284 0.01%
Chiba Bank Ltd. 31,000 219,140 0.01% Konica Minolta, Inc. 16,700 155,142 0.01%
Kyowa Hakko Kirin Co., Ltd. 10,800 217,726 0.01% JSR Corp. 9,100 154,946 0.01%
Seiko Epson Corp. 12,500 217,352 0.01% Kewpie Corp. 6,100 153,815 0.01%
Chugoku Electric Power Co., Inc. 16,700 215,902 0.01% DIC Corp. 4,900 153,063 0.01%
Marui Group Co., Ltd. 10,200 214,931 0.01% Yamada Denki Co., Ltd. 30,700 152,717 0.01%
NH Foods Ltd. 5,300 214,124 0.01% Tokyo Tatemono Co., Ltd. 11,100 152,423 0.01%
Mitsubishi Gas Chemical Co., Inc. 9,300 210,743 0.01% Haseko Corp. 11,000 152,043 0.01%
IHI Corp. 6,000 209,091 0.01% Fukuoka Financial Group, Inc. 30,000 150,860 0.01%
Lion Corp. 11,400 208,929 0.01% PeptiDream, Inc. 3,600 149,831 0.01%
Kansai Paint Co., Ltd. 10,000 207,827 0.01% Mitsui OSK Lines Ltd. 6,200 149,340 0.01%
Mitsui Chemicals, Inc. 7,800 207,737 0.01% Skylark Co., Ltd. 10,055 148,785 0.01%
Yahoo Japan Corp. 62,300 206,982 0.01% Advantest Corp. 7,100 147,942 0.01%
Brother Industries Ltd. 10,400 205,437 0.01% Persol Holdings Co., Ltd. 6,600 147,236 0.01%
Pigeon Corp. 4,200 204,379 0.01% Oracle Corp. Japan 1,800 147,068 0.01%
Hulic Co., Ltd. 19,000 202,925 0.01% Teijin Ltd. 8,000 146,761 0.01%
Electric Power Development Co., Ltd. 7,800 201,399 0.01% THK Co., Ltd. 5,000 143,321 0.01%
Tsuruha Holdings, Inc. 1,600 200,641 0.01% COMSYS Holdings Corp. 5,400 143,282 0.01%
JGC Corp. 9,900 199,582 0.01% Welcia Holdings Co., Ltd. 2,694 143,255 0.01%
Keikyu Corp. 12,100 198,380 0.01% Ube Industries Ltd. 5,500 142,956 0.01%
Alfresa Holdings Corp. 8,400 197,553 0.01% Hokkaido Electric Power Co., Inc. 21,000 142,951 0.01%
Mitsubishi Tanabe Pharma Corp. 11,400 196,990 0.01% Nabtesco Corp. 4,600 141,615 0.01%
Yamazaki Baking Co., Ltd. 7,500 196,362 0.01% Toppan Printing Co., Ltd. 18,000 141,055 0.01%
Nagoya Railroad Co., Ltd. 7,600 196,235 0.01% Nippon Yusen KK 7,100 140,955 0.01%
SUMCO Corp. 9,680 195,496 0.01% Hikari Tsushin, Inc. 800 140,622 0.01%
Tosoh Corp. 12,500 193,766 0.01% Itoham Yonekyu Holdings, Inc. 16,100 138,521 0.01%
Japan Post Bank Co., Ltd. 16,624 193,608 0.01%
41

Hino Motors Ltd. 12,900 137,775 0.01% Sankyu, Inc. 1,600 84,070 0.00%
Hitachi Construction Machinery Co., Tokai Tokyo Financial Holdings, Inc. 13,100 83,734 0.00%
Ltd. 4,200 136,505 0.01% Tokuyama Corp. 2,600 83,447 0.00%
J Front Retailing Co., Ltd. 8,900 135,551 0.01% Nomura Real Estate Holdings, Inc. 3,700 82,107 0.00%
Hitachi High-Technologies Corp. 3,300 134,663 0.01% Cosmos Pharmaceutical Corp. 400 81,181 0.00%
Relo Group, Inc. 5,100 134,631 0.01% Japan Display, Inc. 62,300 80,993 0.00%
Kaneka Corp. 15,000 134,474 0.01% NOF Corp. 2,500 80,802 0.00%
Sharp Corp. 5,500 134,068 0.01% Cosmo Energy Holdings Co., Ltd. 2,300 80,775 0.00%
Seibu Holdings, Inc. 7,819 131,864 0.01% Izumi Co., Ltd. 1,300 80,395 0.00%
Park24 Co., Ltd. 4,800 130,655 0.01% Bic Camera, Inc. 5,200 80,231 0.00%
Sumitomo Dainippon Pharma Co., Ltd. 6,100 129,143 0.01% Fujikura Ltd. 12,600 80,197 0.00%
Zenkoku Hosho Co., Ltd. 2,800 127,152 0.01% Heiwa Corp. 3,300 79,666 0.00%
Horiba Ltd. 1,800 125,942 0.01% Suruga Bank Ltd. 8,900 79,627 0.00%
Nihon Kohden Corp. 4,500 125,333 0.01% Mitsubishi UFJ Lease & Finance Co.,
JTEKT Corp. 9,200 125,253 0.01% Ltd. 12,900 79,311 0.00%
Yamaguchi Financial Group, Inc. 11,000 123,938 0.01% Capcom Co., Ltd. 3,200 78,870 0.00%
Keihan Holdings Co., Ltd. 3,400 122,015 0.01% DeNA Co., Ltd. 4,200 78,756 0.00%
Japan Airport Terminal Co., Ltd. 2,600 121,825 0.01% Hitachi Metals Ltd. 7,500 77,868 0.00%
Sankyo Co., Ltd. 3,100 121,324 0.01% Nippon Electric Glass Co., Ltd. 2,800 77,859 0.00%
Toyo Suisan Kaisha Ltd. 3,400 121,094 0.01% NOK Corp. 4,000 77,425 0.00%
SCREEN Holdings Co., Ltd. 1,700 119,713 0.01% Takashimaya Co., Ltd. 9,000 77,028 0.00%
Sohgo Security Services Co., Ltd. 2,500 117,817 0.01% Mitsui Mining & Smelting Co., Ltd. 1,800 76,622 0.00%
Daicel Corp. 10,600 117,326 0.01% Aica Kogyo Co., Ltd. 2,100 73,751 0.00%
Kobe Steel Ltd. 12,800 117,178 0.01% Shikoku Electric Power Co., Inc. 5,500 73,588 0.00%
Seino Holdings Co., Ltd. 6,600 117,026 0.01% Penta-Ocean Construction Co., Ltd. 10,900 73,018 0.00%
Zensho Holdings Co., Ltd. 4,500 114,282 0.01% Kamigumi Co., Ltd. 3,500 72,771 0.00%
Aoyama Trading Co., Ltd. 3,400 113,574 0.01% Takara Holdings, Inc. 5,500 72,694 0.00%
Calbee, Inc. 3,000 112,806 0.01% Noevir Holdings Co., Ltd. 1,000 72,135 0.00%
Iida Group Holdings Co., Ltd. 5,800 111,900 0.01% Gunma Bank Ltd. 13,700 71,985 0.00%
Ain Holdings, Inc. 1,500 110,640 0.01% Daishi Bank Ltd. 1,800 71,584 0.00%
Sugi Holdings Co., Ltd. 1,900 109,954 0.01% TS Tech Co., Ltd. 1,700 70,984 0.00%
House Foods Group, Inc. 3,100 109,710 0.01% Toyota Boshoku Corp. 3,800 69,952 0.00%
Mabuchi Motor Co., Ltd. 2,300 109,430 0.01% Toda Corp. 8,000 69,625 0.00%
Rohto Pharmaceutical Co., Ltd. 3,400 109,123 0.01% PALTAC Corp. 1,200 69,119 0.00%
Medipal Holdings Corp. 5,300 106,608 0.01% Leopalace21 Corp. 12,500 68,501 0.00%
Benesse Holdings, Inc. 3,000 106,442 0.01% Hachijuni Bank Ltd. 15,900 68,041 0.00%
MonotaRO Co., Ltd. 2,400 106,171 0.01% Tsumura & Co. 2,100 67,873 0.00%
Ezaki Glico Co., Ltd. 2,200 105,665 0.01% Nippon Kayaku Co., Ltd. 6,000 67,115 0.00%
Morinaga & Co., Ltd. 2,200 105,467 0.01% Kinden Corp. 4,100 66,998 0.00%
Sundrug Co., Ltd. 2,600 105,394 0.01% Topcon Corp. 3,900 66,898 0.00%
Toho Gas Co., Ltd. 3,000 103,869 0.01% Hitachi Chemical Co., Ltd. 3,300 66,587 0.00%
Air Water, Inc. 5,600 102,834 0.01% Open House Co., Ltd. 1,100 65,147 0.00%
Nichirei Corp. 4,000 101,765 0.01% Sumitomo Forestry Co., Ltd. 4,300 65,103 0.00%
Nippon Shokubai Co., Ltd. 1,400 101,241 0.01% Ulvac, Inc. 1,700 65,075 0.00%
Denka Co., Ltd. 3,000 100,077 0.01% Maruichi Steel Tube Ltd. 1,900 64,411 0.00%
Aeon Mall Co., Ltd. 5,440 97,735 0.01% Seven Bank Ltd. 20,800 63,659 0.00%
Credit Saison Co., Ltd. 6,200 97,619 0.01% Hokuriku Electric Power Co. 6,300 63,304 0.00%
Miura Co., Ltd. 4,000 97,251 0.01% 77 Bank Ltd. 2,900 63,281 0.00%
Shimamura Co., Ltd. 1,100 96,827 0.01% Iyo Bank Ltd. 9,500 62,782 0.00%
Kyudenko Corp. 2,000 96,601 0.01% Nisshinbo Holdings, Inc. 5,800 62,312 0.00%
Tokyo Century Corp. 1,700 96,384 0.01% SG Holdings Co., Ltd. 2,800 61,427 0.00%
Yokohama Rubber Co., Ltd. 4,600 95,642 0.01% Pilot Corp. 1,100 61,274 0.00%
Furukawa Electric Co., Ltd. 2,700 94,457 0.00% Sotetsu Holdings, Inc. 2,000 61,211 0.00%
Showa Shell Sekiyu KK 6,200 92,526 0.00% Nagase & Co., Ltd. 3,900 60,983 0.00%
Fukuyama Transporting Co., Ltd. 1,800 91,979 0.00% Sumitomo Osaka Cement Co., Ltd. 13,000 60,913 0.00%
Hiroshima Bank Ltd. 13,600 90,613 0.00% Tokai Rika Co., Ltd. 3,200 60,785 0.00%
Sanwa Holdings Corp. 8,500 90,092 0.00% Japan Steel Works Ltd. 2,400 60,561 0.00%
Nishi-Nippon Railroad Co., Ltd. 3,300 89,825 0.00% Daido Steel Co., Ltd. 1,300 60,091 0.00%
Shinsei Bank Ltd. 5,800 89,331 0.00% Citizen Watch Co., Ltd. 9,100 59,809 0.00%
Nishi-Nippon Financial Holdings, Inc. 7,600 88,855 0.00% Morinaga Milk Industry Co., Ltd. 1,600 59,802 0.00%
SCSK Corp. 1,900 88,340 0.00% Fuji Media Holdings, Inc. 3,500 59,784 0.00%
Ito En Ltd. 1,900 87,997 0.00% Ibiden Co., Ltd. 3,700 59,292 0.00%
AEON Financial Service Co., Ltd. 4,100 87,504 0.00% GS Yuasa Corp. 13,000 59,270 0.00%
Azbil Corp. 2,000 87,212 0.00% Zeon Corp. 5,000 59,134 0.00%
Kyushu Financial Group, Inc. 18,040 87,134 0.00% Chiyoda Corp. 6,800 59,120 0.00%
Nifco, Inc. 2,800 86,706 0.00% Toyoda Gosei Co., Ltd. 2,300 58,328 0.00%
Kyowa Exeo Corp. 3,300 86,667 0.00% OKUMA Corp. 1,100 58,195 0.00%
42

K’s Holdings Corp. 5,600 58,192 0.00% ASKUL Corp. 700 22,688 0.00%
Daiichikosho Co., Ltd. 1,200 57,961 0.00% Aiful Corp. 7,000 21,866 0.00%
Nipro Corp. 5,000 57,780 0.00% Keiyo Bank Ltd. 5,000 21,442 0.00%
GMO Payment Gateway, Inc. 500 57,690 0.00% Komeri Co., Ltd. 800 20,310 0.00%
Maeda Corp. 5,000 57,509 0.00% Sanrio Co., Ltd. 1,000 19,374 0.00%
Fuji Oil Holdings, Inc. 1,600 57,491 0.00% NTT Urban Development Corp. 1,800 19,338 0.00%
Taiyo Nippon Sanso Corp. 4,000 57,347 0.00% Gree, Inc. 3,600 19,273 0.00%
Hokuhoku Financial Group, Inc. 4,300 57,261 0.00% Maeda Road Construction Co., Ltd. 1,000 19,022 0.00%
Chugoku Bank Ltd. 5,600 56,675 0.00% KYORIN Holdings, Inc. 900 18,688 0.00%
Miraca Holdings, Inc. 1,900 56,606 0.00% Japan Petroleum Exploration Co., Ltd. 700 18,283 0.00%
NHK Spring Co., Ltd. 6,000 56,552 0.00% Nippo Corp. 1,000 18,237 0.00%
Dowa Holdings Co., Ltd. 1,800 55,496 0.00% Nisshin Steel Co., Ltd. 1,300 17,945 0.00%
Kawasaki Kisen Kaisha Ltd. 3,000 55,442 0.00% Japan Aviation Electronics Industry Ltd. 1,000 15,754 0.00%
Sapporo Holdings Ltd. 2,200 55,137 0.00% Fujitsu General Ltd. 1,000 15,655 0.00%
Mitsui E&S Holdings Co., Ltd. 4,200 55,095 0.00% Exedy Corp. 400 12,387 0.00%
Toyo Tire & Rubber Co., Ltd. 3,700 54,148 0.00% Orient Corp. 8,900 11,972 0.00%
Mitsubishi Logistics Corp. 2,500 54,011 0.00% Nissan Shatai Co., Ltd. 1,000 9,109 0.00%
Kokuyo Co., Ltd. 3,000 53,275 0.00% Matsui Securities Co., Ltd. 700 6,693 0.00%
Rengo Co., Ltd. 6,000 52,815 0.00% SKY Perfect JSAT Holdings, Inc. 1,400 6,674 0.00%
DMG Mori Co., Ltd. 3,800 52,730 0.00% COLOPL, Inc. 800 5,417 0.00%
Shima Seiki Manufacturing Ltd. 1,100 52,535 0.00% 174,769,632 8.31%
Ushio, Inc. 4,100 52,155 0.00%
Malaysia 0.30% (30 June 2017: 0.31%)
Kaken Pharmaceutical Co., Ltd. 1,000 51,370 0.00%
Public Bank Bhd 149,700 865,699 0.04%
H2O Retailing Corp. 3,200 51,106 0.00%
Tenaga Nasional Bhd 181,100 656,345 0.03%
Glory Ltd. 1,800 50,377 0.00%
Malayan Banking Bhd 260,600 580,616 0.03%
Sawai Pharmaceutical Co., Ltd. 1,100 50,052 0.00%
CIMB Group Holdings Bhd 316,400 426,880 0.02%
Toyobo Co., Ltd. 3,000 49,916 0.00%
Petronas Chemicals Group Bhd 158,300 329,571 0.02%
Resorttrust, Inc. 2,800 49,546 0.00%
Genting Bhd 114,800 239,007 0.01%
ABC-Mart, Inc. 900 49,239 0.00%
Maxis Bhd 176,200 238,161 0.01%
Tadano Ltd. 4,000 49,149 0.00%
IOI Corp. Bhd 199,100 223,769 0.01%
Kissei Pharmaceutical Co., Ltd. 1,800 48,833 0.00%
Axiata Group Bhd 217,400 204,510 0.01%
Itochu Techno-Solutions Corp. 2,800 48,384 0.00%
DiGi.Com Bhd 191,500 196,738 0.01%
Nippon Paper Industries Co., Ltd. 3,000 47,885 0.00%
Sime Darby Plantation Bhd 143,900 189,872 0.01%
North Pacific Bank Ltd. 13,500 45,217 0.00%
Petronas Gas Bhd 41,500 177,732 0.01%
FP Corp. 800 44,202 0.00%
IHH Healthcare Bhd 95,000 143,458 0.01%
Wacoal Holdings Corp. 1,500 43,741 0.00%
PPB Group Bhd 25,600 124,720 0.01%
Shochiku Co., Ltd. 300 43,416 0.00%
Genting Malaysia Bhd 98,900 119,478 0.01%
Ariake Japan Co., Ltd. 500 43,064 0.00%
Hong Leong Bank Bhd 25,600 115,341 0.01%
OSG Corp. 2,000 41,222 0.00%
Gamuda Bhd 135,100 109,364 0.01%
NTN Corp. 10,000 40,988 0.00%
Sime Darby Bhd 171,900 104,259 0.01%
Jafco Co., Ltd. 1,000 40,672 0.00%
Kuala Lumpur Kepong Bhd 17,300 103,470 0.01%
Kusuri no Aoki Holdings Co., Ltd. 600 39,922 0.00%
Nestle Malaysia Bhd 2,500 91,286 0.01%
Nippon Television Holdings, Inc. 2,300 38,809 0.00%
Press Metal Aluminium Holdings
Hitachi Capital Corp. 1,500 38,785 0.00%
Bhd 77,900 84,081 0.01%
Acom Co., Ltd. 9,900 38,075 0.00%
MISC Bhd 46,800 68,587 0.00%
Ci:z Holdings Co., Ltd. 800 38,063 0.00%
British American Tobacco Malaysia
Lintec Corp. 1,300 37,733 0.00%
Bhd 7,800 67,158 0.00%
Awa Bank Ltd. 6,000 36,943 0.00%
Malaysia Airports Holdings Bhd 30,700 66,880 0.00%
Mochida Pharmaceutical Co., Ltd. 500 36,428 0.00%
Alliance Bank Malaysia Bhd 66,700 66,708 0.00%
San-In Godo Bank Ltd. 4,000 35,787 0.00%
Petronas Dagangan Bhd 10,100 62,008 0.00%
Koei Tecmo Holdings Co., Ltd. 1,800 35,394 0.00%
Hong Leong Financial Group Bhd 13,826 61,609 0.00%
Megmilk Snow Brand Co., Ltd. 1,300 34,682 0.00%
IJM Corp. Bhd 136,500 60,486 0.00%
Japan Post Insurance Co., Ltd. 1,636 33,646 0.00%
YTL Corp. Bhd 215,160 60,188 0.00%
Canon Marketing Japan, Inc. 1,600 33,339 0.00%
HAP Seng Consolidated Bhd 23,100 56,042 0.00%
Kandenko Co., Ltd. 3,000 32,935 0.00%
RHB Bank Bhd 39,259 53,065 0.00%
Shimachu Co., Ltd. 1,000 31,779 0.00%
AMMB Holdings Bhd 50,400 46,788 0.00%
Shiga Bank Ltd. 6,000 30,714 0.00%
Sime Darby Property Bhd 143,900 42,748 0.00%
NS Solutions Corp. 1,200 30,259 0.00%
Telekom Malaysia Bhd 52,300 40,266 0.00%
HIS Co., Ltd. 1,000 30,154 0.00%
AirAsia Group Bhd 43,000 31,828 0.00%
Tokyo Broadcasting System Holdings,
Astro Malaysia Holdings Bhd 77,200 30,387 0.00%
Inc. 1,300 29,201 0.00%
Westports Holdings Bhd 33,323 27,965 0.00%
Hitachi Transport System Ltd. 1,100 28,184 0.00%
Sapura Energy Bhd 151,886 24,064 0.00%
Ichigo, Inc. 5,900 27,698 0.00%
KLCCP Stapled Group 9,500 18,814 0.00%
Autobacs Seven Co., Ltd. 1,500 26,597 0.00%
Felda Global Ventures Holdings Bhd 28,000 10,467 0.00%
GungHo Online Entertainment, Inc. 10,000 25,459 0.00%
Bumi Armada Bhd 50,150 8,939 0.00%
Yamato Kogyo Co., Ltd. 800 24,159 0.00%
IOI Properties Group Bhd 19,200 7,605 0.00%
43

YTL Power International Bhd 29,345 7,482 0.00% NN Group NV 14,508 590,148 0.03%
UEM Sunrise Bhd 6,800 1,195 0.00% ABN AMRO Group NV GDR 18,035 467,881 0.02%
RHB Capital Bhd 7,560 91 0.00% Aegon NV 77,260 463,292 0.02%
6,245,727 0.30% Heineken Holding NV 4,686 449,181 0.02%
Koninklijke KPN NV 153,951 418,807 0.02%
Mexico 0.35% (30 June 2017: 0.43%)
Randstad NV 4,931 290,277 0.01%
America Movil SAB de CV 1,306,500 1,102,058 0.05%
ASR Nederland NV 5,724 233,773 0.01%
Fomento Economico Mexicano
Gemalto NV 3,825 222,490 0.01%
SAB de CV 101,400 900,416 0.04%
Aalberts Industries NV 4,455 213,363 0.01%
Grupo Financiero Banorte SAB de
Koninklijke Vopak NV 3,348 154,677 0.01%
CV Class O 144,900 860,889 0.04%
Signify NV 4,324 112,329 0.01%
Wal-Mart de Mexico SAB de CV 267,700 713,930 0.04%
Altice Europe NV Class A 23,742 96,743 0.01%
Grupo Mexico SAB de CV 189,300 542,116 0.03%
OCI NV 3,360 90,738 0.01%
Grupo Televisa SAB 121,587 465,978 0.02%
Boskalis Westminster 2,843 82,818 0.00%
Cemex SAB de CV 643,824 428,108 0.02%
GrandVision NV 2,067 46,457 0.00%
Alfa SAB de CV Class A 174,600 204,840 0.01%
Altice Europe NV Class B 2,847 11,568 0.00%
Grupo Aeroportuario del Pacifico
SAB de CV Class B 20,800 195,029 0.01% 23,416,421 1.11%
Grupo Bimbo SAB de CV 97,000 191,032 0.01% New Zealand 0.08% (30 June 2017: 0.09%)
Coca-Cola Femsa SAB de CV 32,000 182,387 0.01% Spark New Zealand Ltd. 105,672 266,864 0.01%
Mexichem SAB de CV 51,124 149,244 0.01% Fisher & Paykel Healthcare Corp., Ltd. 23,955 241,497 0.01%
Grupo Aeroportuario del Sureste Auckland International Airport Ltd. 45,322 208,046 0.01%
SAB de CV Class B 9,210 147,832 0.01%
Fletcher Building Ltd. 39,642 186,535 0.01%
Alsea SAB de CV 39,388 137,106 0.01%
Ryman Healthcare Ltd. 19,195 155,562 0.01%
Promotora y Operadora de
Contact Energy Ltd. 29,632 117,365 0.01%
Infraestructura SAB de CV 14,641 132,408 0.01%
SKYCITY Entertainment Group Ltd. 36,785 100,617 0.01%
Grupo Financiero Inbursa SAB de CV
Meridian Energy Ltd. 43,162 91,175 0.01%
Class O 90,200 128,033 0.01%
Kiwi Property Group Ltd. 85,787 78,120 0.00%
Industrias Penoles SAB de CV 6,650 120,643 0.01%
Mercury NZ Ltd. 30,938 70,590 0.00%
Infraestructura Energetica Nova
SAB de CV 24,800 112,305 0.01% Air New Zealand Ltd. 29,470 63,350 0.00%
Gruma SAB de CV Class B 6,585 81,262 0.00% Sky Network Television Ltd. 5,773 10,162 0.00%
Banco Santander Mexico SA 1,589,883 0.08%
Institucion de Banca Multiple Norway 0.22% (30 June 2017: 0.20%)
Grupo Financiero Santand Class B 56,900 77,408 0.00%
Equinor A.S.A 42,023 1,115,746 0.05%
Industrias Bachoco SAB de CV 15,031 72,793 0.00%
DNB A.S.A 49,702 971,428 0.05%
Arca Continental SAB de CV 10,400 64,525 0.00%
Telenor A.S.A 30,211 619,573 0.03%
Grupo Elektra SAB de CV 2,105 57,959 0.00%
Yara International A.S.A 9,299 385,633 0.02%
Kimberly-Clark de Mexico SAB de
Marine Harvest A.S.A 18,423 366,634 0.02%
CV Class A 30,600 52,262 0.00%
Norsk Hydro A.S.A 57,778 345,871 0.02%
Becle SAB de CV 32,400 47,176 0.00%
Orkla A.S.A 37,547 328,923 0.01%
Regional SAB de CV 8,400 45,697 0.00%
Aker BP A.S.A 4,833 178,368 0.01%
El Puerto de Liverpool SAB de CV 6,800 43,960 0.00%
Schibsted A.S.A Class B 4,403 124,250 0.01%
Grupo Aeroportuario del Centro
Norte SAB de CV Class B 8,200 43,270 0.00% Schibsted A.S.A Class A 4,070 123,642 0.00%
Megacable Holdings SAB de CV 8,500 35,387 0.00% Gjensidige Forsikring A.S.A 5,826 95,499 0.00%
Grupo Carso SAB de CV 8,300 28,372 0.00% 4,655,567 0.22%
Telesites SAB de CV 37,770 27,844 0.00% Pakistan 0.01% (30 June 2017: 0.01%)
Organizacion Soriana SAB de CV Oil & Gas Development Co., Ltd. 37,700 48,118 0.01%
Class B 12,000 21,392 0.00%
Habib Bank Ltd. 21,000 28,779 0.00%
Grupo Comercial Chedraui SA de CV 4,500 10,531 0.00%
Pakistan Petroleum Ltd. 16,100 28,488 0.00%
Grupo Lala SAB de CV Class B 9,900 10,325 0.00%
Fauji Fertilizer Co., Ltd. 6,300 5,120 0.00%
Industrias CH SAB de CV Class B 1,000 4,375 0.00%
110,505 0.01%
7,438,892 0.35%
Peru 0.04% (30 June 2017: 0.04%)
Netherlands 1.11% (30 June 2017: 1.05%)
Credicorp Ltd. 2,361 521,781 0.02%
Unilever NV 68,418 3,817,134 0.18%
Credicorp Ltd. (XNYS) 685 154,207 0.01%
ASML Holding NV 18,456 3,656,747 0.17%
Cia de Minas Buenaventura SAA ADR 9,921 135,223 0.01%
ING Groep NV 176,684 2,543,111 0.12%
Volcan Cia Minera SAA 116,467 28,810 0.00%
Koninklijke Philips NV 42,127 1,791,577 0.09%
840,021 0.04%
Koninklijke Ahold Delhaize NV 55,211 1,321,785 0.06%
Heineken NV 10,898 1,094,515 0.05% Philippines 0.11% (30 June 2017: 0.16%)
Akzo Nobel NV 11,724 1,003,630 0.05% SM Investments Corp. 24,900 408,254 0.02%
Unibail-Rodamco-Westfield 4,512 993,279 0.05% SM Prime Holdings, Inc. 349,800 235,636 0.01%
RELX NV 41,279 880,287 0.04% Ayala Corp. 13,170 227,037 0.01%
ArcelorMittal 29,176 855,358 0.04% Ayala Land, Inc. 266,600 189,331 0.01%
Koninklijke DSM NV 8,117 816,160 0.04% BDO Unibank, Inc. 74,635 175,513 0.01%
Wolters Kluwer NV 12,393 698,296 0.03% Jollibee Foods Corp. 30,100 148,336 0.01%
44

PLDT, Inc. 5,290 127,870 0.01% Qatar Electricity & Water Co. QSC 3,338 172,327 0.01%
Bank of the Philippine Islands 72,422 120,098 0.01% Masraf Al Rayan QSC 12,764 122,452 0.01%
Aboitiz Equity Ventures, Inc. 104,770 106,993 0.01% Qatar International Islamic Bank QSC 6,708 97,681 0.01%
Metropolitan Bank & Trust Co. 54,349 74,750 0.01% Commercial Bank PQSC 8,689 90,899 0.00%
Universal Robina Corp. 29,910 67,815 0.00% Al Meera Consumer Goods Co. QSC 1,927 80,446 0.00%
GT Capital Holdings, Inc. 3,725 63,517 0.00% Doha Bank QPSC 8,796 64,623 0.00%
International Container Terminal Qatar Navigation QSC 3,210 57,306 0.00%
Services, Inc. 33,120 47,973 0.00% Ooredoo QPSC 2,494 49,805 0.00%
LT Group, Inc. 125,200 42,416 0.00% Qatar Gas Transport Co., Ltd. 9,686 42,032 0.00%
Manila Electric Co. 6,230 41,512 0.00% Vodafone Qatar QSC 16,138 39,049 0.00%
Metro Pacific Investments Corp. 391,000 33,702 0.00% United Development Co. QSC 1,046 4,011 0.00%
Bloomberry Resorts Corp. 178,600 32,629 0.00% Barwa Real Estate Co. 9 85 0.00%
Megaworld Corp. 323,605 25,953 0.00% Ezdan Holding Group QSC 29 65 0.00%
Petron Corp. 154,900 25,774 0.00% 2,071,282 0.10%
DMCI Holdings, Inc. 113,900 22,410 0.00%
Russia 0.41% (30 June 2017: 0.38%)
Semirara Mining & Power Corp.
Class A 37,700 21,405 0.00% Sberbank of Russia PJSC 478,845 1,664,817 0.08%
Alliance Global Group, Inc. 95,700 20,837 0.00% LUKOIL PJSC 22,712 1,575,650 0.08%
Globe Telecom, Inc. 690 19,911 0.00% Gazprom PJSC 520,802 1,171,218 0.06%
Aboitiz Power Corp. 25,100 16,344 0.00% Novatek PJSC 48,821 664,001 0.03%
Energy Development Corp. 24,729 2,423 0.00% Tatneft PJSC 59,913 645,878 0.03%
Rosneft Oil Co. PJSC 61,326 387,453 0.02%
2,298,439 0.11%
MMC Norilsk Nickel PJSC 2,059 374,316 0.02%
Poland 0.13% (30 June 2017: 0.14%)
Magnit PJSC 4,129 302,913 0.01%
Powszechna Kasa Oszczednosci Transneft PJSC - Preference Shares 77 204,343 0.01%
Bank Polski SA 36,538 360,993 0.02% Surgutneftegas OJSC - Preference
Polski Koncern Naftowy ORLEN SA 14,060 315,678 0.02% Shares 350,448 176,754 0.01%
Powszechny Zaklad Ubezpieczen SA 24,242 252,395 0.01% Mobile TeleSystems PJSC 38,209 169,466 0.01%
Bank Polska Kasa Opieki SA 7,627 230,198 0.01% VTB Bank PJSC 215,307,610 164,857 0.01%
KGHM Polska Miedz SA 7,733 181,761 0.01% Alrosa PJSC 101,600 162,035 0.01%
LPP SA 71 160,909 0.01% Severstal PJSC 7,758 115,079 0.01%
Polskie Gornictwo Naftowe i Surgutneftegas OJSC 242,744 110,256 0.01%
Gazownictwo SA 86,956 132,619 0.01% Tatneft PJSC - Preference Shares
Bank Zachodni WBK SA 1,483 132,141 0.01% Class 3 14,860 110,225 0.01%
CD Projekt SA 3,039 131,335 0.01% Rostelecom PJSC 77,327 90,298 0.00%
PGE Polska Grupa Energetyczna SA 36,611 91,333 0.01% Moscow Exchange MICEX-RTS
CCC SA 1,517 83,874 0.01% PJSC 44,460 76,990 0.00%
Dino Polska SA 2,664 74,001 0.00% Novolipetsk Steel PJSC 25,789 62,451 0.00%
Bank Millennium SA 32,471 69,557 0.00% Polyus PJSC GDR 1,651 54,235 0.00%
Grupa Lotos SA 3,626 55,127 0.00% Inter RAO UES PJSC 740,000 48,387 0.00%
Alior Bank SA 2,991 53,446 0.00% RusHydro PJSC 4,453,621 47,986 0.00%
mBank SA 474 50,616 0.00% PhosAgro PJSC GDR 3,597 46,221 0.00%
Eurocash SA 6,725 38,978 0.00% MegaFon PJSC 4,364 35,078 0.00%
Orange Polska SA 29,141 36,115 0.00% Bashneft PJSC - Preference Shares 1,113 30,380 0.00%
KRUK SA 660 35,257 0.00% Aeroflot PJSC 13,100 29,208 0.00%
Jastrzebska Spolka Weglowa SA 1,674 34,294 0.00% LSR Group PJSC GDR 10,306 27,826 0.00%
Asseco Poland SA 3,173 33,934 0.00% Magnitogorsk Iron & Steel Works
AmRest Holdings SE 267 31,379 0.00% PJSC 40,800 27,687 0.00%
Grupa Azoty SA 2,439 28,078 0.00% Federal Grid Co. Unified Energy
PLAY Communications SA 3,371 23,050 0.00% System PJSC 9,067,895 27,116 0.00%
Tauron Polska Energia SA 36,392 22,259 0.00% Uralkali PJSC 10,922 18,124 0.00%
Cyfrowy Polsat SA 3,009 18,597 0.00% ROSSETI PJSC 1,419,144 17,903 0.00%
Enea SA 3,189 7,785 0.00% Unipro PJSC 248,035 11,499 0.00%
Bank Handlowy w Warszawie SA 204 3,858 0.00% Sistema PJSFC GDR 2,109 5,753 0.00%
2,689,567 0.13% 8,656,403 0.41%
Portugal 0.06% (30 June 2017: 0.05%) Singapore 0.38% (30 June 2017: 0.43%)
Galp Energia SGPS SA 24,021 458,127 0.02% DBS Group Holdings Ltd. 82,700 1,613,969 0.08%
EDP-Energias de Portugal SA 98,922 392,688 0.02% Oversea-Chinese Banking Corp., Ltd. 148,863 1,270,822 0.06%
Jeronimo Martins SGPS SA 11,822 170,740 0.01% United Overseas Bank Ltd. 59,200 1,161,857 0.06%
EDP Renovaveis SA 13,930 145,237 0.01% Singapore Telecommunications Ltd. 339,500 766,894 0.04%
Banco Espirito Santo SA 44,785 61 0.00% Keppel Corp., Ltd. 70,800 371,265 0.02%
1,166,853 0.06% CapitaLand Ltd. 129,200 299,429 0.02%
Singapore Exchange Ltd. 49,500 260,297 0.01%
Qatar 0.10% (30 June 2017: 0.08%)
Genting Singapore Ltd. 260,100 232,726 0.01%
Qatar National Bank QPSC 17,873 746,140 0.04% Singapore Technologies Engineering
Industries Qatar QSC 10,648 312,918 0.02% Ltd. 86,300 208,234 0.01%
Qatar Islamic Bank SAQ 6,009 191,443 0.01% City Developments Ltd. 23,000 184,371 0.01%
45

Singapore Press Holdings Ltd. 93,200 177,719 0.01% Coronation Fund Managers Ltd. 12,453 52,978 0.00%
Singapore Airlines Ltd. 22,400 175,619 0.01% Tsogo Sun Holdings Ltd. 35,310 52,812 0.00%
UOL Group Ltd. 30,000 167,657 0.01% Pick n Pay Stores Ltd. 9,275 50,604 0.00%
Wilmar International Ltd. 72,100 161,808 0.01% Pioneer Foods Group Ltd. 6,063 49,504 0.00%
Venture Corp., Ltd. 10,800 141,307 0.01% Anglo American Platinum Ltd. 1,826 47,827 0.00%
ComfortDelGro Corp., Ltd. 75,900 130,814 0.01% Telkom SA SOC Ltd. 12,800 45,797 0.00%
Jardine Cycle & Carriage Ltd. 3,411 79,602 0.00% Reunert Ltd. 7,814 45,762 0.00%
SATS Ltd. 21,700 79,575 0.00% Kumba Iron Ore Ltd. 2,057 44,237 0.00%
Singapore Post Ltd. 77,400 71,525 0.00% Impala Platinum Holdings Ltd. 29,916 44,199 0.00%
Sembcorp Industries Ltd. 33,000 66,557 0.00% Northam Platinum Ltd. 14,595 39,058 0.00%
Hutchison Port Holdings Trust 217,600 60,928 0.00% Massmart Holdings Ltd. 4,669 38,023 0.00%
Yangzijiang Shipbuilding Holdings Ltd. 79,800 52,966 0.00% Super Group Ltd. 14,610 37,350 0.00%
Sembcorp Marine Ltd. 32,700 48,924 0.00% Steinhoff Africa Retail Ltd. 27,160 33,092 0.00%
Golden Agri-Resources Ltd. 215,700 48,250 0.00% Famous Brands Ltd. 3,693 30,525 0.00%
StarHub Ltd. 33,200 40,419 0.00% Assore Ltd. 1,424 30,395 0.00%
Wing Tai Holdings Ltd. 21,100 30,795 0.00% Sibanye Gold Ltd. 49,818 29,914 0.00%
Yanlord Land Group Ltd. 23,500 27,404 0.00% KAP Industrial Holdings Ltd. 53,297 29,125 0.00%
M1 Ltd. 6,600 7,745 0.00% Brait SE 7,929 24,632 0.00%
7,939,478 0.38% JSE Ltd. 1,862 22,023 0.00%
Harmony Gold Mining Co., Ltd. 13,031 20,175 0.00%
South Africa 0.74% (30 June 2017: 0.76%)
Attacq Ltd. 12,519 15,573 0.00%
Naspers Ltd. Class N 19,438 4,942,375 0.24%
African Rainbow Minerals Ltd. 1,529 12,171 0.00%
Sasol Ltd. 26,266 963,657 0.05%
Steinhoff International Holdings NV 101,299 9,534 0.00%
Standard Bank Group Ltd. 60,636 848,827 0.04%
Tongaat Hulett Ltd. 1,157 6,755 0.00%
MTN Group Ltd. 85,636 674,154 0.03%
EOH Holdings Ltd. 2,589 6,116 0.00%
FirstRand Ltd. 142,059 662,191 0.03%
Omnia Holdings Ltd. 342 3,294 0.00%
Old Mutual Ltd. 208,566 414,140 0.02%
Grindrod Ltd. 2,916 1,996 0.00%
Sanlam Ltd. 77,000 393,645 0.02%
Grindrod Shipping Holdings Ltd. 72 756 0.00%
Remgro Ltd. 24,664 367,614 0.02%
Oceana Group Ltd. 91 524 0.00%
Aspen Pharmacare Holdings Ltd. 18,712 352,526 0.02%
15,608,321 0.74%
Barclays Africa Group Ltd. 29,523 344,615 0.02%
Shoprite Holdings Ltd. 20,013 322,121 0.02% South Korea 1.60% (30 June 2017: 1.73%)
Bid Corp., Ltd. 14,917 299,630 0.01% Samsung Electronics Co., Ltd. 210,668 8,818,001 0.42%
Vodacom Group Ltd. 31,515 282,333 0.01% SK Hynix, Inc. 24,390 1,875,480 0.09%
Bidvest Group Ltd. 15,628 224,633 0.01% Samsung Electronics Co., Ltd. -
Sappi Ltd. 28,691 191,535 0.01% Preference Shares 43,400 1,466,137 0.07%
Mondi Ltd. 6,912 187,391 0.01% Celltrion, Inc. 3,548 966,189 0.05%
Netcare Ltd. 92,344 186,086 0.01% POSCO 3,188 941,096 0.05%
Mr Price Group Ltd. 10,936 180,529 0.01% KB Financial Group, Inc. 18,851 893,076 0.04%
Gold Fields Ltd. 45,466 163,205 0.01% NAVER Corp. 1,168 799,627 0.04%
Tiger Brands Ltd. 6,722 162,530 0.01% Hyundai Motor Co. 6,965 784,305 0.04%
RMB Holdings Ltd. 28,636 158,345 0.01% Shinhan Financial Group Co., Ltd. 20,024 777,962 0.04%
Woolworths Holdings Ltd. 37,036 149,833 0.01% LG Chem Ltd. 2,220 664,307 0.03%
Nedbank Group Ltd. 8,221 149,698 0.01% Hyundai Mobis Co., Ltd. 3,084 586,638 0.03%
Discovery Ltd. 13,712 147,562 0.01% SK Innovation Co., Ltd. 2,911 527,611 0.03%
AngloGold Ashanti Ltd. 17,579 143,800 0.01% LG Household & Health Care Ltd. 420 526,083 0.03%
NEPI Rockcastle plc 15,825 141,390 0.01% Hana Financial Group, Inc. 12,608 484,749 0.02%
Capitec Bank Holdings Ltd. 2,213 140,147 0.01% Amorepacific Corp. 1,647 476,588 0.02%
Imperial Holdings Ltd. 9,124 130,400 0.01% Samsung SDI Co., Ltd. 2,386 458,146 0.02%
Clicks Group Ltd. 8,821 126,482 0.01% KT&G Corp. 4,638 445,281 0.02%
Barloworld Ltd. 12,498 118,267 0.01% LG Electronics, Inc. 5,257 391,504 0.02%
SPAR Group Ltd. 8,718 117,938 0.01% Korea Electric Power Corp. 13,463 386,555 0.02%
AVI Ltd. 14,768 116,582 0.01% Woori Bank 26,130 382,161 0.02%
Life Healthcare Group Holdings Ltd. 62,019 112,579 0.01% Samsung Fire & Marine Insurance
Foschini Group Ltd. 7,953 100,963 0.01% Co., Ltd. 1,479 350,342 0.02%
Truworths International Ltd. 17,609 99,246 0.00% Samsung C&T Corp. 3,299 344,848 0.02%
Investec Ltd. 13,857 97,117 0.00% SK Holdings Co., Ltd. 1,457 338,594 0.02%
Exxaro Resources Ltd. 9,359 85,831 0.00% Samsung Electro-Mechanics Co., Ltd. 2,372 316,054 0.02%
Santam Ltd. 4,089 85,150 0.00% Kia Motors Corp. 10,850 300,334 0.01%
PSG Group Ltd. 5,277 83,238 0.00% Samsung Life Insurance Co., Ltd. 3,164 279,352 0.01%
Nampak Ltd. 63,120 72,209 0.00% LG Corp. 4,295 277,855 0.01%
Liberty Holdings Ltd. 7,743 65,712 0.00% Samsung SDS Co., Ltd. 1,537 276,508 0.01%
Rand Merchant Investment Holdings NCSoft Corp. 790 262,979 0.01%
Ltd. 23,450 64,073 0.00% Lotte Chemical Corp. 721 225,131 0.01%
MMI Holdings Ltd. 45,975 59,271 0.00% E-MART, Inc. 983 224,471 0.01%
Aeci Ltd. 6,999 54,000 0.00% Samsung Biologics Co., Ltd. 593 221,876 0.01%
46

SK Telecom Co., Ltd. 1,057 220,979 0.01% NHN Entertainment Corp. 637 37,094 0.00%
Lotte Corp. 3,966 203,905 0.01% Ottogi Corp. 48 36,996 0.00%
Korea Zinc Co., Ltd. 567 196,377 0.01% GS Retail Co., Ltd. 938 36,990 0.00%
LG Display Co., Ltd. 11,644 191,194 0.01% Doosan Infracore Co., Ltd. 4,161 35,991 0.00%
S-Oil Corp. 1,910 187,658 0.01% Cheil Worldwide, Inc. 1,924 35,649 0.00%
Kakao Corp. 1,820 186,981 0.01% Hyundai Motor Co. New - Preference
Celltrion Healthcare Co., Ltd. 1,877 186,774 0.01% Shares 434 35,359 0.00%
Coway Co., Ltd. 2,352 182,757 0.01% Samsung Card Co., Ltd. 972 33,403 0.00%
Hyundai Steel Co. 3,844 181,422 0.01% HDC Holdings Co., Ltd. 1,282 32,898 0.00%
Hyundai Engineering & Construction Hyundai Mipo Dockyard Co., Ltd. 423 32,565 0.00%
Co., Ltd. 3,394 175,105 0.01% Mando Corp. 945 32,560 0.00%
Hyundai Heavy Industries Co., Ltd. 1,750 160,161 0.01% LS Corp. 478 32,167 0.00%
Hyosung Corp. 1,322 158,948 0.01% Paradise Co., Ltd. 1,968 31,873 0.00%
AMOREPACIFIC Group 1,411 156,356 0.01% Amorepacific Corp. - Preference Shares 223 31,014 0.00%
Industrial Bank of Korea 11,205 154,829 0.01% Doosan Corp. 320 29,861 0.00%
Hankook Tire Co., Ltd. 3,686 139,238 0.01% Hite Jinro Co., Ltd. 1,588 27,998 0.00%
Shinsegae, Inc. 384 138,336 0.01% BGF retail Co., Ltd. 159 27,820 0.00%
Korea Investment Holdings Co., Ltd. 1,832 138,242 0.01% BGF Co., Ltd. 2,850 27,618 0.00%
Hanmi Pharm Co., Ltd. 363 137,122 0.01% Posco Daewoo Corp. 1,427 27,400 0.00%
BNK Financial Group, Inc. 16,211 136,001 0.01% LG Chem Ltd. - Preference Shares 151 27,301 0.00%
Korea Aerospace Industries Ltd. 3,612 133,526 0.01% NongShim Co., Ltd. 88 25,662 0.00%
Hyundai Heavy Industries Holdings SKC Co., Ltd. 662 25,631 0.00%
Co., Ltd. 418 132,582 0.01% Hanssem Co., Ltd. 254 23,930 0.00%
Hyundai Motor Co. - Preference Hyundai Construction Equipment
Shares 1,771 130,779 0.01% Co., Ltd. 186 23,532 0.00%
Mirae Asset Daewoo Co., Ltd. 16,995 129,921 0.01% Hanwha Aerospace Co., Ltd. 926 19,484 0.00%
SillaJen, Inc. 1,963 129,105 0.01% Dongsuh Cos, Inc. 822 19,287 0.00%
Netmarble Corp. 927 126,844 0.01% FIT Hon Teng Ltd. 42,000 19,005 0.00%
Samsung Securities Co., Ltd. 4,065 126,746 0.01% Hanmi Science Co. ltd 321 18,606 0.00%
Lotte Shopping Co., Ltd. 661 124,549 0.01% Doosan Heavy Industries &
Hotel Shilla Co., Ltd. 1,097 121,561 0.01% Construction Co., Ltd. 1,059 14,871 0.00%
LG Uplus Corp. 9,253 116,233 0.01% KEPCO Plant Service & Engineering
NH Investment & Securities Co., Ltd. 8,569 114,945 0.01% Co., Ltd. 423 13,531 0.00%
Hyundai Glovis Co., Ltd. 1,069 110,785 0.01% Hyundai Wia Corp. 353 12,907 0.00%
Samsung Engineering Co., Ltd. 7,618 106,973 0.01% Hyundai Electric & Energy System
Korea Gas Corp. 1,812 104,379 0.01% Co., Ltd. 190 11,934 0.00%
Samsung Heavy Industries Co., Ltd. 15,946 102,157 0.01% Lotte Confectionery Co., Ltd. 68 11,044 0.00%
Orion Corp./Republic of Korea 739 98,799 0.00% SK Networks Co., Ltd. 2,220 8,964 0.00%
CJ Corp. 768 97,852 0.00% Lotte Chilsung Beverage Co., Ltd. 6 8,275 0.00%
GS Holdings Corp. 1,882 91,863 0.00% LG Hausys Ltd. 67 4,172 0.00%
DB Insurance Co., Ltd. 1,681 88,990 0.00% 33,688,917 1.60%
HDC Hyundai Development Co.- Spain 0.98% (30 June 2017: 1.14%)
Engineering & Construction Class E 1,792 86,666 0.00%
Banco Santander SA 723,257 3,877,662 0.19%
CJ CheilJedang Corp. 270 85,397 0.00%
Iberdrola SA 288,514 2,231,324 0.11%
Kangwon Land, Inc. 3,505 82,239 0.00%
Banco Bilbao Vizcaya Argentaria SA 302,762 2,147,097 0.10%
LG Household & Health Care Ltd. -
Telefonica SA 206,388 1,754,008 0.08%
Preference Shares 107 70,085 0.00%
Industria de Diseno Textil SA 47,274 1,614,999 0.08%
Yuhan Corp. 351 68,499 0.00%
Amadeus IT Group SA 18,764 1,480,975 0.07%
Daelim Industrial Co., Ltd. 967 66,375 0.00%
Repsol SA 53,970 1,056,407 0.05%
Hyundai Marine & Fire Insurance Co.,
Ltd. 2,153 65,102 0.00% CaixaBank SA 164,148 710,259 0.03%
GS Engineering & Construction Corp. 1,527 63,026 0.00% Aena SME SA 2,922 530,501 0.03%
Hyundai Department Store Co., Ltd. 580 60,108 0.00% Ferrovial SA 23,100 474,005 0.02%
KCC Corp. 202 59,449 0.00% ACS Actividades de Construccion y
Servicios SA 10,985 445,046 0.02%
Daewoo Engineering & Construction
Co., Ltd. 11,145 58,700 0.00% Grifols SA 14,660 441,258 0.02%
OCI Co., Ltd. 625 57,761 0.00% International Consolidated Airlines
Group SA 48,512 425,278 0.02%
Kumho Petrochemical Co., Ltd. 547 57,179 0.00%
Banco de Sabadell SA 245,123 410,831 0.02%
CJ Logistics Corp. 373 56,226 0.00%
Red Electrica Corp. SA 19,587 398,832 0.02%
Hanon Systems 5,828 55,430 0.00%
Gas Natural SDG SA 12,801 338,971 0.02%
DGB Financial Group, Inc. 6,006 55,237 0.00%
Endesa SA 14,012 309,117 0.02%
Hanwha Corp. 1,947 55,117 0.00%
Enagas SA 10,359 302,850 0.01%
LOTTE Fine Chemical Co., Ltd. 808 47,124 0.00%
Bankinter SA 29,292 285,295 0.01%
Hanwha Chemical Corp. 2,347 46,013 0.00%
Grifols SA - Preference Shares
Korean Air Lines Co., Ltd. 1,789 45,347 0.00%
Class B 12,144 261,739 0.01%
S-1 Corp. 500 43,428 0.00%
Bankia SA 61,257 229,367 0.01%
Hanwha Life Insurance Co., Ltd. 8,454 40,203 0.00%
Cellnex Telecom SA 7,207 181,754 0.01%
47

Mapfre SA 51,237 154,639 0.01% ABB Ltd. 85,695 1,873,648 0.09%
Siemens Gamesa Renewable Credit Suisse Group AG 119,039 1,792,269 0.09%
Energy SA 8,734 117,321 0.01% Swiss Re AG 15,770 1,361,085 0.06%
Distribuidora Internacional de LafargeHolcim Ltd. 21,676 1,056,131 0.05%
Alimentacion SA 37,174 108,289 0.01% Givaudan SA 431 977,503 0.05%
Grupo Catalana Occidente SA 1,774 79,018 0.00% Lonza Group AG 3,376 895,892 0.04%
Acciona SA 916 75,847 0.00% Sika AG 6,360 880,068 0.04%
Acerinox SA 4,995 66,134 0.00% Swatch Group AG 1,579 749,148 0.04%
Zardoya Otis SA 6,659 63,597 0.00% Geberit AG 1,682 721,450 0.03%
Mediaset Espana Comunicacion SA 6,053 51,039 0.00% Julius Baer Group Ltd. 10,328 606,189 0.03%
Repsol SA - Rights Issue 31/12/2049 53,970 30,630 0.00% SGS SA 227 603,992 0.03%
Corp. Financiera Alba SA 519 30,177 0.00% Partners Group Holding AG 734 537,776 0.03%
ACS Actividades de Construccion y Swiss Life Holding AG 1,545 536,810 0.03%
Servicios SA - Rights Issue 9/7/2018 10,985 11,312 0.00% Swisscom AG 1,075 479,823 0.02%
20,695,578 0.98% Adecco Group AG 7,967 471,465 0.02%
Sweden 0.83% (30 June 2017: 1.00%) Temenos AG 2,675 404,099 0.02%
Nordea Bank AB 144,975 1,398,216 0.07% Sonova Holding AG 2,214 396,556 0.02%
Volvo AB Class B 66,171 1,059,209 0.05% Chocoladefabriken Lindt &
Spruengli AG REG 5 379,677 0.02%
Telefonaktiebolaget LM Ericsson
Class B 130,850 1,013,042 0.05% Vifor Pharma AG 2,335 373,078 0.02%
Swedbank AB Class A 46,951 1,006,618 0.05% Chocoladefabriken Lindt &
Spruengli AG 57 369,112 0.02%
Atlas Copco AB Class A 31,394 915,220 0.04%
Straumann Holding AG 471 358,130 0.02%
Assa Abloy AB Class B 42,549 907,959 0.04%
Swiss Prime Site AG 3,728 342,220 0.02%
Investor AB Class B 21,671 883,942 0.04%
Kuehne + Nagel International AG 2,249 337,933 0.02%
Sandvik AB 49,122 873,060 0.04%
Schindler Holding AG 1,468 315,791 0.01%
Essity AB Class B 29,444 728,036 0.03%
Logitech International SA 6,858 301,615 0.01%
Svenska Handelsbanken AB Class A 57,554 640,518 0.03%
Roche Holding AG BR 1,237 279,055 0.01%
Hennes & Mauritz AB Class B 42,909 640,325 0.03%
ams AG 3,708 275,519 0.01%
Hexagon AB Class B 11,207 625,743 0.03%
Schindler Holding AG REG 1,261 265,166 0.01%
Skandinaviska Enskilda Banken AB
Class A 62,774 597,567 0.03% Baloise Holding AG 1,720 249,958 0.01%
Telia Co. AB 118,112 540,786 0.03% Georg Fischer AG 191 244,485 0.01%
Swedish Match AB 8,798 436,360 0.02% Flughafen Zurich AG 1,056 215,252 0.01%
Boliden AB 12,477 405,300 0.02% Dufry AG 1,585 201,766 0.01%
Atlas Copco AB Class B 14,045 368,395 0.02% Clariant AG 8,017 192,321 0.01%
Kinnevik AB Class B 10,480 359,525 0.02% EMS-Chemie Holding AG 265 169,870 0.01%
SKF AB Class B 18,079 336,885 0.02% Barry Callebaut AG 90 161,337 0.01%
Epiroc AB Class A 31,394 329,837 0.02% OC Oerlikon Corp. AG 9,976 152,611 0.01%
Svenska Cellulosa AB SCA Class B 30,285 329,459 0.02% Helvetia Holding AG 248 141,490 0.01%
Alfa Laval AB 13,280 315,597 0.02% Pargesa Holding SA 1,609 136,278 0.01%
Skanska AB Class B 16,366 297,830 0.01% PSP Swiss Property AG 1,281 118,689 0.01%
Industrivarden AB Class A 14,377 291,365 0.01% Swatch Group AG-REG 1,044 90,264 0.00%
Electrolux AB 12,309 280,688 0.01% DKSH Holding AG 1,143 80,405 0.00%
Lundin Petroleum AB 7,944 253,700 0.01% 3SBio, Inc. 35,000 79,498 0.00%
Trelleborg AB Class B 11,676 249,678 0.01% Banque Cantonale Vaudoise 90 69,067 0.00%
Securitas AB Class B 13,707 225,922 0.01% Sulzer AG 506 61,457 0.00%
Tele2 AB Class B 16,582 195,180 0.01% Aryzta AG 3,859 57,888 0.00%
Husqvarna AB Class B 20,429 194,151 0.01% 51,983,298 2.47%
Saab AB Class B 4,131 171,779 0.01% Taiwan 1.25% (30 June 2017: 1.41%)
Epiroc AB Class B 14,045 128,738 0.01% Taiwan Semiconductor
L E Lundbergforetagen AB Class B 3,190 98,132 0.01% Manufacturing Co., Ltd. 1,088,000 7,725,929 0.37%
Fastighets AB Balder Class B 3,700 96,698 0.00% Hon Hai Precision Industry Co., Ltd. 682,611 1,862,776 0.09%
Svenska Handelsbanken AB Class B 8,401 96,537 0.00% Formosa Plastics Corp. 236,720 873,477 0.04%
ICA Gruppen AB 2,734 83,951 0.00% Nan Ya Plastics Corp. 289,210 827,168 0.04%
Investment AB Latour Class B 4,182 45,298 0.00% Largan Precision Co., Ltd. 5,000 736,343 0.04%
Industrivarden AB Class C 2,044 39,687 0.00% Chunghwa Telecom Co., Ltd. 186,000 671,073 0.03%
Telefonaktiebolaget LM Ericsson CTBC Financial Holding Co., Ltd. 918,104 660,983 0.03%
Class A 4,032 30,873 0.00% MediaTek, Inc. 66,794 657,238 0.03%
17,491,806 0.83% Cathay Financial Holding Co., Ltd. 360,159 635,536 0.03%
Switzerland 2.47% (30 June 2017: 2.93%) Formosa Chemicals & Fibre Corp. 154,540 615,859 0.03%
Nestle SA 139,921 10,836,321 0.52% Uni-President Enterprises Corp. 214,006 543,289 0.03%
Novartis AG 98,459 7,464,619 0.35% Fubon Financial Holding Co., Ltd. 318,399 533,650 0.03%
Roche Holding AG 31,276 6,946,897 0.33% Mega Financial Holding Co., Ltd. 599,196 528,671 0.03%
UBS Group AG 154,901 2,390,712 0.11% China Steel Corp. 559,987 435,302 0.02%
Zurich Insurance Group AG 6,815 2,018,522 0.10% Catcher Technology Co., Ltd. 35,000 391,459 0.02%
Cie Financiere Richemont SA 23,164 1,962,391 0.09% ASE Technology Holding Co., Ltd. 164,281 385,802 0.02%
Delta Electronics, Inc. 105,731 379,735 0.02%
48

Asustek Computer, Inc. 36,000 328,845 0.02% Transcend Information, Inc. 2,000 5,550 0.00%
First Financial Holding Co., Ltd. 442,960 299,292 0.01% Taiwan Fertilizer Co., Ltd. 4,000 5,491 0.00%
United Microelectronics Corp. 534,000 296,876 0.01% Formosa Taffeta Co., Ltd. 5,000 5,469 0.00%
President Chain Store Corp. 26,000 294,636 0.01% Yulon Motor Co., Ltd. 5,000 3,460 0.00%
Taiwan Mobile Co., Ltd. 73,000 264,575 0.01% 26,281,855 1.25%
China Development Financial
Thailand 0.33% (30 June 2017: 0.33%)
Holding Corp. 696,000 254,535 0.01%
Taiwan Cooperative Financial PTT PCL 640,400 927,836 0.04%
Holding Co., Ltd. 427,400 250,228 0.01% CP ALL PCL Foreign 232,900 516,696 0.03%
E.Sun Financial Holding Co., Ltd. 336,625 234,622 0.01% Kasikornbank PCL Foreign 79,500 479,928 0.02%
Hua Nan Financial Holdings Co., Ltd. 399,615 232,651 0.01% Siam Commercial Bank PCL 123,600 442,095 0.02%
Formosa Petrochemical Corp. 56,000 225,003 0.01% Airports of Thailand PCL 176,100 334,872 0.02%
Yuanta Financial Holding Co., Ltd. 486,623 221,856 0.01% Bangkok Dusit Medical Services PCL
Pou Chen Corp. 191,000 221,769 0.01% Class F 407,300 307,350 0.02%
Pegatron Corp. 101,000 207,708 0.01% Siam Cement PCL NVDR 21,800 272,418 0.01%
Quanta Computer, Inc. 117,000 205,307 0.01% PTT Exploration & Production PCL
Foreign 63,734 270,288 0.01%
Inventec Corp. 241,000 189,316 0.01%
Advanced Info Service PCL 47,400 264,685 0.01%
Taiwan Cement Corp. 136,000 188,911 0.01%
Central Pattana PCL Foreign 116,400 245,062 0.01%
Far EasTone Telecommunications
Co., Ltd. 73,000 188,674 0.01% Siam Cement PCL 17,200 214,935 0.01%
Taiwan Business Bank 603,000 186,110 0.01% PTT Global Chemical PCL Foreign 93,500 206,022 0.01%
Far Eastern New Century Corp. 182,221 172,727 0.01% Krung Thai Bank PCL Foreign 375,900 189,482 0.01%
Innolux Corp. 443,380 159,241 0.01% Minor International PCL Foreign 180,620 177,185 0.01%
Taishin Financial Holding Co., Ltd. 333,637 157,580 0.01% Electricity Generating PCL 20,500 138,605 0.01%
Shin Kong Financial Holding Co., Ltd. 408,329 157,366 0.01% Charoen Pokphand Foods PCL
Foreign 183,600 134,112 0.01%
Novatek Microelectronics Corp. 31,000 139,807 0.01%
Intouch Holdings PCL 75,200 120,869 0.01%
Globalwafers Co., Ltd. 8,000 133,034 0.01%
Indorama Ventures PCL 70,100 115,846 0.01%
AU Optronics Corp. 314,000 132,857 0.01%
Banpu PCL 193,818 114,079 0.01%
SinoPac Financial Holdings Co., Ltd. 364,115 131,370 0.01%
IRPC PCL 611,700 107,089 0.01%
Chicony Electronics Co., Ltd. 58,130 130,985 0.01%
Home Product Center PCL 245,700 99,378 0.01%
Foxconn Technology Co., Ltd. 51,106 125,047 0.01%
Bumrungrad Hospital PCL 19,700 99,005 0.01%
Eclat Textile Co., Ltd. 9,703 115,366 0.01%
Bangkok Bank PCL Foreign REG 16,200 97,063 0.01%
China Life Insurance Co., Ltd. 98,893 104,120 0.01%
Bangkok Expressway & Metro PCL 424,600 95,481 0.01%
Cheng Shin Rubber Industry Co., Ltd. 67,061 100,849 0.01%
True Corp. PCL 573,477 91,742 0.00%
Compal Electronics, Inc. 150,000 94,462 0.01%
Energy Absolute PCL 88,300 87,287 0.00%
Asia Cement Corp. 84,986 93,380 0.01%
Thai Union Group PCL Class F 182,800 87,179 0.00%
Wan Hai Lines Ltd. 168,000 93,124 0.01%
Gulf Energy Development PCL 45,300 84,775 0.00%
Advantech Co., Ltd. 13,527 89,179 0.00%
Thai Oil PCL 34,800 81,669 0.00%
Chang Hwa Commercial Bank Ltd. 153,398 89,055 0.00%
BTS Group Holdings PCL 275,800 73,258 0.00%
Lite-On Technology Corp. 72,662 87,942 0.00%
Land & Houses PCL Foreign REG 205,000 69,922 0.00%
Teco Electric and Machinery Co., Ltd. 115,000 86,377 0.00%
Intouch Holdings PCL Class F 39,600 63,649 0.00%
Taiwan Secom Co., Ltd. 29,000 85,226 0.00%
Berli Jucker PCL 36,909 56,260 0.00%
Vanguard International
Semiconductor Corp. 37,000 84,707 0.00% TMB Bank PCL Foreign 769,200 53,401 0.00%
Nanya Technology Corp. 30,000 81,867 0.00% Kasikornbank PCL 8,300 48,602 0.00%
Acer, Inc. 96,752 79,017 0.00% Total Access Communication PCL
NVDR 40,200 44,593 0.00%
Synnex Technology International
Corp. 50,550 76,268 0.00% Glow Energy PCL 11,000 31,459 0.00%
Walsin Lihwa Corp. 106,000 71,968 0.00% OBI Pharma, Inc. 3,000 15,350 0.00%
Wistron Corp. 86,892 64,552 0.00% Ratchaburi Electricity Generating
Holding PCL Foreign 9,900 15,315 0.00%
HTC Corp. 30,000 55,988 0.00%
Thai Airways International PCL 37,000 14,072 0.00%
Taiwan High Speed Rail Corp. 69,000 54,089 0.00%
Delta Electronics Thailand PCL 6,800 12,007 0.00%
Realtek Semiconductor Corp. 14,030 51,079 0.00%
Bangkok Life Assurance PCL Foreign 11,800 10,952 0.00%
Taiwan Glass Industry Corp. 76,760 43,304 0.00%
Bangkok Bank PCL 1,700 10,032 0.00%
Epistar Corp. 34,000 42,544 0.00%
Siam City Cement PCL 647 3,925 0.00%
Feng TAY Enterprise Co., Ltd. 8,160 40,949 0.00%
BEC World PCL Foreign 13,600 3,222 0.00%
Unimicron Technology Corp. 67,000 35,820 0.00%
Giant Manufacturing Co., Ltd. 8,000 33,849 0.00% 6,929,052 0.33%
Eternal Materials Co., Ltd. 36,288 33,148 0.00% Turkey 0.08% (30 June 2017: 0.13%)
Oriental Union Chemical Corp. 29,000 31,294 0.00% Turkiye Garanti Bankasi A.S. 104,479 191,115 0.01%
Evergreen Marine Corp. Taiwan Ltd. 66,966 28,554 0.00% Turkcell Iletisim Hizmetleri A.S. 65,760 174,692 0.01%
TPK Holding Co., Ltd. 11,000 23,235 0.00% Akbank Turk A.S. 104,071 170,832 0.01%
Capital Securities Corp. 56,000 20,755 0.00% BIM Birlesik Magazalar A.S. 9,705 142,253 0.01%
Far Eastern International Bank 60,472 20,033 0.00% KOC Holding A.S. 44,153 137,051 0.01%
Eva Airways Corp. 40,686 19,683 0.00% Eregli Demir ve Celik Fabrikalari TAS 50,766 113,030 0.01%
China Airlines Ltd. 53,000 16,549 0.00% Tupras Turkiye Petrol Rafinerileri A.S. 4,563 107,571 0.01%
Cheng Uei Precision Industry Co., Ltd. 10,000 10,660 0.00% Turkiye Sise ve Cam Fabrikalari A.S. 102,323 94,479 0.01%
Feng Hsin Steel Co., Ltd. 4,000 7,675 0.00%
49

Turk Hava Yollari AO 31,181 92,157 0.00% BHP Billiton plc 92,416 2,081,528 0.10%
Yapi ve Kredi Bankasi A.S. 150,575 81,513 0.00% Barclays plc 769,710 1,920,636 0.09%
Haci Omer Sabanci Holding A.S. 38,772 74,731 0.00% National Grid plc 152,088 1,683,458 0.08%
TAV Havalimanlari Holding A.S. 11,854 58,064 0.00% Imperial Brands plc 42,640 1,588,658 0.08%
Turkiye Vakiflar Bankasi Tao Class D 52,163 55,907 0.00% Compass Group plc 71,458 1,526,932 0.07%
Turkiye Is Bankasi A.S. Class C 38,457 47,849 0.00% Tesco plc 437,028 1,481,124 0.07%
Tekfen Holding A.S. 10,129 38,361 0.00% CRH plc 39,619 1,399,212 0.07%
Ford Otomotiv Sanayi A.S. 2,860 38,269 0.00% BAE Systems plc 150,793 1,287,678 0.06%
Arcelik A.S. 9,547 31,780 0.00% Aviva plc 181,206 1,205,756 0.06%
Aselsan Elektronik Sanayi Ve Standard Chartered plc 120,144 1,098,603 0.05%
Ticaret A.S. 5,036 25,437 0.00% BT Group plc Class A 381,390 1,096,689 0.05%
Turkiye Halk Bankasi A.S. 13,963 22,554 0.00% Rolls-Royce Holdings plc 79,468 1,036,796 0.05%
Anadolu Efes Biracilik Ve Malt Experian plc 40,949 1,013,409 0.05%
Sanayii A.S. 3,763 19,385 0.00% RELX plc 47,206 1,011,202 0.05%
Turkiye Sinai Kalkinma Bankasi A.S. 74,120 15,694 0.00% Anglo American plc 44,459 994,797 0.05%
Migros Ticaret A.S. 2,563 11,491 0.00% Legal & General Group plc 265,080 930,925 0.04%
Ulker Biskuvi Sanayi A.S. 2,498 9,831 0.00% Sky plc 45,917 885,989 0.04%
Enka Insaat ve Sanayi A.S. 5,783 5,895 0.00% WPP plc 54,486 858,186 0.04%
Petkim Petrokimya Holding A.S. 5,049 5,334 0.00% Ferguson plc 10,357 840,940 0.04%
Tofas Turk Otomobil Fabrikasi A.S. 993 5,215 0.00% London Stock Exchange Group plc 14,129 834,012 0.04%
Coca-Cola Icecek A.S. 612 4,531 0.00% SSE plc 45,673 817,062 0.04%
Turk Telekomunikasyon A.S. 2,580 2,810 0.00% Smith & Nephew plc 41,414 764,382 0.04%
Turk Traktor ve Ziraat Makineleri A.S. 31 352 0.00% Royal Bank of Scotland Group plc 216,135 730,787 0.03%
1,778,183 0.08% Ashtead Group plc 22,824 684,932 0.03%
Ukraine 0.00% (30 June 2017: 0.00%) Informa plc 57,003 628,406 0.03%
Melrose Industries plc 215,065 603,939 0.03%
Kernel Holding SA 1,790 22,734 0.00%
Associated British Foods plc 15,886 574,254 0.03%
22,734 0.00%
InterContinental Hotels Group plc 9,190 572,682 0.03%
United Arab Emirates 0.09% (30 June 2017: 0.10%) Intertek Group plc 7,451 562,293 0.03%
First Abu Dhabi Bank PJSC 118,769 392,863 0.02% Centrica plc 264,561 550,650 0.03%
Emirates Telecommunications Burberry Group plc 18,325 522,581 0.02%
Group Co. PJSC 85,260 374,869 0.02% Standard Life Aberdeen plc 121,355 521,833 0.02%
Abu Dhabi Commercial Bank PJSC 123,527 237,426 0.01% Next plc 6,289 502,335 0.02%
Emaar Properties PJSC 146,616 196,385 0.01% 3i Group plc 41,961 498,923 0.02%
DP World Ltd. 7,649 175,927 0.01% Carnival plc 8,314 477,151 0.02%
Air Arabia PJSC 366,030 97,557 0.01% Persimmon plc 14,079 470,829 0.02%
Emaar Development PJSC 62,920 86,676 0.01% Bunzl plc 15,180 459,950 0.02%
Aldar Properties PJSC 136,679 75,165 0.00% Johnson Matthey plc 8,980 429,063 0.02%
Dubai Islamic Bank PJSC 50,793 67,343 0.00% Mondi plc 15,712 425,455 0.02%
Abu Dhabi National Oil Co. for Smiths Group plc 18,676 418,676 0.02%
Distribution PJSC 64,684 41,736 0.00% Whitbread plc 7,980 417,104 0.02%
Dubai Investments PJSC 56,569 29,261 0.00% Sage Group plc 49,086 407,369 0.02%
DAMAC Properties Dubai Co. PJSC 37,334 20,836 0.00% Taylor Wimpey plc 171,469 404,997 0.02%
Dana Gas PJSC 69,637 19,717 0.00% Pearson plc 34,275 400,476 0.02%
Emaar Malls PJSC 31,655 18,442 0.00% RSA Insurance Group plc 44,403 398,285 0.02%
DXB Entertainments PJSC 112,802 10,165 0.00% TUI AG 17,834 391,441 0.02%
Arabtec Holding PJSC 15,859 8,247 0.00% Kingfisher plc 97,415 381,978 0.02%
Union Properties PJSC 28,060 6,012 0.00% ITV plc 165,681 380,608 0.02%
Dubai Financial Market PJSC 18,715 4,917 0.00% Rightmove plc 5,317 372,750 0.02%
1,863,544 0.09% Rentokil Initial plc 79,950 370,283 0.02%
United Kingdom 5.80% (30 June 2017: 5.98%) WM Morrison Supermarkets plc 106,094 352,978 0.02%
DCC plc 3,852 350,652 0.02%
HSBC Holdings plc 915,861 8,593,539 0.41%
Randgold Resources Ltd. 4,438 341,009 0.02%
Royal Dutch Shell plc Class A GBP 209,220 7,261,895 0.34%
Barratt Developments plc 48,481 329,892 0.02%
BP plc 899,598 6,868,436 0.33%
St James’s Place plc 21,663 328,192 0.02%
Royal Dutch Shell plc Class B 172,122 6,166,268 0.29%
Coca-Cola European Partners plc
British American Tobacco plc 103,544 5,235,762 0.25%
(XNYS) 8,072 328,046 0.02%
GlaxoSmithKline plc 226,961 4,583,973 0.22%
Coca-Cola HBC AG 9,764 326,269 0.02%
AstraZeneca plc 56,894 3,945,754 0.19%
Micro Focus International plc 18,653 325,933 0.02%
Diageo plc 108,470 3,898,109 0.18%
Croda International plc 5,125 324,917 0.01%
Rio Tinto plc 52,796 2,928,262 0.14%
Halma plc 17,923 324,181 0.01%
Vodafone Group plc 1,204,214 2,922,487 0.14%
J Sainsbury plc 76,307 323,591 0.01%
Unilever plc 51,881 2,871,348 0.14%
United Utilities Group plc 31,933 321,762 0.01%
Lloyds Banking Group plc 3,230,810 2,689,383 0.13%
DS Smith plc 45,293 311,668 0.01%
Prudential plc 117,283 2,685,750 0.13%
Weir Group plc 11,551 305,004 0.01%
Glencore plc 529,065 2,528,563 0.12%
Berkeley Group Holdings plc 6,099 304,776 0.01%
Reckitt Benckiser Group plc 28,384 2,338,001 0.11%
Hargreaves Lansdown plc 11,603 302,011 0.01%
Shire plc 41,452 2,334,107 0.11%
50

Marks & Spencer Group plc 75,076 292,500 0.01% Intel Corp. 213,189 10,597,625 0.50%
Severn Trent plc 11,163 291,738 0.01% Home Depot, Inc. 53,123 10,364,297 0.49%
Royal Mail plc 43,669 291,383 0.01% Pfizer, Inc. 266,854 9,681,463 0.46%
Admiral Group plc 11,379 286,566 0.01% Cisco Systems, Inc. 223,881 9,633,599 0.46%
Direct Line Insurance Group plc 61,413 278,025 0.01% Verizon Communications, Inc. 188,689 9,492,944 0.45%
Just Eat plc 26,991 277,596 0.01% Procter & Gamble Co. 114,301 8,922,336 0.42%
Bellway plc 6,343 251,565 0.01% Boeing Co. 25,173 8,445,793 0.40%
Auto Trader Group plc 44,733 251,531 0.01% Mastercard, Inc. Class A 41,753 8,205,300 0.39%
G4S plc 71,161 251,505 0.01% Citigroup, Inc. 116,305 7,783,131 0.37%
Smurfit Kappa Group plc-EUR 6,071 245,960 0.01% Coca-Cola Co. 173,293 7,600,631 0.36%
Hiscox Ltd. 12,058 242,774 0.01% Merck & Co., Inc. 123,691 7,508,044 0.36%
Meggitt plc 37,214 242,367 0.01% Netflix, Inc. 18,936 7,412,118 0.35%
Spirax-Sarco Engineering plc 2,786 239,820 0.01% Walt Disney Co. 67,747 7,100,563 0.34%
B&M European Value Retail SA 44,886 239,473 0.01% PepsiCo, Inc. 64,609 7,033,982 0.33%
John Wood Group plc 27,817 230,562 0.01% DowDuPont, Inc. 105,590 6,960,493 0.33%
Investec plc 30,055 213,479 0.01% Comcast Corp. Class A 209,968 6,889,050 0.33%
IMI plc 14,202 212,252 0.01% AbbVie, Inc. 72,527 6,719,627 0.32%
easyJet plc 9,504 209,922 0.01% NVIDIA Corp. 26,564 6,293,012 0.30%
Antofagasta plc 16,036 209,598 0.01% International Business Machines
Travis Perkins plc 10,882 204,370 0.01% Corp. 41,910 5,854,827 0.28%
Pennon Group plc 18,579 194,858 0.01% Oracle Corp. 131,829 5,808,386 0.28%
Howden Joinery Group plc 27,374 193,786 0.01% Philip Morris International, Inc. 71,260 5,753,532 0.27%
Cobham plc 114,037 193,692 0.01% Amgen, Inc. 30,722 5,670,974 0.27%
ConvaTec Group plc 65,315 183,157 0.01% McDonald’s Corp. 36,081 5,653,532 0.27%
Schroders plc 4,307 179,574 0.01% Walmart, Inc. 64,869 5,556,030 0.26%
Smurfit Kappa Group plc-GBP 4,385 177,500 0.01% Adobe Systems, Inc. 22,300 5,436,963 0.26%
CYBG plc 41,717 174,924 0.01% General Electric Co. 393,773 5,359,251 0.26%
Inmarsat plc 24,070 174,781 0.01% Berkshire Hathaway, Inc. Class A 19 5,358,760 0.26%
Inchcape plc 16,798 173,096 0.01% Medtronic plc 61,190 5,238,476 0.25%
Merlin Entertainments plc 33,763 172,374 0.01% 3M Co. 26,293 5,172,359 0.25%
RPC Group plc 16,758 165,537 0.01% Union Pacific Corp. 35,458 5,023,689 0.24%
Tate & Lyle plc 18,528 158,218 0.01% Texas Instruments, Inc. 44,747 4,933,357 0.23%
William Hill plc 39,345 157,602 0.01% Altria Group, Inc. 86,572 4,916,424 0.23%
Babcock International Group plc 14,383 155,293 0.01% Honeywell International, Inc. 33,990 4,896,259 0.23%
Evraz plc 23,108 155,104 0.01% Broadcom, Inc. 19,768 4,796,508 0.23%
NMC Health plc 3,128 147,927 0.01% Abbott Laboratories 78,589 4,793,143 0.23%
Capita plc 68,892 145,300 0.01% Accenture plc Class A 29,265 4,787,461 0.23%
Fresnillo plc 9,174 138,500 0.01% NIKE, Inc. Class B 58,806 4,685,662 0.22%
Quilter plc 69,522 133,017 0.01% PayPal Holdings, Inc. 54,059 4,501,493 0.21%
Mediclinic International plc 19,116 132,903 0.01% Booking Holdings, Inc. 2,217 4,494,059 0.21%
Hikma Pharmaceuticals plc 6,662 132,021 0.01% Salesforce.com, Inc. 32,074 4,374,894 0.21%
Dixons Carphone plc 51,711 127,395 0.01% United Technologies Corp. 34,074 4,260,272 0.20%
KAZ Minerals plc 11,312 125,899 0.01% Schlumberger Ltd. 62,994 4,222,488 0.20%
Capital & Counties Properties plc 29,567 112,150 0.00% Gilead Sciences, Inc. 58,996 4,179,277 0.20%
Polymetal International plc 12,386 109,563 0.00% Bristol-Myers Squibb Co. 74,641 4,130,633 0.20%
Ashmore Group plc 15,555 76,601 0.00% Costco Wholesale Corp. 19,660 4,108,547 0.20%
Royal Dutch Shell plc Class A 377 13,104 0.00% QUALCOMM, Inc. 67,804 3,805,160 0.18%
Rolls-Royce Holdings plc- Eli Lilly & Co. 44,191 3,770,818 0.18%
Entitlement offer 5,050,514 6,668 0.00% Thermo Fisher Scientific, Inc. 18,083 3,745,713 0.18%
121,944,052 5.80% ConocoPhillips 53,246 3,706,987 0.18%
Caterpillar, Inc. 26,737 3,627,409 0.17%
United States 50.61% (30 June 2017: 50.39%)
Lowe’s Cos, Inc. 37,807 3,613,215 0.17%
Apple, Inc. 224,560 41,568,302 1.98%
US Bancorp 70,743 3,538,565 0.17%
Microsoft Corp. 345,489 34,068,670 1.62%
Goldman Sachs Group, Inc. 15,955 3,519,194 0.17%
Amazon.com, Inc. 18,536 31,507,493 1.50%
NextEra Energy, Inc. 21,014 3,509,968 0.17%
Facebook, Inc. Class A 108,502 21,084,109 1.00%
United Parcel Service, Inc. Class B 31,146 3,308,640 0.16%
JPMorgan Chase & Co. 155,958 16,250,824 0.77%
Lockheed Martin Corp. 11,171 3,300,249 0.16%
Exxon Mobil Corp. 192,989 15,965,980 0.76%
EOG Resources, Inc. 26,026 3,238,415 0.15%
Alphabet, Inc. Class C 14,145 15,780,869 0.75%
Starbucks Corp. 61,710 3,014,534 0.14%
Alphabet, Inc. Class A 13,363 15,089,366 0.72%
CVS Health Corp. 46,159 2,970,332 0.14%
Johnson & Johnson 121,784 14,777,271 0.70%
American Express Co. 30,279 2,967,342 0.14%
Bank of America Corp. 431,976 12,177,403 0.58%
Morgan Stanley 61,897 2,933,918 0.14%
Berkshire Hathaway, Inc. Class B 60,083 11,214,492 0.53%
PNC Financial Services Group, Inc. 21,627 2,921,808 0.14%
Wells Fargo & Co. 200,202 11,099,199 0.53%
Occidental Petroleum Corp. 34,406 2,879,094 0.14%
Chevron Corp. 86,751 10,967,929 0.52%
Becton Dickinson & Co. 11,815 2,830,401 0.13%
Visa, Inc. Class A 81,793 10,833,483 0.52%
BlackRock, Inc. Class A 5,635 2,812,090 0.13%
UnitedHealth Group, Inc. 43,551 10,684,802 0.51%
Charles Schwab Corp. 54,681 2,794,199 0.13%
AT&T, Inc. 332,645 10,681,231 0.51%
51

Biogen, Inc. 9,622 2,792,689 0.13% HP, Inc. 75,402 1,710,871 0.08%
Micron Technology, Inc. 52,887 2,773,394 0.13% Baxter International, Inc. 22,831 1,685,841 0.08%
Anthem, Inc. 11,632 2,768,765 0.13% Kimberly-Clark Corp. 15,622 1,645,621 0.08%
TJX Cos, Inc. 28,799 2,741,089 0.13% Ecolab, Inc. 11,690 1,640,458 0.08%
Danaher Corp. 27,713 2,734,719 0.13% Analog Devices, Inc. 17,041 1,634,573 0.08%
Automatic Data Processing, Inc. 20,133 2,700,641 0.13% Constellation Brands, Inc. Class A 7,374 1,613,947 0.08%
Celgene Corp. 33,879 2,690,670 0.13% LyondellBasell Industries NV Class A 14,583 1,601,943 0.08%
Mondelez International, Inc. Class A 65,497 2,685,377 0.13% Waste Management, Inc. 19,485 1,584,910 0.08%
Chubb Ltd. 20,937 2,659,418 0.13% State Street Corp. 16,789 1,562,888 0.07%
Aetna, Inc. 14,304 2,624,784 0.13% Aon plc 11,373 1,560,034 0.07%
Activision Blizzard, Inc. 34,343 2,621,058 0.12% Sysco Corp. 22,727 1,552,027 0.07%
Stryker Corp. 15,289 2,581,701 0.12% eBay, Inc. 42,761 1,550,514 0.07%
Colgate-Palmolive Co. 39,633 2,568,615 0.12% Marathon Petroleum Corp. 22,005 1,543,871 0.07%
Allergan plc 15,280 2,547,482 0.12% Eaton Corp. plc 20,620 1,541,139 0.07%
Raytheon Co. 13,169 2,543,987 0.12% Sherwin-Williams Co. 3,769 1,536,131 0.07%
FedEx Corp. 11,199 2,542,845 0.12% Progressive Corp. 25,952 1,535,061 0.07%
CME Group, Inc. Class A 15,369 2,519,286 0.12% Fidelity National Information
Duke Energy Corp. 31,711 2,507,706 0.12% Services, Inc. 14,459 1,533,088 0.07%
CSX Corp. 38,697 2,468,095 0.12% American Electric Power Co., Inc. 22,085 1,529,386 0.07%
Intuitive Surgical, Inc. 5,133 2,456,038 0.12% Kinder Morgan, Inc. 86,545 1,529,250 0.07%
Bank of New York Mellon Corp. 44,467 2,398,105 0.11% Air Products & Chemicals, Inc. 9,795 1,525,375 0.07%
Charter Communications, Inc. Travelers Cos, Inc. 12,431 1,520,809 0.07%
Class A 8,162 2,393,180 0.11% Aflac, Inc. 34,923 1,502,387 0.07%
S&P Global, Inc. 11,471 2,338,822 0.11% Sempra Energy 12,832 1,489,924 0.07%
General Motors Co. 59,327 2,337,484 0.11% Allstate Corp. 16,268 1,484,780 0.07%
Walgreens Boots Alliance, Inc. 38,824 2,330,022 0.11% TE Connectivity Ltd. 16,248 1,463,295 0.07%
Northrop Grumman Corp. 7,327 2,254,518 0.11% Ross Stores, Inc. 16,912 1,433,292 0.07%
Intuit, Inc. 10,973 2,241,839 0.11% Pioneer Natural Resources Co. 7,560 1,430,654 0.07%
Illinois Tool Works, Inc. 16,140 2,236,036 0.11% Estee Lauder Cos, Inc. Class A 9,874 1,408,921 0.07%
Applied Materials, Inc. 47,850 2,210,191 0.11% Twitter, Inc. 32,262 1,408,882 0.07%
General Dynamics Corp. 11,808 2,201,129 0.10% Johnson Controls International plc 42,009 1,405,201 0.07%
Valero Energy Corp. 19,686 2,181,799 0.10% Fiserv, Inc. 18,827 1,394,892 0.07%
American International Group, Inc. 40,830 2,164,807 0.10% SunTrust Banks, Inc. 21,121 1,394,408 0.07%
Phillips 66 19,077 2,142,538 0.10% Edwards Lifesciences Corp. 9,529 1,387,137 0.07%
Tesla, Inc. 6,184 2,120,803 0.10% Twenty-First Century Fox, Inc.
Twenty-First Century Fox, Inc. Class B 27,313 1,345,712 0.06%
Class A 42,381 2,105,912 0.10% ServiceNow, Inc. 7,781 1,341,989 0.06%
Dominion Energy, Inc. 30,746 2,096,262 0.10% Autodesk, Inc. 10,136 1,328,728 0.06%
Cognizant Technology Solutions ONEOK, Inc. 18,821 1,314,270 0.06%
Corp. Class A 26,523 2,095,052 0.10% Moody’s Corp. 7,663 1,307,001 0.06%
Southern Co. 44,751 2,072,419 0.10% Lam Research Corp. 7,542 1,303,635 0.06%
Deere & Co. 14,798 2,068,760 0.10% HCA Healthcare, Inc. 12,659 1,298,813 0.06%
Boston Scientific Corp. 62,937 2,058,040 0.10% Roper Technologies, Inc. 4,697 1,295,949 0.06%
Praxair, Inc. 12,886 2,037,921 0.10% Public Service Enterprise Group, Inc. 23,407 1,267,255 0.06%
Capital One Financial Corp. 22,166 2,037,055 0.10% T Rowe Price Group, Inc. 10,772 1,250,521 0.06%
Emerson Electric Co. 29,343 2,028,775 0.10% Regeneron Pharmaceuticals, Inc. 3,582 1,235,754 0.06%
Express Scripts Holding Co. 25,764 1,989,238 0.09% McKesson Corp. 9,216 1,229,414 0.06%
Vertex Pharmaceuticals, Inc. 11,662 1,982,074 0.09% Las Vegas Sands Corp. 16,053 1,225,807 0.06%
Ford Motor Co. 176,828 1,957,486 0.09% Dollar General Corp. 12,429 1,225,499 0.06%
Norfolk Southern Corp. 12,792 1,929,929 0.09% Alexion Pharmaceuticals, Inc. 9,824 1,219,650 0.06%
Zoetis, Inc. Class A 22,608 1,925,976 0.09% Align Technology, Inc. 3,559 1,217,676 0.06%
Intercontinental Exchange, Inc. 26,032 1,914,654 0.09% General Mills, Inc. 27,412 1,213,255 0.06%
Electronic Arts, Inc. 13,481 1,901,091 0.09% Yum! Brands, Inc. 15,482 1,211,002 0.06%
Marsh & McLennan Cos, Inc. 23,000 1,885,310 0.09% VF Corp. 14,813 1,207,556 0.06%
Humana, Inc. 6,280 1,869,116 0.09% Discover Financial Services 17,026 1,198,801 0.06%
Target Corp. 24,411 1,858,165 0.09% PPG Industries, Inc. 11,443 1,186,982 0.06%
Exelon Corp. 43,374 1,847,732 0.09% Centene Corp. 9,476 1,167,538 0.06%
Illumina, Inc. 6,579 1,837,449 0.09% Amphenol Corp. Class A 13,382 1,166,241 0.06%
Anadarko Petroleum Corp. 24,885 1,822,826 0.09% Freeport-McMoRan, Inc. 67,350 1,162,461 0.06%
Cigna Corp. 10,693 1,817,275 0.09% Synchrony Financial 34,536 1,152,812 0.06%
Prudential Financial, Inc. 19,279 1,802,779 0.09% Kroger Co. 40,289 1,146,222 0.05%
BB&T Corp. 35,510 1,791,124 0.09% Archer-Daniels-Midland Co. 24,710 1,132,459 0.05%
MetLife, Inc. 40,934 1,784,722 0.09% Aptiv plc 12,231 1,120,727 0.05%
Halliburton Co. 38,803 1,748,463 0.08% M&T Bank Corp. 6,424 1,093,044 0.05%
Marriott International, Inc. Class A 13,745 1,740,117 0.08% Consolidated Edison, Inc. 14,007 1,092,266 0.05%
NXP Semiconductors NV 15,917 1,739,251 0.08% Red Hat, Inc. 8,040 1,080,335 0.05%
Kraft Heinz Co. 27,375 1,719,697 0.08% Monster Beverage Corp. 18,835 1,079,246 0.05%
52

Fortive Corp. 13,921 1,073,448 0.05% Clorox Co. 5,956 805,549 0.04%
Corning, Inc. 38,539 1,060,208 0.05% Skyworks Solutions, Inc. 8,280 800,262 0.04%
Carnival Corp. 18,487 1,059,490 0.05% Textron, Inc. 12,135 799,818 0.04%
O’Reilly Automotive, Inc. 3,861 1,056,254 0.05% Apache Corp. 16,953 792,553 0.04%
Western Digital Corp. 13,592 1,052,157 0.05% Wynn Resorts Ltd. 4,733 792,020 0.04%
Worldpay, Inc. Class A 12,852 1,051,037 0.05% Citrix Systems, Inc. 7,538 790,284 0.04%
DXC Technology Co. 12,928 1,042,126 0.05% National Oilwell Varco, Inc. 18,145 787,493 0.04%
Xcel Energy, Inc. 22,564 1,030,724 0.05% Vulcan Materials Co. 6,087 785,588 0.04%
PG&E Corp. 24,204 1,030,122 0.05% Noble Energy, Inc. 22,149 781,417 0.04%
Hewlett Packard Enterprise Co. 70,097 1,024,117 0.05% TransDigm Group, Inc. 2,252 777,255 0.04%
Devon Energy Corp. 23,289 1,023,784 0.05% Harris Corp. 5,370 776,180 0.04%
Zimmer Biomet Holdings, Inc. 9,170 1,021,905 0.05% Kellogg Co. 11,006 768,989 0.04%
Williams Cos, Inc. 37,361 1,012,857 0.05% Quest Diagnostics, Inc. 6,948 763,863 0.04%
Rockwell Collins, Inc. 7,476 1,006,868 0.05% Dell Technologies, Inc. Class V 9,019 762,827 0.04%
Paychex, Inc. 14,690 1,004,062 0.05% Tiffany & Co. 5,779 760,516 0.04%
Ingersoll-Rand plc 11,123 998,067 0.05% BioMarin Pharmaceutical, Inc. 7,961 749,926 0.04%
International Paper Co. 19,086 993,999 0.05% Maxim Integrated Products, Inc. 12,739 747,270 0.04%
Northern Trust Corp. 9,559 983,526 0.05% Verisk Analytics, Inc. Class A 6,941 747,129 0.04%
Dr Pepper Snapple Group, Inc. 7,998 975,756 0.05% IQVIA Holdings, Inc. 7,446 743,260 0.04%
KeyCorp 49,878 974,616 0.05% Xilinx, Inc. 11,335 739,722 0.04%
Hilton Worldwide Holdings, Inc. 12,263 970,739 0.05% Celanese Corp. Class A 6,654 738,993 0.04%
Newmont Mining Corp. 25,661 967,676 0.05% Global Payments, Inc. 6,583 733,939 0.04%
PACCAR, Inc. 15,588 965,832 0.05% TD Ameritrade Holding Corp. 13,307 728,824 0.03%
Rockwell Automation, Inc. 5,703 948,010 0.05% CBRE Group, Inc. Class A 15,223 726,746 0.03%
Stanley Black & Decker, Inc. 7,128 946,670 0.05% KLA-Tencor Corp. 7,078 725,707 0.03%
Ameriprise Financial, Inc. 6,737 942,372 0.05% Brown-Forman Corp. Class B 14,745 722,652 0.03%
NetApp, Inc. 11,951 938,512 0.04% Seagate Technology plc 12,719 718,242 0.03%
Cummins, Inc. 6,979 928,207 0.04% L3 Technologies, Inc. 3,732 717,738 0.03%
Microchip Technology, Inc. 10,188 926,599 0.04% Lennar Corp. Class A 13,659 717,098 0.03%
Fifth Third Bancorp 32,243 925,374 0.04% E*TRADE Financial Corp. 11,705 715,878 0.03%
Nucor Corp. 14,714 919,625 0.04% Huntington Bancshares, Inc. 47,890 706,856 0.03%
Parker-Hannifin Corp. 5,878 916,086 0.04% First Republic Bank 7,301 706,664 0.03%
WEC Energy Group, Inc. 14,158 915,315 0.04% Comerica, Inc. 7,710 700,993 0.03%
PPL Corp. 32,015 914,028 0.04% Cintas Corp. 3,780 699,565 0.03%
Concho Resources, Inc. 6,566 908,406 0.04% Republic Services, Inc. Class A 10,215 698,297 0.03%
Edison International 14,307 905,204 0.04% American Water Works Co., Inc. 8,123 693,542 0.03%
Cerner Corp. 15,066 900,796 0.04% MGM Resorts International 23,783 690,420 0.03%
Agilent Technologies, Inc. 14,564 900,638 0.04% CoStar Group, Inc. 1,662 685,791 0.03%
Regions Financial Corp. 50,636 900,308 0.04% VeriSign, Inc. 4,985 685,039 0.03%
Willis Towers Watson plc 5,919 897,320 0.04% Principal Financial Group, Inc. 12,872 681,572 0.03%
Dollar Tree, Inc. 10,509 893,265 0.04% Cardinal Health, Inc. 13,947 681,032 0.03%
Tyson Foods, Inc. Class A 12,889 887,408 0.04% EQT Corp. 12,324 680,038 0.03%
Citizens Financial Group, Inc. 22,618 879,840 0.04% ResMed, Inc. 6,500 673,270 0.03%
Motorola Solutions, Inc. 7,535 876,848 0.04% Arista Networks, Inc. 2,613 672,821 0.03%
IHS Markit Ltd. 16,953 874,605 0.04% Waters Corp. 3,470 671,757 0.03%
Mylan NV 24,189 874,190 0.04% SVB Financial Group 2,316 668,768 0.03%
Hess Corp. 13,048 872,781 0.04% Liberty Global plc Class C 25,122 668,496 0.03%
Waste Connections, Inc. 11,523 867,477 0.04% WestRock Co. 11,670 665,423 0.03%
AutoZone, Inc. 1,281 859,461 0.04% Ameren Corp. 10,928 664,969 0.03%
FleetCor Technologies, Inc. 4,070 857,345 0.04% Martin Marietta Materials, Inc. 2,961 661,280 0.03%
IDEXX Laboratories, Inc. 3,932 856,940 0.04% Equifax, Inc. 5,277 660,205 0.03%
CBS Corp. Class B 15,201 854,600 0.04% Total System Services, Inc. 7,782 657,735 0.03%
Andeavor 6,513 854,375 0.04% McCormick & Co., Inc. 5,665 657,650 0.03%
Best Buy Co., Inc. 11,449 853,866 0.04% MSCI, Inc. Class A 3,973 657,253 0.03%
FirstEnergy Corp. 23,605 847,656 0.04% Splunk, Inc. 6,610 655,117 0.03%
Palo Alto Networks, Inc. 4,120 846,536 0.04% ANSYS, Inc. 3,751 653,349 0.03%
DTE Energy Co. 8,127 842,201 0.04% Expedia Group, Inc. 5,421 651,550 0.03%
Hartford Financial Services Group, Inc. 16,401 838,583 0.04% Markel Corp. 600 650,610 0.03%
Workday, Inc. Class A 6,847 829,309 0.04% Advanced Micro Devices, Inc. 43,315 649,292 0.03%
Laboratory Corp. of America Holdings 4,605 826,736 0.04% DR Horton, Inc. 15,819 648,579 0.03%
Eversource Energy 14,042 823,002 0.04% WW Grainger, Inc. 2,090 644,556 0.03%
Royal Caribbean Cruises Ltd. 7,911 819,580 0.04% XL Group Ltd. 11,421 639,005 0.03%
AMETEK, Inc. 11,323 817,068 0.04% Baker Hughes a GE Co. 19,307 637,710 0.03%
T-Mobile US, Inc. 13,608 813,078 0.04% Fastenal Co. 13,230 636,760 0.03%
Marathon Oil Corp. 38,958 812,664 0.04% Mettler-Toledo International, Inc. 1,091 631,285 0.03%
Omnicom Group, Inc. 10,599 808,386 0.04% Entergy Corp. 7,766 627,415 0.03%
CenturyLink, Inc. 43,232 805,844 0.04% Yum China Holdings, Inc. 16,312 627,360 0.03%
53

AmerisourceBergen Corp. Class A 7,331 625,114 0.03% Cabot Oil & Gas Corp. 20,429 486,210 0.02%
Eastman Chemical Co. 6,242 623,950 0.03% Chipotle Mexican Grill, Inc. Class A 1,121 483,566 0.02%
Conagra Brands, Inc. 17,431 622,810 0.03% IAC/InterActiveCorp 3,163 482,326 0.02%
Ulta Beauty, Inc. 2,661 621,237 0.03% Albemarle Corp. 5,110 482,026 0.02%
Expeditors International of Viacom, Inc. Class B 15,962 481,414 0.02%
Washington, Inc. 8,396 613,748 0.03% Jazz Pharmaceuticals plc 2,769 477,099 0.02%
Hershey Co. 6,566 611,032 0.03% Packaging Corp. of America 4,238 473,766 0.02%
CarMax, Inc. 8,350 608,464 0.03% VMware, Inc. Class A 3,210 471,774 0.02%
Cheniere Energy, Inc. 9,303 606,463 0.03% Zions Bancorporation 8,952 471,681 0.02%
Loews Corp. 12,550 605,914 0.03% F5 Networks, Inc. 2,726 470,099 0.02%
Take-Two Interactive Software, Inc. 5,105 604,228 0.03% Arch Capital Group Ltd. 17,568 464,849 0.02%
Genuine Parts Co. 6,579 603,886 0.03% Invesco Ltd. 17,473 464,083 0.02%
Lincoln National Corp. 9,668 601,833 0.03% Nasdaq, Inc. 5,057 461,552 0.02%
Broadridge Financial Solutions, Inc. 5,216 600,362 0.03% Franklin Resources, Inc. 14,349 459,885 0.02%
Tapestry, Inc. 12,763 596,160 0.03% JB Hunt Transport Services, Inc. 3,783 459,824 0.02%
Domino’s Pizza, Inc. 2,088 589,171 0.03% BorgWarner, Inc. 10,572 456,288 0.02%
Church & Dwight Co., Inc. 11,059 587,896 0.03% Western Union Co. 22,417 455,738 0.02%
Darden Restaurants, Inc. 5,466 585,190 0.03% Varian Medical Systems, Inc. 4,005 455,449 0.02%
Diamondback Energy, Inc. 4,422 581,803 0.03% DENTSPLY SIRONA, Inc. 10,325 451,925 0.02%
Autoliv, Inc. 4,040 578,609 0.03% Tractor Supply Co. 5,904 451,597 0.02%
Mohawk Industries, Inc. 2,693 577,029 0.03% Yandex NV Class A 12,555 450,725 0.02%
CA, Inc. 16,180 576,817 0.03% Perrigo Co. plc 6,172 450,001 0.02%
CMS Energy Corp. 12,194 576,532 0.03% DaVita, Inc. 6,457 448,374 0.02%
United Rentals, Inc. 3,903 576,161 0.03% LKQ Corp. 14,047 448,099 0.02%
Symantec Corp. 27,877 575,660 0.03% CF Industries Holdings, Inc. 10,087 447,863 0.02%
Kohl’s Corp. 7,839 571,463 0.03% Lamb Weston Holdings, Inc. 6,526 447,096 0.02%
Newell Brands, Inc. 22,134 570,836 0.03% Cincinnati Financial Corp. 6,682 446,759 0.02%
Akamai Technologies, Inc. 7,764 568,558 0.03% International Flavors & Fragrances, Inc. 3,585 444,397 0.02%
Synopsys, Inc. 6,634 567,671 0.03% Qorvo, Inc. 5,541 444,222 0.02%
Lululemon Athletica, Inc. 4,518 564,072 0.03% Norwegian Cruise Line Holdings Ltd. 9,382 443,300 0.02%
Ball Corp. 15,843 563,219 0.03% Huntington Ingalls Industries, Inc. 2,041 442,468 0.02%
Teleflex, Inc. 2,085 559,218 0.03% Bunge Ltd. 6,342 442,101 0.02%
MercadoLibre, Inc. 1,851 553,319 0.03% Mosaic Co. 15,707 440,581 0.02%
Check Point Software Technologies Hormel Foods Corp. 11,838 440,492 0.02%
Ltd. 5,656 552,478 0.03% FNF Group 11,648 438,198 0.02%
Lear Corp. 2,960 549,998 0.03% Universal Health Services, Inc. Class B 3,920 436,845 0.02%
Masco Corp. 14,600 546,332 0.03% Old Dominion Freight Line, Inc. 2,932 436,751 0.02%
Gartner, Inc. 4,065 540,238 0.03% Alliant Energy Corp. 10,286 435,304 0.02%
Raymond James Financial, Inc. 6,023 538,155 0.03% Whirlpool Corp. 2,940 429,916 0.02%
CH Robinson Worldwide, Inc. 6,400 535,424 0.03% NVR, Inc. 142 421,790 0.02%
HollyFrontier Corp. 7,814 534,712 0.03% Michael Kors Holdings Ltd. 6,327 421,378 0.02%
CDW Corp. 6,546 528,851 0.03% Sirius XM Holdings, Inc. 62,030 419,943 0.02%
PVH Corp. 3,523 527,464 0.03% NRG Energy, Inc. 13,651 419,086 0.02%
Henry Schein, Inc. 7,232 525,332 0.03% Qurate Retail, Inc. 19,650 416,973 0.02%
Dover Corp. 7,168 524,698 0.03% Amdocs Ltd. 6,247 413,489 0.02%
Cadence Design Systems, Inc. 12,100 524,051 0.03% Advance Auto Parts, Inc. 3,039 412,392 0.02%
Ally Financial, Inc. 19,908 522,983 0.03% Everest Re Group Ltd. 1,787 411,868 0.02%
Arthur J Gallagher & Co. 8,003 522,436 0.03% Alcoa Corp. 8,758 410,575 0.02%
FMC Corp. 5,853 522,146 0.03% Torchmark Corp. 5,040 410,306 0.02%
Xylem, Inc. 7,718 520,039 0.02% NiSource, Inc. 15,572 409,232 0.02%
XPO Logistics, Inc. 5,185 519,433 0.02% Interpublic Group of Cos, Inc. 17,358 406,872 0.02%
JM Smucker Co. 4,829 519,021 0.02% Avery Dennison Corp. 3,973 405,643 0.02%
Cooper Cos, Inc. 2,193 516,342 0.02% Alnylam Pharmaceuticals, Inc. 4,106 404,400 0.02%
Incyte Corp. 7,699 515,833 0.02% Affiliated Managers Group, Inc. 2,704 402,004 0.02%
Nielsen Holdings plc 16,658 515,232 0.02% Alleghany Corp. 693 398,454 0.02%
Molson Coors Brewing Co. Class B 7,552 513,838 0.02% Snap-on, Inc. 2,467 396,496 0.02%
CenterPoint Energy, Inc. 18,531 513,494 0.02% Pinnacle West Capital Corp. 4,917 396,114 0.02%
Keysight Technologies, Inc. 8,690 512,971 0.02% Aramark 10,675 396,042 0.02%
Cboe Global Markets, Inc. 4,927 512,753 0.02% Delta Air Lines, Inc. 7,934 393,050 0.02%
Alliance Data Systems Corp. 2,194 511,641 0.02% Fortune Brands Home & Security, Inc. 7,308 392,367 0.02%
Macy’s, Inc. 13,521 506,091 0.02% Trimble, Inc. 11,820 388,169 0.02%
Hologic, Inc. 12,645 502,639 0.02% AES Corp. 28,903 387,589 0.02%
Cimarex Energy Co. 4,884 496,898 0.02% Ingredion, Inc. 3,461 383,133 0.02%
Kansas City Southern 4,665 494,303 0.02% AerCap Holdings NV 7,059 382,245 0.02%
Hasbro, Inc. 5,354 494,228 0.02% Liberty Broadband Corp. Class C 5,028 380,720 0.02%
Targa Resources Corp. 9,921 490,990 0.02% L Brands, Inc. 10,285 379,311 0.02%
Juniper Networks, Inc. 17,814 488,460 0.02% CDK Global, Inc. 5,744 373,647 0.02%
54

SEI Investments Co. 5,971 373,307 0.02% Xerox Corp. 9,849 236,376 0.01%
Unum Group 10,055 371,934 0.02% Dun & Bradstreet Corp. 1,903 233,403 0.01%
Sensata Technologies Holding plc 7,694 366,081 0.02% Stericycle, Inc. 3,562 232,563 0.01%
Marvell Technology Group Ltd. 16,994 364,351 0.02% Liberty Media Corp.-Liberty SiriusXM
Jacobs Engineering Group, Inc. 5,717 362,972 0.02% Class C 5,123 232,379 0.01%
IPG Photonics Corp. 1,642 362,274 0.02% Goodyear Tire & Rubber Co. 9,958 231,922 0.01%
Wabtec Corp. 3,660 360,803 0.02% H&R Block, Inc. 10,098 230,032 0.01%
Pentair plc 8,541 359,405 0.02% Flowserve Corp. 5,642 227,937 0.01%
Arconic, Inc. 20,825 354,233 0.02% Acuity Brands, Inc. 1,913 221,659 0.01%
Voya Financial, Inc. 7,500 352,500 0.02% Core Laboratories NV 1,750 220,867 0.01%
DISH Network Corp. Class A 10,482 352,300 0.02% Brighthouse Financial, Inc. 5,488 219,904 0.01%
Allegion plc 4,549 351,911 0.02% Adient plc 4,469 219,830 0.01%
Helmerich & Payne, Inc. 5,493 350,234 0.02% Bemis Co., Inc. 5,126 216,368 0.01%
Jefferies Financial Group, Inc. 15,302 347,967 0.02% Axis Capital Holdings Ltd. 3,843 213,748 0.01%
Southwest Airlines Co. 6,694 340,591 0.02% American Airlines Group, Inc. 5,541 210,336 0.01%
Hanesbrands, Inc. 15,138 333,339 0.02% YY, Inc. ADR 2,041 205,059 0.01%
PulteGroup, Inc. 11,541 331,804 0.02% nVent Electric plc 8,082 202,858 0.01%
Polaris Industries, Inc. 2,712 331,352 0.02% Wyndham Destinations, Inc. 4,532 200,632 0.01%
Herbalife Nutrition Ltd. 6,144 330,056 0.02% Jabil, Inc. 7,138 197,437 0.01%
Robert Half International, Inc. 5,037 327,909 0.02% Range Resources Corp. 11,486 192,161 0.01%
Garmin Ltd. 5,336 325,496 0.02% Delphi Technologies plc 4,127 187,613 0.01%
Discovery, Inc. Class A 11,685 321,337 0.02% Nuance Communications, Inc. 12,901 179,130 0.01%
Flex Ltd. 22,661 319,747 0.02% Sprint Corp. 31,135 169,374 0.01%
Sealed Air Corp. 7,508 318,715 0.02% Southern Copper Corp. 3,607 169,060 0.01%
Gap, Inc. 9,825 318,232 0.02% Weatherford International plc 50,301 165,490 0.01%
Campbell Soup Co. 7,688 311,672 0.02% Westlake Chemical Corp. 1,519 163,490 0.01%
News Corp. Class A 20,100 311,550 0.02% AutoNation, Inc. 3,094 150,307 0.01%
Murphy Oil Corp. 9,146 308,860 0.01% Apergy Corp. 3,482 145,373 0.01%
Coty, Inc. Class A 21,846 308,029 0.01% Avangrid, Inc. 2,710 143,440 0.01%
Fluor Corp. 6,291 306,875 0.01% NCR Corp. 4,779 143,274 0.01%
Alkermes plc 7,424 305,572 0.01% Perspecta, Inc. 6,464 132,835 0.01%
CIT Group, Inc. 6,023 303,619 0.01% Santander Consumer USA Holdings,
Liberty Media Corp.-Liberty SiriusXM Inc. 5,850 111,677 0.01%
Class A 6,732 303,277 0.01% Under Armour, Inc. Class C 5,124 108,014 0.01%
Harley-Davidson, Inc. 7,135 300,241 0.01% CNA Financial Corp. 1,705 77,884 0.00%
WR Berkley Corp. 4,101 296,953 0.01% Alaska Air Group, Inc. 1,026 61,960 0.00%
Ralph Lauren Corp. Class A 2,338 293,933 0.01% SodaStream International Ltd. 673 56,296 0.00%
Commerce Bancshares, Inc. 4,526 292,877 0.01% Liberty Broadband Corp. Class A 721 54,536 0.00%
Newfield Exploration Co. 9,642 291,671 0.01% News Corp. Class B 2,948 46,726 0.00%
Gentex Corp. 12,656 291,341 0.01% Herbalife Ltd. 391 3,793 0.00%
Discovery, Inc. Class C 11,177 285,013 0.01% 1,064,139,220 50.61%
People’s United Financial, Inc. 15,476 279,961 0.01% Total Equities 2,037,513,981 96.90%
Liberty Global plc Class A 10,111 278,457 0.01%
Janus Henderson Group plc 9,038 277,738 0.01%
Foot Locker, Inc. 5,217 274,675 0.01% Australia 0.14% (30 June 2017: 0.19%)
Assurant, Inc. 2,653 274,559 0.01% Scentre Group REIT 226,702 735,319 0.03%
Brown & Brown, Inc. 9,792 271,532 0.01% Goodman Group REIT 76,426 543,216 0.03%
Arrow Electronics, Inc. 3,585 269,879 0.01% Stockland REIT 113,264 332,230 0.02%
Wyndham Hotels & Resorts, Inc. 4,532 266,618 0.01% Dexus REIT 46,207 331,500 0.02%
Nordstrom, Inc. 5,126 265,424 0.01% Vicinity Centres REIT 155,649 297,853 0.01%
Avnet, Inc. 6,105 261,843 0.01% Mirvac Group REIT 173,919 278,845 0.01%
Manpowergroup, Inc. 3,041 261,708 0.01% GPT Group REIT 70,282 262,755 0.01%
TripAdvisor, Inc. 4,686 261,057 0.01% Shopping Centres Australasia
Continental Resources, Inc. 3,940 255,154 0.01% Property Group REIT 99,487 180,090 0.01%
Mattel, Inc. 15,506 254,609 0.01% 2,961,808 0.14%
MDU Resources Group, Inc. 8,777 251,724 0.01% Canada 0.02% (30 June 2017: 0.02%)
Old Republic International Corp. 12,513 249,134 0.01%
RioCan REIT 20,446 375,363 0.02%
Toll Brothers, Inc. 6,665 246,538 0.01%
375,363 0.02%
SCANA Corp. 6,326 243,678 0.01%
United Continental Holdings, Inc. 3,492 243,497 0.01% France 0.05% (30 June 2017: 0.11%)
Ashland Global Holdings, Inc. 3,092 241,733 0.01% Gecina SA REIT 2,092 350,012 0.02%
Antero Resources Corp. 11,311 241,490 0.01% Klepierre SA REIT 8,974 337,902 0.02%
New York Community Bancorp, Inc. 21,714 239,723 0.01% Covivio REIT 2,019 210,034 0.01%
RenaissanceRe Holdings Ltd. 1,989 239,316 0.01% ICADE REIT 1,262 118,318 0.00%
Under Armour, Inc. Class A 10,620 238,738 0.01% 1,016,266 0.05%
Leggett & Platt, Inc. 5,311 237,083 0.01%
55

Hong Kong 0.04% (30 June 2017: 0.05%) Prologis, Inc. REIT 23,761 1,560,860 0.07%
Link REIT 98,000 895,003 0.04% Public Storage REIT 6,744 1,529,944 0.07%
Champion REIT 50,000 33,204 0.00% Equinix, Inc. REIT 3,555 1,528,259 0.07%
Weyerhaeuser Co. REIT 33,682 1,228,046 0.06%
928,207 0.04%
Equity Residential REIT 17,122 1,090,500 0.05%
Mexico 0.01% (30 June 2017: 0.01%)
AvalonBay Communities, Inc. REIT 6,127 1,053,170 0.05%
Fibra Uno Administracion SA de Digital Realty Trust, Inc. REIT 9,281 1,035,574 0.05%
CV REIT 150,600 221,811 0.01% Welltower, Inc. REIT 16,480 1,033,131 0.05%
221,811 0.01% Ventas, Inc. REIT 16,213 923,330 0.04%
Singapore 0.03% (30 June 2017: 0.03%) Boston Properties, Inc. REIT 7,143 895,875 0.04%
Ascendas REIT 73,046 141,431 0.01% SBA Communications Corp. REIT
Class A 5,255 867,706 0.04%
CapitaLand Commercial Trust REIT 102,091 124,291 0.01%
Host Hotels & Resorts, Inc. REIT 34,311 722,933 0.03%
CapitaLand Mall Trust REIT 80,200 121,756 0.01%
Essex Property Trust, Inc. REIT 2,801 669,635 0.03%
Suntec REIT 95,800 121,550 0.00%
Realty Income Corp. REIT 12,377 665,759 0.03%
509,028 0.03%
Vornado Realty Trust REIT 8,644 638,965 0.03%
South Africa 0.03% (30 June 2017: 0.03%) GGP, Inc. REIT 28,654 585,401 0.03%
Growthpoint Properties Ltd. REIT 109,374 212,983 0.01% Alexandria Real Estate Equities, Inc.
Redefine Properties Ltd. REIT 212,092 162,324 0.01% REIT 4,372 551,615 0.03%
Hyprop Investments Ltd. REIT 13,248 98,918 0.01% HCP, Inc. REIT 21,344 551,102 0.03%
Vukile Property Fund Ltd. REIT 52,424 74,431 0.00% Extra Space Storage, Inc. REIT 5,305 529,492 0.03%
Fortress Ltd. REIT Class A 53,679 60,312 0.00% Annaly Capital Management, Inc.
Resilient Ltd. REIT 12,212 50,118 0.00% REIT 50,923 523,998 0.03%
Fortress Ltd. REIT Class B 18,352 20,151 0.00% Mid-America Apartment
Communities, Inc. REIT 4,950 498,317 0.02%
679,237 0.03%
Duke Realty Corp. REIT 15,708 456,003 0.02%
Spain 0.01% (30 June 2017: 0.01%) Iron Mountain, Inc. REIT 12,813 448,583 0.02%
Merlin Properties Socimi SA REIT 12,839 186,703 0.01% UDR, Inc. REIT 11,765 441,658 0.02%
186,703 0.01% Federal Realty Investment Trust REIT 3,362 425,461 0.02%
Turkey 0.00% (30 June 2017: 0.00%) Regency Centers Corp. REIT 6,567 407,679 0.02%
SL Green Realty Corp. REIT 3,678 369,749 0.02%
Emlak Konut Gayrimenkul Yatirim
VEREIT, Inc. REIT 49,651 369,403 0.02%
Ortakligi A.S. REIT 40,835 18,095 0.00%
Macerich Co. REIT 6,078 345,413 0.02%
18,095 0.00%
AGNC Investment Corp. REIT 18,493 343,785 0.02%
United Kingdom 0.09% (30 June 2017: 0.10%) Invitation Homes, Inc. REIT 14,867 342,833 0.02%
Land Securities Group plc REIT 40,853 516,115 0.02% Liberty Property Trust REIT 7,225 320,284 0.02%
Segro plc REIT 50,630 447,455 0.02% Kimco Realty Corp. REIT 17,931 304,648 0.01%
British Land Co., plc REIT 49,196 436,601 0.02% Park Hotels & Resorts, Inc. REIT 8,287 253,831 0.01%
Hammerson plc REIT 33,292 229,702 0.01% Hospitality Properties Trust REIT 8,119 232,285 0.01%
Derwent London plc REIT 4,704 192,897 0.01% Weingarten Realty Investors REIT 4,299 132,452 0.01%
Intu Properties plc REIT 44,796 106,574 0.01% 31,283,114 1.49%
1,929,344 0.09% Total Collective Investment Schemes 40,108,976 1.91%
United States 1.49% (30 June 2017: 1.38%) Financial Assets at Fair Value
American Tower Corp. REIT Class A 20,395 2,940,347 0.14% Through Profit or Loss 2,077,622,957 98.81%
Simon Property Group, Inc. REIT 14,031 2,387,936 0.11%
Crown Castle International Corp. REIT 19,265 2,077,152 0.10%
56
Unrealised
Contracts Amount US Dollars ($) Net Assets
Financial Derivative Instruments (0.03%) (30 June 2017: (0.00%))
Futures (0.02%) (30 June 2017: (0.00%))
SPI 200 20 September 2018 6 675,416 5,952 0.00%
FTSE 100 Index 21 September 2018 17 1,702,447 3,652 0.00%
Euro Stoxx 50 21 September 2018 69 2,760,959 (29,137) (0.00%)
Topix Index 13 September 2018 12 1,905,412 (30,632) (0.00%)
MSCI Emerging Markets 21 September 2018 53 2,928,425 (110,680) (0.01%)
S&P 500 E-mini 21 September 2018 113 15,587,065 (210,025) (0.01%)
(370,870) (0.02%)

Open Forward Currency Exchange Contracts (0.01%) (30 June 2017: (0.00%))
USD 1,598,313 JPY 174,750,000 BNP Paribas 19/9/2018 11,847 0.00%
USD 815,572 GBP 611,080 BNP Paribas 26/9/2018 5,680 0.00%
USD 1,208,310 GBP 907,740 BNP Paribas 26/9/2018 5,241 0.00%
USD 1,135,802 JPY 124,705,000 BNP Paribas 19/9/2018 3,669 0.00%
USD 505,079 GBP 378,725 UBS 26/9/2018 3,137 0.00%
USD 646,039 JPY 70,980,000 Morgan Stanley 19/9/2018 1,648 0.00%
AUD 1,484,661 USD 1,096,489 Bank of America 25/9/2018 738 0.00%
EUR 848,250 USD 996,209 JP Morgan Chase 26/9/2018 674 0.00%
AUD 33,028 USD 24,388 BNP Paribas 25/9/2018 21 0.00%
AUD 307,750 USD 227,572 JP Morgan Chase 25/9/2018 (132) (0.00%)
JPY 4,582,828 USD 42,067 BNP Paribas 19/9/2018 (462) (0.00%)
USD 678,040 AUD 918,750 BNP Paribas 25/9/2018 (955) (0.00%)
EUR 115,499 USD 137,084 Barclays Bank Plc 26/9/2018 (1,348) (0.00%)
GBP 449,460 USD 597,157 JP Morgan Chase 26/9/2018 (1,467) (0.00%)
GBP 81,876 USD 110,037 JP Morgan Chase 26/9/2018 (1,523) (0.00%)
USD 817,648 EUR 699,200 UBS 26/9/2018 (4,067) (0.00%)
JPY 69,060,000 USD 632,113 JP Morgan Chase 19/9/2018 (5,152) (0.00%)
JPY 70,840,000 USD 648,310 BNP Paribas 19/9/2018 (5,190) (0.00%)
USD 1,418,904 EUR 1,212,400 BNP Paribas 26/9/2018 (5,935) (0.00%)
JPY 88,700,000 USD 813,466 JP Morgan Chase 19/9/2018 (8,204) (0.00%)
USD 1,980,392 EUR 1,694,420 BNP Paribas 26/9/2018 (10,928) (0.00%)
JPY 350,181,652 USD 3,216,335 Bank of America 19/9/2018 (37,215) (0.00%)
GBP 2,667,066 USD 3,584,127 Barclays Bank Plc 26/9/2018 (49,342) (0.00%)
EUR 5,009,406 USD 5,949,506 Bank of America 26/9/2018 (62,342) (0.01%)
(161,607) (0.01%)
Fair Value
US Dollars ($)
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
% of Total
Analysis of Total Net Assets US Dollars ($) Net Assets
(b) Transferable securities dealt in on another regulated market 6,933,274 0.33%
(c) Transferable securities other than those admitted to an official stock exchange listing or
dealt in on another regulated market 1,195,175 0.06%
(d) Total Financial Derivative Instruments (532,477) (0.03%)
Total Net Assets 2,102,651,548 100.00%
57

Cost Proceeds
Shares US Dollars ($) Shares US Dollars ($)
Purchases Sales
Apple, Inc. 83,141 14,148,020 Apple, Inc. 21,153 3,685,317
Microsoft Corp. 127,543 11,333,799 Microsoft Corp. 15,430 1,257,649
Alibaba Group Holding Ltd. ADR 50,010 9,489,590 Alphabet, Inc. Class A 1,101 1,104,541
Amazon.com, Inc. 6,887 9,327,793 JPMorgan Chase & Co. 10,058 1,035,785
Facebook, Inc. Class A 40,266 6,907,515 Bank of America Corp. 34,908 988,106
JPMorgan Chase & Co. 56,145 5,992,294 Novartis AG 10,683 896,227
Alphabet, Inc. Class C 5,579 5,878,760 Citigroup, Inc. 12,187 893,710
Johnson & Johnson 43,818 5,754,739 Amgen, Inc. 4,151 764,504
Exxon Mobil Corp. 69,418 5,475,759 Johnson & Johnson 5,609 762,244
Tencent Holdings Ltd. 105,087 5,368,477 Berkshire Hathaway, Inc. Class B 3,997 755,354
Berkshire Hathaway, Inc. Class B 25,812 5,030,665 Amazon.com, Inc. 705 747,066
Alphabet, Inc. Class A 4,520 4,641,818 Facebook, Inc. Class A 4,238 733,975
Bank of America Corp. 157,421 4,564,691 Exxon Mobil Corp. 8,090 657,874
Nestle SA 49,319 3,996,542 Wells Fargo & Co. 11,375 649,368
Wells Fargo & Co. 72,251 3,961,064 Procter & Gamble Co. 7,024 612,339
Chevron Corp. 31,669 3,751,700 Home Depot, Inc. 3,181 562,391
AT&T, Inc. 104,292 3,727,522 Walt Disney Co. 5,340 557,049
Intel Corp. 76,268 3,573,641 Tencent Holdings Ltd. 10,600 519,495
UnitedHealth Group, Inc. 15,709 3,486,883 Nestle SA 6,142 515,565
Procter & Gamble Co. 41,964 3,471,695 American Express Co. 5,164 495,152
58

2018 2017
Current Assets
Cash 20,384,838 9,275,676
Unrealised Appreciation on Spot Currency Contracts — 316
Receivables:
Capital Shares Sold — 6,539,526
Investments Sold or Matured 2,598 5,577
Futures Margin Cash 1,587,494 504,914
Cash Collateral 260,000 —
Other Receivables — 9,693
Current Liabilities
Unrealised Depreciation on Spot Currency Contracts 76 —
Investments Purchased 153,795 14,019,956

30 June 2018 30 June 2017
Dividend Income 43,044,701 28,329,734
Expenses
Transaction Fees and Commissions 556,031 214,668
Total Expenses 4,736,532 2,938,967
Finance Costs
Income Equalisation (1,571,008) (122,530)
59


30 June 2018 30 June 2017
Subscriptions 783,237,990 221,986,938
Redemptions (82,573,440) (27,949,960)
Beginning of Year 1,295,979,632 937,471,365
End of Year 2,102,651,548 1,295,979,632
60
Vanguard FTSE All-World High Dividend Yield UCITS ETF

As at 30 June 2018
Vanguard FTSE All-World High Dividend Yield UCITS ETF seeks to track Exxon Mobil Corp. Integrated Oil & Gas 1.8%
the performance of the FTSE All-World High Dividend Yield Index, a free-
float-adjusted market capitalisation-weighted index of common stocks Johnson & Johnson Pharmaceuticals 1.6
of companies, excluding real estate trusts, in developed and emerging Royal Dutch Shell plc Integrated Oil & Gas 1.5
markets that pay dividends that are generally higher than average. Wells Fargo & Co. Banks 1.2
Chevron Corp. Integrated Oil & Gas 1.2
Portfolio Characteristics Nestle SA Food Products 1.2
FTSE AT&T Inc. Integrated
All-World Telecommunication Services 1.2
High Dividend
Fund Yield Index Intel Corp. Software 1.2
Number of Stocks 1,287 1,273 Samsung Electronics Co. Ltd. Consumer Electronics 1.1
Median Market Cap Pfizer, Inc. Pharmaceuticals 1.1
US Dollars $64.7B $64.7B Top Ten 13.1%
British Pounds £49.0B £49.0B

Euro €55.5B €55.5B Market Diversification (% of portfolio)
Swiss Francs CHF64.3B CHF64.3B FTSE
Price/Earnings Ratio 13.4x 13.4x All-World
High Dividend
Price/Book Ratio 1.7x 1.7x Fund Yield Index
Yield 3.9% 3.9% Europe
Return on Equity 13.8% 13.8% United Kingdom 10.9% 10.9%
Earnings Growth Rate 3.7% 3.7% Switzerland 4.9 4.9
Turnover Rate 26% — France 4.1 4.1
Ongoing Charges Figure 0.29% — Germany 4.1 4.1
Spain 2.0 2.0
Sector Diversification (% of portfolio) Netherlands 1.7 1.7

FTSE Sweden 1.2 1.2
All-World Italy 1.2 1.2
High Dividend
Fund Yield Index Other 3.0 3.0
Basic Materials 5.9% 5.9% Subtotal 33.1% 33.1%
Consumer Goods 15.7 15.7 Pacific
Consumer Services 5.8 5.8 Japan 6.4% 6.4%
Financials 24.0 24.0 Australia 4.1 4.1
Health Care 10.8 10.8 South Korea 1.9 1.9
Industrials 8.1 8.1 Hong Kong 1.5 1.5
Oil & Gas 11.8 11.8 Other 0.9 0.9
Technology 6.4 6.4 Subtotal 14.8% 14.8%
Telecommunications 5.5 5.5 Emerging Markets
Utilities 6.0 6.0 China 3.2% 3.2%

Taiwan 2.7 2.7
Brazil 1.1 1.1
Volatility Measures Other 4.4 4.4
FTSE
All-World Subtotal 11.4% 11.4%
High Dividend North America
Fund Yield Index United States 36.3% 36.2%
R-Squared 1.00 1.00 Canada 4.1 4.2
Beta 1.00 1.00 Subtotal 40.4% 40.4%
Other 0.2% 0.2%
61
■ 33.1% Europe
■ 14.8% Pacific
■ 0.2% Other
Investment Focus
Market Cap Large
Medium
Small
62

• For the 12 months ended 30 June 2018, Vanguard FTSE All-World High Dividend Yield UCITS ETF returned 4.78%, in line with its benchmark index, which
returned 4.74%.1
• Seven of the fund’s ten sectors generated positive returns for the 12-month period, with oil and gas, financials and technology adding the most. Consumer
goods and telecommunications detracted.
• Among markets, the United States, the United Kingdom and Japan contributed the most to performance while Switzerland, Sweden and Spain detracted.

Benchmark: FTSE All-World High Dividend Yield Index

$140,000
128,936
90,000
2013 2014 2015 2016 2017 2018

Benchmark 4.74 6.51 5.02 128,465
2013 2014 2015 2016 2017 2018
22.09 21.94
16.42 16.33
4.78 4.74
–4.34 –4.31 –3.49 –3.59

–6.23 –6.28
ETF Net Asset Value

Benchmark
2 21 May 2013.
63
30 June 2018

Equities 99.28% (30 June 2017: 99.51%) Sims Metal Management Ltd. 5,596 66,484 0.01%
Australia 4.10% (30 June 2017: 4.36%) Metcash Ltd. 31,016 59,811 0.01%
CSR Ltd. 16,887 57,269 0.01%
Perpetual Ltd. 1,581 48,594 0.01%
BHP Billiton Ltd. 107,230 2,686,584 0.40%
Fairfax Media Ltd. 83,467 46,252 0.01%
Harvey Norman Holdings Ltd. 18,380 45,086 0.01%
Group Ltd. 96,790 2,019,535 0.30% Platinum Asset Management Ltd. 8,332 35,459 0.01%
National Australia Bank Ltd. 90,817 1,839,215 0.28% 27,286,308 4.10%
Wesfarmers Ltd. 37,735 1,376,182 0.21% Austria 0.16% (30 June 2017: 0.18%)
Woolworths Group Ltd. 43,529 981,566 0.15% Erste Group Bank AG 9,754 407,131 0.06%
Macquarie Group Ltd. 10,234 934,966 0.14% OMV AG 4,687 265,790 0.04%
Rio Tinto Ltd. 13,840 853,231 0.13% Voestalpine AG 4,008 184,608 0.03%
Woodside Petroleum Ltd. 31,301 820,074 0.12% ANDRITZ AG 2,430 128,977 0.02%
Transurban Group 74,260 656,758 0.10% Vienna Insurance Group AG Wiener
Insurance Australia Group Ltd. 79,728 502,477 0.08% Versicherung Gruppe 1,276 34,801 0.01%
Suncorp Group Ltd. 43,544 469,397 0.07% Telekom Austria AG Class A 4,121 34,354 0.00%
South32 Ltd. 171,368 457,081 0.07%
1,055,661 0.16%
Amcor Ltd. 39,120 416,504 0.06%
Belgium 0.64% (30 June 2017: 0.76%)
AGL Energy Ltd. 22,092 366,934 0.05%
Brambles Ltd. 54,029 354,484 0.05% Anheuser-Busch InBev SA 25,311 2,556,235 0.38%
QBE Insurance Group Ltd. 45,100 324,558 0.05% KBC Group NV 9,174 708,218 0.11%
ASX Ltd. 6,679 317,750 0.05% Ageas 6,335 319,600 0.05%
APA Group 39,058 284,251 0.04% Solvay SA 2,313 292,064 0.04%
LendLease Group 19,285 282,267 0.04% Groupe Bruxelles Lambert SA 2,342 246,971 0.04%
Telstra Corp., Ltd. 140,935 272,820 0.04% Proximus SADP 4,578 103,213 0.01%
Sonic Healthcare Ltd. 14,004 253,808 0.04% bpost SA 3,304 52,193 0.01%
AMP Ltd. 96,263 253,201 0.04% 4,278,494 0.64%
James Hardie Industries plc 14,513 243,196 0.04% Brazil 1.06% (30 June 2017: 1.18%)
Computershare Ltd. 16,691 227,281 0.03%
Vale SA 115,400 1,487,416 0.22%
Aurizon Holdings Ltd. 64,243 205,528 0.03%
Tabcorp Holdings Ltd. 61,684 203,265 0.03% Preference Shares 104,563 1,096,343 0.17%
Caltex Australia Ltd. 8,437 202,844 0.03% Ambev SA 146,648 685,328 0.10%
Medibank Pvt Ltd. 89,602 193,311 0.03% Banco Bradesco SA - Preference
Boral Ltd. 39,939 192,693 0.03% Shares 96,212 672,689 0.10%
Sydney Airport 35,667 188,684 0.03% Itausa-Investimentos Itau SA -
Seek Ltd. 11,639 187,555 0.03% Preference Shares 146,781 350,223 0.05%
Alumina Ltd. 84,825 175,484 0.03% Banco Bradesco SA 44,907 284,564 0.04%
Fortescue Metals Group Ltd. 52,501 170,290 0.03% Banco do Brasil SA 33,500 249,461 0.04%
Challenger Ltd. 18,764 164,009 0.02% Ultrapar Participacoes SA 14,600 174,370 0.03%
Orica Ltd. 12,185 159,801 0.02% Telefonica Brasil SA - Preference
Incitec Pivot Ltd. 55,772 149,582 0.02% Shares 14,238 169,269 0.03%
Bendigo & Adelaide Bank Ltd. 15,933 127,610 0.02% Cielo SA 37,600 161,447 0.02%
Coca-Cola Amatil Ltd. 17,887 121,585 0.02% BB Seguridade Participacoes SA 22,800 144,952 0.02%
Crown Resorts Ltd. 11,643 116,133 0.02% Klabin SA 25,000 127,359 0.02%
Orora Ltd. 39,637 104,550 0.02% Kroton Educacional SA 49,600 120,152 0.02%
Qantas Airways Ltd. 22,884 104,152 0.02% CCR SA 37,357 98,262 0.02%
Atlas Arteria Ltd. 21,846 103,786 0.02% Banco Santander Brasil SA 12,900 98,240 0.01%
Whitehaven Coal Ltd. 24,183 103,275 0.02% Hypera SA 12,900 92,574 0.01%
Star Entertainment Grp Ltd. 27,613 100,581 0.01% Braskem SA - Preference Shares
Healthscope Ltd. 61,402 100,261 0.01% Class A 6,500 85,757 0.01%
CIMIC Group Ltd. 3,133 97,917 0.01% JBS SA 33,500 80,977 0.01%
Ansell Ltd. 4,789 96,208 0.01% Compania de Saneamento Basico do
Downer EDI Ltd. 18,991 95,134 0.01% Estado de Sao Paulo 12,100 73,247 0.01%
Flight Centre Travel Group Ltd. 2,002 94,150 0.01% Compania Energetica de Minas Gerais -
Bank of Queensland Ltd. 12,374 93,162 0.01% Preference Shares 31,134 59,073 0.01%
Domino’s Pizza Enterprises Ltd. 2,207 85,152 0.01% Estacio Participacoes SA 8,800 55,763 0.01%
DuluxGroup Ltd. 13,523 76,435 0.01% Bradespar SA - Preference Shares 6,800 51,662 0.01%
Adelaide Brighton Ltd. 14,302 73,441 0.01% IRB Brasil Resseguros S/A 4,000 50,268 0.01%
Magellan Financial Group Ltd. 4,182 71,994 0.01% Engie Brasil Energia SA 5,300 47,154 0.01%
IOOF Holdings Ltd. 10,590 70,342 0.01% Cosan SA Industria e Comercio 5,100 46,634 0.01%
AusNet Services 57,612 68,319 0.01% Petrobras Distribuidora SA 9,300 44,211 0.01%
64

Energisa SA 5,700 43,334 0.01% Banco de Credito e Inversiones SA 1,439 96,115 0.01%
Qualicorp Consultoria e Corretora de Enel Chile SA 756,444 74,907 0.01%
Seguros SA 9,000 43,182 0.01% Colbun SA 227,584 47,122 0.01%
EDP-Energias do Brasil SA 11,434 41,220 0.01% Aguas Andinas SA Class A 81,206 44,517 0.01%
Porto Seguro SA 3,700 39,121 0.01% Embotelladora Andina SA -
Odontoprev SA 10,900 37,028 0.01% Preference Shares Class B 6,150 24,069 0.00%
Banco BTG Pactual SA 6,702 32,226 0.01% AES Gener SA 92,926 23,109 0.00%
Transmissora Alianca de Energia Enel Generacion Chile SA 1,390 936 0.00%
Eletrica SA 5,900 28,677 0.00% 924,229 0.14%
Smiles Fidelidade SA 2,100 28,383 0.00%
China 3.15% (30 June 2017: 2.84%)
Centrais Eletricas Brasileiras SA -
Preference Shares 7,600 26,766 0.00% China Construction Bank Corp.
Banco do Estado do Rio Grande do Class H 2,983,000 2,756,598 0.41%
Sul SA - Preference Shares 6,400 24,536 0.00% Industrial & Commercial Bank of
Sao Martinho SA 5,000 23,197 0.00% China Ltd. Class H 2,609,000 1,952,065 0.29%
Compania de Transmissao de Energia China Mobile Ltd. 176,500 1,568,049 0.24%
Eletrica Paulista - Preference Shares 1,524 22,975 0.00% Bank of China Ltd. Class H 2,563,000 1,270,809 0.19%
Compania Paranaense de Energia - CNOOC Ltd. 528,000 911,244 0.14%
Preference Shares 2,700 15,383 0.00% China Petroleum & Chemical Corp.
Compania de Gas de Sao Paulo Class H 860,000 768,420 0.12%
COMGAS - Preference Shares Class A 919 14,169 0.00% PetroChina Co., Ltd. Class H 688,000 523,534 0.08%
Alpargatas SA - Preference Shares 2,600 8,177 0.00% Agricultural Bank of China Ltd.
AES Tiete Energia SA 2,789 6,995 0.00% Class H 1,025,000 479,482 0.07%
Multiplus SA 800 6,082 0.00% China Merchants Bank Co., Ltd.
Compania Energetica de Minas Gerais Class H 129,066 476,258 0.07%
Class A 925 1,587 0.00% Country Garden Holdings Co., Ltd. 248,268 436,699 0.07%
China Overseas Land & Investment
7,050,433 1.06%
Ltd. 128,000 421,748 0.06%
Canada 4.21% (30 June 2017: 4.05%) China Pacific Insurance Group Co.,
Royal Bank of Canada 48,226 3,629,094 0.55% Ltd. Class H 85,400 330,369 0.05%
Toronto-Dominion Bank 61,608 3,563,612 0.54% China Resources Land Ltd. 91,572 308,724 0.05%
Bank of Nova Scotia 40,649 2,300,286 0.35% China Shenhua Energy Co., Ltd.
Suncor Energy, Inc. 54,474 2,215,484 0.33% Class H 112,000 265,815 0.04%
Bank of Montreal 21,580 1,667,079 0.25% Sunac China Holdings Ltd. 74,000 258,914 0.04%
Canadian Natural Resources Ltd. 40,028 1,443,862 0.22% China Evergrande Group 99,000 252,376 0.04%
Enbridge, Inc. - CAD 38,007 1,357,960 0.20% PICC Property & Casualty Co., Ltd.
Canadian Imperial Bank of Commerce 14,875 1,293,174 0.19% Class H 224,400 242,264 0.04%
TransCanada Corp. 29,141 1,260,056 0.19% Hengan International Group Co., Ltd. 24,500 235,774 0.04%
Manulife Financial Corp. 65,981 1,184,744 0.18% Anhui Conch Cement Co., Ltd.
Nutrien Ltd. 21,117 1,148,115 0.17% Class H 40,500 232,300 0.04%
Sun Life Financial, Inc. 20,208 811,577 0.12% CITIC Ltd. 162,000 228,377 0.03%
Enbridge, Inc. 18,742 668,902 0.10% China Telecom Corp., Ltd. Class H 470,000 219,860 0.03%
Pembina Pipeline Corp. 16,954 586,807 0.09% ANTA Sports Products Ltd. 39,000 206,546 0.03%
Rogers Communications, Inc. Class B 11,859 562,907 0.08% Bank of Communications Co., Ltd.
Class H 267,000 204,535 0.03%
National Bank of Canada 11,359 545,046 0.08%
China Conch Venture Holdings Ltd. 55,500 203,028 0.03%
Fortis, Inc. 13,774 439,989 0.07%
China CITIC Bank Corp., Ltd. Class H 281,619 176,249 0.03%
BCE, Inc. 10,022 405,619 0.06%
Guangdong Investment Ltd. 102,000 161,994 0.02%
Thomson Reuters Corp. 9,492 382,797 0.06%
China Minsheng Banking Corp., Ltd.
Intact Financial Corp. 4,588 325,236 0.05%
Class H 209,520 149,820 0.02%
Shaw Communications, Inc. Class B 14,471 294,601 0.04%
China Vanke Co., Ltd. Class H 42,609 149,082 0.02%
Power Corp. of Canada 12,866 287,943 0.04%
China Communications Construction
Telus Corp., Ltd. 6,583 233,704 0.04%
Co., Ltd. Class H 151,000 145,891 0.02%
Great-West Lifeco, Inc. 9,483 232,993 0.04%
Longfor Properties Co., Ltd. 48,000 129,400 0.02%
Inter Pipeline Ltd. 12,351 231,350 0.03%
Postal Savings Bank of China Co.,
Power Financial Corp. 8,218 192,104 0.03% Ltd. Class H 196,000 127,661 0.02%
CI Financial Corp. 8,638 155,168 0.02% Lenovo Group Ltd. 232,000 125,678 0.02%
Hydro One Ltd. 9,827 149,708 0.02% China Everbright International Ltd. 92,000 118,907 0.02%
Crescent Point Energy Corp. 18,940 139,086 0.02% Haitong Securities Co., Ltd. Class H 112,800 114,016 0.02%
ARC Resources Ltd. 11,684 120,619 0.02% CRRC Corp., Ltd. Class H 145,000 112,556 0.02%
Canadian Utilities Ltd. Class A 3,958 99,894 0.02% Shimao Property Holdings Ltd. 41,000 107,655 0.02%
IGM Financial, Inc. 3,135 90,824 0.01% Dongfeng Motor Group Co., Ltd.
28,020,340 4.21% Class H 98,000 103,678 0.02%
Chile 0.14% (30 June 2017: 0.13%) CGN Power Co., Ltd. Class H 396,000 102,464 0.02%
China Resources Power Holdings
Enel Americas SA 955,035 169,415 0.03%
Co., Ltd. 58,000 102,169 0.02%
Banco Santander Chile 2,071,781 162,803 0.03%
Guangzhou Automobile Group Co.,
Sociedad Quimica y Minera de Chile
Ltd. Class H 103,600 101,283 0.02%
SA - Preference Shares Class B 3,209 154,450 0.02%
China Huarong Asset Management
Banco de Chile 817,261 126,786 0.02%
Co., Ltd. Class H 344,000 99,533 0.02%
65

China Cinda Asset Management Jiangsu Expressway Co., Ltd.
China Longyuan Power Group Corp., Kingboard Laminates Holdings Ltd. 33,500 41,376 0.01%
Ltd. Class H 121,000 97,473 0.01% China Coal Energy Co., Ltd. Class H 98,000 40,597 0.01%
Huaneng Power International, Inc. Shenzhen Investment Ltd. 104,000 37,912 0.01%
Class H 142,000 94,118 0.01% Country Garden Services Holdings
China Jinmao Holdings Group Ltd. 186,000 93,410 0.01% Co., Ltd. 28,536 36,591 0.01%
Huatai Securities Co., Ltd. Class H 57,800 91,944 0.01% Sinotrans Ltd. Class H 67,000 35,355 0.01%
Sun Art Retail Group Ltd. 69,500 90,890 0.01% Lao Feng Xiang Co., Ltd. Class B 10,600 34,683 0.01%
GF Securities Co., Ltd. Class H 60,200 87,782 0.01% Chongqing Changan Automobile Co.,
Yanzhou Coal Mining Co., Ltd. Class H 66,000 86,312 0.01% Ltd. Class B 33,200 33,558 0.01%
Shanghai Pharmaceuticals Holding Angang Steel Co., Ltd. Class H 34,000 30,683 0.00%
Co., Ltd. Class H 30,700 84,718 0.01% China Power International
Kingboard Chemical Holdings Ltd. 23,000 84,138 0.01% Development Ltd. 132,140 30,486 0.00%
Agile Group Holdings Ltd. 48,750 83,016 0.01% China Dongxiang Group Co., Ltd. 166,000 30,469 0.00%
Beijing Enterprises Holdings Ltd. 17,000 82,774 0.01% Shanghai Industrial Holdings Ltd. 13,000 30,290 0.00%
China Merchants Port Holdings Sinotruk Hong Kong Ltd. 18,000 29,643 0.00%
Co., Ltd. 40,000 81,270 0.01% Red Star Macalline Group Corp., Ltd.
Weichai Power Co., Ltd. Class H 57,000 78,611 0.01% Class H 21,400 28,859 0.00%
Great Wall Motor Co., Ltd. Class H 101,500 77,625 0.01% Huadian Power International Corp.,
Beijing Enterprises Water Group Ltd. 138,000 75,284 0.01% Ltd. Class H 72,000 28,450 0.00%
China Resources Cement Holdings Orient Securities Co., Ltd. Class H 36,000 28,037 0.00%
Ltd. 74,000 74,986 0.01% Towngas China Co., Ltd. 26,000 25,220 0.00%
Kunlun Energy Co., Ltd. 84,000 73,556 0.01% SOHO China Ltd. 53,000 25,198 0.00%
Guangzhou R&F Properties Co., Ltd. Zoomlion Heavy Industry Science
Class H 35,200 71,069 0.01% and Technology Co., Ltd. Class H 58,200 24,851 0.00%
Zijin Mining Group Co., Ltd. Class H 178,000 68,065 0.01% China Zhongwang Holdings Ltd. 39,600 20,947 0.00%
Sinopec Shanghai Petrochemical Co., Metallurgical Corp. of China Ltd.
Ltd. Class H 110,000 67,020 0.01% Class H 69,000 20,404 0.00%
China State Construction Guangshen Railway Co., Ltd. Class H 36,000 20,282 0.00%
International Holdings Ltd. 65,250 66,951 0.01% Shenzhen Expressway Co., Ltd.
Far East Horizon Ltd. 68,000 65,959 0.01% Class H 20,000 19,629 0.00%
CIFI Holdings Group Co., Ltd. 102,000 64,876 0.01% China BlueChemical Ltd. Class H 48,000 17,682 0.00%
China Railway Construction Corp., COSCO SHIPPING Energy
Ltd. Class H 63,000 63,840 0.01% Transportation Co., Ltd. Class H 34,000 16,381 0.00%
Beijing Capital International Airport China Machinery Engineering Corp.
China Galaxy Securities Co., Ltd. Yantai Changyu Pioneer Wine Co.,
Class H 122,500 62,925 0.01% Ltd. Class B 5,600 14,725 0.00%
Nine Dragons Paper Holdings Ltd. 49,000 62,457 0.01% Beijing Jingneng Clean Energy Co.,
Shenzhen International Holdings Ltd. 29,750 61,582 0.01% Ltd. Class H 58,000 13,455 0.00%
Fuyao Glass Industry Group Co., Ltd. China South City Holdings Ltd. 68,000 13,261 0.00%
Class H 17,200 58,097 0.01% Huadian Fuxin Energy Corp., Ltd.
Chongqing Rural Commercial Bank Class H 56,000 13,134 0.00%
Co., Ltd. Class H 97,000 57,739 0.01% Shanghai Jinjiang International Hotels
Sino-Ocean Group Holding Ltd. 98,500 57,251 0.01% Development Co., Ltd. Class B 4,700 11,463 0.00%
Dali Foods Group Co., Ltd. 73,000 56,294 0.01% China International Marine Containers
KWG Property Holding Ltd. 44,500 55,927 0.01% Group Co., Ltd. Class H 8,600 11,269 0.00%
Zhongsheng Group Holdings Ltd. 18,500 55,532 0.01% Anhui Expressway Co., Ltd. Class H 14,000 8,441 0.00%
China Communications Services Weifu High-Technology Group Co.,
Corp., Ltd. Class H 86,000 54,480 0.01% Ltd. Class B 3,200 6,967 0.00%
Sinopec Engineering Group Co., Ltd. Jiangling Motors Corp., Ltd. Class B 2,800 3,544 0.00%
Class H 49,000 51,214 0.01% 20,938,968 3.15%
China Merchants Securities Co., Ltd. Colombia 0.08% (30 June 2017: 0.07%)
Class H 36,400 49,366 0.01%
Bancolombia SA - Preference Shares 15,052 183,064 0.03%
Logan Property Holdings Co., Ltd. 36,000 48,731 0.01%
Ecopetrol SA 160,295 165,098 0.02%
COSCO SHIPPING Ports Ltd. 58,000 48,349 0.01%
Bancolombia SA 9,175 110,338 0.02%
BAIC Motor Corp., Ltd. Class H 50,500 48,276 0.01%
Grupo Aval Acciones y Valores SA -
China Reinsurance Group Corp.
Class H 219,000 48,013 0.01%
Jiangxi Copper Co., Ltd. Class H 37,000 47,161 0.01% 511,882 0.08%
Yuexiu Property Co., Ltd. 241,142 46,105 0.01% Czech Republic 0.05% (30 June 2017: 0.04%)
Lee & Man Paper Manufacturing Ltd. 45,000 45,542 0.01% CEZ A.S. 5,190 122,752 0.02%
Zhejiang Expressway Co., Ltd. Komercni banka A.S. 2,435 102,234 0.02%
Class H 50,000 44,612 0.01% Moneta Money Bank A.S. 18,723 64,114 0.01%
China Everbright Ltd. 24,000 44,051 0.01% Philip Morris CR A.S. 25 17,144 0.00%
China Everbright Bank Co., Ltd. O2 Czech Republic A.S. 1,318 15,113 0.00%
Class H 102,000 43,814 0.01%
321,357 0.05%
66

Denmark 0.68% (30 June 2017: 0.72%) Electricite de France SA (XPAR) 8,428 115,916 0.02%
Novo Nordisk A/S Class B 56,680 2,629,050 0.39% Eutelsat Communications SA 5,492 113,912 0.02%
Danske Bank A/S 21,710 679,554 0.10% Imerys SA 1,223 98,883 0.02%
Coloplast A/S Class B 4,406 440,358 0.07% Lagardere SCA 3,728 98,413 0.01%
Pandora A/S 3,454 241,290 0.04% Societe BIC SA 897 83,155 0.01%
ISS A/S 6,110 209,970 0.03% Casino Guichard Perrachon SA 1,812 70,344 0.01%
H Lundbeck A/S 1,900 133,505 0.02% Electricite de France SA 4,994 68,686 0.01%
Jyske Bank A/S 2,271 124,555 0.02% Electricite de France SA (Prime
Tryg A/S 3,867 90,774 0.01% De Fidelite) 2,819 38,772 0.01%
4,549,056 0.68% 26,877,559 4.04%
Egypt 0.01% (30 June 2017: 0.01%) Germany 4.09% (30 June 2017: 3.69%)
Eastern Tobacco 3,900 38,817 0.01% Bayer AG 31,142 3,430,551 0.52%

ElSewedy Electric Co. 2,649 29,469 0.00% Siemens AG 25,622 3,386,972 0.51%
Egyptian Financial Group-Hermes Allianz SE 14,631 3,023,931 0.45%
Holding Co. 16,072 20,734 0.00% BASF SE 30,548 2,921,428 0.44%
Telecom Egypt Co. 10,027 7,903 0.00% Daimler AG 28,678 1,845,918 0.28%
Deutsche Telekom AG 107,682 1,668,359 0.25%
96,923 0.01%
Volkswagen AG - Preference Shares 6,674 1,108,211 0.17%
Finland 0.75% (30 June 2017: 0.80%)
Deutsche Post AG 32,397 1,057,969 0.16%
Nokia OYJ 186,733 1,074,839 0.16% Muenchener Rueckversicherungs-
Sampo OYJ Class A 16,237 792,424 0.12% Gesellschaft AG in Muenchen 4,861 1,027,542 0.15%
Kone OYJ Class B 13,001 662,729 0.10% Bayerische Motoren Werke AG 10,737 973,168 0.15%
UPM-Kymmene OYJ 17,762 634,998 0.10% Deutsche Boerse AG 6,217 828,576 0.12%
Stora Enso OYJ Class R 18,744 366,785 0.06% Vonovia SE 17,260 821,392 0.12%
Neste OYJ 4,632 363,424 0.05% E.ON SE 72,165 771,282 0.12%
Fortum OYJ 14,690 350,573 0.05% Covestro AG 6,327 564,521 0.08%
Elisa OYJ 4,919 227,832 0.03% HeidelbergCement AG 4,945 416,156 0.06%
Nokian Renkaat OYJ 4,352 171,947 0.03% RWE AG 18,079 412,136 0.06%
Kesko OYJ Class B 2,307 141,141 0.02% Porsche Automobil Holding SE -
Metso OYJ 3,521 117,984 0.02% Preference Shares 5,205 331,566 0.05%
Orion OYJ Class B 3,319 89,476 0.01% Hannover Rueck SE 1,981 247,019 0.04%
4,994,152 0.75% LEG Immobilien AG 2,110 229,305 0.03%
Uniper SE 6,744 201,101 0.03%
France 4.04% (30 June 2017: 4.46%)
ProSiebenSat.1 Media SE 7,550 191,550 0.03%
Total SA 83,857 5,111,737 0.77%
Deutsche Lufthansa AG 7,922 190,536 0.03%
Sanofi 36,202 2,901,674 0.44%
HUGO BOSS AG 2,070 187,933 0.03%
BNP Paribas SA 36,072 2,240,143 0.34%
Innogy SE 4,178 178,975 0.03%
AXA SA 64,173 1,574,553 0.24%
Evonik Industries AG 5,085 174,132 0.03%
Vinci SA 15,517 1,492,106 0.22%
Bayerische Motoren Werke AG -
Danone SA 19,452 1,427,852 0.21% Preference Shares 1,823 145,373 0.02%
Schneider Electric SE 17,030 1,420,071 0.21% MAN SE 1,167 132,097 0.02%
Orange SA 64,479 1,079,927 0.16% Axel Springer SE 1,577 114,064 0.02%
Societe Generale SA 24,439 1,030,496 0.16% RTL Group SA 1,332 90,356 0.01%
Cie de Saint-Gobain 16,616 742,438 0.11% 1&1 Drillisch AG 1,504 85,622 0.01%
Cie Generale des Etablissements Telefonica Deutschland Holding AG 21,703 85,546 0.01%
Michelin SCA 5,923 721,276 0.11%
Volkswagen AG 483 79,796 0.01%
Renault SA 6,121 520,485 0.08%
METRO AG 5,551 68,602 0.01%
Credit Agricole SA (XPAR) 38,192 509,899 0.08%
Fielmann AG 761 52,688 0.01%
Publicis Groupe SA 6,898 474,689 0.07%
Talanx AG 1,339 48,902 0.01%
Engie SA 29,189 447,465 0.07%
Suedzucker AG 3,005 47,856 0.01%
Valeo SA 7,979 436,169 0.07%
Ceconomy AG 5,468 45,570 0.01%
Peugeot SA 18,282 417,511 0.06%
27,186,701 4.09%
Veolia Environnement SA 16,434 351,707 0.05% Greece 0.04% (30 June 2017: 0.02%)
Carrefour SA 18,122 293,466 0.04% Hellenic Telecommunications
Bouygues SA 6,769 291,705 0.04% Organization SA 8,498 105,172 0.02%
Sodexo SA 2,918 291,700 0.04% OPAP SA 6,989 78,989 0.01%
Edenred 7,669 242,294 0.04% Motor Oil Hellas Corinth Refineries SA 2,093 42,031 0.01%
Bureau Veritas SA 8,393 224,011 0.03% Hellenic Petroleum SA 2,039 17,069 0.00%
SES SA Class A 11,935 218,636 0.03% 243,261 0.04%
Getlink SE 15,395 211,110 0.03% Hong Kong 1.49% (30 June 2017: 1.72%)
Natixis SA 27,858 197,691 0.03%
Hong Kong Exchanges & Clearing Ltd. 41,600 1,251,375 0.19%
SCOR SE 5,167 191,961 0.03%
CK Hutchison Holdings Ltd. 90,500 959,741 0.14%
Rubis SCA 2,881 179,959 0.03%
CK Asset Holdings Ltd. 91,000 722,623 0.11%
Suez 12,485 161,876 0.02%
Sun Hung Kai Properties Ltd. 46,000 694,211 0.10%
Rexel SA 10,185 146,444 0.02%
Hang Seng Bank Ltd. 24,500 612,699 0.09%
Amundi SA 1,938 134,269 0.02%
CLP Holdings Ltd. 54,500 586,996 0.09%
CNP Assurances 5,112 116,326 0.02%
67

BOC Hong Kong Holdings Ltd. 121,500 572,233 0.09% InterGlobe Aviation Ltd. 2,979 47,328 0.01%
Sands China Ltd. 79,200 423,486 0.06% NMDC Ltd. 27,018 42,628 0.01%
Power Assets Holdings Ltd. 43,000 300,627 0.05% Mphasis Ltd. 2,497 39,513 0.01%
Hongkong Land Holdings Ltd. 38,500 275,275 0.04% Rural Electrification Corp., Ltd. 22,859 34,915 0.01%
New World Development Co., Ltd. 187,012 263,161 0.04% Oil India Ltd. 10,218 31,296 0.00%
MTR Corp., Ltd. 45,500 251,700 0.04% Power Finance Corp., Ltd. 23,886 26,949 0.00%
WH Group Ltd. 274,996 223,980 0.03% NHPC Ltd. 76,520 26,190 0.00%
Henderson Land Development Co., Hindustan Zinc Ltd. 4,993 20,004 0.00%
Ltd. 39,820 210,636 0.03% Castrol India Ltd. 8,028 19,181 0.00%
Swire Pacific Ltd. Class A 18,000 190,658 0.03% Mangalore Refinery & Petrochemicals
Want Want China Holdings Ltd. 183,000 162,813 0.03% Ltd. 9,706 11,482 0.00%
Sino Land Co., Ltd. 100,000 162,642 0.03% Great Eastern Shipping Co., Ltd. 1,951 8,027 0.00%
Wynn Macau Ltd. 49,600 159,634 0.02% 3,436,445 0.52%
CK Infrastructure Holdings Ltd. 21,500 159,357 0.02%
Indonesia 0.23% (30 June 2017: 0.16%)
Hang Lung Properties Ltd. 67,000 138,177 0.02%
Telekomunikasi Indonesia Persero
ASM Pacific Technology Ltd. 10,159 128,453 0.02%
Tbk PT 1,593,600 417,027 0.06%
Swire Properties Ltd. 34,400 127,157 0.02%
Bank Rakyat Indonesia Persero
Hysan Development Co., Ltd. 20,000 111,657 0.02%
Tbk PT 1,778,900 352,552 0.05%
Dairy Farm International Holdings
Astra International Tbk PT 675,500 311,117 0.05%
Ltd. 10,900 95,811 0.01%
United Tractors Tbk PT 51,100 112,684 0.02%
Kerry Properties Ltd. 19,000 90,938 0.01%
Hanjaya Mandala Sampoerna Tbk PT 283,900 70,925 0.01%
Xinyi Glass Holdings Ltd. 68,000 83,121 0.01%
Indofood Sukses Makmur Tbk PT 148,400 68,867 0.01%
NWS Holdings Ltd. 46,000 79,623 0.01%
Adaro Energy Tbk PT 391,600 48,916 0.01%
PCCW Ltd. 140,000 78,874 0.01%
Matahari Department Store Tbk PT 78,700 48,329 0.01%
Prada SpA 16,300 75,418 0.01%
Bukit Asam Tbk PT 142,800 39,562 0.01%
Yue Yuen Industrial Holdings Ltd. 25,500 71,994 0.01%
Surya Citra Media Tbk PT 202,200 29,067 0.00%
Li & Fung Ltd. 196,000 71,950 0.01%
Tower Bersama Infrastructure Tbk PT 72,300 25,176 0.00%
Hopewell Holdings Ltd. 19,500 66,860 0.01%
Astra Agro Lestari Tbk PT 16,900 13,209 0.00%
VTech Holdings Ltd. 5,200 60,017 0.01%
Media Nusantara Citra Tbk PT 101,200 6,497 0.00%
Chow Tai Fook Jewellery Group Ltd. 41,800 47,099 0.01%
BOC Aviation Ltd. 6,400 39,768 0.01% 1,543,928 0.23%
Lifestyle International Holdings Ltd. 18,500 39,238 0.01% Ireland 0.06% (30 June 2017: 0.04%)
Haitong International Securities Paddy Power Betfair plc 2,836 310,771 0.04%
Group Ltd. 85,000 38,787 0.01% Smurfit Kappa Group plc 2,836 114,798 0.02%
First Pacific Co., Ltd. 78,000 37,680 0.01%
425,569 0.06%
Xinyi Solar Holdings Ltd. 109,200 33,545 0.01%
Israel 0.13% (30 June 2017: 0.29%)
Dah Sing Financial Holdings Ltd. 5,200 30,356 0.01%
Shui On Land Ltd. 118,000 29,931 0.01% Bank Leumi Le-Israel BM 48,279 284,882 0.04%
Television Broadcasts Ltd. 9,300 29,457 0.00% Bank Hapoalim BM 33,911 229,282 0.04%
Shun Tak Holdings Ltd. 64,000 26,186 0.00% Israel Chemicals Ltd. 23,260 106,116 0.02%
Dah Sing Banking Group Ltd. 10,000 20,955 0.00% Mizrahi Tefahot Bank Ltd. 4,576 83,968 0.01%
Sa Sa International Holdings Ltd. 32,000 20,312 0.00% Bezeq The Israeli Telecommunication
Cafe de Coral Holdings Ltd. 8,000 19,374 0.00% Corp., Ltd. 68,389 76,898 0.01%
Guotai Junan International Holdings Delek Group Ltd. 190 25,760 0.01%
Ltd. 88,000 19,068 0.00% Gazit-Globe Ltd. 2,688 24,746 0.00%
Hutchison Telecommunications Shikun & Binui Ltd. 5,461 9,623 0.00%
Hong Kong Holdings Ltd. 24,000 8,474 0.00% 841,275 0.13%
9,904,127 1.49% Italy 1.15% (30 June 2017: 1.38%)
Hungary 0.02% (30 June 2017: 0.07%) Eni SpA 83,426 1,549,308 0.23%
MOL Hungarian Oil & Gas plc 14,448 139,512 0.02% Enel SpA 259,481 1,441,167 0.22%
Magyar Telekom Telecommunications Intesa Sanpaolo SpA 445,186 1,292,425 0.19%
plc 10,454 14,908 0.00% Assicurazioni Generali SpA 43,302 726,508 0.11%
154,420 0.02% Atlantia SpA 17,826 526,979 0.08%
Snam SpA 74,697 311,872 0.05%
India 0.52% (30 June 2017: 0.51%)
Tenaris SA 15,682 287,734 0.04%
Infosys Ltd. 62,948 1,200,987 0.18%
Terna Rete Elettrica Nazionale SpA 46,527 251,622 0.04%
HCL Technologies Ltd. 18,835 254,629 0.04%
Mediobanca Banca di Credito
Oil & Natural Gas Corp., Ltd. 101,433 234,503 0.04% Finanziario SpA 19,193 178,419 0.03%
Vedanta Ltd. Foreign 56,276 194,007 0.03% FinecoBank Banca Fineco SpA 13,307 150,270 0.02%
Bharat Petroleum Corp., Ltd. 34,556 188,276 0.03% Telecom Italia SpA (Non CVA) 208,276 136,079 0.02%
Indiabulls Housing Finance Ltd. 11,146 185,862 0.03% Poste Italiane SpA 15,688 131,329 0.02%
Indian Oil Corp., Ltd. 75,233 171,296 0.03% Unione di Banche Italiane SpA 33,875 130,201 0.02%
Hero MotoCorp Ltd. 3,373 171,001 0.03% Recordati SpA 3,191 126,896 0.02%
Coal India Ltd. 42,688 164,702 0.02% Intesa Sanpaolo SpA-RSP 37,145 112,672 0.02%
NTPC Ltd. 68,616 159,885 0.02% Italgas SpA 17,193 94,788 0.01%
Bharti Infratel Ltd. 28,012 122,878 0.02% A2A SpA 52,725 91,415 0.01%
Hindustan Petroleum Corp., Ltd. 21,386 80,906 0.01% UnipolSai Assicurazioni SpA 26,282 58,072 0.01%
68

Banca Mediolanum SpA 8,059 54,621 0.01% Mebuki Financial Group, Inc. 34,200 114,859 0.02%
Buzzi Unicem SpA-RSP 1,142 15,200 0.00% Casio Computer Co., Ltd. 7,000 113,881 0.02%
Intesa Sanpaolo SpA - Rights Issue Lawson, Inc. 1,700 106,207 0.02%
17/7/2018 487,454 6 0.00% Sony Financial Holdings, Inc. 5,500 105,069 0.02%
7,667,583 1.15% JTEKT Corp. 7,700 104,831 0.02%
Japan 6.34% (30 June 2017: 6.15%) Denka Co., Ltd. 3,100 103,413 0.02%
Daicel Corp. 9,300 102,937 0.02%
Toyota Motor Corp. 85,500 5,534,555 0.83%
Amada Holdings Co., Ltd. 10,700 102,880 0.02%
Mitsubishi UFJ Financial Group, Inc. 426,700 2,431,186 0.37%
Teijin Ltd. 5,400 99,064 0.02%
Sumitomo Mitsui Financial Group,
Skylark Co., Ltd. 6,673 98,741 0.01%
Inc. 44,400 1,726,054 0.26%
Park24 Co., Ltd. 3,600 97,991 0.01%
Honda Motor Co., Ltd. 58,500 1,718,056 0.26%
Showa Shell Sekiyu KK 6,300 94,018 0.01%
KDDI Corp. 59,100 1,617,227 0.24%
Sumitomo Rubber Industries Ltd. 5,900 93,748 0.01%
Mizuho Financial Group, Inc. 842,900 1,419,229 0.21%
Nomura Real Estate Holdings, Inc. 4,200 93,203 0.01%
Mitsubishi Corp. 42,700 1,186,572 0.18%
Iida Group Holdings Co., Ltd. 4,800 92,607 0.01%
Canon, Inc. 34,200 1,121,114 0.17%
AEON Financial Service Co., Ltd. 4,000 85,370 0.01%
Japan Tobacco, Inc. 39,800 1,112,093 0.17%
DIC Corp. 2,600 81,217 0.01%
Takeda Pharmaceutical Co., Ltd. 25,500 1,076,956 0.16%
Nippon Electric Glass Co., Ltd. 2,800 77,858 0.01%
NTT DOCOMO, Inc. 42,100 1,072,787 0.16%
Shikoku Electric Power Co., Inc. 5,200 69,574 0.01%
Tokio Marine Holdings, Inc. 22,400 1,050,180 0.16%
Seven Bank Ltd. 21,900 67,026 0.01%
Nippon Telegraph & Telephone Corp. 21,700 986,604 0.15%
Kaken Pharmaceutical Co., Ltd. 1,300 66,781 0.01%
Mitsui & Co., Ltd. 56,200 937,385 0.14%
NTN Corp. 15,700 64,351 0.01%
Tokyo Electron Ltd. 5,200 892,917 0.13%
Sankyo Co., Ltd. 1,600 62,619 0.01%
ITOCHU Corp. 46,900 850,013 0.13%
Bridgestone Corp. 20,600 805,848 0.12%
Tokai Tokyo Financial Holdings, Inc. 8,400 53,692 0.01%
Daiwa House Industry Co., Ltd. 21,800 743,166 0.11%
Nipro Corp. 4,500 52,002 0.01%
JXTG Holdings, Inc. 106,650 741,586 0.11%
Miraca Holdings, Inc. 1,700 50,648 0.01%
ORIX Corp. 43,300 684,888 0.10%
Hokuhoku Financial Group, Inc. 3,800 50,603 0.01%
Nissan Motor Co., Ltd. 63,600 618,975 0.09%
Aoyama Trading Co., Ltd. 1,500 50,106 0.01%
Sumitomo Corp. 36,900 606,311 0.09%
Leopalace21 Corp. 8,500 46,581 0.01%
Subaru Corp. 20,500 596,872 0.09%
Tokai Rika Co., Ltd. 2,200 41,789 0.01%
Nomura Holdings, Inc. 110,700 537,884 0.08%
MS&AD Insurance Group Holdings,
Inc. 16,500 513,032 0.08% Japan Post Insurance Co., Ltd. 2,000 41,132 0.01%
Sumitomo Mitsui Trust Holdings, Inc. 12,400 491,791 0.07% Heiwa Corp. 1,700 41,040 0.01%
Japan Post Holdings Co., Ltd. 44,626 488,704 0.07% Sanrio Co., Ltd. 2,000 38,749 0.01%
Sompo Holdings, Inc. 11,900 481,307 0.07% North Pacific Bank Ltd. 10,700 35,839 0.01%
Marubeni Corp. 52,900 403,609 0.06% Koei Tecmo Holdings Co., Ltd. 1,800 35,394 0.01%
Daito Trust Construction Co., Ltd. 2,400 390,232 0.06% Matsui Securities Co., Ltd. 3,400 32,507 0.00%
Resona Holdings, Inc. 72,500 387,880 0.06% KYORIN Holdings, Inc. 1,400 29,071 0.00%
Mitsubishi Chemical Holdings Corp. 43,900 367,561 0.06% Autobacs Seven Co., Ltd. 1,600 28,370 0.00%
Sumitomo Electric Industries Ltd. 24,600 366,451 0.06% Daikyo, Inc. 700 15,325 0.00%
Kansai Electric Power Co., Inc. 24,200 353,065 0.05% SKY Perfect JSAT Holdings, Inc. 2,600 12,394 0.00%
Mitsubishi Heavy Industries Ltd. 9,500 345,727 0.05% 42,140,444 6.34%
Sekisui House Ltd. 19,500 345,055 0.05% Malaysia 0.47% (30 June 2017: 0.55%)
JFE Holdings, Inc. 17,600 333,044 0.05% Public Bank Bhd 102,900 595,060 0.09%
Japan Exchange Group, Inc. 17,900 332,741 0.05% Tenaga Nasional Bhd 127,600 462,449 0.07%
Daiwa Securities Group, Inc. 52,000 302,005 0.05% Malayan Banking Bhd 146,266 325,880 0.05%
Sumitomo Chemical Co., Ltd. 51,000 289,153 0.04% CIMB Group Holdings Bhd 224,800 303,295 0.05%
Isuzu Motors Ltd. 18,200 241,785 0.04% Petronas Chemicals Group Bhd 97,300 202,573 0.03%
Yamaha Motor Co., Ltd. 9,500 238,947 0.04% DiGi.Com Bhd 127,600 131,090 0.02%
Trend Micro, Inc. 3,900 222,525 0.03% Maxis Bhd 89,500 120,973 0.02%
Dai Nippon Printing Co., Ltd. 9,600 214,855 0.03% IOI Corp. Bhd 105,200 118,234 0.02%
Tohoku Electric Power Co., Inc. 15,400 188,112 0.03% Petronas Gas Bhd 26,600 113,920 0.02%
SBI Holdings, Inc. 7,300 188,094 0.03% Hong Leong Bank Bhd 21,500 96,868 0.01%
Japan Post Bank Co., Ltd. 13,900 161,883 0.02% MISC Bhd 49,100 71,957 0.01%
NSK Ltd. 15,600 160,979 0.02% Sime Darby Bhd 117,300 71,144 0.01%
Aozora Bank Ltd. 4,200 159,825 0.02% Petronas Dagangan Bhd 10,300 63,236 0.01%
Mitsui Chemicals, Inc. 6,000 159,798 0.02% RHB Bank Bhd 43,310 58,540 0.01%
Seiko Epson Corp. 9,100 158,232 0.02% AMMB Holdings Bhd 58,300 54,122 0.01%
Sojitz Corp. 40,700 147,713 0.02% YTL Corp. Bhd 175,034 48,964 0.01%
Konica Minolta, Inc. 14,900 138,420 0.02% IJM Corp. Bhd 110,100 48,788 0.01%
Japan Airlines Co., Ltd. 3,900 138,304 0.02% Alliance Bank Malaysia Bhd 42,600 42,605 0.01%
Haseko Corp. 9,800 135,456 0.02% British American Tobacco Malaysia
Chugoku Electric Power Co., Inc. 10,200 131,868 0.02% Bhd 4,600 39,606 0.01%
Yamada Denki Co., Ltd. 25,300 125,855 0.02% Westports Holdings Bhd 41,100 34,492 0.00%
Fukuoka Financial Group, Inc. 23,000 115,659 0.02% Telekom Malaysia Bhd 35,900 27,639 0.00%
69

IOI Properties Group Bhd 66,200 26,221 0.00% Aker BP A.S.A 3,751 138,435 0.02%
Astro Malaysia Holdings Bhd 64,100 25,231 0.00% Gjensidige Forsikring A.S.A 5,691 93,286 0.01%
YTL Power International Bhd 69,870 17,816 0.00% 3,287,407 0.49%
RHB Capital Bhd 20,020 240 0.00%
Pakistan 0.01% (30 June 2017: 0.02%)
3,100,943 0.47%
Pakistan Petroleum Ltd. 16,300 28,842 0.01%
Mexico 0.32% (30 June 2017: 0.29%) Habib Bank Ltd. 20,500 28,094 0.00%
Grupo Financiero Banorte SAB de Oil & Gas Development Co., Ltd. 18,000 22,974 0.00%
CV Class O 92,000 546,596 0.08% Fauji Fertilizer Co., Ltd. 17,800 14,466 0.00%
Wal-Mart de Mexico SAB de CV 172,900 461,108 0.07% 94,376 0.01%
Grupo Mexico SAB de CV 122,500 350,815 0.05%
Peru 0.08% (30 June 2017: 0.00%)
Alfa SAB de CV Class A 95,900 112,509 0.02%
Grupo Aeroportuario del Sureste Credicorp Ltd. XNYS 2,197 494,589 0.08%
SAB de CV Class B 6,640 106,581 0.02% Credicorp Ltd. 36 7,956 0.00%
Grupo Aeroportuario del Pacifico 502,545 0.08%
SAB de CV Class B 11,300 105,953 0.02% Philippines 0.04% (30 June 2017: 0.06%)
Coca-Cola Femsa SAB de CV 17,200 98,033 0.01%
PLDT, Inc. 3,860 93,304 0.01%
Industrias Penoles SAB de CV 4,440 80,550 0.01%
Manila Electric Co. 7,830 52,173 0.01%
Promotora y Operadora de
Aboitiz Power Corp. 57,500 37,441 0.01%
Infraestructura SAB de CV 8,290 74,972 0.01%
DMCI Holdings, Inc. 139,100 27,368 0.01%
Banco Santander Mexico SA
Institucion de Banca Multiple Semirara Mining & Power Corp.
Grupo Financiero Santand Class B 54,085 73,578 0.01% Class A 42,320 24,027 0.00%
Grupo Aeroportuario del Centro Globe Telecom, Inc. 830 23,951 0.00%
Norte SAB de CV Class B 10,100 53,296 0.01% Energy Development Corp. 42,776 4,192 0.00%
Kimberly-Clark de Mexico SAB de 262,456 0.04%
CV Class A 27,500 46,967 0.01% Poland 0.13% (30 June 2017: 0.18%)
Nemak SAB de CV 17,100 11,875 0.00%
Polski Koncern Naftowy ORLEN SA 10,193 228,856 0.04%
Alpek SAB de CV Class A 7,600 11,364 0.00%
Powszechny Zaklad Ubezpieczen SA 18,615 193,809 0.03%
2,134,197 0.32% Bank Polska Kasa Opieki SA 5,299 159,935 0.03%
Netherlands 1.65% (30 June 2017: 1.60%) KGHM Polska Miedz SA 4,674 109,860 0.02%
Unilever NV 50,446 2,814,452 0.42% Polskie Gornictwo Naftowe i
ING Groep NV 129,839 1,868,845 0.28% Gazownictwo SA 55,135 84,088 0.01%
Koninklijke Philips NV 31,096 1,322,451 0.20% Asseco Poland SA 2,441 26,106 0.00%
Koninklijke Ahold Delhaize NV 40,646 973,090 0.15% Enea SA 9,596 23,426 0.00%
Akzo Nobel NV 8,461 724,302 0.11% Bank Handlowy w Warszawie SA 878 16,603 0.00%
RELX NV 28,999 618,412 0.09% Eurocash SA 1,963 11,378 0.00%
Koninklijke DSM NV 5,894 592,638 0.09% Budimex SA 249 8,207 0.00%
NN Group NV 10,860 441,757 0.07% 862,268 0.13%
ABN AMRO Group NV GDR 13,950 361,904 0.05% Portugal 0.09% (30 June 2017: 0.08%)
Aegon NV 59,598 357,382 0.05%
Galp Energia SGPS SA 17,040 324,986 0.05%
Koninklijke KPN NV 114,102 310,402 0.05%
EDP-Energias de Portugal SA 74,315 295,006 0.04%
Randstad NV 3,637 214,102 0.03%
619,992 0.09%
ASR Nederland NV 4,666 190,564 0.03%
Koninklijke Vopak NV 2,223 102,703 0.02% Qatar 0.22% (30 June 2017: 0.14%)
Signify NV 3,641 94,586 0.01% Qatar National Bank QPSC 14,655 611,799 0.09%
10,987,590 1.65% Industries Qatar QSC 6,708 197,132 0.03%
Masraf Al Rayan QSC 12,804 122,835 0.02%
New Zealand 0.12% (30 June 2017: 0.12%)
Qatar Islamic Bank SAQ 3,839 122,308 0.02%
Spark New Zealand Ltd. 60,299 152,279 0.02%
Qatar Electricity & Water Co. QSC 1,716 88,590 0.01%
Auckland International Airport Ltd. 32,216 147,884 0.02%
Commercial Bank PQSC/The 7,376 77,163 0.01%
Ooredoo QPSC 2,523 50,384 0.01%
Qatar Gas Transport Co., Ltd. 10,187 44,206 0.01%
Doha Bank QPSC 5,321 39,093 0.01%
Qatar Navigation QSC 1,810 32,312 0.01%
Mercury NZ Ltd. 22,997 52,471 0.01%
Barwa Real Estate Co. 3,093 29,053 0.00%
Air New Zealand Ltd. 19,467 41,847 0.01%
Qatar International Islamic Bank QSC 1,142 16,630 0.00%
Sky Network Television Ltd. 12,210 21,494 0.00%
Al Meera Consumer Goods Co. QSC 265 11,063 0.00%
789,790 0.12%
1,442,568 0.22%
Norway 0.49% (30 June 2017: 0.43%)
Russia 0.84% (30 June 2017: 0.80%)
Equinor A.S.A 33,035 877,107 0.13%
Sberbank of Russia PJSC 342,743 1,191,627 0.18%
DNB A.S.A 36,357 710,600 0.11%
LUKOIL PJSC 15,426 1,070,182 0.16%
Telenor A.S.A 22,923 470,109 0.07%
Gazprom PJSC 349,493 785,966 0.12%
Marine Harvest A.S.A 13,609 270,831 0.04%
Tatneft PJSC 49,644 535,176 0.08%
Norsk Hydro A.S.A 43,850 262,495 0.04%
MMC Norilsk Nickel PJSC 1,522 276,692 0.04%
Yara International A.S.A 5,726 237,459 0.04%
Rosneft Oil Co. PJSC 39,410 248,990 0.04%
Orkla A.S.A 25,922 227,085 0.03%
70

Magnit PJSC 2,434 178,564 0.03% Sanlam Ltd. 58,751 300,351 0.05%
Mobile TeleSystems PJSC 32,257 143,067 0.02% Barclays Africa Group Ltd. 23,767 277,427 0.04%
Transneft PJSC - Preference Shares 51 135,344 0.02% Vodacom Group Ltd. 19,634 175,895 0.03%
Surgutneftegas OJSC - Preference Bidvest Group Ltd. 10,757 154,618 0.02%
Shares 262,100 132,194 0.02% Mr Price Group Ltd. 7,996 131,996 0.02%
Alrosa PJSC 81,100 129,341 0.02% Sappi Ltd. 19,167 127,955 0.02%
Severstal PJSC 6,269 92,991 0.01% Woolworths Holdings Ltd. 31,543 127,610 0.02%
Moscow Exchange MICEX-RTS Nedbank Group Ltd. 6,888 125,425 0.02%
PJSC 50,343 87,177 0.01% Tiger Brands Ltd. 5,166 124,907 0.02%
Inter RAO UES PJSC 1,053,722 68,901 0.01% RMB Holdings Ltd. 22,224 122,890 0.02%
Novolipetsk Steel PJSC 27,825 67,381 0.01% Mondi Ltd. 4,146 112,402 0.02%
PhosAgro PJSC GDR XLON 3,544 45,540 0.01% Netcare Ltd. 49,335 99,417 0.01%
RusHydro PJSC 3,831,360 41,282 0.01% NEPI Rockcastle plc 10,719 95,770 0.01%
Aeroflot PJSC 18,400 41,024 0.01% Foschini Group Ltd. 7,088 89,982 0.01%
Polyus PJSC GDR 1,187 38,993 0.01% SPAR Group Ltd. 6,586 89,096 0.01%
MegaFon PJSC 4,610 37,055 0.01% Life Healthcare Group Holdings Ltd. 48,236 87,559 0.01%
Tatneft PJSC - Preference Shares AVI Ltd. 10,966 86,568 0.01%
Class 3 4,590 34,047 0.01% Truworths International Ltd. 14,740 83,076 0.01%
Rostelecom PJSC 28,374 33,133 0.01% Imperial Holdings Ltd. 5,219 74,590 0.01%
Magnitogorsk Iron & Steel Works Exxaro Resources Ltd. 8,000 73,368 0.01%
PJSC - RTSX 35,900 24,362 0.00%
Barloworld Ltd. 7,516 71,123 0.01%
Magnitogorsk Iron & Steel Works
Pick n Pay Stores Ltd. 12,545 68,444 0.01%
PJSC - MISX 33,900 23,005 0.00%
Rand Merchant Investment Holdings
Federal Grid Co. Unified Energy
Ltd. 24,071 65,770 0.01%
System PJSC 7,410,000 22,158 0.00%
Investec Ltd. 8,928 62,572 0.01%
Unipro PJSC 467,044 21,653 0.00%
KAP Industrial Holdings Ltd. 77,589 42,400 0.01%
LSR Group PJSC GDR 4,753 12,833 0.00%
Coronation Fund Managers Ltd. 9,795 41,671 0.01%
ROSSETI PJSC 954,000 12,035 0.00%
MMI Holdings Ltd. 32,057 41,328 0.01%
Mosenergo PJSC 319,000 11,915 0.00%
Pioneer Foods Group Ltd. 4,612 37,656 0.01%
Sistema PJSFC 65,500 9,203 0.00%
Telkom SA SOC Ltd. 10,316 36,910 0.01%
PhosAgro PJSC GDR 219 2,814 0.00%
Kumba Iron Ore Ltd. 1,707 36,710 0.01%
5,554,645 0.84% Sibanye Gold Ltd. 58,942 35,392 0.01%
Singapore 0.79% (30 June 2017: 0.87%) Liberty Holdings Ltd. 4,113 34,906 0.01%
DBS Group Holdings Ltd. 59,700 1,165,102 0.17% JSE Ltd. 2,886 34,134 0.01%
Oversea-Chinese Banking Corp., Ltd. 109,533 935,067 0.14% Reunert Ltd. 4,874 28,544 0.00%
United Overseas Bank Ltd. 42,900 841,954 0.13% Santam Ltd. 1,324 27,571 0.00%
Singapore Telecommunications Ltd. 248,600 561,561 0.08% Aeci Ltd. 3,006 23,193 0.00%
Keppel Corp., Ltd. 46,800 245,412 0.04% African Rainbow Minerals Ltd. 2,801 22,296 0.00%
CapitaLand Ltd. 86,600 200,701 0.03% Assore Ltd. 982 20,961 0.00%
Genting Singapore Ltd. 197,200 176,446 0.03% Tsogo Sun Holdings Ltd. 13,903 20,794 0.00%
Wilmar International Ltd. 65,300 146,548 0.02% Tongaat Hulett Ltd. 3,093 18,058 0.00%
Singapore Exchange Ltd. 27,200 143,032 0.02% Omnia Holdings Ltd. 1,237 11,913 0.00%
ComfortDelGro Corp., Ltd. 70,500 121,507 0.02% MAS Real Estate, Inc. 6,871 10,527 0.00%
Singapore Technologies Engineering Oceana Group Ltd. 1,231 7,095 0.00%
Ltd. 49,100 118,474 0.02% 5,948,971 0.89%
Singapore Press Holdings Ltd. 55,300 105,449 0.02%
South Korea 1.92% (30 June 2017: 1.02%)
SATS Ltd. 21,100 77,374 0.01%
Samsung Electronics Co., Ltd. 156,782 6,562,477 0.99%
Jardine Cycle & Carriage Ltd. 3,300 77,012 0.01%
Samsung Electronics Co., Ltd. -
Sembcorp Industries Ltd. 29,500 59,498 0.01%
Hutchison Port Holdings Trust 168,000 47,040 0.01%
KB Financial Group, Inc. 12,958 613,892 0.09%
Singapore Post Ltd. 50,500 46,667 0.01%
Shinhan Financial Group Co., Ltd. 15,260 592,874 0.09%
Golden Agri-Resources Ltd. 208,400 46,617 0.01%
Hyundai Motor Co. 4,788 539,160 0.08%
Yangzijiang Shipbuilding Holdings
Hana Financial Group, Inc. 9,905 380,825 0.06%
Ltd. 67,500 44,802 0.01%
SK Innovation Co., Ltd. 2,052 371,919 0.06%
Yanlord Land Group Ltd. 24,100 28,103 0.00%
KT&G Corp. 3,620 347,546 0.05%
StarHub Ltd. 20,200 24,593 0.00%
Samsung Fire & Marine Insurance
Frasers Property Ltd. 15,900 19,241 0.00%
Co., Ltd. 1,072 253,933 0.04%
M1 Ltd. 12,700 14,903 0.00%
Korea Electric Power Corp. 8,726 250,545 0.04%
SIA Engineering Co., Ltd. 4,800 11,054 0.00%
Woori Bank 16,550 242,050 0.04%
5,258,157 0.79% Kia Motors Corp. 8,423 233,153 0.03%
South Africa 0.89% (30 June 2017: 0.92%) SK Telecom Co., Ltd. 767 160,351 0.02%
Sasol Ltd. 18,639 683,835 0.10% S-Oil Corp. 1,331 130,771 0.02%
Standard Bank Group Ltd. 43,038 602,477 0.09% Coway Co., Ltd. 1,668 129,609 0.02%
FirstRand Ltd. 107,889 502,911 0.08% Industrial Bank of Korea 9,127 126,116 0.02%
MTN Group Ltd. 60,986 480,101 0.07% Hyosung Corp. 780 93,782 0.01%
Old Mutual Ltd. 160,540 318,777 0.05% GS Holdings Corp. 1,796 87,665 0.01%
71

Kangwon Land, Inc. 3,593 84,304 0.01% Electrolux AB 8,112 184,982 0.03%
DB Insurance Co., Ltd. 1,544 81,737 0.01% Securitas AB Class B 10,321 170,113 0.03%
LG Uplus Corp. 6,497 81,613 0.01% Industrivarden AB Class C 6,959 135,119 0.02%
BNK Financial Group, Inc. 9,278 77,837 0.01% Tele2 AB Class B 11,469 134,997 0.02%
Hyundai Marine & Fire Insurance Husqvarna AB Class B 12,634 120,070 0.02%
Co., Ltd. 2,140 64,709 0.01% Industrivarden AB Class A 5,469 110,835 0.02%
NH Investment & Securities Co., Ltd. 4,163 55,843 0.01% ICA Gruppen AB 2,787 85,579 0.01%
Cheil Worldwide, Inc. 2,588 47,952 0.01% Svenska Handelsbanken AB Class B 2,705 31,084 0.00%
DGB Financial Group, Inc. 4,800 44,145 0.01% 7,769,091 1.17%
Samsung Card Co., Ltd. 1,205 41,410 0.01%
Switzerland 4.85% (30 June 2017: 5.85%)
GS Retail Co., Ltd. 962 37,936 0.01%
Posco Daewoo Corp. 1,804 34,639 0.01% Nestle SA 102,186 7,913,896 1.19%
Doosan Corp. 262 24,449 0.00% Novartis AG 72,650 5,507,923 0.83%
Hite Jinro Co., Ltd. 1,131 19,941 0.00% Roche Holding AG 23,184 5,149,535 0.77%
KEPCO Plant Service & Engineering UBS Group AG 117,420 1,812,238 0.27%
Co., Ltd. 526 16,825 0.00% Zurich Insurance Group AG 5,028 1,489,234 0.22%
BGF Co., Ltd. 1,016 9,845 0.00% Cie Financiere Richemont SA 17,097 1,448,411 0.22%
ABB Ltd. 59,393 1,298,577 0.20%
12,767,438 1.92%
Credit Suisse Group AG 84,568 1,273,268 0.19%
Spain 1.99% (30 June 2017: 2.16%)
Swiss Re AG 10,499 906,153 0.14%
Banco Santander SA 531,510 2,849,632 0.43% LafargeHolcim Ltd. 15,771 768,418 0.12%
Banco Bilbao Vizcaya Argentaria SA 221,442 1,570,400 0.24% Givaudan SA 311 705,345 0.11%
Iberdrola SA 199,875 1,545,804 0.23% SGS SA 163 433,704 0.06%
Telefonica SA 150,205 1,276,532 0.19% Julius Baer Group Ltd. 7,298 428,347 0.06%
Industria de Diseno Textil SA 35,186 1,202,042 0.18% Partners Group Holding AG 549 402,233 0.06%
Repsol SA 38,949 762,387 0.12% Swiss Life Holding AG 1,143 397,135 0.06%
CaixaBank SA 120,057 519,480 0.08% Swisscom AG 843 376,270 0.06%
Aena SME SA 2,154 391,067 0.06% Adecco Group AG 5,261 311,331 0.05%
ACS Actividades de Construccion y Kuehne + Nagel International AG 1,669 250,783 0.04%
Servicios SA 8,315 336,874 0.05% Baloise Holding AG 1,570 228,160 0.03%
Ferrovial SA 15,927 326,817 0.05% Swiss Prime Site AG 2,326 213,520 0.03%
Banco de Sabadell SA 191,334 320,679 0.05% Roche Holding AG BR 885 199,647 0.03%
International Consolidated Airlines EMS-Chemie Holding AG 245 157,050 0.02%
Group SA 33,832 296,587 0.05%
Flughafen Zurich AG 662 134,940 0.02%
Red Electrica Corp. SA 14,481 294,863 0.04%
Helvetia Holding AG 220 125,515 0.02%
Gas Natural SDG SA 10,163 269,117 0.04%
PSP Swiss Property AG 1,333 123,507 0.02%
Endesa SA 10,425 229,984 0.03%
Pargesa Holding SA 1,016 86,052 0.01%
Enagas SA 7,684 224,645 0.03%
Banque Cantonale Vaudoise 90 69,067 0.01%
Bankinter SA 22,519 219,328 0.03%
Sulzer AG 407 49,433 0.01%
Bankia SA 39,795 149,006 0.02%
32,259,692 4.85%
Mapfre SA 33,850 102,163 0.02%
Acerinox SA 6,334 83,862 0.01% Taiwan 2.63% (30 June 2017: 2.90%)
Zardoya Otis SA 6,236 59,557 0.01% Taiwan Semiconductor
Acciona SA 680 56,306 0.01% Manufacturing Co., Ltd. 801,000 5,687,931 0.86%
Mediaset Espana Comunicacion SA 6,305 53,164 0.01% Hon Hai Precision Industry Co., Ltd. 495,500 1,352,169 0.20%
Distribuidora Internacional de Formosa Plastics Corp. 164,280 606,179 0.09%
Alimentacion SA 17,615 51,313 0.01% Nan Ya Plastics Corp. 184,090 526,515 0.08%
Repsol SA - Rights Issue 7/6/2018 39,650 22,503 0.00% MediaTek, Inc. 49,794 489,962 0.07%
ACS Actividades de Construccion y Cathay Financial Holding Co., Ltd. 266,000 469,383 0.07%
Servicios SA - Rights Issue 9/7/2018 8,315 8,563 0.00% Formosa Chemicals & Fibre Corp. 116,210 463,109 0.07%
13,222,675 1.99% Chunghwa Telecom Co., Ltd. 128,000 461,813 0.07%
Sweden 1.17% (30 June 2017: 1.53%) CTBC Financial Holding Co., Ltd. 592,967 426,903 0.06%
Uni-President Enterprises Corp. 162,478 412,477 0.06%
Nordea Bank AB 105,731 1,019,726 0.15%
Fubon Financial Holding Co., Ltd. 238,000 398,898 0.06%
Volvo AB Class B 49,727 795,988 0.12%
China Steel Corp. 420,000 326,484 0.05%
Swedbank AB Class A 33,288 713,686 0.11%
Mega Financial Holding Co., Ltd. 355,940 314,046 0.05%
Investor AB Class B 15,271 622,892 0.09%
Catcher Technology Co., Ltd. 25,000 279,614 0.04%
Delta Electronics, Inc. 74,258 266,699 0.04%
Essity AB Class B 20,269 501,174 0.08%
ASE Technology Holding Co., Ltd. 113,561 266,690 0.04%
E.Sun Financial Holding Co., Ltd. 332,000 231,399 0.04%
Class A 48,237 459,184 0.07%
United Microelectronics Corp. 394,000 219,043 0.03%
Hennes & Mauritz AB Class B 28,937 431,823 0.07%
First Financial Holding Co., Ltd. 323,743 218,742 0.03%
Telia Co. AB 91,701 419,861 0.06%
Asustek Computer, Inc. 23,000 210,096 0.03%
Swedish Match AB 5,968 295,998 0.04%
President Chain Store Corp. 18,000 203,979 0.03%
Boliden AB 9,090 295,278 0.04%
Taiwan Mobile Co., Ltd. 54,000 195,713 0.03%
Kinnevik AB Class B 7,757 266,110 0.04%
Formosa Petrochemical Corp. 44,000 176,788 0.03%
SKF AB Class B 12,470 232,366 0.04%
Yuanta Financial Holding Co., Ltd. 385,736 175,861 0.03%
Skanska AB Class B 11,864 215,902 0.03%
72

Taiwan Cooperative Financial Delta Electronics Thailand PCL 12,500 22,072 0.00%
Holding Co., Ltd. 289,000 169,200 0.03% Siam City Cement PCL 3,254 19,742 0.00%
Taiwan Cement Corp. 120,000 166,686 0.03% BEC World PCL Foreign 19,600 4,644 0.00%
Quanta Computer, Inc. 91,000 159,683 0.02% 2,930,166 0.44%
Hua Nan Financial Holdings Co., Ltd. 267,489 155,729 0.02%
Turkey 0.14% (30 June 2017: 0.11%)
Taishin Financial Holding Co., Ltd. 310,674 146,734 0.02%
Far EasTone Telecommunications Turkiye Garanti Bankasi A.S. 70,215 128,438 0.02%
Co., Ltd. 54,000 139,567 0.02% Akbank Turk A.S. 73,054 119,917 0.02%
Pegatron Corp. 67,000 137,786 0.02% Eregli Demir ve Celik Fabrikalari TAS 48,494 107,971 0.02%
SinoPac Financial Holdings Co., Ltd. 345,693 124,723 0.02% Turkcell Iletisim Hizmetleri A.S. 36,217 96,211 0.02%
AU Optronics Corp. 287,000 121,433 0.02% Tupras Turkiye Petrol Rafinerileri A.S. 4,002 94,346 0.02%
Globalwafers Co., Ltd. 7,000 116,405 0.02% KOC Holding A.S. 27,819 86,350 0.01%
Far Eastern New Century Corp. 121,663 115,324 0.02% Turkiye Is Bankasi A.S. Class C 46,890 58,341 0.01%
Pou Chen Corp. 92,000 106,821 0.02% TAV Havalimanlari Holding A.S. 6,900 33,798 0.01%
Compal Electronics, Inc. 151,000 95,092 0.02% Turkiye Halk Bankasi A.S. 17,580 28,397 0.01%
Foxconn Technology Co., Ltd. 38,270 93,640 0.01% Ford Otomotiv Sanayi A.S. 1,866 24,969 0.00%
Cheng Shin Rubber Industry Co., Ltd. 62,000 93,238 0.01% Tofas Turk Otomobil Fabrikasi A.S. 4,076 21,407 0.00%
Asia Cement Corp. 82,702 90,871 0.01% Petkim Petrokimya Holding A.S. 16,525 17,459 0.00%
Advantech Co., Ltd. 13,000 85,704 0.01% Enka Insaat ve Sanayi A.S. 16,303 16,619 0.00%
Novatek Microelectronics Corp. 19,000 85,688 0.01% Turkiye Sise ve Cam Fabrikalari A.S. 17,540 16,195 0.00%
Lite-On Technology Corp. 70,622 85,473 0.01% Tekfen Holding A.S. 4,205 15,925 0.00%
Inventec Corp. 97,000 76,198 0.01% Arcelik A.S. 4,450 14,813 0.00%
Nanya Technology Corp. 27,738 75,694 0.01% Soda Sanayii A.S. 9,396 12,716 0.00%
Vanguard International Turkiye Sinai Kalkinma Bankasi A.S. 39,349 8,332 0.00%
Semiconductor Corp. 32,000 73,260 0.01% Aygaz A.S. 2,276 5,430 0.00%
Eclat Textile Co., Ltd. 6,120 72,765 0.01% Turk Traktor ve Ziraat Makineleri A.S. 358 4,064 0.00%
Wistron Corp. 94,588 70,270 0.01% 911,698 0.14%
Synnex Technology International United Arab Emirates 0.17% (30 June 2017: 0.16%)
Corp. 45,450 68,573 0.01%
First Abu Dhabi Bank PJSC 91,796 303,642 0.05%
Emirates Telecommunications
Realtek Semiconductor Corp. 15,010 54,647 0.01%
Group Co. PJSC 57,604 253,272 0.04%
Chicony Electronics Co., Ltd. 24,216 54,566 0.01%
Emaar Properties PJSC 121,754 163,083 0.02%
Teco Electric and Machinery Co., Ltd. 63,000 47,319 0.01%
Abu Dhabi Commercial Bank PJSC 69,932 134,413 0.02%
Formosa Taffeta Co., Ltd. 33,000 36,097 0.01%
Aldar Properties PJSC 125,789 69,176 0.01%
Giant Manufacturing Co., Ltd. 8,000 33,849 0.01%
Dubai Islamic Bank PJSC 50,858 67,429 0.01%
Oriental Union Chemical Corp. 28,000 30,215 0.01%
Emaar Malls PJSC 66,552 38,774 0.01%
Feng Hsin Steel Co., Ltd. 14,000 26,863 0.00%
Dubai Investments PJSC 73,533 38,036 0.01%
Transcend Information, Inc. 9,000 24,973 0.00%
DAMAC Properties Dubai Co. PJSC 55,372 30,903 0.00%
Taiwan Secom Co., Ltd. 7,000 20,572 0.00%
Air Arabia PJSC 80,909 21,565 0.00%
17,496,370 2.63% Dubai Financial Market PJSC 62,628 16,453 0.00%
Thailand 0.44% (30 June 2017: 0.45%) Al Waha Capital PJSC 20,233 9,585 0.00%
PTT PCL 478,000 692,545 0.10% 1,146,331 0.17%
Siam Commercial Bank PCL/The 79,700 285,072 0.04% United Kingdom 10.74% (30 June 2017: 10.21%)
Siam Cement PCL 19,200 239,928 0.04%
HSBC Holdings plc 671,600 6,301,634 0.95%
Advanced Info Service PCL 37,700 210,519 0.03%
Royal Dutch Shell plc Class A 153,341 5,322,370 0.80%
PTT Exploration & Production PCL
BP plc 651,993 4,977,970 0.75%
Foreign 44,700 189,567 0.03%
Royal Dutch Shell plc Class B 125,243 4,486,828 0.67%
PTT Global Chemical PCL Foreign 68,400 150,715 0.02%
British American Tobacco plc 76,195 3,852,844 0.58%
Siam Cement PCL/The 9,120 113,966 0.02%
GlaxoSmithKline plc 162,755 3,287,193 0.49%
Krung Thai Bank PCL Foreign 212,700 107,217 0.02%
AstraZeneca plc 42,324 2,935,285 0.44%
Charoen Pokphand Foods PCL
Foreign 132,300 96,639 0.02% Diageo plc 80,577 2,895,712 0.44%
Bangkok Bank PCL Foreign REG 16,000 95,865 0.01% Vodafone Group plc 891,433 2,163,404 0.33%
Banpu PCL 146,968 86,504 0.01% Rio Tinto plc 38,481 2,134,299 0.32%
Intouch Holdings PCL Class F 49,300 79,240 0.01% Unilever plc 38,302 2,119,819 0.32%
Thai Oil PCL 32,500 76,271 0.01% Lloyds Banking Group plc 2,396,081 1,994,540 0.30%
Home Product Center PCL 179,500 72,602 0.01% Prudential plc 86,624 1,983,667 0.30%
Land & Houses PCL Foreign REG 207,200 70,672 0.01% Glencore plc 389,810 1,863,021 0.28%
IRPC PCL 353,900 61,957 0.01% Reckitt Benckiser Group plc 20,891 1,720,800 0.26%
Electricity Generating PCL 8,300 56,118 0.01% BHP Billiton plc 69,438 1,563,984 0.24%
TMB Bank PCL Foreign 756,600 52,526 0.01% Barclays plc 567,738 1,416,661 0.21%
Thai Union Group PCL Class F 95,600 45,593 0.01% National Grid plc 111,823 1,237,766 0.19%
Ratchaburi Electricity Generating Imperial Brands plc 31,608 1,177,634 0.18%
Holding PCL Foreign 27,600 42,695 0.01% BAE Systems plc 106,862 912,535 0.14%
Glow Energy PCL 11,000 31,459 0.01% Aviva plc 134,131 892,516 0.13%
Intouch Holdings PCL 16,200 26,038 0.00% BT Group plc Class A 278,286 800,213 0.12%
73

RELX plc 34,770 744,810 0.11% Intel Corp. 155,666 7,738,157 1.16%
Anglo American plc 33,125 741,192 0.11% Pfizer, Inc. 193,593 7,023,554 1.06%
Legal & General Group plc 199,382 700,203 0.11% Verizon Communications, Inc. 137,963 6,940,919 1.04%
Sky plc 34,543 666,523 0.10% Cisco Systems, Inc. 160,924 6,924,560 1.04%
WPP plc 40,956 645,081 0.10% Procter & Gamble Co. 83,998 6,556,884 0.99%
SSE plc 34,372 614,894 0.09% Coca-Cola Co. 127,530 5,593,466 0.84%
Informa plc 42,001 463,023 0.07% Merck & Co., Inc. 89,834 5,452,924 0.82%
Centrica plc 189,317 394,039 0.06% PepsiCo, Inc. 47,239 5,142,910 0.77%
Standard Life Aberdeen plc 91,346 392,793 0.06% DowDuPont, Inc. 77,430 5,104,186 0.77%
3i Group plc 32,195 382,804 0.06% AbbVie, Inc. 52,973 4,907,948 0.74%
Next plc 4,512 360,396 0.05% International Business Machines
Persimmon plc 10,301 344,485 0.05% Corp. 30,650 4,281,805 0.64%
Mondi plc 12,055 326,429 0.05% Philip Morris International, Inc. 51,816 4,183,624 0.63%
TUI AG 14,577 319,953 0.05% McDonald’s Corp. 26,220 4,108,412 0.62%
RSA Insurance Group plc 34,046 305,385 0.05% Amgen, Inc. 22,084 4,076,486 0.61%
Pearson plc 25,896 302,574 0.05% Walmart, Inc. 47,593 4,076,340 0.61%
Johnson Matthey plc 6,249 298,576 0.04% General Electric Co. 287,501 3,912,889 0.59%
Smiths Group plc 13,068 292,956 0.04% Altria Group, Inc. 63,166 3,587,197 0.54%
ITV plc 124,675 286,408 0.04% Broadcom, Inc. 14,389 3,491,347 0.52%
Kingfisher plc 71,320 279,656 0.04% Schlumberger Ltd. 46,265 3,101,143 0.47%
St James’s Place plc 17,281 261,805 0.04% Gilead Sciences, Inc. 43,181 3,058,942 0.46%
Taylor Wimpey plc 107,946 254,961 0.04% Bristol-Myers Squibb Co. 54,553 3,018,963 0.45%
Micro Focus International plc 14,035 245,241 0.04% QUALCOMM, Inc. 49,484 2,777,042 0.42%
WM Morrison Supermarkets plc 73,570 244,770 0.04% Eli Lilly & Co. 32,137 2,742,250 0.41%
Randgold Resources Ltd. 3,060 235,126 0.04% NextEra Energy, Inc. 15,677 2,618,529 0.39%
United Utilities Group plc 22,754 229,273 0.03% United Parcel Service, Inc. Class B 23,034 2,446,902 0.37%
Barratt Developments plc 33,666 229,083 0.03% Lockheed Martin Corp. 8,282 2,446,751 0.37%
J Sainsbury plc 53,907 228,600 0.03% CVS Health Corp. 33,866 2,179,277 0.33%
DS Smith plc 32,871 226,190 0.03% Occidental Petroleum Corp. 25,536 2,136,852 0.32%
Hargreaves Lansdown plc 8,601 223,873 0.03% CME Group, Inc. Class A 11,315 1,854,755 0.28%
Marks & Spencer Group plc 54,859 213,734 0.03% Duke Energy Corp. 23,401 1,850,551 0.28%
Smurfit Kappa Group plc (XDUB) 5,246 212,536 0.03% General Motors Co. 43,679 1,720,953 0.26%
Berkeley Group Holdings plc 4,196 209,680 0.03% Valero Energy Corp. 14,324 1,587,529 0.24%
Severn Trent plc 7,888 206,148 0.03% Phillips 66 13,998 1,572,115 0.24%
Direct Line Insurance Group plc 45,294 205,052 0.03% Southern Co. 33,748 1,562,870 0.23%
Royal Mail plc 30,261 201,918 0.03% Dominion Energy, Inc. 21,685 1,478,483 0.22%
G4S plc 52,694 186,237 0.03% Emerson Electric Co. 20,889 1,444,265 0.22%
John Wood Group plc 21,645 179,405 0.03% Ford Motor Co. 130,105 1,440,262 0.22%
Admiral Group plc 6,734 169,587 0.03% Exelon Corp. 32,138 1,369,079 0.21%
Meggitt plc 25,842 168,304 0.03% Target Corp. 17,871 1,360,341 0.20%
Bellway plc 4,073 161,536 0.02% Prudential Financial, Inc. 14,001 1,309,234 0.20%
Travis Perkins plc 8,356 156,930 0.02% BB&T Corp. 25,949 1,308,868 0.20%
easyJet plc 7,031 155,299 0.02% Kraft Heinz Co. 20,129 1,264,504 0.19%
Schroders plc 3,635 151,556 0.02% MetLife, Inc. 28,791 1,255,288 0.19%
Investec plc 20,608 146,377 0.02% HP, Inc. 54,809 1,243,616 0.19%
Pennon Group plc 13,943 146,235 0.02% Kimberly-Clark Corp. 11,703 1,232,794 0.18%
Inchcape plc 14,053 144,810 0.02% LyondellBasell Industries NV Class A 10,673 1,172,429 0.18%
IMI plc 9,005 134,582 0.02% American Electric Power Co., Inc. 16,510 1,143,318 0.17%
Tate & Lyle plc 15,582 133,060 0.02% Kinder Morgan, Inc. 63,549 1,122,911 0.17%
RPC Group plc 12,920 127,625 0.02% Eaton Corp. plc 14,524 1,085,524 0.16%
William Hill plc 29,461 118,010 0.02% Marathon Petroleum Corp. 15,228 1,068,396 0.16%
Evraz plc 16,867 113,214 0.02% Johnson Controls International plc 30,978 1,036,214 0.16%
Inmarsat plc 14,726 106,931 0.02% SunTrust Banks, Inc. 15,481 1,022,056 0.15%
Quilter plc 53,513 102,387 0.02% Sempra Energy 8,789 1,020,491 0.15%
Babcock International Group plc 8,333 89,971 0.01% ONEOK, Inc. 13,709 957,299 0.14%
Dixons Carphone plc 33,323 82,094 0.01% Las Vegas Sands Corp. 11,906 909,142 0.14%
Ashmore Group plc 14,185 69,854 0.01% Public Service Enterprise Group, Inc. 16,756 907,170 0.14%
Polymetal International plc 7,207 63,751 0.01% T Rowe Price Group, Inc. 7,814 907,127 0.14%
Royal Dutch Shell plc Class A EUR 137 4,762 0.00% General Mills, Inc. 19,948 882,899 0.13%
71,443,382 10.74% VF Corp. 10,785 879,193 0.13%
Archer-Daniels-Midland Co. 18,447 845,426 0.13%
Consolidated Edison, Inc. 10,322 804,910 0.12%
Exxon Mobil Corp. 141,359 11,694,630 1.76% Xcel Energy, Inc. 17,085 780,443 0.12%
Johnson & Johnson 89,577 10,869,273 1.63% Carnival Corp. 13,463 771,565 0.12%
Wells Fargo & Co. 146,561 8,125,342 1.22% Williams Cos, Inc. 27,700 750,947 0.11%
Chevron Corp. 63,548 8,034,374 1.21% Paychex, Inc. 10,682 730,115 0.11%
AT&T, Inc. 242,485 7,786,193 1.17% International Paper Co. 13,773 717,298 0.11%
74

PACCAR, Inc. 11,396 706,096 0.11% L Brands, Inc. 7,872 290,319 0.04%
Cummins, Inc. 5,096 677,768 0.10% Hanesbrands, Inc. 11,874 261,465 0.04%
WEC Energy Group, Inc. 10,447 675,399 0.10% Campbell Soup Co. 6,068 245,997 0.04%
Edison International 10,612 671,421 0.10% Coca-Cola European Partners plc
PPL Corp. 23,103 659,591 0.10% (XNYS) 5,949 241,767 0.04%
Eversource Energy 10,682 626,072 0.09% Gap, Inc. 7,462 241,694 0.04%
DTE Energy Co. 6,031 624,993 0.09% Garmin Ltd. 3,803 231,983 0.03%
Andeavor 4,662 611,561 0.09% Harley-Davidson, Inc. 5,511 231,903 0.03%
CenturyLink, Inc. 32,226 600,693 0.09% Helmerich & Payne, Inc. 3,524 224,690 0.03%
Apache Corp. 12,817 599,195 0.09% Coty, Inc. Class A 15,180 214,038 0.03%
Clorox Co. 4,337 586,579 0.09% People’s United Financial, Inc. 11,381 205,882 0.03%
Kellogg Co. 8,297 579,711 0.09% Foot Locker, Inc. 3,909 205,809 0.03%
FirstEnergy Corp. 16,101 578,187 0.09% Nordstrom, Inc. 3,896 201,735 0.03%
Omnicom Group, Inc. 7,486 570,957 0.09% Leggett & Platt, Inc. 4,509 201,282 0.03%
Maxim Integrated Products, Inc. 9,207 540,083 0.08% Janus Henderson Group plc 6,527 200,575 0.03%
Seagate Technology plc 9,500 536,465 0.08% MDU Resources Group, Inc. 6,870 197,032 0.03%
Huntington Bancshares, Inc. 36,211 534,474 0.08% SCANA Corp. 4,818 185,589 0.03%
Cardinal Health, Inc. 10,321 503,974 0.08% Xerox Corp. 7,700 184,800 0.03%
Ameren Corp. 8,245 501,708 0.08% Murphy Oil Corp. 5,395 182,189 0.03%
Principal Financial Group, Inc. 9,441 499,901 0.07% New York Community Bancorp, Inc. 15,720 173,549 0.03%
WestRock Co. 8,507 485,069 0.07% H&R Block, Inc. 7,074 161,146 0.02%
Entergy Corp. 6,000 484,740 0.07% Axis Capital Holdings Ltd. 2,640 146,837 0.02%
Fastenal Co. 9,578 460,989 0.07% Bemis Co., Inc. 3,220 135,916 0.02%
Baker Hughes a GE Co. 13,870 458,126 0.07% Southern Copper Corp. 2,745 128,658 0.02%
CMS Energy Corp. 9,563 452,139 0.07% Avangrid, Inc. 1,810 95,803 0.01%
Tapestry, Inc. 9,595 448,182 0.07% CNA Financial Corp. 828 37,823 0.01%
Darden Restaurants, Inc. 4,104 439,374 0.07% 239,097,883 35.95%
Genuine Parts Co. 4,749 435,911 0.07% Total Equities 660,339,746 99.28%
Hershey Co. 4,621 430,030 0.06%
Kohl’s Corp. 5,673 413,562 0.06%
JM Smucker Co. 3,744 402,405 0.06%

Arthur J Gallagher & Co. 6,110 398,861 0.06%
Unrealised
CenterPoint Energy, Inc. 14,226 394,202 0.06%
Number of Notional Gain/(Loss)
Newell Brands, Inc. 15,279 394,045 0.06%
Contracts Amount US Dollars ($)
Macy’s, Inc. 10,128 379,091 0.06%
CA, Inc. 10,536 375,608 0.06%
HollyFrontier Corp. 5,480 374,996 0.06% Futures (0.01%) (30 June 2017: (0.01%))
Nielsen Holdings plc 11,770 364,046 0.05% SPI 200
Viacom, Inc. Class B 11,940 360,110 0.05% 20 September 2018 3 336,404 4,280 0.00%
Targa Resources Corp. 7,258 359,198 0.05% FTSE 100 Index
Invesco Ltd. 13,229 351,362 0.05% 21 September 2018 8 804,706 (1,836) (0.00%)
Cincinnati Financial Corp. 5,176 346,067 0.05% Topix Index
CF Industries Holdings, Inc. 7,663 340,237 0.05% 13 September 2018 2 320,286 (7,823) (0.00%)
Whirlpool Corp. 2,286 334,282 0.05% Euro Stoxx 50
21 September 2018 24 967,052 (16,853) (0.00%)
FNF Group 8,847 332,824 0.05%
S&P 500 E-mini
Alliant Energy Corp. 7,834 331,535 0.05%
21 September 2018 13 1,795,373 (26,333) (0.00%)
NiSource, Inc. 12,319 323,743 0.05%
MSCI Emerging Markets
Western Union Co. 15,247 309,972 0.05%
21 September 2018 10 559,497 (27,847) (0.01%)
Interpublic Group of Cos, Inc. 13,054 305,986 0.05%
(76,412) (0.01%)
Pinnacle West Capital Corp. 3,680 296,461 0.04%
AES Corp. 21,698 290,970 0.04%
75
Unrealised
Buy (Sell) Settlement Gain/(Loss) % of Total
Currency Amount Currency Amount Counterparty Date US Dollars ($) Net Assets
USD 317,685 JPY 34,760,000 BNP Paribas 19/9/2018 2,116 0.00%
EUR 138,320 USD 161,665 BNP Paribas 26/9/2018 892 0.00%
AUD 740,711 USD 547,048 Bank of America 25/9/2018 368 0.00%
JPY 1,382,900 USD 12,694 Bank of America 19/9/2018 (139) (0.00%)
GBP 75,645 USD 100,693 BNP Paribas 26/9/2018 (437) (0.00%)
GBP 25,132 USD 33,776 JPMorgan Chase Bank 26/9/2018 (467) (0.00%)
USD 222,993 AUD 302,450 BNP Paribas 25/9/2018 (530) (0.00%)
USD 401,275 GBP 303,260 BNP Paribas 26/9/2018 (650) (0.00%)
GBP 76,065 USD 102,153 JPMorgan Chase Bank 26/9/2018 (1,341) (0.00%)
USD 490,183 EUR 420,360 BNP Paribas 26/9/2018 (3,833) (0.00%)
JPY 69,569,996 USD 638,984 Bank of America 19/9/2018 (7,393) (0.00%)
GBP 738,463 USD 992,381 Barclays Bank Plc 26/9/2018 (13,662) (0.00%)
EUR 1,108,088 USD 1,316,039 Bank of America 26/9/2018 (13,790) (0.01%)
(38,854) (0.01%)
Fair Value
US Dollars ($)
Net Assets Attributable to Holders of Redeemable Participating Shares 665,154,701 100.00%
% of Total
(a) Transferable securities admitted to an official stock exchange listing 657,948,130 98.91%
or dealt in on another regulated market 233,704 0.04%
Total Net Assets 665,154,701 100.00%
76

Cost Proceeds
Purchases Sales
Samsung Electronics Co., Ltd. 4,818 7,615,000 Boeing Co. 19,413 6,366,364
Amgen, Inc. 24,285 4,555,788 Caterpillar, Inc. 19,431 3,031,599
Bayer AG 29,027 3,403,270 Diageo plc 77,270 2,617,884
Broadcom Ltd. 13,340 3,394,916 Glencore plc 362,180 1,697,903
Schlumberger Ltd. 49,282 3,320,649 UniCredit SpA 68,281 1,440,976
Diageo plc 85,107 2,879,602 First Abu Dhabi Bank PJSC 293,970 951,748
AT&T, Inc. 77,111 2,663,187 Volkswagen AG - Preference Shares 5,728 937,926
Eli Lilly & Co. 32,928 2,645,124 Johnson & Johnson 6,973 919,338
Dow Chemical Co. 35,160 2,338,716 Novartis AG 10,469 865,024
Johnson & Johnson 17,277 2,311,263 Vivendi SA 32,950 827,026
CVS Health Corp. 34,295 2,245,043 Daiichi Sankyo Co., Ltd. 22,000 813,048
Glencore plc 407,409 2,163,476 Exxon Mobil Corp. 10,398 798,245
Exxon Mobil Corp. 27,212 2,155,465 Western Digital Corp. 8,956 792,785
Reckitt Benckiser Group plc 21,053 1,665,450 PG&E Corp. 17,360 787,704
Nestle SA 20,123 1,661,606 Qatar National Bank QPSC 17,797 765,814
Wells Fargo & Co. 27,923 1,576,947 Cisco Systems, Inc. 17,651 753,011
Barclays plc 600,864 1,547,125 PACCAR, Inc. 10,747 749,775
Chevron Corp. 12,617 1,477,174 Wells Fargo & Co. 13,410 744,536
Canadian Natural Resources Ltd. 42,504 1,400,493 Petroleo Brasileiro SA 105,100 734,002
Vale SA 123,000 1,385,989 Nestle SA 9,178 730,129
77

2018 2017
Current Assets
Cash 1,810,631 443,311
Receivables:
Current Liabilities
Bank Overdraft — 206,464
Unrealised Depreciation on Spot Currency Contracts 47 23
Investments Purchased 1,404 37,033
Total Current Liabilities 286,661 482,203

30 June 2018 30 June 2017
Dividend Income 25,206,083 18,057,679
Expenses
Total Expenses 2,068,428 1,551,070
Finance Costs
Income Equalisation (489,877) (319,858)
78


30 June 2018 30 June 2017
Subscriptions 136,045,123 128,996,757
Redemptions (9,921,980) (21,092,580)
End of Year 665,154,701 536,933,197

79
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF

As at 30 June 2018
Investment Objective Market Diversification (% of portfolio)

FTSE
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF seeks Developed
to track the performance of the FTSE Developed Asia Pacific ex Asia Pacific
Japan Index, a widely recognised benchmark of the large- and mid- ex Japan
capitalised companies of the developed markets of the Asia-Pacific Fund Index
region, excluding Japan. Australia 40.8% 40.8%
South Korea 28.7 28.7
Portfolio Characteristics Hong Kong 22.1 22.1
FTSE Singapore 7.1 7.1
Developed
Asia Pacific New Zealand 1.3 1.3
ex Japan
Fund Index
Number of Stocks 360 358 Ten Largest Holdings1 (% of total net assets)
Median Market Cap

Samsung Electronics Co. Ltd. Consumer Electronics 8.6%
US Dollars $23.6B $23.6B
AIA Group Ltd. Life Insurance 4.1
Commonwealth Bank of
Euro €20.2B €20.2B Australia Banks 3.6
Swiss Francs CHF23.5B CHF23.5B BHP Billiton General Mining 3.1
Price/Earnings Ratio 12.0x 12.0x Westpac Banking Corp. Banks 2.9
Price/Book Ratio 1.4x 1.4x CSL Ltd. Biotechnology 2.5
Yield 3.4% 3.4% Australia & New Zealand
Return on Equity 12.3% 12.3% Banking Group Ltd. Banks 2.3
Earnings Growth Rate 5.7% 5.7% National Australia Bank Ltd. Banks 2.1
Turnover Rate 5% — Wesfarmers Ltd. Home Improvement Retailers 1.6
Ongoing Charges Figure 0.22% — SK Hynix Inc. Semiconductor Devices 1.6
Top Ten 32.4%
Volatility Measures
FTSE
Developed
Asia Pacific Investment Focus
ex Japan
Fund Index
R-Squared 1.00 1.00 Market Cap Large
Beta 1.00 1.00
Medium

Small
FTSE
Developed
Asia Pacific
ex Japan
Fund Index
Health Care 5.4 5.4
Oil & Gas 3.4 3.4
Technology 3.7 3.6
Utilities 3.5 3.6
80

• For the 12 months ended 30 June 2018, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF returned 7.28%; its benchmark index returned 7.49%.1
• Eight of the ETF’s ten sectors generated positive performance for the 12-month period, with financials, basic materials and health care producing the best
results. Industrials and telecommunications detracted from performance.
• Australia, Korea and Hong Kong were the strongest markets.

Benchmark: FTSE Developed Asia Pacific ex Japan Index

$135,000
121,691
80,000
2013 2014 2015 2016 2017 2018

Benchmark 7.49 6.53 4.10 122,810
Tracking Difference (in percentage points)1 -0.21%
2013 2014 2015 2016 2017 2018
23.8 23.92
19.31 19.61
7.28 7.49
–5.76 –5.64
–10.48 –10.51 –8.98 –8.73
ETF Net Asset Value

Benchmark
2 21 May 2013.
81
30 June 2018

Equities 95.66% (30 June 2017: 94.66%) Xero Ltd. 12,385 411,871 0.12%
Australia 38.10% (30 June 2017: 37.30%) Downer EDI Ltd. 81,882 410,180 0.12%
Bank of Queensland Ltd. 53,860 405,506 0.11%
BHP Billiton Ltd. 437,095 10,951,154 3.10%
Ansell Ltd. 19,368 389,090 0.11%
Healthscope Ltd. 234,824 383,434 0.11%
CSL Ltd. 61,453 8,745,824 2.47%
ALS Ltd. 65,947 367,386 0.10%
Group Ltd. 394,577 8,232,898 2.33% Flight Centre Travel Group Ltd. 7,660 360,233 0.10%
National Australia Bank Ltd. 370,448 7,502,268 2.12% WorleyParsons Ltd. 27,628 356,818 0.10%
Wesfarmers Ltd. 154,030 5,617,418 1.59% Adelaide Brighton Ltd. 62,195 319,372 0.09%
Woolworths Group Ltd. 178,475 4,024,558 1.14% Domino’s Pizza Enterprises Ltd. 8,083 311,864 0.09%
Macquarie Group Ltd. 41,903 3,828,208 1.08% IOOF Holdings Ltd. 46,531 309,071 0.09%
Rio Tinto Ltd. 56,131 3,460,456 0.98% Magellan Financial Group Ltd. 17,618 303,297 0.09%
Woodside Petroleum Ltd. 126,954 3,326,147 0.94% DuluxGroup Ltd. 53,102 300,143 0.08%
Transurban Group 302,966 2,679,442 0.76% AusNet Services 242,001 286,978 0.08%
Insurance Australia Group Ltd. 322,290 2,031,197 0.57% OZ Minerals Ltd. 40,962 285,094 0.08%
Aristocrat Leisure Ltd. 86,798 1,981,639 0.56% Sims Metal Management Ltd. 22,207 263,835 0.07%
Suncorp Group Ltd. 176,324 1,900,741 0.54% Metcash Ltd. 132,180 254,896 0.07%
South32 Ltd. 698,634 1,863,430 0.53% CSR Ltd. 67,562 229,124 0.06%
Origin Energy Ltd. 238,644 1,768,511 0.50% Nufarm Ltd. 34,951 228,797 0.06%
Newcrest Mining Ltd. 104,526 1,683,593 0.48% TPG Telecom Ltd. 49,211 187,979 0.05%
Amcor Ltd. 157,586 1,677,791 0.47% Perpetual Ltd. 5,853 179,899 0.05%
AGL Energy Ltd. 89,234 1,482,118 0.42% Harvey Norman Holdings Ltd. 73,048 179,185 0.05%
Brambles Ltd. 217,385 1,426,260 0.40% Fairfax Media Ltd. 308,616 171,016 0.05%
QBE Insurance Group Ltd. 185,198 1,332,759 0.38% Platinum Asset Management Ltd. 32,243 137,219 0.04%
Treasury Wine Estates Ltd. 98,063 1,259,972 0.36% Vocus Group Ltd. 79,252 135,263 0.04%
ASX Ltd. 26,416 1,256,729 0.36% Domain Holdings Australia Ltd. 31,853 75,781 0.02%
Oil Search Ltd. 180,438 1,186,518 0.34% OneMarket Ltd. 13,036 12,329 0.00%
APA Group 160,141 1,165,454 0.33% Unibail-Rodamco-Westfield 194 2,103 0.00%
LendLease Group 79,130 1,158,196 0.33% 134,706,530 38.10%
Cochlear Ltd. 7,634 1,129,035 0.32% Hong Kong 21.16% (30 June 2017: 20.43%)
Santos Ltd. 241,710 1,119,743 0.32% AIA Group Ltd. 1,644,200 14,376,756 4.07%
Telstra Corp., Ltd. 567,996 1,099,519 0.31% Hong Kong Exchanges & Clearing
AMP Ltd. 396,381 1,042,603 0.29% Ltd. 168,800 5,077,695 1.44%
Sonic Healthcare Ltd. 57,483 1,041,821 0.29% CK Hutchison Holdings Ltd. 364,352 3,863,907 1.09%
James Hardie Industries plc 60,221 1,009,130 0.29% Sun Hung Kai Properties Ltd. 193,000 2,912,669 0.82%
BlueScope Steel Ltd. 75,162 958,507 0.27% CK Asset Holdings Ltd. 365,852 2,905,197 0.82%
Computershare Ltd. 65,698 894,610 0.25% Hang Seng Bank Ltd. 98,600 2,465,801 0.70%
Caltex Australia Ltd. 35,451 852,319 0.24% CLP Holdings Ltd. 223,000 2,401,838 0.68%
Tabcorp Holdings Ltd. 257,463 848,410 0.24% Hong Kong & China Gas Co., Ltd. 1,216,677 2,329,310 0.66%
Aurizon Holdings Ltd. 259,805 831,173 0.24% BOC Hong Kong Holdings Ltd. 488,500 2,300,706 0.65%
Medibank Pvt Ltd. 373,223 805,207 0.23% Galaxy Entertainment Group Ltd. 291,000 2,253,312 0.64%
Sydney Airport 150,806 797,789 0.23% Jardine Matheson Holdings Ltd. 28,200 1,779,420 0.50%
Boral Ltd. 159,818 771,072 0.22% Sands China Ltd. 326,000 1,743,138 0.49%
Seek Ltd. 47,001 757,389 0.21% AAC Technologies Holdings, Inc. 94,000 1,323,952 0.37%
Fortescue Metals Group Ltd. 220,110 713,938 0.20% Power Assets Holdings Ltd. 177,500 1,240,958 0.35%
Alumina Ltd. 338,896 701,101 0.20% China Mengniu Dairy Co., Ltd. 364,000 1,234,142 0.35%
Ramsay Health Care Ltd. 17,354 692,132 0.20% Wharf Real Estate Investment Co.,
Challenger Ltd. 78,111 682,737 0.19% Ltd. 166,000 1,181,717 0.33%
Orica Ltd. 51,495 675,336 0.19% Hongkong Land Holdings Ltd. 159,500 1,140,425 0.32%
Incitec Pivot Ltd. 225,886 605,832 0.17% New World Development Co., Ltd. 775,044 1,090,630 0.31%
Bendigo & Adelaide Bank Ltd. 64,685 518,071 0.15% MTR Corp., Ltd. 190,000 1,051,055 0.30%
Crown Resorts Ltd. 48,284 481,608 0.14% Techtronic Industries Co., Ltd. 170,500 950,790 0.27%
Coca-Cola Amatil Ltd. 69,627 473,284 0.13% WH Group Ltd. 1,141,018 929,342 0.26%
Iluka Resources Ltd. 56,584 467,403 0.13% Jardine Strategic Holdings Ltd. 24,700 901,056 0.25%
REA Group Ltd. 6,771 454,600 0.13% Henderson Land Development Co.,
Atlas Arteria Ltd. 90,392 429,435 0.12% Ltd. 161,171 852,545 0.24%
Orora Ltd. 162,790 429,390 0.12% Wheelock & Co., Ltd. 111,000 773,206 0.22%
CIMIC Group Ltd. 13,299 415,638 0.12% Swire Pacific Ltd. Class A 68,000 720,265 0.20%
Qantas Airways Ltd. 90,693 412,772 0.12% Sino Land Co., Ltd. 416,000 676,591 0.19%
Star Entertainment Grp Ltd. 113,177 412,251 0.12% Want Want China Holdings Ltd. 746,000 663,707 0.19%
82

Bank of East Asia Ltd. 163,400 652,938 0.18% New Zealand 1.30% (30 June 2017: 1.43%)
Wynn Macau Ltd. 199,200 641,110 0.18% Fisher & Paykel Healthcare Corp., Ltd. 76,885 775,099 0.22%
Samsonite International SA 175,500 625,232 0.18% Spark New Zealand Ltd. 248,520 627,611 0.18%
CK Infrastructure Holdings Ltd. 84,000 622,603 0.18% Auckland International Airport Ltd. 126,471 580,552 0.16%
Tingyi Cayman Islands Holding Corp. 252,000 584,594 0.17% Fletcher Building Ltd. 115,745 544,638 0.15%
Hang Lung Properties Ltd. 276,000 569,206 0.16% Ryman Healthcare Ltd. 56,347 456,652 0.13%
Wharf Holdings Ltd. 166,000 533,201 0.15% Contact Energy Ltd. 96,839 383,554 0.11%
Swire Properties Ltd. 143,400 530,065 0.15% Meridian Energy Ltd. 166,344 351,384 0.10%
Semiconductor Manufacturing SKYCITY Entertainment Group Ltd. 90,381 247,218 0.07%
International Corp. 402,500 523,297 0.15% Mercury NZ Ltd. 90,928 207,467 0.06%
ASM Pacific Technology Ltd. 41,378 523,195 0.15% Kiwi Property Group Ltd. 196,346 178,799 0.05%
Hysan Development Co., Ltd. 83,000 463,377 0.13% Air New Zealand Ltd. 70,557 151,672 0.04%
Minth Group Ltd. 94,000 397,186 0.11% Sky Network Television Ltd. 55,935 98,464 0.03%
Kerry Properties Ltd. 81,500 390,076 0.11%
4,603,110 1.30%
Sun Art Retail Group Ltd. 298,000 389,714 0.11%
Dairy Farm International Holdings Ltd. 40,700 357,753 0.10% Singapore 6.58% (30 June 2017: 6.78%)
Melco International Development Ltd. 109,000 335,526 0.09% DBS Group Holdings Ltd. 245,200 4,785,311 1.35%
Hang Lung Group Ltd. 119,000 333,697 0.09% Oversea-Chinese Banking Corp., Ltd. 444,498 3,794,614 1.07%
Xinyi Glass Holdings Ltd. 270,000 330,038 0.09% United Overseas Bank Ltd. 174,000 3,414,917 0.97%
NWS Holdings Ltd. 190,000 328,878 0.09% Singapore Telecommunications Ltd. 1,010,400 2,282,385 0.65%
Prada SpA 69,900 323,419 0.09% Keppel Corp., Ltd. 195,900 1,027,272 0.29%
PCCW Ltd. 565,000 318,312 0.09% CapitaLand Ltd. 343,900 797,011 0.22%
SJM Holdings Ltd. 253,000 314,740 0.09% Genting Singapore Ltd. 790,900 707,663 0.20%
Li & Fung Ltd. 780,000 286,332 0.08% Wilmar International Ltd. 264,800 594,271 0.17%
Shangri-La Asia Ltd. 150,000 282,202 0.08% Singapore Exchange Ltd. 111,800 587,903 0.17%
Yue Yuen Industrial Holdings Ltd. 97,500 275,271 0.08% Singapore Airlines Ltd. 69,100 541,752 0.15%
Hopewell Holdings Ltd. 78,000 267,442 0.08% City Developments Ltd. 63,400 508,223 0.14%
VTech Holdings Ltd. 22,000 253,918 0.07% Singapore Technologies
Orient Overseas International Ltd. 26,000 253,191 0.07% Engineering Ltd. 207,700 501,161 0.14%
MGM China Holdings Ltd. 102,000 236,621 0.07% ComfortDelGro Corp., Ltd. 279,500 481,720 0.14%
Swire Pacific Ltd. Class B 130,000 231,319 0.07% Venture Corp., Ltd. 34,800 455,322 0.13%
Uni-President China Holdings Ltd. 155,200 199,404 0.06% Singapore Press Holdings Ltd. 219,400 418,365 0.12%
Great Eagle Holdings Ltd. 37,000 180,627 0.05% UOL Group Ltd. 67,300 376,110 0.11%
BOC Aviation Ltd. 28,000 173,986 0.05% SATS Ltd. 85,900 314,998 0.09%
Nexteer Automotive Group Ltd. 111,000 164,121 0.05% Jardine Cycle & Carriage Ltd. 13,477 314,513 0.09%
Chow Tai Fook Jewellery Group Ltd. 144,600 162,931 0.05% Sembcorp Industries Ltd. 124,500 251,100 0.07%
First Pacific Co., Ltd. 319,000 154,103 0.04% Singapore Post Ltd. 208,200 192,396 0.05%
Lifestyle International Holdings Ltd. 68,000 144,226 0.04% Golden Agri-Resources Ltd. 856,700 191,634 0.05%
Haitong International Securities Hutchison Port Holdings Trust
Group Ltd. 313,000 142,827 0.04% Class U 681,500 190,820 0.05%
Johnson Electric Holdings Ltd. 48,125 140,165 0.04% Sembcorp Marine Ltd. 112,500 168,317 0.05%
Towngas China Co., Ltd. 137,000 132,888 0.04% StarHub Ltd. 77,100 93,866 0.03%
China Travel International Investment Wing Tai Holdings Ltd. 53,900 78,666 0.02%
Hong Kong Ltd. 338,000 131,832 0.04% SIA Engineering Co., Ltd. 30,100 69,317 0.02%
Cathay Pacific Airways Ltd. 81,000 127,404 0.04% M1 Ltd. 48,700 57,147 0.02%
Xinyi Solar Holdings Ltd. 414,000 127,174 0.04% Frasers Property Ltd. 46,200 55,908 0.02%
Shui On Land Ltd. 486,000 123,274 0.03% 23,252,682 6.58%
Television Broadcasts Ltd. 38,700 122,580 0.03% South Korea 28.52% (30 June 2017: 28.72%)
Dah Sing Financial Holdings Ltd. 20,416 119,184 0.03%
Samsung Electronics Co., Ltd. 639,655 26,774,254 7.57%
Shougang Fushan Resources Group
SK Hynix, Inc. 72,461 5,571,923 1.58%
Ltd. 478,000 113,934 0.03%
Samsung Electronics Co., Ltd. -
Kerry Logistics Network Ltd. 77,871 108,586 0.03%
Preference Shares 111,560 3,768,716 1.07%
Dah Sing Banking Group Ltd. 51,664 108,261 0.03%
Celltrion, Inc. 10,570 2,878,416 0.81%
Cafe de Coral Holdings Ltd. 44,000 106,559 0.03%
POSCO 9,241 2,727,940 0.77%
L’Occitane International SA 64,500 106,548 0.03%
KB Financial Group, Inc. 53,550 2,536,958 0.72%
Shun Tak Holdings Ltd. 250,000 102,289 0.03%
NAVER Corp. 3,639 2,491,303 0.70%
Guotai Junan International Holdings
Shinhan Financial Group Co., Ltd. 61,894 2,404,675 0.68%
Ltd. 422,000 91,441 0.03%
Hyundai Motor Co. - Preference
Sa Sa International Holdings Ltd. 140,000 88,867 0.03%
Shares 19,463 2,191,661 0.62%
Esprit Holdings Ltd. 233,500 72,620 0.02%
LG Chem Ltd. 6,188 1,851,681 0.52%
Huabao International Holdings Ltd. 113,000 72,304 0.02%
Hyundai Mobis Co., Ltd. 8,846 1,682,685 0.48%
FIH Mobile Ltd. 384,000 59,714 0.02%
Hana Financial Group, Inc. 40,250 1,547,521 0.44%
Hutchison Telecommunications
LG Household & Health Care Ltd. 1,191 1,491,822 0.42%
Hong Kong Holdings Ltd. 166,000 58,610 0.02%
SK Innovation Co., Ltd. 8,217 1,489,308 0.42%
Macau Legend Development Ltd. 232,000 38,147 0.01%
KT&G Corp. 14,952 1,435,499 0.41%
China Oceanwide Holdings Ltd. 571,000 29,112 0.01%
Samsung SDI Co., Ltd. 7,113 1,365,798 0.39%
Brightoil Petroleum Holdings Ltd. 259,118 6,606 0.00%
Amorepacific Corp. 4,285 1,239,939 0.35%
74,824,907 21.16%
LG Electronics, Inc. 14,591 1,086,633 0.31%
83

Samsung C&T Corp. 10,284 1,074,999 0.30% CJ Corp. 1,709 217,746 0.06%
Samsung Fire & Marine Insurance HDC Hyundai Development Co.-
Co., Ltd. 4,414 1,045,577 0.30% Engineering & Construction Class E 4,444 214,923 0.06%
SK Holdings Co., Ltd. 4,485 1,042,275 0.30% Hyundai Department Store Co., Ltd. 2,020 209,340 0.06%
Korea Electric Power Corp. 35,181 1,010,132 0.29% Hanon Systems 21,705 206,436 0.06%
Samsung Electro-Mechanics Co., Ltd. 7,574 1,009,187 0.29% Korea Gas Corp. 3,505 201,903 0.06%
Woori Bank 68,533 1,002,322 0.28% Amorepacific Corp. - Preference Shares 1,450 201,660 0.06%
Kia Motors Corp. 34,781 962,758 0.27% DGB Financial Group, Inc. 20,983 192,980 0.05%
LG Corp. 12,146 785,757 0.22% LG Chem Ltd. - Preference Shares 1,044 188,754 0.05%
NCSoft Corp. 2,357 784,609 0.22% LG Household & Health Care Ltd. -
Samsung SDS Co., Ltd. 4,341 780,952 0.22% Preference Shares 285 186,676 0.05%
Samsung Life Insurance Co., Ltd. 8,573 756,916 0.21% Hanwha Life Insurance Co., Ltd. 37,047 176,177 0.05%
Samsung Biologics Co., Ltd. 1,799 673,112 0.19% Cheil Worldwide, Inc. 9,465 175,372 0.05%
SK Telecom Co., Ltd. 3,124 653,111 0.19% Korean Air Lines Co., Ltd. 6,370 161,465 0.05%
Kakao Corp. 6,337 651,042 0.18% LS Corp. 2,349 158,075 0.04%
Celltrion Healthcare Co., Ltd. 6,277 624,602 0.18% Doosan Infracore Co., Ltd. 18,032 155,970 0.04%
E-MART, Inc. 2,721 621,350 0.18% Hanwha Corp. 5,447 154,197 0.04%
Lotte Chemical Corp. 1,982 618,875 0.18% Mando Corp. 4,395 151,429 0.04%
Coway Co., Ltd. 7,077 549,904 0.16% CJ Logistics Corp. 1,000 150,740 0.04%
S-Oil Corp. 5,590 549,219 0.16% BGF retail Co., Ltd. 855 149,596 0.04%
Hyundai Heavy Industries Co., Ltd. 5,714 522,950 0.15% Samsung Card Co., Ltd. 4,213 144,781 0.04%
Hyundai Engineering & Construction GS Retail Co., Ltd. 3,555 140,190 0.04%
Co., Ltd. 9,878 509,632 0.14% LOTTE Fine Chemical Co., Ltd. 2,349 136,999 0.04%
LG Display Co., Ltd. 30,112 494,437 0.14% Ottogi Corp. 174 134,110 0.04%
Industrial Bank of Korea 35,697 493,256 0.14% Daewoo Engineering & Construction
Hyundai Steel Co. 10,124 477,813 0.14% Co., Ltd. 24,268 127,818 0.04%
Korea Zinc Co., Ltd. 1,348 466,871 0.13% Posco Daewoo Corp. 6,478 124,387 0.04%
Hotel Shilla Co., Ltd. 4,177 462,862 0.13% Doosan Heavy Industries &
SillaJen, Inc. 6,960 457,755 0.13% Construction Co., Ltd. 8,669 121,732 0.03%
Hyundai Heavy Industries Holdings Hanssem Co., Ltd. 1,282 120,781 0.03%
Co., Ltd. 1,407 446,276 0.13% NongShim Co., Ltd. 407 118,686 0.03%
Amorepacific Group 3,904 432,610 0.12% Hyundai Construction Equipment
Hyundai Motor Co. New - Preference Co., Ltd. 825 104,374 0.03%
Shares 4,982 405,891 0.12% Hyundai Mipo Dockyard Co., Ltd. 1,345 103,545 0.03%
Lotte Corp. 7,764 399,172 0.11% Paradise Co., Ltd. 6,324 102,421 0.03%
Mirae Asset Daewoo Co., Ltd. 52,060 397,982 0.11% SKC Co., Ltd. 2,631 101,864 0.03%
Korea Investment Holdings Co., Ltd. 5,217 393,674 0.11% Hanwha Aerospace Co., Ltd. 4,805 101,101 0.03%
Orion Corp. 2,911 389,178 0.11% Hanmi Science Co. ltd 1,725 99,987 0.03%
Hankook Tire Co., Ltd. 10,098 381,450 0.11% Dongsuh Cos, Inc. 4,126 96,810 0.03%
Samsung Heavy Industries Co., Ltd. 59,216 379,365 0.11% KEPCO Plant Service & Engineering
Hyosung Corp. 3,107 373,565 0.11% Co., Ltd. 2,958 94,619 0.03%
Hanmi Pharm Co., Ltd. 942 355,838 0.10% SK Networks Co., Ltd. 21,178 85,510 0.02%
Shinsegae, Inc. 933 336,114 0.10% HDC Holdings Co., Ltd. 3,181 81,630 0.02%
Kangwon Land, Inc. 14,316 335,903 0.10% NHN Entertainment Corp. 1,392 81,059 0.02%
DB Insurance Co., Ltd. 6,319 334,519 0.09% Hyundai Wia Corp. 2,117 77,405 0.02%
GS Holdings Corp. 6,834 333,575 0.09% LG Electronics, Inc. - Preference Shares 2,452 75,243 0.02%
LG Uplus Corp. 26,332 330,774 0.09% Hite Jinro Co., Ltd. 4,018 70,842 0.02%
CJ CheilJedang Corp. 1,043 329,886 0.09% Doosan Corp. 747 69,707 0.02%
BNK Financial Group, Inc. 39,186 328,748 0.09% Samsung Fire & Marine Insurance Co.,
Netmarble Corp. 2,384 326,209 0.09% Ltd. - Preference Shares 406 66,483 0.02%
Korea Aerospace Industries Ltd. 8,685 321,061 0.09% FIT Hon Teng Ltd. 144,000 65,159 0.02%
Samsung Engineering Co., Ltd. 21,416 300,727 0.09% Lotte Chilsung Beverage Co., Ltd. 43 59,301 0.02%
Lotte Shopping Co., Ltd. 1,507 283,957 0.08% Hyundai Electric & Energy System
Co., Ltd. 790 49,619 0.01%
Samsung Securities Co., Ltd. 8,595 267,991 0.08%
Hanwha Corp. - Preference Shares 3,460 47,499 0.01%
Hyundai Glovis Co., Ltd. 2,492 258,256 0.07%
LG Hausys Ltd. 757 47,138 0.01%
GS Engineering & Construction Corp. 6,172 254,744 0.07%
Lotte Confectionery Co., Ltd. 248 40,276 0.01%
Daelim Industrial Co., Ltd. 3,691 253,353 0.07%
BGF Co., Ltd. 3,560 34,498 0.01%
Hyundai Marine & Fire Insurance Co.,
Ltd. 8,285 250,520 0.07% CJ CheilJedang Corp. - Preference
Shares 219 26,528 0.01%
Kumho Petrochemical Co., Ltd. 2,378 248,575 0.07%
Hyundai Motor Co., Ltd. - Preference 100,853,831 28.52%
Shares 3,231 238,592 0.07% Total Equities 338,241,060 95.66%
NH Investment & Securities Co., Ltd. 17,371 233,016 0.07% Collective Investment Schemes 3.78% (30 June 2017: 4.21%)
OCI Co., Ltd. 2,442 225,685 0.06%
Australia 2.45% (30 June 2017: 2.95%)
KCC Corp. 763 224,553 0.06%
S-1 Corp. 2,546 221,133 0.06% Scentre Group REIT 695,721 2,256,607 0.64%
Hanwha Chemical Corp. 11,150 218,598 0.06% Goodman Group REIT 239,011 1,698,827 0.48%
Yuhan Corp. 1,116 217,793 0.06% Dexus REIT 139,044 997,534 0.28%
84
Number of Fair Value % of Total

Shares US Dollars ($) Net Assets
Stockland REIT 330,247 968,692 0.27%
GPT Group REIT 246,292 920,782 0.26%
Vicinity Centres REIT 436,340 834,990 0.24%
Mirvac Group REIT 506,366 811,859 0.23%
Shopping Centres Australasia
Property Group REIT 102,907 186,280 0.05%
8,675,571 2.45%
Hong Kong 0.81% (30 June 2017: 0.72%)
Link REIT 293,000 2,675,876 0.76%
Champion REIT 261,000 173,325 0.05%
2,849,201 0.81%
Singapore 0.52% (30 June 2017: 0.54%)
Ascendas REIT 323,211 625,799 0.18%
CapitaLand Mall Trust REIT 313,700 476,244 0.13%
CapitaLand Commercial Trust REIT 321,207 391,055 0.11%
Suntec REIT 264,400 335,469 0.10%
1,828,567 0.52%
Unrealised
Futures (0.00%) (30 June 2017: (0.00%))
SPI 200 20 September 2018 10 1,122,178 13,434 0.01%
Hang Seng Index 30 July 2018 2 360,038 6,111 0.00%
KOSPI2 Index 13 September 2018 7 494,695 (23,632) (0.01%)
(4,087) (0.00%)

Open Forward Currency Exchange Contracts (0.00%) (30 June 2017: 0.01%)
AUD 1,517,689 USD 1,120,882 Bank of America 25/9/2018 754 0.00%
AUD 153,800 USD 113,551 JP Morgan Chase 25/9/2018 114 0.00%
KRW 8,662,500 USD 7,986 BNP Paribas 18/9/2018 (193) (0.00%)
USD 452,320 AUD 612,500 Bank of America 25/9/2018 (344) (0.00%)
AUD 301,850 USD 225,277 JP Morgan Chase 25/9/2018 (2,197) (0.00%)
KRW 542,675,000 USD 500,290 BNP Paribas 18/9/2018 (12,082) (0.00%)
(13,623) (0.00%)
Fair Value
US Dollars ($)
% of Total
Total Net Assets 353,569,464 100.00%
85

Cost Proceeds
Purchases Sales
Samsung Electronics Co., Ltd. 19,257 8,293,625 Samsung Electronics Co., Ltd. 7,152 1,739,577
Commonwealth Bank of Australia 76,418 4,630,834 Unibail-Rodamco-Westfield 95,946 1,058,031
AIA Group Ltd. 506,000 3,987,738 Commonwealth Bank of Australia 13,213 791,837
Westpac Banking Corp. 149,622 3,584,599 AIA Group Ltd. 93,000 750,075
BHP Billiton Ltd. 134,756 2,900,714 Westpac Banking Corp. 25,857 608,654
Australia & New Zealand Banking Group Ltd. 122,925 2,736,065 Australia & New Zealand Banking Group Ltd. 27,636 586,969
National Australia Bank Ltd. 117,052 2,708,229 BHP Billiton Ltd. 25,116 538,939
CSL Ltd. 18,974 2,120,239 CK Hutchison Holdings Ltd. 38,000 477,860
Hong Kong Exchanges & Clearing Ltd. 53,700 1,622,526 Samsung Electronics Co., Ltd. -
Wesfarmers Ltd. 47,345 1,532,133 Preference Shares 3,436 448,868
SK Hynix, Inc. 22,283 1,505,269 National Australia Bank Ltd. 19,188 429,223
CK Hutchison Holdings Ltd. 115,500 1,450,101 CSL Ltd. 3,726 424,233
DBS Group Holdings Ltd. 76,700 1,390,996 SK Hynix, Inc. 4,081 298,823
Samsung Electronics Co., Ltd. - Wesfarmers Ltd. 8,680 292,765
Preference Shares 3,262 1,251,332 Hong Kong Exchanges & Clearing Ltd. 9,700 290,015
Oversea-Chinese Banking Corp., Ltd. 136,800 1,206,863 Kingston Financial Group Ltd. 478,000 276,294
Woolworths Group Ltd. 56,106 1,158,724 Yangzijiang Shipbuilding Holdings Ltd. 247,200 260,868
Woodside Petroleum Ltd. 47,802 1,126,112 DBS Group Holdings Ltd. 13,700 254,525
United Overseas Bank Ltd. 55,200 1,043,245 Rio Tinto Ltd. 4,641 253,370
Rio Tinto Ltd. 17,506 977,593 Oversea-Chinese Banking Corp., Ltd. 25,500 235,451
Sun Hung Kai Properties Ltd. 61,000 966,322 KB Financial Group, Inc. 4,396 232,523
86

2018 2017
Current Assets
Cash 2,037,571 1,830,552
Receivables:
Interest and Dividends 1,402,527 980,360
Current Liabilities
Bank Overdraft 329,802 —
Unrealised Depreciation on Spot Currency Contracts 1,121,346 —
Investments Purchased 83,471 —

30 June 2018 30 June 2017
Dividend Income 12,310,610 6,020,134
Miscellaneous Income — 156
Expenses
Other Expenses 77 352
Total Expenses 826,447 454,368
Finance Costs
87


30 June 2018 30 June 2017
Subscriptions 105,783,494 100,477,306
End of Year 353,569,464 256,132,398
88
Vanguard FTSE Developed Europe UCITS ETF

As at 30 June 2018

FTSE
Vanguard FTSE Developed Europe UCITS ETF seeks to track the Developed
performance of the FTSE Developed Europe Index, a widely recognised Fund Europe Index
benchmark of stock market performance of European developed countries United Kingdom 29.4% 29.4%
that is composed of the stocks of large- and mid-capitalised companies in
developed Europe. France 16.5 16.5
Germany 14.9 15.0
Switzerland 12.2 12.2
FTSE Spain 4.9 4.9
Developed Netherlands 5.7 5.7
Fund Europe Index Sweden 4.1 4.1
Number of Stocks 583 561 Italy 4.1 4.1
Median Market Cap Denmark 2.5 2.5
Euro €38.1B €38.1B Belgium 1.8 1.7
British Pounds £33.7B £33.7B Finland 1.7 1.7
Swiss Francs CHF44.2B CHF44.2B Norway 1.1 1.1
US Dollars $44.5B $44.5B Other 1.1 1.1
Price/Book Ratio 1.8x 1.8x
Yield 3.4% 3.4% Ten Largest Holdings1 (% of total net assets)

Royal Dutch Shell plc Integrated Oil & Gas 3.2%
Nestle SA Food Products 2.5
HSBC Holdings plc Banks 2.0
Novartis AG Pharmaceuticals 1.8
Roche Holding AG Pharmaceuticals 1.7
Volatility Measures TOTAL SA Integrated Oil & Gas 1.6
FTSE BP plc Integrated Oil & Gas 1.6
Developed
Fund Europe Index Unilever Personal Products 1.6
R-Squared 1.00 1.00 British American Tobacco plc Tobacco 1.2
Beta 1.00 1.00 SAP SE Software 1.2

Top Ten 18.4%

FTSE
Developed Investment Focus
Fund Europe Index
Basic Materials 7.4% 7.4% Style Value Blend Growth
Consumer Goods 18.2 18.2 Market Cap Large

Financials 21.2 21.2 Medium
Industrials 14.0 13.9 Small
Oil & Gas 8.3 8.3
Technology 4.8 4.8
Utilities 3.8 3.9
89

• For the 12 months ended 30 June 2018, Vanguard FTSE Developed Europe UCITS ETF returned 3.35%; its benchmark index returned 3.12%.1
• Eight of the ETF’s ten sectors generated positive returns for the 12-month period, with oil and gas, basic materials and industrials producing the strongest
results. Financials and telecommunications were the only two sectors in negative territory.
• The United Kingdom, France and Germany were the biggest contributors by market.

Benchmark: FTSE Developed Europe Index
Euro-Denominated

€160,000
141,428
80,000
2013 2014 2015 2016 2017 2018

Periods Ended 30 June 2018 a €100,000
ETF Net Asset Value 3.35% 8.92% 7.02% €141,428
Benchmark 3.12 8.65 6.75 139,588
2013 2014 2015 2016 2017 2018
23.03 22.73
18.11 17.85
14.02 13.71
3.35 3.12
–7.76 –7.79
–10.46 –10.75
ETF Net Asset Value

Benchmark
2 21 May 2013.
90
30 June 2018

Equities 98.55% (30 June 2017: 98.71%) Huhtamaki OYJ 19,626 621,948 0.04%
Austria 0.38% (30 June 2017: 0.37%) Orion OYJ Class B 21,078 486,691 0.03%
Erste Group Bank AG 61,115 2,184,861 0.13% 29,103,032 1.73%

OMV AG 29,663 1,440,732 0.09% France 15.98% (30 June 2017: 15.32%)
Voestalpine AG 24,323 959,542 0.06% Total SA 528,162 27,575,338 1.64%
Raiffeisen Bank International AG 27,020 710,356 0.04% Sanofi 228,096 15,658,790 0.93%
ANDRITZ AG 14,800 672,808 0.04% LVMH Moet Hennessy Louis Vuitton
Telekom Austria AG Class A 26,143 186,661 0.01% SE 52,200 14,887,440 0.89%
Vienna Insurance Group AG Wiener BNP Paribas SA 227,909 12,122,480 0.72%
Versicherung Gruppe 7,755 181,157 0.01% Airbus SE 115,338 11,563,788 0.69%
6,336,117 0.38% AXA SA 403,372 8,476,863 0.50%
Belgium 1.74% (30 June 2017: 1.84%) Vinci SA 98,080 8,077,869 0.48%
Danone SA 122,854 7,723,831 0.46%
Anheuser-Busch InBev SA 160,071 13,846,142 0.82%
KBC Group NV 57,948 3,831,522 0.23%
Kering SA 15,652 7,569,307 0.45%
Umicore SA 42,904 2,108,732 0.13%
Safran SA 67,237 6,996,010 0.42%
Ageas 41,186 1,779,647 0.11%
L’Oreal SA (XPAR) 30,065 6,358,747 0.38%
UCB SA 25,177 1,695,419 0.10%
Pernod Ricard SA 44,412 6,213,239 0.37%
Solvay SA 14,501 1,568,283 0.09%
Orange SA 405,258 5,813,426 0.35%
Groupe Bruxelles Lambert SA 15,304 1,382,257 0.08%
Air Liquide SA (XPAR) 52,371 5,640,357 0.34%
Ackermans & van Haaren NV 4,717 695,757 0.04%
Colruyt SA 13,399 654,809 0.04%
Essilor International Cie Generale
Proximus SADP 29,386 567,444 0.03%
d’Optique SA 42,994 5,197,975 0.31%
Sofina SA 3,160 467,680 0.03%
Vivendi SA 201,710 4,235,910 0.25%
Telenet Group Holding NV 10,120 404,800 0.02%
Cie de Saint-Gobain 103,703 3,968,714 0.24%
bpost SA 20,694 279,990 0.02%
Cie Generale des Etablissements
29,282,482 1.74% Michelin SCA 37,008 3,859,934 0.23%
Denmark 2.50% (30 June 2017: 2.75%) Capgemini SE 32,722 3,769,574 0.22%
Novo Nordisk A/S Class B 357,546 14,204,481 0.85% Legrand SA 56,089 3,527,998 0.21%
Danske Bank A/S 137,030 3,673,704 0.22% Hermes International 6,484 3,396,319 0.20%
DSV A/S 38,192 2,642,938 0.16% Dassault Systemes SE 27,073 3,248,760 0.19%
Coloplast A/S Class B 27,663 2,368,021 0.14% Renault SA 38,897 2,832,869 0.17%
Carlsberg A/S Class B 22,351 2,254,683 0.13% Credit Agricole SA (XPAR) 242,533 2,773,365 0.16%
Vestas Wind Systems A/S 40,562 2,150,395 0.13% Engie SA 206,419 2,710,281 0.16%
Novozymes A/S Class B 43,668 1,897,177 0.11% TechnipFMC plc 96,301 2,633,832 0.16%
Orsted A/S 31,493 1,631,560 0.10% Publicis Groupe SA 43,533 2,565,835 0.15%
Chr Hansen Holding A/S 20,556 1,626,112 0.10% STMicroelectronics NV 132,119 2,524,794 0.15%
Genmab A/S 11,549 1,526,491 0.09% Valeo SA 50,275 2,353,875 0.14%
AP Moller-Maersk A/S Class B 1,406 1,499,840 0.09% Thales SA 20,923 2,308,853 0.14%
Pandora A/S 21,755 1,301,670 0.08% Atos SE 19,264 2,252,925 0.13%
ISS A/S 38,626 1,136,894 0.07% Peugeot SA 113,605 2,222,114 0.13%
AP Moller-Maersk A/S Class A 860 874,345 0.05% Veolia Environnement SA 104,721 1,919,536 0.11%
William Demant Holding A/S 23,571 812,409 0.05% Engie SA (Prime De Fidelite) 139,770 1,835,180 0.11%
H Lundbeck A/S 12,160 731,814 0.04% Teleperformance 12,041 1,821,803 0.11%
Jyske Bank A/S 14,248 669,304 0.04% Air Liquide SA 16,658 1,794,067 0.11%
Tryg A/S 26,675 536,313 0.03% Accor SA 42,265 1,775,975 0.11%
Rockwool International A/S Class B 1,256 420,087 0.02% Carrefour SA 116,587 1,617,062 0.10%
Bouygues SA 43,603 1,609,387 0.10%
41,958,238 2.50%
Ubisoft Entertainment SA 17,112 1,608,186 0.10%
Finland 1.73% (30 June 2017: 1.69%)
Arkema SA 14,860 1,506,804 0.09%
Nokia OYJ 1,175,917 5,797,271 0.34% Eiffage SA 15,572 1,450,999 0.09%
Sampo OYJ Class A 102,309 4,276,516 0.25% Edenred 48,909 1,323,478 0.08%
Kone OYJ Class B 81,737 3,568,637 0.21% Alstom SA 32,105 1,263,653 0.07%
UPM-Kymmene OYJ 112,611 3,448,149 0.20% Bureau Veritas SA 53,797 1,229,799 0.07%
Stora Enso OYJ Class R 117,043 1,961,640 0.12% L’Oreal SA (Prime De Fidelite) 5,718 1,209,357 0.07%
Neste OYJ 29,154 1,959,149 0.12% Aeroports de Paris 6,018 1,165,687 0.07%
Fortum OYJ 89,854 1,836,616 0.11% SES SA Class A 72,828 1,142,671 0.07%
Wartsila OYJ Abp 97,017 1,632,796 0.10% Getlink SE 95,799 1,125,159 0.07%
Elisa OYJ 30,152 1,196,130 0.07% Air Liquide SA International 10,358 1,115,557 0.07%
Nokian Renkaat OYJ 28,161 952,968 0.06% Eurofins Scientific SE 2,340 1,114,776 0.07%
Kesko OYJ Class B 14,027 735,015 0.04% Orpea 9,391 1,073,391 0.06%
Metso OYJ 21,934 629,506 0.04% Natixis SA 175,095 1,064,227 0.06%
91

L’Oreal UK Limited 4,984 1,054,116 0.06% Fresenius Medical Care AG & Co.
Sodexo SA 12,090 1,035,146 0.06% KGaA 44,873 3,876,130 0.23%
SCOR SE 32,473 1,033,291 0.06% Deutsche Bank AG 399,523 3,684,401 0.22%
Ingenico Group SA 13,065 1,006,005 0.06% Wirecard AG 24,131 3,328,871 0.20%
Ipsen SA 7,196 966,783 0.06% Deutsche Wohnen SE 75,259 3,115,723 0.19%
Air Liquide SA (Prime De Fidelite) 8,950 963,915 0.06% Covestro AG 39,326 3,005,293 0.18%
Faurecia SA 15,526 948,949 0.06% Merck KGaA 27,428 2,293,529 0.14%
Rubis SCA 17,400 930,900 0.05% HeidelbergCement AG 31,116 2,242,841 0.13%
Suez 77,732 863,214 0.05% L’Oreal SA 9,924 2,098,926 0.12%
Dassault Aviation SA 506 825,792 0.05% Beiersdorf AG 21,220 2,063,433 0.12%
Bollore SA 202,930 808,473 0.05% thyssenkrupp AG 98,656 2,054,018 0.12%
Elis SA (XPAR) 40,937 804,003 0.05% RWE AG 103,458 2,020,017 0.12%
Rexel SA 62,589 770,784 0.05% Henkel AG & Co. KGaA 21,143 2,013,871 0.12%
Electricite de France SA (XPAR) 60,630 714,221 0.04% Symrise AG 25,479 1,913,473 0.11%
Wendel SA 5,929 699,622 0.04% MTU Aero Engines AG 10,885 1,791,671 0.11%
Amundi SA 11,742 696,770 0.04% Commerzbank AG 217,853 1,788,791 0.11%
BioMerieux 8,726 672,775 0.04% Porsche Automobil Holding SE -
Iliad SA 4,967 672,283 0.04% Preference Shares 32,465 1,771,290 0.11%
CNP Assurances 33,440 651,746 0.04% Brenntag AG 32,239 1,538,445 0.09%
Eutelsat Communications SA 36,497 648,369 0.04% QIAGEN NV 45,925 1,432,860 0.08%
Eurazeo SA 9,521 618,389 0.04% Zalando SE 28,413 1,360,130 0.08%
Remy Cointreau SA 5,096 565,656 0.03% Hannover Rueck SE 12,554 1,340,767 0.08%
Lagardere SCA 23,957 541,668 0.03% LANXESS AG 19,111 1,276,615 0.08%
Imerys SA 7,692 532,671 0.03% LEG Immobilien AG 13,300 1,237,964 0.07%
SEB SA (XPAR) 3,370 504,152 0.03% United Internet AG 24,234 1,188,920 0.07%
Societe BIC SA 5,580 443,052 0.03% Uniper SE 40,884 1,044,177 0.06%
JCDecaux SA 15,212 435,976 0.03% ProSiebenSat.1 Media SE 48,016 1,043,388 0.06%
Cie Plastic Omnium SA 12,006 434,737 0.03% HUGO BOSS AG 13,254 1,030,631 0.06%
Sartorius Stedim Biotech 4,837 432,912 0.03% GEA Group AG 35,195 1,016,784 0.06%
Sodexo SA (Prime De Fidelite) 2022 4,900 419,538 0.02% Deutsche Lufthansa AG 49,192 1,013,355 0.06%
Electricite de France SA 35,535 418,602 0.02% Delivery Hero AG 22,044 1,004,766 0.06%
Casino Guichard Perrachon SA 12,023 399,765 0.02% Innogy SE 26,582 975,294 0.06%
Worldline SA 8,022 389,227 0.02% Siemens Healthineers AG 27,309 965,510 0.06%
Air France-KLM 44,186 308,595 0.02% Sartorius AG - Preference Shares 7,331 939,101 0.06%
Elior Group SA 21,875 270,375 0.02% KION Group AG 15,073 929,100 0.06%
ALD SA 16,999 248,525 0.01% Evonik Industries AG 31,237 916,181 0.05%
SEB SA Prime 1,169 174,882 0.01% Volkswagen AG 6,440 911,260 0.05%
Sodexo SA (Prime De Fidelite) 2020 1,900 162,678 0.01% Rheinmetall AG 9,273 876,855 0.05%
SEB SA (Prime De Fidelite) 618 92,453 0.01% Puma SE 1,716 859,716 0.05%
SEB SA 587 87,815 0.00% K+S AG 40,518 856,956 0.05%
Electricite de France SA (Prime Bayerische Motoren Werke AG -
De Fidelite) 6,152 72,471 0.00% Preference Shares 11,659 796,310 0.05%
MAN SE 7,380 715,491 0.04%
268,424,899 15.98%
OSRAM Licht AG 19,887 696,045 0.04%
Germany 14.97% (30 June 2017: 14.85%)
SAP SE 203,517 20,138,007 1.20% Worldwide 7,605 628,325 0.04%
Bayer AG 196,273 18,518,358 1.10% FUCHS PETROLUB SE - Preference
Siemens AG 161,124 18,242,459 1.09% Shares 14,234 601,244 0.04%
Allianz SE 92,335 16,345,142 0.97% Hochtief AG 3,849 595,825 0.04%
BASF SE 192,675 15,782,009 0.94% Axel Springer SE 9,204 570,188 0.03%
Daimler AG 180,830 9,969,158 0.59% 1&1 Drillisch AG 10,087 491,842 0.03%
Deutsche Telekom AG 679,320 9,014,576 0.54% RTL Group SA 7,993 464,393 0.03%
Linde AG 39,065 7,984,886 0.48% Telefonica Deutschland Holding AG 137,240 463,322 0.03%
Adidas AG 42,082 7,867,230 0.47% Carl Zeiss Meditec AG 7,646 446,909 0.03%
Fresenius SE & Co. KGaA 85,548 5,885,702 0.35% Hella GmbH & Co. KGaA 9,139 438,672 0.03%
Deutsche Post AG 204,905 5,731,193 0.34% Rational AG 739 413,101 0.02%
Muenchener Rueckversicherungs- STADA Arzneimittel AG 5,049 406,142 0.02%
Gesellschaft AG in Muenchen 30,539 5,529,086 0.33% METRO AG 36,551 386,892 0.02%
Volkswagen AG - Preference Shares 38,672 5,499,932 0.33% Wacker Chemie AG 3,230 362,244 0.02%
Bayerische Motoren Werke AG 67,671 5,253,300 0.31% Fielmann AG 4,968 294,602 0.02%
Infineon Technologies AG 237,963 5,194,732 0.31% Fuchs Petrolub SE 7,217 292,288 0.02%
Deutsche Boerse AG 39,252 4,480,616 0.27% RWE AG - Preference Shares 15,537 250,146 0.01%
Continental AG 22,798 4,458,149 0.27% Ceconomy AG 34,016 242,806 0.01%
Vonovia SE 107,571 4,384,594 0.26% Talanx AG 7,591 237,446 0.01%
E.ON SE 454,739 4,162,681 0.25% Suedzucker AG 16,134 220,068 0.01%
Henkel AG & Co. KGaA - Preference Hapag-Lloyd AG 5,821 177,541 0.01%
Shares 36,966 4,047,777 0.24%
251,502,482 14.97%
92

Ireland 0.50% (30 June 2017: 0.45%) Aegon NV 368,317 1,891,676 0.11%
Kerry Group plc Class A 30,571 2,739,162 0.16% Heineken Holding NV 22,626 1,857,595 0.11%
Paddy Power Betfair plc 17,361 1,629,422 0.10% Koninklijke KPN NV 688,666 1,604,592 0.10%
Kingspan Group plc 31,221 1,338,757 0.08% Randstad NV 23,077 1,163,542 0.07%
Bank of Ireland Group plc 190,821 1,275,638 0.08% ASR Nederland NV 30,053 1,051,254 0.06%
AIB Group plc 164,988 767,194 0.04% Gemalto NV 17,242 858,996 0.05%
Glanbia plc 41,097 653,442 0.04% Aalberts Industries NV 19,782 811,458 0.05%
8,403,615 0.50%
Signify NV 23,195 516,089 0.03%
Italy 4.04% (30 June 2017: 3.84%)
OCI NV 20,047 463,687 0.03%
Eni SpA 526,728 8,378,136 0.50% Boskalis Westminster 17,100 426,645 0.03%
Enel SpA 1,638,713 7,795,358 0.46% ALTICE EUROPE NV Class A 109,920 383,621 0.02%
Intesa Sanpaolo SpA 2,842,569 7,068,048 0.42% GrandVision NV 10,157 195,522 0.01%
UniCredit SpA 470,188 6,721,808 0.40% ALTICE EUROPE NV Class B 29,923 104,132 0.01%
Assicurazioni Generali SpA 271,894 3,907,117 0.23%
94,568,473 5.63%
Fiat Chrysler Automobiles NV 231,321 3,778,397 0.23%
Norway 1.10% (30 June 2017: 0.92%)
Ferrari NV 26,351 3,069,892 0.18%
Atlantia SpA 112,348 2,844,651 0.17% Equinor A.S.A 207,510 4,718,912 0.28%
CNH Industrial NV 207,972 1,891,713 0.11% DNB A.S.A 225,946 3,782,387 0.22%
Luxottica Group SpA 32,936 1,820,043 0.11% Telenor A.S.A 142,991 2,511,659 0.15%
Snam SpA 476,007 1,702,201 0.10% Marine Harvest A.S.A 85,917 1,464,453 0.09%
Tenaris SA 97,830 1,537,398 0.09% Norsk Hydro A.S.A 278,716 1,429,020 0.08%
Telecom Italia SpA 2,350,126 1,497,970 0.09% Yara International A.S.A 36,349 1,291,085 0.08%
Terna Rete Elettrica Nazionale SpA 296,446 1,373,138 0.08% Orkla A.S.A 161,562 1,212,224 0.07%
Moncler SpA 33,478 1,305,642 0.08% Aker BP A.S.A 22,929 724,784 0.04%
EXOR NV 22,339 1,288,960 0.08% Gjensidige Forsikring A.S.A 34,974 491,018 0.03%
Prysmian SpA 46,598 993,935 0.06% Schibsted A.S.A Class B 19,773 477,910 0.03%
Mediobanca Banca di Credito Schibsted A.S.A Class A 16,660 433,482 0.03%
Finanziario SpA 121,094 964,150 0.06% 18,536,934 1.10%
Davide Campari-Milano SpA 116,789 822,779 0.05% Portugal 0.26% (30 June 2017: 0.24%)
Banco BPM SpA 314,121 789,072 0.05%
Galp Energia SGPS SA 107,227 1,751,553 0.10%
FinecoBank Banca Fineco SpA 81,077 784,177 0.05%
EDP-Energias de Portugal SA 476,893 1,621,436 0.10%
Jeronimo Martins SGPS SA 50,833 628,804 0.04%
Recordati SpA 20,726 705,928 0.04%
EDP Renovaveis SA 32,098 286,635 0.02%
Leonardo SpA 80,705 683,249 0.04%
Banco Espirito Santo SA 42,458 50 0.00%
Telecom Italia SpA (Non CVA) 1,172,988 656,404 0.04% 4,288,478 0.26%
Pirelli & C SpA 80,029 572,367 0.03% Spain 4.78% (30 June 2017: 5.40%)
Intesa Sanpaolo SpA RSP 200,517 520,943 0.03% Banco Santander SA 3,360,315 15,430,567 0.92%
A2A SpA 335,360 498,010 0.03% Banco Bilbao Vizcaya Argentaria SA 1,398,807 8,496,354 0.51%
Italgas SpA 100,531 474,707 0.03% Iberdrola SA 1,257,091 8,326,971 0.50%
Saipem SpA 116,980 461,369 0.03% Telefonica SA 960,224 6,989,471 0.42%
Buzzi Unicem SpA 16,661 349,714 0.02% Industria de Diseno Textil SA 220,588 6,454,405 0.38%
Banca Mediolanum SpA 52,828 306,667 0.02% Amadeus IT Group SA 86,842 5,870,519 0.35%
UnipolSai Assicurazioni SpA 153,703 290,883 0.02% Repsol SA 249,220 4,178,173 0.25%
Mediaset SpA 72,458 198,535 0.01% CaixaBank SA 758,446 2,810,801 0.17%
Salvatore Ferragamo SpA 9,131 190,838 0.01% Aena SME SA 13,430 2,088,365 0.12%
Parmalat SpA 40,641 117,452 0.01% ACS Actividades de Construccion
Buzzi Unicem SpA RSP 5,894 67,192 0.00% y Servicios SA 51,982 1,803,775 0.11%
Intesa Sanpaolo SpA - Rights Issue Grifols SA 69,858 1,800,939 0.11%
17/7/2018 3,064,962 31 0.00% Ferrovial SA 98,752 1,735,566 0.10%
67,818,080 4.04% Banco de Sabadell SA 1,169,550 1,678,889 0.10%
Netherlands 5.63% (30 June 2017: 4.91%) Red Electrica Corp. SA 89,969 1,569,059 0.09%
Gas Natural SDG SA 64,442 1,461,545 0.09%
Unilever NV 318,040 15,197,541 0.91%
Endesa SA 66,329 1,253,287 0.08%
ASML Holding NV 85,483 14,506,465 0.86%
Bankinter SA 145,234 1,211,542 0.07%
ING Groep NV 821,229 10,124,111 0.60%
Enagas SA 47,668 1,193,607 0.07%
Unibail-Rodamco-Westfield 28,355 5,346,335 0.32%
Class B 53,779 992,760 0.06%
Bankia SA 255,483 819,334 0.05%
Heineken NV 49,659 4,271,667 0.26%
Akzo Nobel NV 53,599 3,929,879 0.23%
Mapfre SA 208,158 538,088 0.03%
RELX NV 185,330 3,385,053 0.20%
Siemens Gamesa Renewable
ArcelorMittal 127,435 3,199,893 0.19% Energy SA 46,566 535,742 0.03%
Koninklijke DSM NV 36,727 3,162,929 0.19% Acerinox SA 35,412 401,572 0.02%
Wolters Kluwer NV 58,719 2,833,779 0.17% Grupo Catalana Occidente SA 9,403 358,724 0.02%
NN Group NV 68,942 2,401,939 0.14% Acciona SA 4,625 328,005 0.02%
ABN AMRO Group NV GDR 87,739 1,949,561 0.12% Zardoya Otis SA 37,943 310,374 0.02%
93

Mediaset Espana Comunicacion SA 37,679 272,118 0.02% Lonza Group AG 15,651 3,557,294 0.21%
Distribuidora Internacional de Sika AG 26,750 3,170,353 0.19%
Alimentacion SA 98,131 244,837 0.01% Geberit AG 7,637 2,805,611 0.17%
Corp. Financiera Alba SA 4,175 207,915 0.01% Swatch Group AG 6,108 2,482,043 0.15%
Repsol SA - Rights Issue 31/12/2049 251,048 122,034 0.01% SGS SA 1,075 2,449,844 0.15%
ACS Actividades de Construccion y Julius Baer Group Ltd. 45,832 2,304,016 0.14%
Servicios SA - Rights Issue 9/7/2018 52,360 46,182 0.00% Partners Group Holding AG 3,460 2,171,232 0.13%
80,243,067 4.78% Swiss Life Holding AG 7,130 2,121,806 0.13%
Sweden 4.09% (30 June 2017: 4.64%) Swisscom AG 5,309 2,029,596 0.12%
Adecco Group AG 33,514 1,698,655 0.10%
Nordea Bank AB 666,670 5,507,020 0.33%
Sonova Holding AG 10,584 1,623,681 0.10%
Volvo AB Class B 314,384 4,310,216 0.26%
Schindler Holding AG 8,651 1,593,913 0.10%
Class B 625,099 4,145,023 0.25% Temenos AG 12,240 1,583,689 0.09%
Swedbank AB Class A 209,906 3,854,509 0.23% Straumann Holding AG 2,115 1,377,382 0.08%
Assa Abloy AB Class B 192,875 3,525,149 0.21% Kuehne + Nagel International AG 10,472 1,347,707 0.08%
Sandvik AB 226,721 3,451,314 0.21% Chocoladefabriken Lindt &
Spruengli AG 242 1,342,219 0.08%
Atlas Copco AB Class A 135,193 3,375,650 0.20%
Vifor Pharma AG 9,402 1,286,641 0.08%
Investor AB Class B 95,760 3,345,443 0.20%
Chocoladefabriken Lindt &
Svenska Handelsbanken AB Class A 305,896 2,915,777 0.17%
Spruengli AG REG 19 1,235,726 0.07%
Essity AB Class B 126,734 2,683,947 0.16%
Baloise Holding AG 9,704 1,207,853 0.07%
Hexagon AB Class B 52,238 2,498,145 0.15%
Logitech International SA 30,641 1,154,206 0.07%
Swiss Prime Site AG 14,645 1,151,445 0.07%
Class A 305,796 2,493,234 0.15%
Roche Holding AG BR 5,641 1,089,937 0.07%
Hennes & Mauritz AB Class B 184,454 2,357,572 0.14%
ams AG 16,234 1,033,145 0.06%
Telia Co. AB 568,661 2,230,021 0.13%
Georg Fischer AG 846 927,498 0.06%
Atlas Copco AB Class B 77,929 1,750,714 0.10%
Clariant AG 42,647 876,249 0.05%
Boliden AB 57,315 1,594,629 0.09%
EMS-Chemie Holding AG 1,475 809,818 0.05%
Swedish Match AB 36,897 1,567,386 0.09%
Swatch Group AG REG 10,070 745,705 0.04%
Kinnevik AB Class B 49,406 1,451,684 0.09%
Dufry AG 6,725 733,224 0.04%
Alfa Laval AB 67,123 1,366,250 0.08%
Flughafen Zurich AG 4,013 700,611 0.04%
SKF AB Class B 79,696 1,271,943 0.08%
Helvetia Holding AG 1,424 695,836 0.04%
Epiroc AB Class A 135,193 1,216,554 0.07%
Skanska AB Class B 74,766 1,165,344 0.07%
Svenska Cellulosa AB SCA Class B 124,664 1,161,552 0.07%
Barry Callebaut AG 419 643,326 0.04%
Lundin Petroleum AB 36,177 989,552 0.06%
Electrolux AB 50,050 977,529 0.06%
OC Oerlikon Corp. AG 40,058 524,861 0.03%
Securitas AB Class B 66,541 939,355 0.06%
Trelleborg AB Class B 50,455 924,091 0.05%
DKSH Holding AG 5,425 326,861 0.02%
Industrivarden AB Class A 43,688 758,325 0.05%
Sulzer AG 2,595 269,949 0.02%
Tele2 AB Class B 71,507 720,896 0.04%
Aryzta AG 17,470 224,456 0.01%
Husqvarna AB Class B 84,289 686,100 0.04%
Epiroc AB Class B 77,929 611,799 0.04% 204,140,055 12.15%
Industrivarden AB Class C 34,870 579,892 0.03% United Kingdom 28.70% (30 June 2017: 27.93%)
Saab AB Class B 15,481 551,363 0.03% HSBC Holdings plc 4,229,389 33,989,487 2.02%
Fastighets AB Balder Class B 20,980 469,619 0.03% Royal Dutch Shell plc (XLON)
L E Lundbergforetagen AB Class B 16,403 432,183 0.03% Class A 971,247 28,873,600 1.72%
ICA Gruppen AB 16,412 431,634 0.03% BP plc 4,109,465 26,873,185 1.60%
Investment AB Latour Class B 24,924 231,226 0.01% Royal Dutch Shell plc Class B 786,093 24,120,395 1.44%
Svenska Handelsbanken AB Class B 8,325 81,936 0.00% British American Tobacco plc 480,233 20,798,472 1.24%
Telefonaktiebolaget LM Ericsson GlaxoSmithKline plc 1,025,117 17,733,267 1.06%
Class A 5,944 38,982 0.00% AstraZeneca plc 267,053 15,863,007 0.94%
Skandinaviska Enskilda Banken AB Diageo plc 508,856 15,662,594 0.93%
Class C 4,051 32,463 0.00% Vodafone Group plc 5,631,424 11,705,545 0.70%
68,696,021 4.09% Rio Tinto plc 242,527 11,521,086 0.69%
Switzerland 12.15% (30 June 2017: 13.56%) Unilever plc 241,561 11,450,613 0.68%
Nestle SA 643,916 42,712,271 2.54% Lloyds Banking Group plc 15,085,110 10,755,095 0.64%
Novartis AG 458,097 29,746,383 1.77% Prudential plc 546,058 10,710,105 0.64%
Roche Holding AG 146,101 27,794,403 1.65% Glencore plc 2,462,438 10,079,861 0.60%
UBS Group AG 736,005 9,729,227 0.58% Reckitt Benckiser Group plc 131,498 9,277,155 0.55%
Zurich Insurance Group AG 31,793 8,065,358 0.48% Shire plc 188,941 9,112,256 0.54%
Cie Financiere Richemont SA 107,253 7,782,261 0.46% BHP Billiton plc 437,881 8,447,259 0.50%
ABB Ltd. 375,973 7,040,663 0.42% Barclays plc 3,587,866 7,667,940 0.46%
Credit Suisse Group AG 535,147 6,900,990 0.41% National Grid plc 706,714 6,700,013 0.40%
Swiss Re AG 65,969 4,876,608 0.29% Imperial Brands plc 200,138 6,386,563 0.38%
LafargeHolcim Ltd. 99,905 4,169,176 0.25% Compass Group plc 332,055 6,077,198 0.36%
Givaudan SA 1,933 3,754,891 0.22% Tesco plc 2,021,166 5,866,898 0.35%
CRH plc 177,263 5,361,947 0.32%
94

BAE Systems plc 673,807 4,928,176 0.29% Hiscox Ltd. 57,736 995,628 0.06%
Aviva plc 840,359 4,789,344 0.28% John Wood Group plc 136,843 971,459 0.06%
Standard Chartered plc 571,414 4,475,216 0.27% G4S plc 320,550 970,342 0.06%
BT Group plc Class A 1,757,435 4,328,304 0.26% Auto Trader Group plc 198,066 953,890 0.06%
Experian plc 192,551 4,081,426 0.24% Meggitt plc 164,385 916,968 0.05%
RELX plc 220,412 4,043,902 0.24% Admiral Group plc 42,123 908,583 0.05%
Anglo American plc 209,101 4,007,331 0.24% easyJet plc 46,890 887,068 0.05%
Rolls-Royce Holdings plc 349,611 3,906,705 0.23% Bellway plc 25,594 869,398 0.05%
Legal & General Group plc 1,257,325 3,781,898 0.22% Travis Perkins plc 52,962 851,917 0.05%
Sky plc 217,956 3,602,038 0.21% Schroders plc 23,321 832,799 0.05%
WPP plc 256,705 3,463,023 0.21% Investec plc 136,301 829,205 0.05%
Ferguson plc 49,538 3,445,040 0.20% B&M European Value Retail SA 175,333 801,186 0.05%
London Stock Exchange Group plc 65,597 3,316,418 0.20% Antofagasta plc 71,194 797,002 0.05%
SSE plc 214,791 3,291,062 0.20% Pennon Group plc 87,085 782,282 0.05%
Smith & Nephew plc 183,197 2,896,051 0.17% Inchcape plc 86,884 766,820 0.05%
Royal Bank of Scotland Group plc 948,383 2,746,465 0.16% Howden Joinery Group plc 125,151 758,825 0.04%
Ashtead Group plc 103,414 2,658,027 0.16% ConvaTec Group plc 306,269 735,594 0.04%
Informa plc 262,710 2,480,526 0.15% IMI plc 56,844 727,632 0.04%
Associated British Foods plc 73,534 2,276,682 0.14% Cobham plc 494,626 719,561 0.04%
Melrose Industries plc 924,522 2,223,645 0.13% NMC Health plc 17,638 714,423 0.04%
Intertek Group plc 33,977 2,196,129 0.13% RPC Group plc 83,861 709,510 0.04%
InterContinental Hotels Group plc 40,415 2,157,075 0.13% Tate & Lyle plc 96,402 705,077 0.04%
Burberry Group plc 86,956 2,123,900 0.13% CYBG plc 180,844 649,479 0.04%
Standard Life Aberdeen plc 572,285 2,107,710 0.13% Merlin Entertainments plc 146,267 639,589 0.04%
Centrica plc 1,181,017 2,105,381 0.12% Evraz plc 107,469 617,831 0.04%
3i Group plc 198,812 2,024,674 0.12% Capita plc 339,482 613,251 0.04%
Next plc 28,627 1,958,447 0.12% William Hill plc 178,080 610,958 0.04%
Persimmon plc 65,200 1,867,512 0.11% Quilter plc 372,340 610,167 0.04%
Bunzl plc 70,435 1,827,898 0.11% Inmarsat plc 94,615 588,442 0.03%
Carnival plc 36,749 1,806,408 0.11% Babcock International Group plc 53,916 498,592 0.03%
Mondi plc 76,581 1,776,100 0.11% Fresnillo plc 38,474 497,490 0.03%
Smurfit Kappa Group plc 50,619 1,755,473 0.10% Capital & Counties Properties plc 151,313 491,578 0.03%
Whitbread plc 38,909 1,741,872 0.10% Mediclinic International plc 81,912 487,763 0.03%
TUI AG 91,339 1,717,112 0.10% Hikma Pharmaceuticals plc 28,622 485,804 0.03%
Pearson plc 165,389 1,655,124 0.10% KAZ Minerals plc 48,213 459,592 0.03%
International Consolidated Airlines Dixons Carphone plc 204,649 431,819 0.03%
Group SA 218,068 1,637,347 0.10% Polymetal International plc 46,869 355,092 0.02%
Sage Group plc 229,656 1,632,423 0.10% Ashmore Group plc 78,272 330,138 0.02%
RSA Insurance Group plc 211,569 1,625,392 0.10% Rolls-Royce Holdings plc -
Johnson Matthey plc 39,619 1,621,335 0.10% Entitlement offer 24,765,297 28,004 0.00%
Smiths Group plc 84,423 1,620,985 0.10% Royal Dutch Shell plc Class A 202 6,014 0.00%
Rentokil Initial plc 387,144 1,535,723 0.09% 482,106,752 28.70%
ITV plc 777,004 1,528,809 0.09%
Total Equities 1,655,408,725 98.55%
Kingfisher plc 448,725 1,507,014 0.09%
DCC plc 19,008 1,482,011 0.09%
Croda International plc 26,221 1,423,810 0.08% France 0.25% (30 June 2017: 0.52%)
St James’s Place plc 109,235 1,417,409 0.08% Gecina SA REIT 10,747 1,540,045 0.09%
Taylor Wimpey plc 677,175 1,369,910 0.08% Klepierre SA REIT 42,593 1,373,624 0.08%
Micro Focus International plc 90,742 1,358,041 0.08% Covivio REIT 7,628 679,655 0.04%
Randgold Resources Ltd. ADR 19,480 1,282,013 0.08% ICADE REIT 6,744 541,543 0.04%
WM Morrison Supermarkets plc 449,610 1,281,201 0.08% 4,134,867 0.25%
Hargreaves Lansdown plc 55,852 1,245,134 0.07%
Spain 0.05% (30 June 2017: 0.05%)
DS Smith plc 208,779 1,230,472 0.07%
Merlin Properties Socimi SA REIT 68,578 854,139 0.05%
United Utilities Group plc 141,791 1,223,679 0.07%
J Sainsbury plc 336,082 1,220,679 0.07% 854,139 0.05%
Barratt Developments plc 208,167 1,213,213 0.07% United Kingdom 0.41% (30 June 2017: 0.41%)
Halma plc 77,990 1,208,204 0.07% Land Securities Group plc REIT 150,292 1,626,234 0.10%
Coca-Cola HBC AG 40,755 1,166,417 0.07% Segro plc REIT 213,468 1,615,843 0.10%
Rightmove plc 19,204 1,153,100 0.07% British Land Co., plc REIT 208,708 1,586,421 0.09%
Weir Group plc 50,722 1,147,115 0.07% Hammerson plc REIT 166,146 981,838 0.06%
Marks & Spencer Group plc 340,739 1,137,029 0.07% Derwent London plc REIT 20,576 722,675 0.04%
Direct Line Insurance Group plc 293,089 1,136,443 0.07% Intu Properties plc REIT 183,397 373,704 0.02%
Berkeley Group Holdings plc 26,442 1,131,725 0.07%
6,906,715 0.41%
Spirax-Sarco Engineering plc 15,077 1,111,586 0.07%
Severn Trent plc 49,087 1,098,760 0.06%
Royal Mail plc 190,697 1,089,833 0.06% Financial Assets at Fair Value
Just Eat plc 121,189 1,067,533 0.06% Through Profit or Loss 1,667,304,446 99.26%
95
Unrealised
Number of Notional Gain/(Loss) % of Total % of Total
Contracts Amount EUR (€) Net Assets Analysis of Total Net Assets EUR (€) Net Assets
Financial Derivative Instruments (0.01%) (30 June 2017: (0.01%)) (a) Transferable securities admitted to
Futures (0.01%) (30 June 2017: (0.01%)) an official stock exchange listing 1,667,211,993 99.25%
FTSE 100 Index (b) Transferable securities dealt in on

21 September 2018 54 4,644,509 (2,845) (0.00%) another regulated market — 0.00%
Euro Stoxx 50 (c) Transferable securities other than
21 September 2018 213 7,339,684 (116,853) (0.01%) those admitted to an official stock
exchange listing or dealt in on another
regulated market 92,453 0.01%

Fair Value
EUR (€) (e) Other net assets 12,509,943 0.75%
Other Assets and Liabilities 12,509,943 0.75% Total Net Assets 1,679,694,691 100.00%

Redeemable Participating Shares 1,679,694,691 100.00%

96

Cost Proceeds
Purchases Sales
Nestle SA 230,888 16,238,140 Novartis AG 46,848 3,233,904
HSBC Holdings plc 1,494,119 12,335,500 Christian Dior SE 7,770 1,984,059
British American Tobacco plc 219,951 12,182,084 Nestle SA 29,611 1,948,826
Novartis AG 168,792 11,836,725 Daimler AG 28,829 1,816,339
Total SA 224,007 10,768,068 Old Mutual Ltd. 1,022,947 1,815,186
Roche Holding AG 51,580 10,596,670 Worldpay, Inc. Class A 24,627 1,586,434
Royal Dutch Shell plc (XLON) Class A 355,977 9,423,317 Roche Holding AG 5,825 1,140,442
BP plc 1,483,401 8,310,298 Novo Nordisk A/S Class B 28,367 1,123,963
SAP SE 79,778 7,520,642 HSBC Holdings plc 129,795 1,061,645
Royal Dutch Shell plc Class B 273,374 7,279,301 Allianz SE 5,676 1,058,310
Bayer AG 67,976 7,096,083 ABB Ltd. 47,680 948,138
ASML Holding NV 42,867 6,861,553 Unilever NV 19,232 908,909
Banco Santander SA 1,177,646 6,521,947 Diageo plc 29,071 849,074
Siemens AG 57,204 6,475,258 Rio Tinto plc 18,728 835,370
Allianz SE 33,197 6,364,897 Altice USA, Inc. Class A 50,435 764,213
Sanofi 82,132 6,080,184 BP plc 125,014 761,559
BASF SE 68,144 6,055,321 Unilever plc 16,054 757,425
GlaxoSmithKline plc 364,034 5,688,198 Abertis Infraestructuras SA 41,048 753,349
Novo Nordisk A/S Class B 130,803 5,467,156 Royal Dutch Shell plc (XLON) Class A 25,285 728,411
Unilever NV 114,196 5,432,802 Vivendi SA 33,249 723,861
97
EUR (€) EUR (€)

2018 2017
Current Assets
Cash 5,918,541 603,896
Unrealised Appreciation on Spot Currency Contracts 5,037 —
Receivables:
Investments Sold or Matured 12,253,976 176
Current Liabilities
Unrealised Depreciation on Spot Currency Contracts — 235
EUR (€) EUR (€)

30 June 2018 30 June 2017
Dividend Income 55,451,908 28,612,288
Miscellaneous Income 5,300 119
Net Gain/(Loss) on Financial Instruments (4,783,037) 78,791,970
Expenses
Management Fees 1,747,960 868,002
Total Expenses 3,001,738 1,968,218
Finance Costs
Net Investment Income/(Loss) After Finance Costs (404,730) 79,947,314
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (4,616,052) 77,809,455
98

EUR (€) EUR (€)

30 June 2018 30 June 2017
Redeemable Participating Shares From Operations (4,616,052) 77,809,455
Subscriptions 602,123,567 538,321,683
Redemptions (30,861,520) (5,409,760)
End of Year 1,679,694,691 1,113,048,696
99
Vanguard FTSE Developed Europe ex UK UCITS ETF

As at 30 June 2018

FTSE
Vanguard FTSE Developed Europe ex UK UCITS ETF seeks to track Developed
the performance of the FTSE Developed Europe ex UK Index, a widely Europe ex UK
recognised market capitalisation-weighted index of stock market Fund Index
performance of European developed countries, excluding the United France 23.3% 23.3%
Kingdom, that is composed of the stocks of large- and mid-cap
companies in that region. Germany 21.2 21.2
Switzerland 17.3 17.3
Netherlands 8.0 8.0
FTSE Spain 6.9 6.9
Developed Italy 5.8 5.8
Europe ex UK Sweden 5.8 5.8
Fund Index
Denmark 3.6 3.6
Number of Stocks 445 427
Belgium 2.5 2.5
Median Market Cap
Finland 2.5 2.5
Euro €36.9B €37.3B
Norway 1.6 1.6
British Pounds £32.7B £33.B
Other 1.5 1.5
Swiss Francs CHF42.8B CHF42.8B
US Dollars $43.1B $43.6B
Price/Earnings Ratio 15.6x 15.7x Ten Largest Holdings1 (% of total net assets)
Yield 3.2% 3.2% Nestle SA Food Products 3.6%
Return on Equity 12.6% 12.6% Novartis AG Pharmaceuticals 2.5
Earnings Growth Rate 8.2% 8.1% Roche Holding AG Pharmaceuticals 2.4
Turnover Rate 5% — TOTAL SA Integrated Oil & Gas 2.3
Ongoing Charges Figure 0.12% — SAP SE Software 1.7

Bayer AG Specialty Chemicals 1.6
Siemens AG Diversified Industrials 1.5
Sector Diversification (% of portfolio) Allianz SE Financial Services 1.4
FTSE
Developed BASF SE Large Pharma 1.3
Europe ex UK Sanofi Pharmaceuticals 1.3
Fund Index Top Ten 19.6%
Investment Focus
Health Care 13.7 13.7 Style Value Blend Growth
Industrials 15.5 15.5 Market Cap Large
Oil & Gas 4.9 4.9
Technology 6.6 6.6 Medium
Utilities 4.2 4.2 Small
100

• For the 12 months ended 30 June 2018, Vanguard FTSE Developed Europe ex UK UCITS ETF returned 1.71%. Its benchmark returned 1.34%.1
• Seven of the ETF’s ten sectors generated positive returns for the 12-month period. Oil and gas, industrials and consumer goods produced the best results.

Benchmark: FTSE Developed Europe ex UK Index
Euro-Denominated

€140,000
126,908
90,000
2015 2016 2017 2018

ETF Net Asset Value 1.71% 6.56% €126,908
Benchmark 1.34 6.07 124,718
2015 2016 2017 2018
21.54 21.02
13.88 13.37
1.71 1.34
–9.85 –10.31
ETF Net Asset Value

Benchmark
101
30 June 2018

Equities 99.27% (30 June 2017: 99.08%) Huhtamaki OYJ 16,314 516,991 0.05%
Austria 0.54% (30 June 2017: 0.53%) Orion OYJ Class B 17,548 405,183 0.04%
Erste Group Bank AG 51,197 1,830,293 0.18% 24,576,474 2.47%

OMV AG 25,356 1,231,541 0.12% France 22.63% (30 June 2017: 21.49%)
Voestalpine AG 19,964 787,580 0.08% Total SA 445,879 23,279,343 2.34%
Raiffeisen Bank International AG 23,331 613,372 0.06% Sanofi 192,679 13,227,413 1.33%
ANDRITZ AG 12,430 565,068 0.06% LVMH Moet Hennessy Louis Vuitton
Telekom Austria AG Class A 24,140 172,359 0.02% SE 44,105 12,578,746 1.26%
Vienna Insurance Group AG Wiener BNP Paribas SA 192,423 10,234,979 1.03%
Versicherung Gruppe 6,979 163,029 0.02% Airbus SE 97,369 9,762,216 0.98%
5,363,242 0.54% AXA SA 340,767 7,161,219 0.72%
Belgium 2.48% (30 June 2017: 2.58%) Vinci SA 82,530 6,797,171 0.68%
Danone SA 103,826 6,527,541 0.65%
Anheuser-Busch InBev SA 134,896 11,668,504 1.17%
KBC Group NV 49,281 3,258,460 0.33%
Kering SA 13,173 6,370,463 0.64%
Umicore SA 36,510 1,794,467 0.18%
Safran SA 56,830 5,913,161 0.59%
Ageas 33,710 1,456,609 0.15%
Pernod Ricard SA 37,528 5,250,167 0.53%
UCB SA 21,425 1,442,759 0.14%
Orange SA 342,308 4,910,408 0.49%
Solvay SA 12,338 1,334,355 0.13%
L’Oreal SA 22,888 4,840,812 0.49%
Groupe Bruxelles Lambert SA 12,813 1,157,270 0.12%
Ackermans & van Haaren NV 3,892 574,070 0.06%
Colruyt SA 11,405 557,362 0.06%
d’Optique SA 36,337 4,393,143 0.44%
Proximus SADP 25,067 484,044 0.05%
Air Liquide SA (XPAR) 39,886 4,295,722 0.43%
Sofina SA 2,765 409,220 0.04%
Vivendi SA 170,471 3,579,891 0.36%
Telenet Group Holding NV 8,558 342,320 0.03%
Cie de Saint-Gobain 87,685 3,355,705 0.34%
bpost SA 17,333 234,515 0.02%
24,713,955 2.48% Michelin SCA 31,283 3,262,817 0.33%
Denmark 3.55% (30 June 2017: 3.87%) Capgemini SE 27,514 3,169,613 0.32%
Novo Nordisk A/S Class B 301,792 11,989,502 1.20% Legrand SA 47,196 2,968,628 0.30%
Danske Bank A/S 115,506 3,096,657 0.31% Hermes International 5,468 2,864,138 0.29%
DSV A/S 32,056 2,218,319 0.22% Dassault Systemes SE 23,039 2,764,680 0.28%
Coloplast A/S Class B 23,513 2,012,771 0.20% Air Liquide SA 23,770 2,560,029 0.26%
Carlsberg A/S Class B 18,664 1,882,752 0.19% Renault SA 32,565 2,371,709 0.24%
Vestas Wind Systems A/S 34,189 1,812,530 0.18% Credit Agricole SA 204,015 2,332,912 0.23%
Novozymes A/S Class B 36,559 1,588,323 0.16% TechnipFMC plc 81,567 2,230,857 0.22%
Orsted A/S 26,495 1,372,628 0.14% Publicis Groupe SA 36,671 2,161,389 0.22%
Chr Hansen Holding A/S 17,174 1,358,574 0.14% STMicroelectronics NV 111,166 2,124,382 0.21%
Genmab A/S 9,784 1,293,202 0.13% Engie SA 154,588 2,029,740 0.20%
AP Moller-Maersk A/S Class B 1,169 1,247,022 0.12% Valeo SA 42,520 1,990,786 0.20%
Pandora A/S 18,434 1,102,964 0.11% Thales SA 17,672 1,950,105 0.20%
ISS A/S 33,032 972,244 0.10% Atos SE 16,139 1,887,456 0.19%
AP Moller-Maersk A/S Class A 766 778,777 0.08% Peugeot SA 95,742 1,872,714 0.19%
William Demant Holding A/S 19,253 663,583 0.07% Engie SA (Prime De Fidelite) 136,578 1,793,269 0.18%
H Lundbeck A/S 10,770 648,161 0.06% Veolia Environnement SA 88,502 1,622,242 0.16%
Jyske Bank A/S 12,268 576,293 0.06% Teleperformance 10,245 1,550,068 0.16%
Tryg A/S 21,775 437,796 0.04% Accor SA 35,766 1,502,887 0.15%
Rockwool International A/S Class B 1,135 379,617 0.04% Ubisoft Entertainment SA 14,441 1,357,165 0.14%
Carrefour SA 97,660 1,354,544 0.14%
35,431,715 3.55%
Bouygues SA 36,547 1,348,950 0.13%
Finland 2.47% (30 June 2017: 2.37%)
Arkema SA 12,705 1,288,287 0.13%
Nokia OYJ 992,471 4,892,882 0.49% Eiffage SA 13,066 1,217,490 0.12%
Sampo OYJ Class A 86,317 3,608,051 0.36% Edenred 41,423 1,120,906 0.11%
Kone OYJ Class B 68,916 3,008,872 0.30% Alstom SA 27,514 1,082,951 0.11%
UPM-Kymmene OYJ 95,363 2,920,015 0.29% Bureau Veritas SA 45,681 1,044,268 0.10%
Neste OYJ 24,621 1,654,531 0.17% Aeroports de Paris 5,039 976,054 0.10%
Stora Enso OYJ Class R 98,479 1,650,508 0.17% SES SA Class A 61,805 969,720 0.10%
Fortum OYJ 77,031 1,574,514 0.16% Getlink SE 80,307 943,206 0.09%
Wartsila OYJ Abp 80,989 1,363,045 0.14% Eurofins Scientific SE 1,968 937,555 0.09%
Elisa OYJ 25,172 998,573 0.10% Sodexo SA 10,809 925,467 0.09%
Nokian Renkaat OYJ 24,106 815,747 0.08% Natixis SA 149,288 907,372 0.09%
Kesko OYJ Class B 11,844 620,626 0.06% Orpea 7,896 902,513 0.09%
Metso OYJ 19,057 546,936 0.06% SCOR SE 27,425 872,664 0.09%
102

Ingenico Group SA 10,998 846,846 0.08% Fresenius Medical Care AG & Co.
Ipsen SA 6,145 825,581 0.08% KGaA 37,941 3,277,344 0.33%
Faurecia SA 12,933 790,465 0.08% Deutsche Bank AG 337,336 3,110,913 0.31%
Rubis SCA 14,578 779,923 0.08% L’Oreal SA (Prime De Fidelite) 2020 13,721 2,901,992 0.29%
L’Oreal SA (Prime De Fidelite) 3,479 735,809 0.07% Wirecard AG 20,313 2,802,178 0.28%
Suez 66,240 735,595 0.07% Deutsche Wohnen SE 62,965 2,606,751 0.26%
Bollore SA 177,096 705,550 0.07% Covestro AG 33,109 2,530,190 0.25%
Dassault Aviation SA 416 678,912 0.07% Merck KGaA 22,928 1,917,239 0.19%
Rexel SA 53,672 660,971 0.07% HeidelbergCement AG 26,442 1,905,939 0.19%
Elis SA 33,368 655,348 0.07% RWE AG 92,819 1,812,291 0.18%
Air Liquide SA (Prime De Fidelite) 5,518 594,289 0.06% Beiersdorf AG 17,919 1,742,444 0.18%
Amundi SA 9,899 587,407 0.06% thyssenkrupp AG 82,802 1,723,938 0.17%
Air Liquide SA International 5,448 586,750 0.06% Henkel AG & Co. KGaA 17,934 1,708,213 0.17%
Iliad SA 4,300 582,005 0.06% Symrise AG 21,523 1,616,377 0.16%
L’Oreal UK Limited 2,742 579,933 0.06% Commerzbank AG 184,061 1,511,325 0.15%
Wendel SA 4,849 572,182 0.06% MTU Aero Engines AG 9,171 1,509,547 0.15%
BioMerieux 7,372 568,381 0.06% Porsche Automobil Holding SE -
CNP Assurances 28,706 559,480 0.06% Preference Shares 27,491 1,499,909 0.15%
Electricite de France SA (XPAR) 47,209 556,122 0.06% Brenntag AG 27,519 1,313,207 0.13%
Eutelsat Communications SA 29,944 531,955 0.05% QIAGEN NV 39,178 1,222,354 0.12%
Eurazeo SA 8,061 523,562 0.05% Zalando SE 23,871 1,142,705 0.11%
Remy Cointreau SA 4,464 495,504 0.05% Hannover Rueck SE 10,598 1,131,866 0.11%
Lagardere SCA 20,805 470,401 0.05% LANXESS AG 16,496 1,101,933 0.11%
Imerys SA 6,367 440,915 0.04% LEG Immobilien AG 11,219 1,044,265 0.11%
Electricite de France SA 35,663 420,110 0.04% United Internet AG 20,994 1,029,966 0.10%
SEB SA (XPAR) 2,636 394,346 0.04% HUGO BOSS AG 11,495 893,851 0.09%
Sartorius Stedim Biotech 4,272 382,344 0.04% Uniper SE 34,930 892,112 0.09%
Societe BIC SA 4,701 373,259 0.04% ProSiebenSat.1 Media SE 40,396 877,805 0.09%
JCDecaux SA 12,595 360,973 0.04% Deutsche Lufthansa AG 42,212 869,567 0.09%
Cie Plastic Omnium SA 9,764 353,554 0.04% Delivery Hero AG 19,067 869,074 0.09%
Worldline SA 7,264 352,449 0.03% GEA Group AG 29,477 851,591 0.09%
Casino Guichard Perrachon SA 10,412 346,199 0.03% Innogy SE 22,842 838,073 0.08%
Sodexo SA (Prime De Fidelite) 2022 3,323 284,515 0.03% Siemens Healthineers AG 23,498 830,772 0.08%
Air France-KLM 36,519 255,049 0.03% Sartorius AG - Preference Shares 6,187 792,555 0.08%
SEB SA Prime 1,575 235,620 0.02% Evonik Industries AG 26,889 788,654 0.08%
Elior Group SA 18,407 227,511 0.02% Volkswagen AG 5,547 784,900 0.08%
ALD SA 13,685 200,075 0.02% KION Group AG 12,481 769,329 0.08%
Sodexo SA (Prime De Fidelite) 2020 1,184 101,374 0.01% K+S AG 34,490 729,463 0.07%
SEB SA (Prime De Fidelite) 385 57,596 0.01% Puma SE 1,441 721,941 0.07%
Electricite de France SA (Prime Rheinmetall AG 7,509 710,051 0.07%
De Fidelite) 4,086 48,133 0.00% Bayerische Motoren Werke AG -
Sodexo SA (Prime De Fidelite) 2021 550 47,091 0.00% Preference Shares 9,830 671,389 0.07%
SEB SA 304 45,478 0.00% MAN SE 6,357 616,311 0.06%
OSRAM Licht AG 16,869 590,415 0.06%
225,504,386 22.63%
Germany 21.42% (30 June 2017: 20.84%) Worldwide 6,223 514,144 0.05%
SAP SE 171,792 16,998,818 1.71% Fuchs Petrolub SE - Preference Shares 11,880 501,811 0.05%
Bayer AG 165,391 15,604,641 1.57% Hochtief AG 3,241 501,707 0.05%
Siemens AG 136,076 15,406,525 1.55% Axel Springer SE 7,858 486,803 0.05%
Allianz SE 77,825 13,776,581 1.38% RTL Group SA 6,911 401,529 0.04%
BASF SE 162,673 13,324,545 1.34% 1&1 Drillisch AG 8,117 395,785 0.04%
Daimler AG 152,837 8,425,904 0.85% Telefonica Deutschland Holding AG 116,940 394,789 0.04%
Deutsche Telekom AG 574,108 7,618,413 0.76% Hella GmbH & Co. KGaA 7,934 380,832 0.04%
Linde AG 32,993 6,743,769 0.68% Carl Zeiss Meditec AG 6,227 363,968 0.04%
Adidas AG 35,520 6,640,464 0.67% Rational AG 619 346,021 0.03%
Fresenius SE & Co. KGaA 71,893 4,946,238 0.50% STADA Arzneimittel AG 4,021 323,449 0.03%
Deutsche Post AG 172,907 4,836,209 0.49% METRO AG 29,927 316,777 0.03%
Muenchener Rueckversicherungs- Wacker Chemie AG 2,738 307,067 0.03%
Gesellschaft AG in Muenchen 25,751 4,662,219 0.47% Fielmann AG 4,326 256,532 0.03%
Volkswagen AG - Preference Shares 32,543 4,628,265 0.46% Fuchs Petrolub SE 6,266 253,773 0.03%
Bayerische Motoren Werke AG 57,366 4,453,323 0.45% Talanx AG 6,810 213,017 0.02%
Infineon Technologies AG 201,104 4,390,100 0.44% Ceconomy AG 28,882 206,160 0.02%
Deutsche Boerse AG 33,333 3,804,962 0.38% Suedzucker AG 13,234 180,512 0.02%
Continental AG 19,234 3,761,209 0.38% Hapag-Lloyd AG 4,815 146,857 0.01%
Vonovia SE 90,804 3,701,171 0.37% RWE AG - Preference Shares 8,803 141,728 0.01%
E.ON SE 383,491 3,510,477 0.35%
213,531,750 21.42%
Shares 31,086 3,403,917 0.34%
103

Ireland 0.58% (30 June 2017: 0.49%) Aegon NV 313,843 1,611,898 0.16%
Kerry Group plc Class A 25,825 2,313,920 0.23% Heineken Holding NV 18,868 1,549,063 0.16%
Kingspan Group plc 26,698 1,144,810 0.12% Koninklijke KPN NV 579,035 1,349,151 0.14%
Bank of Ireland Group plc 162,736 1,087,890 0.11% Randstad NV 19,728 994,686 0.10%
AIB Group plc 137,961 641,519 0.06% ASR Nederland NV 24,671 862,992 0.09%
Glanbia plc 35,883 570,540 0.06% Gemalto NV 14,741 734,397 0.07%
Aalberts Industries NV 16,973 696,232 0.07%
5,758,679 0.58%
Italy 5.75% (30 June 2017: 5.39%)
Signify NV 19,456 432,896 0.04%
Eni SpA 445,532 7,086,632 0.71% OCI NV 16,623 384,490 0.04%
Enel SpA 1,380,638 6,567,695 0.66% Boskalis Westminster 14,249 355,512 0.04%
Intesa Sanpaolo SpA 2,408,957 5,989,872 0.60% Altice Europe NV Class A 93,603 326,674 0.03%
UniCredit SpA 397,004 5,675,569 0.57% GrandVision NV 8,959 172,461 0.02%
Assicurazioni Generali SpA 230,984 3,319,240 0.33% Altice Europe NV Class B 24,217 84,275 0.01%
Fiat Chrysler Automobiles NV 195,431 3,192,170 0.32%
79,807,504 8.01%
Ferrari NV 22,249 2,592,009 0.26%
Norway 1.58% (30 June 2017: 1.29%)
Atlantia SpA 94,145 2,383,751 0.24%
CNH Industrial NV 175,921 1,600,177 0.16% Equinor A.S.A 173,773 3,951,711 0.40%
Luxottica Group SpA 27,418 1,515,119 0.15% DNB A.S.A 191,205 3,200,815 0.32%
Snam SpA 402,512 1,439,383 0.14% Telenor A.S.A 121,744 2,138,452 0.22%
Tenaris SA 82,927 1,303,198 0.13% Norsk Hydro A.S.A 239,332 1,227,092 0.12%
Telecom Italia SpA 1,990,663 1,268,849 0.13% Marine Harvest A.S.A 71,940 1,226,216 0.12%
Terna Rete Elettrica Nazionale SpA 251,443 1,164,684 0.12% Yara International A.S.A 31,027 1,102,052 0.11%
Moncler SpA 28,099 1,095,861 0.11% Orkla A.S.A 137,813 1,034,032 0.10%
EXOR NV 18,988 1,095,608 0.11% Aker BP A.S.A 19,441 614,528 0.06%
Prysmian SpA 39,408 840,573 0.08% Schibsted A.S.A Class B 18,296 442,211 0.05%
Mediobanca Banca di Credito Gjensidige Forsikring A.S.A 29,269 410,922 0.04%
Finanziario SpA 104,467 831,766 0.08% Schibsted A.S.A Class A 13,546 352,458 0.04%
Davide Campari-Milano SpA 101,301 713,666 0.07% 15,700,489 1.58%
Banco BPM SpA 266,618 669,744 0.07% Portugal 0.36% (30 June 2017: 0.34%)
FinecoBank Banca Fineco SpA 68,981 667,184 0.07%
Galp Energia SGPS SA 91,779 1,499,210 0.15%
EDP-Energias de Portugal SA 403,130 1,370,642 0.14%
Leonardo SpA 69,181 585,686 0.06%
Jeronimo Martins SGPS SA 42,711 528,335 0.05%
Recordati SpA 17,072 581,472 0.06%
EDP Renovaveis SA 26,053 232,653 0.02%
Telecom Italia SpA (Non CVA) 991,919 555,078 0.06% 3,630,840 0.36%
Pirelli & C SpA 67,568 483,246 0.05% Spain 6.79% (30 June 2017: 7.45%)
Intesa Sanpaolo SpA - RSP 163,855 425,695 0.04% Banco Santander SA 2,833,791 13,012,768 1.31%
Italgas SpA 88,812 419,370 0.04% Banco Bilbao Vizcaya Argentaria SA 1,183,037 7,185,767 0.72%
A2A SpA 278,994 414,306 0.04% Iberdrola SA 1,061,016 7,028,170 0.70%
Saipem SpA 97,660 385,171 0.04% Telefonica SA 806,459 5,870,215 0.59%
Banca Mediolanum SpA 44,463 258,108 0.03% Industria de Diseno Textil SA 186,605 5,460,062 0.55%
UnipolSai Assicurazioni SpA 132,999 251,701 0.03% Amadeus IT Group SA 73,398 4,961,705 0.50%
Buzzi Unicem SpA 11,853 248,794 0.02% Repsol SA 208,948 3,503,013 0.35%
Salvatore Ferragamo SpA 7,217 150,835 0.02% CaixaBank SA 637,172 2,361,359 0.24%
Mediaset SpA 53,766 147,319 0.01% Aena SME SA 11,338 1,763,059 0.18%
Buzzi Unicem SpA - RSP 8,375 95,475 0.01% Grifols SA 59,445 1,532,492 0.15%
Parmalat SpA 31,921 92,252 0.01% ACS Actividades de Construccion
Intesa Sanpaolo SpA - Rights Issue y Servicios SA 43,087 1,495,119 0.15%
17/7/2018 2,587,574 26 0.00% Ferrovial SA 84,067 1,477,478 0.15%
57,280,461 5.75% Banco de Sabadell SA 998,607 1,433,500 0.14%
Netherlands 8.01% (30 June 2017: 6.89%) Red Electrica Corp. SA 77,082 1,344,310 0.13%
Gas Natural SDG SA 54,895 1,245,019 0.12%
Unilever NV 268,685 12,839,113 1.29%
Endesa SA 56,599 1,069,438 0.11%
ASML Holding NV 72,177 12,248,437 1.23%
Bankinter SA 122,354 1,020,677 0.10%
ING Groep NV 692,817 8,541,048 0.86%
Enagas SA 40,363 1,010,690 0.10%
Unibail-Rodamco-Westfield 23,956 4,516,904 0.45%
Class B 45,525 840,391 0.08%
Bankia SA 217,563 697,725 0.07%
Heineken NV 42,088 3,620,410 0.36%
Akzo Nobel NV 44,840 3,287,669 0.33%
Siemens Gamesa Renewable
RELX NV 155,210 2,834,911 0.28% Energy SA 39,250 451,571 0.05%
ArcelorMittal 107,449 2,698,044 0.27% Mapfre SA 174,382 450,777 0.05%
Koninklijke DSM NV 31,291 2,694,781 0.27% Acerinox SA 29,431 333,748 0.03%
Wolters Kluwer NV 49,405 2,384,285 0.24% Grupo Catalana Occidente SA 8,246 314,585 0.03%
NN Group NV 58,439 2,036,015 0.20% Acciona SA 3,867 274,248 0.03%
ABN AMRO Group NV GDR 73,629 1,636,036 0.16% Zardoya Otis SA 31,563 258,185 0.03%
104

Mediaset Espana Comunicacion SA 31,568 227,984 0.02% Credit Suisse Group AG 451,949 5,828,110 0.58%
Distribuidora Internacional de Swiss Re AG 55,586 4,109,068 0.41%
Alimentacion SA 81,712 203,871 0.02% LafargeHolcim Ltd. 84,301 3,517,999 0.35%
Corp. Financiera Alba SA 3,461 172,358 0.02% Givaudan SA 1,646 3,197,388 0.32%
Repsol SA - Rights Issue 31/12/2049 210,181 102,169 0.01% Lonza Group AG 13,209 3,002,256 0.30%
ACS Actividades de Construccion y Sika AG 22,551 2,672,696 0.27%
Servicios SA - Rights Issue 9/7/2018 43,342 38,228 0.00% Geberit AG 6,435 2,364,032 0.24%
67,721,332 6.79% Swatch Group AG 5,176 2,103,316 0.21%
Sweden 5.82% (30 June 2017: 6.52%) SGS SA 896 2,041,916 0.20%
Julius Baer Group Ltd. 38,349 1,927,839 0.19%
Nordea Bank AB 566,778 4,681,863 0.47%
Partners Group Holding AG 2,937 1,843,037 0.18%
Volvo AB Class B 264,437 3,625,441 0.36%
Swiss Life Holding AG 6,055 1,801,899 0.18%
Class B 523,988 3,474,557 0.35% Swisscom AG 4,441 1,697,765 0.17%
Swedbank AB Class A 177,030 3,250,806 0.33% Adecco Group AG 28,157 1,427,136 0.14%
Assa Abloy AB Class B 162,519 2,970,337 0.30% Sonova Holding AG 8,995 1,379,914 0.14%
Sandvik AB 191,872 2,920,817 0.29% Temenos Group AG 10,469 1,354,545 0.14%
Investor AB Class B 81,219 2,837,443 0.28% Schindler Holding AG 7,323 1,349,234 0.14%
Atlas Copco AB Class A 111,114 2,774,419 0.28% Chocoladefabriken Lindt &
Spruengli AG-REG 19 1,235,726 0.12%
Svenska Handelsbanken AB Class A 256,953 2,449,256 0.25%
Straumann Holding AG 1,788 1,164,425 0.12%
Essity AB Class B 107,063 2,267,358 0.23%
Kuehne + Nagel International AG 8,990 1,156,979 0.12%
Hexagon AB Class B 44,492 2,127,713 0.21%
Vifor Pharma AG 7,898 1,080,822 0.11%
Class A 253,754 2,068,922 0.21% Baloise Holding AG 8,367 1,041,438 0.10%
Hennes & Mauritz AB Class B 155,597 1,988,740 0.20% Swiss Prime Site AG 12,623 992,468 0.10%
Telia Co. AB 482,739 1,893,076 0.19% Chocoladefabriken Lindt &
Spruengli AG 177 981,706 0.10%
Atlas Copco AB Class B 67,434 1,514,939 0.15%
Logitech International SA 25,535 961,870 0.10%
Boliden AB 49,093 1,365,874 0.14%
Roche Holding AG BR 4,675 903,289 0.09%
Swedish Match AB 31,076 1,320,110 0.13%
ams AG 13,684 870,861 0.09%
Kinnevik AB Class B 41,315 1,213,948 0.12%
Georg Fischer AG 724 793,745 0.08%
Alfa Laval AB 56,301 1,145,975 0.11%
Clariant AG 35,088 720,937 0.07%
SKF AB Class B 68,293 1,089,952 0.11%
EMS-Chemie Holding AG 1,240 680,796 0.07%
Epiroc AB Class A 111,113 999,867 0.10%
Swatch Group AG-REG 8,260 611,670 0.06%
Skanska AB Class B 63,229 985,522 0.10%
Dufry AG 5,543 604,351 0.06%
Svenska Cellulosa AB SCA Class B 104,101 969,957 0.10%
Lundin Petroleum AB 31,133 851,583 0.08%
Flughafen Zurich AG 3,346 584,162 0.06%
Electrolux AB 42,054 821,359 0.08%
Securitas AB Class B 56,123 792,285 0.08%
Helvetia Holding AG 1,142 558,037 0.06%
Trelleborg AB Class B 43,137 790,061 0.08%
OC Oerlikon Corp. AG 34,198 448,080 0.04%
Tele2 AB Class B 62,792 633,036 0.06%
Epiroc AB Class B 68,574 538,355 0.05%
DKSH Holding AG 4,582 276,070 0.03%
Industrivarden AB Class C 29,483 490,306 0.05%
Sulzer AG 2,103 218,768 0.02%
Saab AB Class B 12,904 459,582 0.05%
Aryzta AG 14,321 183,997 0.02%
Fastighets AB Balder Class B 17,712 396,468 0.04%
ICA Gruppen AB 13,745 361,492 0.04% 172,372,886 17.29%
L E Lundbergforetagen AB Class B 12,790 336,988 0.03% Total Equities 989,402,220 99.27%
Investment AB Latour Class B 20,798 192,948 0.02% Collective Investment Schemes 0.42% (30 June 2017: 0.79%)
Svenska Handelsbanken AB Class B 9,528 93,776 0.01%
France 0.35% (30 June 2017: 0.72%)
Class A 8,759 57,443 0.01% Gecina SA REIT 9,032 1,294,286 0.13%
Skandinaviska Enskilda Banken AB Klepierre SA REIT 36,010 1,161,323 0.12%
Class C 4,152 33,272 0.00% Covivio REIT 6,359 566,587 0.06%
ICADE REIT 5,574 447,592 0.04%
58,008,507 5.82%
3,469,788 0.35%
Spain 0.07% (30 June 2017: 0.07%)
Nestle SA 543,731 36,066,794 3.62%
Novartis AG 386,798 25,116,605 2.52% Merlin Properties Socimi SA REIT 59,352 739,229 0.07%
Roche Holding AG 123,455 23,486,205 2.36% 739,229 0.07%
UBS Group AG 623,013 8,235,590 0.83% Total Collective Investment Schemes 4,209,017 0.42%
Zurich Insurance Group AG 26,781 6,793,896 0.68%
Cie Financiere Richemont SA 90,810 6,589,160 0.66% Through Profit or Loss 993,611,237 99.69%
ABB Ltd. 317,320 5,942,297 0.60%
105

Unrealised
Number of Notional Gain/(Loss) % of Total % of Total
Contracts Amount EUR (€) Net Assets Analysis of Total Net Assets EUR (€) Net Assets
Financial Derivative Instruments (0.00%) (30 June 2017: (0.01%)) (a) Transferable securities admitted to
Futures (0.00%) (30 June 2017: (0.01%)) an official stock exchange listing 993,506,550 99.68%
Euro Stoxx 50 (b) Transferable securities dealt in on

21 September 2018 79 2,726,884 (47,994) (0.00%) another regulated market — 0.00%
Total Financial Derivative Instruments (47,994) (0.00%) (c) Transferable securities other than
those admitted to an official stock
Fair Value regulated market 104,687 0.01%
EUR (€)
Total Net Assets 996,741,147 100.00%
106

Cost Proceeds
Purchases Sales
Nestle SA 334,802 23,546,167 Nestle SA 122,619 8,225,606
Novartis AG 247,853 17,387,238 Novartis AG 112,790 7,722,235
Roche Holding AG 75,255 15,480,859 Roche Holding AG 26,966 5,305,907
Total SA 288,626 13,458,941 Total SA 78,624 3,850,625
Bayer AG 94,363 9,931,083 Allianz SE 19,049 3,617,592
SAP SE 107,913 9,926,827 Daimler AG 54,260 3,554,450
Banco Santander SA 1,714,737 9,469,532 Novo Nordisk A/S Class B 80,161 3,281,363
Siemens AG 82,572 9,362,431 Banco Santander SA 588,692 3,197,869
Allianz SE 48,339 9,083,603 Siemens AG 27,813 3,171,667
Sanofi 118,176 9,010,373 Bayer AG 30,405 3,137,069
BASF SE 98,734 8,509,335 Unilever NV 64,684 3,048,403
Unilever NV 166,204 7,993,382 SAP SE 33,345 3,045,741
ASML Holding NV 51,691 7,965,370 BASF SE 34,040 2,982,672
Anheuser-Busch InBev SA 81,963 7,855,254 Sanofi 40,722 2,880,804
Novo Nordisk A/S Class B 190,833 7,691,284 Anheuser-Busch InBev SA 28,318 2,540,746
BNP Paribas SA 116,391 7,451,248 LVMH Moet Hennessy Louis Vuitton SE 9,446 2,503,109
Daimler AG 103,917 6,821,988 BNP Paribas SA 39,448 2,482,621
LVMH Moet Hennessy Louis Vuitton SE 26,920 6,335,712 ASML Holding NV 13,806 2,173,673
ING Groep NV 418,830 6,298,634 ING Groep NV 141,821 2,078,211
UBS Group AG 378,925 5,522,081 ABB Ltd. 97,973 1,989,489
107
EUR (€) EUR (€)

2018 2017
Current Assets
Cash 379,753 16,991,902
Unrealised Appreciation on Spot Currency Contracts 4,020 12,937
Receivables:
Investments Sold or Matured 5,638,830 —
Total Current Assets 1,002,534,803 611,634,011
Current Liabilities
EUR (€) EUR (€)

30 June 2018 30 June 2017
Dividend Income 33,665,380 12,552,233
Expenses
Management Fees 1,121,402 361,771
Total Expenses 1,659,596 678,795
Finance Costs
Income Equalisation 157,006 (2,536,929)
Net Investment Income/(Loss) After Finance Costs (9,558,671) 40,463,108
108

EUR (€) EUR (€)

30 June 2018 30 June 2017
Subscriptions 618,117,334 379,612,086
End of Year 996,741,147 594,106,814
109
Vanguard FTSE Developed World UCITS ETF

As at 30 June 2018

FTSE
Vanguard FTSE Developed World UCITS ETF seeks to track the performance Developed
of the FTSE Developed Index, a widely recognised benchmark of large- and Fund Index
mid-capitalisation companies in global developed markets. Europe
United Kingdom 6.6% 6.6%
Portfolio Characteristics France 3.7 3.7
FTSE Germany 3.4 3.4
Developed
Fund Index Switzerland 2.8 2.8
Number of Stocks 2,152 2,138 Netherlands 1.3 1.3
Median Market Cap Spain 1.1 1.1
British Pounds £44.B £44.B Subtotal 22.6% 22.6%
Euro €49.7B €49.7B Pacific
Swiss Francs CHF57.7B CHF57.7B Japan 9.3% 9.3%
Price/Earnings Ratio 17.3x 17.3x Australia 2.6 2.6
Price/Book Ratio 2.2x 2.2x South Korea 1.8 1.8
Yield 2.4 2.4 Hong Kong 1.4 1.4
Return on Equity 13.7% 13.7% Other 0.5 0.5
Earnings Growth Rate 7.9% 7.8% Subtotal 15.6% 15.7%
Turnover Rate 5% — North America
Ongoing Charges Figure 0.18% — United States 58.5% 58.4%

Canada 3.1 3.1
Sector Diversification (% of portfolio) Middle East 0.2% 0.2%
FTSE
Developed
Fund Index
Consumer Goods 12.5 12.5 Apple Inc. Computer Hardware 2.2%
Consumer Services 11.1 11.1 Microsoft Corp. Internet 1.8
Financials 21.0 20.9 Amazon.com Inc. Broadline Retailers 1.7
Health Care 11.3 11.3 Alphabet Inc. Software 1.6
Industrials 13.1 13.2 Facebook Inc. Internet 1.1
Oil & Gas 6.5 6.5 Berkshire Hathaway Inc. Reinsurance 0.9
Technology 14.6 14.6 JPMorgan Chase & Co. Banks 0.9
Telecommunications 2.5 2.5 Exxon Mobil Corp. Integrated Oil & Gas 0.8
Utilities 3.0 3.0 Johnson & Johnson Pharmaceuticals 0.8
Royal Dutch Shell plc Integrated Oil & Gas 0.7
Top Ten 12.5%
Investment Focus
Style Value Blend Growth Allocation by Region (% of portfolio)

Market Cap Large
■ 22.6% Europe
■ 15.6% Pacific
Medium
Small
110

• For the 12 months ended 30 June 2018, Vanguard FTSE Developed World UCITS ETF returned 11.07%, in line with its benchmark index, which returned 11.03%.1
• Nine of the ETF’s ten sectors generated positive returns for the 12-month period, with technology, consumer services and financials contributing most to
performance. Telecommunications was the only detractor.
• The United States, Japan and the United Kingdom contributed the most to performance.

Benchmark: FTSE Developed Index

$150,000
132,921
90,000
2015 2016 2017 2018

ETF Net Asset Value 11.07% 7.89% $132,921
Benchmark 11.03 7.82 132,624
2015 2016 2017 2018
18.85 18.70
11.07 11.03
3.57 3.52
–2.78 –2.79
ETF Net Asset Value

Benchmark
111
30 June 2018

Equities 97.32% (30 June 2017: 97.41%) Qantas Airways Ltd. 3,395 15,452 0.01%
Australia 2.43% (30 June 2017: 2.48%) REA Group Ltd. 218 14,636 0.01%
Healthscope Ltd. 8,572 13,997 0.01%
Commonwealth Bank of Australia 8,209 441,973 0.23%
Crown Resorts Ltd. 1,365 13,615 0.01%
BHP Billiton Ltd. 15,175 380,201 0.20%
Domino’s Pizza Enterprises Ltd. 351 13,543 0.01%
Westpac Banking Corp. 15,766 341,307 0.18%
WorleyParsons Ltd. 1,045 13,496 0.01%
CSL Ltd. 2,106 299,720 0.16%
Star Entertainment Grp Ltd. 3,590 13,077 0.01%
Group Ltd. 13,690 285,644 0.15% ALS Ltd. 2,236 12,457 0.01%
National Australia Bank Ltd. 12,729 257,786 0.13% Bank of Queensland Ltd. 1,643 12,370 0.01%
Wesfarmers Ltd. 5,279 192,523 0.10% Whitehaven Coal Ltd. 2,668 11,394 0.01%
Woolworths Group Ltd. 6,375 143,754 0.07% Orora Ltd. 4,251 11,213 0.01%
Macquarie Group Ltd. 1,399 127,811 0.07% CIMIC Group Ltd. 345 10,782 0.01%
Rio Tinto Ltd. 1,980 122,066 0.06% Sims Metal Management Ltd. 848 10,075 0.01%
Woodside Petroleum Ltd. 4,504 118,003 0.06% Flight Centre Travel Group Ltd. 200 9,406 0.01%
Transurban Group 10,654 94,224 0.05% Nufarm Ltd. 1,414 9,256 0.00%
Aristocrat Leisure Ltd. 3,119 71,208 0.04% Adelaide Brighton Ltd. 1,737 8,920 0.00%
Insurance Australia Group Ltd. 11,185 70,492 0.04% AusNet Services 7,126 8,450 0.00%
Suncorp Group Ltd. 6,474 69,789 0.04% IOOF Holdings Ltd. 1,272 8,449 0.00%
South32 Ltd. 24,047 64,139 0.03% OZ Minerals Ltd. 1,139 7,927 0.00%
Origin Energy Ltd. 7,821 57,959 0.03% CSR Ltd. 2,230 7,563 0.00%
Newcrest Mining Ltd. 3,512 56,568 0.03% Magellan Financial Group Ltd. 427 7,351 0.00%
Amcor Ltd. 5,124 54,554 0.03% DuluxGroup Ltd. 1,300 7,348 0.00%
Brambles Ltd. 7,746 50,821 0.03% Metcash Ltd. 3,577 6,898 0.00%
AGL Energy Ltd. 2,886 47,935 0.02% Perpetual Ltd. 198 6,086 0.00%
Treasury Wine Estates Ltd. 3,560 45,741 0.02% TPG Telecom Ltd. 1,581 6,039 0.00%
Oil Search Ltd. 6,846 45,018 0.02% Platinum Asset Management Ltd. 1,099 4,677 0.00%
QBE Insurance Group Ltd. 6,210 44,690 0.02% Harvey Norman Holdings Ltd. 1,705 4,182 0.00%
LendLease Group 2,956 43,266 0.02% Fairfax Media Ltd. 7,177 3,977 0.00%
ASX Ltd. 878 41,770 0.02% Vocus Group Ltd. 1,798 3,069 0.00%
APA Group 5,453 39,685 0.02% Domain Holdings Australia Ltd. 717 1,706 0.00%
Cochlear Ltd. 264 39,044 0.02% OneMarket Ltd. 457 432 0.00%
Santos Ltd. 8,283 38,372 0.02% 4,681,159 2.43%
Telstra Corp., Ltd. 19,457 37,665 0.02% Austria 0.08% (30 June 2017: 0.08%)
Sonic Healthcare Ltd. 2,060 37,335 0.02% Erste Group Bank AG 1,349 56,307 0.03%
Unibail-Rodamco-Westfield 3,360 36,419 0.02% OMV AG 638 36,180 0.02%
James Hardie Industries plc 2,055 34,436 0.02% Voestalpine AG 522 24,043 0.01%
AMP Ltd. 13,075 34,391 0.02% Raiffeisen Bank International AG 540 16,575 0.01%
BlueScope Steel Ltd. 2,660 33,922 0.02% ANDRITZ AG 305 16,188 0.01%
Computershare Ltd. 2,405 32,749 0.02% Telekom Austria AG Class A 960 8,003 0.00%
Caltex Australia Ltd. 1,359 32,673 0.02% Vienna Insurance Group AG Wiener
Aurizon Holdings Ltd. 9,421 30,140 0.02% Versicherung Gruppe 134 3,655 0.00%
Tabcorp Holdings Ltd. 9,065 29,872 0.02%
160,951 0.08%
Sydney Airport 5,434 28,747 0.02%
Belgium 0.39% (30 June 2017: 0.43%)
Medibank Pvt Ltd. 13,045 28,144 0.01%
Boral Ltd. 5,582 26,931 0.01% Anheuser-Busch InBev SA 3,579 361,454 0.19%
Ramsay Health Care Ltd. 666 26,562 0.01% KBC Group NV 1,334 102,983 0.05%
Fortescue Metals Group Ltd. 7,996 25,935 0.01% Umicore SA 960 55,090 0.03%
Challenger Ltd. 2,848 24,893 0.01% Ageas 898 45,304 0.02%
Alumina Ltd. 11,803 24,418 0.01% UCB SA 562 44,186 0.02%
Orica Ltd. 1,753 22,990 0.01% Solvay SA 324 40,912 0.02%
Seek Ltd. 1,379 22,222 0.01% Groupe Bruxelles Lambert SA 326 34,378 0.02%
Bendigo & Adelaide Bank Ltd. 2,714 21,737 0.01% Colruyt SA 377 21,511 0.01%
Coca-Cola Amatil Ltd. 3,154 21,439 0.01% Ackermans & van Haaren NV 96 16,532 0.01%
Incitec Pivot Ltd. 7,098 19,037 0.01% Proximus SADP 550 12,400 0.01%
Ansell Ltd. 910 18,281 0.01% Sofina SA 58 10,022 0.01%
Iluka Resources Ltd. 2,158 17,826 0.01% Telenet Group Holding NV 170 7,939 0.00%
Xero Ltd. 514 17,093 0.01% bpost SA 376 5,940 0.00%
Atlas Arteria Ltd. 3,321 15,777 0.01% 758,651 0.39%
Downer EDI Ltd. 3,118 15,619 0.01%
112

Canada 3.03% (30 June 2017: 3.07%) Denmark 0.57% (30 June 2017: 0.65%)
Royal Bank of Canada 6,745 507,574 0.26% Novo Nordisk A/S Class B 8,054 373,578 0.19%
Toronto-Dominion Bank 8,596 497,221 0.26% Danske Bank A/S 3,166 99,100 0.05%
Bank of Nova Scotia 6,047 342,194 0.18% DSV A/S 818 66,091 0.03%
Suncor Energy, Inc. 7,779 316,376 0.16% Coloplast A/S Class B 598 59,767 0.03%
Canadian National Railway Co. 3,401 278,011 0.14% Carlsberg A/S Class B 481 56,651 0.03%
Bank of Montreal 3,013 232,758 0.12% Vestas Wind Systems A/S 907 56,141 0.03%
Enbridge, Inc. - CAD 6,331 226,202 0.12% Novozymes A/S Class B 1,044 52,957 0.03%
Canadian Natural Resources Ltd. 5,535 199,655 0.10% Orsted A/S 760 45,971 0.02%
TransCanada Corp. 4,144 179,186 0.09% AP Moller-Maersk A/S Class B 32 39,855 0.02%
Canadian Imperial Bank of Commerce 2,058 178,914 0.09% Genmab A/S 249 38,426 0.02%
Manulife Financial Corp. 9,206 165,301 0.09% Chr Hansen Holding A/S 412 38,053 0.02%
Nutrien Ltd. 2,997 162,945 0.08% Pandora A/S 479 33,462 0.02%
Brookfield Asset Management, Inc. ISS A/S 907 31,169 0.02%
Class A 3,961 160,584 0.08% AP Moller-Maersk A/S Class A 18 21,367 0.01%
Canadian Pacific Railway Ltd. 666 121,976 0.06% William Demant Holding A/S 522 21,006 0.01%
Sun Life Financial, Inc. 2,856 114,700 0.06% Jyske Bank A/S 337 18,483 0.01%
Magna International, Inc. 1,633 94,917 0.05% H Lundbeck A/S 261 18,339 0.01%
Alimentation Couche-Tard, Inc. Class B 1,994 86,569 0.05% Tryg A/S 644 15,117 0.01%
Rogers Communications, Inc. Class B 1,773 84,158 0.04% Rockwool International A/S Class B 38 14,839 0.01%
Pembina Pipeline Corp. 2,376 82,237 0.04% 1,100,372 0.57%
Finland 0.39% (30 June 2017: 0.40%)
Constellation Software, Inc. 99 76,731 0.04%
Fairfax Financial Holdings Ltd. 130 72,801 0.04% Nokia OYJ 26,397 151,942 0.08%
CGI Group, Inc. Class A 1,126 71,312 0.04% Sampo OYJ Class A 2,168 105,806 0.05%
Barrick Gold Corp. 5,213 68,439 0.04% Kone OYJ Class B 1,798 91,654 0.05%
Fortis, Inc. 2,069 66,091 0.03% UPM-Kymmene OYJ 2,427 86,766 0.05%
Franco-Nevada Corp. 857 62,510 0.03% Stora Enso OYJ Class R 2,753 53,871 0.03%
Encana Corp. 4,679 61,073 0.03% Neste OYJ 651 51,077 0.03%
Enbridge, Inc. 1,701 60,709 0.03% Fortum OYJ 1,950 46,536 0.02%
Restaurant Brands International, Wartsila OYJ Abp 2,348 46,138 0.02%
Inc. - CAD 968 58,354 0.03% Elisa OYJ 591 27,373 0.01%
Teck Resources Ltd. Class B 2,206 56,162 0.03% Kesko OYJ Class B 402 24,594 0.01%
Thomson Reuters Corp. 1,392 56,137 0.03% Nokian Renkaat OYJ 553 21,849 0.01%
Goldcorp, Inc. 3,889 53,363 0.03% Metso OYJ 582 19,502 0.01%
BCE, Inc. 1,318 53,343 0.03% Orion OYJ Class B 504 13,587 0.01%
Dollarama, Inc. 1,374 53,228 0.03% Huhtamaki OYJ 350 12,950 0.01%
Cenovus Energy, Inc. 5,104 52,963 0.03% 753,645 0.39%
Loblaw Cos., Ltd. 1,029 52,880 0.03% France 3.62% (30 June 2017: 3.60%)
Agnico Eagle Mines Ltd. 1,043 47,787 0.02%
Total SA 11,619 708,269 0.37%
Intact Financial Corp. 663 46,999 0.02%
Sanofi 5,137 411,742 0.21%
Wheaton Precious Metals Corp. 2,047 45,159 0.02%
LVMH Moet Hennessy Louis Vuitton SE 1,157 385,264 0.20%
Shaw Communications, Inc. Class B 2,042 41,571 0.02%
BNP Paribas SA 5,067 314,671 0.16%
Imperial Oil Ltd. 1,245 41,360 0.02%
Airbus SE 2,566 300,372 0.16%
AXA SA 8,800 215,917 0.11%
Metro, Inc. 1,181 40,122 0.02%
Vinci SA 2,164 208,089 0.11%
Valeant Pharmaceuticals International,
Schneider Electric SE 2,459 205,047 0.11%
Inc. 1,617 37,615 0.02%
Danone SA 2,784 204,356 0.11%
Saputo, Inc. 1,082 35,904 0.02%
Kering SA 349 197,055 0.10%
SNC-Lavalin Group, Inc. 787 34,736 0.02%
Safran SA 1,500 182,225 0.09%
Canadian Tire Corp., Ltd. Class A 263 34,308 0.02%
L’Oreal SA 702 173,350 0.09%
Pernod Ricard SA 987 161,217 0.08%
Telus Corp., Ltd. 923 32,768 0.02%
Air Liquide SA (XPAR) 1,244 156,427 0.08%
Inter Pipeline Ltd. 1,725 32,311 0.02%
Orange SA 8,931 149,581 0.08%
BlackBerry Ltd. 2,543 24,513 0.01%
Societe Generale SA 3,433 144,756 0.07%
Power Financial Corp. 1,024 23,937 0.01%
Husky Energy, Inc. 1,484 23,115 0.01%
d’Optique SA 948 133,817 0.07%
Hydro One Ltd. 1,404 21,389 0.01%
Vivendi SA 4,668 114,453 0.06%
Cie de Saint-Gobain 2,396 107,058 0.06%
ARC Resources Ltd. 1,773 18,304 0.01% Michelin SCA 851 103,631 0.05%
Crescent Point Energy Corp. 2,267 16,648 0.01% Capgemini SE 731 98,321 0.05%
IGM Financial, Inc. 499 14,457 0.01% Legrand SA 1,208 88,714 0.05%
Turquoise Hill Resources Ltd. 4,961 14,029 0.01% Hermes International 144 88,065 0.05%
Canadian Utilities Ltd. Class A 517 13,048 0.01% Dassault Systemes SE 586 82,102 0.04%
George Weston Ltd. 145 11,823 0.01% Engie SA 5,260 80,636 0.04%
Restaurant Brands International, Inc. 75 4,523 0.00% Renault SA 871 74,064 0.04%
5,854,020 3.03% Credit Agricole SA (XPAR) 5,447 72,723 0.04%
113

Publicis Groupe SA 1,028 70,742 0.04% Sodexo SA (Prime De Fidelite) 2021 38 3,799 0.00%
STMicroelectronics NV 2,948 65,775 0.03% SEB SA (Prime De Fidelite) 15 2,620 0.00%
Atos SE 458 62,538 0.03% Electricite de France SA (Prime De Fidelite) 173 2,379 0.00%
Valeo SA 1,075 58,765 0.03% 6,996,236 3.62%
Peugeot SA 2,570 58,692 0.03%
Germany 3.37% (30 June 2017: 3.49%)
Thales SA 453 58,364 0.03%
SAP SE 4,440 512,949 0.27%
Veolia Environnement SA 2,530 54,145 0.03%
Bayer AG 4,371 481,502 0.25%
TechnipFMC plc (XPAR) 1,690 53,966 0.03%
Siemens AG 3,546 468,746 0.24%
Accor SA 962 47,196 0.02%
Allianz SE 2,019 417,286 0.22%
Teleperformance 261 46,106 0.02%
BASF SE 4,290 410,270 0.21%
Daimler AG 4,006 257,854 0.13%
Ubisoft Entertainment SA 383 42,025 0.02%
Bouygues SA 927 39,948 0.02%
Linde AG 885 211,203 0.11%
Carrefour SA 2,432 39,384 0.02%
Adidas AG 936 204,304 0.11%
Arkema SA 325 38,477 0.02%
Muenchener Rueckversicherungs-
Alstom SA 824 37,867 0.02%
Gesellschaft AG in Muenchen 723 152,831 0.08%
Eiffage SA 339 36,881 0.02%
Fresenius SE & Co. KGaA 1,898 152,461 0.08%
Edenred 1,157 36,554 0.02%
Deutsche Post AG 4,492 146,692 0.08%
L’Oreal SA (Prime De Fidelite) 143 35,312 0.02%
Infineon Technologies AG 5,393 137,455 0.07%
Air Liquide SA 272 34,203 0.02%
Volkswagen AG - Preference Shares 825 136,990 0.07%
Bureau Veritas SA 1,208 32,242 0.02%
Bayerische Motoren Werke AG 1,438 130,336 0.07%
SES SA Class A 1,676 30,702 0.02%
Continental AG 511 116,669 0.06%
Air Liquide SA International 238 29,927 0.02%
Deutsche Boerse AG 872 116,217 0.06%
Ipsen SA 189 29,647 0.02%
E.ON SE 10,375 110,885 0.06%
L’Oreal U.K. Limited 120 29,632 0.02%
Vonovia SE 2,323 110,550 0.06%
Orpea 217 28,959 0.01%
Fresenius Medical Care AG & Co.
Air Liquide SA (Prime De Fidelite) 229 28,796 0.01%
KGaA 982 99,038 0.05%
Getlink SE 2,062 28,276 0.01%
Deutsche Bank AG 8,733 94,030 0.05%
SCOR SE 748 27,789 0.01%
Aeroports de Paris 119 26,912 0.01% Shares 726 92,817 0.05%
Natixis SA 3,774 26,782 0.01% Wirecard AG 520 83,753 0.04%
Eurofins Scientific SE 47 26,142 0.01% Deutsche Wohnen SE 1,665 80,480 0.04%
Sodexo SA 252 25,191 0.01% Covestro AG 831 74,145 0.04%
Ingenico Group SA 280 25,172 0.01% Henkel AG & Co. KGaA 630 70,062 0.04%
Elis SA (XPAR) 1,074 24,628 0.01% HeidelbergCement AG 698 58,742 0.03%
Faurecia SA 343 24,477 0.01% Merck KGaA 574 56,040 0.03%
Rubis SCA 350 21,862 0.01% thyssenkrupp AG 2,202 53,527 0.03%
Eurazeo SA 284 21,536 0.01% Symrise AG 591 51,821 0.03%
Bollore SA 4,626 21,518 0.01% Beiersdorf AG 441 50,068 0.03%
Suez 1,634 21,186 0.01% Commerzbank AG 4,842 46,419 0.02%
Rexel SA 1,469 21,122 0.01% Porsche Automobil Holding SE -
Dassault Aviation SA 10 19,054 0.01% Preference Shares 695 44,273 0.02%
Iliad SA 112 17,699 0.01% MTU Aero Engines AG 225 43,240 0.02%
Eutelsat Communications SA 846 17,547 0.01% Brenntag AG 724 40,338 0.02%
TechnipFMC plc 536 17,013 0.01% L’Oreal SA Prime 156 38,522 0.02%
CNP Assurances 743 16,907 0.01% Zalando SE 676 37,782 0.02%
Wendel SA 121 16,670 0.01% QIAGEN NV 1,020 37,156 0.02%
Electricite de France SA (XPAR) 1,164 16,009 0.01% RWE AG 1,575 35,904 0.02%
SEB SA (XPAR) 90 15,720 0.01% Hannover Rueck SE 284 35,413 0.02%
BioMerieux 161 14,493 0.01% LEG Immobilien AG 317 34,450 0.02%
Amundi SA 207 14,342 0.01% LANXESS AG 432 33,693 0.02%
Remy Cointreau SA 109 14,126 0.01% United Internet AG 538 30,817 0.02%
Sartorius Stedim Biotech 117 12,226 0.01% Volkswagen AG 175 28,911 0.02%
Worldline SA 214 12,123 0.01% Uniper SE 924 27,553 0.01%
Cie Plastic Omnium SA 280 11,838 0.01% Delivery Hero AG 515 27,407 0.01%
Lagardere SCA 427 11,272 0.01% Bayerische Motoren Werke AG -
Imerys SA 136 10,996 0.01% Preference Shares 343 27,352 0.01%
Societe BIC SA 117 10,846 0.01% GEA Group AG 805 27,153 0.01%
Electricite de France SA 760 10,453 0.01% HUGO BOSS AG 296 26,873 0.01%
JCDecaux SA 299 10,005 0.01% Deutsche Lufthansa AG 1,112 26,745 0.01%
Casino Guichard Perrachon SA 210 8,152 0.00% Sartorius AG - Preference Shares 176 26,323 0.01%
Elior Group SA 506 7,302 0.00% ProSiebenSat.1 Media SE 1,036 26,284 0.01%
SEB SA 36 6,288 0.00% Innogy SE 570 24,417 0.01%
Air France-KLM 760 6,197 0.00% Evonik Industries AG 700 23,971 0.01%
Sodexo SA (Prime De Fidelite) 2022 52 5,198 0.00% Siemens Healthineers AG 573 23,653 0.01%
ALD SA 300 5,121 0.00% KION Group AG 322 23,174 0.01%
Sodexo SA (Prime De Fidelite) 2020 49 4,898 0.00% Puma SE 39 22,813 0.01%
114

RWE AG - Preference Shares 1,176 22,106 0.01% Swire Properties Ltd. 4,400 16,264 0.01%
Rheinmetall AG 194 21,418 0.01% Wharf Holdings Ltd. 5,000 16,060 0.01%
MAN SE 178 20,149 0.01% Swire Pacific Ltd. Class A 1,500 15,888 0.01%
K+S AG 796 19,656 0.01% Orient Overseas International Ltd. 1,500 14,607 0.01%
OSRAM Licht AG 476 19,451 0.01% Sun Art Retail Group Ltd. 11,000 14,385 0.01%
Axel Springer SE 259 18,733 0.01% Swire Pacific Ltd. Class B 7,500 13,345 0.01%
Hella GmbH & Co. KGaA 261 14,627 0.01% Kerry Properties Ltd. 2,500 11,966 0.01%
1&1 Drillisch AG 254 14,460 0.01% Prada SpA 2,500 11,567 0.01%
Hochtief AG 80 14,459 0.01% NWS Holdings Ltd. 6,000 10,386 0.01%
Fraport AG Frankfurt Airport Services Xinyi Glass Holdings Ltd. 8,000 9,779 0.01%
Worldwide 142 13,698 0.01% Dairy Farm International Holdings Ltd. 1,100 9,669 0.01%
Telefonica Deutschland Holding AG 3,447 13,587 0.01% Melco International Development Ltd. 3,000 9,235 0.01%
RTL Group SA 191 12,956 0.01% SJM Holdings Ltd. 7,000 8,708 0.01%
STADA Arzneimittel AG 135 12,679 0.01% Yue Yuen Industrial Holdings Ltd. 3,000 8,470 0.01%
Fuchs Petrolub SE 268 12,673 0.01% Hang Lung Group Ltd. 3,000 8,413 0.01%
Carl Zeiss Meditec AG 170 11,601 0.01% Li & Fung Ltd. 22,000 8,076 0.01%
Fielmann AG 159 11,008 0.01% PCCW Ltd. 14,000 7,887 0.01%
Fuchs Petrolub SE - Preference Shares 223 10,998 0.01% Towngas China Co., Ltd. 8,000 7,760 0.00%
METRO AG 735 9,084 0.00% Shangri-La Asia Ltd. 4,000 7,525 0.00%
Rational AG 13 8,485 0.00% Lifestyle International Holdings Ltd. 3,500 7,423 0.00%
Wacker Chemie AG 62 8,118 0.00% MGM China Holdings Ltd. 3,200 7,423 0.00%
Talanx AG 126 4,602 0.00% Xinyi Solar Holdings Ltd. 22,600 6,942 0.00%
Ceconomy AG 535 4,459 0.00% VTech Holdings Ltd. 600 6,925 0.00%
Hapag-Lloyd AG 111 3,953 0.00% Hopewell Holdings Ltd. 2,000 6,858 0.00%
Suedzucker AG 209 3,328 0.00% Guotai Junan International Holdings
6,501,992 3.37% Ltd. 30,000 6,501 0.00%
Sa Sa International Holdings Ltd. 8,000 5,078 0.00%
Hong Kong 1.32% (30 June 2017: 1.36%)
Great Eagle Holdings Ltd. 1,000 4,882 0.00%
AIA Group Ltd. 57,200 500,152 0.26%
Cafe de Coral Holdings Ltd. 2,000 4,844 0.00%
Hong Kong Exchanges & Clearing Ltd. 5,800 174,471 0.09%
Nexteer Automotive Group Ltd. 3,000 4,436 0.00%
CK Hutchison Holdings Ltd. 12,368 131,161 0.07%
Johnson Electric Holdings Ltd. 1,500 4,369 0.00%
Sun Hung Kai Properties Ltd. 7,000 105,641 0.06%
Shougang Fushan Resources Group
CK Asset Holdings Ltd. 12,368 98,213 0.05% Ltd. 18,000 4,290 0.00%
Hang Seng Bank Ltd. 3,400 85,028 0.04% Chow Tai Fook Jewellery Group Ltd. 3,800 4,282 0.00%
CLP Holdings Ltd. 7,500 80,779 0.04% Haitong International Securities Group
BOC Hong Kong Holdings Ltd. 16,500 77,711 0.04% Ltd. 9,000 4,107 0.00%
Galaxy Entertainment Group Ltd. 10,000 77,433 0.04% Shui On Land Ltd. 16,000 4,058 0.00%
Hong Kong & China Gas Co., Ltd. 39,650 75,909 0.04% First Pacific Co., Ltd. 8,000 3,865 0.00%
Jardine Matheson Holdings Ltd. 1,000 63,100 0.03% Uni-President China Holdings Ltd. 3,000 3,854 0.00%
Sands China Ltd. 10,800 57,748 0.03% BOC Aviation Ltd. 600 3,728 0.00%
New World Development Co., Ltd. 33,000 46,437 0.03% Kerry Logistics Network Ltd. 2,500 3,486 0.00%
Wharf Real Estate Investment Co., Shun Tak Holdings Ltd. 8,000 3,273 0.00%
Ltd. 6,000 42,713 0.02% Huabao International Holdings Ltd. 5,000 3,199 0.00%
AAC Technologies Holdings, Inc. 3,000 42,254 0.02% Cathay Pacific Airways Ltd. 2,000 3,146 0.00%
Power Assets Holdings Ltd. 6,000 41,948 0.02% L’Occitane International SA 1,750 2,891 0.00%
China Mengniu Dairy Co., Ltd. 12,000 40,686 0.02% China Travel International Investment
Hongkong Land Holdings Ltd. 5,500 39,325 0.02% Hong Kong Ltd. 6,000 2,340 0.00%
MTR Corp., Ltd. 6,000 33,191 0.02% Dah Sing Financial Holdings Ltd. 400 2,335 0.00%
Jardine Strategic Holdings Ltd. 900 32,832 0.02% Television Broadcasts Ltd. 700 2,217 0.00%
WH Group Ltd. 38,280 31,178 0.02% Esprit Holdings Ltd. 4,000 1,244 0.00%
Techtronic Industries Co., Ltd. 5,500 30,671 0.02% FIH Mobile Ltd. 8,000 1,244 0.00%
Wheelock & Co., Ltd. 4,000 27,863 0.02% Dah Sing Banking Group Ltd. 400 838 0.00%
Henderson Land Development Co., Hutchison Telecommunications
Ltd. 5,105 27,004 0.01% Hong Kong Holdings Ltd. 2,000 706 0.00%
Want Want China Holdings Ltd. 30,000 26,691 0.01% China Oceanwide Holdings Ltd. 9,000 459 0.00%
Sino Land Co., Ltd. 16,000 26,023 0.01% Macau Legend Development Ltd. 2,000 329 0.00%
Samsonite International SA 6,300 22,444 0.01%
2,541,179 1.32%
Wynn Macau Ltd. 6,800 21,885 0.01%
Ireland 0.12% (30 June 2017: 0.11%)
Hang Lung Properties Ltd. 10,000 20,623 0.01%
ASM Pacific Technology Ltd. 1,600 20,231 0.01% Kerry Group plc Class A 717 75,007 0.04%
Bank of East Asia Ltd. 5,000 19,980 0.01% Paddy Power Betfair plc 389 42,627 0.02%
Tingyi Cayman Islands Holding Corp. 8,000 18,559 0.01% Kingspan Group plc 704 35,246 0.02%
CK Infrastructure Holdings Ltd. 2,500 18,530 0.01% Bank of Ireland Group plc 4,272 33,343 0.02%
Semiconductor Manufacturing Glanbia plc 998 18,527 0.01%
International Corp. 13,500 17,552 0.01% AIB Group plc 3,251 17,650 0.01%
Minth Group Ltd. 4,000 16,902 0.01% 222,400 0.12%
Hysan Development Co., Ltd. 3,000 16,749 0.01%
115

Israel 0.19% (30 June 2017: 0.20%) Salvatore Ferragamo SpA 131 3,197 0.00%
Teva Pharmaceutical Industries Ltd. 4,206 99,768 0.05% Mediaset SpA 883 2,825 0.00%
Bank Leumi Le-Israel BM 6,974 41,152 0.02% Parmalat SpA 754 2,544 0.00%
Bank Hapoalim BM 5,190 35,091 0.02% Buzzi Unicem SpA - RSP 164 2,183 0.00%
Nice Ltd. 259 26,717 0.01% Intesa Sanpaolo SpA - Rights Issue
Israel Discount Bank Ltd. Class A 5,933 17,294 0.01% 17/7/2018 67,417 1 0.00%
Israel Chemicals Ltd. 3,594 16,396 0.01% 1,761,869 0.91%
Frutarom Industries Ltd. 150 14,690 0.01% Japan 9.30% (30 June 2017: 9.19%)
Paz Oil Co., Ltd. 107 14,028 0.01% Toyota Motor Corp. 12,004 777,039 0.40%
Azrieli Group Ltd. 261 12,934 0.01% Mitsubishi UFJ Financial Group, Inc. 61,100 348,126 0.18%
Tower Semiconductor Ltd. 566 12,527 0.01% Sony Corp. 5,840 298,630 0.15%
Bezeq The Israeli Telecommunication SoftBank Group Corp. 4,000 287,925 0.15%
Corp., Ltd. 10,342 11,629 0.01%
Honda Motor Co., Ltd. 8,300 243,758 0.13%
Elbit Systems Ltd. 90 10,555 0.01%
Sumitomo Mitsui Financial Group, Inc. 6,200 241,026 0.13%
Mizrahi Tefahot Bank Ltd. 525 9,634 0.01%
KDDI Corp. 8,400 229,860 0.12%
Mazor Robotics Ltd. 249 6,891 0.00%
Keyence Corp. 400 225,920 0.12%
Alony Hetz Properties & Investments Ltd. 513 4,709 0.00%
Mizuho Financial Group, Inc. 124,200 209,121 0.11%
First International Bank Of Israel Ltd. 218 4,547 0.00%
Central Japan Railway Co. 900 186,557 0.10%
Strauss Group Ltd. 200 4,021 0.00%
FANUC Corp. 900 178,797 0.09%
Israel Corp., Ltd. 15 3,190 0.00%
KAO Corp. 2,300 175,462 0.09%
Airport City Ltd. 240 2,656 0.00%
Mitsubishi Corp. 6,200 172,289 0.09%
Amot Investments Ltd. 480 2,400 0.00%
Shin-Etsu Chemical Co., Ltd. 1,900 169,356 0.09%
Gazit-Globe Ltd. 239 2,200 0.00%
Nidec Corp. 1,100 165,102 0.09%
Delek Group Ltd. 15 2,034 0.00%
Nintendo Co., Ltd. 500 163,409 0.08%
Harel Insurance Investments &
East Japan Railway Co. 1,700 162,917 0.08%
Financial Services Ltd. 180 1,348 0.00%
Canon, Inc. 4,800 157,349 0.08%
Oil Refineries Ltd. 2,664 1,118 0.00%
Hitachi Ltd. 22,000 155,240 0.08%
Melisron Ltd. 23 952 0.00%
Recruit Holdings Co., Ltd. 5,600 155,009 0.08%
Teva Pharmaceutical Industries Ltd. ADR 32 778 0.00%
Japan Tobacco, Inc. 5,500 153,681 0.08%
Shikun & Binui Ltd. 410 722 0.00%
Seven & i Holdings Co., Ltd. 3,500 152,652 0.08%
359,981 0.19% Takeda Pharmaceutical Co., Ltd. 3,600 152,041 0.08%
Italy 0.91% (30 June 2017: 0.91%) Murata Manufacturing Co., Ltd. 900 151,293 0.08%
Eni SpA 11,942 221,776 0.11% NTT DOCOMO, Inc. 5,900 150,343 0.08%
Enel SpA 36,183 200,962 0.10% Tokio Marine Holdings, Inc. 3,200 150,026 0.08%
Intesa Sanpaolo SpA 61,944 179,830 0.09% Astellas Pharma, Inc. 9,700 147,910 0.08%
UniCredit SpA 10,663 177,979 0.09% Nippon Telegraph & Telephone Corp. 3,200 145,490 0.08%
Assicurazioni Generali SpA 6,327 106,152 0.06% Daikin Industries Ltd. 1,200 143,764 0.07%
Fiat Chrysler Automobiles NV 5,073 96,746 0.05% Shiseido Co., Ltd. 1,800 142,973 0.07%
Ferrari NV 600 81,612 0.04% Panasonic Corp. 10,200 137,532 0.07%
Atlantia SpA 2,417 71,452 0.04% Tokyo Electron Ltd. 800 137,372 0.07%
Luxottica Group SpA 757 48,841 0.03% Mitsui & Co., Ltd. 7,700 128,432 0.07%
CNH Industrial NV 4,346 46,155 0.02% Mitsubishi Electric Corp. 9,600 127,795 0.07%
Snam SpA 11,052 46,144 0.02% ITOCHU Corp. 6,800 123,243 0.06%
Tenaris SA 2,210 40,549 0.02% Komatsu Ltd. 4,300 122,985 0.06%
Terna Rete Elettrica Nazionale SpA 6,555 35,450 0.02% Daiichi Sankyo Co., Ltd. 3,000 114,756 0.06%
Moncler SpA 750 34,151 0.02% SMC Corp. 300 110,044 0.06%
EXOR NV 501 33,751 0.02% Bridgestone Corp. 2,800 109,533 0.06%
Telecom Italia SpA 42,119 31,345 0.02% Denso Corp. 2,200 107,492 0.06%
Prysmian SpA 1,038 25,850 0.01% Mitsui Fudosan Co., Ltd. 4,400 106,221 0.06%
Mediobanca Banca di Credito JXTG Holdings, Inc. 15,150 105,345 0.05%
Finanziario SpA 2,737 25,443 0.01% Suzuki Motor Corp. 1,900 104,945 0.05%
Telecom Italia SpA (Non CVA) 37,499 24,500 0.01% Kirin Holdings Co., Ltd. 3,800 101,651 0.05%
Davide Campari-Milano SpA 2,732 22,472 0.01% ORIX Corp. 6,300 99,649 0.05%
Leonardo SpA 1,941 19,186 0.01% Daiwa House Industry Co., Ltd. 2,900 98,862 0.05%
Banco BPM SpA 6,209 18,210 0.01% Hoya Corp. 1,700 96,676 0.05%
Poste Italiane SpA 2,125 17,789 0.01% Dai-ichi Life Holdings, Inc. 5,300 94,550 0.05%
Italgas SpA 3,217 17,736 0.01% Oriental Land Co., Ltd. 900 94,457 0.05%
Recordati SpA 441 17,537 0.01% Mitsubishi Estate Co., Ltd. 5,400 94,432 0.05%
FinecoBank Banca Fineco SpA 1,534 17,323 0.01% Sysmex Corp. 1,000 93,351 0.05%
Intesa Sanpaolo SpA - RSP 5,473 16,601 0.01% Asahi Group Holdings Ltd. 1,800 92,173 0.05%
Unione di Banche Italiane SpA 4,108 15,789 0.01% Otsuka Holdings Co., Ltd. 1,900 92,011 0.05%
Pirelli & C SpA 1,619 13,519 0.01% Fast Retailing Co., Ltd. 200 91,924 0.05%
Saipem SpA 2,359 10,863 0.01% Nissan Motor Co., Ltd. 9,400 91,484 0.05%
A2A SpA 6,233 10,807 0.01% Subaru Corp. 3,000 87,347 0.05%
Buzzi Unicem SpA 419 10,268 0.01% Sumitomo Corp. 5,300 87,085 0.05%
Banca Mediolanum SpA 1,153 7,815 0.00% Kyocera Corp. 1,500 84,598 0.04%
UnipolSai Assicurazioni SpA 2,949 6,516 0.00% Eisai Co., Ltd. 1,200 84,547 0.04%
116

Kubota Corp. 5,300 83,401 0.04% Tokyo Electric Power Co. Holdings, Inc. 7,700 35,871 0.02%
Toshiba Corp. 27,000 81,172 0.04% NEC Corp. 1,300 35,679 0.02%
Terumo Corp. 1,400 80,260 0.04% Yakult Honsha Co., Ltd. 533 35,609 0.02%
Asahi Kasei Corp. 6,000 76,270 0.04% Yamaha Motor Co., Ltd. 1,400 35,213 0.02%
Nippon Steel & Sumitomo Metal Corp. 3,800 74,635 0.04% Ryohin Keikaku Co., Ltd. 100 35,210 0.02%
Sumitomo Realty & Development NTT Data Corp. 3,000 34,560 0.02%
Co., Ltd. 2,000 73,832 0.04% FamilyMart UNY Holdings Co., Ltd. 327 34,423 0.02%
Shionogi & Co., Ltd. 1,400 71,931 0.04% Disco Corp. 200 34,144 0.02%
MS&AD Insurance Group Holdings, Coca-Cola Bottlers Japan Holdings, Inc. 850 33,957 0.02%
Inc. 2,300 71,514 0.04% Rohm Co., Ltd. 400 33,585 0.02%
Sumitomo Mitsui Trust Holdings, Inc. 1,800 71,389 0.04% Isuzu Motors Ltd. 2,500 33,212 0.02%
Nomura Holdings, Inc. 14,500 70,455 0.04% Renesas Electronics Corp. 3,376 33,100 0.02%
Secom Co., Ltd. 900 69,122 0.04% Koito Manufacturing Co., Ltd. 500 33,043 0.02%
Sompo Holdings, Inc. 1,700 68,758 0.04% Nissan Chemical Industries Ltd. 700 32,673 0.02%
Japan Post Holdings Co., Ltd. 6,233 68,258 0.04% Start Today Co., Ltd. 900 32,623 0.02%
FUJIFILM Holdings Corp. 1,700 66,395 0.03% Mazda Motor Corp. 2,600 31,923 0.02%
Tokyo Gas Co., Ltd. 2,500 66,368 0.03% Marui Group Co., Ltd. 1,500 31,607 0.02%
Daito Trust Construction Co., Ltd. 400 65,039 0.03% Santen Pharmaceutical Co., Ltd. 1,800 31,380 0.02%
Aeon Co., Ltd. 3,000 64,190 0.03% Obayashi Corp. 3,000 31,228 0.02%
Nitori Holdings Co., Ltd. 400 62,402 0.03% Showa Denko KK 700 31,093 0.02%
TDK Corp. 600 61,319 0.03% Kajima Corp. 4,000 30,984 0.02%
Taisei Corp. 1,100 60,678 0.03% MINEBEA MITSUMI, Inc. 1,800 30,454 0.02%
Marubeni Corp. 7,800 59,511 0.03% Nippon Paint Holdings Co., Ltd. 700 30,145 0.02%
West Japan Railway Co. 800 58,964 0.03% Suntory Beverage & Food Ltd. 700 29,892 0.02%
Shimano, Inc. 400 58,719 0.03% Keio Corp. 600 29,034 0.02%
Fujitsu Ltd. 9,200 55,799 0.03% Nikon Corp. 1,800 28,650 0.02%
Resona Holdings, Inc. 10,300 55,106 0.03% Trend Micro, Inc. 500 28,529 0.01%
Toray Industries, Inc. 6,900 54,445 0.03% Concordia Financial Group Ltd. 5,600 28,514 0.01%
Sumitomo Electric Industries Ltd. 3,600 53,627 0.03% Alps Electric Co., Ltd. 1,100 28,263 0.01%
Nitto Denko Corp. 700 52,978 0.03% LIXIL Group Corp. 1,400 28,009 0.01%
Chugai Pharmaceutical Co., Ltd. 1,000 52,453 0.03% Shimizu Corp. 2,700 28,008 0.01%
Olympus Corp. 1,396 52,304 0.03% Odakyu Electric Railway Co., Ltd. 1,300 27,910 0.01%
Mitsubishi Chemical Holdings Corp. 6,200 51,911 0.03% Kyushu Electric Power Co., Inc. 2,500 27,897 0.01%
Unicharm Corp. 1,700 51,154 0.03% TOTO Ltd. 600 27,843 0.01%
Mitsubishi Heavy Industries Ltd. 1,400 50,949 0.03% Nexon Co., Ltd. 1,900 27,600 0.01%
MEIJI Holdings Co., Ltd. 600 50,594 0.03% Nisshin Seifun Group, Inc. 1,300 27,522 0.01%
Yaskawa Electric Corp. 1,400 49,483 0.03% Ricoh Co., Ltd. 3,000 27,518 0.01%
Makita Corp. 1,100 49,307 0.03% Sekisui Chemical Co., Ltd. 1,600 27,272 0.01%
Kansai Electric Power Co., Inc. 3,300 48,145 0.03% Dai Nippon Printing Co., Ltd. 1,200 26,857 0.01%
Sekisui House Ltd. 2,700 47,777 0.02% NSK Ltd. 2,600 26,830 0.01%
Dentsu, Inc. 1,000 47,398 0.02% Rakuten, Inc. 3,900 26,386 0.01%
Yamato Holdings Co., Ltd. 1,600 47,148 0.02% Hirose Electric Co., Ltd. 210 26,031 0.01%
Ono Pharmaceutical Co., Ltd. 2,000 46,892 0.02% Kobayashi Pharmaceutical Co., Ltd. 300 25,920 0.01%
Chubu Electric Power Co., Inc. 3,100 46,487 0.02% Hamamatsu Photonics KK 600 25,784 0.01%
Japan Exchange Group, Inc. 2,500 46,472 0.02% SBI Holdings, Inc. 1,000 25,766 0.01%
Kikkoman Corp. 900 45,420 0.02% Tohoku Electric Power Co., Inc. 2,100 25,652 0.01%
Inpex Corp. 4,300 44,625 0.02% Hisamitsu Pharmaceutical Co., Inc. 300 25,324 0.01%
Hankyu Hanshin Holdings, Inc. 1,100 44,242 0.02% Tsuruha Holdings, Inc. 200 25,080 0.01%
JFE Holdings, Inc. 2,300 43,523 0.02% Obic Co., Ltd. 300 24,836 0.01%
Ajinomoto Co., Inc. 2,300 43,523 0.02% Oji Holdings Corp. 4,000 24,809 0.01%
Kose Corp. 200 43,100 0.02% Tobu Railway Co., Ltd. 800 24,484 0.01%
Sumitomo Metal Mining Co., Ltd. 1,100 42,087 0.02% IHI Corp. 700 24,394 0.01%
Omron Corp. 900 42,008 0.02% Pigeon Corp. 500 24,331 0.01%
Tokyu Corp. 2,400 41,342 0.02% Fuji Electric Co., Ltd. 3,175 24,193 0.01%
Daiwa Securities Group, Inc. 7,000 40,655 0.02% Kyowa Hakko Kirin Co., Ltd. 1,200 24,192 0.01%
T&D Holdings, Inc. 2,700 40,574 0.02% CyberAgent, Inc. 400 24,051 0.01%
Toyota Tsusho Corp. 1,200 40,193 0.02% Don Quijote Holdings Co., Ltd. 500 24,015 0.01%
Sumitomo Chemical Co., Ltd. 7,000 39,688 0.02% Stanley Electric Co., Ltd. 700 23,888 0.01%
Shimadzu Corp. 1,300 39,317 0.02% Toho Co., Ltd. 700 23,478 0.01%
Toyota Industries Corp. 700 39,245 0.02% Taisho Pharmaceutical Holdings Co., Ltd. 200 23,419 0.01%
Asahi Glass Co., Ltd. 1,000 38,956 0.02% Nagoya Railroad Co., Ltd. 900 23,238 0.01%
MISUMI Group, Inc. 1,300 37,909 0.02% Mitsubishi Motors Corp. 2,900 23,118 0.01%
Osaka Gas Co., Ltd. 1,800 37,255 0.02% Aozora Bank Ltd. 600 22,832 0.01%
Bandai Namco Holdings, Inc. 900 37,133 0.02% NGK Spark Plug Co., Ltd. 800 22,823 0.01%
M3, Inc. 929 37,029 0.02% Isetan Mitsukoshi Holdings Ltd. 1,800 22,491 0.01%
Kintetsu Group Holdings Co., Ltd. 900 36,726 0.02% Kyushu Railway Co. 727 22,250 0.01%
Aisin Seiki Co., Ltd. 800 36,474 0.02% ANA Holdings, Inc. 600 22,041 0.01%
Yamaha Corp. 700 36,401 0.02% Nippon Express Co., Ltd. 300 21,776 0.01%
117

Nissin Foods Holdings Co., Ltd. 300 21,695 0.01% Medipal Holdings Corp. 800 16,092 0.01%
Nippon Shokubai Co., Ltd. 300 21,695 0.01% Rohto Pharmaceutical Co., Ltd. 500 16,047 0.01%
Idemitsu Kosan Co., Ltd. 600 21,397 0.01% Japan Aviation Electronics Industry Ltd. 1,000 15,754 0.01%
Mitsui Chemicals, Inc. 800 21,306 0.01% Otsuka Corp. 400 15,691 0.01%
Japan Airlines Co., Ltd. 600 21,277 0.01% Toppan Printing Co., Ltd. 2,000 15,673 0.01%
Japan Post Bank Co., Ltd. 1,826 21,266 0.01% Persol Holdings Co., Ltd. 700 15,616 0.01%
Chiba Bank Ltd. 3,000 21,207 0.01% J Front Retailing Co., Ltd. 1,000 15,230 0.01%
SUMCO Corp. 1,046 21,125 0.01% USS Co., Ltd. 800 15,225 0.01%
Nomura Research Institute Ltd. 431 20,895 0.01% Maeda Road Construction Co., Ltd. 800 15,218 0.01%
Electric Power Development Co., Ltd. 800 20,656 0.01% Asahi Intecc Co., Ltd. 400 15,131 0.01%
Kawasaki Heavy Industries Ltd. 700 20,634 0.01% Tokyo Tatemono Co., Ltd. 1,100 15,105 0.01%
Keisei Electric Railway Co., Ltd. 600 20,611 0.01% Fukuoka Financial Group, Inc. 3,000 15,086 0.01%
Konami Holdings Corp. 400 20,367 0.01% Hulic Co., Ltd. 1,400 14,952 0.01%
Kakaku.com, Inc. 900 20,330 0.01% Yamada Denki Co., Ltd. 3,000 14,923 0.01%
Cosmos Pharmaceutical Corp. 100 20,295 0.01% Square Enix Holdings Co., Ltd. 300 14,734 0.01%
Sumitomo Heavy Industries Ltd. 600 20,259 0.01% Takara Holdings, Inc. 1,100 14,539 0.01%
Hoshizaki Corp. 200 20,241 0.01% Shochiku Co., Ltd. 100 14,472 0.01%
NH Foods Ltd. 500 20,200 0.01% Daicel Corp. 1,300 14,389 0.01%
Lion Corp. 1,100 20,160 0.01% Keihan Holdings Co., Ltd. 400 14,355 0.01%
JGC Corp. 1,000 20,160 0.01% Seino Holdings Co., Ltd. 800 14,185 0.01%
Tosoh Corp. 1,300 20,152 0.01% House Foods Group, Inc. 400 14,156 0.01%
Yahoo Japan Corp. 6,000 19,934 0.01% Sohgo Security Services Co., Ltd. 300 14,138 0.01%
Tokyu Fudosan Holdings Corp. 2,800 19,768 0.01% SCREEN Holdings Co., Ltd. 200 14,084 0.01%
Brother Industries Ltd. 1,000 19,754 0.01% Seibu Holdings, Inc. 834 14,065 0.01%
Kuraray Co., Ltd. 1,400 19,288 0.01% Horiba Ltd. 200 13,994 0.01%
Seiko Epson Corp. 1,100 19,127 0.01% Bank of Kyoto Ltd. 300 13,894 0.01%
Skylark Co., Ltd. 1,285 19,014 0.01% Toho Gas Co., Ltd. 400 13,849 0.01%
Mitsubishi Tanabe Pharma Corp. 1,100 19,008 0.01% Mitsubishi Materials Corp. 500 13,745 0.01%
Kansai Paint Co., Ltd. 900 18,704 0.01% JSR Corp. 800 13,622 0.01%
Nabtesco Corp. 600 18,472 0.01% JTEKT Corp. 1,000 13,614 0.01%
TIS, Inc. 400 18,417 0.01% Nishi-Nippon Railroad Co., Ltd. 500 13,610 0.01%
Sotetsu Holdings, Inc. 600 18,363 0.01% Mitsubishi UFJ Lease & Finance Co.,
Mitsubishi Gas Chemical Co., Inc. 800 18,128 0.01% Ltd. 2,200 13,526 0.01%
Shizuoka Bank Ltd. 2,000 18,074 0.01% Matsumotokiyoshi Holdings Co., Ltd. 300 13,474 0.01%
Haseko Corp. 1,300 17,969 0.01% Aoyama Trading Co., Ltd. 400 13,362 0.01%
Casio Computer Co., Ltd. 1,100 17,896 0.01% Denka Co., Ltd. 400 13,344 0.01%
NGK Insulators Ltd. 1,000 17,812 0.01% COMSYS Holdings Corp. 500 13,267 0.01%
Toyo Suisan Kaisha Ltd. 500 17,808 0.01% Pola Orbis Holdings, Inc. 300 13,204 0.01%
Yokogawa Electric Corp. 1,000 17,803 0.01% Suzuken Co., Ltd. 310 13,126 0.01%
Kewpie Corp. 700 17,651 0.01% Yamazaki Baking Co., Ltd. 500 13,091 0.01%
Rinnai Corp. 200 17,641 0.01% Ube Industries Ltd. 500 12,996 0.01%
Advantest Corp. 844 17,586 0.01% Teijin Ltd. 700 12,842 0.01%
Hikari Tsushin, Inc. 100 17,578 0.01% Hakuhodo DY Holdings, Inc. 800 12,842 0.01%
Toyo Seikan Group Holdings Ltd. 1,000 17,569 0.01% Tokuyama Corp. 400 12,838 0.01%
Daifuku Co., Ltd. 400 17,533 0.01% Hino Motors Ltd. 1,200 12,816 0.01%
Azbil Corp. 400 17,442 0.01% Zensho Holdings Co., Ltd. 500 12,698 0.01%
Sojitz Corp. 4,800 17,421 0.01% Toyoda Gosei Co., Ltd. 500 12,680 0.01%
Nihon M&A Center, Inc. 600 17,415 0.01% Lawson, Inc. 200 12,495 0.01%
Shikoku Electric Power Co., Inc. 1,300 17,394 0.01% Yokohama Rubber Co., Ltd. 600 12,475 0.01%
Credit Saison Co., Ltd. 1,100 17,320 0.01% Ebara Corp. 400 12,441 0.01%
THK Co., Ltd. 600 17,199 0.01% Nippon Shinyaku Co., Ltd. 200 12,423 0.01%
Sony Financial Holdings, Inc. 900 17,193 0.01% Nifco, Inc. 400 12,387 0.01%
Sega Sammy Holdings, Inc. 1,000 17,135 0.01% Izumi Co., Ltd. 200 12,369 0.01%
Sharp Corp. 700 17,063 0.01% Hitachi High-Technologies Corp. 300 12,242 0.01%
Sumitomo Dainippon Pharma Co., Ltd. 800 16,937 0.01% Sundrug Co., Ltd. 300 12,161 0.01%
Chugoku Electric Power Co., Inc. 1,300 16,807 0.01% Miura Co., Ltd. 500 12,156 0.01%
Mebuki Financial Group, Inc. 5,000 16,792 0.01% Nippon Yusen KK 600 11,912 0.01%
Taiyo Yuden Co., Ltd. 600 16,765 0.01% Open House Co., Ltd. 200 11,845 0.01%
Konica Minolta, Inc. 1,800 16,722 0.01% Asics Corp. 700 11,837 0.01%
PeptiDream, Inc. 400 16,648 0.01% Amada Holdings Co., Ltd. 1,200 11,538 0.01%
Alfresa Holdings Corp. 700 16,463 0.01% GMO Payment Gateway, Inc. 100 11,538 0.01%
Taiheiyo Cement Corp. 500 16,454 0.01% Hitachi Metals Ltd. 1,100 11,421 0.01%
Keikyu Corp. 1,000 16,395 0.01% Kurita Water Industries Ltd. 400 11,412 0.01%
Oracle Corp. Japan 200 16,341 0.01% Tokyo Century Corp. 200 11,339 0.01%
Park24 Co., Ltd. 600 16,332 0.01% Calbee, Inc. 300 11,281 0.01%
Hitachi Construction Machinery Co., Yamaguchi Financial Group, Inc. 1,000 11,267 0.01%
Ltd. 500 16,251 0.01% Chugoku Bank Ltd. 1,100 11,133 0.01%
Tokai Carbon Co., Ltd. 900 16,177 0.01% Sumitomo Rubber Industries Ltd. 700 11,123 0.01%
118

Nankai Electric Railway Co., Ltd. 400 11,105 0.01% NTN Corp. 1,800 7,378 0.00%
Nomura Real Estate Holdings, Inc. 500 11,096 0.01% Ain Holdings, Inc. 100 7,376 0.00%
Aeon Mall Co., Ltd. 600 10,780 0.01% Nippo Corp. 400 7,295 0.00%
AEON Financial Service Co., Ltd. 500 10,671 0.01% Mochida Pharmaceutical Co., Ltd. 100 7,286 0.00%
Benesse Holdings, Inc. 300 10,644 0.01% Hachijuni Bank Ltd. 1,700 7,275 0.00%
Welcia Holdings Co., Ltd. 200 10,635 0.01% Heiwa Corp. 300 7,242 0.00%
Relo Group, Inc. 400 10,559 0.01% Citizen Watch Co., Ltd. 1,100 7,230 0.00%
Cosmo Energy Holdings Co., Ltd. 300 10,536 0.01% Noevir Holdings Co., Ltd. 100 7,213 0.00%
Nishi-Nippon Financial Holdings, Inc. 900 10,522 0.01% Fuji Oil Holdings, Inc. 200 7,186 0.00%
Sankyu, Inc. 200 10,509 0.01% Kokuyo Co., Ltd. 400 7,103 0.00%
Kyowa Exeo Corp. 400 10,505 0.01% Zeon Corp. 600 7,096 0.00%
Furukawa Electric Co., Ltd. 300 10,495 0.01% Seven Bank Ltd. 2,300 7,039 0.00%
Showa Shell Sekiyu KK 700 10,446 0.01% Aica Kogyo Co., Ltd. 200 7,024 0.00%
Kamigumi Co., Ltd. 500 10,396 0.01% Fujikura Ltd. 1,100 7,001 0.00%
Fukuyama Transporting Co., Ltd. 200 10,220 0.01% Itochu Techno-Solutions Corp. 400 6,912 0.00%
Nichirei Corp. 400 10,176 0.01% Maeda Corp. 600 6,901 0.00%
Hitachi Chemical Co., Ltd. 500 10,089 0.01% Topcon Corp. 400 6,861 0.00%
Kobe Steel Ltd. 1,100 10,070 0.01% Maruichi Steel Tube Ltd. 200 6,780 0.00%
Taiyo Nippon Sanso Corp. 700 10,036 0.01% Nippon Television Holdings, Inc. 400 6,749 0.00%
Kagome Co., Ltd. 300 9,967 0.01% Hiroshima Bank Ltd. 1,000 6,663 0.00%
Capcom Co., Ltd. 400 9,859 0.01% Kusuri no Aoki Holdings Co., Ltd. 100 6,654 0.00%
NOF Corp. 300 9,696 0.01% Kandenko Co., Ltd. 600 6,587 0.00%
NOK Corp. 500 9,678 0.01% SG Holdings Co., Ltd. 300 6,581 0.00%
Daiichikosho Co., Ltd. 200 9,660 0.01% Kinden Corp. 400 6,536 0.00%
Kyudenko Corp. 200 9,660 0.01% Mitsubishi Logistics Corp. 300 6,481 0.00%
Iida Group Holdings Co., Ltd. 500 9,647 0.01% Tsumura & Co. 200 6,464 0.00%
Mitsui OSK Lines Ltd. 400 9,635 0.01% Nippon Paper Industries Co., Ltd. 400 6,385 0.00%
Ezaki Glico Co., Ltd. 200 9,606 0.01% Suruga Bank Ltd. 700 6,263 0.00%
Morinaga & Co., Ltd. 200 9,588 0.01% Dowa Holdings Co., Ltd. 200 6,166 0.00%
Shimachu Co., Ltd. 300 9,534 0.01% Awa Bank Ltd. 1,000 6,157 0.00%
Mabuchi Motor Co., Ltd. 200 9,516 0.01% Sumitomo Forestry Co., Ltd. 400 6,056 0.00%
Penta-Ocean Construction Co., Ltd. 1,400 9,378 0.01% Miraca Holdings, Inc. 200 5,959 0.00%
DeNA Co., Ltd. 500 9,376 0.01% Iyo Bank Ltd. 900 5,948 0.00%
DIC Corp. 300 9,371 0.01% Kyushu Financial Group, Inc. 1,200 5,796 0.00%
Japan Airport Terminal Co., Ltd. 200 9,371 0.01% Sugi Holdings Co., Ltd. 100 5,787 0.00%
K’s Holdings Corp. 900 9,352 0.01% PALTAC Corp. 100 5,760 0.00%
SCSK Corp. 200 9,299 0.01% Glory Ltd. 200 5,597 0.00%
Ito En Ltd. 200 9,263 0.01% Pilot Corp. 100 5,570 0.00%
Daido Steel Co., Ltd. 200 9,245 0.01% DMG Mori Co., Ltd. 400 5,550 0.00%
Shinsei Bank Ltd. 600 9,241 0.01% FP Corp. 100 5,525 0.00%
Air Water, Inc. 500 9,182 0.00% Toyota Boshoku Corp. 300 5,522 0.00%
GS Yuasa Corp. 2,000 9,118 0.00% ABC-Mart, Inc. 100 5,471 0.00%
Sawai Pharmaceutical Co., Ltd. 200 9,100 0.00% Acom Co., Ltd. 1,400 5,384 0.00%
Zenkoku Hosho Co., Ltd. 200 9,082 0.00% Nisshinbo Holdings, Inc. 500 5,372 0.00%
Kaneka Corp. 1,000 8,965 0.00% San-In Godo Bank Ltd. 600 5,368 0.00%
MonotaRO Co., Ltd. 200 8,848 0.00% OKUMA Corp. 100 5,290 0.00%
Shimamura Co., Ltd. 100 8,802 0.00% Mitsui E&S Holdings Co., Ltd. 400 5,247 0.00%
Wacoal Holdings Corp. 300 8,748 0.00% Kaken Pharmaceutical Co., Ltd. 100 5,137 0.00%
Toda Corp. 1,000 8,703 0.00% Fuji Media Holdings, Inc. 300 5,124 0.00%
Ariake Japan Co., Ltd. 100 8,613 0.00% Shiga Bank Ltd. 1,000 5,119 0.00%
Takashimaya Co., Ltd. 1,000 8,559 0.00% Ushio, Inc. 400 5,088 0.00%
Mitsui Mining & Smelting Co., Ltd. 200 8,514 0.00% Japan Steel Works Ltd. 200 5,047 0.00%
NHK Spring Co., Ltd. 900 8,483 0.00% Hokuriku Electric Power Co. 500 5,024 0.00%
Nihon Kohden Corp. 300 8,356 0.00% Sapporo Holdings Ltd. 200 5,012 0.00%
TS Tech Co., Ltd. 200 8,351 0.00% Leopalace21 Corp. 900 4,932 0.00%
Nippon Electric Glass Co., Ltd. 300 8,342 0.00% Tadano Ltd. 400 4,915 0.00%
LINE Corp. 200 8,333 0.00% Ibiden Co., Ltd. 300 4,807 0.00%
Toyobo Co., Ltd. 500 8,319 0.00% H2O Retailing Corp. 300 4,791 0.00%
Hokuhoku Financial Group, Inc. 600 7,990 0.00% Shima Seiki Manufacturing Ltd. 100 4,776 0.00%
Rengo Co., Ltd. 900 7,922 0.00% Ci:z Holdings Co., Ltd. 100 4,758 0.00%
Gunma Bank Ltd. 1,500 7,882 0.00% Nagase & Co., Ltd. 300 4,691 0.00%
Nippon Kayaku Co., Ltd. 700 7,830 0.00% Sumitomo Osaka Cement Co., Ltd. 1,000 4,686 0.00%
Sankyo Co., Ltd. 200 7,827 0.00% Nipro Corp. 400 4,622 0.00%
Bic Camera, Inc. 500 7,715 0.00% Tokyo Broadcasting System Holdings,
Ulvac, Inc. 200 7,656 0.00% Inc. 200 4,492 0.00%
Morinaga Milk Industry Co., Ltd. 200 7,475 0.00% Toyo Tire & Rubber Co., Ltd. 300 4,390 0.00%
Sanwa Holdings Corp. 700 7,419 0.00% 77 Bank Ltd. 200 4,364 0.00%
Kawasaki Kisen Kaisha Ltd. 400 7,392 0.00% Chiyoda Corp. 500 4,347 0.00%
119

NTT Urban Development Corp. 400 4,297 0.00% Signify NV 432 11,223 0.01%
Keiyo Bank Ltd. 1,000 4,288 0.00% Boskalis Westminster 335 9,759 0.01%
OSG Corp. 200 4,122 0.00% Altice Europe NV Class A 1,909 7,779 0.00%
Jafco Co., Ltd. 100 4,067 0.00% GrandVision NV 183 4,113 0.00%
Daishi Bank Ltd. 100 3,977 0.00% Altice Europe NV Class B 531 2,158 0.00%
Tokai Tokyo Financial Holdings, Inc. 600 3,835 0.00% 2,432,176 1.26%
GungHo Online Entertainment, Inc. 1,500 3,819 0.00%
New Zealand 0.08% (30 June 2017: 0.10%)
Japan Post Insurance Co., Ltd. 184 3,784 0.00%
Fisher & Paykel Healthcare Corp., Ltd. 2,719 27,411 0.01%
Spark New Zealand Ltd. 10,738 27,118 0.01%
Resorttrust, Inc. 200 3,539 0.00%
Auckland International Airport Ltd. 4,013 18,421 0.01%
Itoham Yonekyu Holdings, Inc. 400 3,442 0.00%
ASKUL Corp. 100 3,241 0.00%
Ryman Healthcare Ltd. 1,888 15,301 0.01%
Fujitsu General Ltd. 200 3,131 0.00%
Exedy Corp. 100 3,097 0.00%
Yamato Kogyo Co., Ltd. 100 3,020 0.00%
HIS Co., Ltd. 100 3,015 0.00%
Mercury NZ Ltd. 2,048 4,673 0.00%
Lintec Corp. 100 2,903 0.00%
Kiwi Property Group Ltd. 3,759 3,423 0.00%
Nisshin Steel Co., Ltd. 200 2,761 0.00%
Hokkaido Electric Power Co., Inc. 400 2,723 0.00%
Sky Network Television Ltd. 892 1,570 0.00%
Kissei Pharmaceutical Co., Ltd. 100 2,713 0.00%
Megmilk Snow Brand Co., Ltd. 100 2,668 0.00% 154,594 0.08%
Japan Petroleum Exploration Co., Ltd. 100 2,612 0.00% Norway 0.25% (30 June 2017: 0.22%)
Hitachi Capital Corp. 100 2,586 0.00% Equinor A.S.A 4,504 119,585 0.06%
Hitachi Transport System Ltd. 100 2,562 0.00% DNB A.S.A 4,912 96,005 0.05%
Komeri Co., Ltd. 100 2,539 0.00% Telenor A.S.A 3,163 64,868 0.03%
NS Solutions Corp. 100 2,522 0.00% Marine Harvest A.S.A 1,917 38,150 0.02%
Orient Corp. 1,800 2,421 0.00% Norsk Hydro A.S.A 6,191 37,061 0.02%
Daikyo, Inc. 100 2,189 0.00% Yara International A.S.A 825 34,213 0.02%
Gree, Inc. 400 2,141 0.00% Orkla A.S.A 3,620 31,712 0.02%
Canon Marketing Japan, Inc. 100 2,084 0.00% Schibsted A.S.A Class B 694 19,584 0.01%
KYORIN Holdings, Inc. 100 2,076 0.00% Aker BP A.S.A 448 16,534 0.01%
Koei Tecmo Holdings Co., Ltd. 100 1,966 0.00% Gjensidige Forsikring A.S.A 927 15,195 0.01%
Sanrio Co., Ltd. 100 1,937 0.00% Schibsted A.S.A Class A 138 4,192 0.00%
Tokai Rika Co., Ltd. 100 1,900 0.00%
477,099 0.25%
Ichigo, Inc. 400 1,878 0.00%
Portugal 0.06% (30 June 2017: 0.06%)
Aiful Corp. 600 1,874 0.00%
Autobacs Seven Co., Ltd. 100 1,773 0.00% Galp Energia SGPS SA 2,362 45,048 0.02%
Japan Display, Inc. 1,100 1,430 0.00% EDP-Energias de Portugal SA 11,040 43,825 0.02%
Matsui Securities Co., Ltd. 100 956 0.00% Jeronimo Martins SGPS SA 1,161 16,768 0.01%
SKY Perfect JSAT Holdings, Inc. 200 953 0.00% EDP Renovaveis SA 658 6,860 0.01%
Nissan Shatai Co., Ltd. 100 911 0.00% 112,501 0.06%
COLOPL, Inc. 100 677 0.00% Singapore 0.41% (30 June 2017: 0.46%)
17,940,318 9.30% DBS Group Holdings Ltd. 8,300 161,982 0.08%
Netherlands 1.26% (30 June 2017: 1.16%) Oversea-Chinese Banking Corp., Ltd. 15,500 132,321 0.07%
Unilever NV 7,075 394,724 0.20% United Overseas Bank Ltd. 6,100 119,718 0.06%
ASML Holding NV 1,898 376,057 0.19% Singapore Telecommunications Ltd. 33,300 75,221 0.04%
ING Groep NV 18,265 262,898 0.14% Keppel Corp., Ltd. 6,800 35,658 0.02%
Koninklijke Philips NV 4,426 188,229 0.10% CapitaLand Ltd. 12,500 28,970 0.02%
Koninklijke Ahold Delhaize NV 5,815 139,215 0.07% Genting Singapore Ltd. 26,500 23,711 0.01%
Heineken NV 1,137 114,192 0.06% Wilmar International Ltd. 9,700 21,769 0.01%
Unibail-Rodamco-Westfield (XAMS) 483 106,328 0.06% Singapore Exchange Ltd. 4,100 21,560 0.01%
Akzo Nobel NV 1,193 102,126 0.05% City Developments Ltd. 2,400 19,239 0.01%
RELX NV 4,071 86,815 0.05% Singapore Technologies Engineering
ArcelorMittal 2,775 81,355 0.04% Ltd. 7,500 18,097 0.01%
Koninklijke DSM NV 790 79,434 0.04% Singapore Airlines Ltd. 2,300 18,032 0.01%
Wolters Kluwer NV 1,397 78,715 0.04% ComfortDelGro Corp., Ltd. 9,900 17,063 0.01%
NN Group NV 1,547 62,928 0.03% Singapore Press Holdings Ltd. 8,400 16,018 0.01%
ABN AMRO Group NV GDR 1,981 51,393 0.03% Venture Corp., Ltd. 1,200 15,701 0.01%
Aegon NV 8,569 51,384 0.03% UOL Group Ltd. 1,700 9,500 0.01%
Heineken Holding NV 486 46,586 0.02% SATS Ltd. 2,200 8,067 0.01%
Koninklijke KPN NV 14,811 40,292 0.02% Sembcorp Industries Ltd. 3,900 7,866 0.01%
Randstad NV 549 32,318 0.02% Jardine Cycle & Carriage Ltd. 311 7,258 0.00%
ASR Nederland NV 689 28,139 0.01% Sembcorp Marine Ltd. 4,500 6,733 0.00%
Aalberts Industries NV 518 24,809 0.01% Golden Agri-Resources Ltd. 22,600 5,055 0.00%
Gemalto NV 397 23,092 0.01% Singapore Post Ltd. 5,400 4,990 0.00%
OCI NV 488 13,179 0.01% Hutchison Port Holdings Trust 15,600 4,368 0.00%
Koninklijke Vopak NV 280 12,936 0.01% Frasers Property Ltd. 3,300 3,993 0.00%
StarHub Ltd. 1,300 1,583 0.00%
120

Wing Tai Holdings Ltd. 600 876 0.00% Mirae Asset Daewoo Co., Ltd. 1,652 12,629 0.01%
SIA Engineering Co., Ltd. 200 461 0.00% Amorepacific Group 112 12,411 0.01%
M1 Ltd. 300 352 0.00% LG Uplus Corp. 971 12,197 0.01%
786,162 0.41% Korea Aerospace Industries Ltd. 327 12,088 0.01%
Samsung Securities Co., Ltd. 379 11,817 0.01%
South Korea 1.79% (30 June 2017: 1.91%)
BNK Financial Group, Inc. 1,407 11,804 0.01%
Samsung Electronics Co., Ltd. 22,184 928,563 0.48%
Samsung Engineering Co., Ltd. 783 10,995 0.01%
SK Hynix, Inc. 2,470 189,932 0.10%
Hyundai Motor Co. New - Preference
Samsung Electronics Co., Ltd. - Shares 132 10,754 0.01%
Hyosung Corp. 82 9,859 0.01%
Celltrion, Inc. 361 98,307 0.05%
Netmarble Corp. 70 9,578 0.01%
POSCO 326 96,235 0.05%
Daelim Industrial Co., Ltd. 137 9,404 0.01%
NAVER Corp. 139 95,161 0.05%
Kangwon Land, Inc. 392 9,198 0.01%
KB Financial Group, Inc. 1,821 86,271 0.05%
Hyundai Glovis Co., Ltd. 88 9,120 0.01%
Hyundai Motor Co. 735 82,766 0.04%
Lotte Shopping Co., Ltd. 48 9,044 0.01%
Shinhan Financial Group Co., Ltd. 2,109 81,938 0.04%
DB Insurance Co., Ltd. 157 8,311 0.01%
Hyundai Mobis Co., Ltd. 317 60,300 0.03%
DGB Financial Group, Inc. 900 8,277 0.00%
LG Chem Ltd. 189 56,556 0.03%
Hana Financial Group, Inc. 1,466 56,364 0.03%
GS Engineering & Construction Corp. 186 7,677 0.00%
KT&G Corp. 521 50,020 0.03%
KCC Corp. 24 7,063 0.00%
SK Innovation Co., Ltd. 273 49,481 0.03%
CJ CheilJedang Corp. 22 6,958 0.00%
Samsung SDI Co., Ltd. 247 47,428 0.03%
Hyundai Motor Co. - Preference Shares 94 6,941 0.00%
Amorepacific Corp. 152 43,984 0.02%
OCI Co., Ltd. 75 6,931 0.00%
LG Household & Health Care Ltd. 34 42,588 0.02%
Korean Air Lines Co., Ltd. 269 6,819 0.00%
Woori Bank 2,543 37,192 0.02%
Hanwha Chemical Corp. 346 6,783 0.00%
Samsung C&T Corp. 350 36,586 0.02%
BGF retail Co., Ltd. 38 6,649 0.00%
Samsung Fire & Marine Insurance
Hyundai Marine & Fire Insurance Co., Ltd. 212 6,410 0.00%
Co., Ltd. 152 36,005 0.02%
NH Investment & Securities Co., Ltd. 466 6,251 0.00%
Samsung Electro-Mechanics Co., Ltd. 260 34,643 0.02%
Hyundai Construction Equipment Co., Ltd. 48 6,073 0.00%
Korea Electric Power Corp. 1,200 34,455 0.02%
Yuhan Corp. 31 6,050 0.00%
SK Holdings Co., Ltd. 144 33,464 0.02%
Hyundai Department Store Co., Ltd. 58 6,011 0.00%
Kia Motors Corp. 1,135 31,418 0.02%
Hanwha Corp. 204 5,775 0.00%
NCSoft Corp. 86 28,628 0.02%
Hanwha Life Insurance Co., Ltd. 1,208 5,745 0.00%
LG Corp. 433 28,012 0.02%
CJ Corp. 44 5,606 0.00%
Samsung Life Insurance Co., Ltd. 302 26,664 0.01%
Cheil Worldwide, Inc. 299 5,540 0.00%
Samsung SDS Co., Ltd. 147 26,446 0.01%
Hanon Systems 574 5,459 0.00%
E-MART, Inc. 106 24,206 0.01%
S-1 Corp. 62 5,385 0.00%
LG Electronics, Inc. 316 23,533 0.01%
Lotte Corp. 427 21,953 0.01%
HDC Hyundai Development Co.-
SK Telecom Co., Ltd. 105 21,952 0.01%
Engineering & Construction Class E 105 5,078 0.00%
Samsung Biologics Co., Ltd. 56 20,953 0.01%
Korea Gas Corp. 87 5,012 0.00%
Kakao Corp. 200 20,547 0.01%
Amorepacific Corp. - Preference Shares 36 5,007 0.00%
Celltrion Healthcare Co., Ltd. 203 20,200 0.01%
Mando Corp. 145 4,996 0.00%
Lotte Chemical Corp. 64 19,984 0.01%
Samsung Card Co., Ltd. 136 4,674 0.00%
Coway Co., Ltd. 256 19,892 0.01%
GS Retail Co., Ltd. 114 4,496 0.00%
Hyundai Steel Co. 395 18,642 0.01%
SKC Co., Ltd. 106 4,104 0.00%
Hyundai Engineering & Construction
NongShim Co., Ltd. 14 4,083 0.00%
Co., Ltd. 355 18,315 0.01%
Daewoo Engineering & Construction
Hyundai Heavy Industries Co., Ltd. 189 17,297 0.01%
Co., Ltd. 747 3,934 0.00%
Orion Corp./Republic of Korea 123 16,444 0.01%
Doosan Heavy Industries &
S-Oil Corp. 167 16,408 0.01% Construction Co., Ltd. 268 3,763 0.00%
LG Electronics, Inc. - Preference Shares 532 16,325 0.01% Samsung Fire & Marine Insurance
LG Display Co., Ltd. 958 15,730 0.01% Co., Ltd. - Preference Shares 22 3,603 0.00%
Hyundai Heavy Industries Holdings NHN Entertainment Corp. 61 3,552 0.00%
Co., Ltd. 49 15,542 0.01% LS Corp. 52 3,499 0.00%
Hankook Tire Co., Ltd. 399 15,072 0.01% Paradise Co., Ltd. 209 3,385 0.00%
Korea Investment Holdings Co., Ltd. 192 14,488 0.01% Hanmi Science Co. ltd 58 3,362 0.00%
Korea Zinc Co., Ltd. 41 14,200 0.01% Dongsuh Cos, Inc. 140 3,285 0.00%
Industrial Bank of Korea 1,019 14,080 0.01% Hyundai Mipo Dockyard Co., Ltd. 39 3,002 0.00%
SillaJen, Inc. 213 14,009 0.01% Doosan Infracore Co., Ltd. 330 2,854 0.00%
LG Household & Health Care Ltd. - Hanssem Co., Ltd. 29 2,732 0.00%
Preference Shares 21 13,755 0.01%
Hanwha Aerospace Co., Ltd. 126 2,651 0.00%
Hotel Shilla Co., Ltd. 124 13,741 0.01%
CJ CheilJedang Corp. - Preference Shares 21 2,544 0.00%
Samsung Heavy Industries Co., Ltd. 2,117 13,563 0.01%
Doosan Corp. 27 2,520 0.00%
Hanmi Pharm Co., Ltd. 35 13,221 0.01%
CJ Logistics Corp. 16 2,412 0.00%
LG Chem Ltd. - Preference Shares 72 13,018 0.01%
Ottogi Corp. 3 2,312 0.00%
Shinsegae, Inc. 36 12,969 0.01%
FIT Hon Teng Ltd. 5,000 2,263 0.00%
GS Holdings Corp. 262 12,789 0.01%
Posco Daewoo Corp. 107 2,055 0.00%
121

HDC Holdings Co., Ltd. 75 1,925 0.00% Swedish Match AB 846 41,960 0.02%
BGF Co., Ltd. 180 1,744 0.00% Kinnevik AB Class B 1,206 41,373 0.02%
KEPCO Plant Service & Engineering Boliden AB 1,247 40,507 0.02%
Co., Ltd. 48 1,535 0.00% Atlas Copco AB Class B 1,494 39,187 0.02%
Hyundai Wia Corp. 34 1,243 0.00% Alfa Laval AB 1,429 33,960 0.02%
SK Networks Co., Ltd. 276 1,114 0.00% Epiroc AB Class A 3,114 32,717 0.02%
Hyundai Electric & Energy System Svenska Cellulosa AB SCA Class B 2,859 31,102 0.02%
Co., Ltd. 16 1,005 0.00% SKF AB Class B 1,659 30,914 0.02%
Hite Jinro Co., Ltd. 31 547 0.00% Lundin Petroleum AB 956 30,531 0.02%
Lotte Confectionery Co., Ltd. 3 487 0.00% Electrolux AB 1,249 28,482 0.02%
LG Hausys Ltd. 5 311 0.00% Skanska AB Class B 1,532 27,879 0.01%
3,443,373 1.79% Securitas AB Class B 1,527 25,168 0.01%
Spain 1.08% (30 June 2017: 1.27%) Trelleborg AB Class B 1,039 22,218 0.01%
Banco Santander SA 75,037 402,303 0.21%
Tele2 AB Class B 1,661 19,551 0.01%
Banco Bilbao Vizcaya Argentaria SA 31,232 221,488 0.11%
Saab AB Class B 448 18,629 0.01%
Iberdrola SA 28,040 216,857 0.11%
L E Lundbergforetagen AB Class B 569 17,504 0.01%
Telefonica SA 21,396 181,836 0.09%
Industrivarden AB Class C 852 16,543 0.01%
Industria de Diseno Textil SA 4,900 167,396 0.09%
Amadeus IT Group SA 1,933 152,565 0.08%
ICA Gruppen AB 452 13,879 0.01%
Repsol SA 5,912 115,721 0.06%
Epiroc AB Class B 1,494 13,694 0.01%
CaixaBank SA 17,204 74,441 0.04%
Aena SME SA 300 54,466 0.03%
Class C 1,154 10,797 0.01%
Grifols SA 1,582 47,617 0.02%
Svenska Handelsbanken AB Class B 702 8,067 0.00%
Fastighets AB Balder Class B 295 7,710 0.00%
ACS Actividades de Construccion
Telefonaktiebolaget LM Ericsson Class A 694 5,314 0.00%
y Servicios SA 1,124 45,538 0.02%
Investment AB Latour Class B 420 4,549 0.00%
Ferrovial SA 2,209 45,328 0.02%
Red Electrica Corp. SA 1,929 39,278 0.02% 1,794,395 0.93%
Gas Natural SDG SA 1,356 35,907 0.02% Switzerland 2.76% (30 June 2017: 3.19%)
Enagas SA 1,209 35,346 0.02% Nestle SA 14,459 1,119,792 0.58%
Bankinter SA 3,234 31,498 0.02% Novartis AG 10,175 771,412 0.40%
Endesa SA 1,378 30,400 0.02% Roche Holding AG 3,213 713,658 0.37%
Grifols SA - Preference Shares Class B 1,291 27,825 0.01% UBS Group AG 16,215 250,259 0.13%
Bankia SA 4,926 18,445 0.01% Zurich Insurance Group AG 718 212,663 0.11%
Cellnex Telecom SA 631 15,913 0.01% Cie Financiere Richemont SA 2,455 207,981 0.11%
Grupo Catalana Occidente SA 303 13,496 0.01% ABB Ltd. 8,731 190,896 0.10%
Siemens Gamesa Renewable Credit Suisse Group AG 11,899 179,153 0.09%
Energy SA 928 12,465 0.01% Swiss Re AG 1,418 122,385 0.06%
Mapfre SA 3,605 10,880 0.01% LafargeHolcim Ltd. 2,300 112,064 0.06%
Acerinox SA 765 10,129 0.01% Givaudan SA 44 99,792 0.05%
Acciona SA 118 9,771 0.01% Lonza Group AG 351 93,145 0.05%
Distribuidora Internacional de Sika AG 600 83,025 0.04%
Alimentacion SA 2,174 6,333 0.00%
Geberit AG 168 72,059 0.04%
Zardoya Otis SA 596 5,692 0.00%
Swatch Group AG 144 68,320 0.04%
Corp. Financiera Alba SA 87 5,059 0.00%
Chocoladefabriken Lindt & Spruengli AG 10 64,757 0.03%
Mediaset Espana Comunicacion SA 497 4,191 0.00%
Swiss Life Holding AG 174 60,456 0.03%
Repsol SA - Rights Issue 7/6/2018 5,912 3,355 0.00%
Julius Baer Group Ltd. 1,008 59,163 0.03%
ACS Actividades de Construccion y
SGS SA 22 58,537 0.03%
Servicios SA - Rights Issue 7/6/2018 1,124 1,157 0.00%
Swisscom AG 130 58,025 0.03%
2,089,405 1.08% Partners Group Holding AG 79 57,881 0.03%
Sweden 0.93% (30 June 2017: 1.09%) Schindler Holding AG 212 45,605 0.02%
Nordea Bank AB 15,123 145,854 0.08% Sonova Holding AG 253 45,315 0.02%
Volvo AB Class B 6,880 110,129 0.06% Adecco Group AG 760 44,975 0.02%
Swedbank AB Class A 4,860 104,197 0.05% Temenos Group AG 272 41,090 0.02%
Telefonaktiebolaget LM Ericsson Straumann Holding AG 49 37,258 0.02%
Class B 13,042 100,971 0.05% Kuehne + Nagel International AG 246 36,964 0.02%
Assa Abloy AB Class B 4,437 94,682 0.05% Vifor Pharma AG 214 34,192 0.02%
Atlas Copco AB Class A 3,114 90,782 0.05% Swiss Prime Site AG 361 33,139 0.02%
Sandvik AB 5,039 89,560 0.05% Roche Holding AG BR 143 32,259 0.02%
Investor AB Class B 2,039 83,169 0.04% Logitech International SA 678 29,818 0.02%
Svenska Handelsbanken AB Class A 6,025 67,052 0.03% Georg Fischer AG 22 28,161 0.02%
Essity AB Class B 2,696 66,662 0.03% ams AG 378 28,087 0.01%
Hexagon AB Class B 1,170 65,327 0.03% Baloise Holding AG 191 27,757 0.01%
Hennes & Mauritz AB Class B 4,276 63,810 0.03% Flughafen Zurich AG 111 22,626 0.01%
Skandinaviska Enskilda Banken AB Dufry AG 162 20,622 0.01%
Class A 6,082 57,897 0.03% Clariant AG 812 19,479 0.01%
Telia Co. AB 12,260 56,133 0.03% Helvetia Holding AG 32 18,257 0.01%
122

EMS-Chemie Holding AG 28 17,949 0.01% Carnival plc 792 45,454 0.02%
Schindler Holding AG REG 78 16,402 0.01% International Consolidated Airlines
Barry Callebaut AG 8 14,341 0.01% Group SA 5,027 44,069 0.02%
PSP Swiss Property AG 150 13,898 0.01% Sage Group plc 5,242 43,504 0.02%
OC Oerlikon Corp. AG 907 13,875 0.01% Whitbread plc 822 42,965 0.02%
Swatch Group AG-REG 159 13,747 0.01% Pearson plc 3,654 42,694 0.02%
Banque Cantonale Vaudoise 17 13,046 0.01% TUI AG 1,944 42,669 0.02%
Pargesa Holding SA 91 7,707 0.00% Rentokil Initial plc 9,120 42,239 0.02%
Sulzer AG 56 6,802 0.00% Smiths Group plc 1,877 42,078 0.02%
DKSH Holding AG 76 5,346 0.00% ITV plc 18,073 41,518 0.02%
Aryzta AG 294 4,410 0.00% Johnson Matthey plc 830 39,657 0.02%
5,328,550 2.76% DCC plc 430 39,143 0.02%
Kingfisher plc 9,730 38,153 0.02%
United Kingdom 6.50% (30 June 2017: 6.60%)
WM Morrison Supermarkets plc 10,688 35,559 0.02%
HSBC Holdings plc 93,457 876,909 0.45% Croda International plc 559 35,440 0.02%
Royal Dutch Shell plc Class A 21,694 752,985 0.39% DS Smith plc 5,109 35,156 0.02%
BP plc 91,081 695,404 0.36% Taylor Wimpey plc 14,828 35,023 0.02%
Royal Dutch Shell plc Class B 17,191 615,867 0.32% Micro Focus International plc 1,969 34,405 0.02%
British American Tobacco plc 10,718 541,962 0.28% St James’s Place plc 2,189 33,163 0.02%
GlaxoSmithKline plc 22,768 459,850 0.24% Spirax-Sarco Engineering plc 381 32,797 0.02%
AstraZeneca plc 5,919 410,499 0.21% Coca-Cola European Partners plc
Diageo plc 11,317 406,701 0.21% (XNYS) 805 32,715 0.02%
Vodafone Group plc 126,463 306,911 0.16% United Utilities Group plc 3,183 32,072 0.02%
Rio Tinto plc 5,514 305,827 0.16% Randgold Resources Ltd. 415 31,888 0.02%
Unilever plc 5,359 296,593 0.15% Weir Group plc 1,178 31,105 0.02%
Lloyds Banking Group plc 335,404 279,196 0.14% Barratt Developments plc 4,563 31,049 0.02%
Prudential plc 12,141 278,026 0.14% Hargreaves Lansdown plc 1,184 30,818 0.02%
Glencore plc 55,083 263,258 0.14% Coca-Cola HBC AG 893 29,840 0.02%
Reckitt Benckiser Group plc 2,929 241,263 0.13% Marks & Spencer Group plc 7,582 29,540 0.02%
Shire plc 4,173 234,976 0.12% J Sainsbury plc 6,817 28,909 0.02%
BHP Billiton plc 9,998 225,190 0.12% Direct Line Insurance Group plc 6,337 28,688 0.02%
Barclays plc 79,860 199,272 0.10% John Wood Group plc 3,446 28,562 0.01%
National Grid plc 15,803 174,923 0.09% Halma plc 1,557 28,162 0.01%
Imperial Brands plc 4,468 166,466 0.09% Just Eat plc 2,705 27,820 0.01%
Compass Group plc 7,544 161,202 0.08% Royal Mail plc 4,073 27,177 0.01%
Tesco plc 44,364 150,353 0.08% Smurfit Kappa Group plc 668 27,040 0.01%
CRH plc 3,955 139,678 0.07% Rightmove plc 383 26,850 0.01%
BAE Systems plc 14,880 127,066 0.07% Hiscox Ltd. 1,327 26,718 0.01%
Aviva plc 18,593 123,719 0.06% Berkeley Group Holdings plc 531 26,535 0.01%
Standard Chartered plc 12,742 116,514 0.06% Severn Trent plc 990 25,873 0.01%
BT Group plc Class A 39,599 113,867 0.06% B&M European Value Retail SA 4,771 25,454 0.01%
Experian plc 4,263 105,501 0.05% Auto Trader Group plc 4,458 25,067 0.01%
RELX plc 4,917 105,327 0.05% Meggitt plc 3,648 23,759 0.01%
Anglo American plc 4,620 103,375 0.05% Travis Perkins plc 1,253 23,532 0.01%
Rolls-Royce Holdings plc 7,740 100,982 0.05% Inchcape plc 2,278 23,474 0.01%
Legal & General Group plc 28,014 98,381 0.05% Bellway plc 577 22,884 0.01%
Sky plc 4,859 93,757 0.05% Schroders plc 540 22,515 0.01%
WPP plc 5,853 92,188 0.05% G4S plc 6,353 22,454 0.01%
SSE plc 4,933 88,248 0.05% Antofagasta plc 1,709 22,337 0.01%
Ferguson plc 1,084 88,016 0.05% Admiral Group plc 836 21,054 0.01%
London Stock Exchange Group plc 1,469 86,713 0.05% Pennon Group plc 2,002 20,997 0.01%
Smith & Nephew plc 4,290 79,181 0.04% easyJet plc 936 20,674 0.01%
Royal Bank of Scotland Group plc 23,043 77,912 0.04% Cobham plc 11,443 19,436 0.01%
Ashtead Group plc 2,382 71,482 0.04% Tate & Lyle plc 2,262 19,316 0.01%
Informa plc 5,829 64,259 0.03% Investec plc 2,701 19,185 0.01%
Associated British Foods plc 1,662 60,079 0.03% RPC Group plc 1,884 18,610 0.01%
Melrose Industries plc 21,311 59,845 0.03% Howden Joinery Group plc 2,567 18,172 0.01%
Intertek Group plc 774 58,410 0.03% Inmarsat plc 2,477 17,986 0.01%
InterContinental Hotels Group plc 932 58,078 0.03% Smurfit Kappa Group plc (XDUB) 442 17,907 0.01%
Burberry Group plc 1,987 56,664 0.03% ConvaTec Group plc 6,327 17,742 0.01%
Standard Life Aberdeen plc 12,186 52,401 0.03% William Hill plc 4,397 17,613 0.01%
3i Group plc 4,397 52,281 0.03% CYBG plc 4,195 17,590 0.01%
Centrica plc 25,029 52,095 0.03% Capita plc 8,235 17,368 0.01%
Next plc 619 49,443 0.03% Merlin Entertainments plc 3,330 17,001 0.01%
Bunzl plc 1,510 45,753 0.02% Evraz plc 2,417 16,223 0.01%
Persimmon plc 1,367 45,715 0.02% IMI plc 1,054 15,752 0.01%
RSA Insurance Group plc 5,096 45,710 0.02% NMC Health plc 329 15,559 0.01%
Mondi plc 1,680 45,492 0.02%
123

Quilter plc 7,328 14,021 0.01% PayPal Holdings, Inc. 5,542 461,482 0.24%
Capital & Counties Properties plc 3,689 13,993 0.01% Booking Holdings, Inc. 224 454,068 0.24%
Hikma Pharmaceuticals plc 668 13,238 0.01% Salesforce.com, Inc. 3,302 450,393 0.23%
Fresnillo plc 871 13,150 0.01% Schlumberger Ltd. 6,505 436,030 0.23%
Mediclinic International plc 1,598 11,110 0.01% United Technologies Corp. 3,469 433,729 0.22%
Dixons Carphone plc 4,263 10,502 0.01% Gilead Sciences, Inc. 6,083 430,920 0.22%
KAZ Minerals plc 928 10,328 0.01% Bristol-Myers Squibb Co. 7,718 427,114 0.22%
Babcock International Group plc 890 9,609 0.01% Costco Wholesale Corp. 2,041 426,528 0.22%
Polymetal International plc 1,037 9,173 0.00% QUALCOMM, Inc. 6,908 387,677 0.20%
Ashmore Group plc 1,465 7,214 0.00% ConocoPhillips 5,562 387,226 0.20%
Rolls-Royce Holdings plc- Thermo Fisher Scientific, Inc. 1,867 386,730 0.20%
Entitlement offer 519,436 686 0.00% Eli Lilly & Co. 4,488 382,961 0.20%
12,551,497 6.50% Lowe’s Cos, Inc. 3,849 367,849 0.19%
United States 56.48% (30 June 2017: 55.38%) US Bancorp 7,315 365,896 0.19%
Goldman Sachs Group, Inc. 1,653 364,602 0.19%
Apple, Inc. 22,980 4,253,828 2.20%
NextEra Energy, Inc. 2,181 364,292 0.19%
Microsoft Corp. 35,333 3,484,187 1.81%
Caterpillar, Inc. 2,666 361,696 0.19%
Amazon.com, Inc. 1,898 3,226,220 1.67%
Lockheed Martin Corp. 1,161 342,994 0.18%
United Parcel Service, Inc. Class B 3,223 342,379 0.18%
JPMorgan Chase & Co. 15,789 1,645,214 0.85%
EOG Resources, Inc. 2,710 337,205 0.17%
Exxon Mobil Corp. 19,756 1,634,414 0.85%
CVS Health Corp. 4,797 308,687 0.16%
Starbucks Corp. 6,294 307,462 0.16%
Morgan Stanley 6,408 303,739 0.16%
Johnson & Johnson 12,592 1,527,913 0.79%
American Express Co. 3,094 303,212 0.16%
Bank of America Corp. 44,121 1,243,771 0.64%
PNC Financial Services Group, Inc. 2,228 301,003 0.16%
Wells Fargo & Co. 20,506 1,136,853 0.59%
Occidental Petroleum Corp. 3,586 300,076 0.16%
Berkshire Hathaway, Inc. Class B 6,039 1,127,179 0.58%
Becton Dickinson & Co. 1,235 295,857 0.15%
Chevron Corp. 8,866 1,120,928 0.58%
BlackRock, Inc. Class A 582 290,441 0.15%
Visa, Inc. Class A 8,437 1,117,481 0.58%
Biogen, Inc. 983 285,306 0.15%
Charles Schwab Corp. 5,567 284,474 0.15%
AT&T, Inc. 34,018 1,092,318 0.57%
Danaher Corp. 2,876 283,804 0.15%
Intel Corp. 21,777 1,082,535 0.56%
Anthem, Inc. 1,191 283,494 0.15%
Home Depot, Inc. 5,341 1,042,029 0.54%
TJX Cos, Inc. 2,977 283,351 0.15%
Pfizer, Inc. 26,928 976,948 0.51%
Micron Technology, Inc. 5,400 283,176 0.15%
Cisco Systems, Inc. 22,537 969,767 0.50%
Automatic Data Processing, Inc. 2,073 278,072 0.14%
Verizon Communications, Inc. 19,208 966,354 0.50%
Chubb Ltd. 2,180 276,904 0.14%
Procter & Gamble Co. 11,718 914,707 0.47%
Aetna, Inc. 1,497 274,699 0.14%
Boeing Co. 2,566 860,919 0.45%
Mondelez International, Inc. Class A 6,694 274,454 0.14%
Mastercard, Inc. Class A 4,306 846,215 0.44%
Celgene Corp. 3,441 273,284 0.14%
Citigroup, Inc. 11,993 802,572 0.42%
Stryker Corp. 1,598 269,838 0.14%
Coca-Cola Co. 17,931 786,454 0.41%
Activision Blizzard, Inc. 3,516 268,341 0.14%
Merck & Co., Inc. 12,571 763,060 0.40%
FedEx Corp. 1,174 266,568 0.14%
Netflix, Inc. 1,946 761,723 0.39%
Raytheon Co. 1,369 264,463 0.14%
Walt Disney Co. 7,009 734,613 0.38%
Allergan plc 1,586 264,418 0.14%
PepsiCo, Inc. 6,688 728,123 0.38%
Duke Energy Corp. 3,317 262,308 0.14%
DowDuPont, Inc. 10,942 721,297 0.37%
CME Group, Inc. Class A 1,594 261,288 0.14%
Comcast Corp. Class A 21,396 702,003 0.36%
Colgate-Palmolive Co. 3,998 259,110 0.13%
AbbVie, Inc. 7,447 689,965 0.36%
Intuitive Surgical, Inc. 528 252,637 0.13%
NVIDIA Corp. 2,725 645,553 0.33%
CSX Corp. 3,891 248,168 0.13%
International Business Machines Corp. 4,279 597,776 0.31%
Charter Communications, Inc. Class A 827 242,485 0.13%
Oracle Corp. 13,388 589,875 0.31%
General Motors Co. 6,150 242,310 0.13%
Philip Morris International, Inc. 7,283 588,029 0.30%
S&P Global, Inc. 1,174 239,367 0.12%
Walmart, Inc. 6,718 575,397 0.30%
Walgreens Boots Alliance, Inc. 3,986 239,220 0.12%
McDonald’s Corp. 3,667 574,582 0.30%
Bank of New York Mellon Corp. 4,411 237,885 0.12%
Amgen, Inc. 3,092 570,752 0.30%
Intuit, Inc. 1,144 233,725 0.12%
Berkshire Hathaway, Inc. Class A 2 564,080 0.29%
Northrop Grumman Corp. 750 230,775 0.12%
Adobe Systems, Inc. 2,307 562,470 0.29%
Twenty-First Century Fox, Inc. Class A 4,625 229,816 0.12%
General Electric Co. 40,447 550,484 0.29%
Valero Energy Corp. 2,049 227,091 0.12%
Medtronic plc 6,315 540,627 0.28%
Applied Materials, Inc. 4,885 225,638 0.12%
3M Co. 2,712 533,505 0.28%
American International Group, Inc. 4,249 225,282 0.12%
Union Pacific Corp. 3,595 509,340 0.26%
Phillips 66 1,980 222,374 0.12%
Texas Instruments, Inc. 4,567 503,512 0.26%
Illinois Tool Works, Inc. 1,599 221,525 0.11%
Honeywell International, Inc. 3,481 501,438 0.26%
General Dynamics Corp. 1,188 221,455 0.11%
Altria Group, Inc. 8,814 500,547 0.26%
Cognizant Technology Solutions Corp.
Accenture plc Class A 2,988 488,807 0.25%
Class A 2,776 219,276 0.11%
Broadcom, Inc. 2,001 485,523 0.25%
Southern Co. 4,733 219,185 0.11%
Abbott Laboratories 7,935 483,956 0.25%
Praxair, Inc. 1,366 216,033 0.11%
NIKE, Inc. Class B 5,810 462,941 0.24%
124

Tesla, Inc. 629 215,716 0.11% Lam Research Corp. 752 129,983 0.07%
Deere & Co. 1,515 211,797 0.11% McKesson Corp. 970 129,398 0.07%
Dominion Energy, Inc. 3,064 208,904 0.11% Regeneron Pharmaceuticals, Inc. 374 129,026 0.07%
Capital One Financial Corp. 2,270 208,613 0.11% Align Technology, Inc. 375 128,302 0.07%
Emerson Electric Co. 3,012 208,250 0.11% Public Service Enterprise Group, Inc. 2,358 127,662 0.07%
Boston Scientific Corp. 6,349 207,612 0.11% Dollar General Corp. 1,286 126,800 0.07%
Vertex Pharmaceuticals, Inc. 1,188 201,912 0.10% Las Vegas Sands Corp. 1,659 126,681 0.07%
Ford Motor Co. 18,236 201,873 0.10% ONEOK, Inc. 1,799 125,624 0.07%
Express Scripts Holding Co. 2,614 201,827 0.10% General Mills, Inc. 2,812 124,459 0.06%
Norfolk Southern Corp. 1,336 201,562 0.10% PPG Industries, Inc. 1,197 124,165 0.06%
Electronic Arts, Inc. 1,397 197,005 0.10% VF Corp. 1,505 122,688 0.06%
Intercontinental Exchange, Inc. 2,667 196,158 0.10% Alexion Pharmaceuticals, Inc. 984 122,164 0.06%
Marsh & McLennan Cos, Inc. 2,388 195,744 0.10% Yum! Brands, Inc. 1,558 121,867 0.06%
Zoetis, Inc. Class A 2,276 193,892 0.10% Synchrony Financial 3,631 121,203 0.06%
Target Corp. 2,532 192,736 0.10% Twenty-First Century Fox, Inc. Class B 2,457 121,056 0.06%
Exelon Corp. 4,522 192,637 0.10% Archer-Daniels-Midland Co. 2,584 118,425 0.06%
Humana, Inc. 639 190,186 0.10% Freeport-McMoRan, Inc. 6,847 118,179 0.06%
Cigna Corp. 1,111 188,814 0.10% Discover Financial Services 1,672 117,726 0.06%
Illumina, Inc. 675 188,521 0.10% Amphenol Corp. Class A 1,349 117,565 0.06%
BB&T Corp. 3,705 186,880 0.10% M&T Bank Corp. 684 116,383 0.06%
Prudential Financial, Inc. 1,968 184,028 0.10% Consolidated Edison, Inc. 1,480 115,410 0.06%
Halliburton Co. 4,009 180,646 0.09% Aptiv plc 1,254 114,904 0.06%
Kraft Heinz Co. 2,843 178,597 0.09% Centene Corp. 922 113,600 0.06%
Anadarko Petroleum Corp. 2,431 178,071 0.09% Worldpay, Inc. Class A 1,387 113,429 0.06%
MetLife, Inc. 4,075 177,670 0.09% Kroger Co. 3,933 111,894 0.06%
Marriott International, Inc. Class A 1,389 175,847 0.09% Monster Beverage Corp. 1,944 111,391 0.06%
NXP Semiconductors NV 1,606 175,488 0.09% Red Hat, Inc. 822 110,452 0.06%
HP, Inc. 7,698 174,668 0.09% Devon Energy Corp. 2,503 110,032 0.06%
Kimberly-Clark Corp. 1,641 172,863 0.09% Corning, Inc. 3,982 109,545 0.06%
Baxter International, Inc. 2,324 171,604 0.09% Fortive Corp. 1,410 108,725 0.06%
Ecolab, Inc. 1,215 170,501 0.09% Zimmer Biomet Holdings, Inc. 974 108,543 0.06%
Fidelity National Information Services, Hewlett Packard Enterprise Co. 7,365 107,603 0.06%
Inc. 1,557 165,089 0.09% Carnival Corp. 1,871 107,227 0.06%
American Electric Power Co., Inc. 2,378 164,676 0.09% DXC Technology Co. 1,327 106,969 0.06%
Waste Management, Inc. 2,024 164,632 0.09% Western Digital Corp. 1,378 106,671 0.06%
LyondellBasell Industries NV Class A 1,498 164,555 0.09% Ingersoll-Rand plc 1,181 105,971 0.06%
Analog Devices, Inc. 1,705 163,544 0.08% Xcel Energy, Inc. 2,315 105,749 0.05%
Progressive Corp. 2,728 161,361 0.08% Hilton Worldwide Holdings, Inc. 1,320 104,491 0.05%
State Street Corp. 1,726 160,673 0.08% O’Reilly Automotive, Inc. 381 104,230 0.05%
Constellation Brands, Inc. Class A 730 159,775 0.08% Northern Trust Corp. 1,008 103,713 0.05%
eBay, Inc. 4,395 159,363 0.08% Williams Cos, Inc. 3,821 103,587 0.05%
Kinder Morgan, Inc. 8,962 158,359 0.08% PG&E Corp. 2,400 102,144 0.05%
Aon plc 1,152 158,020 0.08% Dr Pepper Snapple Group, Inc. 837 102,114 0.05%
Sherwin-Williams Co. 385 156,914 0.08% Rockwell Collins, Inc. 754 101,549 0.05%
Air Products & Chemicals, Inc. 999 155,574 0.08% Paychex, Inc. 1,483 101,363 0.05%
Aflac, Inc. 3,603 155,001 0.08% International Paper Co. 1,941 101,087 0.05%
Eaton Corp. plc 2,067 154,488 0.08% PACCAR, Inc. 1,622 100,499 0.05%
Sysco Corp. 2,260 154,335 0.08% Rockwell Automation, Inc. 601 99,904 0.05%
Travelers Cos, Inc. 1,259 154,026 0.08% Concho Resources, Inc. 720 99,612 0.05%
Marathon Petroleum Corp. 2,166 151,967 0.08% Parker-Hannifin Corp. 635 98,965 0.05%
Pioneer Natural Resources Co. 793 150,067 0.08% Ameriprise Financial, Inc. 706 98,755 0.05%
Allstate Corp. 1,638 149,500 0.08% KeyCorp 5,044 98,560 0.05%
Ross Stores, Inc. 1,762 149,330 0.08% Cummins, Inc. 741 98,553 0.05%
Sempra Energy 1,258 146,066 0.08% WEC Energy Group, Inc. 1,523 98,462 0.05%
Twitter, Inc. 3,338 145,770 0.08% Microchip Technology, Inc. 1,068 97,135 0.05%
Johnson Controls International plc 4,355 145,675 0.08% NetApp, Inc. 1,229 96,513 0.05%
SunTrust Banks, Inc. 2,206 145,640 0.08% Stanley Black & Decker, Inc. 721 95,756 0.05%
TE Connectivity Ltd. 1,617 145,627 0.08% IHS Markit Ltd. 1,846 95,235 0.05%
Estee Lauder Cos, Inc. Class A 1,003 143,118 0.07% Dollar Tree, Inc. 1,111 94,435 0.05%
Edwards Lifesciences Corp. 977 142,222 0.07% Cerner Corp. 1,575 94,169 0.05%
Fiserv, Inc. 1,912 141,660 0.07% FleetCor Technologies, Inc. 443 93,318 0.05%
Autodesk, Inc. 1,047 137,251 0.07% Edison International 1,468 92,880 0.05%
ServiceNow, Inc. 794 136,941 0.07% Regions Financial Corp. 5,223 92,865 0.05%
HCA Healthcare, Inc. 1,331 136,561 0.07% Fifth Third Bancorp 3,197 91,754 0.05%
Moody’s Corp. 772 131,672 0.07% Newmont Mining Corp. 2,426 91,484 0.05%
T Rowe Price Group, Inc. 1,133 131,530 0.07% Tyson Foods, Inc. Class A 1,315 90,538 0.05%
Roper Technologies, Inc. 476 131,333 0.07% Agilent Technologies, Inc. 1,463 90,472 0.05%
125

Nucor Corp. 1,446 90,375 0.05% SVB Financial Group 239 69,014 0.04%
Motorola Solutions, Inc. 772 89,838 0.05% WestRock Co. 1,205 68,709 0.04%
IDEXX Laboratories, Inc. 411 89,573 0.05% Expedia Group, Inc. 571 68,628 0.04%
DTE Energy Co. 863 89,433 0.05% Celanese Corp. Class A 616 68,413 0.04%
Palo Alto Networks, Inc. 435 89,379 0.05% VeriSign, Inc. 495 68,023 0.04%
Waste Connections, Inc. 1,182 88,984 0.05% Martin Marietta Materials, Inc. 304 67,892 0.04%
PPL Corp. 3,102 88,562 0.05% MSCI, Inc. Class A 410 67,826 0.04%
Citizens Financial Group, Inc. 2,274 88,459 0.05% Mohawk Industries, Inc. 315 67,495 0.04%
Laboratory Corp. of America Holdings 492 88,329 0.05% Synopsys, Inc. 787 67,344 0.04%
Andeavor 669 87,759 0.05% Markel Corp. 62 67,230 0.03%
Mylan NV 2,426 87,676 0.05% ResMed, Inc. 647 67,016 0.03%
Willis Towers Watson plc 574 87,018 0.05% CoStar Group, Inc. 162 66,846 0.03%
CBS Corp. Class B 1,537 86,410 0.04% Ameren Corp. 1,098 66,813 0.03%
Eversource Energy 1,472 86,274 0.04% DR Horton, Inc. 1,626 66,666 0.03%
T-Mobile US, Inc. 1,441 86,100 0.04% WW Grainger, Inc. 216 66,614 0.03%
Hess Corp. 1,284 85,887 0.04% Eastman Chemical Co. 665 66,473 0.03%
FirstEnergy Corp. 2,362 84,819 0.04% Equifax, Inc. 531 66,433 0.03%
Clorox Co. 626 84,666 0.04% McCormick & Co., Inc. 571 66,287 0.03%
Best Buy Co., Inc. 1,135 84,648 0.04% Waters Corp. 341 66,014 0.03%
CenturyLink, Inc. 4,518 84,216 0.04% Entergy Corp. 816 65,925 0.03%
AutoZone, Inc. 125 83,866 0.04% Arista Networks, Inc. 255 65,660 0.03%
Skyworks Solutions, Inc. 864 83,506 0.04% XL Group Ltd. 1,172 65,573 0.03%
TransDigm Group, Inc. 240 82,834 0.04% EQT Corp. 1,184 65,333 0.03%
Kellogg Co. 1,185 82,796 0.04% Lincoln National Corp. 1,047 65,176 0.03%
Hartford Financial Services Group, Inc. 1,616 82,626 0.04% Baker Hughes a GE Co. 1,971 65,102 0.03%
Wynn Resorts Ltd. 492 82,331 0.04% Principal Financial Group, Inc. 1,225 64,864 0.03%
Royal Caribbean Cruises Ltd. 786 81,430 0.04% Liberty Global plc Class C 2,421 64,423 0.03%
Apache Corp. 1,736 81,158 0.04% Yum China Holdings, Inc. 1,673 64,344 0.03%
Marathon Oil Corp. 3,879 80,916 0.04% Fastenal Co. 1,335 64,254 0.03%
Xilinx, Inc. 1,239 80,857 0.04% Take-Two Interactive Software, Inc. 536 63,441 0.03%
Omnicom Group, Inc. 1,040 79,321 0.04% Advanced Micro Devices, Inc. 4,216 63,198 0.03%
Textron, Inc. 1,201 79,158 0.04% Ulta Beauty, Inc. 270 63,034 0.03%
ANSYS, Inc. 452 78,729 0.04% Darden Restaurants, Inc. 583 62,416 0.03%
Global Payments, Inc. 704 78,489 0.04% Church & Dwight Co., Inc. 1,174 62,410 0.03%
Vulcan Materials Co. 606 78,210 0.04% Conagra Brands, Inc. 1,729 61,777 0.03%
Dell Technologies, Inc. Class V 923 78,067 0.04% Loews Corp. 1,278 61,702 0.03%
Harris Corp. 539 77,907 0.04% Broadridge Financial Solutions, Inc. 533 61,348 0.03%
Workday, Inc. Class A 643 77,880 0.04% CMS Energy Corp. 1,297 61,322 0.03%
Noble Energy, Inc. 2,201 77,651 0.04% Cheniere Energy, Inc. 939 61,213 0.03%
AMETEK, Inc. 1,076 77,644 0.04% AmerisourceBergen Corp. Class A 716 61,053 0.03%
National Oilwell Varco, Inc. 1,777 77,122 0.04% Diamondback Energy, Inc. 464 61,048 0.03%
CBRE Group, Inc. Class A 1,612 76,957 0.04% CarMax, Inc. 832 60,628 0.03%
BioMarin Pharmaceutical, Inc. 815 76,773 0.04% Tapestry, Inc. 1,290 60,256 0.03%
L3 Technologies, Inc. 397 76,351 0.04% Hershey Co. 643 59,838 0.03%
Comerica, Inc. 839 76,282 0.04% Expeditors International of
IQVIA Holdings, Inc. 761 75,963 0.04% Washington, Inc. 812 59,357 0.03%
Tiffany & Co. 576 75,802 0.04% IAC/InterActiveCorp 387 59,014 0.03%
Brown-Forman Corp. Class B 1,541 75,524 0.04% Raymond James Financial, Inc. 660 58,971 0.03%
Maxim Integrated Products, Inc. 1,287 75,495 0.04% Cadence Design Systems, Inc. 1,358 58,815 0.03%
TD Ameritrade Holding Corp. 1,378 75,473 0.04% Gartner, Inc. 441 58,609 0.03%
Verisk Analytics, Inc. Class A 696 74,917 0.04% Symantec Corp. 2,824 58,316 0.03%
MGM Resorts International 2,550 74,027 0.04% United Rentals, Inc. 395 58,310 0.03%
E*TRADE Financial Corp. 1,205 73,698 0.04% Genuine Parts Co. 635 58,287 0.03%
Cintas Corp. 397 73,473 0.04% Ally Financial, Inc. 2,198 57,741 0.03%
Citrix Systems, Inc. 699 73,283 0.04% Akamai Technologies, Inc. 784 57,412 0.03%
Lennar Corp. Class A 1,394 73,185 0.04% CDW Corp. 704 56,876 0.03%
Cardinal Health, Inc. 1,496 73,050 0.04% Autoliv, Inc. 397 56,858 0.03%
Republic Services, Inc. Class A 1,066 72,872 0.04% Kohl’s Corp. 775 56,498 0.03%
Seagate Technology plc 1,288 72,733 0.04% Incyte Corp. 841 56,347 0.03%
KLA-Tencor Corp. 706 72,386 0.04% CenterPoint Energy, Inc. 2,031 56,279 0.03%
Total System Services, Inc. 852 72,011 0.04% PVH Corp. 375 56,145 0.03%
First Republic Bank 743 71,915 0.04% CH Robinson Worldwide, Inc. 669 55,969 0.03%
Splunk, Inc. 717 71,062 0.04% Lear Corp. 301 55,929 0.03%
American Water Works Co., Inc. 831 70,951 0.04% Domino’s Pizza, Inc. 197 55,587 0.03%
Quest Diagnostics, Inc. 642 70,581 0.04% Newell Brands, Inc. 2,155 55,577 0.03%
Mettler-Toledo International, Inc. 121 70,014 0.04% Arthur J Gallagher & Co. 849 55,423 0.03%
Huntington Bancshares, Inc. 4,735 69,889 0.04% Ball Corp. 1,546 54,960 0.03%
126

MercadoLibre, Inc. 182 54,405 0.03% Perrigo Co. plc 600 43,746 0.02%
Cooper Cos, Inc. 231 54,389 0.03% Western Union Co. 2,129 43,283 0.02%
Xylem, Inc. 803 54,106 0.03% International Flavors & Fragrances, Inc. 349 43,262 0.02%
Check Point Software Technologies Ltd. 553 54,017 0.03% Alnylam Pharmaceuticals, Inc. 439 43,237 0.02%
JM Smucker Co. 501 53,847 0.03% Tractor Supply Co. 565 43,217 0.02%
XPO Logistics, Inc. 537 53,797 0.03% Snap-on, Inc. 267 42,912 0.02%
Lululemon Athletica, Inc. 429 53,561 0.03% Sirius XM Holdings, Inc. 6,278 42,502 0.02%
Nasdaq, Inc. 585 53,393 0.03% Norwegian Cruise Line Holdings Ltd. 897 42,383 0.02%
FMC Corp. 597 53,258 0.03% NRG Energy, Inc. 1,365 41,906 0.02%
Teleflex, Inc. 198 53,106 0.03% Alcoa Corp. 888 41,629 0.02%
Hormel Foods Corp. 1,426 53,061 0.03% Qurate Retail, Inc. 1,960 41,591 0.02%
Macy’s, Inc. 1,413 52,889 0.03% Torchmark Corp. 509 41,438 0.02%
Henry Schein, Inc. 726 52,737 0.03% Interpublic Group of Cos, Inc. 1,761 41,278 0.02%
Cboe Global Markets, Inc. 503 52,347 0.03% AES Corp. 3,076 41,249 0.02%
Masco Corp. 1,396 52,238 0.03% Pinnacle West Capital Corp. 512 41,247 0.02%
Alliance Data Systems Corp. 224 52,237 0.03% SEI Investments Co. 659 41,201 0.02%
HollyFrontier Corp. 763 52,212 0.03% Delta Air Lines, Inc. 826 40,920 0.02%
Alliant Energy Corp. 1,233 52,181 0.03% Affiliated Managers Group, Inc. 273 40,587 0.02%
Molson Coors Brewing Co. Class B 766 52,119 0.03% NiSource, Inc. 1,539 40,445 0.02%
CA, Inc. 1,442 51,407 0.03% L Brands, Inc. 1,085 40,015 0.02%
Dover Corp. 695 50,874 0.03% Liberty Media Corp. Series C -Liberty
Nielsen Holdings plc 1,634 50,540 0.03% SiriusXM 879 39,871 0.02%
Franklin Resources, Inc. 1,576 50,511 0.03% Marvell Technology Group Ltd. 1,810 38,806 0.02%
Chipotle Mexican Grill, Inc. Class A 117 50,470 0.03% Alleghany Corp. 67 38,523 0.02%
Cabot Oil & Gas Corp. 2,117 50,385 0.03% Fortune Brands Home & Security, Inc. 715 38,388 0.02%
Kansas City Southern 468 49,589 0.03% IPG Photonics Corp. 173 38,169 0.02%
Varian Medical Systems, Inc. 436 49,582 0.03% Voya Financial, Inc. 811 38,117 0.02%
Invesco Ltd. 1,863 49,481 0.03% Wabtec Corp. 386 38,052 0.02%
Old Dominion Freight Line, Inc. 331 49,306 0.03% Sealed Air Corp. 895 37,993 0.02%
Hasbro, Inc. 534 49,294 0.03% CDK Global, Inc. 584 37,989 0.02%
JB Hunt Transport Services, Inc. 404 49,106 0.03% Sensata Technologies Holding plc 782 37,208 0.02%
Albemarle Corp. 515 48,580 0.03% Trimble, Inc. 1,130 37,109 0.02%
Keysight Technologies, Inc. 822 48,523 0.03% AerCap Holdings NV 684 37,039 0.02%
F5 Networks, Inc. 279 48,114 0.03% Jefferies Financial Group, Inc. 1,604 36,475 0.02%
Hologic, Inc. 1,207 47,978 0.02% Liberty Broadband Corp. Class C 477 36,118 0.02%
DENTSPLY SIRONA, Inc. 1,096 47,972 0.02% Gap, Inc. 1,113 36,050 0.02%
Targa Resources Corp. 968 47,906 0.02% Jacobs Engineering Group, Inc. 565 35,872 0.02%
Aramark 1,291 47,896 0.02% Unum Group 968 35,806 0.02%
CF Industries Holdings, Inc. 1,077 47,819 0.02% Ingredion, Inc. 323 35,756 0.02%
Packaging Corp. of America 427 47,734 0.02% Garmin Ltd. 576 35,136 0.02%
Viacom, Inc. Class B 1,575 47,502 0.02% Hanesbrands, Inc. 1,585 34,902 0.02%
DaVita, Inc. 684 47,497 0.02% PulteGroup, Inc. 1,197 34,414 0.02%
Cincinnati Financial Corp. 710 47,471 0.02% Robert Half International, Inc. 528 34,373 0.02%
Lamb Weston Holdings, Inc. 686 46,998 0.02% DISH Network Corp. Class A 1,009 33,912 0.02%
Jazz Pharmaceuticals plc 271 46,693 0.02% CIT Group, Inc. 664 33,472 0.02%
Huntington Ingalls Industries, Inc. 215 46,610 0.02% Southwest Airlines Co. 651 33,123 0.02%
Qorvo, Inc. 581 46,579 0.02% Polaris Industries, Inc. 270 32,989 0.02%
Juniper Networks, Inc. 1,691 46,367 0.02% WR Berkley Corp. 454 32,874 0.02%
VMware, Inc. Class A 315 46,296 0.02% Gentex Corp. 1,421 32,711 0.02%
Zions Bancorporation 878 46,262 0.02% Harley-Davidson, Inc. 774 32,570 0.02%
Amdocs Ltd. 698 46,201 0.02% Brown & Brown, Inc. 1,174 32,555 0.02%
Cimarex Energy Co. 451 45,885 0.02% Flex Ltd. 2,306 32,538 0.02%
Avery Dennison Corp. 447 45,639 0.02% Liberty Global plc Class A 1,169 32,194 0.02%
Advance Auto Parts, Inc. 336 45,595 0.02% Ralph Lauren Corp. Class A 255 32,059 0.02%
Everest Re Group Ltd. 197 45,405 0.02% Arrow Electronics, Inc. 425 31,994 0.02%
FNF Group 1,206 45,370 0.02% Arconic, Inc. 1,879 31,962 0.02%
Discovery, Inc. Class C 1,779 45,365 0.02% Commerce Bancshares, Inc. 493 31,902 0.02%
Universal Health Services, Inc. Class B 406 45,245 0.02% People’s United Financial, Inc. 1,757 31,784 0.02%
Mosaic Co. 1,604 44,992 0.02% Allegion plc 410 31,718 0.02%
LKQ Corp. 1,406 44,851 0.02% Campbell Soup Co. 775 31,418 0.02%
Arch Capital Group Ltd. 1,692 44,770 0.02% Foot Locker, Inc. 596 31,379 0.02%
NVR, Inc. 15 44,555 0.02% Helmerich & Payne, Inc. 488 31,115 0.02%
Yandex NV Class A 1,239 44,480 0.02% Pentair plc 721 30,340 0.02%
BorgWarner, Inc. 1,030 44,455 0.02% Newfield Exploration Co. 988 29,887 0.02%
Whirlpool Corp. 304 44,454 0.02% Fluor Corp. 611 29,805 0.02%
Bunge Ltd. 635 44,266 0.02% Alkermes plc 724 29,800 0.02%
Michael Kors Holdings Ltd. 661 44,023 0.02% Herbalife Nutrition Ltd. 546 29,331 0.02%
127

Goodyear Tire & Rubber Co. 1,257 29,276 0.02% Collective Investment Schemes 2.08% (30 June 2017: 2.04%)
Coty, Inc. Class A 2,058 29,018 0.02% Australia 0.16% (30 June 2017: 0.20%)
Avnet, Inc. 671 28,779 0.02%
Scentre Group REIT 24,784 80,388 0.04%
Murphy Oil Corp. 839 28,333 0.01%
Goodman Group REIT 8,916 63,373 0.03%
SCANA Corp. 727 28,004 0.01%
GPT Group REIT 9,724 36,354 0.02%
Leggett & Platt, Inc. 621 27,721 0.01%
Stockland REIT 11,507 33,753 0.02%
Janus Henderson Group plc 902 27,718 0.01%
Dexus REIT 4,598 32,987 0.02%
Core Laboratories NV 216 27,261 0.01%
Mirvac Group REIT 17,811 28,557 0.02%
Assurant, Inc. 263 27,218 0.01%
Vicinity Centres REIT 14,574 27,889 0.01%
Continental Resources, Inc. 407 26,357 0.01%
Shopping Centres Australasia
TripAdvisor, Inc. 468 26,072 0.01% Property Group REIT 3,750 6,788 0.00%
Manpowergroup, Inc. 302 25,990 0.01%
310,089 0.16%
Stericycle, Inc. 398 25,985 0.01%
Xerox Corp. 1,082 25,968 0.01% Canada 0.02% (30 June 2017: 0.02%)
Wyndham Hotels & Resorts, Inc. 440 25,885 0.01% RioCan REIT 1,732 31,797 0.02%
United Continental Holdings, Inc. 366 25,521 0.01% 31,797 0.02%
Toll Brothers, Inc. 684 25,301 0.01% France 0.05% (30 June 2017: 0.12%)
Nordstrom, Inc. 486 25,165 0.01%
Gecina SA REIT 223 37,310 0.02%
Antero Resources Corp. 1,168 24,937 0.01%
Klepierre SA REIT 915 34,453 0.02%
Old Republic International Corp. 1,206 24,011 0.01%
Covivio REIT 200 20,806 0.01%
Jabil, Inc. 868 24,009 0.01%
ICADE REIT 157 14,719 0.00%
Mattel, Inc. 1,455 23,891 0.01%
MDU Resources Group, Inc. 828 23,747 0.01% 107,288 0.05%
Ashland Global Holdings, Inc. 298 23,298 0.01% Hong Kong 0.05% (30 June 2017: 0.05%)
Axis Capital Holdings Ltd. 414 23,027 0.01% Link REIT 10,500 95,893 0.05%
RenaissanceRe Holdings Ltd. 191 22,981 0.01% Champion REIT 5,000 3,321 0.00%
Dun & Bradstreet Corp. 185 22,690 0.01% 99,214 0.05%
H&R Block, Inc. 988 22,507 0.01%
Singapore 0.04% (30 June 2017: 0.03%)
Brighthouse Financial, Inc. 561 22,479 0.01%
New York Community Bancorp, Inc. 2,018 22,279 0.01% Ascendas REIT 14,793 28,642 0.01%
Acuity Brands, Inc. 189 21,899 0.01% CapitaLand Mall Trust REIT 10,600 16,092 0.01%
Flowserve Corp. 541 21,856 0.01% Suntec REIT 12,500 15,860 0.01%
Westlake Chemical Corp. 198 21,311 0.01% CapitaLand Commercial Trust REIT 8,861 10,788 0.01%
American Airlines Group, Inc. 560 21,258 0.01% 71,382 0.04%
Adient plc 428 21,053 0.01% Spain 0.01% (30 June 2017: 0.01%)
Under Armour, Inc. Class C 994 20,954 0.01% Merlin Properties Socimi SA REIT 1,573 22,874 0.01%
News Corp. Class A 1,351 20,941 0.01%
22,874 0.01%
Discovery, Inc. Class A 716 19,690 0.01%
Nuance Communications, Inc. 1,418 19,689 0.01% United Kingdom 0.09% (30 June 2017: 0.10%)
Wyndham Worldwide Corp. 440 19,479 0.01% Land Securities Group plc REIT 3,252 41,084 0.02%
NCR Corp. 624 18,708 0.01% British Land Co., plc REIT 4,393 38,987 0.02%
Delphi Technologies plc 408 18,548 0.01% Segro plc REIT 4,361 38,542 0.02%
Southern Copper Corp. 388 18,186 0.01% Hammerson plc REIT 3,734 25,763 0.01%
nVent Electric plc 721 18,097 0.01% Derwent London plc REIT 577 23,661 0.01%
Under Armour, Inc. Class A 801 18,006 0.01% Intu Properties plc REIT 3,691 8,781 0.01%
Weatherford International plc 5,095 16,763 0.01% 176,818 0.09%
News Corp. Class B 1,042 16,516 0.01% United States 1.66% (30 June 2017: 1.51%)
Sprint Corp. 3,032 16,494 0.01%
American Tower Corp. REIT Class A 2,045 294,828 0.15%
Liberty Media Corp.-Liberty SiriusXM 366 16,488 0.01%
Simon Property Group, Inc. REIT 1,458 248,137 0.13%
Range Resources Corp. 917 15,341 0.01%
Crown Castle International Corp. REIT 1,885 203,241 0.10%
Bemis Co., Inc. 351 14,816 0.01%
Prologis, Inc. REIT 2,437 160,086 0.08%
Apergy Corp. 347 14,487 0.01%
Equinix, Inc. REIT 362 155,620 0.08%
Avangrid, Inc. 259 13,709 0.01%
Public Storage REIT 678 153,811 0.08%
Perspecta, Inc. 663 13,625 0.01%
Weyerhaeuser Co. REIT 3,473 126,626 0.06%
AutoNation, Inc. 251 12,194 0.01%
AvalonBay Communities, Inc. REIT 667 114,651 0.06%
Santander Consumer USA Holdings, Inc. 494 9,430 0.00%
Welltower, Inc. REIT 1,779 111,525 0.06%
SodaStream International Ltd. 109 9,118 0.00%
Equity Residential REIT 1,744 111,075 0.06%
CNA Financial Corp. 176 8,040 0.00%
Digital Realty Trust, Inc. REIT 936 104,439 0.05%
Alaska Air Group, Inc. 117 7,066 0.00%
Boston Properties, Inc. REIT 750 94,065 0.05%
Liberty Broadband Corp. Class A 92 6,959 0.00%
Ventas, Inc. REIT 1,609 91,633 0.05%
Herbalife Ltd. 37 359 0.00%
SBA Communications Corp. REIT
108,997,589 56.48% Class A 537 88,669 0.05%
Total Equities 187,800,114 97.32% Essex Property Trust, Inc. REIT 296 70,765 0.04%
Host Hotels & Resorts, Inc. REIT 3,351 70,606 0.04%
128

Realty Income Corp. REIT 1,241 66,753 0.03% Regency Centers Corp. REIT 640 39,731 0.02%
Vornado Realty Trust REIT 826 61,058 0.03% SL Green Realty Corp. REIT 380 38,201 0.02%
Alexandria Real Estate Equities, Inc. Invitation Homes, Inc. REIT 1,544 35,605 0.02%
REIT 468 59,048 0.03% Macerich Co. REIT 614 34,894 0.02%
GGP, Inc. REIT 2,789 56,979 0.03% VEREIT, Inc. REIT 4,600 34,224 0.02%
Extra Space Storage, Inc. REIT 560 55,894 0.03% Kimco Realty Corp. REIT 2,003 34,031 0.02%
Annaly Capital Management, Inc. REIT 5,426 55,833 0.03% Liberty Property Trust REIT 684 30,322 0.02%
HCP, Inc. REIT 2,073 53,525 0.03% Park Hotels & Resorts, Inc. REIT 784 24,014 0.01%
Duke Realty Corp. REIT 1,843 53,502 0.03% Hospitality Properties Trust REIT 813 23,260 0.01%
Mid-America Apartment Communities, Weingarten Realty Investors REIT 593 18,270 0.01%
Inc. REIT 525 52,852 0.03%
3,200,502 1.66%
UDR, Inc. REIT 1,213 45,536 0.02%
Iron Mountain, Inc. REIT 1,241 43,447 0.02%
Federal Realty Investment Trust REIT 338 42,774 0.02% Financial Assets at Fair Value
AGNC Investment Corp. REIT 2,204 40,972 0.02% Through Profit or Loss 191,820,078 99.40%
Unrealised
Futures (0.01%) (30 June 2017: (0.01%))
SPI 200 20 September 2018 1 112,134 1,427 0.00%
Euro Stoxx 50 21 September 2018 5 199,437 (1,479) (0.00%)
Topix Index 13 September 2018 1 160,143 (3,911) (0.00%)
S&P 500 E-mini 21 September 2018 5 694,030 (13,630) (0.01%)
(17,593) (0.01%)

Open Forward Currency Exchange Contracts (0.00%) (30 June 2017: (0.00%)
USD 201,385 GBP 151,290 BNP Paribas 26/9/2018 874 0.00%
EUR 102,810 USD 120,008 Barclays Bank Plc 26/9/2018 816 0.00%
AUD 149,825 USD 110,610 JP Morgan Chase 25/9/2018 117 0.00%
GBP 2,889 USD 3,883 JP Morgan Chase 26/9/2018 (54) (0.00%)
USD 202,081 EUR 172,900 BNP Paribas 26/9/2018 (1,115) (0.00%)
JPY 17,738,224 USD 162,921 Bank of America 19/9/2018 (1,885) (0.00%)
GBP 149,830 USD 201,349 Barclays Bank Plc 26/9/2018 (2,772) (0.00%)
EUR 242,394 USD 287,884 Bank of America 26/9/2018 (3,016) (0.00%)
(7,034) (0.00%)
Fair Value
US Dollars ($)
% of Total
(b) Transferable securities dealt in on another regulated market 697,260 0.36%
Total Net Assets 192,982,164 100.00%
129

Cost Proceeds
Purchases Sales
Apple, Inc. 9,120 1,557,168 Berkshire Hathaway, Inc. Class B 1,514 309,954
Microsoft Corp. 13,687 1,190,604 Apple, Inc. 1,354 246,801
Amazon.com, Inc. 747 979,606 Amgen, Inc. 320 59,355
Facebook, Inc. Class A 4,358 756,307 JPMorgan Chase & Co. 552 58,635
Berkshire Hathaway, Inc. Class B 3,516 682,408 Bank of America Corp. 1,955 56,660
Johnson & Johnson 4,843 645,457 Novartis AG 566 47,476
JPMorgan Chase & Co. 6,033 637,561 Fast Retailing Co., Ltd. 100 46,459
Exxon Mobil Corp. 7,644 614,141 Christian Dior SE 156 45,351
Alphabet, Inc. Class A 578 608,260 Old Mutual Ltd. 21,986 45,238
Alphabet, Inc. Class C 510 526,940 Citigroup, Inc. 610 44,412
Bank of America Corp. 17,031 489,303 SMC Corp. 100 42,583
Nestle SA 5,467 448,690 Home Depot, Inc. 223 42,493
Wells Fargo & Co. 7,911 439,883 Daimler AG 566 41,616
Chevron Corp. 3,479 414,037 Cisco Systems, Inc. 850 36,300
AT&T, Inc. 11,235 408,477 American Express Co. 356 34,219
Samsung Electronics Co., Ltd. 1,482 399,773 Walt Disney Co. 313 32,321
Intel Corp. 8,473 388,573 Samsung Electronics Co., Ltd. 241 28,375
Procter & Gamble Co. 4,565 386,635 Wells Fargo & Co. 505 28,227
UnitedHealth Group, Inc. 1,725 379,168 Pfizer, Inc. 736 26,721
Pfizer, Inc. 10,418 370,545 Illinois Tool Works, Inc. 176 25,633
130

2018 2017
Current Assets
Cash 711,563 328,123
Receivables:
Interest and Dividends 309,548 183,242
Current Liabilities
Bank Overdraft 22,687 160
Unrealised Depreciation on Spot Currency Contracts — 3

30 June 2018 30 June 2017
Dividend Income 3,930,173 2,129,637
Expenses
Finance Costs
131


30 June 2018 30 June 2017
Subscriptions 72,647,858 35,597,837
Redemptions (35,000) —
End of Year 192,982,164 110,225,318

132
Vanguard FTSE Emerging Markets UCITS ETF

As at 30 June 2018

FTSE
Vanguard FTSE Emerging Markets UCITS ETF seeks to track the Emerging
performance of the FTSE Emerging Index, a free-float market capitalisation- Fund Index
weighted index of large- and mid-cap companies in multiple emerging China 35.6% 35.7%
markets in Europe, Asia, Africa, Central and South America and the
Middle East. Taiwan 12.8 12.8
India 11.3 11.3
South Africa 8.0 8.0
FTSE Brazil 7.2 7.2
Emerging Russia 4.2 4.2
Fund Index Mexico 3.6 3.6
Number of Stocks 1,058 1,042 Thailand 3.3 3.3
Median Market Cap Malaysia 3.0 3.0
US Dollars $22.7B $22.7B Indonesia 2.0 2.0
British Pounds £17.2B £17.2B Poland 1.4 1.4
Euro €19.4B €19.4B Chile 1.3 1.3
Swiss Francs CHF22.5B CHF22.5B Philippines 1.2 1.2
Price/Earnings Ratio 13.8x 13.8x Qatar 1.0 1.0
Price/Book Ratio 1.8x 1.8x Other 4.1 4.0
Yield 2.6% 2.6%
Earnings Growth Rate 14.6% 14.6% Ten Largest Holdings1 (% of total net assets)

Tencent Holdings Ltd. Internet 6.3%
Alibaba Group Holding Ltd. E-Commerce Discretionary 4.4
Taiwan Semiconductor
Volatility Measures Manufacturing Co. Ltd. Semiconductors 3.8
FTSE Naspers Ltd. Broadcasting & Entertainment 2.4
Emerging China Construction Bank Corp. Banks 1.8
Fund Index
Baidu Inc. Internet Media 1.5
R-Squared 1.00 1.00
Industrial & Commercial Bank
Beta 1.00 1.00
of China Ltd. Banks 1.3
China Mobile Ltd. Mobile Telecommunications 1.0
Sector Diversification (% of portfolio) Housing Development Finance
FTSE Corp. Ltd. Mortgage Finance 1.0
Emerging Ping An Insurance Group Co.
Fund Index of China Ltd. Life Insurance 1.0
Basic Materials 7.2% 7.2% Top Ten 24.5%
Investment Focus
Health Care 2.6 2.5
Industrials 8.4 8.4 Style Value Blend Growth
Oil & Gas 8.3 8.3 Market Cap Large
Technology 16.6 16.6
Telecommunications 4.8 4.8 Medium
Utilities 2.8 2.8
Small
133

• For the 12 months ended 30 June 2018, Vanguard FTSE Emerging Markets UCITS ETF returned 7.09%; its benchmark index returned 7.29%.1
• Six of the ETF’s sectors generated positive returns for the 12-month period. Technology, financials and oil and gas contributed most to performance.
• Among markets, China, Russia and India performed the best. Mexico, Indonesia and Turkey were the biggest laggards.

Benchmark: FTSE Emerging Index

$150,000
132,535
90,000
2012 2013 2014 2015 2016 2017 2018

Benchmark 7.29 4.73 4.83 133,408
2012 2013 2014 2015 2016 2017 2018
19.91 20.19
13.49 13.74
7.09 7.29
2.96 2.51 3.05 3.29
–2.38 –2.18
–12.20 –12.18
ETF Net Asset Value

Benchmark
1 In tracking the performance of the index, the fund attempts to select the securities that will create the representative sample that tracks the performance of the index as closely as possible.
2 22 May 2012.
134
30 June 2018

Equities 99.47% (30 June 2017: 98.37%) Atacadao Distribuicao Comercio
Brazil 7.18% (30 June 2017: 8.18%) e Industria Ltda 105,096 413,566 0.03%
Energisa SA 52,700 400,654 0.03%
Vale SA 1,134,652 14,624,784 0.99%
B2W Compania Digital 54,800 383,147 0.03%
Sul America SA 77,799 369,643 0.03%
Preference Shares 1,018,804 10,682,163 0.72%
Qualicorp Consultoria e Corretora
Banco Bradesco SA - Preference
de Seguros SA 76,500 367,050 0.02%
Shares 1,129,579 7,897,717 0.53%
EDP-Energias do Brasil SA 100,983 364,047 0.02%
Ambev SA 1,420,903 6,640,286 0.45%
Centrais Eletricas Brasileiras SA 112,400 356,125 0.02%
Petroleo Brasileiro SA - Preference
Shares 1,294,800 5,785,105 0.39% Banco BTG Pactual SA 69,663 334,970 0.02%
Petroleo Brasileiro SA 958,000 4,835,567 0.33% Transmissora Alianca de Energia
Eletrica SA 68,566 333,260 0.02%
B3 SA - Brasil Bolsa Balcao 646,100 3,434,201 0.23%
Porto Seguro SA 31,300 330,947 0.02%
Itausa-Investimentos Itau SA -
Preference Shares 1,417,841 3,383,007 0.23% Azul SA - Preference Shares 58,231 322,833 0.02%
Banco do Brasil SA 340,000 2,531,840 0.17% M Dias Branco SA 30,100 292,598 0.02%
Suzano Papel e Celulose SA 153,500 1,794,171 0.12% Odontoprev SA 85,200 289,433 0.02%
Lojas Renner SA 233,800 1,784,765 0.12% Centrais Eletricas Brasileiras SA -
Ultrapar Participacoes SA 138,800 1,657,706 0.11%
Usinas Siderurgicas de Minas Gerais
Telefonica Brasil SA - Preference
SA - Preference Shares Class A 130,753 248,768 0.02%
Shares 136,386 1,621,432 0.11%
Banco do Estado do Rio Grande do
Cielo SA 364,052 1,563,170 0.11%
Sul SA - Preference Shares 64,000 245,360 0.02%
Banco Bradesco SA 238,707 1,512,626 0.10%
Lojas Americanas SA 72,491 243,998 0.02%
Embraer SA 238,400 1,503,245 0.10%
Sao Martinho SA 52,200 242,182 0.02%
Fibria Celulose SA 75,400 1,422,201 0.10%
Compania Paranaense de Energia -
BB Seguridade Participacoes SA 222,714 1,415,913 0.10%
Rumo SA 359,239 1,316,544 0.09%
Smiles Fidelidade SA 17,669 238,807 0.02%
Gerdau SA - Preference Shares 355,700 1,286,008 0.09%
Compania de Transmissao de Energia
Raia Drogasil SA 72,000 1,242,605 0.08% Eletrica Paulista - Preference Shares 15,483 233,408 0.02%
Klabin SA 235,800 1,201,248 0.08% Via Varejo SA 40,900 197,835 0.01%
Kroton Educacional SA 486,380 1,178,214 0.08% Grendene SA 80,700 166,124 0.01%
Compania Brasileira de AES Tiete Energia SA Unit 52,313 131,211 0.01%
Distribuicao - Preference Shares 52,501 1,062,874 0.07%
Multiplus SA 16,900 128,483 0.01%
Lojas Americanas SA - Preference
Alpargatas SA - Preference Shares 36,300 114,163 0.01%
Shares 243,684 1,055,833 0.07%
Compania de Gas de Sao Paulo
WEG SA 241,968 1,021,984 0.07%
COMGAS - Preference Shares
Banco Santander Brasil SA 128,900 981,642 0.07% Class A 5,148 79,373 0.01%
CCR SA 364,621 959,080 0.06% Compania Energetica de Minas Gerais
Localiza Rent a Car SA 155,332 958,057 0.06% Class A 31,462 53,971 0.00%
Hypera SA 126,700 909,234 0.06% Guararapes Confeccoes SA 1,300 31,900 0.00%
TIM Participacoes SA 264,400 905,752 0.06% Gerdau SA 9,500 26,470 0.00%
BRF SA 181,700 850,081 0.06%
106,319,628 7.18%
Magazine Luiza SA 24,800 825,012 0.06%
Chile 1.31% (30 June 2017: 1.40%)
Equatorial Energia SA 55,294 816,030 0.06%
Braskem SA - Preference Shares Empresas COPEC SA 155,770 2,392,591 0.16%
Class A 61,600 812,709 0.05% SACI Falabella 192,181 1,767,589 0.12%
JBS SA 323,925 782,997 0.05% Sociedad Quimica y Minera de
Compania de Saneamento Basico Chile SA - Preference Shares
do Estado de Sao Paulo 109,000 659,825 0.04% Class B 34,258 1,648,848 0.11%
BR Malls Participacoes SA 251,355 633,712 0.04% Banco Santander Chile 20,432,993 1,605,652 0.11%
Compania Energetica de Minas Enel Americas SA 9,027,144 1,601,341 0.11%
Gerais - Preference Shares 310,609 589,345 0.04% Banco de Chile 8,879,576 1,377,535 0.09%
Bradespar SA - Preference Shares 76,100 578,157 0.04% Empresas CMPC SA 365,797 1,337,230 0.09%
Estacio Participacoes SA 81,300 515,178 0.03% Cencosud SA 429,919 1,066,469 0.07%
Petrobras Distribuidora SA 102,227 485,973 0.03% Latam Airlines Group SA 100,331 993,994 0.07%
Cosan SA Industria e Comercio 52,800 482,795 0.03% Banco de Credito e Inversiones SA 12,901 861,692 0.06%
Natura Cosmeticos SA 61,100 480,713 0.03% Enel Chile SA 7,573,310 749,950 0.05%
Multiplan Empreendimentos Compania Cervecerias Unidas SA 47,879 601,586 0.04%
Imobiliarios SA 31,827 471,523 0.03% Parque Arauco SA 200,752 566,754 0.04%
IRB Brasil Resseguros S/A 35,764 449,444 0.03% Itau CorpBanca 57,575,324 564,305 0.04%
Fleury SA 63,900 439,298 0.03% Aguas Andinas SA Class A 916,828 502,601 0.03%
Engie Brasil Energia SA 48,200 428,831 0.03% Colbun SA 2,337,567 483,997 0.03%
Compania Siderurgica Nacional SA 204,200 417,168 0.03%
135

Empresa Nacional de Bank of Communications Co., Ltd.
Telecomunicaciones SA 43,809 403,749 0.03% Class H 2,555,000 1,957,255 0.13%
Embotelladora Andina SA - China Conch Venture Holdings Ltd. 531,000 1,942,489 0.13%
Preference Shares Class B 63,872 249,976 0.02% ZTO Express Cayman, Inc. ADR 95,574 1,911,480 0.13%
SONDA SA 166,981 248,787 0.02% Autohome, Inc. ADR 18,037 1,821,737 0.12%
AES Gener SA 877,247 218,151 0.01% Wuxi Biologics Cayman, Inc. 160,935 1,791,825 0.12%
Engie Energia Chile SA 114,113 210,332 0.01% SINA Corp. 20,152 1,706,673 0.12%
19,453,129 1.31% China CITIC Bank Corp., Ltd.
Class H 2,706,854 1,694,059 0.11%
China 35.58% (30 June 2017: 25.67%)
Brilliance China Automotive
Tencent Holdings Ltd. 1,863,407 93,533,153 6.32% Holdings Ltd. 902,000 1,627,991 0.11%
Alibaba Group Holding Ltd. ADR 352,035 65,313,054 4.41% Guangdong Investment Ltd. 954,000 1,515,125 0.10%
China Construction Bank Corp. China Vanke Co., Ltd. Class H 430,144 1,505,006 0.10%
Class H 29,257,000 27,036,467 1.83%
Vipshop Holdings Ltd. ADR 138,033 1,497,658 0.10%
Baidu, Inc. ADR 90,517 21,995,631 1.49%
China Minsheng Banking Corp.,
Industrial & Commercial Bank of Ltd. Class H 2,084,880 1,490,823 0.10%
China Ltd. Class H 25,587,000 19,144,305 1.29%
CITIC Securities Co., Ltd. Class H 743,500 1,485,967 0.10%
China Mobile Ltd. 1,730,500 15,373,987 1.04%
China Taiping Insurance Holdings
Ping An Insurance Group Co. of Co., Ltd. 474,436 1,484,606 0.10%
China Ltd. Class H 1,634,000 15,037,353 1.02%
Huazhu Group Ltd. ADR 33,537 1,408,219 0.10%
Bank of China Ltd. Class H 24,928,000 12,360,020 0.83%
Momo, Inc. ADR 32,156 1,398,786 0.09%
JD.com, Inc. ADR 257,284 10,021,212 0.68%
China Communications
CNOOC Ltd. 5,196,000 8,967,470 0.61% Construction Co., Ltd. Class H 1,446,000 1,397,075 0.09%
China Petroleum & Chemical Corp. Fosun International Ltd. 735,204 1,383,173 0.09%
Class H 8,348,600 7,459,570 0.50%
Haier Electronics Group Co., Ltd. 400,000 1,368,946 0.09%
China Life Insurance Co., Ltd.
BYD Co., Ltd. Class H 223,135 1,352,385 0.09%
Class H 2,438,000 6,292,756 0.42%
Sinopharm Group Co., Ltd. Class H 336,000 1,351,204 0.09%
NetEase, Inc. ADR 23,807 6,015,315 0.41%
YY, Inc. ADR 13,366 1,342,882 0.09%
Ctrip.com International Ltd. ADR 124,113 5,911,502 0.40%
Lenovo Group Ltd. 2,432,000 1,317,451 0.09%
PetroChina Co., Ltd. Class H 6,806,000 5,179,030 0.35%
Longfor Properties Co., Ltd. 483,500 1,303,434 0.09%
Agricultural Bank of China Ltd.
People’s Insurance Co. Group of
Class H 9,970,000 4,663,837 0.31%
China Ltd. Class H 2,686,000 1,263,323 0.09%
China Merchants Bank Co., Ltd.
Postal Savings Bank of China Co.,
Class H 1,240,006 4,575,668 0.31%
Ltd. Class H 1,920,000 1,250,559 0.08%
CSPC Pharmaceutical Group Ltd. 1,429,732 4,319,019 0.29%
China National Building Material
Country Garden Holdings Co., Ltd. 2,417,818 4,252,897 0.29%
Co., Ltd. Class H 1,260,600 1,248,477 0.08%
New Oriental Education &
Fullshare Holdings Ltd. 2,520,146 1,246,349 0.08%
Technology Group, Inc. ADR 44,637 4,225,338 0.29%
New China Life Insurance Co.,
China Overseas Land &
Ltd. Class H 284,571 1,184,284 0.08%
Investment Ltd. 1,256,000 4,138,399 0.28%
China Resources Gas Group Ltd. 262,000 1,135,435 0.08%
Geely Automobile Holdings Ltd. 1,584,000 4,108,674 0.28%
China Everbright International Ltd. 877,000 1,133,495 0.08%
Sunny Optical Technology Group
Haitong Securities Co., Ltd.
Co., Ltd. 213,300 3,969,409 0.27%
Class H 1,108,816 1,120,766 0.08%
TAL Education Group ADR 92,581 3,406,981 0.23%
China Resources Power Holdings
China Pacific Insurance Group Co.,
Co., Ltd. 610,000 1,074,534 0.07%
Ltd. Class H 844,600 3,267,322 0.22%
Weibo Corp. ADR 12,101 1,074,085 0.07%
Sino Biopharmaceutical Ltd. 2,096,000 3,216,621 0.22%
Shimao Property Holdings Ltd. 393,000 1,031,910 0.07%
China Resources Land Ltd. 876,119 2,953,731 0.20%
CRRC Corp., Ltd. Class H 1,314,250 1,020,181 0.07%
Shenzhou International Group
Guangzhou Automobile Group
Holdings Ltd. 235,400 2,905,951 0.20%
Co., Ltd. Class H 1,015,200 992,497 0.07%
China Shenhua Energy Co., Ltd.
Alibaba Health Information
Class H 1,111,000 2,636,792 0.18%
Technology Ltd. 1,020,000 984,188 0.07%
Sunac China Holdings Ltd. 721,627 2,524,860 0.17%
China Cinda Asset Management
China Resources Beer Holdings
Co., Ltd. Class H 3,053,000 980,640 0.07%
Co., Ltd. 514,016 2,496,225 0.17%
Dongfeng Motor Group Co., Ltd.
China Evergrande Group 966,000 2,462,574 0.17%
Class H 924,000 977,535 0.07%
China Unicom Hong Kong Ltd. 1,948,000 2,433,308 0.16%
TravelSky Technology Ltd. Class H 335,000 975,693 0.07%
PICC Property & Casualty Co.,
China Railway Group Ltd. Class H 1,248,000 941,713 0.06%
Ltd. Class H 2,201,274 2,376,510 0.16%
CGN Power Co., Ltd. Class H 3,635,000 940,552 0.06%
ENN Energy Holdings Ltd. 239,000 2,350,260 0.16%
China Jinmao Holdings Group Ltd. 1,852,000 930,078 0.06%
CITIC Ltd. 1,604,000 2,261,214 0.15%
Huaneng Power International, Inc.
Hengan International Group Co.,
Class H 1,378,000 913,345 0.06%
Ltd. 234,500 2,256,690 0.15%
Weichai Power Co., Ltd. Class H 654,400 902,511 0.06%
Anhui Conch Cement Co., Ltd.
Huatai Securities Co., Ltd. Class H 560,222 891,162 0.06%
Class H 387,000 2,219,758 0.15%
China Huarong Asset Management
58.com, Inc. ADR 31,096 2,156,197 0.15%
Co., Ltd. Class H 3,056,000 884,222 0.06%
China Telecom Corp., Ltd. Class H 4,530,000 2,119,075 0.14%
Kingsoft Corp., Ltd. 291,000 882,779 0.06%
ANTA Sports Products Ltd. 392,000 2,076,057 0.14%
China Longyuan Power Group
China Gas Holdings Ltd. 516,000 2,075,063 0.14%
Corp., Ltd. Class H 1,090,000 878,063 0.06%
136

Kingboard Chemical Holdings Ltd. 234,200 856,744 0.06% Jiangxi Copper Co., Ltd. Class H 403,000 513,674 0.03%
Shanghai Fosun Pharmaceutical Meitu, Inc. 583,500 509,464 0.03%
Group Co., Ltd. Class H 155,427 852,868 0.06% China International Capital Corp.,
Yanzhou Coal Mining Co., Ltd. Ltd. Class H 284,000 506,067 0.03%
Class H 636,000 831,738 0.06% China Southern Airlines Co., Ltd.
Beijing Enterprises Holdings Ltd. 167,000 813,134 0.05% Class H 640,000 503,324 0.03%
China Merchants Port Holdings China Reinsurance Group Corp.
Co., Ltd. 400,000 812,700 0.05% Class H 2,293,000 502,707 0.03%
China Medical System Holdings China Everbright Ltd. 270,000 495,574 0.03%
Ltd. 406,329 812,093 0.05% Sinopec Engineering Group Co.,
Zhuzhou CRRC Times Electric Ltd. Class H 473,000 494,376 0.03%
Co., Ltd. Class H 167,200 794,927 0.05% AviChina Industry & Technology
Kunlun Energy Co., Ltd. 904,000 791,603 0.05% Co., Ltd. Class H 813,000 483,938 0.03%
Beijing Enterprises Water Group Lee & Man Paper Manufacturing
Ltd. 1,441,011 786,128 0.05% Ltd. 476,000 481,737 0.03%
Agile Group Holdings Ltd. 457,250 778,650 0.05% Inner Mongolia Yitai Coal Co., Ltd.
Great Wall Motor Co., Ltd. Class H 1,013,000 774,717 0.05% Class B 351,800 479,855 0.03%
Shanghai Pharmaceuticals Holding COSCO SHIPPING Ports Ltd. 562,000 468,486 0.03%
Co., Ltd. Class H 278,900 769,642 0.05% Jiangsu Expressway Co., Ltd.
3SBio, Inc. 324,500 737,063 0.05% Class H 390,000 464,792 0.03%
GF Securities Co., Ltd. Class H 499,600 728,502 0.05% Alibaba Pictures Group Ltd. 4,220,000 462,587 0.03%
China Resources Cement Holdings Haitian International Holdings Ltd. 195,000 460,318 0.03%
Ltd. 718,000 727,568 0.05% China Everbright Bank Co., Ltd.
Zijin Mining Group Co., Ltd. Class H 1,053,000 452,314 0.03%
Class H 1,872,000 715,829 0.05% Logan Property Holdings Co., Ltd. 334,000 452,119 0.03%
Sinopec Shanghai Petrochemical Xiaomi Corp. 201,295 436,178 0.03%
Co., Ltd. Class H 1,136,000 692,131 0.05% BAIC Motor Corp., Ltd. Class H 455,500 435,443 0.03%
China Traditional Chinese Medicine Zhejiang Expressway Co., Ltd.
Holdings Co., Ltd. 796,048 688,955 0.05% Class H 488,000 435,412 0.03%
CIFI Holdings Group Co., Ltd. 1,078,000 685,648 0.05% Shanghai Lujiazui Finance & Trade
Guangzhou R&F Properties Co., Zone Development Co., Ltd.
Ltd. Class H 334,800 675,963 0.05% Class B 304,420 434,712 0.03%
Tsingtao Brewery Co., Ltd. Class H 122,000 670,223 0.05% Kingboard Laminates Holdings Ltd. 332,555 410,742 0.03%
Far East Horizon Ltd. 684,000 663,472 0.04% China Merchants Securities Co.,
Genscript Biotech Corp. 236,000 652,761 0.04% Ltd. Class H 302,200 409,844 0.03%
Nine Dragons Paper Holdings Ltd. 510,000 650,058 0.04% GCL-Poly Energy Holdings Ltd. 4,318,800 407,359 0.03%
China Railway Construction Corp., Legend Holdings Corp. Class H 129,300 393,893 0.03%
Ltd. Class H 631,500 639,915 0.04% COSCO SHIPPING Holdings Co.,
Zhongsheng Group Holdings Ltd. 209,500 628,864 0.04% Ltd. Class H 843,500 387,052 0.03%
China Galaxy Securities Co., Ltd. Landing International
Class H 1,198,500 615,638 0.04% Development Ltd. 25,080,000 383,611 0.03%
China Molybdenum Co., Ltd. Yuexiu Property Co., Ltd. 1,993,116 381,071 0.03%
Class H 1,266,000 613,196 0.04% Shandong Weigao Group Medical
China State Construction Polymer Co., Ltd. Class H 536,000 379,175 0.03%
International Holdings Ltd. 593,250 608,717 0.04% GOME Retail Holdings Ltd. 3,698,000 377,085 0.03%
Beijing Capital International Airport ZTE Corp. Class H 242,520 368,473 0.02%
Co., Ltd. Class H 566,000 596,629 0.04% China Railway Signal &
Shenzhen International Holdings Communication Corp., Ltd. Class H 518,800 368,330 0.02%
Ltd. 283,750 587,360 0.04% Country Garden Services Holdings
Air China Ltd. Class H 594,000 573,902 0.04% Co., Ltd. 286,760 367,704 0.02%
China Literature Ltd. 61,000 573,033 0.04% Sinotrans Ltd. Class H 694,000 366,220 0.02%
Aluminum Corp. of China Ltd. China Eastern Airlines Corp., Ltd.
Class H 1,298,000 572,444 0.04% Class H 534,000 361,425 0.02%
Guotai Junan Securities Co., Ltd. Sinotruk Hong Kong Ltd. 218,000 359,006 0.02%
Class H 268,400 570,638 0.04% Health & Happiness H&H
China Oilfield Services Ltd. Class H 602,000 568,587 0.04% International Holdings Ltd. 52,000 358,577 0.02%
Luye Pharma Group Ltd. 553,000 567,418 0.04% Shenzhen Investment Ltd. 961,890 350,650 0.02%
Li Ning Co., Ltd. 512,375 564,919 0.04% China Power International
Sino-Ocean Group Holding Ltd. 951,500 553,039 0.04% Development Ltd. 1,491,805 344,170 0.02%
Fuyao Glass Industry Group Co., Greentown China Holdings Ltd. 253,500 339,919 0.02%
Ltd. Class H 163,200 551,249 0.04% BYD Electronic International Co., Ltd. 242,000 331,285 0.02%
Huaneng Renewables Corp., Ltd. Shanghai Industrial Holdings Ltd. 138,000 321,542 0.02%
Class H 1,638,000 544,925 0.04% Angang Steel Co., Ltd. Class H 348,000 314,047 0.02%
Chongqing Rural Commercial Bank Shanghai Electric Group Co., Ltd.
Dali Foods Group Co., Ltd. 686,500 529,393 0.04% Guangzhou Baiyunshan
China Communications Services Pharmaceutical Holdings Co., Ltd.
Corp., Ltd. Class H 834,000 528,329 0.04% Class H 70,000 308,714 0.02%
KWG Property Holding Ltd. 416,000 522,820 0.04%
137

Datang International Power Shanghai Jinqiao Export Processing
Generation Co., Ltd. Class H 998,000 305,298 0.02% Zone Development Co., Ltd.
SOHO China Ltd. 640,000 304,278 0.02% Class B 101,800 128,879 0.01%
Chongqing Changan Automobile China Foods Ltd. 242,000 126,160 0.01%
Co., Ltd. Class B 289,400 292,519 0.02% CSG Holding Co., Ltd. Class B 303,267 126,016 0.01%
Sihuan Pharmaceutical Holdings BOE Technology Group Co., Ltd.
Group Ltd. 1,309,000 291,985 0.02% Class A 334,400 125,313 0.01%
China Coal Energy Co., Ltd. Class H 682,000 282,520 0.02% Central China Securities Co., Ltd.
BBMG Corp. Class H 761,000 281,297 0.02% Class H 408,000 123,771 0.01%
Red Star Macalline Group Corp., Dazhong Transportation Group Co.,
Ltd. Class H 204,458 275,722 0.02% Ltd. Class B 279,200 123,127 0.01%
China Agri-Industries Holdings Ltd. 711,100 271,916 0.02% Anhui Expressway Co., Ltd. Class H 192,000 115,756 0.01%
Metallurgical Corp. of China Ltd. Shanghai Jinjiang International Hotels
Class H 908,000 268,507 0.02% Development Co., Ltd. Class B 44,200 107,804 0.01%
ZhongAn Online P&C Insurance Sichuan Expressway Co., Ltd.
Poly Property Group Co., Ltd. 622,000 256,872 0.02% Guangdong Electric Power
Guangshen Railway Co., Ltd. Development Co., Ltd. Class B 294,640 106,658 0.01%
Class H 454,000 255,776 0.02% Weifu High-Technology Group Co.,
Maanshan Iron & Steel Co., Ltd. Ltd. Class B 48,000 104,499 0.01%
Class H 574,000 255,340 0.02% Bosideng International Holdings Ltd. 754,000 103,795 0.01%
Anhui Gujing Distillery Co., Ltd. Shanghai Chlor-Alkali Chemical Co.,
Class B 39,500 252,745 0.02% Ltd. Class B 163,500 102,187 0.01%
China Zhongwang Holdings Ltd. 452,800 239,517 0.02% CSSC Offshore & Marine
Shandong Chenming Paper Engineering Group Co., Ltd. Class H 98,000 101,180 0.01%
Holdings Ltd. Class B 182,700 235,668 0.02% Everbright Securities Co., Ltd. Class H 79,800 97,240 0.01%
China BlueChemical Ltd. Class H 632,000 232,808 0.02% Xinhua Winshare Publishing &
Zhaojin Mining Industry Co., Ltd. Media Co., Ltd. Class H 139,000 96,736 0.01%
Class H 304,500 232,486 0.02% Dalian Port PDA Co., Ltd. Class H 645,600 96,279 0.01%
Orient Securities Co., Ltd. Class H 295,200 229,900 0.02% Sinopec Oilfield Service Corp.
Shenzhen Expressway Co., Ltd. Class H 686,000 91,811 0.01%
Class H 230,000 225,736 0.02% Shandong Chenming Paper Holdings
China Dongxiang Group Co., Ltd. 1,222,000 224,293 0.02% Ltd. Class H 110,250 91,343 0.01%
COSCO SHIPPING Development Beijing North Star Co., Ltd. Class H 274,000 87,312 0.01%
Co., Ltd. Class H 1,331,000 222,245 0.01% Sinofert Holdings Ltd. 728,000 86,297 0.01%
Xinjiang Goldwind Science & Shanghai Waigaoqiao Free Trade
Technology Co., Ltd. Class H 181,360 220,763 0.01% Zone Group Co., Ltd. Class B 61,500 85,362 0.01%
Lao Feng Xiang Co., Ltd. Class B 66,100 216,279 0.01% Shanghai Bailian Group Co., Ltd.
Livzon Pharmaceutical Group, Inc. Class B 70,500 80,581 0.01%
Class H 42,744 204,854 0.01% CITIC Resources Holdings Ltd. 734,000 77,653 0.01%
COSCO SHIPPING Energy Shenzhen Chiwan Wharf Holdings
Transportation Co., Ltd. Class H 420,000 202,359 0.01% Ltd. Class B 52,900 76,992 0.01%
Huadian Power International Corp., China National Accord Medicines
Ltd. Class H 508,000 200,728 0.01% Corp., Ltd. Class B 19,200 76,869 0.01%
CAR, Inc. 198,435 198,297 0.01% Tianhe Chemicals Group Ltd. 503,000 75,013 0.00%
Huadian Fuxin Energy Corp., Ltd. Dongfang Electric Corp., Ltd. Class H 113,200 74,452 0.00%
Class H 836,000 196,068 0.01% Shanghai Haixin Group Co. Class B 133,800 63,555 0.00%
Zoomlion Heavy Industry Science Shanghai Shibei Hi-Tech Co., Ltd.
and Technology Co., Ltd. Class H 424,000 181,048 0.01% Class B 164,200 62,889 0.00%
China International Marine Tianjin Capital Environmental
Containers Group Co., Ltd. Class H 137,700 180,430 0.01% Protection Group Co., Ltd. Class H 132,000 61,916 0.00%
CIMC Enric Holdings Ltd. 188,000 179,003 0.01% Shanghai Huayi Group Corp., Ltd.
CSC Financial Co., Ltd. Class H 251,500 178,877 0.01% Class B 68,100 61,290 0.00%
Wuxi Little Swan Co., Ltd. Class B 29,700 177,735 0.01% Bengang Steel Plates Co., Ltd.
Yantai Changyu Pioneer Wine Co., Class B 145,200 49,785 0.00%
Ltd. Class B 67,320 177,021 0.01% Hanergy Thin Film Power Group
Hopson Development Holdings Ltd. 198,000 176,411 0.01% Ltd. 1,754,000 47,654 0.00%
China South City Holdings Ltd. 892,000 173,956 0.01% Foshan Electrical & Lighting Co.,
Beijing Jingneng Clean Energy Co., Ltd. Class B 79,640 45,172 0.00%
Ltd. Class H 700,000 162,387 0.01% Shanghai Jinjiang International
Shanghai Baosight Software Co., Industrial Investment Co., Ltd.
Ltd. Class B 85,000 160,990 0.01% Class B 43,600 45,126 0.00%
China Machinery Engineering Corp. Huadian Energy Co., Ltd. Class B 136,499 43,134 0.00%
Class H 317,000 151,925 0.01% Jinzhou Port Co., Ltd. Class B 74,000 29,452 0.00%
Shanghai Zhenhua Heavy Industries Jiangling Motors Corp., Ltd. Class B 23,200 29,364 0.00%
Co., Ltd. Class B 320,354 150,566 0.01% China Huishan Dairy Holdings Co.,
Shanghai Mechanical & Electrical Ltd. 1,165,428 1 0.00%
Industry Co., Ltd. Class B 75,800 139,093 0.01% 526,844,879 35.58%
138

Colombia 0.53% (30 June 2017: 0.55%) India 11.29% (30 June 2017: 12.14%)
Bancolombia SA - Preference Housing Development Finance
Shares 159,830 1,943,870 0.13% Corp., Ltd. 547,081 15,235,864 1.03%
Ecopetrol SA 1,548,263 1,594,658 0.11% Reliance Industries Ltd. 1,016,877 14,432,782 0.97%
Grupo de Inversiones Infosys Ltd. 620,352 11,835,717 0.80%
Suramericana SA 82,182 1,052,112 0.07% Tata Consultancy Services Ltd. 301,258 8,124,491 0.55%
Bancolombia SA 78,309 941,738 0.06% Hindustan Unilever Ltd. 232,536 5,569,969 0.38%
Interconexion Electrica SA ESP 137,220 677,459 0.05% Maruti Suzuki India Ltd. 39,744 5,119,531 0.35%
Grupo Aval Acciones y Valores Axis Bank Ltd. 587,246 4,378,096 0.30%
SA ADR 59,755 495,369 0.03% ITC Ltd. 960,554 3,732,022 0.25%
Almacenes Exito SA 70,146 386,915 0.03% Sun Pharmaceutical Industries Ltd. 358,586 2,951,799 0.20%
Grupo de Inversiones Suramericana Yes Bank Ltd. 558,752 2,769,906 0.19%
SA - Preference Shares 25,234 307,070 0.02% Mahindra & Mahindra Ltd. 199,791 2,617,710 0.18%
Corp. Financiera Colombiana SA 23,962 207,068 0.01% HCL Technologies Ltd. 180,672 2,442,493 0.16%
Grupo Aval Acciones y Valores SA - Oil & Natural Gas Corp., Ltd. 1,009,304 2,333,412 0.16%
Bharti Airtel Ltd. 417,978 2,330,098 0.16%
Cemex Latam Holdings SA 43,352 122,514 0.01%
State Bank of India 579,799 2,194,715 0.15%
7,867,635 0.53% Larsen & Toubro Ltd. 110,378 2,054,192 0.14%
Czech Republic 0.21% (30 June 2017: 0.20%) Bajaj Finance Ltd. 57,003 1,910,514 0.13%
CEZ A.S. 52,252 1,235,848 0.09% Vedanta Ltd. Foreign 546,983 1,885,680 0.13%
Komercni banka A.S. 24,551 1,030,777 0.07% JSW Steel Ltd. 388,839 1,854,668 0.13%
Moneta Money Bank A.S. 178,219 610,281 0.04% Eicher Motors Ltd. 4,378 1,826,884 0.12%
O2 Czech Republic A.S. 16,908 193,881 0.01% UltraTech Cement Ltd. 32,691 1,821,993 0.12%
Philip Morris CR A.S. 56 38,403 0.00% Bharat Petroleum Corp., Ltd. 326,500 1,778,916 0.12%
Indiabulls Housing Finance Ltd. 106,645 1,778,325 0.12%
3,109,190 0.21%
Asian Paints Ltd. 94,494 1,743,895 0.12%
Egypt 0.20% (30 June 2017: 0.18%)
Hero MotoCorp Ltd. 32,244 1,634,672 0.11%
Commercial International Bank Indian Oil Corp., Ltd. 712,683 1,622,689 0.11%
Egypt SAE 346,663 1,639,334 0.11% Coal India Ltd. 413,994 1,597,304 0.11%
Eastern Tobacco 37,286 371,109 0.03% Grasim Industries Ltd. 105,502 1,550,386 0.10%
ElSewedy Electric Co. 23,951 266,446 0.02% NTPC Ltd. 649,315 1,512,999 0.10%
Egyptian Financial Group-Hermes Tech Mahindra Ltd. 156,585 1,497,973 0.10%
Holding Co. 173,618 223,986 0.02%
Godrej Consumer Products Ltd. 80,615 1,442,163 0.10%
Talaat Moustafa Group 326,108 213,274 0.01%
Zee Entertainment Enterprises Ltd. 173,483 1,377,305 0.09%
Global Telecom Holding SAE 813,427 212,337 0.01%
Wipro Ltd. 354,883 1,354,476 0.09%
Telecom Egypt Co. 93,147 73,414 0.00%
Titan Co., Ltd. 102,493 1,314,166 0.09%
2,999,900 0.20% Tata Motors Ltd. 328,839 1,292,510 0.09%
Greece 0.41% (30 June 2017: 0.51%) Adani Ports & Special Economic
Alpha Bank AE 453,197 1,013,284 0.07% Zone Ltd. 228,480 1,244,360 0.08%
Hellenic Telecommunications Bharti Infratel Ltd. 280,710 1,231,371 0.08%
Organization SA 81,649 1,010,490 0.07% Bajaj Auto Ltd. 28,610 1,173,505 0.08%
OPAP SA 69,724 788,013 0.05% Bajaj Finserv Ltd. 12,766 1,084,612 0.07%
Eurobank Ergasias SA 585,691 612,022 0.04% Nestle India Ltd. 7,521 1,076,870 0.07%
JUMBO SA 34,075 561,754 0.04% UPL Ltd. 116,764 1,054,566 0.07%
National Bank of Greece SA 1,790,450 549,786 0.04% Shriram Transport Finance Co., Ltd. 54,973 1,042,614 0.07%
Motor Oil Hellas Corinth Piramal Enterprises Ltd. 27,660 1,023,923 0.07%
Refineries SA 17,907 359,606 0.02% Dabur India Ltd. 172,788 987,198 0.07%
Titan Cement Co., SA 13,852 350,952 0.02% Hindalco Industries Ltd. 292,521 984,107 0.07%
Mytilineos Holdings SA 32,366 324,607 0.02% United Spirits Ltd. 100,828 978,553 0.07%
Piraeus Bank SA 93,562 318,976 0.02% Lupin Ltd. 74,086 977,289 0.07%
Hellenic Petroleum SA 17,931 150,106 0.01% Cipla Ltd. 104,197 937,796 0.06%
FF Group 12,460 69,829 0.01% GAIL India Ltd. 180,914 898,431 0.06%
6,109,425 0.41% Dr Reddy’s Laboratories Ltd. 26,285 857,451 0.06%
Britannia Industries Ltd. 9,397 852,231 0.06%
Hong Kong 0.07% (30 June 2017: 0.08%)
Motherson Sumi Systems Ltd. 204,276 848,827 0.06%
China Resources Pharmaceutical Ambuja Cements Ltd. 252,745 765,262 0.05%
Group Ltd. 541,500 749,567 0.05%
Aurobindo Pharma Ltd. 85,157 754,562 0.05%
HengTen Networks Group Ltd. 5,728,000 204,429 0.02%
Hindustan Petroleum Corp., Ltd. 198,853 752,283 0.05%
953,996 0.07% Tata Steel Ltd. 89,554 742,090 0.05%
Hungary 0.34% (30 June 2017: 0.44%) Marico Ltd. 150,375 727,897 0.05%
OTP Bank Nyrt 74,923 2,713,660 0.18% Ashok Leyland Ltd. 389,336 714,858 0.05%
MOL Hungarian Oil & Gas plc 138,589 1,338,232 0.09% Power Grid Corp. of India Ltd. 257,744 702,904 0.05%
Richter Gedeon Nyrt 46,582 851,020 0.06% HDFC Standard Life Insurance
Magyar Telekom Co., Ltd. 100,752 670,773 0.05%
Telecommunications plc 125,431 178,874 0.01% Mahindra & Mahindra Financial
Services Ltd. 97,657 669,410 0.05%
5,081,786 0.34%
Pidilite Industries Ltd. 42,494 659,598 0.04%
139

Page Industries Ltd. 1,554 630,860 0.04% GMR Infrastructure Ltd. 703,427 157,081 0.01%
Bosch Ltd. 2,448 625,620 0.04% IDBI Bank Ltd. 190,527 152,666 0.01%
Shree Cement Ltd. 2,745 623,167 0.04% JSW Energy Ltd. 135,113 129,365 0.01%
Havells India Ltd. 78,097 619,339 0.04% Torrent Power Ltd. 37,841 125,455 0.01%
Idea Cellular Ltd. 676,138 585,694 0.04% CG Power & Industrial Solutions Ltd. 135,683 110,800 0.01%
LIC Housing Finance Ltd. 82,576 564,829 0.04% Bank of India 78,455 100,194 0.01%
Future Retail Ltd. 66,240 555,666 0.04% Mangalore Refinery &
Bharat Forge Ltd. 60,822 543,905 0.04% Petrochemicals Ltd. 79,957 94,585 0.01%
Container Corp. Of India Ltd. 54,440 518,259 0.03% Wockhardt Ltd. 9,435 88,270 0.01%
InterGlobe Aviation Ltd. 30,575 485,746 0.03% Vedanta Ltd. 581,856 86,198 0.01%
ICICI Prudential Life Insurance Co., Reliance Power Ltd. 179,217 83,703 0.01%
Ltd. 88,025 484,738 0.03% Reliance Communications Ltd. 378,264 75,912 0.00%
Avenue Supermarts Ltd. 21,650 469,370 0.03% Great Eastern Shipping Co., Ltd. 17,467 71,867 0.00%
Cadila Healthcare Ltd. 80,800 445,069 0.03% Adani Power Ltd. 294,980 69,531 0.00%
Biocon Ltd. 46,717 422,441 0.03% Union Bank of India 48,043 57,464 0.00%
Mphasis Ltd. 26,491 419,201 0.03% IDFC Ltd. 49,889 33,640 0.00%
Rajesh Exports Ltd. 47,158 414,005 0.03% Adani Green Energy Ltd. 73,811 28,872 0.00%
Jindal Steel & Power Ltd. 127,100 413,773 0.03% 167,150,460 11.29%
Siemens Ltd. 28,425 406,720 0.03%
Indonesia 2.03% (30 June 2017: 2.76%)
Oracle Financial Services Software
Ltd. 6,806 404,764 0.03% Bank Central Asia Tbk PT 3,157,400 4,731,693 0.32%
NMDC Ltd. 251,608 396,976 0.03% Telekomunikasi Indonesia Persero
Tbk PT 15,451,300 4,043,432 0.27%
Steel Authority of India Ltd. 322,168 390,279 0.03%
Bank Rakyat Indonesia Persero
Divi’s Laboratories Ltd. 25,176 381,636 0.03%
Tbk PT 17,290,400 3,426,709 0.23%
Glenmark Pharmaceuticals Ltd. 43,786 372,611 0.02%
Astra International Tbk PT 6,609,800 3,044,290 0.21%
United Breweries Ltd. 22,053 370,602 0.02%
Bank Mandiri Persero Tbk PT 6,051,200 2,892,583 0.20%
Bajaj Holdings & Investment Ltd. 8,776 369,203 0.02%
Unilever Indonesia Tbk PT 374,000 1,203,168 0.08%
MRF Ltd. 337 368,772 0.02%
Bank Negara Indonesia Persero
DLF Ltd. 133,678 368,363 0.02%
Tbk PT 2,418,200 1,189,694 0.08%
Colgate-Palmolive India Ltd. 21,245 367,396 0.02%
United Tractors Tbk PT 493,800 1,088,910 0.07%
Tata Power Co., Ltd. 330,309 353,136 0.02%
Gudang Garam Tbk PT 154,100 723,184 0.05%
SBI Life Insurance Co., Ltd. 35,510 349,503 0.02%
Hanjaya Mandala Sampoerna
L&T Finance Holdings Ltd. 152,909 338,446 0.02% Tbk PT 2,808,100 701,535 0.05%
GlaxoSmithKline Consumer Indofood Sukses Makmur Tbk PT 1,462,300 678,597 0.05%
Healthcare Ltd. 3,474 329,821 0.02%
Charoen Pokphand Indonesia
Bharat Heavy Electricals Ltd. 307,795 322,328 0.02% Tbk PT 2,380,400 611,296 0.04%
Rural Electrification Corp., Ltd. 209,345 319,754 0.02% Adaro Energy Tbk PT 4,227,300 528,044 0.04%
Bharat Electronics Ltd. 201,309 319,233 0.02% Kalbe Farma Tbk PT 6,098,000 519,160 0.03%
Sun TV Network Ltd. 27,394 312,783 0.02% Perusahaan Gas Negara Persero
Hindustan Zinc Ltd. 77,819 311,776 0.02% Tbk 3,342,800 465,379 0.03%
Berger Paints India Ltd. 74,822 306,867 0.02% Semen Indonesia Persero Tbk PT 932,600 463,697 0.03%
Tata Motors Ltd. Class A 127,344 294,872 0.02% Indofood CBP Sukses Makmur
ABB India Ltd. 17,090 293,958 0.02% Tbk PT 740,200 457,137 0.03%
Torrent Pharmaceuticals Ltd. 14,084 288,022 0.02% Matahari Department Store Tbk PT 734,000 450,747 0.03%
NHPC Ltd. 836,092 286,162 0.02% Bank Danamon Indonesia Tbk PT 992,200 441,401 0.03%
ACC Ltd. 14,200 277,699 0.02% Indocement Tunggal Prakarsa
Petronet LNG Ltd. 86,077 275,386 0.02% Tbk PT 430,100 409,690 0.03%
IDFC Bank Ltd. 475,984 269,897 0.02% Bukit Asam Tbk PT 1,358,000 376,222 0.03%
Bank of Baroda 164,091 269,793 0.02% Bumi Serpong Damai Tbk PT 2,572,600 280,957 0.02%
ICICI Lombard General Insurance Surya Citra Media Tbk PT 1,904,700 273,809 0.02%
Co., Ltd. 26,261 267,056 0.02% XL Axiata Tbk PT 1,229,525 216,218 0.01%
Emami Ltd. 34,574 267,019 0.02% Jasa Marga Persero Tbk PT 733,294 213,899 0.01%
Kansai Nerolac Paints Ltd. 40,727 262,855 0.02% Tower Bersama Infrastructure
Oil India Ltd. 85,381 261,508 0.02% Tbk PT 590,300 205,555 0.01%
Reliance Infrastructure Ltd. 44,234 252,918 0.02% Vale Indonesia Tbk PT 630,000 177,613 0.01%
Power Finance Corp., Ltd. 220,780 249,088 0.02% Media Nusantara Citra Tbk PT 1,796,500 115,337 0.01%
Exide Industries Ltd. 65,314 246,232 0.02% Astra Agro Lestari Tbk PT 137,811 107,710 0.01%
Reliance Capital Ltd. 41,917 237,223 0.02% 30,037,666 2.03%
Godrej Industries Ltd. 25,684 233,804 0.02%
Malaysia 2.99% (30 June 2017: 3.51%)
Dalmia Bharat Ltd. 6,623 220,401 0.01%
Public Bank Bhd 1,008,600 5,832,627 0.39%
Cummins India Ltd. 22,992 217,336 0.01%
Tenaga Nasional Bhd 1,292,700 4,685,017 0.32%
Tata Communications Ltd. 24,502 211,976 0.01%
Malayan Banking Bhd 1,495,758 3,332,547 0.23%
Punjab National Bank 183,021 203,416 0.01%
CIMB Group Holdings Bhd 2,155,800 2,908,555 0.20%
Castrol India Ltd. 79,066 188,909 0.01%
Petronas Chemicals Group Bhd 926,900 1,929,751 0.13%
Vakrangee Ltd. 175,664 171,395 0.01%
Genting Bhd 739,400 1,539,387 0.10%
Canara Bank 43,973 161,445 0.01%
Sime Darby Plantation Bhd 1,155,700 1,524,912 0.10%
Adani Enterprises Ltd. 96,993 160,180 0.01%
IHH Healthcare Bhd 919,600 1,388,677 0.09%
140

Axiata Group Bhd 1,449,200 1,363,278 0.09% Banco Santander Mexico SA
DiGi.Com Bhd 1,192,800 1,225,429 0.08% Institucion de Banca Multiple
Maxis Bhd 895,900 1,210,945 0.08% Grupo Financiero Santand Class B 552,960 752,256 0.05%
IOI Corp. Bhd 1,033,400 1,161,440 0.08% Alsea SAB de CV 182,699 635,960 0.04%
Genting Malaysia Bhd 918,300 1,109,371 0.07% Promotora y Operadora de
Petronas Gas Bhd 251,600 1,077,529 0.07% Infraestructura SAB de CV 69,196 625,785 0.04%
Hong Leong Bank Bhd 205,700 926,783 0.06% Grupo Elektra SAB de CV 21,020 578,763 0.04%
Kuala Lumpur Kepong Bhd 148,700 889,365 0.06% Grupo Aeroportuario del Centro
Norte SAB de CV Class B 98,700 520,823 0.04%
PPB Group Bhd 179,300 873,530 0.06%
Grupo Carso SAB de CV 146,300 500,103 0.03%
Nestle Malaysia Bhd 19,800 722,985 0.05%
Kimberly-Clark de Mexico SAB de
Sime Darby Bhd 1,147,200 695,789 0.05%
CV Class A 285,800 488,117 0.03%
MISC Bhd 459,900 673,996 0.05%
Regional SAB de CV 79,800 434,123 0.03%
Malaysia Airports Holdings Bhd 294,100 640,693 0.04%
El Puerto de Liverpool SAB de CV 66,790 431,782 0.03%
Press Metal Aluminium Holdings
Megacable Holdings SAB de CV 102,500 426,724 0.03%
Bhd 588,000 634,653 0.04%
Banco del Bajio SA 198,600 421,939 0.03%
Petronas Dagangan Bhd 97,100 596,133 0.04%
Telesites SAB de CV 431,272 317,929 0.02%
AMMB Holdings Bhd 629,200 584,107 0.04%
Industrias Bachoco SAB de CV 60,100 291,056 0.02%
Gamuda Bhd 693,900 561,716 0.04%
Grupo Comercial Chedraui SA de CV 99,500 232,858 0.02%
HAP Seng Consolidated Bhd 220,700 535,428 0.04%
Becle SAB de CV 153,400 223,360 0.02%
RHB Bank Bhd 371,684 502,388 0.03%
Industrias CH SAB de CV Class B 47,200 206,515 0.01%
IJM Corp. Bhd 1,001,800 443,922 0.03%
Grupo Lala SAB de CV Class B 196,100 204,523 0.01%
YTL Corp. Bhd 1,489,470 416,661 0.03%
GMexico Transportes SAB de CV 104,200 153,418 0.01%
British American Tobacco
Malaysia Bhd 48,100 414,140 0.03% OHL Mexico SAB de CV 103,100 151,851 0.01%
AirAsia Group Bhd 506,600 374,981 0.03% Organizacion Soriana SAB de CV
Class B 81,751 145,736 0.01%
Sime Darby Property Bhd 1,170,200 347,627 0.02%
Alpek SAB de CV Class A 96,900 144,888 0.01%
Alliance Bank Malaysia Bhd 347,500 347,543 0.02%
Nemak SAB de CV 199,200 138,335 0.01%
Hong Leong Financial Group Bhd 75,468 336,285 0.02%
Grupo Simec SAB de CV Class B 24,500 77,667 0.01%
KLCCP Stapled Group 150,100 297,264 0.02%
Westports Holdings Bhd 344,657 289,241 0.02% 52,035,034 3.51%
Telekom Malaysia Bhd 355,000 273,314 0.02% Pakistan 0.08% (30 June 2017: 0.10%)
YTL Power International Bhd 1,052,084 268,263 0.02% Pakistan Petroleum Ltd. 172,580 305,372 0.02%
Sapura Energy Bhd 1,688,100 267,455 0.02% Habib Bank Ltd. 220,600 302,319 0.02%
IOI Properties Group Bhd 577,900 228,900 0.02% Oil & Gas Development Co., Ltd. 224,400 286,408 0.02%
Felda Global Ventures Holdings Bhd 606,500 226,715 0.02% Fauji Fertilizer Co., Ltd. 225,100 182,934 0.01%
Bumi Armada Bhd 1,115,150 198,764 0.01% National Bank of Pakistan 168,500 65,902 0.01%
Astro Malaysia Holdings Bhd 500,600 197,043 0.01%
1,142,935 0.08%
MMC Corp. Bhd 310,000 102,834 0.01%
Peru 0.40% (30 June 2017: 0.37%)
UEM Sunrise Bhd 488,900 85,931 0.01%
RHB Capital Bhd 149,580 1,793 0.00% Credicorp Ltd. 18,189 4,019,769 0.27%
Compania de Minas Buenaventura
44,245,707 2.99%
SAA ADR 67,317 917,530 0.06%
Mexico 3.51% (30 June 2017: 4.64%) Credicorp Ltd. New York 3,699 832,719 0.06%
America Movil SAB de CV 8,986,703 7,580,455 0.51% Volcan Compania Minera SAA 753,813 186,468 0.01%
Fomento Economico Mexicano 5,956,486 0.40%
SAB de CV 689,000 6,118,213 0.41%
Philippines 1.22% (30 June 2017: 1.73%)
Grupo Financiero Banorte SAB
de CV Class O 896,829 5,328,298 0.36% SM Investments Corp. 157,797 2,587,200 0.18%
Wal-Mart de Mexico SAB de CV 1,695,758 4,522,424 0.31% SM Prime Holdings, Inc. 2,962,725 1,995,783 0.14%
Grupo Mexico SAB de CV 1,163,600 3,332,310 0.22% Ayala Land, Inc. 2,273,400 1,614,501 0.11%
Cemex SAB de CV 4,905,874 3,262,138 0.22% BDO Unibank, Inc. 637,537 1,499,244 0.10%
Grupo Televisa SAB 719,179 2,756,229 0.19% Ayala Corp. 79,600 1,372,221 0.09%
Grupo Bimbo SAB de CV 801,145 1,577,774 0.11% Bank of the Philippine Islands 577,558 957,772 0.06%
Alfa SAB de CV Class A 991,100 1,162,752 0.08% PLDT, Inc. 37,780 913,219 0.06%
Grupo Aeroportuario del Pacifico Aboitiz Equity Ventures, Inc. 749,550 765,456 0.05%
SAB de CV Class B 116,200 1,089,537 0.07% Metropolitan Bank & Trust Co. 512,842 705,347 0.05%
Grupo Aeroportuario del Sureste Universal Robina Corp. 294,110 666,835 0.05%
SAB de CV Class B 66,830 1,072,707 0.07% Jollibee Foods Corp. 130,420 642,722 0.04%
Grupo Financiero Inbursa SAB Manila Electric Co. 87,530 583,233 0.04%
de CV Class O 740,600 1,051,231 0.07% International Container Terminal
Mexichem SAB de CV 337,616 985,585 0.07% Services, Inc. 370,310 536,374 0.04%
Coca-Cola Femsa SAB de CV 168,400 959,813 0.06% GT Capital Holdings, Inc. 28,260 481,878 0.03%
Gruma SAB de CV Class B 66,955 826,252 0.06% Metro Pacific Investments Corp. 4,554,800 392,600 0.03%
Infraestructura Energetica Nova Aboitiz Power Corp. 501,600 326,615 0.02%
SAB de CV 170,859 773,726 0.05% Megaworld Corp. 3,988,215 319,849 0.02%
Industrias Penoles SAB de CV 42,295 767,306 0.05% LT Group, Inc. 930,300 315,170 0.02%
Arca Continental SAB de CV 123,104 763,773 0.05% DMCI Holdings, Inc. 1,425,600 280,485 0.02%
141

Globe Telecom, Inc. 9,635 278,032 0.02% Tatneft PJSC 497,904 5,367,541 0.36%
Alliance Global Group, Inc. 1,275,000 277,613 0.02% Novatek PJSC 351,097 4,775,177 0.32%
Bloomberry Resorts Corp. 1,178,400 215,288 0.01% MMC Norilsk Nickel PJSC 15,049 2,735,833 0.18%
Semirara Mining & Power Corp. Rosneft Oil Co. PJSC 382,298 2,415,332 0.16%
Class A 367,752 208,795 0.01% Magnit PJSC 23,423 1,718,365 0.12%
Petron Corp. 722,700 120,252 0.01% Surgutneftegas OJSC - Preference
Energy Development Corp. 573,993 56,251 0.00% Shares 2,829,984 1,427,347 0.10%
18,112,735 1.22% Mobile TeleSystems PJSC 317,355 1,407,542 0.09%
Transneft PJSC - Preference
Poland 1.32% (30 June 2017: 1.57%)
Shares 508 1,348,131 0.09%
Powszechna Kasa Oszczednosci Alrosa PJSC 816,000 1,301,384 0.09%
Bank Polski SA 280,534 2,771,659 0.19%
VTB Bank PJSC 1,639,188,514 1,255,093 0.08%
Polski Koncern Naftowy ORLEN SA 101,822 2,286,130 0.15%
Surgutneftegas OJSC 2,014,235 914,882 0.06%
Powszechny Zaklad Ubezpieczen SA 184,037 1,916,095 0.13%
Severstal PJSC 61,294 909,207 0.06%
Bank Polska Kasa Opieki SA 51,070 1,541,396 0.10%
Moscow Exchange MICEX-RTS
LPP SA 483 1,094,634 0.07% PJSC 467,280 809,174 0.05%
KGHM Polska Miedz SA 44,895 1,055,238 0.07% Novolipetsk Steel PJSC 283,138 685,645 0.05%
CD Projekt SA 20,085 868,001 0.06% Inter RAO UES PJSC 9,944,046 650,223 0.04%
Polskie Gornictwo Naftowe i Polyus PJSC GDR 14,287 469,328 0.03%
Gazownictwo SA 559,503 853,313 0.06%
PhosAgro PJSC GDR 32,933 423,189 0.03%
Bank Zachodni WBK SA 9,447 841,763 0.06%
RusHydro PJSC 35,684,907 384,494 0.03%
PGE Polska Grupa Energetyczna SA 239,862 598,382 0.04%
Magnitogorsk Iron & Steel Works
Alior Bank SA 30,354 542,390 0.04% PJSC 565,659 383,857 0.03%
Grupa Lotos SA 30,808 468,380 0.03% Aeroflot PJSC 169,112 377,048 0.03%
mBank SA 4,255 454,373 0.03% MegaFon PJSC 40,540 325,859 0.02%
Dino Polska SA 15,423 428,422 0.03% Rostelecom PJSC 277,036 323,505 0.02%
Bank Millennium SA 193,630 414,779 0.03% Tatneft PJSC - Preference Shares
CCC SA 6,822 377,183 0.02% Class 3 36,470 270,519 0.02%
Jastrzebska Spolka Weglowa SA 16,255 333,006 0.02% Federal Grid Co. Unified Energy
Cyfrowy Polsat SA 52,713 325,800 0.02% System PJSC 85,500,512 255,673 0.02%
AmRest Holdings SE 2,382 279,940 0.02% LSR Group PJSC GDR 78,004 210,611 0.01%
KRUK SA 5,227 279,224 0.02% Bashneft PJSC - Preference Shares 7,011 191,369 0.01%
Orange Polska SA 222,343 275,557 0.02% Unipro PJSC 3,452,608 160,069 0.01%
Asseco Poland SA 25,403 271,675 0.02% Sistema PJSFC 1,006,780 141,457 0.01%
PLAY Communications SA 33,823 231,271 0.02% RussNeft PJSC 13,891 131,815 0.01%
Bank Handlowy w Warszawie SA 10,760 203,477 0.01% TMK PJSC 104,680 127,130 0.01%
Tauron Polska Energia SA 328,911 201,180 0.01% Safmar Financial Investment 10,820 123,899 0.01%
Grupa Azoty SA 15,932 183,408 0.01% ROSSETI PJSC 8,831,785 111,414 0.01%
Enea SA 64,787 158,163 0.01% Mechel PJSC 70,027 109,504 0.01%
Eurocash SA 23,476 136,067 0.01% Uralkali PJSC 65,003 107,868 0.01%
Budimex SA 3,289 108,405 0.01% Mosenergo PJSC 2,844,000 106,226 0.01%
Ciech SA 7,581 108,229 0.01% Novorossiysk Commercial Sea
19,607,540 1.32% Port PJSC 791,000 81,998 0.01%
Mechel PJSC - Preference Shares 18,510 38,775 0.00%
Qatar 0.95% (30 June 2017: 0.86%)
62,554,959 4.22%
Qatar National Bank QPSC 128,175 5,350,893 0.36%
Industries Qatar QSC 63,992 1,880,567 0.13% Singapore 0.05% (30 June 2017: 0.00%)
Masraf Al Rayan QSC 125,599 1,204,936 0.08% Yangzijiang Shipbuilding Holdings
Qatar Islamic Bank SAQ 36,727 1,170,099 0.08% Ltd. 686,200 455,454 0.03%
Qatar Electricity & Water Co. QSC 15,718 811,456 0.06% Yanlord Land Group Ltd. 211,300 246,400 0.02%
Commercial Bank PQSC 68,136 712,799 0.05% 701,854 0.05%
Ooredoo QPSC 28,644 572,015 0.04% South Africa 7.66% (30 June 2017: 8.19%)
Qatar Gas Transport Co., Ltd. 93,292 404,837 0.03%
Naspers Ltd. Class N 139,334 35,427,560 2.39%
Doha Bank QPSC 49,500 363,671 0.02%
Sasol Ltd. 178,952 6,565,458 0.44%
Qatar Navigation QSC 17,709 316,145 0.02%
Standard Bank Group Ltd. 417,390 5,842,927 0.39%
Barwa Real Estate Co. 32,290 303,301 0.02%
FirstRand Ltd. 1,039,547 4,845,721 0.33%
Vodafone Qatar QSC 114,923 278,075 0.02%
MTN Group Ltd. 587,079 4,621,674 0.31%
United Development Co. QSC 55,148 211,444 0.01%
Old Mutual Ltd. 1,574,403 3,192,169 0.22%
Qatar International Islamic Bank QSC 12,326 179,490 0.01%
Sanlam Ltd. 568,299 2,905,296 0.20%
Ezdan Holding Group QSC 52,426 118,070 0.01%
Barclays Africa Group Ltd. 228,669 2,669,202 0.18%
Gulf International Services QSC 25,119 117,489 0.01%
Remgro Ltd. 167,899 2,502,514 0.17%
Al Meera Consumer Goods Co. QSC 1,457 60,825 0.00%
Shoprite Holdings Ltd. 145,122 2,335,822 0.16%
14,056,112 0.95% Aspen Pharmacare Holdings Ltd. 121,540 2,289,763 0.15%
Russia 4.22% (30 June 2017: 4.16%) Bid Corp., Ltd. 108,209 2,173,535 0.15%
Sberbank of Russia PJSC 3,361,039 11,685,443 0.79% Vodacom Group Ltd. 193,954 1,737,573 0.12%
LUKOIL PJSC 152,049 10,548,434 0.71% Bidvest Group Ltd. 110,846 1,593,271 0.11%
Gazprom PJSC 3,443,768 7,744,599 0.52% Mr Price Group Ltd. 80,849 1,334,639 0.09%
Nedbank Group Ltd. 71,364 1,299,482 0.09%
142

Woolworths Holdings Ltd. 318,226 1,287,415 0.09% Nan Ya Plastics Corp. 1,847,950 5,285,312 0.36%
Tiger Brands Ltd. 52,359 1,265,975 0.09% Largan Precision Co., Ltd. 33,000 4,859,865 0.33%
Sappi Ltd. 181,269 1,210,113 0.08% MediaTek, Inc. 481,940 4,742,182 0.32%
RMB Holdings Ltd. 217,033 1,200,104 0.08% Cathay Financial Holding Co., Ltd. 2,583,377 4,558,626 0.31%
Discovery Ltd. 110,170 1,185,596 0.08% Chunghwa Telecom Co., Ltd. 1,244,000 4,488,250 0.30%
Clicks Group Ltd. 79,277 1,136,730 0.08% Formosa Chemicals & Fibre Corp. 1,119,950 4,463,123 0.30%
Capitec Bank Holdings Ltd. 17,301 1,095,651 0.07% CTBC Financial Holding Co., Ltd. 5,939,954 4,276,432 0.29%
AngloGold Ashanti Ltd. 131,484 1,075,567 0.07% Fubon Financial Holding Co., Ltd. 2,410,297 4,039,759 0.27%
Mondi Ltd. 38,386 1,040,682 0.07% Uni-President Enterprises Corp. 1,570,191 3,986,184 0.27%
NEPI Rockcastle plc 110,994 991,688 0.07% Mega Financial Holding Co., Ltd. 3,562,627 3,143,305 0.21%
Gold Fields Ltd. 268,744 964,684 0.07% China Steel Corp. 4,036,825 3,137,995 0.21%
Netcare Ltd. 474,426 956,034 0.06% Catcher Technology Co., Ltd. 242,000 2,706,660 0.18%
Foschini Group Ltd. 71,873 912,423 0.06% ASE Technology Holding Co., Ltd. 1,104,748 2,594,419 0.17%
AVI Ltd. 108,710 858,179 0.06% Delta Electronics, Inc. 707,223 2,540,004 0.17%
SPAR Group Ltd. 62,460 844,967 0.06% E.Sun Financial Holding Co., Ltd. 3,170,626 2,209,876 0.15%
Life Healthcare Group Holdings Ltd. 455,711 827,220 0.06% United Microelectronics Corp. 3,886,000 2,160,411 0.15%
Truworths International Ltd. 139,482 786,137 0.05% First Financial Holding Co., Ltd. 3,151,459 2,129,329 0.14%
Exxaro Resources Ltd. 84,296 773,079 0.05% Asustek Computer, Inc. 231,000 2,110,091 0.14%
PSG Group Ltd. 48,047 757,885 0.05% President Chain Store Corp. 184,000 2,085,114 0.14%
Imperial Holdings Ltd. 53,002 757,506 0.05% Taiwan Mobile Co., Ltd. 520,000 1,884,645 0.13%
Barloworld Ltd. 70,033 662,711 0.04% Formosa Petrochemical Corp. 446,000 1,791,987 0.12%
Rand Merchant Investment Yuanta Financial Holding Co., Ltd. 3,708,121 1,690,568 0.11%
Holdings Ltd. 234,373 640,384 0.04% Taiwan Cooperative Financial
Investec Ltd. 90,873 636,882 0.04% Holding Co., Ltd. 2,878,978 1,685,546 0.11%
Pick n Pay Stores Ltd. 115,667 631,068 0.04% China Development Financial
Anglo American Platinum Ltd. 19,513 511,093 0.03% Holding Corp. 4,542,000 1,661,062 0.11%
MMI Holdings Ltd. 342,419 441,444 0.03% Taiwan Cement Corp. 1,156,000 1,605,740 0.11%
Pioneer Foods Group Ltd. 47,013 383,856 0.03% Hua Nan Financial Holdings Co.,
Kumba Iron Ore Ltd. 17,679 380,196 0.03% Ltd. 2,690,799 1,566,547 0.11%
Coronation Fund Managers Ltd. 88,054 374,605 0.03% Quanta Computer, Inc. 866,000 1,519,622 0.10%
Sibanye Gold Ltd. 619,585 372,034 0.03% Taishin Financial Holding Co., Ltd. 3,096,285 1,462,404 0.10%
KAP Industrial Holdings Ltd. 650,476 355,463 0.02% Far EasTone Telecommunications
Telkom SA SOC Ltd. 99,086 354,523 0.02% Co., Ltd. 519,000 1,341,398 0.09%
Liberty Holdings Ltd. 40,622 344,744 0.02% Pegatron Corp. 651,000 1,338,790 0.09%
JSE Ltd. 28,062 331,902 0.02% AU Optronics Corp. 2,884,000 1,220,250 0.08%
Brait SE 106,404 330,556 0.02% SinoPac Financial Holdings Co.,
Ltd. 3,357,408 1,211,325 0.08%
Impala Platinum Holdings Ltd. 220,536 325,826 0.02%
Far Eastern New Century Corp. 1,273,418 1,207,071 0.08%
Northam Platinum Ltd. 119,856 320,753 0.02%
Globalwafers Co., Ltd. 69,000 1,147,416 0.08%
Reunert Ltd. 53,951 315,961 0.02%
Chang Hwa Commercial Bank Ltd. 1,926,954 1,118,687 0.08%
Super Group Ltd. 121,573 310,801 0.02%
Innolux Corp. 2,811,751 1,009,845 0.07%
Aeci Ltd. 38,138 294,252 0.02%
Pou Chen Corp. 862,000 1,000,863 0.07%
Massmart Holdings Ltd. 35,758 291,204 0.02%
Shin Kong Financial Holding Co.,
Attacq Ltd. 221,038 274,962 0.02%
Ltd. 2,542,025 979,674 0.07%
African Rainbow Minerals Ltd. 34,396 273,788 0.02%
Foxconn Technology Co., Ltd. 367,193 898,457 0.06%
Steinhoff Africa Retail Ltd. 220,978 269,245 0.02%
Cheng Shin Rubber Industry Co.,
Santam Ltd. 12,653 263,487 0.02%
Ltd. 592,371 890,835 0.06%
Tsogo Sun Holdings Ltd. 173,620 259,678 0.02%
Novatek Microelectronics Corp. 189,000 852,371 0.06%
Nampak Ltd. 211,981 242,507 0.02%
Compal Electronics, Inc. 1,347,000 848,267 0.06%
Assore Ltd. 11,334 241,924 0.02%
Lite-On Technology Corp. 695,481 841,735 0.06%
Famous Brands Ltd. 26,977 222,980 0.01%
China Life Insurance Co., Ltd. 785,947 827,489 0.06%
Omnia Holdings Ltd. 22,656 218,192 0.01%
Asia Cement Corp. 751,046 825,231 0.06%
Tongaat Hulett Ltd. 36,946 215,699 0.01%
Advantech Co., Ltd. 119,639 788,738 0.05%
Harmony Gold Mining Co., Ltd. 117,792 182,365 0.01%
Inventec Corp. 994,735 781,406 0.05%
Dis-Chem Pharmacies Ltd. 82,647 157,802 0.01%
Eclat Textile Co., Ltd. 64,737 769,705 0.05%
MAS Real Estate, Inc. 87,500 134,063 0.01%
Acer, Inc. 934,176 762,943 0.05%
Grindrod Ltd. 154,709 105,877 0.01%
Nanya Technology Corp. 258,430 705,229 0.05%
EOH Holdings Ltd. 44,780 105,789 0.01%
Walsin Lihwa Corp. 1,031,000 699,992 0.05%
Curro Holdings Ltd. 48,496 103,317 0.01%
Synnex Technology International
Steinhoff International Holdings NV 922,375 86,812 0.01% Corp. 455,500 687,243 0.05%
Oceana Group Ltd. 14,379 82,878 0.01% Vanguard International
Grindrod Shipping Holdings Ltd. 3,867 40,627 0.00% Semiconductor Corp. 287,000 657,054 0.04%
113,356,491 7.66% Wistron Corp. 883,073 656,038 0.04%
Taiwan 12.74% (30 June 2017: 15.02%) Realtek Semiconductor Corp. 155,120 564,748 0.04%
Taiwan Semiconductor
Manufacturing Co., Ltd. 7,857,000 55,792,856 3.77% Taiwan High Speed Rail Corp. 666,000 522,079 0.03%
Hon Hai Precision Industry Co., Teco Electric and Machinery Co.,
Ltd. 4,883,832 13,327,478 0.90% Ltd. 604,000 453,666 0.03%
Formosa Plastics Corp. 1,593,840 5,881,136 0.40% HTC Corp. 234,000 436,709 0.03%
143

Chicony Electronics Co., Ltd. 189,697 427,446 0.03% Gulf Energy Development PCL 164,500 307,848 0.02%
Taiwan Business Bank 1,378,752 425,539 0.03% Delta Electronics Thailand PCL 142,000 250,739 0.02%
Epistar Corp. 315,000 394,157 0.03% Total Access Communication PCL
Giant Manufacturing Co., Ltd. 92,000 389,262 0.03% Foreign 203,200 225,403 0.01%
Formosa Taffeta Co., Ltd. 324,000 354,409 0.02% OBI Pharma, Inc. 38,000 194,434 0.01%
Taiwan Fertilizer Co., Ltd. 227,000 311,591 0.02% Siam City Cement PCL 30,635 185,863 0.01%
Eva Airways Corp. 626,008 302,856 0.02% Intouch Holdings PCL NVDR 97,000 155,908 0.01%
Feng Hsin Steel Co., Ltd. 157,000 301,245 0.02% Thai Airways International PCL 394,500 150,036 0.01%
Eternal Materials Co., Ltd. 322,309 294,416 0.02% Bangkok Life Assurance PCL Foreign 152,500 141,545 0.01%
Taiwan Glass Industry Corp. 515,531 290,835 0.02% BEC World PCL Foreign 361,100 85,561 0.01%
Taiwan Secom Co., Ltd. 97,600 286,828 0.02% Intouch Holdings PCL 42,400 68,150 0.00%
China Airlines Ltd. 900,000 281,024 0.02% Total Access Communication PCL
Evergreen Marine Corp. Taiwan Ltd. 652,648 278,283 0.02% NVDR 29,300 32,501 0.00%
Oriental Union Chemical Corp. 257,500 277,867 0.02% Bangkok Life Assurance PCL 21,200 19,677 0.00%
Transcend Information, Inc. 88,000 244,184 0.02% Ratchaburi Electricity Generating
Unimicron Technology Corp. 452,000 241,652 0.02% Holding PCL 11,200 17,326 0.00%
TPK Holding Co., Ltd. 110,295 232,973 0.02% Bangkok Bank PCL 1,100 6,491 0.00%
Capital Securities Corp. 620,000 229,792 0.01% 49,506,833 3.34%
Far Eastern International Bank 679,788 225,195 0.01% Turkey 0.90% (30 June 2017: 1.38%)
Yulon Motor Co., Ltd. 296,000 204,851 0.01% Turkiye Garanti Bankasi A.S. 674,135 1,233,138 0.08%
China Motor Corp. 204,000 189,691 0.01% BIM Birlesik Magazalar A.S. 74,180 1,087,310 0.07%
U-Ming Marine Transport Corp. 151,000 165,915 0.01% Akbank Turk A.S. 659,349 1,082,316 0.07%
Cheng Uei Precision Industry Co., Eregli Demir ve Celik Fabrikalari TAS 437,497 974,083 0.07%
Ltd. 137,019 146,059 0.01%
Tupras Turkiye Petrol Rafinerileri A.S. 39,795 938,152 0.06%
Wan Hai Lines Ltd. 212,000 117,513 0.01%
Turkcell Iletisim Hizmetleri A.S. 346,418 920,263 0.06%
Yulon Nissan Motor Co., Ltd. 7,000 57,973 0.00%
KOC Holding A.S. 275,111 853,942 0.06%
188,653,558 12.74% Turkiye Is Bankasi A.S. Class C 474,219 590,031 0.04%
Thailand 3.34% (30 June 2017: 3.60%) Haci Omer Sabanci Holding A.S. 298,341 575,035 0.04%
PTT PCL 4,673,300 6,770,854 0.46% Turk Hava Yollari AO 186,943 552,521 0.04%
CP ALL PCL Foreign 1,705,600 3,783,930 0.26% Turkiye Vakiflar Bankasi Tao Class D 326,978 350,446 0.02%
Siam Commercial Bank PCL 786,400 2,812,810 0.19% Turkiye Halk Bankasi A.S. 212,648 343,490 0.02%
Airports of Thailand PCL 1,403,900 2,669,656 0.18% Anadolu Efes Biracilik Ve Malt
Kasikornbank PCL Foreign 401,600 2,424,389 0.16% Sanayii A.S. 66,650 343,347 0.02%
Bangkok Dusit Medical Services Ford Otomotiv Sanayi A.S. 22,084 295,501 0.02%
PCL Class F 2,843,300 2,145,563 0.14% TAV Havalimanlari Holding A.S. 58,636 287,215 0.02%
Advanced Info Service PCL 364,200 2,033,716 0.14% Yapi ve Kredi Bankasi A.S. 519,575 281,268 0.02%
PTT Exploration & Production PCL Aselsan Elektronik Sanayi Ve
Foreign 450,083 1,908,743 0.13% Ticaret A.S. 52,448 264,919 0.02%
Siam Cement PCL 152,500 1,905,675 0.13% Petkim Petrokimya Holding A.S. 221,448 233,958 0.02%
Central Pattana PCL Foreign 809,200 1,703,643 0.11% Tofas Turk Otomobil Fabrikasi A.S. 42,629 223,883 0.02%
Siam Cement PCL NVDR 121,900 1,523,290 0.10% Arcelik A.S. 62,485 208,001 0.02%
Kasikornbank PCL 255,200 1,494,380 0.10% Ulker Biskuvi Sanayi A.S. 50,556 198,971 0.01%
PTT Global Chemical PCL Foreign 662,100 1,458,898 0.10% Turk Telekomunikasyon A.S. 175,123 190,750 0.01%
Minor International PCL Foreign 1,162,621 1,140,513 0.08% Tekfen Holding A.S. 48,465 183,547 0.01%
Krung Thai Bank PCL Foreign 2,007,625 1,011,993 0.07% Turkiye Sise ve Cam Fabrikalari A.S. 197,860 182,692 0.01%
Indorama Ventures PCL 582,300 962,298 0.06% Coca-Cola Icecek A.S. 21,291 157,642 0.01%
Bangkok Bank PCL Foreign REG 154,600 926,293 0.06% Enka Insaat ve Sanayi A.S. 151,235 154,166 0.01%
Charoen Pokphand Foods PCL Koza Altin Isletmeleri A.S. 14,713 136,493 0.01%
Foreign 1,180,600 862,376 0.06% Soda Sanayii A.S. 95,525 129,279 0.01%
Banpu PCL 1,446,758 851,548 0.06% Turkiye Sinai Kalkinma Bankasi A.S. 393,930 83,409 0.01%
Thai Oil PCL 331,200 777,265 0.05% Enerjisa Enerji A.S. 51,320 69,454 0.01%
Intouch Holdings PCL Class F 474,300 762,345 0.05% Migros Ticaret A.S. 13,562 60,806 0.01%
Home Product Center PCL 1,845,739 746,541 0.05% Aygaz A.S. 24,039 57,353 0.00%
Land & Houses PCL Foreign REG 2,155,540 735,213 0.05% Turk Traktor ve Ziraat Makineleri A.S. 4,418 50,148 0.00%
BTS Group Holdings PCL 2,523,400 670,266 0.05% 13,293,529 0.90%
Electricity Generating PCL 86,600 585,524 0.04% Ukraine 0.02% (30 June 2017: 0.00%)
Bangkok Expressway & Metro PCL 2,571,300 578,213 0.04%
Kernel Holding SA 17,331 220,112 0.02%
IRPC PCL 3,285,900 575,256 0.04%
True Corp. PCL 3,389,581 542,251 0.04% 220,112 0.02%
Bumrungrad Hospital PCL 107,700 541,263 0.04% United Arab Emirates 0.92% (30 June 2017: 1.13%)
Energy Absolute PCL 535,400 529,259 0.04% First Abu Dhabi Bank PJSC 889,737 2,943,061 0.20%
Berli Jucker PCL 344,903 525,735 0.04% Emirates Telecommunications
TMB Bank PCL Foreign 6,795,000 471,733 0.03% Group Co. PJSC 569,127 2,502,321 0.17%
Thai Union Group PCL Class F 958,200 456,974 0.03% Emaar Properties PJSC 1,148,282 1,538,066 0.10%
Glow Energy PCL 141,200 403,824 0.03% Abu Dhabi Commercial Bank PJSC 637,721 1,225,736 0.08%
Ratchaburi Electricity Generating DP World Ltd. 52,756 1,213,388 0.08%
Holding PCL Foreign 241,200 373,121 0.02% Dubai Islamic Bank PJSC 545,958 723,852 0.05%
144
Unrealised
Shares US Dollars ($) Net Assets Contracts Amount US Dollars ($) Net Assets
Aldar Properties PJSC 1,156,862 636,201 0.04% Financial Derivative Instruments (0.00%) (30 June 2017: 0.00%)
Emaar Malls PJSC 659,625 384,302 0.03% Futures (0.00%) (30 June 2017: 0.00%)
Emaar Development PJSC 266,535 367,169 0.03%
MSCI Emerging Markets
DAMAC Properties Dubai Co. PJSC 566,210 316,004 0.02% 21 September 2018 33 1,768,831 (14,386) (0.00%)
Dubai Investments PJSC 594,868 307,706 0.02%
Dana Gas PJSC 1,015,157 287,427 0.02%
Abu Dhabi National Oil Co. for
Distribution PJSC 438,669 283,039 0.02% Fair Value
Air Arabia PJSC 795,164 211,934 0.01% US Dollars ($)
Al Waha Capital PJSC 298,822 141,554 0.01% Other Assets and Liabilities 1,109,214 0.07%
Arabtec Holding PJSC 271,913 141,392 0.01% Net Assets Attributable to Holders of
Dubai Financial Market PJSC 536,491 140,945 0.01% Redeemable Participating Shares 1,480,869,360 100.00%
DXB Entertainments PJSC 967,214 87,159 0.01% ADR—American Depositary Receipt.
Union Properties PJSC 316,397 67,790 0.01% GDR—Global Depositary Receipt.
Deyaar Development PJSC 552,368 65,115 0.00% REIT—Real Estate Investment Trust.
13,584,161 0.92%
Total Equities 1,472,955,740 99.47% % of Total
(a) Transferable securities admitted to
Mexico 0.11% (30 June 2017: 0.14%)
an official stock exchange listing 1,479,774,532 99.93%
Fibra Uno Administracion SA de
(b) Transferable securities dealt in on
CV REIT 997,100 1,468,580 0.10%
another regulated market — 0.00%
Concentradora Fibra Danhos SA de
CV REIT 77,200 115,865 0.01% (c) Transferable securities other than
1,584,445 0.11% exchange listing or dealt in on another
South Africa 0.33% (30 June 2017: 0.36%) regulated market — 0.00%
Growthpoint Properties Ltd. REIT 943,162 1,836,607 0.12% (d) Total Financial Derivative Instruments (14,386) (0.00%)
Redefine Properties Ltd. REIT 1,695,997 1,298,022 0.09% (e) Other net assets 1,109,214 0.07%
Hyprop Investments Ltd. REIT 84,646 632,023 0.04%
Total Net Assets 1,480,869,360 100.00%
Fortress Ltd. REIT Class B 303,289 333,023 0.02%
Resilient Ltd. REIT 80,933 332,146 0.02%
Vukile Property Fund Ltd. REIT 184,916 262,542 0.02%
Fortress Ltd. REIT Class A 220,551 247,806 0.02%
4,942,169 0.33%
Turkey 0.02% (30 June 2017: 0.04%)
Emlak Konut Gayrimenkul Yatirim
Ortakligi A.S. REIT 659,373 292,178 0.02%
292,178 0.02%

145

Cost Proceeds
Purchases Sales
Alibaba Group Holding Ltd. ADR 358,504 67,533,338 Tencent Holdings Ltd. 247,000 12,324,907
Baidu, Inc. ADR 91,861 22,947,047 Taiwan Semiconductor Manufacturing Co., Ltd. 1,371,000 10,637,638
JD.com, Inc. ADR 260,558 11,303,187 Naspers Ltd. Class N 24,024 6,005,939
Tencent Holdings Ltd. 199,507 9,052,798 China Construction Bank Corp. Class H 5,088,000 4,753,874
NetEase, Inc. ADR 24,134 7,301,982 Industrial & Commercial Bank of China Ltd.
Ctrip.com International Ltd. ADR 124,113 6,136,987 Class H 4,437,000 3,528,773
Taiwan Semiconductor Manufacturing Co., Ltd. 631,000 4,546,104 Reliance Industries Ltd. 209,803 2,960,264
New Oriental Education & Technology China Mobile Ltd. 304,000 2,928,667
Group, Inc. ADR 45,067 4,167,920 Hon Hai Precision Industry Co., Ltd. 857,000 2,791,247
Old Mutual Ltd. 1,574,403 3,272,702 Ping An Insurance Group Co. of China Ltd.
TAL Education Group ADR 93,485 3,246,619 Class H 284,500 2,761,536
SINA Corp. 22,667 2,633,924 ICICI Bank Ltd. 588,217 2,623,275
Qatar National Bank QPSC 56,946 2,415,305 Itau Unibanco Holding SA - Preference Shares 182,800 2,348,928
Naspers Ltd. Class N 10,930 2,375,137 Magnit PJSC 127,129 2,301,013
58.com, Inc. ADR 31,096 2,355,540 Sberbank of Russia PJSC 616,120 2,271,491
China Construction Bank Corp. Class H 2,312,000 1,959,021 Vale SA 198,400 2,243,033
Grasim Industries Ltd. 99,791 1,919,912 Bank of China Ltd. Class H 4,334,000 2,225,412
Vipshop Holdings Ltd. ADR 138,033 1,779,782 Housing Development Finance Corp. Ltd. 74,752 2,024,365
Magnit PJSC 23,423 1,737,988 America Movil SAB de CV 2,361,000 2,023,890
Country Garden Holdings Co., Ltd. 863,000 1,727,083 Ambev SA 257,900 1,603,202
ZTO Express Cayman, Inc. ADR 95,574 1,588,095 Kotak Mahindra Bank Ltd. 100,560 1,602,621
Hotai Motor Co., Ltd. 153,000 1,596,096
146

2018 2017
Current Assets
Cash 385,192 7,501,263
Unrealised Appreciation on Spot Currency Contracts 9,456 50
Receivables:
Current Liabilities
Bank Overdraft 1,962,428 106
Investments Purchased 3,787,254 27,934

30 June 2018 30 June 2017
Dividend Income 44,723,633 29,020,960
Miscellaneous Income — 3,353
Expenses
Total Expenses 4,668,559 3,530,586
Finance Costs
Income Equalisation (482,865) (1,526,453)
147


30 June 2018 30 June 2017
Subscriptions 114,042,963 617,581,267
Redemptions (77,526,720) (20,119,360)
End of Year 1,480,869,360 1,382,224,416
148
Vanguard FTSE Japan UCITS ETF

As at 30 June 2018

FTSE
Vanguard FTSE Japan UCITS ETF seeks to track the performance of Japan
the FTSE Japan Index, a widely recognised benchmark of large- and Fund Index
mid-capitalised companies in Japan. R-Squared 1.00 1.00
Beta 1.00 1.00
FTSE
Japan Ten Largest Holdings1 (% of total net assets)
Fund Index
Number of Stocks 509 509 Toyota Motor Corp. Automobiles 4.3%
Median Market Cap Mitsubishi UFJ Financial
US Dollars $20.5B $20.5B Group Inc. Banks 1.9
British Pounds £15.5B £15.5B Sony Corp. Consumer Electronics 1.7
Euro €17.6B €17.6B SoftBank Group Corp. Mobile Telecommunications 1.6
Swiss Francs CHF20.4B CHF20.4B Sumitomo Mitsui Financial

Group Inc. Banks 1.3
Honda Motor Co. Ltd. Automobiles 1.3
Keyence Corp. Electronic Equipment 1.3
Yield 2.1% 2.1%
KDDI Corp. Mobile Telecommunications 1.3
Mizuho Financial Group Inc. Banks 1.1
FANUC Corp. Factory Automation Equipment 1.0
Top Ten 16.8%

Investment Focus
FTSE
Japan Style Value Blend Growth
Fund Index
Basic Materials 6.1% 6.1% Market Cap Large

Consumer Services 11.1 11.1 Medium

Health Care 7.3 7.3 Small

Oil & Gas 1.1 1.1
Technology 5.3 5.3
Utilities 2.0 2.0
149

• For the 12 months ended 30 June 2018, Vanguard FTSE Japan UCITS ETF returned 10.61%. Its benchmark index returned 10.78%.1
• Nine of the ETF’s ten sectors generated positive performance for the 12-month period, led by industrials and consumer goods.
• Financials was the only sector that detracted from performance.

Benchmark: FTSE Japan Index

$150,000
133,673
90,000
2013 2014 2015 2016 2017 2018

Benchmark 10.78 7.94 6.06 135,078
2013 2014 2015 2016 2017 2018
19.76 20.06
10.32 10.56 10.61 10.78

8.84 9.17
–7.86 –7.83 –8.80 –8.71
ETF Net Asset Value

Benchmark
2 21 May 2013.
150
30 June 2018

Equities 99.61% (30 June 2017: 99.30%) Kirin Holdings Co., Ltd. 437,300 11,697,918 0.58%
Basic Materials 6.10% (30 June 2017: 6.31%) Daiwa House Industry Co., Ltd. 340,600 11,611,119 0.57%
Asahi Group Holdings Ltd. 200,300 10,256,865 0.51%
Shin-Etsu Chemical Co., Ltd. 214,100 19,083,730 0.94%
Nissan Motor Co., Ltd. 1,009,600 9,825,746 0.49%
Asahi Kasei Corp. 653,200 8,303,215 0.41%
Subaru Corp. 321,100 9,349,050 0.46%
Nippon Steel & Sumitomo Metal
Corp. 409,200 8,036,967 0.40% Unicharm Corp. 199,800 6,012,128 0.30%
Toray Industries, Inc. 792,400 6,252,495 0.31% Shimano, Inc. 40,700 5,974,649 0.30%
Nitto Denko Corp. 82,500 6,243,827 0.31% MEIJI Holdings Co., Ltd. 70,400 5,936,316 0.29%
Mitsubishi Chemical Holdings Corp. 675,000 5,651,560 0.28% Sumitomo Electric Industries Ltd. 394,000 5,869,182 0.29%
JFE Holdings, Inc. 269,500 5,099,734 0.25% Makita Corp. 127,600 5,719,623 0.28%
Sumitomo Metal Mining Co., Ltd. 124,300 4,755,865 0.24% Sekisui House Ltd. 303,100 5,363,391 0.27%
Sumitomo Chemical Co., Ltd. 788,000 4,467,693 0.22% Ajinomoto Co., Inc. 266,200 5,037,288 0.25%
Nippon Paint Holdings Co., Ltd. 81,000 3,488,196 0.17% Kikkoman Corp. 94,700 4,779,244 0.24%
Showa Denko KK 76,200 3,384,679 0.17% Toyota Industries Corp. 84,200 4,720,643 0.23%
Nissan Chemical Industries Ltd. 72,500 3,383,966 0.17% Yamaha Corp. 84,700 4,404,568 0.22%
Oji Holdings Corp. 462,000 2,865,472 0.14% Yakult Honsha Co., Ltd. 64,060 4,279,727 0.21%
Kuraray Co., Ltd. 186,000 2,562,506 0.13% Bandai Namco Holdings, Inc. 102,500 4,228,998 0.21%
Mitsui Chemicals, Inc. 92,400 2,460,886 0.12% Aisin Seiki Co., Ltd. 90,200 4,112,400 0.20%
Tosoh Corp. 150,400 2,331,393 0.12% Koito Manufacturing Co., Ltd. 59,800 3,951,934 0.20%
Mitsubishi Gas Chemical Co., Inc. 95,800 2,170,884 0.11% Mazda Motor Corp. 300,200 3,685,930 0.18%
Kansai Paint Co., Ltd. 101,900 2,117,761 0.10% Yamaha Motor Co., Ltd. 146,300 3,679,789 0.18%
Tokai Carbon Co., Ltd. 104,000 1,869,399 0.09% Coca-Cola Bottlers Japan Holdings,
Inc. 82,700 3,303,819 0.16%
Teijin Ltd. 94,000 1,724,444 0.09%
Kose Corp. 14,900 3,210,969 0.16%
Daicel Corp. 152,400 1,686,836 0.08%
Sekisui Chemical Co., Ltd. 188,100 3,206,182 0.16%
JSR Corp. 98,300 1,673,758 0.08%
Nexon Co., Ltd. 214,900 3,121,691 0.15%
Denka Co., Ltd. 46,500 1,551,189 0.08%
NGK Spark Plug Co., Ltd. 103,000 2,938,473 0.15%
Air Water, Inc. 79,900 1,467,220 0.07%
Nikon Corp. 183,400 2,919,101 0.14%
Ube Industries Ltd. 55,900 1,452,951 0.07%
Nisshin Seifun Group, Inc. 133,575 2,827,909 0.14%
Kobe Steel Ltd. 152,800 1,398,810 0.07%
Suntory Beverage & Food Ltd. 65,700 2,805,588 0.14%
Kaneka Corp. 149,000 1,335,774 0.07%
Pigeon Corp. 56,000 2,725,049 0.13%
DIC Corp. 42,700 1,333,833 0.07%
Stanley Electric Co., Ltd. 77,500 2,644,788 0.13%
NOF Corp. 37,400 1,208,793 0.06%
Nissin Foods Holdings Co., Ltd. 36,300 2,625,044 0.13%
Nippon Shokubai Co., Ltd. 16,600 1,200,433 0.06%
Mitsubishi Motors Corp. 329,100 2,623,530 0.13%
Mitsui Mining & Smelting Co., Ltd. 28,100 1,196,149 0.06%
Konami Holdings Corp. 49,800 2,535,747 0.13%
Tokuyama Corp. 36,100 1,158,629 0.06%
NSK Ltd. 238,000 2,455,956 0.12%
Hitachi Metals Ltd. 103,500 1,074,572 0.05%
Lion Corp. 132,400 2,426,507 0.12%
Taiyo Nippon Sanso Corp. 74,700 1,070,948 0.05%
NH Foods Ltd. 54,400 2,197,806 0.11%
Maruichi Steel Tube Ltd. 31,300 1,061,089 0.05%
Casio Computer Co., Ltd. 113,700 1,849,749 0.09%
Hitachi Chemical Co., Ltd. 52,500 1,059,337 0.05%
Sharp Corp. 75,804 1,847,793 0.09%
Nippon Kayaku Co., Ltd. 88,800 993,303 0.05%
Sega Sammy Holdings, Inc. 102,600 1,758,090 0.09%
Nagase & Co., Ltd. 58,400 913,184 0.04%
Yamazaki Baking Co., Ltd. 66,400 1,738,455 0.09%
Zeon Corp. 75,800 896,475 0.04%
Rinnai Corp. 19,300 1,702,352 0.08%
Daido Steel Co., Ltd. 18,200 841,277 0.04%
Toyo Suisan Kaisha Ltd. 47,300 1,684,634 0.08%
Pola Orbis Holdings, Inc. 38,200 1,681,262 0.08%
Dowa Holdings Co., Ltd. 23,400 721,446 0.04%
JTEKT Corp. 117,500 1,599,693 0.08%
Yamato Kogyo Co., Ltd. 19,400 585,862 0.03%
Asics Corp. 93,400 1,579,363 0.08%
Nisshin Steel Co., Ltd. 23,800 328,535 0.02%
Kewpie Corp. 59,300 1,495,282 0.07%
123,261,565 6.10%
Calbee, Inc. 39,700 1,492,805 0.07%
Consumer Goods 24.79% (30 June 2017: 24.38%) Sumitomo Rubber Industries Ltd. 93,400 1,484,079 0.07%
Toyota Motor Corp. 1,344,144 87,008,644 4.31% Nichirei Corp. 56,900 1,447,607 0.07%
Sony Corp. 662,500 33,877,127 1.68% Ito En Ltd. 29,800 1,380,165 0.07%
Honda Motor Co., Ltd. 923,700 27,127,668 1.34% House Foods Group, Inc. 38,700 1,369,602 0.07%
KAO Corp. 252,100 19,232,113 0.95% Kagome Co., Ltd. 40,400 1,342,229 0.07%
Nintendo Co., Ltd. 56,500 18,465,219 0.91% Nifco, Inc. 42,000 1,300,591 0.06%
Japan Tobacco, Inc. 626,700 17,511,276 0.87% Ezaki Glico Co., Ltd. 26,500 1,272,785 0.06%
Shiseido Co., Ltd. 203,000 16,124,173 0.80% Takara Holdings, Inc. 90,300 1,193,511 0.06%
Panasonic Corp. 1,116,300 15,051,632 0.74% NOK Corp. 58,300 1,128,472 0.06%
Bridgestone Corp. 323,000 12,635,390 0.63% Yokohama Rubber Co., Ltd. 54,000 1,122,755 0.06%
Suzuki Motor Corp. 216,000 11,930,556 0.59% TS Tech Co., Ltd. 26,400 1,102,334 0.05%
Denso Corp. 240,300 11,741,106 0.58% Sumitomo Forestry Co., Ltd. 72,000 1,090,092 0.05%
151

Morinaga & Co., Ltd. 21,200 1,016,314 0.05% Seibu Holdings, Inc. 112,811 1,902,505 0.09%
Daiichikosho Co., Ltd. 20,600 994,989 0.05% Yamada Denki Co., Ltd. 371,200 1,846,533 0.09%
PALTAC Corp. 17,100 984,950 0.05% Keihan Holdings Co., Ltd. 51,200 1,837,403 0.09%
Toyoda Gosei Co., Ltd. 38,700 981,432 0.05% Matsumotokiyoshi Holdings Co., Ltd. 39,900 1,792,105 0.09%
GS Yuasa Corp. 209,000 952,873 0.05% Nankai Electric Railway Co., Ltd. 57,800 1,604,613 0.08%
Wacoal Holdings Corp. 31,800 927,315 0.05% Kakaku.com, Inc. 68,500 1,547,303 0.08%
Citizen Watch Co., Ltd. 138,200 908,316 0.04% Lawson, Inc. 24,500 1,530,628 0.08%
Fuji Oil Holdings, Inc. 23,900 858,773 0.04% Park24 Co., Ltd. 54,000 1,469,869 0.07%
Ariake Japan Co., Ltd. 9,400 809,606 0.04% Skylark Co., Ltd. 98,483 1,457,262 0.07%
NHK Spring Co., Ltd. 85,800 808,696 0.04% Welcia Holdings Co., Ltd. 26,308 1,398,945 0.07%
Morinaga Milk Industry Co., Ltd. 21,400 799,856 0.04% Sundrug Co., Ltd. 34,400 1,394,448 0.07%
Kokuyo Co., Ltd. 44,800 795,573 0.04% Takashimaya Co., Ltd. 153,000 1,309,475 0.06%
Sapporo Holdings Ltd. 31,700 794,468 0.04% Izumi Co., Ltd. 21,000 1,298,695 0.06%
Nisshinbo Holdings, Inc. 72,400 777,827 0.04% Benesse Holdings, Inc. 36,600 1,298,587 0.06%
Toyo Tire & Rubber Co., Ltd. 51,300 750,754 0.04% Sotetsu Holdings, Inc. 40,800 1,248,698 0.06%
ABC-Mart, Inc. 13,700 749,533 0.04% Bic Camera, Inc. 79,800 1,231,239 0.06%
Toyobo Co., Ltd. 44,600 742,092 0.04% Zensho Holdings Co., Ltd. 46,700 1,185,998 0.06%
Pilot Corp. 12,800 713,005 0.04% DeNA Co., Ltd. 59,500 1,115,709 0.06%
Noevir Holdings Co., Ltd. 8,600 620,358 0.03% Sugi Holdings Co., Ltd. 19,100 1,105,322 0.05%
Itoham Yonekyu Holdings, Inc. 71,000 610,870 0.03% Nishi-Nippon Railroad Co., Ltd. 40,000 1,088,792 0.05%
Megmilk Snow Brand Co., Ltd. 22,700 605,593 0.03% Sankyo Co., Ltd. 26,500 1,037,128 0.05%
Sanrio Co., Ltd. 30,300 587,043 0.03% Ain Holdings, Inc. 14,000 1,032,637 0.05%
Toyota Boshoku Corp. 30,400 559,614 0.03% Shimamura Co., Ltd. 11,500 1,012,278 0.05%
Ci:z Holdings Co., Ltd. 11,200 532,876 0.03% Cosmos Pharmaceutical Corp. 4,700 953,875 0.05%
Tokai Rika Co., Ltd. 27,800 528,066 0.03% K’s Holdings Corp. 90,700 942,497 0.05%
GungHo Online Entertainment, Inc. 195,400 497,475 0.02% Aoyama Trading Co., Ltd. 24,200 808,378 0.04%
Fujitsu General Ltd. 29,300 458,685 0.02% Shochiku Co., Ltd. 5,300 767,020 0.04%
Exedy Corp. 14,700 455,207 0.02% Shimachu Co., Ltd. 23,900 759,518 0.04%
Nissan Shatai Co., Ltd. 31,700 288,767 0.01% H2O Retailing Corp. 45,000 718,684 0.04%
Mitsubishi Shokuhin Co., Ltd. 7,500 200,153 0.01% Heiwa Corp. 27,800 671,125 0.03%
COLOPL, Inc. 26,500 179,434 0.01% Resorttrust, Inc. 35,300 624,638 0.03%
500,923,784 24.79% Kusuri no Aoki Holdings Co., Ltd. 8,300 552,259 0.03%
Autobacs Seven Co., Ltd. 31,000 549,668 0.03%
Consumer Services 10.96% (30 June 2017: 10.58%)
HIS Co., Ltd. 16,100 485,478 0.02%
Central Japan Railway Co. 94,700 19,629,955 0.97%
Nippon Television Holdings, Inc. 26,900 453,899 0.02%
East Japan Railway Co. 194,000 18,591,703 0.92%
Fuji Media Holdings, Inc. 25,100 428,738 0.02%
Seven & i Holdings Co., Ltd. 404,200 17,629,127 0.87%
Tokyo Broadcasting System
Fast Retailing Co., Ltd. 26,700 12,271,900 0.61% Holdings, Inc. 18,800 422,285 0.02%
Oriental Land Co., Ltd. 99,000 10,390,241 0.51% Komeri Co., Ltd. 14,600 370,651 0.02%
Aeon Co., Ltd. 365,600 7,822,615 0.39% SKY Perfect JSAT Holdings, Inc. 61,800 294,591 0.01%
West Japan Railway Co. 96,000 7,075,737 0.35% TV Asahi Holdings Corp. 12,500 274,568 0.01%
Nitori Holdings Co., Ltd. 39,200 6,115,434 0.30% Gree, Inc. 46,700 250,017 0.01%
Dentsu, Inc. 115,698 5,483,813 0.27%
221,550,838 10.96%
Hankyu Hanshin Holdings, Inc. 116,500 4,685,663 0.23%
Tokyu Corp. 259,400 4,468,336 0.22% Financials 14.35% (30 June 2017: 16.10%)
FamilyMart UNY Holdings Co., Ltd. 42,010 4,422,305 0.22% Mitsubishi UFJ Financial Group,
Ryohin Keikaku Co., Ltd. 12,100 4,260,371 0.21% Inc. 6,733,200 38,363,405 1.90%
M3, Inc. 104,988 4,184,734 0.21% Sumitomo Mitsui Financial Group,
Kintetsu Group Holdings Co., Ltd. 93,400 3,811,384 0.19% Inc. 701,300 27,263,105 1.35%
Dai Nippon Printing Co., Ltd. 154,200 3,451,106 0.17% Mizuho Financial Group, Inc. 13,322,800 22,432,196 1.11%
Odakyu Electric Railway Co., Ltd. 159,000 3,413,551 0.17% Tokio Marine Holdings, Inc. 354,600 16,624,726 0.82%
Start Today Co., Ltd. 93,400 3,385,555 0.17% Mitsui Fudosan Co., Ltd. 495,500 11,961,965 0.59%
Tobu Railway Co., Ltd. 106,200 3,250,287 0.16% Mitsubishi Estate Co., Ltd. 618,600 10,817,751 0.54%
Don Quijote Holdings Co., Ltd. 61,400 2,949,018 0.15% ORIX Corp. 672,100 10,630,788 0.53%
Keio Corp. 59,800 2,893,766 0.14% Dai-ichi Life Holdings, Inc. 584,100 10,420,093 0.52%
Rakuten, Inc. 414,700 2,805,725 0.14% Sumitomo Realty & Development
Co., Ltd. 229,000 8,453,762 0.42%
Keisei Electric Railway Co., Ltd. 72,700 2,497,391 0.12%
Nomura Holdings, Inc. 1,736,800 8,438,999 0.42%
Nagoya Railroad Co., Ltd. 94,800 2,447,777 0.12%
MS&AD Insurance Group
Tsuruha Holdings, Inc. 19,100 2,395,152 0.12%
Holdings, Inc. 261,800 8,140,109 0.40%
Isetan Mitsukoshi Holdings Ltd. 186,700 2,332,802 0.12%
Sumitomo Mitsui Trust Holdings,
Marui Group Co., Ltd. 109,700 2,311,559 0.11%
Inc. 195,700 7,761,568 0.38%
Japan Airlines Co., Ltd. 61,500 2,180,942 0.11%
Japan Post Holdings Co., Ltd. 696,460 7,627,012 0.38%
ANA Holdings, Inc. 58,500 2,149,023 0.11%
Sompo Holdings, Inc. 185,700 7,510,820 0.37%
USS Co., Ltd. 111,700 2,125,794 0.11%
Resona Holdings, Inc. 1,144,000 6,120,475 0.30%
Keikyu Corp. 129,200 2,118,243 0.11%
Daito Trust Construction Co., Ltd. 37,300 6,064,849 0.30%
Toho Co., Ltd. 59,800 2,005,661 0.10%
Japan Exchange Group, Inc. 281,100 5,225,341 0.26%
J Front Retailing Co., Ltd. 128,700 1,960,158 0.10%
Daiwa Securities Group, Inc. 828,000 4,808,851 0.24%
Hakuhodo DY Holdings, Inc. 122,100 1,959,949 0.10%
T&D Holdings, Inc. 296,300 4,452,592 0.22%
152

Concordia Financial Group Ltd. 616,663 3,139,962 0.16% Chugai Pharmaceutical Co., Ltd. 113,400 5,948,215 0.29%
SBI Holdings, Inc. 113,700 2,929,624 0.14% Olympus Corp. 147,556 5,528,438 0.27%
Japan Post Bank Co., Ltd. 211,702 2,465,540 0.12% Ono Pharmaceutical Co., Ltd. 231,900 5,437,135 0.27%
Shizuoka Bank Ltd. 270,800 2,447,260 0.12% Santen Pharmaceutical Co., Ltd. 190,300 3,317,558 0.16%
Chiba Bank Ltd. 335,100 2,368,829 0.12% Hisamitsu Pharmaceutical Co., Inc. 38,200 3,224,575 0.16%
Aozora Bank Ltd. 60,200 2,290,823 0.11% Kobayashi Pharmaceutical Co., Ltd. 31,900 2,756,132 0.14%
Hulic Co., Ltd. 182,800 1,952,353 0.10% Kyowa Hakko Kirin Co., Ltd. 132,700 2,675,205 0.13%
Fukuoka Financial Group, Inc. 388,000 1,951,122 0.10% Taisho Pharmaceutical Holdings
Nihon M&A Center, Inc. 66,500 1,930,190 0.10% Co., Ltd. 22,700 2,658,051 0.13%
Tokyu Fudosan Holdings Corp. 270,899 1,912,545 0.09% Alfresa Holdings Corp. 93,900 2,208,365 0.11%
Mebuki Financial Group, Inc. 539,500 1,811,890 0.09% Mitsubishi Tanabe Pharma Corp. 116,900 2,020,012 0.10%
Sony Financial Holdings, Inc. 92,800 1,772,805 0.09% Asahi Intecc Co., Ltd. 51,930 1,964,399 0.10%
Bank of Kyoto Ltd. 37,900 1,755,311 0.09% Sumitomo Dainippon Pharma Co., Ltd. 87,500 1,852,458 0.09%
Tokyo Tatemono Co., Ltd. 105,700 1,451,449 0.07% PeptiDream, Inc. 44,100 1,835,426 0.09%
Iida Group Holdings Co., Ltd. 74,900 1,445,053 0.07% Suzuken Co., Ltd. 40,840 1,729,243 0.09%
Relo Group, Inc. 54,100 1,428,144 0.07% Rohto Pharmaceutical Co., Ltd. 51,800 1,662,520 0.08%
Mitsubishi UFJ Lease & Finance Medipal Holdings Corp. 81,900 1,647,390 0.08%
Co., Ltd. 228,800 1,406,697 0.07% Nippon Shinyaku Co., Ltd. 26,400 1,639,796 0.08%
Yamaguchi Financial Group, Inc. 121,000 1,363,319 0.07% Nihon Kohden Corp. 39,400 1,097,359 0.05%
Tokyo Century Corp. 23,900 1,355,049 0.07% Tsumura & Co. 33,900 1,095,671 0.05%
Nomura Real Estate Holdings, Inc. 60,500 1,342,563 0.07% Kaken Pharmaceutical Co., Ltd. 17,900 919,523 0.05%
Shinsei Bank Ltd. 84,300 1,298,387 0.06% Topcon Corp. 53,600 919,424 0.05%
Credit Saison Co., Ltd. 82,300 1,295,817 0.06% Sawai Pharmaceutical Co., Ltd. 19,700 896,384 0.04%
AEON Financial Service Co., Ltd. 60,500 1,291,220 0.06% Miraca Holdings, Inc. 27,800 828,240 0.04%
Gunma Bank Ltd. 225,800 1,186,436 0.06% Nipro Corp. 60,200 695,671 0.03%
Zenkoku Hosho Co., Ltd. 26,100 1,185,239 0.06% Mochida Pharmaceutical Co., Ltd. 7,100 517,284 0.03%
Aeon Mall Co., Ltd. 61,060 1,097,002 0.05% KYORIN Holdings, Inc. 23,500 487,970 0.02%
Seven Bank Ltd. 337,800 1,033,848 0.05% Kissei Pharmaceutical Co., Ltd. 15,300 415,082 0.02%
Hiroshima Bank Ltd. 150,500 1,002,745 0.05% 147,922,786 7.32%
Hachijuni Bank Ltd. 223,800 957,714 0.05%
Industrials 23.23% (30 June 2017: 21.83%)
Open House Co., Ltd. 16,100 953,514 0.05%
Keyence Corp. 47,100 26,602,049 1.32%
Kyushu Financial Group, Inc. 195,800 945,723 0.05%
FANUC Corp. 101,800 20,223,979 1.00%
Nishi-Nippon Financial Holdings, Inc. 79,300 927,130 0.05%
Mitsubishi Corp. 674,200 18,735,048 0.93%
Iyo Bank Ltd. 139,200 919,915 0.05%
Nidec Corp. 122,600 18,401,345 0.91%
Chugoku Bank Ltd. 90,500 915,908 0.05%
Recruit Holdings Co., Ltd. 627,183 17,360,566 0.86%
Hitachi Ltd. 2,425,000 17,111,723 0.85%
77 Bank Ltd. 37,900 827,015 0.04%
Murata Manufacturing Co., Ltd. 99,600 16,743,123 0.83%
Suruga Bank Ltd. 89,800 803,429 0.04%
Daikin Industries Ltd. 138,600 16,604,722 0.82%
Tokai Tokyo Financial Holdings, Inc. 119,200 761,916 0.04%
Mitsui & Co., Ltd. 881,900 14,709,613 0.73%
Acom Co., Ltd. 197,900 761,120 0.04%
Mitsubishi Electric Corp. 1,036,700 13,800,516 0.68%
Shiga Bank Ltd. 139,000 711,533 0.03%
Komatsu Ltd. 478,800 13,694,203 0.68%
Japan Post Insurance Co., Ltd. 34,525 710,043 0.03%
ITOCHU Corp. 739,700 13,406,290 0.66%
San-In Godo Bank Ltd. 78,300 700,540 0.03%
SMC Corp. 30,200 11,077,741 0.55%
Daishi Bank Ltd. 17,100 680,048 0.03%
Hoya Corp. 193,200 10,986,925 0.54%
Leopalace21 Corp. 123,100 674,597 0.03%
Sumitomo Corp. 586,400 9,635,246 0.48%
Jafco Co., Ltd. 16,100 654,814 0.03%
Toshiba Corp. 3,084,000 9,271,629 0.46%
NTT Urban Development Corp. 56,900 611,303 0.03%
Kyocera Corp. 163,800 9,238,104 0.46%
Awa Bank Ltd. 99,000 609,561 0.03%
Kubota Corp. 584,700 9,200,850 0.45%
Secom Co., Ltd. 101,700 7,810,788 0.39%
Matsui Securities Co., Ltd. 55,600 531,579 0.03%
TDK Corp. 62,600 6,397,617 0.32%
Keiyo Bank Ltd. 120,000 514,603 0.03%
Marubeni Corp. 819,100 6,249,460 0.31%
Ichigo, Inc. 106,700 500,916 0.02%
Taisei Corp. 110,700 6,106,414 0.30%
Aiful Corp. 156,100 487,614 0.02%
Yamato Holdings Co., Ltd. 185,600 5,469,222 0.27%
Mitsubishi Heavy Industries Ltd. 150,200 5,466,133 0.27%
Orient Corp. 300,400 404,095 0.02%
Yaskawa Electric Corp. 135,500 4,789,261 0.24%
Daikyo, Inc. 14,900 326,209 0.02%
Omron Corp. 102,500 4,784,228 0.24%
Aplus Financial Co., Ltd. 22,000 22,444 0.00%
Shimadzu Corp. 141,000 4,264,434 0.21%
289,913,083 14.35%
MISUMI Group, Inc. 144,400 4,210,825 0.21%
Health Care 7.32% (30 June 2017: 6.85%) Toyota Tsusho Corp. 117,100 3,922,187 0.19%
Takeda Pharmaceutical Co., Ltd. 399,800 16,884,976 0.84% Asahi Glass Co., Ltd. 99,000 3,856,679 0.19%
Astellas Pharma, Inc. 1,039,500 15,850,815 0.79% Isuzu Motors Ltd. 284,700 3,782,206 0.19%
Daiichi Sankyo Co., Ltd. 333,200 12,745,618 0.63% MINEBEA MITSUMI, Inc. 220,100 3,723,806 0.18%
Otsuka Holdings Co., Ltd. 219,100 10,610,323 0.53% Kajima Corp. 479,000 3,710,396 0.18%
Eisai Co., Ltd. 138,200 9,736,946 0.48% Obayashi Corp. 351,400 3,657,872 0.18%
Sysmex Corp. 98,900 9,232,393 0.46% TOTO Ltd. 75,400 3,498,903 0.17%
Terumo Corp. 160,800 9,218,435 0.46% Shimizu Corp. 296,000 3,070,501 0.15%
Shionogi & Co., Ltd. 149,200 7,665,754 0.38% Hamamatsu Photonics KK 67,400 2,896,438 0.14%
153

Nippon Express Co., Ltd. 37,800 2,743,755 0.14% Lintec Corp. 27,800 806,906 0.04%
Hoshizaki Corp. 27,000 2,732,542 0.13% Maeda Corp. 69,300 797,077 0.04%
LIXIL Group Corp. 136,300 2,726,861 0.13% Kawasaki Kisen Kaisha Ltd. 43,000 794,664 0.04%
Kyushu Railway Co. 84,301 2,580,060 0.13% Ushio, Inc. 60,800 773,414 0.04%
Alps Electric Co., Ltd. 99,800 2,564,265 0.13% Mitsubishi Logistics Corp. 35,700 771,273 0.04%
Fuji Electric Co., Ltd. 331,425 2,525,371 0.12% Shima Seiki Manufacturing Ltd. 16,100 768,916 0.04%
Disco Corp. 14,500 2,475,466 0.12% DMG Mori Co., Ltd. 54,200 752,091 0.04%
NGK Insulators Ltd. 138,500 2,467,029 0.12% Tadano Ltd. 58,800 722,492 0.04%
Sojitz Corp. 662,800 2,405,504 0.12% Chiyoda Corp. 83,000 721,609 0.04%
IHI Corp. 68,300 2,380,156 0.12% FP Corp. 11,900 657,500 0.03%
Yokogawa Electric Corp. 127,700 2,273,502 0.11% Kandenko Co., Ltd. 58,600 643,322 0.03%
JGC Corp. 111,900 2,255,881 0.11% Maeda Road Construction Co., Ltd. 33,000 627,734 0.03%
Kawasaki Heavy Industries Ltd. 76,400 2,252,029 0.11% Hitachi Transport System Ltd. 22,700 581,615 0.03%
Daifuku Co., Ltd. 50,800 2,226,642 0.11% Nippo Corp. 28,900 527,044 0.03%
Toppan Printing Co., Ltd. 273,000 2,139,340 0.11% Mitsui E&S Holdings Co., Ltd. 37,400 490,608 0.02%
Hirose Electric Co., Ltd. 17,198 2,131,797 0.11% Japan Display, Inc. 320,600 416,796 0.02%
Taiheiyo Cement Corp. 63,500 2,089,627 0.10% Japan Aviation Electronics
Haseko Corp. 145,100 2,005,580 0.10% Industry Ltd. 24,000 378,098 0.02%
Persol Holdings Co., Ltd. 89,000 1,985,456 0.10% ASKUL Corp. 10,700 346,797 0.02%
Sumitomo Heavy Industries Ltd. 58,600 1,978,639 0.10% Toppan Forms Co., Ltd. 18,900 191,278 0.01%
Nabtesco Corp. 60,000 1,847,154 0.09% 469,347,351 23.23%
Hitachi Construction Machinery Oil & Gas 1.11% (30 June 2017: 0.83%)
Co., Ltd. 56,600 1,839,570 0.09%
JXTG Holdings, Inc. 1,667,650 11,595,938 0.57%
Mitsubishi Materials Corp. 65,900 1,811,633 0.09%
Inpex Corp. 478,400 4,964,752 0.25%
THK Co., Ltd. 59,600 1,708,392 0.08%
Idemitsu Kosan Co., Ltd. 75,900 2,706,676 0.13%
Nippon Yusen KK 85,100 1,689,477 0.08%
Showa Shell Sekiyu KK 102,400 1,528,165 0.08%
Ebara Corp. 53,600 1,667,061 0.08%
Cosmo Energy Holdings Co., Ltd. 33,600 1,180,012 0.06%
Sohgo Security Services Co., Ltd. 35,100 1,654,151 0.08%
Japan Petroleum Exploration
Taiyo Yuden Co., Ltd. 59,000 1,648,580 0.08%
Co., Ltd. 15,200 396,999 0.02%
Amada Holdings Co., Ltd. 170,600 1,640,311 0.08%
Kurita Water Industries Ltd. 56,500 1,611,881 0.08% 22,372,542 1.11%
Hino Motors Ltd. 141,500 1,511,258 0.07% Technology 5.24% (30 June 2017: 5.16%)
Azbil Corp. 34,500 1,504,401 0.07% Canon, Inc. 538,900 17,665,742 0.87%
Toyo Seikan Group Holdings Ltd. 83,300 1,463,475 0.07% Tokyo Electron Ltd. 81,800 14,046,278 0.69%
Sankyu, Inc. 27,000 1,418,679 0.07% FUJIFILM Holdings Corp. 200,500 7,830,659 0.39%
COMSYS Holdings Corp. 53,000 1,406,284 0.07% Fujitsu Ltd. 1,019,900 6,185,788 0.31%
Horiba Ltd. 20,000 1,399,359 0.07% Rohm Co., Ltd. 46,200 3,879,023 0.19%
Mitsui OSK Lines Ltd. 57,900 1,394,639 0.07% NTT Data Corp. 331,100 3,814,234 0.19%
Seino Holdings Co., Ltd. 76,300 1,352,893 0.07% NEC Corp. 131,300 3,603,593 0.18%
MonotaRO Co., Ltd. 30,200 1,335,982 0.07% Renesas Electronics Corp. 366,227 3,590,688 0.18%
Miura Co., Ltd. 51,900 1,261,831 0.06% Trend Micro, Inc. 59,500 3,394,935 0.17%
Mabuchi Motor Co., Ltd. 26,500 1,260,822 0.06% Ricoh Co., Ltd. 356,500 3,270,022 0.16%
Kyowa Exeo Corp. 46,800 1,229,099 0.06% CyberAgent, Inc. 49,800 2,994,339 0.15%
Nippon Electric Glass Co., Ltd. 42,100 1,170,659 0.06% Obic Co., Ltd. 35,200 2,914,134 0.14%
Japan Airport Terminal Co., Ltd. 24,600 1,152,656 0.06% Nomura Research Institute Ltd. 54,801 2,656,808 0.13%
Kamigumi Co., Ltd. 54,900 1,141,468 0.06% Seiko Epson Corp. 143,400 2,493,463 0.12%
Kinden Corp. 69,500 1,135,693 0.06% SUMCO Corp. 122,475 2,473,494 0.12%
Furukawa Electric Co., Ltd. 32,100 1,122,986 0.06% Brother Industries Ltd. 122,500 2,419,808 0.12%
Sanwa Holdings Corp. 105,000 1,112,897 0.05% Yahoo Japan Corp. 684,900 2,275,477 0.11%
Toda Corp. 119,000 1,035,670 0.05% Konica Minolta, Inc. 233,700 2,171,059 0.11%
Penta-Ocean Construction Co., Ltd. 150,200 1,006,170 0.05% Otsuka Corp. 54,200 2,126,114 0.11%
Aica Kogyo Co., Ltd. 28,400 997,391 0.05% Advantest Corp. 93,737 1,953,189 0.10%
Kyudenko Corp. 20,500 990,159 0.05% TIS, Inc. 42,400 1,952,241 0.10%
Ulvac, Inc. 24,700 945,497 0.05% Square Enix Holdings Co., Ltd. 39,700 1,949,786 0.10%
Rengo Co., Ltd. 106,600 938,338 0.05% SCREEN Holdings Co., Ltd. 20,600 1,450,639 0.07%
NTN Corp. 228,900 938,208 0.05% Hitachi High-Technologies Corp. 34,000 1,387,442 0.07%
GMO Payment Gateway, Inc. 8,100 934,573 0.05% Oracle Corp. Japan 16,900 1,380,806 0.07%
SG Holdings Co., Ltd. 42,300 927,992 0.05% Capcom Co., Ltd. 48,700 1,200,298 0.06%
Ibiden Co., Ltd. 57,800 926,240 0.05% LINE Corp. 26,900 1,120,783 0.06%
Fujikura Ltd. 144,000 916,535 0.04% SCSK Corp. 22,700 1,055,433 0.05%
Sumitomo Osaka Cement Co., Ltd. 191,000 894,949 0.04% Itochu Techno-Solutions Corp. 50,000 863,991 0.04%
Fukuyama Transporting Co., Ltd. 17,500 894,235 0.04% Koei Tecmo Holdings Co., Ltd. 27,800 546,638 0.03%
OKUMA Corp. 16,100 851,767 0.04% Canon Marketing Japan, Inc. 24,100 502,169 0.02%
OSG Corp. 40,800 840,937 0.04% NS Solutions Corp. 17,600 443,794 0.02%
Glory Ltd. 29,500 825,622 0.04% OBIC Business Consultants Co., Ltd. 3,800 269,995 0.01%
Japan Steel Works Ltd. 32,100 809,999 0.04% 105,882,862 5.24%
154

Telecommunications 4.56% (30 June 2017: 5.21%) Tokyo Electric Power Co. Holdings,
SoftBank Group Corp. 446,900 32,168,408 1.59% Inc. 816,500 3,803,674 0.19%
KDDI Corp. 932,600 25,519,890 1.27% Tohoku Electric Power Co., Inc. 246,200 3,007,345 0.15%
NTT DOCOMO, Inc. 658,000 16,767,074 0.83% Kyushu Electric Power Co., Inc. 242,500 2,705,999 0.13%
Nippon Telegraph & Telephone Electric Power Development Co., Ltd. 87,500 2,259,288 0.11%
Corp. 343,200 15,603,803 0.77% Chugoku Electric Power Co., Inc. 149,700 1,935,362 0.10%
Hikari Tsushin, Inc. 11,600 2,039,019 0.10% Toho Gas Co., Ltd. 46,200 1,599,576 0.08%
Shikoku Electric Power Co., Inc. 82,500 1,103,823 0.06%
92,098,194 4.56%
Hokuriku Electric Power Co. 88,300 887,265 0.04%
Utilities 1.95% (30 June 2017: 2.05%)
Hokkaido Electric Power Co., Inc. 90,900 618,775 0.03%
Tokyo Gas Co., Ltd. 227,200 6,031,523 0.30%
39,319,959 1.95%
Kansai Electric Power Co., Inc. 381,900 5,571,710 0.28%
Total Equities 2,012,592,964 99.61%
Chubu Electric Power Co., Inc. 366,700 5,498,928 0.27%
Osaka Gas Co., Ltd. 207,600 4,296,691 0.21% Financial Assets at Fair Value
Unrealised
Financial Derivative Instruments (0.02%) (30 June 2017: 0.00%)
Futures (0.01%) (30 June 2017: 0.01%)
Topix Index 13 September 2018 50 8,000,014 (188,431) (0.01%)
(188,431) (0.01%)

USD 13,745,820 JPY 1,502,850,000 BNP Paribas 19/9/2018 102,214 0.00%
USD 3,160,563 JPY 345,300,000 JPMorgan Chase 19/9/2018 25,761 0.00%
USD 3,096,076 JPY 339,810,000 Barclays Bank Plc 19/9/2018 11,115 0.00%
JPY 260,700,000 USD 2,382,636 BNP Paribas 19/9/2018 (15,874) (0.00%)
JPY 361,101,086 USD 3,317,577 BNP Paribas 19/9/2018 (39,325) (0.00%)
JPY 649,981,955 USD 5,966,016 JPMorgan Chase 19/9/2018 (65,163) (0.00%)
(113,246) (0.01%)
Fair Value
US Dollars ($)

% of Total
Total Net Assets 2,020,467,317 100.00%
155

Cost Proceeds
Purchases Sales
Toyota Motor Corp. 835,300 52,892,996 Toyota Motor Corp. 302,100 20,066,595
Mitsubishi UFJ Financial Group, Inc. 4,166,900 28,314,727 Mitsubishi UFJ Financial Group, Inc. 1,462,500 9,823,502
SoftBank Group Corp. 275,700 22,859,454 SoftBank Group Corp. 92,900 7,325,267
Honda Motor Co., Ltd. 575,400 18,999,851 Honda Motor Co., Ltd. 204,500 6,861,968
Sony Corp. 406,400 18,554,911 Sony Corp. 135,000 6,528,681
Sumitomo Mitsui Financial Group, Inc. 429,000 17,637,941 Keyence Corp. 10,000 6,096,481
Keyence Corp. 29,200 16,731,628 Sumitomo Mitsui Financial Group, Inc. 141,100 5,996,490
KDDI Corp. 573,700 14,954,753 KDDI Corp. 206,800 5,491,387
Mizuho Financial Group, Inc. 8,182,500 14,802,446 Mizuho Financial Group, Inc. 2,720,700 4,924,080
FANUC Corp. 61,600 14,708,036 FANUC Corp. 20,000 4,698,258
Nintendo Co., Ltd. 34,700 14,044,613 Nintendo Co., Ltd. 11,500 4,562,102
Takeda Pharmaceutical Co., Ltd. 244,400 13,432,811 Shin-Etsu Chemical Co., Ltd. 42,300 4,457,661
Shin-Etsu Chemical Co., Ltd. 130,200 13,369,353 Canon, Inc. 115,900 4,231,611
Canon, Inc. 332,600 12,273,566 Tokio Marine Holdings, Inc. 87,700 4,191,067
Japan Tobacco, Inc. 383,100 12,016,143 Nidec Corp. 26,800 4,107,783
East Japan Railway Co. 118,500 11,273,305 NTT DOCOMO, Inc. 160,700 4,074,666
Hitachi Ltd. 1,487,000 11,039,101 Takeda Pharmaceutical Co. Ltd. 81,100 4,015,023
Nidec Corp. 76,800 10,839,877 East Japan Railway Co. 40,000 3,959,179
Mitsubishi Corp. 415,600 10,660,406 Central Japan Railway Co. 19,700 3,911,790
Central Japan Railway Co. 58,300 10,526,947 Japan Tobacco, Inc. 126,900 3,867,361
156

2018 2017
Current Assets
Cash 5,654,494 6,585,048
Receivables:
Current Liabilities
Unrealised Depreciation on Spot Currency Contracts 254 227

30 June 2018 30 June 2017
Dividend Income 39,527,484 17,759,481
Expenses
Other Expenses — 147
Total Expenses 3,492,501 1,700,581
Finance Costs
157


30 June 2018 30 June 2017
Subscriptions 1,271,319,961 556,934,241
Redemptions (439,128,082) (333,067,037)
End of Year 2,020,467,317 1,085,744,450

158
Vanguard FTSE North America UCITS ETF

As at 30 June 2018

FTSE
Vanguard FTSE North America UCITS ETF seeks to track the performance North America
of the FTSE North America Index, a market capitalisation-weighted index Fund Index
of large- and mid-cap companies in the United States and Canada. United States 95.0% 94.9%
Canada 5.0 5.1
FTSE
North America Ten Largest Holdings1 (% of total net assets)
Fund Index
Number of Stocks 683 680 Apple Inc. Computer Hardware 3.6%
Median Market Cap Microsoft Corp. Software 2.9
US Dollars $91.6B $91.7B Amazon.com Inc. Broadline Retailers 2.7
British Pounds £69.4B £69.4B Alphabet Inc. Internet 2.7
Euro €78.4B €78.5B Facebook Inc. Internet 1.8
Swiss Francs CHF90.9B CHF91.0B Berkshire Hathaway Inc. Reinsurance 1.4
Price/Earnings Ratio 20.6x 20.6x JPMorgan Chase & Co. Banks 1.4
Price/Book Ratio 3.0x 3.0x Exxon Mobil Corp. Integrated Oil & Gas 1.4
Yield 1.9% 1.9% Johnson & Johnson Pharmaceuticals 1.3
Return on Equity 15.7% 15.7% Bank of America Corp. Banks 1.1
Earnings Growth Rate 7.8% 7.8% Top Ten 20.3%
Investment Focus
Sector Diversification (% of portfolio) Style Value Blend Growth
FTSE
North America Market Cap Large
Fund Index
Basic Materials 2.5% 2.5% Medium
Consumer Services 13.0 13.0 Small
Oil & Gas 7.0 7.0
Utilities 2.8 2.8
159

• For the 12 months ended 30 June 2018, Vanguard FTSE North America UCITS ETF returned 13.84%; its benchmark index returned 13.66%.1
• Nine of the ETF’s ten sectors generated positive returns for the 12-month period, led by technology, financials and oil and gas. Consumer goods was the only
sector in negative territory.
• The United States drove overall performance; Canada also generated gains.

Benchmark: FTSE North America Index

$160,000
143,354
90,000
2015 2016 2017 2018

Benchmark 13.66 9.88 142,327
Fiscal-Year Total Investment Returns (%): 30 September 2014–30 June 2018
2015 2016 2017 2018
17.33 17.15
13.84 13.66
4.92 4.74
2.29 2.05
ETF Net Asset Value

Benchmark
160
30 June 2018

Equities 96.80% (30 June 2017: 97.32%) Archer-Daniels-Midland Co. 3,406 156,097 0.10%
Basic Materials 2.55% (30 June 2017: 2.58%) Aptiv plc 1,614 147,891 0.10%
Monster Beverage Corp. 2,486 142,448 0.09%
DowDuPont, Inc. 14,221 937,448 0.60%
Dr Pepper Snapple Group, Inc. 1,094 133,468 0.09%
Praxair, Inc. 1,755 277,553 0.18%
Stanley Black & Decker, Inc. 933 123,912 0.08%
Ecolab, Inc. 1,566 219,757 0.14%
Tyson Foods, Inc. Class A 1,765 121,520 0.08%
LyondellBasell Industries NV Class A 1,963 215,636 0.14%
Magna International, Inc. 2,086 121,248 0.08%
Nutrien Ltd. 3,910 212,584 0.14%
Clorox Co. 788 106,577 0.07%
Air Products & Chemicals, Inc. 1,325 206,342 0.13%
Kellogg Co. 1,520 106,202 0.07%
PPG Industries, Inc. 1,532 158,914 0.10%
Brown-Forman Corp. Class B 1,866 91,453 0.06%
Freeport-McMoRan, Inc. 8,848 152,716 0.10%
Lennar Corp. Class A 1,723 90,457 0.06%
International Paper Co. 2,513 130,877 0.08%
McCormick & Co., Inc. 750 87,067 0.06%
Newmont Mining Corp. 3,251 122,595 0.08%
DR Horton, Inc. 2,084 85,444 0.05%
Nucor Corp. 1,943 121,438 0.08%
Conagra Brands, Inc. 2,336 83,465 0.05%
Barrick Gold Corp. 7,143 93,777 0.06%
Tapestry, Inc. 1,745 81,509 0.05%
Celanese Corp. Class A 830 92,180 0.06%
Mohawk Industries, Inc. 380 81,423 0.05%
Eastman Chemical Co. 876 87,565 0.06%
Genuine Parts Co. 886 81,326 0.05%
Franco-Nevada Corp. 1,134 82,715 0.05%
Church & Dwight Co., Inc. 1,504 79,953 0.05%
Teck Resources Ltd. Class B 3,113 79,254 0.05%
Hershey Co. 848 78,915 0.05%
FMC Corp. 814 72,617 0.05%
Autoliv, Inc. 540 77,339 0.05%
Goldcorp, Inc. 5,239 71,887 0.05%
Lear Corp. 414 76,925 0.05%
Agnico Eagle Mines Ltd. 1,415 64,831 0.04%
Lululemon Athletica, Inc. 603 75,285 0.05%
CF Industries Holdings, Inc. 1,429 63,448 0.04%
JM Smucker Co. 679 72,979 0.05%
Albemarle Corp. 672 63,390 0.04%
Molson Coors Brewing Co. Class B 1,071 72,871 0.05%
Mosaic Co. 2,160 60,588 0.04%
Newell Brands, Inc. 2,761 71,206 0.05%
PVH Corp. 461 69,021 0.04%
International Flavors & Fragrances, Inc. 481 59,625 0.04%
Hasbro, Inc. 693 63,971 0.04%
Avery Dennison Corp. 541 55,236 0.04%
Lamb Weston Holdings, Inc. 908 62,207 0.04%
Alcoa Corp. 1,136 53,256 0.03%
Whirlpool Corp. 422 61,709 0.04%
Arconic, Inc. 2,631 44,753 0.03%
Hormel Foods Corp. 1,647 61,285 0.04%
Ashland Global Holdings, Inc. 383 29,943 0.02%
Bunge Ltd. 861 60,020 0.04%
Southern Copper Corp. 508 23,810 0.02%
LKQ Corp. 1,854 59,143 0.04%
Westlake Chemical Corp. 221 23,786 0.01%
Michael Kors Holdings Ltd. 882 58,741 0.04%
Turquoise Hill Resources Ltd. 6,403 18,107 0.01%
NVR, Inc. 19 56,437 0.04%
3,956,634 2.55%
Snap-on, Inc. 350 56,252 0.04%
Consumer Discretionary 0.39% (30 June 2017: 0.00%) BorgWarner, Inc. 1,288 55,590 0.04%
Booking Holdings, Inc. 295 597,991 0.39% Ingredion, Inc. 444 49,151 0.03%
597,991 0.39% Hanesbrands, Inc. 2,158 47,519 0.03%
PulteGroup, Inc. 1,581 45,454 0.03%
Coca-Cola European Partners plc 1,098 44,623 0.03%
Procter & Gamble Co. 15,432 1,204,622 0.78%
Polaris Industries, Inc. 357 43,618 0.03%
Coca-Cola Co. 23,442 1,028,166 0.66%
Saputo, Inc. 1,313 43,569 0.03%
PepsiCo, Inc. 8,684 945,427 0.61%
Campbell Soup Co. 1,055 42,770 0.03%
Philip Morris International, Inc. 9,510 767,837 0.49%
Harley-Davidson, Inc. 1,007 42,375 0.03%
Altria Group, Inc. 11,598 658,650 0.42%
Ralph Lauren Corp. Class A 334 41,990 0.03%
NIKE, Inc. Class B 7,687 612,500 0.39%
Herbalife Nutrition Ltd. 772 41,472 0.03%
Mondelez International, Inc. Class A 8,832 362,112 0.23%
Coty, Inc. Class A 2,776 39,142 0.02%
Activision Blizzard, Inc. 4,599 350,996 0.23%
Gentex Corp. 1,687 38,835 0.02%
Leggett & Platt, Inc. 800 35,712 0.02%
General Motors Co. 8,011 315,633 0.20%
Mattel, Inc. 2,103 34,531 0.02%
Tesla, Inc. 833 285,677 0.18%
Goodyear Tire & Rubber Co. 1,448 33,724 0.02%
Ford Motor Co. 23,796 263,422 0.17%
Toll Brothers, Inc. 875 32,366 0.02%
Electronic Arts, Inc. 1,844 260,041 0.17%
Under Armour, Inc. Class A 1,266 28,460 0.02%
Kraft Heinz Co. 3,672 230,675 0.15%
Adient plc 570 28,038 0.02%
Kimberly-Clark Corp. 2,138 225,217 0.14%
Delphi Technologies plc 553 25,139 0.02%
Constellation Brands, Inc. Class A 965 211,210 0.14%
Under Armour, Inc. Class C 1,048 22,092 0.01%
Estee Lauder Cos, Inc. Class A 1,334 190,348 0.12%
Herbalife Ltd. 42 407 0.00%
VF Corp. 1,989 162,143 0.10%
12,445,760 8.02%
General Mills, Inc. 3,616 160,044 0.10%
161

Consumer Services 12.55% (30 June 2017: 12.70%) Shaw Communications, Inc. Class B 2,698 54,926 0.04%
Amazon.com, Inc. 2,488 4,229,102 2.73% Sirius XM Holdings, Inc. 8,013 54,248 0.03%
Home Depot, Inc. 7,058 1,377,016 0.89% Discovery, Inc. Class C 2,090 53,295 0.03%
Netflix, Inc. 2,548 997,364 0.64% L Brands, Inc. 1,421 52,406 0.03%
Walt Disney Co. 9,135 957,439 0.62% Delta Air Lines, Inc. 1,046 51,819 0.03%
Comcast Corp. Class A 27,971 917,729 0.59% Canadian Tire Corp., Ltd. Class A 388 50,614 0.03%
McDonald’s Corp. 4,812 753,992 0.49% Metro, Inc. 1,446 49,125 0.03%
Walmart, Inc. 8,736 748,238 0.48% DISH Network Corp. Class A 1,380 46,382 0.03%
Costco Wholesale Corp. 2,667 557,350 0.36% Liberty Media Corp.-Liberty SiriusXM
Lowe’s Cos, Inc. 5,057 483,298 0.31% Series C 1,018 46,176 0.03%
Starbucks Corp. 8,233 402,182 0.26% Southwest Airlines Co. 874 44,469 0.03%
CVS Health Corp. 6,221 400,321 0.26% Gap, Inc. 1,339 43,370 0.03%
TJX Cos, Inc. 3,842 365,682 0.24% Foot Locker, Inc. 704 37,066 0.02%
Twenty-First Century Fox, Inc. Class A 6,705 333,171 0.21% Nordstrom, Inc. 707 36,608 0.02%
Charter Communications, Inc. Class A 1,091 319,892 0.21% Wyndham Hotels & Resorts, Inc. 616 36,239 0.02%
Walgreens Boots Alliance, Inc. 5,188 311,358 0.20% News Corp. Class A 2,293 35,542 0.02%
Target Corp. 3,284 249,978 0.16% TripAdvisor, Inc. 633 35,264 0.02%
Marriott International, Inc. Class A 1,797 227,500 0.15% Liberty Global plc Class A 1,205 33,186 0.02%
eBay, Inc. 5,733 207,879 0.13% United Continental Holdings, Inc. 419 29,217 0.02%
Sysco Corp. 2,934 200,363 0.13% H&R Block, Inc. 1,251 28,498 0.02%
Ross Stores, Inc. 2,271 192,467 0.12% Dun & Bradstreet Corp. 228 27,964 0.02%
Las Vegas Sands Corp. 2,212 168,908 0.11% Wyndham Destinations, Inc. 624 27,624 0.02%
McKesson Corp. 1,259 167,951 0.11% American Airlines Group, Inc. 719 27,293 0.02%
Dollar General Corp. 1,640 161,704 0.10% Discovery, Inc. Class A 946 26,015 0.02%
Yum! Brands, Inc. 1,991 155,736 0.10% Liberty Media Corp. Series A-Liberty
SiriusXM 561 25,273 0.02%
Kroger Co. 5,214 148,338 0.10%
George Weston Ltd. 290 23,646 0.02%
Carnival Corp. 2,486 142,473 0.09%
AutoNation, Inc. 334 16,226 0.01%
O’Reilly Automotive, Inc. 492 134,596 0.09%
News Corp. Class B 715 11,333 0.01%
Hilton Worldwide Holdings, Inc. 1,700 134,572 0.09%
Alaska Air Group, Inc. 174 10,508 0.01%
Twenty-First Century Fox, Inc. Class B 2,642 130,171 0.08%
Restaurant Brands International, Inc. 91 5,487 0.00%
Dollar Tree, Inc. 1,430 121,550 0.08%
CBS Corp. Class B 2,033 114,295 0.07% 19,479,523 12.55%
Alimentation Couche-Tard, Inc. Class B 2,580 112,010 0.07% Financials 17.17% (30 June 2017: 17.98%)
Best Buy Co., Inc. 1,481 110,453 0.07% Berkshire Hathaway, Inc. Class B 11,871 2,215,722 1.43%
AutoZone, Inc. 164 110,033 0.07% JPMorgan Chase & Co. 20,748 2,161,942 1.39%
Royal Caribbean Cruises Ltd. 1,028 106,501 0.07% Bank of America Corp. 57,874 1,631,468 1.05%
Omnicom Group, Inc. 1,382 105,405 0.07% Wells Fargo & Co. 26,889 1,490,726 0.96%
Wynn Resorts Ltd. 628 105,090 0.07% Visa, Inc. Class A 10,961 1,451,784 0.94%
Tiffany & Co. 754 99,226 0.06% Mastercard, Inc. Class A 5,630 1,106,408 0.71%
Liberty Global plc Class C 3,508 93,348 0.06% Citigroup, Inc. 15,622 1,045,424 0.67%
Cardinal Health, Inc. 1,892 92,386 0.06% Royal Bank of Canada 8,955 673,880 0.43%
MGM Resorts International 3,158 91,677 0.06% Toronto-Dominion Bank 11,407 659,819 0.43%
Expedia Group, Inc. 737 88,580 0.06% Goldman Sachs Group, Inc. 2,159 476,211 0.31%
Yum China Holdings, Inc. 2,194 84,381 0.05% US Bancorp 9,444 472,389 0.30%
AmerisourceBergen Corp. Class A 974 83,053 0.05% Bank of Nova Scotia 7,442 421,135 0.27%
Ulta Beauty, Inc. 350 81,711 0.05% American Express Co. 4,045 396,410 0.26%
Restaurant Brands International, PNC Financial Services Group, Inc. 2,878 388,818 0.25%
Inc. - CAD 1,341 80,840 0.05% Morgan Stanley 8,148 386,215 0.25%
Darden Restaurants, Inc. 754 80,723 0.05% BlackRock, Inc. Class A 756 377,274 0.24%
CarMax, Inc. 1,092 79,574 0.05% Charles Schwab Corp. 7,329 374,512 0.24%
Dollarama, Inc. 1,986 76,937 0.05% Chubb Ltd. 2,843 361,118 0.23%
Kohl’s Corp. 1,024 74,650 0.05% CME Group, Inc. Class A 2,071 339,478 0.22%
MercadoLibre, Inc. 249 74,434 0.05% S&P Global, Inc. 1,542 314,398 0.20%
Domino’s Pizza, Inc. 260 73,364 0.05% Bank of New York Mellon Corp. 5,732 309,127 0.20%
Macy’s, Inc. 1,864 69,770 0.04% Bank of Montreal 4,001 309,082 0.20%
Thomson Reuters Corp. 1,717 69,244 0.04% American International Group, Inc. 5,503 291,769 0.19%
Nielsen Holdings plc 2,156 66,685 0.04% Capital One Financial Corp. 2,937 269,910 0.17%
Chipotle Mexican Grill, Inc. Class A 151 65,137 0.04% Intercontinental Exchange, Inc. 3,514 258,455 0.17%
Viacom, Inc. Class B 2,143 64,633 0.04% Marsh & McLennan Cos, Inc. 3,111 255,009 0.16%
Loblaw Cos., Ltd. 1,199 61,616 0.04% BB&T Corp. 4,776 240,901 0.16%
Norwegian Cruise Line Holdings Ltd. 1,258 59,441 0.04% Prudential Financial, Inc. 2,571 240,414 0.15%
Advance Auto Parts, Inc. 438 59,437 0.04% Canadian Imperial Bank of Commerce 2,697 234,467 0.15%
Qurate Retail, Inc. 2,732 57,973 0.04% MetLife, Inc. 5,288 230,557 0.15%
Tractor Supply Co. 748 57,215 0.04% Manulife Financial Corp. 12,224 219,492 0.14%
Aramark 1,504 55,798 0.04% Brookfield Asset Management, Inc.
Interpublic Group of Cos, Inc. 2,379 55,764 0.04% Class A 5,178 209,923 0.14%
162

Progressive Corp. 3,538 209,273 0.13% People’s United Financial, Inc. 2,058 37,229 0.02%
State Street Corp. 2,227 207,311 0.13% Commerce Bancshares, Inc. 568 36,755 0.02%
Aon plc 1,503 206,167 0.13% Power Financial Corp. 1,486 34,737 0.02%
Travelers Cos, Inc. 1,657 202,717 0.13% Old Republic International Corp. 1,701 33,867 0.02%
Aflac, Inc. 4,658 200,387 0.13% Assurant, Inc. 321 33,220 0.02%
Allstate Corp. 2,167 197,782 0.13% New York Community Bancorp, Inc. 2,892 31,928 0.02%
SunTrust Banks, Inc. 2,848 188,025 0.12% RenaissanceRe Holdings Ltd. 241 28,997 0.02%
Moody’s Corp. 1,015 173,118 0.11% CI Financial Corp. 1,569 28,185 0.02%
T Rowe Price Group, Inc. 1,437 166,821 0.11% Axis Capital Holdings Ltd. 504 28,033 0.02%
Synchrony Financial 4,646 155,084 0.10% Brighthouse Financial, Inc. 689 27,608 0.02%
Discover Financial Services 2,149 151,311 0.10% IGM Financial, Inc. 477 13,819 0.01%
Sun Life Financial, Inc. 3,763 151,126 0.10% Santander Consumer USA Holdings, Inc. 719 13,726 0.01%
M&T Bank Corp. 876 149,051 0.10% Liberty Broadband Corp. Class A 146 11,043 0.01%
Northern Trust Corp. 1,277 131,391 0.08% CNA Financial Corp. 155 7,080 0.00%
KeyCorp 6,538 127,753 0.08% 26,648,900 17.17%
Ameriprise Financial, Inc. 888 124,213 0.08%
Health Care 11.95% (30 June 2017: 12.59%)
Regions Financial Corp. 6,923 123,091 0.08%
Johnson & Johnson 16,440 1,994,830 1.29%
IHS Markit Ltd. 2,346 121,030 0.08%
Willis Towers Watson plc 795 120,522 0.08%
Pfizer, Inc. 35,535 1,289,210 0.83%
Fifth Third Bancorp 4,175 119,823 0.08%
Merck & Co., Inc. 16,491 1,001,004 0.65%
Citizens Financial Group, Inc. 2,958 115,066 0.07%
AbbVie, Inc. 9,714 900,002 0.58%
Hartford Financial Services Group, Inc. 2,165 110,697 0.07%
Amgen, Inc. 4,058 749,066 0.48%
Medtronic plc 8,288 709,536 0.46%
E*TRADE Financial Corp. 1,631 99,752 0.06%
Abbott Laboratories 10,454 637,589 0.41%
Comerica, Inc. 1,057 96,102 0.06%
Gilead Sciences, Inc. 7,921 561,124 0.36%
Huntington Bancshares, Inc. 6,500 95,940 0.06%
Bristol-Myers Squibb Co. 10,015 554,230 0.36%
TD Ameritrade Holding Corp. 1,744 95,519 0.06%
Thermo Fisher Scientific, Inc. 2,448 507,079 0.33%
First Republic Bank 982 95,048 0.06%
Eli Lilly & Co. 5,908 504,130 0.32%
Fairfax Financial Holdings Ltd. 168 94,081 0.06%
Becton Dickinson & Co. 1,616 387,129 0.25%
SVB Financial Group 323 93,270 0.06%
Biogen, Inc. 1,289 374,119 0.24%
CBRE Group, Inc. Class A 1,923 91,804 0.06%
Anthem, Inc. 1,561 371,565 0.24%
Equifax, Inc. 730 91,330 0.06%
Aetna, Inc. 1,945 356,907 0.23%
Markel Corp. 84 91,085 0.06%
Stryker Corp. 2,088 352,580 0.23%
Principal Financial Group, Inc. 1,711 90,597 0.06%
Celgene Corp. 4,431 351,910 0.23%
MSCI, Inc. Class A 536 88,671 0.06%
Allergan plc 2,071 345,277 0.22%
XL Group Ltd. 1,543 86,331 0.06%
Lincoln National Corp. 1,334 83,042 0.05%
Boston Scientific Corp. 8,419 275,301 0.18%
Loews Corp. 1,683 81,255 0.05%
Express Scripts Holding Co. 3,433 265,062 0.17%
Arthur J Gallagher & Co. 1,083 70,698 0.05%
Vertex Pharmaceuticals, Inc. 1,556 264,458 0.17%
Ally Financial, Inc. 2,679 70,377 0.05%
Zoetis, Inc. Class A 2,976 253,525 0.16%
Raymond James Financial, Inc. 787 70,318 0.05%
Illumina, Inc. 896 250,244 0.16%
Cboe Global Markets, Inc. 674 70,143 0.05%
Humana, Inc. 838 249,414 0.16%
Invesco Ltd. 2,420 64,275 0.04%
Cigna Corp. 1,442 245,068 0.16%
Nasdaq, Inc. 696 63,524 0.04%
Baxter International, Inc. 3,042 224,621 0.14%
Cincinnati Financial Corp. 939 62,782 0.04%
Edwards Lifesciences Corp. 1,275 185,602 0.12%
Zions Bancorporation 1,191 62,754 0.04%
HCA Healthcare, Inc. 1,703 174,728 0.11%
Franklin Resources, Inc. 1,950 62,498 0.04%
Regeneron Pharmaceuticals, Inc. 484 166,975 0.11%
Arch Capital Group Ltd. 2,361 62,472 0.04%
Align Technology, Inc. 485 165,938 0.11%
FNF Group 1,606 60,418 0.04%
Alexion Pharmaceuticals, Inc. 1,312 162,885 0.10%
Centene Corp. 1,236 152,287 0.10%
Western Union Co. 2,822 57,371 0.04%
Zimmer Biomet Holdings, Inc. 1,249 139,189 0.09%
Everest Re Group Ltd. 248 57,159 0.04%
IDEXX Laboratories, Inc. 526 114,636 0.07%
Torchmark Corp. 669 54,463 0.04%
Mylan NV 3,149 113,805 0.07%
Laboratory Corp. of America Holdings 622 111,668 0.07%
Alleghany Corp. 91 52,322 0.03%
BioMarin Pharmaceutical, Inc. 1,071 100,888 0.06%
Affiliated Managers Group, Inc. 340 50,548 0.03%
IQVIA Holdings, Inc. 953 95,128 0.06%
Voya Financial, Inc. 1,048 49,256 0.03%
Quest Diagnostics, Inc. 839 92,240 0.06%
Liberty Broadband Corp. Class C 649 49,142 0.03%
Waters Corp. 474 91,762 0.06%
SEI Investments Co. 780 48,766 0.03%
ResMed, Inc. 856 88,664 0.06%
Unum Group 1,287 47,606 0.03%
Teleflex, Inc. 282 75,635 0.05%
Jefferies Financial Group, Inc. 1,915 43,547 0.03%
Incyte Corp. 1,079 72,293 0.05%
WR Berkley Corp. 572 41,419 0.03%
Cooper Cos, Inc. 294 69,222 0.04%
Henry Schein, Inc. 947 68,790 0.04%
CIT Group, Inc. 789 39,774 0.03%
Hologic, Inc. 1,677 66,661 0.04%
Brown & Brown, Inc. 1,397 38,739 0.03%
Varian Medical Systems, Inc. 556 63,228 0.04%
Janus Henderson Group plc 1,229 37,767 0.02%
Jazz Pharmaceuticals plc 362 62,373 0.04%
163

DENTSPLY SIRONA, Inc. 1,374 60,140 0.04% CoStar Group, Inc. 218 89,953 0.06%
DaVita, Inc. 843 58,538 0.04% Mettler-Toledo International, Inc. 153 88,530 0.06%
Universal Health Services, Inc. Class B 523 58,283 0.04% WestRock Co. 1,534 87,469 0.06%
Perrigo Co. plc 797 58,109 0.04% Martin Marietta Materials, Inc. 387 86,429 0.06%
Alnylam Pharmaceuticals, Inc. 540 53,185 0.03% WW Grainger, Inc. 278 85,735 0.06%
Valeant Pharmaceuticals International, Fastenal Co. 1,766 84,998 0.05%
Inc. 2,081 48,408 0.03% Broadridge Financial Solutions, Inc. 725 83,448 0.05%
Alkermes plc 959 39,472 0.03% Expeditors International of Washington,
18,549,912 11.95% Inc. 1,081 79,021 0.05%
United Rentals, Inc. 517 76,320 0.05%
Ball Corp. 2,111 75,046 0.05%
Boeing Co. 3,364 1,128,656 0.73%
Xylem, Inc. 1,101 74,185 0.05%
XPO Logistics, Inc. 736 73,733 0.05%
3M Co. 3,533 695,012 0.45%
CH Robinson Worldwide, Inc. 857 71,697 0.05%
Union Pacific Corp. 4,718 668,446 0.43%
Masco Corp. 1,895 70,911 0.05%
Honeywell International, Inc. 4,576 659,173 0.42%
Dover Corp. 950 69,540 0.04%
Accenture plc Class A 3,927 642,418 0.41%
Alliance Data Systems Corp. 296 69,027 0.04%
PayPal Holdings, Inc. 7,265 604,957 0.39%
Keysight Technologies, Inc. 1,145 67,589 0.04%
United Technologies Corp. 4,576 572,137 0.37%
Kansas City Southern 624 66,119 0.04%
Caterpillar, Inc. 3,543 480,679 0.31%
JB Hunt Transport Services, Inc. 527 64,057 0.04%
Lockheed Martin Corp. 1,516 447,872 0.29%
Packaging Corp. of America 568 63,497 0.04%
United Parcel Service, Inc. Class B 4,215 447,759 0.29%
Old Dominion Freight Line, Inc. 400 59,584 0.04%
Danaher Corp. 3,767 371,728 0.24%
Huntington Ingalls Industries, Inc. 270 58,533 0.04%
Canadian National Railway Co. 4,546 371,608 0.24%
Wabtec Corp. 533 52,543 0.03%
Automatic Data Processing, Inc. 2,711 363,654 0.23%
Jacobs Engineering Group, Inc. 799 50,729 0.03%
FedEx Corp. 1,512 343,315 0.22%
Trimble, Inc. 1,526 50,114 0.03%
Raytheon Co. 1,764 340,770 0.22%
Sensata Technologies Holding plc 1,045 49,721 0.03%
CSX Corp. 5,098 325,150 0.21%
SNC-Lavalin Group, Inc. 1,099 48,507 0.03%
Northrop Grumman Corp. 985 303,085 0.20%
Fortune Brands Home & Security, Inc. 897 48,160 0.03%
General Dynamics Corp. 1,582 294,901 0.19%
Robert Half International, Inc. 725 47,198 0.03%
Flex Ltd. 3,318 46,817 0.03%
Deere & Co. 1,973 275,825 0.18%
Allegion plc 592 45,797 0.03%
Emerson Electric Co. 3,864 267,157 0.17%
Sealed Air Corp. 1,012 42,959 0.03%
Norfolk Southern Corp. 1,732 261,307 0.17%
Fluor Corp. 872 42,536 0.03%
Waste Management, Inc. 2,653 215,795 0.14%
AerCap Holdings NV 781 42,291 0.03%
Fidelity National Information
Pentair plc 1,003 42,206 0.03%
Services, Inc. 2,005 212,590 0.14%
Arrow Electronics, Inc. 526 39,597 0.03%
Sherwin-Williams Co. 506 206,230 0.13%
Manpowergroup, Inc. 400 34,424 0.02%
Eaton Corp. plc 2,686 200,752 0.13%
MDU Resources Group, Inc. 1,185 33,986 0.02%
TE Connectivity Ltd. 2,138 192,548 0.12%
Xerox Corp. 1,374 32,976 0.02%
Johnson Controls International plc 5,640 188,658 0.12%
Stericycle, Inc. 504 32,906 0.02%
Fiserv, Inc. 2,512 186,114 0.12%
Flowserve Corp. 787 31,795 0.02%
Roper Technologies, Inc. 613 169,133 0.11%
Avnet, Inc. 739 31,696 0.02%
Canadian Pacific Railway Ltd. 890 163,000 0.10%
Acuity Brands, Inc. 254 29,431 0.02%
Amphenol Corp. Class A 1,819 158,526 0.10%
Jabil, Inc. 1,062 29,375 0.02%
Worldpay, Inc. Class A 1,790 146,386 0.09%
nVent Electric plc 1,003 25,175 0.02%
Fortive Corp. 1,872 144,350 0.09%
Bemis Co., Inc. 564 23,806 0.02%
Ingersoll-Rand plc 1,522 136,569 0.09%
Paychex, Inc. 1,961 134,034 0.09% 17,920,066 11.55%
Rockwell Collins, Inc. 989 133,199 0.09% Oil & Gas 6.90% (30 June 2017: 6.58%)
PACCAR, Inc. 2,091 129,558 0.08% Exxon Mobil Corp. 25,914 2,143,865 1.38%
Rockwell Automation, Inc. 770 127,997 0.08% Chevron Corp. 11,648 1,472,657 0.95%
Parker-Hannifin Corp. 806 125,615 0.08% Schlumberger Ltd. 8,497 569,554 0.37%
Cummins, Inc. 938 124,754 0.08% ConocoPhillips 7,171 499,245 0.32%
Agilent Technologies, Inc. 1,968 121,701 0.08% EOG Resources, Inc. 3,540 440,482 0.28%
Waste Connections, Inc. 1,603 120,677 0.08% Suncor Energy, Inc. 10,076 409,796 0.26%
FleetCor Technologies, Inc. 545 114,804 0.07% Occidental Petroleum Corp. 4,689 392,376 0.25%
Global Payments, Inc. 960 107,030 0.07% Enbridge, Inc. - CAD 9,082 324,493 0.21%
Textron, Inc. 1,586 104,533 0.07% Valero Energy Corp. 2,643 292,924 0.19%
Verisk Analytics, Inc. Class A 971 104,518 0.07% Phillips 66 2,574 289,086 0.19%
Vulcan Materials Co. 801 103,377 0.07% Canadian Natural Resources Ltd. 7,410 267,288 0.17%
TransDigm Group, Inc. 295 101,816 0.07% Halliburton Co. 5,327 240,035 0.16%
AMETEK, Inc. 1,382 99,725 0.06% TransCanada Corp. 5,407 233,798 0.15%
Cintas Corp. 530 98,087 0.06% Anadarko Petroleum Corp. 3,163 231,690 0.15%
Republic Services, Inc. Class A 1,375 93,995 0.06% Kinder Morgan, Inc. 11,611 205,166 0.13%
Total System Services, Inc. 1,106 93,479 0.06% Marathon Petroleum Corp. 2,806 196,869 0.13%
L3 Technologies, Inc. 473 90,967 0.06% Pioneer Natural Resources Co. 1,032 195,296 0.13%
164

Devon Energy Corp. 3,206 140,936 0.09% Hewlett Packard Enterprise Co. 9,568 139,788 0.09%
Williams Cos, Inc. 5,048 136,851 0.09% DXC Technology Co. 1,727 139,213 0.09%
Concho Resources, Inc. 899 124,377 0.08% Corning, Inc. 5,010 137,825 0.09%
Andeavor 863 113,208 0.07% Microchip Technology, Inc. 1,409 128,149 0.08%
Hess Corp. 1,672 111,840 0.07% NetApp, Inc. 1,631 128,082 0.08%
Apache Corp. 2,324 108,647 0.07% Motorola Solutions, Inc. 995 115,788 0.07%
Marathon Oil Corp. 5,179 108,034 0.07% Cerner Corp. 1,928 115,275 0.07%
Noble Energy, Inc. 2,937 103,617 0.07% Palo Alto Networks, Inc. 544 111,776 0.07%
National Oilwell Varco, Inc. 2,322 100,775 0.07% Workday, Inc. Class A 890 107,797 0.07%
EQT Corp. 1,614 89,061 0.06% Skyworks Solutions, Inc. 1,112 107,475 0.07%
Baker Hughes a GE Co. 2,546 84,094 0.06% Harris Corp. 726 104,936 0.07%
Cheniere Energy, Inc. 1,280 83,443 0.05% Dell Technologies, Inc. Class V 1,225 103,610 0.07%
Diamondback Energy, Inc. 612 80,521 0.05% Xilinx, Inc. 1,553 101,349 0.07%
Encana Corp. 5,967 77,885 0.05% Maxim Integrated Products, Inc. 1,721 100,954 0.07%
HollyFrontier Corp. 1,001 68,498 0.04% KLA-Tencor Corp. 956 98,019 0.06%
Targa Resources Corp. 1,339 66,267 0.04% CGI Group, Inc. Class A 1,543 97,721 0.06%
Cenovus Energy, Inc. 6,320 65,581 0.04% Seagate Technology plc 1,726 97,467 0.06%
Cabot Oil & Gas Corp. 2,719 64,712 0.04% Constellation Software, Inc. 122 94,557 0.06%
Cimarex Energy Co. 579 58,907 0.04% ANSYS, Inc. 523 91,096 0.06%
Imperial Oil Ltd. 1,593 52,920 0.03% Arista Networks, Inc. 349 89,864 0.06%
Enbridge, Inc. 1,405 50,144 0.03% Citrix Systems, Inc. 850 89,114 0.06%
Inter Pipeline Ltd. 2,367 44,337 0.03% Splunk, Inc. 889 88,109 0.06%
Helmerich & Payne, Inc. 632 40,296 0.03% VeriSign, Inc. 640 87,949 0.06%
Newfield Exploration Co. 1,202 36,361 0.02% Advanced Micro Devices, Inc. 5,536 82,985 0.05%
Continental Resources, Inc. 530 34,323 0.02% Take-Two Interactive Software, Inc. 682 80,722 0.05%
Murphy Oil Corp. 999 33,736 0.02% Symantec Corp. 3,780 78,057 0.05%
Core Laboratories NV 267 33,698 0.02% Synopsys, Inc. 891 76,243 0.05%
Antero Resources Corp. 1,426 30,445 0.02% Akamai Technologies, Inc. 1,022 74,841 0.05%
Husky Energy, Inc. 1,893 29,486 0.02% CDW Corp. 913 73,761 0.05%
Tourmaline Oil Corp. 1,538 27,464 0.02% Cadence Design Systems, Inc. 1,688 73,107 0.05%
Crescent Point Energy Corp. 3,333 24,476 0.02% Check Point Software Technologies Ltd. 732 71,502 0.05%
ARC Resources Ltd. 2,218 22,897 0.02% Gartner, Inc. 534 70,969 0.05%
Range Resources Corp. 1,301 21,766 0.01% IAC/InterActiveCorp 455 69,383 0.04%
Weatherford International plc 6,208 20,424 0.01% CA, Inc. 1,916 68,305 0.04%
Apergy Corp. 462 19,289 0.01% F5 Networks, Inc. 377 65,014 0.04%
10,713,936 6.90% VMware, Inc. Class A 428 62,903 0.04%
Qorvo, Inc. 772 61,891 0.04%
Technology 20.77% (30 June 2017: 18.00%)
Yandex NV Class A 1,636 58,732 0.04%
Apple, Inc. 30,101 5,571,996 3.59%
Juniper Networks, Inc. 2,130 58,405 0.04%
Microsoft Corp. 46,365 4,572,053 2.95%
Amdocs Ltd. 871 57,651 0.04%
Marvell Technology Group Ltd. 2,471 52,978 0.03%
CDK Global, Inc. 809 52,625 0.03%
IPG Photonics Corp. 221 48,759 0.03%
Intel Corp. 28,553 1,419,370 0.91%
Garmin Ltd. 721 43,981 0.03%
Cisco Systems, Inc. 29,530 1,270,676 0.82%
BlackBerry Ltd. 3,025 29,159 0.02%
NVIDIA Corp. 3,558 842,890 0.54%
Nuance Communications, Inc. 1,816 25,215 0.02%
International Business Machines Corp. 5,620 785,114 0.51%
NCR Corp. 757 22,695 0.01%
Oracle Corp. 17,599 775,412 0.50%
Perspecta, Inc. 845 17,365 0.01%
Adobe Systems, Inc. 3,017 735,575 0.47%
32,233,017 20.77%
Texas Instruments, Inc. 5,984 659,736 0.43%
Broadcom, Inc. 2,636 639,599 0.41% Telecommunications 2.05% (30 June 2017: 2.23%)
Salesforce.com, Inc. 4,311 588,020 0.38% AT&T, Inc. 45,036 1,446,106 0.93%
QUALCOMM, Inc. 9,064 508,672 0.33% Verizon Communications, Inc. 25,303 1,272,994 0.82%
Micron Technology, Inc. 7,076 371,065 0.24% T-Mobile US, Inc. 1,886 112,688 0.07%
Intuit, Inc. 1,485 303,393 0.20% CenturyLink, Inc. 5,870 109,417 0.07%
Applied Materials, Inc. 6,434 297,186 0.19% Rogers Communications, Inc. Class B 2,194 104,142 0.07%
Cognizant Technology Solutions Corp. BCE, Inc. 1,819 73,620 0.05%
Class A 3,571 282,073 0.18% Telus Corp., Ltd. 1,189 42,211 0.03%
NXP Semiconductors NV 2,115 231,106 0.15% Sprint Corp. 3,990 21,706 0.01%
HP, Inc. 10,053 228,103 0.15% 3,182,884 2.05%
Analog Devices, Inc. 2,266 217,355 0.14%
Utilities 2.90% (30 June 2017: 3.13%)
Twitter, Inc. 4,327 188,960 0.12%
ServiceNow, Inc. 1,075 185,405 0.12% NextEra Energy, Inc. 2,880 481,046 0.31%
Autodesk, Inc. 1,339 175,530 0.11% Duke Energy Corp. 4,278 338,304 0.22%
Lam Research Corp. 1,005 173,714 0.11% Southern Co. 6,189 286,613 0.18%
Red Hat, Inc. 1,080 145,120 0.09% Dominion Energy, Inc. 3,985 271,697 0.18%
Western Digital Corp. 1,832 141,815 0.09% Exelon Corp. 5,904 251,510 0.16%
165

American Electric Power Co., Inc. 3,005 208,096 0.13% SBA Communications Corp. REIT
Sempra Energy 1,617 187,750 0.12% Class A 697 115,089 0.07%
ONEOK, Inc. 2,494 174,156 0.11% Essex Property Trust, Inc. REIT 399 95,389 0.06%
Public Service Enterprise Group, Inc. 3,080 166,751 0.11% Host Hotels & Resorts, Inc. REIT 4,457 93,909 0.06%
Consolidated Edison, Inc. 1,892 147,538 0.09% Realty Income Corp. REIT 1,725 92,788 0.06%
Xcel Energy, Inc. 3,094 141,334 0.09% Alexandria Real Estate Equities, Inc.
PG&E Corp. 3,172 135,000 0.09% REIT 619 78,099 0.05%
WEC Energy Group, Inc. 1,920 124,128 0.08% GGP, Inc. REIT 3,811 77,859 0.05%
Edison International 1,937 122,554 0.08% Vornado Realty Trust REIT 1,049 77,542 0.05%
PPL Corp. 4,274 122,023 0.08% Extra Space Storage, Inc. REIT 742 74,059 0.05%
DTE Energy Co. 1,110 115,029 0.07% HCP, Inc. REIT 2,863 73,923 0.05%
Eversource Energy 1,931 113,176 0.07% Annaly Capital Management, Inc. REIT 7,094 72,997 0.05%
Pembina Pipeline Corp. 3,061 105,946 0.07% Mid-America Apartment Communities,
FirstEnergy Corp. 2,915 104,678 0.07% Inc. REIT 691 69,563 0.04%
American Water Works Co., Inc. 1,092 93,235 0.06% Duke Realty Corp. REIT 2,172 63,053 0.04%
Ameren Corp. 1,487 90,484 0.06% UDR, Inc. REIT 1,622 60,890 0.04%
Entergy Corp. 1,100 88,869 0.06% Iron Mountain, Inc. REIT 1,722 60,287 0.04%
Fortis, Inc. 2,588 82,670 0.05% Regency Centers Corp. REIT 918 56,989 0.04%
CMS Energy Corp. 1,727 81,653 0.05% Federal Realty Investment Trust REIT 449 56,821 0.04%
CenterPoint Energy, Inc. 2,621 72,628 0.05% SL Green Realty Corp. REIT 556 55,895 0.04%
Alliant Energy Corp. 1,417 59,967 0.04% AGNC Investment Corp. REIT 2,575 47,869 0.03%
NRG Energy, Inc. 1,917 58,852 0.04% Macerich Co. REIT 817 46,430 0.03%
NiSource, Inc. 2,214 58,184 0.04% VEREIT, Inc. REIT 5,899 43,889 0.03%
Pinnacle West Capital Corp. 685 55,184 0.04% Invitation Homes, Inc. REIT 1,856 42,799 0.03%
AES Corp. 4,098 54,954 0.04% Kimco Realty Corp. REIT 2,504 42,543 0.03%
SCANA Corp. 869 33,474 0.02% Liberty Property Trust REIT 893 39,587 0.02%
Hydro One Ltd. 1,975 30,088 0.02% Park Hotels & Resorts, Inc. REIT 1,229 37,644 0.02%
Avangrid, Inc. 364 19,267 0.01% RioCan REIT 1,976 36,277 0.02%
Canadian Utilities Ltd. Class A 758 19,131 0.01% Hospitality Properties Trust REIT 998 28,553 0.02%
Weingarten Realty Investors REIT 755 23,262 0.01%
4,495,969 2.90%
4,249,388 2.74%
Total Equities 150,224,592 96.80%
Financials 0.47% (30 June 2017: 0.13%)
Vanguard S&P 500 ETF 2,917 727,821 0.47%
Other Assets and Liabilities (17,197) (0.01%)
727,821 0.47%
Total Investment Funds 727,821 0.47% Redeemable Participating Shares 155,184,604 100.00%
Collective Investment Schemes 2.74% (30 June 2017: 2.54%) REIT—Real Estate Investment Trust.
Financials 2.74% (30 June 2017: 2.54%)
American Tower Corp. REIT Class A 2,682 386,664 0.25% % of Total
Simon Property Group, Inc. REIT 1,899 323,191 0.21%
Crown Castle International Corp. REIT 2,532 273,000 0.18% (a) Transferable securities admitted to
Prologis, Inc. REIT 3,250 213,493 0.14% an official stock exchange listing 154,248,042 99.39%
Equinix, Inc. REIT 484 208,067 0.13% (b) Transferable securities dealt in on
Public Storage REIT 904 205,081 0.13% another regulated market 911,141 0.59%
Weyerhaeuser Co. REIT 4,627 168,700 0.11% (c) Transferable securities other than
AvalonBay Communities, Inc. REIT 841 144,559 0.09% those admitted to an official stock
Welltower, Inc. REIT 2,263 141,867 0.09% exchange listing or dealt in on another
Digital Realty Trust, Inc. REIT 1,264 141,037 0.09% regulated market 42,618 0.03%
Equity Residential REIT 2,176 138,589 0.09% (d) Total Financial Derivative Instruments — 0.00%
Ventas, Inc. REIT 2,164 123,240 0.08% (e) Other net liabilities (17,197) (0.01%)
Boston Properties, Inc. REIT 940 117,895 0.08% Total Net Assets 155,184,604 100.00%
166

Cost Proceeds
Purchases Sales
Vanguard S&P 500 ETF 11,051 2,701,039 Vanguard S&P 500 ETF 8,622 2,096,001
Apple, Inc. 12,833 2,176,122 Apple, Inc. 2,453 430,609
Microsoft Corp. 19,333 1,672,813 Reynolds American, Inc. 2,547 166,932
Amazon.com, Inc. 1,050 1,344,597 JPMorgan Chase & Co. 1,313 132,088
Facebook, Inc. Class A 6,101 1,087,927 Bank of America Corp. 4,062 110,482
Berkshire Hathaway, Inc. Class B 5,059 984,266 Amgen, Inc. 563 102,768
Johnson & Johnson 6,772 916,614 Citigroup, Inc. 1,446 102,662
JPMorgan Chase & Co. 8,694 914,809 Microsoft Corp. 1,320 98,510
Exxon Mobil Corp. 10,646 872,418 Berkshire Hathaway, Inc. Class B 462 84,136
Alphabet, Inc. Class C 788 827,896 Home Depot, Inc. 442 76,924
Alphabet, Inc. Class A 739 784,613 Johnson & Johnson 525 69,372
Bank of America Corp. 24,293 697,794 Cisco Systems, Inc. 1,770 66,953
Wells Fargo & Co. 11,109 631,082 Visa, Inc. Class A 567 65,178
AT&T, Inc. 16,078 580,813 Wells Fargo & Co. 1,197 64,629
Chevron Corp. 4,844 575,016 Walt Disney Co. 618 63,962
Procter & Gamble Co. 6,409 550,773 Facebook, Inc. Class A 373 63,014
Pfizer, Inc. 14,878 533,220 Amazon.com, Inc. 64 61,485
Intel Corp. 11,796 531,204 Alphabet, Inc. Class C 63 59,849
UnitedHealth Group, Inc. 2,408 529,755 Pfizer, Inc. 1,698 58,959
Visa, Inc. Class A 4,544 524,190 Exxon Mobil Corp. 756 58,008
167

2018 2017
Current Assets
Cash 19,078 63,288
Receivables:
Current Liabilities
Bank Overdraft 148,410 14,079
Investments Purchased — 96,371

30 June 2018 30 June 2017
Dividend Income 2,477,912 825,605
Securities Lending Income 4,861 820
Expenses
Other Expenses 195 4,999
Finance Costs
Interest Expense 1,849 151
Distribution Paid 1,983,224 782,862
Total Finance Costs 1,874,914 652,912
168


30 June 2018 30 June 2017
Subscriptions 64,518,145 58,390,479
End of Year 155,184,604 85,873,191
169
Vanguard Global Liquidity Factor UCITS ETF
Managed by Vanguard Global Advisers, LLC

As at 30 June 2018

FTSE
Vanguard Global Liquidity Factor UCITS ETF seeks to provide long-term Developed
capital appreciation. The ETF is actively managed and seeks to invest as All Cap
described in the prospectus. Fund Index
Europe
Portfolio Characteristics United Kingdom 6.2% 6.5%

FTSE France 4.9 3.4
Developed Germany 2.3 3.2
All Cap
Fund Index Switzerland 1.8 2.6
Number of Stocks 1,258 5,707 Austria 1.1 0.1
Median Market Cap Other 5.0 6.1
US Dollars $5.7B $44.5B Subtotal 21.3% 21.9%
British Pounds £4.3B £33.7B Pacific
Euro €4.9B €38.1B Japan 11.1% 9.1%
Price/Earnings Ratio 18.5x 17.4x Hong Kong 2.2 1.3
Yield 2.0% 2.3% Other 1.9 3.1
Return on Equity 10.7% 13.4% Subtotal 16.3% 15.4%
Earnings Growth Rate 7.7% 8.2% North America
Turnover Rate 24% — United States 58.5% 59.0%
Ongoing Charges Figure 0.22% — Canada 3.9 3.5

FTSE
Developed Allocation by Region (% of portfolio)
All Cap
Fund Index
■ 21.3% Europe
■ 16.3% Pacific
Oil & Gas 2.4 6.3
Technology 4.6 14.1
Utilities 4.1 3.0
Southern Copper Corp. Base Metals 0.7%

Prologis Inc. Industrial & Office REITs 0.7
Public Storage REIT 0.7
Sysco Corp. Food Products Wholesalers 0.7
Sirius XM Holdings Inc. Publishing & Broadcasting 0.7
TD Ameritrade Holding Corp. Wealth Management 0.7
Fidelity National Information
Services Inc. Consumer Finance 0.7
Las Vegas Sands Corp. Casinos & Gaming 0.7
Zoetis Inc. Specialty Pharmacy 0.6
Phillips 66 Refining & Marketing 0.6
Top Ten 6.8%
170

• For the 12 months ended 30 June 2018, Vanguard Global Liquidity Factor UCITS ETF returned 11.95%, ahead of the 11.37% return of its benchmark index.1
• The ETF invests primarily in US and foreign stocks from developed markets that have lower liquidity characteristics than those in the benchmark index. The
investment adviser uses a quantitative model with a rules-based active approach. It favours stocks with low trading volumes and other measures of trading
liquidity, including price impact and trading share and dollar volumes based on percentage turnover. These measures have been shown to be components of
long-run stock market returns.
• Stock selection in the health care, industrials and consumer goods sectors helped the ETF’s performance, while selection in consumer services and technology
hindered it.
• Stocks from Germany, Switzerland, Japan, Denmark and the United States increased returns; those from the United Kingdom and South Korea held them
back slightly.

Benchmark: FTSE Developed All Cap Index
Cumulative Performance: 9 December 2015–30 June 2018

$150,000
138,633
90,000
2016 2017 2018

Benchmark 11.37 11.93 133,386
Fiscal-Year Total Investment Returns (%): 9 December 2015–30 June 2018
2016 2017 2018
20.80
18.73
11.95 11.37
2.51
0.88
ETF Net Asset Value

Benchmark
1 The fund is actively managed and seeks to invest as described in the prospectus. The table and charts show how the fund’s total return compares with the return of a market index that has
investment characteristics similar to those of the fund.
2 9 December 2015.
171
30 June 2018

Equities 93.31% (30 June 2017: 93.35%) Inter Pipeline Ltd. 741 13,880 0.03%
Australia 0.67% (30 June 2017: 0.59%) Brookfield Asset Management, Inc.
Class A 335 13,581 0.03%
CIMIC Group Ltd. 2,949 92,166 0.20%
Klondex Mines Ltd. 5,699 13,165 0.03%
AusNet Services 59,963 71,107 0.15%
Metro, Inc. 233 7,916 0.02%
Domain Holdings Australia Ltd. 7,871 18,726 0.04%
Loblaw Cos., Ltd. 149 7,657 0.02%
Platinum Asset Management Ltd. 4,217 17,947 0.04%
Xero Ltd. 449 14,932 0.03% 1,594,001 3.43%
Atlassian Corp. plc Class A 208 13,004 0.03% Denmark 0.94% (30 June 2017: 0.96%)
Nufarm Ltd. 1,972 12,909 0.03% Tryg A/S 8,451 198,380 0.43%
WorleyParsons Ltd. 938 12,114 0.03% Rockwool International A/S Class B 190 74,196 0.16%
TPG Telecom Ltd. 2,927 11,181 0.03% William Demant Holding A/S 1,721 69,255 0.15%
Adelaide Brighton Ltd. 2,144 11,010 0.02% Chr Hansen Holding A/S 286 26,415 0.06%
Magellan Financial Group Ltd. 349 6,008 0.01% H Lundbeck A/S 281 19,745 0.04%
REA Group Ltd. 87 5,841 0.01% Coloplast A/S Class B 184 18,390 0.04%
Orora Ltd. 2,056 5,423 0.01% Orsted A/S 233 14,093 0.03%
Fairfax Media Ltd. 9,690 5,370 0.01% Novozymes A/S Class B 194 9,841 0.02%
DuluxGroup Ltd. 936 5,290 0.01% ISS A/S 214 7,354 0.01%
Metcash Ltd. 2,593 5,000 0.01% 437,669 0.94%
Perpetual Ltd. 134 4,119 0.01%
Finland 0.16% (30 June 2017: 0.57%)
312,147 0.67%
Kesko OYJ Class B 374 22,881 0.05%
Austria 1.07% (30 June 2017: 0.71%) Huhtamaki OYJ 504 18,648 0.04%
Andritz AG 4,118 218,571 0.47% Wartsila OYJ Abp 924 18,157 0.04%
Vienna Insurance Group AG Wiener Elisa OYJ 310 14,358 0.03%
Versicherung Gruppe 4,571 124,669 0.27%
74,044 0.16%
OMV AG 1,286 72,927 0.16%
France 4.00% (30 June 2017: 4.39%)
Raiffeisen Bank International AG 1,582 48,559 0.10%
Voestalpine AG 485 22,339 0.05% CNP Assurances 9,362 213,037 0.46%
Erste Group Bank AG 249 10,393 0.02% Orpea 1,527 203,780 0.44%
Elior Group SA 7,217 104,148 0.22%
497,458 1.07%
Sartorius Stedim Biotech 904 94,464 0.20%
Belgium 0.86% (30 June 2017: 1.03%)
Eurazeo SA 1,230 93,274 0.20%
Ackermans & van Haaren NV 827 142,421 0.31% Eurofins Scientific SE 162 90,108 0.19%
Sofina SA 623 107,653 0.23% Bollore SA 16,226 75,476 0.16%
Telenet Group Holding NV 1,501 70,100 0.15% JCDecaux SA 2,195 73,449 0.16%
Groupe Bruxelles Lambert SA 246 25,941 0.05% Wendel SA 523 72,054 0.16%
bpost SA 1,097 17,329 0.04% Imerys SA 885 71,555 0.15%
Colruyt SA 296 16,889 0.04% Dassault Aviation SA 35 66,690 0.14%
UCB SA 147 11,557 0.02% ALD SA 3,843 65,598 0.14%
Proximus SADP 401 9,041 0.02% Worldline SA 1,095 62,031 0.13%
400,931 0.86% Amundi SA 892 61,800 0.13%
Canada 3.43% (30 June 2017: 3.38%) SEB SA 339 59,212 0.13%
Cie Plastic Omnium SA 1,221 51,620 0.11%
Power Financial Corp. 9,441 220,693 0.47%
BioMerieux 491 44,199 0.10%
Ipsen SA 272 42,666 0.09%
Aeroports de Paris 184 41,612 0.09%
Elis SA 1,571 36,024 0.08%
IGM Financial, Inc. 4,752 137,671 0.30%
Remy Cointreau SA 274 35,510 0.08%
Saputo, Inc. 3,013 99,979 0.21%
Rubis SCA 469 29,296 0.06%
Husky Energy, Inc. 5,996 93,396 0.20%
Bureau Veritas SA 978 26,103 0.06%
Turquoise Hill Resources Ltd. 32,822 92,818 0.20%
Societe BIC SA 267 24,752 0.05%
Canadian Utilities Ltd. Class A 3,198 80,713 0.17%
Getlink SE 1,651 22,640 0.05%
Hermes International 31 18,958 0.04%
Tahoe Resources, Inc. 5,925 29,151 0.06%
Lagardere SCA 684 18,056 0.04%
Imperial Oil Ltd. 868 28,835 0.06%
SCOR SE 450 16,718 0.04%
Eutelsat Communications SA 704 14,602 0.03%
SNC-Lavalin Group, Inc. 529 23,348 0.05%
Teleperformance 65 11,482 0.03%
Edenred 314 9,921 0.02%
Iliad SA 59 9,324 0.02%
Constellation Software, Inc. 23 17,826 0.04%
ARC Resources Ltd. 1,425 14,711 0.03% 1,860,159 4.00%
172

Germany 2.39% (30 June 2017: 2.86%) SJM Holdings Ltd. 9,000 11,196 0.02%
Fielmann AG 2,661 184,236 0.40% Sino Land Co., Ltd. 6,000 9,758 0.02%
Rational AG 178 116,174 0.25% Bank of East Asia Ltd. 2,400 9,590 0.02%
Ceconomy AG 12,620 105,175 0.23% Cathay Pacific Airways Ltd. 6,000 9,437 0.02%
Carl Zeiss Meditec AG 1,250 85,304 0.18% Tingyi Cayman Islands Holding Corp. 4,000 9,279 0.02%
RTL Group SA 904 61,323 0.13% VTech Holdings Ltd. 800 9,233 0.02%
Hapag-Lloyd AG 1,611 57,368 0.12% Esprit Holdings Ltd. 29,200 9,081 0.02%
Puma SE 93 54,400 0.12% PCCW Ltd. 16,000 9,014 0.02%
Delivery Hero AG 966 51,408 0.11% Xinyi Solar Holdings Ltd. 28,000 8,601 0.02%
Talanx AG 1,304 47,623 0.10% Yue Yuen Industrial Holdings Ltd. 3,000 8,470 0.02%
Hella GmbH & Co. KGaA 649 36,371 0.08% Global Brands Group Holding Ltd. 130,000 7,788 0.02%
Telefonica Deutschland Holding AG 9,049 35,668 0.08% Nexteer Automotive Group Ltd. 5,000 7,393 0.02%
Hochtief AG 153 27,653 0.06% Jardine Matheson Holdings Ltd. 100 6,310 0.01%
Sartorius AG - Preference Shares 169 25,276 0.05% Hang Lung Properties Ltd. 3,000 6,187 0.01%
Fuchs Petrolub SE - Preference Shares 436 21,502 0.05% Hongkong Land Holdings Ltd. 600 4,290 0.01%
Axel Springer SE 293 21,193 0.05% 962,472 2.07%
Brenntag AG 365 20,336 0.04% Ireland 0.42% (30 June 2017: 0.68%)
Suedzucker AG 1,219 19,413 0.04%
Paddy Power Betfair plc 540 59,174 0.13%
QIAGEN NV 445 16,091 0.03%
Glanbia plc 2,303 42,753 0.09%
Symrise AG 178 15,608 0.03%
Kingspan Group plc 566 28,336 0.06%
LEG Immobilien AG 136 14,780 0.03%
Kerry Group plc Class A 226 23,642 0.05%
AIB Group plc 4,075 22,124 0.05%
Worldwide 152 14,662 0.03%
United Internet AG 208 11,914 0.03%
Innogy SE 265 11,352 0.02% 195,105 0.42%
Linde AG 46 10,978 0.02% Italy 0.34% (30 June 2017: 0.62%)
Wacker Chemie AG 77 10,082 0.02% Banca Mediolanum SpA 7,795 52,831 0.11%
1&1 Drillisch AG 149 8,482 0.02% Italgas SpA 7,648 42,165 0.09%
Zalando SE 138 7,713 0.02% Davide Campari-Milano SpA 3,388 27,868 0.06%
Evonik Industries AG 225 7,705 0.02% EXOR NV 322 21,692 0.05%
Phibro Animal Health Corp. Class A 166 7,644 0.02% UnipolSai Assicurazioni SpA 4,963 10,966 0.02%
Hannover Rueck SE 57 7,108 0.01% Salvatore Ferragamo SpA 206 5,027 0.01%
1,114,542 2.39% 160,549 0.34%
Hong Kong 2.07% (30 June 2017: 2.34%) Japan 11.04% (30 June 2017: 9.05%)
Hang Lung Group Ltd. 38,000 106,559 0.23% Oracle Corp. Japan 2,100 171,579 0.37%
NWS Holdings Ltd. 51,000 88,278 0.19% Tokyo Century Corp. 2,800 158,750 0.34%
Jardine Strategic Holdings Ltd. 1,800 65,664 0.14% NS Solutions Corp. 6,200 156,336 0.34%
Huabao International Holdings Ltd. 80,000 51,189 0.11% Rohto Pharmaceutical Co., Ltd. 4,800 154,056 0.33%
Lifestyle International Holdings Ltd. 21,000 44,540 0.10% Keikyu Corp. 9,300 152,474 0.33%
Johnson Electric Holdings Ltd. 13,500 39,319 0.08% Hisamitsu Pharmaceutical Co., Inc. 1,700 143,502 0.31%
Dah Sing Financial Holdings Ltd. 6,600 38,529 0.08% Yamato Kogyo Co., Ltd. 4,500 135,896 0.29%
FIH Mobile Ltd. 224,000 34,833 0.08% Itochu Techno-Solutions Corp. 7,000 120,959 0.26%
Hopewell Holdings Ltd. 8,000 27,430 0.06% Kyudenko Corp. 2,400 115,921 0.25%
Towngas China Co., Ltd. 26,000 25,220 0.05% Ito En Ltd. 2,500 115,786 0.25%
Uni-President China Holdings Ltd. 19,000 24,412 0.05% Hitachi Transport System Ltd. 4,300 110,174 0.24%
Prada SpA 4,400 20,358 0.04% Hokkaido Electric Power Co., Inc. 15,600 106,192 0.23%
China Travel International Investment NOF Corp. 3,200 103,426 0.22%
Hong Kong Ltd. 52,000 20,282 0.04% Ariake Japan Co., Ltd. 1,200 103,354 0.22%
Chow Tai Fook Jewellery Group Ltd. 16,800 18,930 0.04% Hiroshima Bank Ltd. 15,500 103,273 0.22%
Shangri-La Asia Ltd. 10,000 18,813 0.04% Hulic Co., Ltd. 9,600 102,531 0.22%
Sun Art Retail Group Ltd. 14,000 18,309 0.04% Fuji Oil Holdings, Inc. 2,700 97,016 0.21%
Shui On Land Ltd. 67,500 17,121 0.04% Sanrio Co., Ltd. 5,000 96,872 0.21%
Hysan Development Co., Ltd. 3,000 16,749 0.04% Sohgo Security Services Co., Ltd. 2,000 94,254 0.20%
Sa Sa International Holdings Ltd. 26,000 16,504 0.04% Nippon Television Holdings, Inc. 5,500 92,805 0.20%
BOC Aviation Ltd. 2,600 16,156 0.04% Bank of Kyoto Ltd. 2,000 92,629 0.20%
First Pacific Co., Ltd. 32,000 15,459 0.03% Ichigo, Inc. 19,700 92,484 0.20%
Want Want China Holdings Ltd. 17,000 15,125 0.03% AEON Financial Service Co., Ltd. 4,200 89,638 0.19%
Swire Properties Ltd. 4,000 14,786 0.03% Shochiku Co., Ltd. 600 86,832 0.19%
Kerry Properties Ltd. 3,000 14,359 0.03% Nissan Shatai Co., Ltd. 6,500 59,211 0.13%
Shougang Fushan Resources Group Mochida Pharmaceutical Co., Ltd. 400 29,143 0.06%
Ltd. 60,000 14,301 0.03% Noevir Holdings Co., Ltd. 400 28,854 0.06%
Dairy Farm International Holdings Ltd. 1,600 14,064 0.03% Pilot Corp. 500 27,852 0.06%
Wheelock & Co., Ltd. 2,000 13,932 0.03% Sotetsu Holdings, Inc. 900 27,545 0.06%
Television Broadcasts Ltd. 4,300 13,620 0.03% Itoham Yonekyu Holdings, Inc. 3,200 27,532 0.06%
Hutchison Telecommunications Hong Kissei Pharmaceutical Co., Ltd. 1,000 27,129 0.06%
Kong Holdings Ltd. 34,000 12,004 0.03%
TV Asahi Holdings Corp. 1,200 26,358 0.06%
173

Lintec Corp. 900 26,123 0.06% Obic Co., Ltd. 200 16,558 0.04%
SKY Perfect JSAT Holdings, Inc. 5,400 25,741 0.06% Sundrug Co., Ltd. 400 16,215 0.03%
Nishi-Nippon Financial Holdings, Inc. 2,200 25,721 0.06% Megmilk Snow Brand Co., Ltd. 600 16,007 0.03%
Shiga Bank Ltd. 5,000 25,595 0.05% Nisshin Seifun Group, Inc. 700 14,820 0.03%
Nippo Corp. 1,400 25,532 0.05% Heiwa Corp. 600 14,485 0.03%
Ushio, Inc. 2,000 25,441 0.05% Hakuhodo DY Holdings, Inc. 900 14,447 0.03%
Komeri Co., Ltd. 1,000 25,387 0.05% Alfresa Holdings Corp. 600 14,111 0.03%
Keihan Holdings Co., Ltd. 700 25,121 0.05% Kusuri no Aoki Holdings Co., Ltd. 200 13,307 0.03%
San-In Godo Bank Ltd. 2,800 25,051 0.05% Takara Holdings, Inc. 1,000 13,217 0.03%
Nagase & Co., Ltd. 1,600 25,019 0.05% Azbil Corp. 300 13,082 0.03%
Canon Marketing Japan, Inc. 1,200 25,004 0.05% Hirose Electric Co., Ltd. 105 13,015 0.03%
Exedy Corp. 800 24,773 0.05% Shimachu Co., Ltd. 400 12,712 0.03%
Tokyo Broadcasting System Holdings, Zensho Holdings Co., Ltd. 500 12,698 0.03%
Inc. 1,100 24,708 0.05% Bic Camera, Inc. 800 12,343 0.03%
Awa Bank Ltd. 4,000 24,629 0.05% Sugi Holdings Co., Ltd. 200 11,574 0.02%
Nishi-Nippon Railroad Co., Ltd. 900 24,498 0.05% Yamaguchi Financial Group, Inc. 1,000 11,267 0.02%
Toho Gas Co., Ltd. 700 24,236 0.05% Tokai Tokyo Financial Holdings, Inc. 1,700 10,866 0.02%
Daiichikosho Co., Ltd. 500 24,150 0.05% Odakyu Electric Railway Co., Ltd. 500 10,734 0.02%
Daikyo, Inc. 1,100 24,083 0.05% Nomura Research Institute Ltd. 220 10,666 0.02%
NTT Urban Development Corp. 2,200 23,636 0.05% Seino Holdings Co., Ltd. 600 10,639 0.02%
Koei Tecmo Holdings Co., Ltd. 1,200 23,596 0.05% Cosmo Energy Holdings Co., Ltd. 300 10,536 0.02%
Taisho Pharmaceutical Holdings Co., Sankyu, Inc. 200 10,509 0.02%
Ltd. 200 23,419 0.05% Kamigumi Co., Ltd. 500 10,396 0.02%
Wacoal Holdings Corp. 800 23,329 0.05% Nagoya Railroad Co., Ltd. 400 10,328 0.02%
Orient Corp. 17,200 23,137 0.05% Senshu Ikeda Holdings, Inc. 2,900 9,792 0.02%
PALTAC Corp. 400 23,040 0.05% Keio Corp. 200 9,678 0.02%
Taiyo Nippon Sanso Corp. 1,600 22,939 0.05% Ci:z Holdings Co., Ltd. 200 9,516 0.02%
KYORIN Holdings, Inc. 1,100 22,841 0.05% SCSK Corp. 200 9,299 0.02%
Kyushu Financial Group, Inc. 4,600 22,218 0.05% Daido Steel Co., Ltd. 200 9,245 0.02%
North Pacific Bank Ltd. 6,600 22,106 0.05% TIS, Inc. 200 9,209 0.02%
FP Corp. 400 22,101 0.05% Sumitomo Forestry Co., Ltd. 600 9,084 0.02%
Air Water, Inc. 1,200 22,036 0.05% Aeon Mall Co., Ltd. 500 8,983 0.02%
Miura Co., Ltd. 900 21,881 0.05% Kaneka Corp. 1,000 8,965 0.02%
77 Bank Ltd. 1,000 21,821 0.05% Rinnai Corp. 100 8,820 0.02%
Iyo Bank Ltd. 3,300 21,808 0.05% Rengo Co., Ltd. 1,000 8,802 0.02%
Mitsubishi UFJ Lease & Finance Co., Nippon Paint Holdings Co., Ltd. 200 8,613 0.02%
Ltd. 3,500 21,519 0.05% Hamamatsu Photonics KK 200 8,595 0.02%
Autobacs Seven Co., Ltd. 1,200 21,277 0.05% Hachijuni Bank Ltd. 2,000 8,559 0.02%
Welcia Holdings Co., Ltd. 400 21,270 0.05% Nihon Kohden Corp. 300 8,356 0.02%
Kinden Corp. 1,300 21,243 0.05% Kintetsu Group Holdings Co., Ltd. 200 8,161 0.02%
Suzuken Co., Ltd. 500 21,171 0.05% Kyowa Hakko Kirin Co., Ltd. 400 8,064 0.02%
Aica Kogyo Co., Ltd. 600 21,072 0.05% Hankyu Hanshin Holdings, Inc. 200 8,044 0.02%
Tokai Rika Co., Ltd. 1,100 20,895 0.04% Shikoku Electric Power Co., Inc. 600 8,028 0.02%
Hitachi Capital Corp. 800 20,685 0.04% Relo Group, Inc. 300 7,919 0.02%
Kaken Pharmaceutical Co., Ltd. 400 20,548 0.04% Japan Petroleum Exploration Co., Ltd. 300 7,836 0.02%
Fukuyama Transporting Co., Ltd. 400 20,440 0.04% Sankyo Co., Ltd. 200 7,827 0.02%
Maruichi Steel Tube Ltd. 600 20,340 0.04% NOK Corp. 400 7,743 0.02%
Toyoda Gosei Co., Ltd. 800 20,288 0.04% Iida Group Holdings Co., Ltd. 400 7,717 0.02%
Hokuhoku Financial Group, Inc. 1,500 19,975 0.04% Matsui Securities Co., Ltd. 800 7,649 0.02%
Kagome Co., Ltd. 600 19,934 0.04% Asahi Intecc Co., Ltd. 200 7,566 0.02%
Kandenko Co., Ltd. 1,800 19,761 0.04% Sanwa Holdings Corp. 700 7,419 0.02%
Glory Ltd. 700 19,591 0.04% Nippon Shokubai Co., Ltd. 100 7,232 0.02%
Kokuyo Co., Ltd. 1,100 19,534 0.04% Nissin Foods Holdings Co., Ltd. 100 7,232 0.02%
USS Co., Ltd. 1,000 19,031 0.04% Toyo Suisan Kaisha Ltd. 200 7,123 0.02%
Maeda Road Construction Co., Ltd. 1,000 19,022 0.04% Benesse Holdings, Inc. 200 7,096 0.02%
Japan Airport Terminal Co., Ltd. 400 18,742 0.04% Toyo Seikan Group Holdings Ltd. 400 7,027 0.02%
Izumi Co., Ltd. 300 18,553 0.04% Keisei Electric Railway Co., Ltd. 200 6,870 0.01%
OSG Corp. 900 18,550 0.04% Toho Co., Ltd. 200 6,708 0.01%
Japan Post Insurance Co., Ltd. 900 18,509 0.04% Aoyama Trading Co., Ltd. 200 6,681 0.01%
Chugoku Bank Ltd. 1,800 18,217 0.04% Acom Co., Ltd. 1,700 6,538 0.01%
Medipal Holdings Corp. 900 18,103 0.04% Chugoku Electric Power Co., Inc. 500 6,464 0.01%
House Foods Group, Inc. 500 17,695 0.04% Tsumura & Co. 200 6,464 0.01%
Hikari Tsushin, Inc. 100 17,578 0.04% H2O Retailing Corp. 400 6,388 0.01%
Toda Corp. 2,000 17,406 0.04% Nippon Shinyaku Co., Ltd. 100 6,211 0.01%
Kobayashi Pharmaceutical Co., Ltd. 200 17,280 0.04% Oji Holdings Corp. 1,000 6,202 0.01%
TS Tech Co., Ltd. 400 16,702 0.04% Nifco, Inc. 200 6,193 0.01%
Nankai Electric Railway Co., Ltd. 600 16,657 0.04%
174

Tobu Railway Co., Ltd. 200 6,121 0.01% Ottogi Corp. 31 23,893 0.05%
Kurita Water Industries Ltd. 200 5,706 0.01% S-1 Corp. 273 23,711 0.05%
NHK Spring Co., Ltd. 600 5,655 0.01% Samsung Card Co., Ltd. 687 23,609 0.05%
Toyota Boshoku Corp. 300 5,522 0.01% Lotte Chilsung Beverage Co., Ltd. 15 20,686 0.04%
ABC-Mart, Inc. 100 5,471 0.01% Doosan Corp. 205 19,130 0.04%
Sapporo Holdings Ltd. 200 5,012 0.01% Cheil Worldwide, Inc. 730 13,526 0.03%
Toyobo Co., Ltd. 300 4,992 0.01% NongShim Co., Ltd. 44 12,831 0.03%
Zenkoku Hosho Co., Ltd. 100 4,541 0.01% Hanwha Life Insurance Co., Ltd. 2,678 12,735 0.03%
Suntory Beverage & Food Ltd. 100 4,270 0.01% CJ Logistics Corp. 81 12,210 0.03%
Gunma Bank Ltd. 700 3,678 0.01% Korea Gas Corp. 202 11,636 0.03%
Tohoku Electric Power Co., Inc. 300 3,665 0.01% SKC Co., Ltd. 298 11,538 0.02%
Hitachi Metals Ltd. 300 3,115 0.01% DGB Financial Group, Inc. 1,191 10,954 0.02%
5,134,869 11.04% Posco Daewoo Corp. 568 10,906 0.02%
Lotte Corp. 211 10,848 0.02%
BGF retail Co., Ltd. 55 9,623 0.02%
Heineken Holding NV 1,163 111,481 0.24%
NHN Entertainment Corp. 164 9,550 0.02%
GrandVision NV 3,114 69,988 0.15%
OCI NV 920 24,845 0.05%
Hite Jinro Co., Ltd. 502 8,851 0.02%
206,314 0.44% BNK Financial Group, Inc. 1,028 8,624 0.02%
New Zealand 0.54% (30 June 2017: 0.59%) GS Retail Co., Ltd. 208 8,202 0.02%
Mercury NZ Ltd. 56,493 128,898 0.28% GS Holdings Corp. 143 6,980 0.02%
Fisher & Paykel Healthcare Corp., Ltd. 1,753 17,673 0.04% Kangwon Land, Inc. 295 6,922 0.02%
Air New Zealand Ltd. 8,126 17,468 0.04% Orion Corp. 47 6,284 0.01%
Meridian Energy Ltd. 8,207 17,336 0.04% DB Insurance Co., Ltd. 114 6,035 0.01%
Contact Energy Ltd. 4,246 16,817 0.04% LS Corp. 85 5,720 0.01%
Ryman Healthcare Ltd. 2,026 16,419 0.03% KCC Corp. 19 5,592 0.01%
Auckland International Airport Ltd. 2,551 11,710 0.02% Amorepacific Group 48 5,319 0.01%
SKYCITY Entertainment Group Ltd. 3,672 10,044 0.02% Hankook Tire Co., Ltd. 138 5,213 0.01%
Sky Network Television Ltd. 4,547 8,004 0.02% Hanon Systems 542 5,155 0.01%
Spark New Zealand Ltd. 1,930 4,874 0.01% SK Networks Co., Ltd. 1,230 4,966 0.01%
KEPCO Plant Service & Engineering
249,243 0.54%
Co., Ltd. 145 4,638 0.01%
Norway 0.45% (30 June 2017: 0.63%) Lotte Confectionery Co., Ltd. 24 3,898 0.01%
Schibsted A.S.A Class A 2,109 64,069 0.14% Coway Co., Ltd. 48 3,730 0.01%
Gjensidige Forsikring A.S.A 3,241 53,126 0.11% Hanssem Co., Ltd. 30 2,826 0.01%
Frontline Ltd 7,597 44,366 0.09% 512,415 1.10%
Aker BP A.S.A 907 33,474 0.07%
Spain 0.29% (30 June 2017: 0.42%)
Orkla A.S.A 1,883 16,496 0.04%
Zardoya Otis SA 6,356 60,703 0.13%
211,531 0.45%
Grupo Catalana Occidente SA 836 37,237 0.08%
Portugal 0.36% (30 June 2017: 0.25%) Acciona SA 248 20,535 0.05%
EDP Renovaveis SA 9,384 97,840 0.21% Mapfre SA 3,487 10,524 0.02%
Jeronimo Martins SGPS SA 3,765 54,376 0.12% Grifols SA 139 4,184 0.01%
Galp Energia SGPS SA 850 16,211 0.03% 133,183 0.29%
168,427 0.36% Sweden 0.87% (30 June 2017: 1.00%)
Singapore 0.66% (30 June 2017: 0.72%) Lundin Petroleum AB 2,565 81,916 0.18%
Jardine Cycle & Carriage Ltd. 5,000 116,685 0.25% Fastighets AB Balder Class B 2,838 74,170 0.16%
StarHub Ltd. 55,100 67,082 0.14% L E Lundbergforetagen AB Class B 2,397 73,737 0.16%
Golden Agri-Resources Ltd. 283,200 63,349 0.14% Investment AB Latour Class B 6,239 67,579 0.14%
UOL Group Ltd. 2,600 14,530 0.03% Industrivarden AB Class C 1,094 21,242 0.04%
Singapore Airlines Ltd. 1,300 10,192 0.02% Husqvarna AB Class B 1,826 17,354 0.04%
M1 Ltd. 7,800 9,153 0.02% Arjo AB 4,610 16,464 0.03%
Singapore Technologies Engineering ICA Gruppen AB 462 14,186 0.03%
Ltd. 3,400 8,204 0.02% Trelleborg AB Class B 631 13,493 0.03%
Hutchison Port Holdings Trust 24,200 6,776 0.02% Hexagon AB Class B 233 13,009 0.03%
Sembcorp Marine Ltd. 3,600 5,386 0.01% Saab AB Class B 303 12,600 0.03%
405,750 0.87%
305,391 0.66%
EMS-Chemie Holding AG 303 194,229 0.42%
Old Mutual Ltd. 5,259 10,443 0.02% Pargesa Holding SA 2,116 179,219 0.38%
10,443 0.02% DKSH Holding AG 2,421 170,307 0.37%
South Korea 1.10% (30 June 2017: 1.81%) Banque Cantonale Vaudoise 129 98,996 0.21%
Helvetia Holding AG 88 50,206 0.11%
Hyundai Marine & Fire Insurance
Co., Ltd. 3,051 92,256 0.20% Sulzer AG 347 42,145 0.09%
Dongsuh Cos, Inc. 3,192 74,895 0.16% PSP Swiss Property AG 304 28,167 0.06%
Flughafen Zurich AG 107 21,811 0.05%
175

Barry Callebaut AG 11 19,719 0.04% Air Products & Chemicals, Inc. 1,804 280,937 0.60%
Swiss Prime Site AG 185 16,982 0.04% CME Group, Inc. Class A 1,698 278,336 0.60%
821,781 1.77% Chubb Ltd. 2,154 273,601 0.59%
Progressive Corp. 4,522 267,476 0.57%
S&P Global, Inc. 1,296 264,241 0.57%
Meggitt plc 32,619 212,441 0.46%
BlackRock, Inc. Class A 518 258,503 0.56%
DCC plc 2,225 202,544 0.44%
Capital One Financial Corp. 2,810 258,239 0.55%
Evraz plc 23,630 158,608 0.34%
VF Corp. 2,925 238,446 0.51%
Hikma Pharmaceuticals plc 7,579 150,193 0.32%
Fresnillo plc 8,968 135,390 0.29%
Aflac, Inc. 5,150 221,553 0.48%
Schroders plc 2,731 113,865 0.24%
Moody’s Corp. 1,184 201,943 0.43%
CYBG plc 22,083 92,597 0.20%
Waste Connections, Inc. 2,638 198,595 0.43%
Halma plc 5,036 91,088 0.20%
Erie Indemnity Co. Class A 1,565 183,512 0.39%
Coca-Cola HBC AG 2,613 87,315 0.19%
Marsh & McLennan Cos, Inc. 2,230 182,793 0.39%
Inchcape plc 8,196 84,456 0.18%
Ecolab, Inc. 1,292 181,306 0.39%
Spirax-Sarco Engineering plc 955 82,207 0.18%
Hanover Insurance Group, Inc. 1,491 178,264 0.38%
Mediclinic International plc 11,648 80,982 0.17%
TE Connectivity Ltd. 1,968 177,238 0.38%
Ashmore Group plc 16,259 80,068 0.17%
Fiserv, Inc. 2,392 177,223 0.38%
Hargreaves Lansdown plc 3,060 79,648 0.17%
Stryker Corp. 1,027 173,419 0.37%
Investec plc 9,350 66,413 0.14%
Crane Co. 2,138 171,318 0.37%
TUI AG 3,000 65,847 0.14%
ALLETE, Inc. 2,185 169,141 0.36%
Hiscox Ltd. 3,138 63,180 0.14%
United Bankshares, Inc. 4,644 169,042 0.36%
Smurfit Kappa Group plc 1,401 56,711 0.12%
Aon plc 1,195 163,918 0.35%
Pennon Group plc 5,328 55,880 0.12%
Wintrust Financial Corp. 1,843 160,433 0.34%
Admiral Group plc 2,215 55,782 0.12%
State Street Corp. 1,719 160,022 0.34%
Cobham plc 30,706 52,154 0.11%
Intercontinental Exchange, Inc. 2,136 157,103 0.34%
Capital & Counties Properties plc 13,167 49,943 0.11%
Bio-Techne Corp. 1,060 156,827 0.34%
Rightmove plc 510 35,754 0.08%
Steris plc 1,434 150,584 0.32%
Rentokil Initial plc 7,551 34,972 0.08%
Enstar Group Ltd. 699 144,903 0.31%
Merlin Entertainments plc 6,007 30,668 0.07%
B&M European Value Retail SA 5,255 28,036 0.06%
Independent Bank Corp. - IBCP 5,501 140,276 0.30%
IMI plc 1,798 26,872 0.06%
Valley National Bancorp 11,200 136,192 0.29%
3i Group plc 1,925 22,889 0.05%
Prudential Financial, Inc. 1,381 129,137 0.28%
Inmarsat plc 2,825 20,513 0.04%
Valmont Industries, Inc. 806 121,505 0.26%
Auto Trader Group plc 3,293 18,516 0.04%
BOK Financial Corp. 1,224 115,068 0.25%
St James’s Place plc 1,201 18,195 0.04%
PolyOne Corp. 2,619 113,193 0.24%
Croda International plc 258 16,357 0.03%
UMB Financial Corp. 1,463 111,524 0.24%
Bellway plc 404 16,023 0.03%
CTS Corp. 3,055 109,980 0.24%
G4S plc 4,525 15,993 0.03%
Willscot Corp. 7,371 109,091 0.23%
ConvaTec Group plc 5,527 15,499 0.03%
American Vanguard Corp. 4,679 107,383 0.23%
Howden Joinery Group plc 2,143 15,171 0.03%
BBX Capital Corp. Class A 11,857 107,069 0.23%
Intertek Group plc 197 14,867 0.03%
Hawaiian Electric Industries, Inc. 3,041 104,306 0.22%
Babcock International Group plc 1,300 14,036 0.03%
Peapack Gladstone Financial Corp. 3,000 103,770 0.22%
Capita plc 6,321 13,332 0.03%
Lancaster Colony Corp. 747 103,400 0.22%
Dixons Carphone plc 4,968 12,239 0.03%
TFS Financial Corp. 6,157 97,096 0.21%
KAZ Minerals plc 882 9,816 0.02%
Radian Group, Inc. 5,938 96,314 0.21%
Associated British Foods plc 264 9,543 0.02%
Bruker Corp. 3,316 96,297 0.21%
DS Smith plc 1,133 7,796 0.02%
Simply Good Foods Co. 6,505 93,932 0.20%
Quilter plc 1,753 3,354 0.01%
2U, Inc. 1,102 92,083 0.20%
2,517,753 5.41% New Relic, Inc. 905 91,034 0.20%
United States 54.01% (30 June 2017: 52.35%) Choice Hotels International, Inc. 1,190 89,964 0.19%
Southern Copper Corp. 7,375 345,666 0.74% Penske Automotive Group, Inc. 1,904 89,202 0.19%
Sysco Corp. 4,596 313,861 0.67% Versum Materials, Inc. 2,397 89,049 0.19%
Sirius XM Holdings, Inc. 46,087 312,009 0.67% NewMarket Corp. 220 88,990 0.19%
TD Ameritrade Holding Corp. 5,660 309,998 0.67% Cision Ltd. 5,934 88,713 0.19%
Fidelity National Information Services, Chemical Financial Corp. 1,588 88,404 0.19%
Inc. 2,923 309,926 0.67% HealthEquity, Inc. 1,165 87,491 0.19%
Las Vegas Sands Corp. 3,983 304,142 0.65% Deluxe Corp. 1,321 87,463 0.19%
Zoetis, Inc. Class A 3,420 291,350 0.63% Asure Software, Inc. 5,462 87,119 0.19%
Phillips 66 2,586 290,434 0.62% AECOM 2,544 84,028 0.18%
Baxter International, Inc. 3,909 288,641 0.62% 1st Source Corp. 1,559 83,297 0.18%
Illumina, Inc. 1,029 287,389 0.62% MDU Resources Group, Inc. 2,894 83,000 0.18%
Waste Management, Inc. 3,532 287,293 0.62% ONE Gas, Inc. 1,110 82,961 0.18%
Monster Beverage Corp. 4,981 285,411 0.61% First Citizens BancShares, Inc. Class A 203 81,870 0.18%
PPG Industries, Inc. 2,743 284,531 0.61% New Jersey Resources Corp. 1,808 80,908 0.17%
Boston Scientific Corp. 8,682 283,901 0.61% Sonoco Products Co. 1,531 80,378 0.17%
176

Amphastar Pharmaceuticals, Inc. 5,259 80,252 0.17% Norfolk Southern Corp. 295 44,507 0.10%
AptarGroup, Inc. 858 80,120 0.17% Monarch Casino & Resort, Inc. 1,000 44,050 0.09%
Air Lease Corp. Class A 1,878 78,820 0.17% Emerson Electric Co. 635 43,904 0.09%
Donaldson Co., Inc. 1,741 78,554 0.17% Pilgrim’s Pride Corp. 2,178 43,843 0.09%
Drive Shack, Inc. 10,000 77,200 0.17% Global Brass & Copper Holdings, Inc. 1,365 42,793 0.09%
Danaher Corp. 778 76,773 0.16% General Dynamics Corp. 229 42,688 0.09%
ShotSpotter, Inc. 2,000 75,860 0.16% RPC, Inc. 2,873 41,860 0.09%
EPAM Systems, Inc. 609 75,717 0.16% Emerald Expositions Events, Inc. 2,000 41,200 0.09%
Home BancShares, Inc. 3,283 74,064 0.16% Dova Pharmaceuticals, Inc. 1,302 38,956 0.08%
Avangrid, Inc. 1,399 74,049 0.16% Thermo Fisher Scientific, Inc. 188 38,942 0.08%
Praxair, Inc. 466 73,698 0.16% Exelon Corp. 898 38,255 0.08%
WR Berkley Corp. 1,007 72,917 0.16% Accenture plc Class A 229 37,462 0.08%
Morningstar, Inc. 567 72,718 0.16% Dicerna Pharmaceuticals, Inc. 3,000 36,750 0.08%
American Electric Power Co., Inc. 1,036 71,743 0.15% Kraft Heinz Co. 567 35,619 0.08%
Southwest Gas Holdings, Inc. 940 71,694 0.15% Bank of New York Mellon Corp. 654 35,270 0.08%
CACI International, Inc. Class A 425 71,634 0.15% Dominion Energy, Inc. 516 35,181 0.08%
HCA Healthcare, Inc. 692 70,999 0.15% Ross Stores, Inc. 401 33,985 0.07%
Barnes Group, Inc. 1,196 70,444 0.15% American Public Education, Inc. 800 33,680 0.07%
Primerica, Inc. 707 70,417 0.15% HP, Inc. 1,424 32,311 0.07%
CoreLogic, Inc. 1,343 69,702 0.15% Columbia Sportswear Co. 353 32,289 0.07%
Genpact Ltd. 2,397 69,345 0.15% XO Group, Inc. 1,000 32,000 0.07%
Spire, Inc. 978 69,096 0.15% Unifi, Inc. 1,000 31,700 0.07%
News Corp. Class A 4,345 67,348 0.14% Cantel Medical Corp. 318 31,278 0.07%
Park National Corp. 594 66,183 0.14% STAAR Surgical Co. 1,000 31,000 0.07%
ASGN, Inc. 842 65,836 0.14% Duke Energy Corp. 388 30,683 0.07%
Selective Insurance Group, Inc. 1,182 65,010 0.14% NextEra Energy, Inc. 182 30,399 0.07%
Bryn Mawr Bank Corp. 1,400 64,820 0.14% First Hawaiian, Inc. 1,039 30,152 0.06%
Yum! Brands, Inc. 822 64,297 0.14% Gardner Denver Holdings, Inc. 1,000 29,390 0.06%
Colfax Corp. 2,054 62,955 0.14% Cathay General Bancorp 709 28,707 0.06%
Trimble, Inc. 1,911 62,757 0.13% IDACORP, Inc. 309 28,502 0.06%
AMERCO 176 62,682 0.13% LyondellBasell Industries NV Class A 251 27,572 0.06%
Silicon Laboratories, Inc. 615 61,254 0.13% FirstCash, Inc. 301 27,045 0.06%
Intuit, Inc. 299 61,087 0.13% Vicor Corp. 603 26,261 0.06%
Pegasystems, Inc. 1,109 60,773 0.13% Penumbra, Inc. 190 26,249 0.06%
CNO Financial Group, Inc. 3,183 60,604 0.13% Carnival Corp. 457 26,191 0.06%
Eaton Corp. plc 804 60,091 0.13% ICU Medical, Inc. 87 25,548 0.05%
T-Mobile US, Inc. 1,003 59,929 0.13% Penn Virginia Corp. 300 25,467 0.05%
SunTrust Banks, Inc. 903 59,616 0.13% Woodward, Inc. 326 25,056 0.05%
Liberty Media Corp. Series C-Liberty National Beverage Corp. 234 25,015 0.05%
SiriusXM 1,310 59,422 0.13% EP Energy Corp. Class A 8,198 24,594 0.05%
TriCo Bancshares 1,582 59,246 0.13% Teledyne Technologies, Inc. 123 24,484 0.05%
Endurance International Group JELD-WEN Holding, Inc. 853 24,387 0.05%
Holdings, Inc. 5,899 58,695 0.13% RealPage, Inc. 436 24,024 0.05%
Unitil Corp. 1,145 58,441 0.13% Blackbaud, Inc. 233 23,871 0.05%
Janus Henderson Group plc 1,859 57,127 0.12% Navistar International Corp. 586 23,862 0.05%
Colgate-Palmolive Co. 854 55,348 0.12% Cimpress NV 162 23,484 0.05%
Cincinnati Financial Corp. 825 55,159 0.12% Nordson Corp. 180 23,114 0.05%
Armstrong Flooring, Inc. 3,921 55,051 0.12% Codexis, Inc. 1,600 23,040 0.05%
PH Glatfelter Co. 2,803 54,911 0.12% Grand Canyon Education, Inc. 206 22,992 0.05%
American Railcar Industries, Inc. 1,379 54,443 0.12% Chemed Corp. 71 22,849 0.05%
Flowers Foods, Inc. 2,600 54,158 0.12% Churchill Downs, Inc. 77 22,830 0.05%
Lakeland Bancorp, Inc. 2,725 54,091 0.12% Santander Consumer USA Holdings,
Vertex Pharmaceuticals, Inc. 318 54,047 0.12% Inc. 1,186 22,641 0.05%
Sempra Energy 454 52,714 0.11% Curtiss-Wright Corp. 189 22,495 0.05%
BancFirst Corp. 863 51,090 0.11% Northrop Grumman Corp. 73 22,462 0.05%
CRA International, Inc. 1,000 50,890 0.11% MAXIMUS, Inc. 354 21,987 0.05%
BB&T Corp. 1,001 50,490 0.11% Floor & Decor Holdings, Inc. Class A 445 21,952 0.05%
Synnex Corp. 507 48,931 0.11% Ra Pharmaceuticals, Inc. 2,165 21,542 0.05%
Loral Space & Communications, Inc. 1,300 48,880 0.11% Bright Horizons Family Solutions, Inc. 208 21,324 0.05%
Ocean Rig UDW, Inc. Class A 1,623 47,846 0.10% Cable One, Inc. 29 21,265 0.05%
QCR Holdings, Inc. 1,000 47,450 0.10% Fair Isaac Corp. 110 21,265 0.05%
TTEC Holdinds, Inc. 1,346 46,504 0.10% Ubiquiti Networks, Inc. 250 21,180 0.05%
SEACOR Marine Holdings, Inc. 2,000 46,180 0.10% OneMain Holdings, Inc. Class A 633 21,073 0.05%
Keysight Technologies, Inc. 782 46,161 0.10% United Financial Bancorp, Inc. 1,200 21,024 0.05%
Banco Latinoamericano de Comercio USA Technologies, Inc. 1,500 21,000 0.05%
Exterior SA Class E 1,867 45,947 0.10% NCS Multistage Holdings, Inc. 1,441 20,938 0.05%
John Bean Technologies Corp. 502 44,628 0.10% White Mountains Insurance Group Ltd. 23 20,852 0.04%
177

Farmer Brothers Co. 674 20,591 0.04% Stifel Financial Corp. 319 16,668 0.04%
International Seaways, Inc. 886 20,502 0.04% OneSpan, Inc. 845 16,604 0.04%
Aqua America, Inc. 582 20,475 0.04% America’s Car-Mart, Inc. 268 16,589 0.04%
Univar, Inc. 772 20,257 0.04% Bank of Hawaii Corp. 198 16,517 0.04%
Howard Hughes Corp. 152 20,140 0.04% WideOpenWest, Inc. 1,708 16,499 0.04%
Sientra, Inc. 1,031 20,115 0.04% Popular, Inc. 363 16,411 0.04%
Rollins, Inc. 382 20,086 0.04% CryoLife, Inc. 589 16,404 0.04%
IDEX Corp. 146 19,926 0.04% Presidio, Inc. 1,246 16,323 0.04%
DHT Holdings, Inc. 4,246 19,914 0.04% EMCOR Group, Inc. 214 16,303 0.04%
Ribbon Communications, Inc. 2,794 19,893 0.04% Engility Holdings, Inc. 531 16,270 0.03%
Kforce, Inc. 577 19,791 0.04% Essendant, Inc. 1,230 16,261 0.03%
Athenex, Inc. 1,045 19,500 0.04% Freshpet, Inc. 592 16,250 0.03%
Pioneer Energy Services Corp. 3,321 19,428 0.04% Aspen Technology, Inc. 175 16,229 0.03%
American Renal Associates Holdings, Cross Country Healthcare, Inc. 1,440 16,200 0.03%
Inc. 1,222 19,271 0.04% Entegris, Inc. 477 16,170 0.03%
Guidewire Software, Inc. 217 19,265 0.04% Diamond Hill Investment Group, Inc. 83 16,138 0.03%
Graco, Inc. 426 19,264 0.04% Ryerson Holding Corp. 1,431 15,956 0.03%
Hooker Furniture Corp. 410 19,229 0.04% Brown & Brown, Inc. 570 15,806 0.03%
National Instruments Corp. 458 19,227 0.04% Griffon Corp. 887 15,789 0.03%
Littelfuse, Inc. 84 19,167 0.04% Textainer Group Holdings Ltd. 989 15,725 0.03%
InnerWorkings, Inc. 2,200 19,118 0.04% Computer Programs & Systems, Inc. 476 15,660 0.03%
Revlon, Inc. Class A 1,082 18,989 0.04% Monolithic Power Systems, Inc. 117 15,639 0.03%
Clean Energy Fuels Corp. 5,138 18,959 0.04% Franklin Financial Network, Inc. 415 15,604 0.03%
Marten Transport Ltd. 808 18,948 0.04% First Bancorp/Southern Pines NC 379 15,505 0.03%
NeoGenomics, Inc. 1,445 18,944 0.04% Copart, Inc. 274 15,497 0.03%
Chefs’ Warehouse, Inc. 663 18,895 0.04% First Busey Corp. 488 15,479 0.03%
McGrath RentCorp 297 18,791 0.04% TPI Composites, Inc. 529 15,468 0.03%
Mesa Laboratories, Inc. 89 18,786 0.04% Dolby Laboratories, Inc. Class A 250 15,422 0.03%
Abraxas Petroleum Corp. 6,486 18,745 0.04% Marcus & Millichap, Inc. 393 15,331 0.03%
Globalstar, Inc. 38,217 18,723 0.04% S&T Bancorp, Inc. 354 15,307 0.03%
Cabot Corp. 302 18,655 0.04% Tower International, Inc. 481 15,296 0.03%
Triple-S Management Corp. Class B 477 18,632 0.04% Atmos Energy Corp. 169 15,234 0.03%
RadNet, Inc. 1,233 18,495 0.04% Bancorp, Inc. 1,455 15,219 0.03%
Regis Corp. 1,116 18,459 0.04% Willdan Group, Inc. 490 15,175 0.03%
Allstate Corp. 202 18,437 0.04% Digimarc Corp. 566 15,169 0.03%
Pool Corp. 121 18,332 0.04% Primo Water Corp. 863 15,094 0.03%
Heidrick & Struggles International, Inc. 522 18,270 0.04% Pinnacle Financial Partners, Inc. 246 15,092 0.03%
American National Insurance Co. 152 18,178 0.04% Vectrus, Inc. 488 15,040 0.03%
Heritage Financial Corp. 520 18,122 0.04% National Presto Industries, Inc. 121 15,004 0.03%
TriState Capital Holdings, Inc. 689 17,983 0.04% Healthcare Services Group, Inc. 347 14,987 0.03%
Model N, Inc. 960 17,856 0.04% Veritex Holdings, Inc. 482 14,976 0.03%
CNA Financial Corp. 390 17,815 0.04% Titan International, Inc. 1,393 14,947 0.03%
Inter Parfums, Inc. 332 17,762 0.04% Carolina Financial Corp. 348 14,936 0.03%
Foundation Building Materials, Inc. 1,153 17,733 0.04% AtriCure, Inc. 551 14,905 0.03%
Hancock Whitney Corp. 380 17,727 0.04% On Deck Capital, Inc. 2,129 14,903 0.03%
G1 Therapeutics, Inc. 407 17,688 0.04% Portland General Electric Co. 348 14,880 0.03%
NanoString Technologies, Inc. 1,291 17,661 0.04% Frank’s International NV 1,907 14,875 0.03%
OFG Bancorp 1,255 17,633 0.04% Federal Agricultural Mortgage Corp.
BioScrip, Inc. 5,957 17,454 0.04% Class C 166 14,854 0.03%
K12, Inc. 1,063 17,401 0.04% Triumph Bancorp, Inc. 364 14,833 0.03%
MobileIron, Inc. 3,886 17,293 0.04% Haverty Furniture Cos, Inc. 682 14,731 0.03%
Associated Banc-Corp. 633 17,281 0.04% Webster Financial Corp. 231 14,715 0.03%
Commerce Bancshares, Inc. 267 17,278 0.04% MCBC Holdings, Inc. 508 14,707 0.03%
Regal Beloit Corp. 211 17,260 0.04% NN, Inc. 777 14,685 0.03%
ITT, Inc. 330 17,249 0.04% Corium International, Inc. 1,831 14,666 0.03%
Eli Lilly & Co. 202 17,237 0.04% Catalent, Inc. 350 14,661 0.03%
Harmonic, Inc. 4,041 17,174 0.04% Daseke, Inc. 1,475 14,647 0.03%
Kimberly-Clark Corp. 163 17,170 0.04% Superior Industries International, Inc. 814 14,571 0.03%
Veritiv Corp. 430 17,136 0.04% TETRA Technologies, Inc. 3,273 14,565 0.03%
American Financial Group, Inc. 159 17,065 0.04% Johnson Outdoors, Inc. Class A 172 14,539 0.03%
Career Education Corp. 1,053 17,027 0.04% CBIZ, Inc. 630 14,490 0.03%
LPL Financial Holdings, Inc. 258 16,909 0.04% Liberty Media Corp.-Liberty Formula
RMR Group, Inc. Class A 215 16,867 0.04% One Class C 390 14,481 0.03%
National HealthCare Corp. 239 16,821 0.04% Aduro Biotech, Inc. 2,068 14,476 0.03%
Tabula Rasa HealthCare, Inc. 263 16,787 0.04% National Bank Holdings Corp. Class A 374 14,433 0.03%
Madison Square Garden Co. Class A 54 16,750 0.04% Barrett Business Services, Inc. 149 14,389 0.03%
FibroGen, Inc. 267 16,714 0.04% Jack Henry & Associates, Inc. 110 14,340 0.03%
178

Essent Group Ltd. 399 14,292 0.03% Mobile Mini, Inc. 262 12,288 0.03%
DXP Enterprises, Inc. 374 14,287 0.03% Western Alliance Bancorp 217 12,284 0.03%
J. Jill, Inc. 1,524 14,234 0.03% Prosperity Bancshares, Inc. 179 12,236 0.03%
MDC Partners, Inc. Class A 3,094 14,232 0.03% Haynes International, Inc. 333 12,234 0.03%
Upland Software, Inc. 414 14,229 0.03% Enterprise Financial Services Corp. 225 12,139 0.03%
UGI Corp. 273 14,215 0.03% Bio-Rad Laboratories, Inc. Class A 42 12,119 0.03%
Movado Group, Inc. 294 14,200 0.03% Thermon Group Holdings, Inc. 528 12,075 0.03%
IDT Corp. Class B 2,526 14,196 0.03% ScanSource, Inc. 297 11,969 0.03%
Genomic Health, Inc. 281 14,162 0.03% First Commonwealth Financial Corp. 769 11,927 0.03%
First American Financial Corp. 272 14,068 0.03% Ensign Group, Inc. 332 11,892 0.03%
Meridian Bancorp, Inc. 734 14,056 0.03% Lazard Ltd. Class A 243 11,885 0.03%
Douglas Dynamics, Inc. 292 14,016 0.03% Brookline Bancorp, Inc. 636 11,830 0.03%
Karyopharm Therapeutics, Inc. 822 13,966 0.03% ICF International, Inc. 166 11,794 0.03%
Materion Corp. 256 13,862 0.03% Lincoln Electric Holdings, Inc. 134 11,760 0.03%
Mammoth Energy Services, Inc. 406 13,788 0.03% Appfolio, Inc. Class A 192 11,741 0.03%
Quality Systems, Inc. 706 13,767 0.03% Sandy Spring Bancorp, Inc. 286 11,729 0.03%
Perficient, Inc. 521 13,739 0.03% PerkinElmer, Inc. 160 11,717 0.03%
Centennial Resource Development, Inc. Univest Corp. of Pennsylvania 424 11,660 0.03%
Class A 758 13,689 0.03% PCM, Inc. 769 11,650 0.03%
Otter Tail Corp. 287 13,661 0.03% United Insurance Holdings Corp. 594 11,631 0.02%
Kinsale Capital Group, Inc. 249 13,660 0.03% Hubbell, Inc. Class B 110 11,631 0.02%
Commercial Vehicle Group, Inc. 1,856 13,623 0.03% TriMas Corp. 395 11,613 0.02%
Liberty Media Corp.-Liberty Braves Systemax, Inc. 337 11,569 0.02%
Class C 525 13,577 0.03% Spartan Motors, Inc. 765 11,552 0.02%
INTL. FCStone, Inc. 262 13,548 0.03% Golden Entertainment, Inc. 427 11,525 0.02%
Pacific Biosciences of California, Inc. 3,811 13,529 0.03% West Pharmaceutical Services, Inc. 116 11,518 0.02%
PGT Innovations, Inc. 644 13,427 0.03% National Fuel Gas Co. 217 11,492 0.02%
United Fire Group, Inc. 246 13,409 0.03% FARO Technologies, Inc. 211 11,468 0.02%
Selecta Biosciences, Inc. 1,010 13,383 0.03% Integra LifeSciences Holdings Corp. 178 11,465 0.02%
Hilton Grand Vacations, Inc. 385 13,359 0.03% Midland States Bancorp, Inc. 334 11,443 0.02%
Acushnet Holdings Corp. 541 13,233 0.03% National Western Life Group, Inc.
MYR Group, Inc. 373 13,227 0.03% Class A 37 11,369 0.02%
Alleghany Corp. 23 13,224 0.03% Tompkins Financial Corp. 132 11,336 0.02%
Atrion Corp. 22 13,187 0.03% Pacific Ethanol, Inc. 4,358 11,331 0.02%
ConnectOne Bancorp, Inc. 529 13,172 0.03% SS&C Technologies Holdings, Inc. 218 11,314 0.02%
SJW Group 198 13,112 0.03% Marcus Corp. 347 11,278 0.02%
City Holding Co. 174 13,090 0.03% AVX Corp. 718 11,251 0.02%
Gold Resource Corp. 1,985 13,081 0.03% SandRidge Energy, Inc. 632 11,212 0.02%
Hexcel Corp. 197 13,077 0.03% Flagstar Bancorp, Inc. 327 11,203 0.02%
AngioDynamics, Inc. 584 12,988 0.03% Stoneridge, Inc. 318 11,175 0.02%
Ingles Markets, Inc. Class A 408 12,974 0.03% Albany International Corp. Class A 185 11,128 0.02%
Kelly Services, Inc. Class A 577 12,954 0.03% Service Corp. International 310 11,095 0.02%
Live Oak Bancshares, Inc. 422 12,934 0.03% Vera Bradley, Inc. 790 11,092 0.02%
PRA Health Sciences, Inc. 138 12,884 0.03% SLM Corp. 968 11,084 0.02%
GenMark Diagnostics, Inc. 2,015 12,856 0.03% SEI Investments Co. 177 11,066 0.02%
ViaSat, Inc. 195 12,815 0.03% Euronet Worldwide, Inc. 132 11,058 0.02%
Lands’ End, Inc. 458 12,778 0.03% Nelnet, Inc. Class A 189 11,039 0.02%
Rubicon Project, Inc. 4,478 12,762 0.03% Agios Pharmaceuticals, Inc. 131 11,034 0.02%
PennyMac Financial Services, Inc. Independent Bank Group, Inc. 165 11,022 0.02%
Class A 649 12,753 0.03% Denny’s Corp. 688 10,960 0.02%
WSFS Financial Corp. 239 12,739 0.03% Arch Capital Group Ltd. 414 10,954 0.02%
HealthStream, Inc. 466 12,726 0.03% Reata Pharmaceuticals, Inc. Class A 312 10,911 0.02%
Syndax Pharmaceuticals, Inc. 1,811 12,713 0.03% Limelight Networks, Inc. 2,420 10,817 0.02%
Lydall, Inc. 291 12,702 0.03% Carrols Restaurant Group, Inc. 724 10,751 0.02%
Federal Signal Corp. 545 12,693 0.03% Heartland Financial USA, Inc. 196 10,751 0.02%
TrustCo Bank Corp. NY 1,415 12,594 0.03% Lakeland Financial Corp. 222 10,698 0.02%
Kirby Corp. 150 12,540 0.03% Quanex Building Products Corp. 596 10,698 0.02%
Workiva, Inc. Class A 513 12,517 0.03% Arrow Electronics, Inc. 142 10,690 0.02%
Care.com, Inc. 598 12,486 0.03% Alkermes plc 258 10,619 0.02%
Catalyst Pharmaceuticals, Inc. 4,000 12,480 0.03% BWX Technologies, Inc. 170 10,594 0.02%
Eaton Vance Corp. 239 12,473 0.03% Synovus Financial Corp. 199 10,513 0.02%
Medpace Holdings, Inc. 290 12,470 0.03% Dime Community Bancshares, Inc. 539 10,510 0.02%
Chase Corp. 106 12,428 0.03% East West Bancorp, Inc. 161 10,497 0.02%
PDF Solutions, Inc. 1,037 12,423 0.03% First Merchants Corp. 226 10,486 0.02%
NV5 Global, Inc. 179 12,405 0.03% Southside Bancshares, Inc. 311 10,474 0.02%
Yext, Inc. 639 12,358 0.03% Broadridge Financial Solutions, Inc. 91 10,474 0.02%
Medidata Solutions, Inc. 153 12,326 0.03% International Speedway Corp. Class A 234 10,460 0.02%
179

Fate Therapeutics, Inc. 921 10,444 0.02% Badger Meter, Inc. 197 8,806 0.02%
CDW Corp. 129 10,422 0.02% Amdocs Ltd. 133 8,803 0.02%
Enova International, Inc. 285 10,417 0.02% US Ecology, Inc. 138 8,791 0.02%
NBT Bancorp, Inc. 273 10,415 0.02% Covenant Transportation Group, Inc.
St Joe Co. 580 10,411 0.02% Class A 279 8,788 0.02%
eHealth, Inc. 470 10,387 0.02% QuinStreet, Inc. 692 8,788 0.02%
FB Financial Corp. 255 10,384 0.02% Navigators Group, Inc. 154 8,778 0.02%
Carriage Services, Inc. Class A 418 10,262 0.02% International Bancshares Corp. 205 8,774 0.02%
Umpqua Holdings Corp. 454 10,256 0.02% Aqua Metals, Inc. 3,041 8,758 0.02%
Providence Service Corp. 130 10,212 0.02% Shenandoah Telecommunications Co. 267 8,731 0.02%
Landstar System, Inc. 93 10,156 0.02% Valvoline, Inc. 403 8,693 0.02%
Energy Recovery, Inc. 1,256 10,148 0.02% Invitae Corp. 1,180 8,673 0.02%
SpartanNash Co. 397 10,131 0.02% Syros Pharmaceuticals, Inc. 849 8,668 0.02%
Preferred Bank 164 10,079 0.02% Standard Motor Products, Inc. 179 8,653 0.02%
Stemline Therapeutics, Inc. 625 10,031 0.02% Oritani Financial Corp. 533 8,635 0.02%
Hyster-Yale Materials Handling, Inc. 156 10,023 0.02% Endologix, Inc. 1,525 8,631 0.02%
Black Hills Corp. 163 9,977 0.02% Primoris Services Corp. 314 8,550 0.02%
Hill-Rom Holdings, Inc. 114 9,957 0.02% BankUnited, Inc. 209 8,538 0.02%
OGE Energy Corp. 281 9,894 0.02% Surgery Partners, Inc. 569 8,478 0.02%
Jefferies Financial Group, Inc. 435 9,892 0.02% Chesapeake Utilities Corp. 106 8,475 0.02%
Comtech Telecommunications Corp. 309 9,851 0.02% TerraForm Power, Inc. Class A 724 8,471 0.02%
Entravision Communications Corp. Assembly Biosciences, Inc. 216 8,469 0.02%
Class A 1,962 9,810 0.02% Titan Machinery, Inc. 544 8,459 0.02%
Fidelity Southern Corp. 386 9,808 0.02% Tyler Technologies, Inc. 38 8,440 0.02%
Aegion Corp. Class A 380 9,785 0.02% Greenlight Capital Re Ltd. Class A 594 8,435 0.02%
Markel Corp. 9 9,759 0.02% Nanometrics, Inc. 238 8,428 0.02%
WaVe Life Sciences Ltd. 255 9,754 0.02% National General Holdings Corp. 320 8,426 0.02%
Loews Corp. 202 9,753 0.02% El Pollo Loco Holdings, Inc. 734 8,368 0.02%
LSB Industries, Inc. 1,829 9,694 0.02% Moog, Inc. Class A 107 8,342 0.02%
Raven Industries, Inc. 252 9,689 0.02% Sterling Construction Co., Inc. 640 8,339 0.02%
RPM International, Inc. 166 9,681 0.02% Audentes Therapeutics, Inc. 218 8,330 0.02%
United States Cellular Corp. 261 9,667 0.02% Tellurian, Inc. 1,000 8,320 0.02%
Viad Corp. 178 9,657 0.02% Gentex Corp. 361 8,310 0.02%
Toro Co. 160 9,640 0.02% Torchmark Corp. 102 8,304 0.02%
Safety Insurance Group, Inc. 112 9,565 0.02% Exterran Corp. 331 8,288 0.02%
Genesee & Wyoming, Inc. Class A 117 9,514 0.02% Franklin Electric Co., Inc. 183 8,253 0.02%
WildHorse Resource Development Casella Waste Systems, Inc. Class A 320 8,195 0.02%
Corp. 375 9,510 0.02% FTD Cos, Inc. 1,748 8,111 0.02%
Weis Markets, Inc. 177 9,441 0.02% Andersons, Inc. 237 8,105 0.02%
BGC Partners, Inc. Class A 833 9,430 0.02% Charles River Laboratories International,
Beneficial Bancorp, Inc. 582 9,428 0.02% Inc. 72 8,083 0.02%
FNB Corp. 702 9,421 0.02% Tootsie Roll Industries, Inc. 262 8,083 0.02%
Assured Guaranty Ltd. 260 9,290 0.02% Quotient Technology, Inc. 612 8,017 0.02%
Brink’s Co. 116 9,251 0.02% Beacon Roofing Supply, Inc. 188 8,013 0.02%
Voyager Therapeutics, Inc. 473 9,242 0.02% Scientific Games Corp. Class A 163 8,011 0.02%
Barnes & Noble Education, Inc. 1,638 9,238 0.02% MGE Energy, Inc. 127 8,007 0.02%
Insulet Corp. 107 9,170 0.02% Central Pacific Financial Corp. 279 7,993 0.02%
Cerus Corp. 1,373 9,158 0.02% Astronics Corp. 222 7,985 0.02%
Booz Allen Hamilton Holding Corp. PacWest Bancorp 160 7,907 0.02%
Class A 209 9,140 0.02% Seattle Genetics, Inc. 119 7,900 0.02%
Hackett Group, Inc. 565 9,080 0.02% j2 Global, Inc. 91 7,882 0.02%
Trinity Industries, Inc. 265 9,079 0.02% Citi Trends, Inc. 287 7,875 0.02%
Old Republic International Corp. 456 9,079 0.02% Investment Technology Group, Inc. 375 7,845 0.02%
Reinsurance Group of America, Inc. Melinta Therapeutics, Inc. 1,231 7,817 0.02%
Class A 68 9,077 0.02% Antares Pharma, Inc. 3,024 7,802 0.02%
Independent Bank Corp. 115 9,016 0.02% Modine Manufacturing Co. 425 7,756 0.02%
Encore Wire Corp. 190 9,015 0.02% Central Garden & Pet Co. Class A 191 7,730 0.02%
Green Bancorp, Inc. 417 9,007 0.02% Cohen & Steers, Inc. 183 7,633 0.02%
Standex International Corp. 88 8,994 0.02% PJT Partners, Inc. Class A 142 7,581 0.02%
Columbus McKinnon Corp. 207 8,976 0.02% Scholastic Corp. 171 7,577 0.02%
International Game Technology plc 386 8,971 0.02% Timken Co. 173 7,534 0.02%
OceanFirst Financial Corp. 299 8,958 0.02% Tennant Co. 95 7,505 0.02%
Bridgepoint Education, Inc. Class A 1,368 8,933 0.02% WesBanco, Inc. 166 7,477 0.02%
Aratana Therapeutics, Inc. 2,094 8,899 0.02% Navigant Consulting, Inc. 337 7,461 0.02%
ServisFirst Bancshares, Inc. 213 8,888 0.02% AAON, Inc. 224 7,448 0.02%
At Home Group, Inc. 227 8,887 0.02% Exponent, Inc. 154 7,438 0.02%
Xencor, Inc. 240 8,882 0.02% Stepan Co. 95 7,411 0.02%
180

Brown-Forman Corp. Class B 151 7,401 0.02% Internap Corp. 472 4,918 0.01%
US Physical Therapy, Inc. 77 7,392 0.02% Balchem Corp. 50 4,907 0.01%
MarketAxess Holdings, Inc. 37 7,321 0.02% Texas Capital Bancshares, Inc. 52 4,758 0.01%
Rapid7, Inc. 258 7,281 0.02% Merrimack Pharmaceuticals, Inc. 963 4,728 0.01%
Belmond Ltd. Class A 649 7,236 0.02% Scorpio Bulkers, Inc. 659 4,679 0.01%
ATN International, Inc. 137 7,229 0.02% ESCO Technologies, Inc. 81 4,674 0.01%
Towne Bank 225 7,223 0.02% Employers Holdings, Inc. 116 4,663 0.01%
RE/MAX Holdings, Inc. Class A 137 7,186 0.02% ViewRay, Inc. 673 4,657 0.01%
Iberiabank Corp. 94 7,125 0.02% Olympic Steel, Inc. 226 4,613 0.01%
Verso Corp. Class A 327 7,116 0.02% Investors Bancorp, Inc. 358 4,579 0.01%
Intrepid Potash, Inc. 1,728 7,085 0.02% Teligent, Inc. 1,264 4,373 0.01%
Raymond James Financial, Inc. 79 7,059 0.02% Conatus Pharmaceuticals, Inc. 1,021 4,370 0.01%
Altra Industrial Motion Corp. 162 6,982 0.02% California Water Service Group 112 4,362 0.01%
Del Frisco’s Restaurant Group, Inc. 554 6,980 0.02% Smart & Final Stores, Inc. 782 4,340 0.01%
Cohu, Inc. 283 6,936 0.01% Amerisafe, Inc. 74 4,273 0.01%
CytomX Therapeutics, Inc. 301 6,881 0.01% Westamerica Bancorporation 74 4,182 0.01%
Koppers Holdings, Inc. 179 6,865 0.01% Boston Private Financial Holdings, Inc. 263 4,182 0.01%
Jones Lang LaSalle, Inc. 41 6,806 0.01% Sykes Enterprises, Inc. 145 4,173 0.01%
Biglari Holdings, Inc. Class B 37 6,789 0.01% Mueller Industries, Inc. 141 4,161 0.01%
Par Pacific Holdings, Inc. 390 6,778 0.01% Jounce Therapeutics, Inc. 525 4,022 0.01%
GCI Liberty, Inc. Class A 150 6,762 0.01% PNC Financial Services Group, Inc. 29 3,918 0.01%
MacroGenics, Inc. 326 6,732 0.01% Matthews International Corp. Class A 66 3,881 0.01%
Potbelly Corp. 518 6,708 0.01% Aceto Corp. 1,069 3,581 0.01%
Cavco Industries, Inc. 32 6,645 0.01% SP Plus Corp. 96 3,571 0.01%
Universal Electronics, Inc. 201 6,643 0.01% Sun Hydraulics Corp. 74 3,566 0.01%
AXT, Inc. 924 6,514 0.01% Pulse Biosciences, Inc. 219 3,316 0.01%
Liberty Broadband Corp. Class C 86 6,512 0.01% Organovo Holdings, Inc. 2,301 3,221 0.01%
Alamo Group, Inc. 72 6,506 0.01% Teekay Tankers Ltd. Class A 2,733 3,198 0.01%
Reliance Steel & Aluminum Co. 74 6,478 0.01% Theravance Biopharma, Inc. 138 3,130 0.01%
Zebra Technologies Corp. Class A 45 6,446 0.01% Rafael Holdings, Inc. Class B 328 3,014 0.01%
Dun & Bradstreet Corp. 52 6,378 0.01% EMCORE Corp. 591 2,985 0.01%
Wesco Aircraft Holdings, Inc. 566 6,368 0.01% Motorcar Parts of America, Inc. 154 2,881 0.01%
First Financial Bankshares, Inc. 125 6,362 0.01% Biglari Holdings, Inc. Class A 3 2,850 0.01%
LivePerson, Inc. 301 6,351 0.01% CIRCOR International, Inc. 77 2,846 0.01%
Travelers Cos, Inc. 51 6,239 0.01% Clearwater Paper Corp. 99 2,287 0.00%
Horace Mann Educators Corp. 139 6,199 0.01% Celldex Therapeutics, Inc. 3,336 1,680 0.00%
A10 Networks, Inc. 989 6,161 0.01% 25,130,084 54.01%
FNF Group 161 6,057 0.01%
Total Equities 43,416,261 93.31%
Renasant Corp. 133 6,054 0.01%
Hanmi Financial Corp. 212 6,010 0.01%
Luminex Corp. 202 5,965 0.01% United Kingdom 0.00% (30 June 2017: 0.00%)
KeyW Holding Corp. 682 5,961 0.01% Ferroglobe R&W Trust Interest Units 647 0 0.00%
Avnet, Inc. 137 5,876 0.01% 0 0.00%
Newpark Resources, Inc. 532 5,772 0.01%
Total Investment Funds 0 0.00%
Ardelyx, Inc. 1,532 5,668 0.01%
Heritage Insurance Holdings, Inc. 339 5,651 0.01%
Meridian Bioscience, Inc. 353 5,613 0.01% Australia 0.03% (30 June 2017: 0.06%)
Advaxis, Inc. 3,867 5,607 0.01% Shopping Centres Australasia Property
Kadant, Inc. 58 5,577 0.01% Group REIT 6,674 12,081 0.03%
Ruth’s Hospitality Group, Inc. 197 5,526 0.01% 12,081 0.03%
PROS Holdings, Inc. 151 5,522 0.01% Canada 0.07% (30 June 2017: 0.14%)
Brady Corp. Class A 143 5,513 0.01%
RioCan REIT 1,752 32,165 0.07%
Concert Pharmaceuticals, Inc. 326 5,487 0.01%
Del Taco Restaurants, Inc. 386 5,473 0.01% 32,165 0.07%
Rigel Pharmaceuticals, Inc. 1,925 5,448 0.01% France 0.93% (30 June 2017: 0.48%)
Owens-Illinois, Inc. 322 5,413 0.01% ICADE REIT 2,213 207,478 0.45%
Trupanion, Inc. 139 5,365 0.01% Covivio REIT 1,878 195,366 0.42%
Mitek Systems, Inc. 600 5,340 0.01% Gecina SA REIT 180 30,116 0.06%
Iovance Biotherapeutics, Inc. 414 5,299 0.01% 432,960 0.93%
Accuray, Inc. 1,272 5,215 0.01%
Hong Kong 0.11% (30 June 2017: 0.08%)
Cullen/Frost Bankers, Inc. 48 5,196 0.01%
Provident Financial Services, Inc. 188 5,176 0.01% Champion REIT 79,000 52,462 0.11%
Vocera Communications, Inc. 173 5,171 0.01% 52,462 0.11%
Horizon Global Corp. 842 5,018 0.01% Singapore 0.02% (30 June 2017: 0.08%)
Accelerate Diagnostics, Inc. 224 4,995 0.01% Suntec REIT 7,600 9,643 0.02%
Photronics, Inc. 623 4,968 0.01%
9,643 0.02%
Hovnanian Enterprises, Inc. Class A 3,025 4,931 0.01%
181

United Kingdom 0.60% (30 June 2017: 0.45%) Sunstone Hotel Investors, Inc. REIT 417 6,931 0.01%
Segro plc REIT 24,044 212,495 0.46% EPR Properties REIT 104 6,738 0.01%
Derwent London plc REIT 1,616 66,267 0.14% Kilroy Realty Corp. REIT 89 6,732 0.01%
Gladstone Commercial Corp. REIT 332 6,381 0.01%
278,762 0.60%
Cousins Properties, Inc. REIT 624 6,047 0.01%
Bluerock Residential Growth, Inc. REIT
Prologis, Inc. REIT 5,211 342,311 0.74% Class A 652 5,816 0.01%
Public Storage REIT 1,394 316,243 0.68% Iron Mountain, Inc. REIT 147 5,146 0.01%
Weyerhaeuser Co. REIT 4,433 161,627 0.35% Lamar Advertising Co. REIT Class A 73 4,987 0.01%
Medical Properties Trust, Inc. REIT 10,138 142,338 0.31% Hudson Pacific Properties, Inc. REIT 130 4,606 0.01%
Paramount Group, Inc. REIT 6,489 99,931 0.21% NorthStar Realty Europe Corp. REIT 301 4,361 0.01%
Equity Commonwealth REIT 2,762 87,003 0.19% 2,086,780 4.48%
Rayonier, Inc. REIT 2,126 82,255 0.18%
WP Carey, Inc. REIT 1,135 75,307 0.16%
Weingarten Realty Investors REIT 2,214 68,213 0.15% Financial Assets at Fair Value
Senior Housing Properties Trust REIT 3,605 65,214 0.14%
Apple Hospitality, Inc. REIT 3,582 64,046 0.14%
Hospitality Properties Trust REIT 2,207 63,142 0.14% Unrealised
Ryman Hospitality Properties, Inc. REIT 739 61,448 0.13% Number of Notional Gain/(Loss) % of Total
PS Business Parks, Inc. REIT 478 61,423 0.13%
Universal Health Realty Income Trust Financial Derivative Instruments (0.01%) (30 June 2017: 0.00%)
REIT 676 43,250 0.09% Futures (0.01%) (30 June 2017: 0.00%)
Community Healthcare Trust, Inc. REIT 661 19,744 0.04% Euro STOXX 50
Ashford Hospitality Trust, Inc. REIT 2,218 17,966 0.04% 21 September 2018 1 40,899 (1,308) (0.00%)
Douglas Emmett, Inc. REIT 421 16,916 0.04% S&P 500 E-mini
Cedar Realty Trust, Inc. REIT 3,444 16,256 0.04% 21 September 2018 1 138,113 (2,032) (0.01%)
InfraREIT, Inc. REIT 651 14,433 0.03% Total Financial Derivative Instruments (3,340) (0.01%)
Equity LifeStyle Properties, Inc. REIT 150 13,785 0.03%
Braemar Hotels & Resorts, Inc. REIT 1,201 13,715 0.03%
Fair Value
Farmland Partners, Inc. REIT 1,557 13,702 0.03%
US Dollars ($)
Healthcare Realty Trust, Inc. REIT 452 13,144 0.03%
Other Assets and Liabilities 212,613 0.46%
Franklin Street Properties Corp. REIT 1,475 12,626 0.03%
Tier, Inc. REIT 490 11,652 0.03% Net Assets Attributable to Holders of
First Industrial Realty Trust, Inc. REIT 348 11,602 0.03% Redeemable Participating Shares 46,530,387 100.00%
Sun Communities, Inc. REIT 114 11,158 0.02% REIT—Real Estate Investment Trust.
Liberty Property Trust REIT 250 11,083 0.02%
Highwoods Properties, Inc. REIT 211 10,704 0.02% % of Total
Gaming and Leisure Properties, Inc. Analysis of Total Net Assets US Dollars ($) Net Assets
REIT 290 10,382 0.02% (a) Transferable securities admitted to
Forest City Realty Trust, Inc. REIT an official stock exchange listing 45,349,073 97.46%
Class A 446 10,173 0.02% (b) Transferable securities dealt in on
Monmouth Real Estate Investment another regulated market 972,041 2.09%
Corp. REIT 613 10,133 0.02%
(c) Transferable securities other than
Investors Real Estate Trust REIT 1,750 9,678 0.02%
Alexander’s, Inc. REIT 25 9,566 0.02% exchange listing or dealt in on another
UMH Properties, Inc. REIT 612 9,394 0.02% regulated market — 0.00%
Getty Realty Corp. REIT 332 9,352 0.02%
(d) Financial derivative instruments (3,340) (0.01%)
American Campus Communities, Inc.
REIT 212 9,091 0.02% (e) Other net assets 212,613 0.46%
Urstadt Biddle Properties, Inc. REIT Total Net Assets 46,530,387 100.00%
Class A 399 9,029 0.02%
182

Cost Proceeds
Purchases Sales
Southern Copper Corp. 7,923 362,958 PPL Corp. 3,519 120,158
TD Ameritrade Holding Corp. 5,660 334,102 Edison International 1,668 117,833
Sirius XM Holdings, Inc. 46,087 331,229 Sprint Corp. 17,092 101,078
Public Storage REIT 1,443 310,132 Thomson Reuters Corp. 1,645 78,128
Sysco Corp. 4,673 309,788 Sempra Energy 653 73,408
Progressive Corp. 5,050 302,244 Archer-Daniels-Midland Co. 1,641 68,209
Illumina, Inc. 1,029 278,954 Cotiviti Holdings, Inc. 1,549 68,177
Boston Scientific Corp. 8,553 270,282 Southern Copper Corp. 1,082 58,554
PPG Industries, Inc. 2,532 265,760 T-Mobile US, Inc. 915 58,043
Prologis, Inc. REIT 4,103 263,003 Aon plc 413 58,036
Las Vegas Sands Corp. 3,263 257,969 AvalonBay Communities, Inc. REIT 355 57,069
Phillips 66 2,316 257,049 Cigna Corp. 297 55,211
Air Products & Chemicals, Inc. 1,616 256,028 Automatic Data Processing, Inc. 477 53,661
Waste Management, Inc. 3,090 252,163 Welltower, Inc. REIT 922 52,912
CME Group, Inc. Class A 1,507 251,622 Public Storage REIT 259 50,964
Capital One Financial Corp. 2,590 247,251 Kellogg Co. 800 49,032
Fidelity National Information Services, Inc. 2,300 246,318 Praxair, Inc. 323 48,186
Baxter International, Inc. 3,363 244,900 CoBiz Financial, Inc. 2,100 46,656
Zoetis, Inc. Class A 2,795 244,137 PG&E Corp. 994 46,476
Johnson Controls International plc 6,982 241,281 S&P Global, Inc. 275 45,271
183

2018 2017
Current Assets
Cash 146,672 62,841
Receivables:
Futures Margin Cash 25,431 —
Current Liabilities

30 June 2018 30 June 2017
Interest Income 3,388 369
Dividend Income 411,761 405,968
Securities Lending Income 702 352
Miscellaneous Income 211 1,167
Expenses
Other Expenses 83 3,001
Finance Costs
Total Finance Costs 14 4
184


30 June 2018 30 June 2017
Subscriptions 33,902,355 2,772,531
Redemptions (7,581,912) (2,841,180)
Total Capital Transactions 26,320,443 (68,649)
End of Year 46,530,387 18,574,423
185
Vanguard Global Minimum Volatility UCITS ETF

As at 30 June 2018

FTSE
Vanguard Global Minimum Volatility UCITS ETF seeks to provide long-term Global All Cap
capital appreciation. The ETF is actively managed and seeks to invest as Index 100%
described in the prospectus. Fund Hedged
Europe

FTSE Germany 2.9 2.9
Global All Cap Switzerland 2.9 2.3
Index 100%
Fund Hedged France 1.6 3.1
Number of Stocks 184 7,865 Sweden 1.3 0.9
Median Market Cap Other 2.7 4.8

US Dollars $8.2B $42.5B Subtotal 20.5% 19.9%
British Pounds £6.2B £32.2B Pacific
Euro €7.0B €36.4B Japan 7.6% 8.2%
Price/Book Ratio 2.2x 2.1x Hong Kong 2.0 1.2
Yield 3.0% 2.3% South Korea 1.6 1.7
Turnover Rate 55% — Emerging Markets
Ongoing Charges Figure 0.22% — India 2.1% 1.1%
China 1.5 3.3
Sector Diversification (% of portfolio) Taiwan 1.0 1.5

FTSE Other 1.9 3.6
Global All Cap Subtotal 6.5% 9.5%
Index 100%
Fund Hedged North America
Basic Materials 1.5% 4.9% United States 50.1% 53.3%
Consumer Goods 10.6 11.5 Canada 5.8 3.1

Consumer Services 15.6 11.4 Subtotal 55.9% 56.4%
Financials 22.2 21.8 Middle East 0.3% 0.2%
Health Care 7.8 10.4 Other 0.0% 0.1%
Oil & Gas 4.2 6.4
Technology 9.8 14.4
■ 20.5% Europe
Utilities 7.2 3.0
■ 16.8% Pacific
Ten Largest Holdings1 (% of total net assets) ■ 55.9% North America
Cosmo Energy Holdings Co. Ltd. Refining & Marketing 1.6%
Jack Henry & Associates Inc. Financial Administration 1.6
Segro plc REIT 1.6
Starwood Property Trust Inc. Mortgage REITs 1.5
Scout24 AG Internet Based Services 1.5
Woolworths Group Ltd. Food & Drug Stores 1.5
Chemed Corp. Health Care Services 1.5
AptarGroup Inc. Containers & Packaging 1.5
HDFC Bank Ltd. Diversified Banks 1.5
Quest Diagnostics Inc. Health Care Services 1.4
Top Ten 15.2%
186

• For the 12 months ended 30 June 2018, Vanguard Global Minimum Volatility UCITS ETF returned 6.80%, behind the 11.56% return of its benchmark index.1
The ETF achieved its return with less volatility – as measured by standard deviation – than its benchmark index.
• The ETF invests primarily in US and foreign stocks. It seeks to achieve lower volatility than that of the global equities market, subject to a set of controls
designed to foster portfolio diversification and liquidity.
• The investment adviser uses a quantitative model with a rules-based active approach that considers stocks’ risk and diversification characteristics. These
measures have been shown to be components of long-run stock market returns.
• The ETF seeks to hedge most of its currency exposure back to the US dollar to further reduce volatility.
• Selection in the industrials sector helped the ETF’s performance. Weak selection in health care, technology and oil and gas hurt results.

Benchmark: FTSE Global All Cap Index 100% Hedged

$140,000
128,929
90,000
2016 2017 2018

Benchmark 11.56 12.00 133,602
2016 2017 2018
19.46
11.83 11.56
7.95
6.80
0.25
ETF Net Asset Value

Benchmark
1 The fund is actively managed and seeks to invest as described in the prospectus. The table and bar chart show how the fund’s total return compares with the return of a market index that has
2 9 December 2015.
187
30 June 2018

Equities 87.12% (30 June 2017: 91.37%) Denmark 0.56% (30 June 2017: 0.10%)
Australia 4.36% (30 June 2017: 4.43%) Dfds A/S 1,267 80,886 0.56%
Woolworths Group Ltd. 9,381 211,539 1.47% 80,886 0.56%
Cochlear Ltd. 1,151 170,228 1.19% Finland 0.33% (30 June 2017: 0.75%)
Sonic Healthcare Ltd. 8,380 151,879 1.06%
Nokia OYJ 8,227 47,355 0.33%
Ramsay Health Care Ltd. 814 32,465 0.23%
47,355 0.33%
AGL Energy Ltd. 1,468 24,383 0.17%
Amcor Ltd. 1,369 14,575 0.10% France 1.60% (30 June 2017: 0.00%)
Coca-Cola Amatil Ltd. 1,727 11,739 0.08% Hermes International 279 170,626 1.19%
Caltex Australia Ltd. 333 8,006 0.06% Total SA 715 43,585 0.31%
624,814 4.36% Veolia Environnement SA 691 14,788 0.10%
Austria 0.20% (30 June 2017: 0.00%) 228,999 1.60%
Voestalpine AG 623 28,695 0.20% Germany 2.79% (30 June 2017: 1.95%)
28,695 0.20% Scout24 AG 4,059 215,344 1.50%

Fielmann AG 1,838 127,255 0.89%
Belgium 0.36% (30 June 2017: 0.57%)
Axel Springer SE 706 51,065 0.35%
Ageas 1,011 51,005 0.36%
SAP SE 61 7,047 0.05%
51,005 0.36%
400,711 2.79%
Brazil 0.60% (30 June 2017: 1.49%)
Hong Kong 1.93% (30 June 2017: 3.23%)
Telefonica Brasil SA ADR 7,229 85,808 0.60%
Power Assets Holdings Ltd. 19,000 132,835 0.93%
85,808 0.60% CLP Holdings Ltd. 12,000 129,247 0.90%
Canada 5.71% (30 June 2017: 6.24%) CK Infrastructure Holdings Ltd. 2,000 14,824 0.10%
BCE, Inc. 4,221 170,836 1.19% 276,906 1.93%
Emera, Inc. 5,242 170,556 1.19% India 2.07% (30 June 2017: 2.29%)
Telus Corp., Ltd. 4,759 168,950 1.18%
HDFC Bank Ltd. ADR 1,982 208,150 1.45%
Canadian Tire Corp., Ltd. Class A 1,021 133,189 0.93%
Infosys Ltd. ADR 3,000 58,290 0.41%
Wipro Ltd. ADR 6,376 30,541 0.21%
TransCanada Corp. 744 32,170 0.23%
296,981 2.07%
Dollarama, Inc. 750 29,055 0.20%
Pembina Pipeline Corp. 631 21,840 0.15% Indonesia 0.29% (30 June 2017: 0.41%)
Hydro One Ltd. 1,221 18,601 0.13% Telekomunikasi Indonesia Persero
Shaw Communications, Inc. Class B 729 14,841 0.10% Tbk PT ADR 1,608 41,824 0.29%
Metro, Inc. 144 4,892 0.03% 41,824 0.29%
Inter Pipeline Ltd. 236 4,421 0.03% Ireland 0.17% (30 June 2017: 0.00%)
819,327 5.71% Paddy Power Betfair plc 220 24,108 0.17%
Chile 0.28% (30 June 2017: 0.23%) 24,108 0.17%
Banco Santander Chile ADR 1,261 39,633 0.28% Israel 0.31% (30 June 2017: 0.35%)
39,633 0.28% Bank Hapoalim BM 6,504 43,975 0.31%
China 1.49% (30 June 2017: 1.41%) 43,975 0.31%
China Mobile Ltd. ADR 3,840 170,458 1.19% Italy 0.22% (30 June 2017: 0.00%)
Baidu, Inc. ADR 179 43,497 0.30%
Eni SpA 1,724 32,016 0.22%
213,955 1.49%
32,016 0.22%
188

Japan 7.44% (30 June 2017: 6.08%) Switzerland 2.84% (30 June 2017: 5.24%)
Cosmo Energy Holdings Co., Ltd. 6,400 224,764 1.57% Kuehne + Nagel International AG 889 133,581 0.93%
USS Co., Ltd. 7,300 138,928 0.97% Partners Group Holding AG 107 78,395 0.55%
Sankyo Co., Ltd. 2,300 90,015 0.63% Chocoladefabriken Lindt & Spruengli AG 10 64,757 0.45%
Otsuka Holdings Co., Ltd. 1,600 77,483 0.54% Swisscom AG 90 40,171 0.28%
Chugoku Electric Power Co., Inc. 4,900 63,349 0.44% Logitech International SA 676 29,731 0.21%
Shimachu Co., Ltd. 1,900 60,380 0.42% Sunrise Communications Group AG 354 28,806 0.20%
Yoshinoya Holdings Co., Ltd. 3,000 59,829 0.42% Swiss Prime Site AG 200 18,359 0.13%
Nippon Television Holdings, Inc. 3,500 59,058 0.41% Baloise Holding AG 89 12,934 0.09%
Mitsubishi Tanabe Pharma Corp. 3,400 58,751 0.41% 406,734 2.84%
NEC Corp. 1,900 52,146 0.36%
Taiwan 0.99% (30 June 2017: 2.01%)
Tsumura & Co. 1,400 45,249 0.32%
Chunghwa Telecom Co., Ltd. ADR 3,955 142,064 0.99%
Yamada Denki Co., Ltd. 6,200 30,842 0.21%
Hakuhodo DY Holdings, Inc. 1,700 27,288 0.19% 142,064 0.99%
Aozora Bank Ltd. 700 26,638 0.19% United Kingdom 7.24% (30 June 2017: 6.70%)
Canon, Inc. 700 22,947 0.16% WH Smith plc 5,342 140,985 0.98%
Alfresa Holdings Corp. 800 18,815 0.13% GlaxoSmithKline plc 6,779 136,917 0.96%
Toho Co., Ltd. 300 10,062 0.07% Schroders plc 3,206 133,669 0.93%
1,066,544 7.44% Coca-Cola HBC AG 3,979 132,960 0.93%
Mexico 0.67% (30 June 2017: 0.80%) BBA Aviation plc 20,435 92,107 0.64%
Rightmove plc 1,202 84,267 0.59%
Fomento Economico Mexicano
SAB de CV ADR 1,031 90,511 0.63% John Laing Group plc 22,232 80,894 0.56%
Grupo Aeroportuario del Pacifico WM Morrison Supermarkets plc 21,689 72,160 0.50%
SAB de CV ADR 60 5,575 0.04% B&M European Value Retail SA 10,833 57,795 0.40%
Tate & Lyle plc 5,247 44,806 0.31%
96,086 0.67%
RSA Insurance Group plc 3,121 27,995 0.20%
New Zealand 0.08% (30 June 2017: 0.20%)
St James’s Place plc 616 9,332 0.07%
Ryman Healthcare Ltd. 1,494 12,108 0.08% Informa plc 828 9,128 0.06%
12,108 0.08% Victrex plc 203 7,810 0.06%
Norway 0.10% (30 June 2017: 0.49%) TP ICAP plc 1,298 7,222 0.05%
Norsk Hydro A.S.A 2,361 14,133 0.10% 1,038,047 7.24%
14,133 0.10% United States 40.10% (30 June 2017: 40.20%)
Singapore 0.79% (30 June 2017: 0.89%) Jack Henry & Associates, Inc. 1,716 223,698 1.56%
Chemed Corp. 651 209,498 1.46%
Singapore Telecommunications Ltd. 18,000 40,660 0.29%
AptarGroup, Inc. 2,232 208,424 1.45%
Singapore Press Holdings Ltd. 19,800 37,756 0.26%
Quest Diagnostics, Inc. 1,889 207,677 1.45%
Oversea-Chinese Banking Corp., Ltd. 3,000 25,611 0.18%
Amdocs Ltd. 3,117 206,314 1.44%
Singapore Exchange Ltd. 1,700 8,939 0.06%
Northwest Bancshares, Inc. 11,710 203,637 1.42%
112,966 0.79%
Graham Holdings Co. Class B 343 201,032 1.40%
South Korea 1.61% (30 June 2017: 3.39%) BWX Technologies, Inc. 3,011 187,645 1.31%
Korea Zinc Co., Ltd. 230 79,659 0.56% SolarEdge Technologies, Inc. 3,839 183,696 1.28%
KT&G Corp. 639 61,349 0.43% Expeditors International of
BNK Financial Group, Inc. 2,912 24,430 0.17% Washington, Inc. 2,421 176,975 1.23%
Hanwha Corp. 512 14,494 0.10% CSG Systems International, Inc. 4,096 167,403 1.17%
Samsung Fire & Marine Insurance ANSYS, Inc. 915 159,375 1.11%
Co., Ltd. 55 13,028 0.09% IDACORP, Inc. 1,661 153,211 1.07%
GS Holdings Corp. 221 10,787 0.07% Paychex, Inc. 2,202 150,507 1.05%
Samsung Electronics Co., Ltd. - Church & Dwight Co., Inc. 2,800 148,848 1.04%
Preference Shares 300 10,135 0.07% HEICO Corp. 1,977 144,183 1.01%
Samsung SDS Co., Ltd. 48 8,635 0.06% White Mountains Insurance Group Ltd. 154 139,618 0.97%
Samsung Electronics Co., Ltd. 200 8,371 0.06% Johnson & Johnson 1,100 133,474 0.93%
230,888 1.61% Procter & Gamble Co. 1,588 123,959 0.86%
Spain 0.68% (30 June 2017: 0.00%) Washington Federal, Inc. 3,677 120,238 0.84%
Endesa SA 3,060 67,506 0.47%
Capitol Federal Financial, Inc. 8,075 106,267 0.74%
Enagas SA 1,040 30,405 0.21%
Fidelity National Information Services,
97,911 0.68% Inc. 987 104,652 0.73%
Sweden 1.31% (30 June 2017: 1.27%) Hawaiian Electric Industries, Inc. 2,988 102,488 0.71%
Swedish Match AB 3,790 187,975 1.31% Bemis Co., Inc. 2,400 101,304 0.71%
Bright Horizons Family Solutions, Inc. 969 99,342 0.69%
187,975 1.31%
CoStar Group, Inc. 225 92,842 0.65%
189

Premier, Inc. Class A 2,547 92,660 0.65% Collective Investment Schemes 11.07% (30 June 2017: 8.22%)
Kaiser Aluminum Corp. 831 86,515 0.60% Australia 0.27% (30 June 2017: 0.35%)
Vector Group Ltd. 4,351 83,017 0.58%
Stockland REIT 13,329 39,097 0.27%
Republic Services, Inc. Class A 1,182 80,801 0.56%
39,097 0.27%
Kimberly-Clark Corp. 679 71,526 0.50%
QUALCOMM, Inc. 1,213 68,074 0.47% Spain 0.15% (30 June 2017: 0.00%)
J&J Snack Foods Corp. 426 64,952 0.45% Merlin Properties Socimi SA REIT 1,423 20,693 0.15%
Rollins, Inc. 1,149 60,414 0.42% 20,693 0.15%
American Electric Power Co., Inc. 860 59,555 0.41%
Waste Management, Inc. 700 56,938 0.40%
Segro plc REIT 25,199 222,703 1.55%
Fiserv, Inc. 752 55,716 0.39%
OGE Energy Corp. 1,561 54,963 0.38% 222,703 1.55%
Harris Corp. 376 54,347 0.38% United States 9.10% (30 June 2017: 7.87%)
Aon plc 384 52,673 0.37% Starwood Property Trust, Inc. REIT 10,186 221,138 1.54%
Cable One, Inc. 71 52,064 0.36% PS Business Parks, Inc. REIT 1,475 189,538 1.32%
Madison Square Garden Co. Class A 166 51,492 0.36% Apollo Commercial Real Estate
Hertz Global Holdings, Inc. 3,300 50,622 0.35% Finance, Inc. REIT 8,497 155,325 1.08%
Genpact Ltd. 1,584 45,825 0.32% MFA Financial, Inc. REIT 16,823 127,518 0.89%
Clorox Co. 333 45,038 0.31% Washington REIT 4,123 125,051 0.87%
Motorola Solutions, Inc. 383 44,570 0.31% Equity Commonwealth REIT 3,347 105,431 0.74%
Lancaster Colony Corp. 310 42,910 0.30% Blackstone Mortgage Trust, Inc. REIT
Bottomline Technologies de, Inc. 843 42,007 0.29% Class A 2,894 90,958 0.63%
Broadridge Financial Solutions, Inc. 358 41,206 0.29% Apple Hospitality, Inc. REIT 4,532 81,032 0.57%
Arthur J Gallagher & Co. 605 39,494 0.28% Equity LifeStyle Properties, Inc. REIT 780 71,682 0.50%
Cigna Corp. 207 35,180 0.25% Highwoods Properties, Inc. REIT 1,075 54,535 0.38%
L3 Technologies, Inc. 175 33,656 0.23% Sun Communities, Inc. REIT 547 53,540 0.37%
3M Co. 109 21,442 0.15% Rexford Industrial Realty, Inc. REIT 795 24,955 0.17%
ExlService Holdings, Inc. 325 18,398 0.13% LTC Properties, Inc. REIT 118 5,043 0.04%
Coca-Cola Co. 350 15,351 0.11% 1,305,746 9.10%
HP, Inc. 646 14,658 0.10%
Black Knight, Inc. 251 13,441 0.09%
Integra LifeSciences Holdings Corp. 153 9,855 0.07%
VeriSign, Inc. 61 8,383 0.06%
CenterPoint Energy, Inc. 289 8,008 0.06%
Check Point Software Technologies Ltd. 72 7,033 0.05%
5,752,184 40.10%
Total Equities 12,494,638 87.12%
190
Unrealised
Futures (0.01%) (30 June 2017: 0.00%)
Euro STOXX 50 21 September 2018 6 238,922 (1,372) (0.01%)
(1,372) (0.01%)

Unrealised
Buy (Sell) Settlement Gain/(Loss)
Currency Amount Currency Amount Counterparty Date US Dollars ($)
Open Forward Currency Exchange Contracts 0.81% (30 June 2017: (0.40%))
USD 663,432 AUD 866,688 Barclays Bank Plc 16/7/2018 23,064 0.16%
USD 1,427,779 GBP 1,066,518 Barclays Bank Plc 16/7/2018 18,884 0.13%
USD 817,851 CAD 1,055,148 Barclays Bank Plc 16/7/2018 15,544 0.11%
USD 338,399 KRW 361,555,514 BNP Paribas 16/7/2018 13,902 0.10%
USD 893,257 JPY 97,596,190 Barclays Bank Plc 17/7/2018 11,315 0.08%
USD 962,417 EUR 818,867 Barclays Bank Plc 16/7/2018 5,449 0.04%
USD 305,037 INR 20,568,322 BNP Paribas 16/7/2018 5,297 0.04%
USD 180,702 SEK 1,576,464 Barclays Bank Plc 16/7/2018 4,310 0.03%
USD 413,051 CHF 405,599 Barclays Bank Plc 16/7/2018 4,128 0.03%
USD 145,804 TWD 4,322,940 BNP Paribas 16/7/2018 3,905 0.03%
USD 156,340 BRL 587,649 BNP Paribas 16/7/2018 3,845 0.03%
USD 122,793 SGD 163,823 Barclays Bank Plc 16/7/2018 2,613 0.02%
USD 178,892 JPY 19,621,188 BNP Paribas 17/7/2018 1,582 0.01%
USD 40,877 CLP 25,710,050 BNP Paribas 17/7/2018 1,384 0.01%
USD 44,968 ILS 159,913 Barclays Bank Plc 16/7/2018 1,242 0.01%
USD 40,112 IDR 558,801,320 BNP Paribas 16/7/2018 1,183 0.01%
USD 28,568 NZD 40,584 Barclays Bank Plc 16/7/2018 1,090 0.01%
USD 77,286 DKK 489,376 Barclays Bank Plc 16/7/2018 523 0.00%
USD 14,565 AUD 19,027 Barclays Bank Plc 16/7/2018 506 0.00%
USD 61,377 NOK 496,756 Barclays Bank Plc 16/7/2018 396 0.00%
CAD 41,263 USD 31,035 BNP Paribas 16/7/2018 341 0.00%
USD 447,885 HKD 3,510,711 Barclays Bank Plc 16/7/2018 331 0.00%
USD 16,933 INR 1,141,797 BNP Paribas 16/7/2018 294 0.00%
USD 7,687 SEK 67,062 Barclays Bank Plc 16/7/2018 183 0.00%
USD 13,271 GBP 9,913 Barclays Bank Plc 16/7/2018 176 0.00%
USD 2,011 NZD 2,857 Barclays Bank Plc 16/7/2018 77 0.00%
KRW 121,838,289 USD 109,321 BNP Paribas 16/7/2018 29 0.00%
USD 1,807 NOK 14,626 Barclays Bank Plc 16/7/2018 12 0.00%
USD 159 CLP 100,245 BNP Paribas 17/7/2018 5 0.00%
USD 26 DKK 167 Barclays Bank Plc 16/7/2018 0 0.00%
EUR 35,156 USD 41,095 Barclays Bank Plc 16/7/2018 (9) (0.00%)
NOK 385,797 USD 47,481 Barclays Bank Plc 16/7/2018 (121) (0.00%)
GBP 96,431 USD 127,866 Barclays Bank Plc 16/7/2018 (478) (0.00%)
USD 70,922 CAD 94,217 BNP Paribas 16/7/2018 (719) (0.01%)
BRL 253,108 USD 67,339 Barclays Bank Plc 16/7/2018 (1,658) (0.01%)
USD 89,486 MXN 1,800,890 Barclays Bank Plc 16/7/2018 (1,944) (0.02%)
116,681 0.81%
Total Financial Derivative Instruments 115,309 0.80%
Fair Value
US Dollars ($)
% of Total
(b) Transferable securities dealt in on another regulated market 410,690 2.86%
(d) Financial derivative instruments 115,309 0.80%
(e) Other net assets 144,610 1.01%
Total Net Assets 14,342,796 100.00%
191

Cost Proceeds
Purchases Sales
Segro Plc REIT 32,378 224,953 Hitachi Kokusai Electric, Inc. 7,200 202,385
Graham Holdings Co. Class B 370 219,188 Hite Jinro Co., Ltd. 8,761 171,521
Cosmo Energy Holdings Co., Ltd. 6,400 212,444 Copart, Inc. 4,604 149,446
Scout24 AG 4,059 208,607 Taiwan Semiconductor Manufacturing Co.,
Woolworths Group Ltd. 9,381 200,517 Ltd. ADR 3,397 142,246
CSG Systems International, Inc. 4,151 200,412 Sonova Holding AG 803 138,455
SolarEdge Technologies, Inc. 3,839 187,818 RenaissanceRe Holdings Ltd. 956 129,004
Hitachi Kokusai Electric, Inc. 7,200 184,579 BTG plc 17,409 126,306
Hermes International 279 180,677 PNM Resources, Inc. 3,503 126,046
Kaiser Aluminum Corp. 1,858 179,796 Grand Canyon Education, Inc. 1,476 120,058
WH Smith plc 5,342 147,443 AAC Technologies Holdings, Inc. 8,000 116,348
Schroders plc 3,206 145,607 ProAssurance Corp. 2,214 116,348
Procter & Gamble Co. 1,588 144,222 Yoshinoya Holdings Co., Ltd. 6,800 115,369
Apollo Commercial Real Estate Finance, Inc. REIT 7,662 140,466 Vectren Corp. 1,521 106,083
BCE, Inc. 2,455 114,903 Kaiser Aluminum Corp. 1,027 105,264
Power Assets Holdings Ltd. 12,500 108,599 Straumann Holding AG 151 97,220
Quest Diagnostics, Inc. 972 105,277 Wirecard AG 825 96,486
Bemis Co., Inc. 2,400 102,926 Tabcorp Holdings Ltd. 23,254 93,255
Hawaiian Electric Industries, Inc. 2,988 98,525 MMC Norilsk Nickel PJSC 5,490 92,906
Equity Commonwealth REIT 3,347 97,650 Omnicom Group, Inc. 1,260 92,345
Fidelity National Information Services, Inc. 987 90,034 Ultrapar Participacoes SA ADR 5,929 85,000
Toho Co., Ltd. 2,500 89,936 Dollarama, Inc. 757 84,109
Apple Hospitality, Inc. REIT 4,532 89,469 JD Sports Fashion plc 18,806 81,195
Northwest Bancshares, Inc. 5,201 83,736 Lamar Advertising Co. REIT Class A 1,270 81,026
Dfds A/S 1,267 80,173 Colruyt SA 1,389 77,054
Bright Horizons Family Solutions, Inc. 969 76,561 Toho Co., Ltd. 2,200 76,743
Endesa SA 3,060 71,985 Orion OYJ Class B 1,514 76,561
QUALCOMM, Inc. 1,213 71,532 China Mengniu Dairy Co., Ltd. 22,000 75,327
Otsuka Holdings Co., Ltd. 1,600 70,374 Madison Square Garden Co. Class A 331 72,367
Starwood Property Trust, Inc. REIT 3,231 70,356 Tsumura & Co. 2,100 72,088
Dr Reddy’s Laboratories Ltd. ADR 2,006 70,211
Energizer Holdings, Inc. 1,548 68,327
HEICO Corp. 772 64,929
Hang Seng Bank Ltd. 2,600 63,268
Aristocrat Leisure Ltd. 3,764 62,799
Jack Henry & Associates, Inc. 552 62,491
SINA Corp. 550 62,385
192

2018 2017
Current Assets
Cash 82,521 68,463
Receivables:
Current Liabilities

30 June 2018 30 June 2017
Securities Lending Income 549 186
Net Gain/(Loss) on Financial Instruments 591,573 872,575
Expenses
Finance Costs
Net Investment Income/(Loss) After Finance Costs 983,664 1,140,037
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 923,144 1,097,609
193


30 June 2018 30 June 2017
Redeemable Participating Shares From Operations 923,144 1,097,609
Subscriptions 3,032,149 2,957,939
Total Capital Transactions 593,365 2,957,939
End of Year 14,342,796 12,826,287
194
Vanguard Global Momentum Factor UCITS ETF

As at 30 June 2018

FTSE
Vanguard Global Momentum Factor UCITS ETF seeks to provide long-term Developed
capital appreciation. The ETF is actively managed and seeks to invest as All Cap
described in the prospectus. Fund Index
Europe

FTSE France 3.4 3.4
All Cap
Fund Index Italy 2.3 0.9
Number of Stocks 1,153 5,707 Other 6.4 7.9
Median Market Cap Subtotal 22.0% 21.9%
US Dollars $10.2B $44.5B Pacific
British Pounds £7.7B £33.7B Japan 9.0% 9.1%
Euro €8.8B €38.1B South Korea 2.2 1.9
Price/Book Ratio 2.7x 2.2x Hong Kong 1.6 1.3
Yield 1.4% 2.3% Other 0.5 0.6
Return on Equity 10.2% 13.4% Subtotal 15.1% 15.4%
Earnings Growth Rate 11.5% 8.2% North America
Turnover Rate 192% — United States 59.3% 59.0%
Ongoing Charges Figure 0.22% — Canada 3.5 3.5

Sector Diversification (% of portfolio) Other 0.1% 0.0%
FTSE
Developed
All Cap
Fund Index Allocation by Region (% of portfolio)

■ 22.0% Europe
■ 15.1% Pacific
■ 0.1% Other
Oil & Gas 10.8 6.3
Utilities 2.0 3.0
Netflix Inc. Specialty Retailers 0.6%

ConocoPhillips Exploration & Production 0.5
Anadarko Petroleum Corp. Exploration & Production 0.5
Amazon.com Inc. Broadline Retailers 0.5
Boeing Co. Aircraft & Parts 0.5
Valero Energy Corp. Refining & Marketing 0.5
Estee Lauder Cos. Inc. Household Products 0.5
Adobe Systems Inc. Software 0.5
Micron Technology Inc. Semiconductor Devices 0.5
Southern Copper Corp. Base Metals 0.5
Top Ten 5.1%
195

• For the 12 months ended 30 June 2018, Vanguard Global Momentum Factor UCITS ETF returned 18.83%, compared with the 11.37% return of its
benchmark index.1
• The ETF invests primarily in US and foreign stocks from developed markets that have higher momentum characteristics than those of the benchmark index.
The investment adviser uses a quantitative model with a rules-based active approach that favours stocks with relatively strong recent performance. This
is assessed in terms of both non-risk-adjusted and risk-adjusted returns over the short and intermediate terms. These measures have been shown to be
components of long-run stock market returns.
• Stock selection in the health care, consumer goods and industrials sectors helped the ETF’s results most.
• The United States, which accounted for roughly 60% of the fund’s holdings, helped returns. The United Kingdom and South Korea held them back.


$150,000
135,503
90,000
2016 2017 2018

Benchmark 11.37 11.93 133,386
2016 2017 2018
18.73 18.83
12.68
11.37
1.20 0.88
ETF Net Asset Value

Benchmark
1 The fund is actively managed and seeks to invest as described in the prospectus. The table and charts show how the fund’s total return compares with the return of a market index that has
2 9 December 2015.
196
30 June 2018

Equities 98.79% (30 June 2017: 98.05%) CGI Group, Inc. Class A 596 37,746 0.11%
Australia 1.92% (30 June 2017: 1.61%) Canadian Pacific Railway Ltd. 171 31,318 0.09%
Toronto-Dominion Bank 410 23,716 0.07%
Alumina Ltd. 17,159 35,498 0.10% 1,102,460 3.26%
Xero Ltd. 1,061 35,284 0.10% China 0.27% (30 June 2017: 0.00%)
Santos Ltd. 7,277 33,711 0.10% Tingyi Cayman Islands Holding Corp. 16,000 37,117 0.11%
Atlassian Corp. plc Class A 532 33,261 0.10% China Mengniu Dairy Co., Ltd. 10,000 33,905 0.10%
WorleyParsons Ltd. 2,483 32,068 0.09% China Travel International Investment
Flight Centre Travel Group Ltd. 674 31,697 0.09% Hong Kong Ltd. 26,000 10,141 0.03%
BlueScope Steel Ltd. 2,399 30,593 0.09% Uni-President China Holdings Ltd. 7,000 8,994 0.03%
BHP Billiton Ltd. 1,188 29,765 0.09% 90,157 0.27%
Aristocrat Leisure Ltd. 1,303 29,748 0.09%
Denmark 0.91% (30 June 2017: 0.95%)
South32 Ltd. 10,820 28,860 0.08%
Iluka Resources Ltd. 3,291 27,185 0.08% William Demant Holding A/S 1,639 65,956 0.20%
Insurance Australia Group Ltd. 4,275 26,943 0.08% Rockwool International A/S Class B 134 52,328 0.15%
OZ Minerals Ltd. 3,828 26,643 0.08% Orsted A/S 846 51,172 0.15%
Rio Tinto Ltd. 429 26,448 0.08% Chr Hansen Holding A/S 474 43,779 0.13%
Sims Metal Management Ltd. 2,207 26,221 0.08% DSV A/S 515 41,610 0.12%
Origin Energy Ltd. 3,536 26,204 0.08% Pandora A/S 434 30,318 0.09%
Metcash Ltd. 12,789 24,662 0.07% Tryg A/S 1,044 24,507 0.07%
Computershare Ltd. 1,408 19,173 0.06% 309,670 0.91%
REA Group Ltd. 240 16,113 0.05% Finland 0.70% (30 June 2017: 0.80%)
Platinum Asset Management Ltd. 3,371 14,346 0.04% Stora Enso OYJ Class R 3,212 62,853 0.19%
CSR Ltd. 4,123 13,982 0.04% Neste OYJ 798 62,611 0.18%
Treasury Wine Estates Ltd. 934 12,001 0.04% UPM-Kymmene OYJ 1,614 57,701 0.17%
Healthscope Ltd. 6,868 11,214 0.03% Fortum OYJ 2,319 55,342 0.16%
Qantas Airways Ltd. 2,157 9,817 0.03%
238,507 0.70%
Seek Ltd. 385 6,204 0.02%
Cochlear Ltd. 41 6,064 0.02% France 3.26% (30 June 2017: 3.76%)
649,710 1.92% Kering SA 130 73,401 0.22%

Ubisoft Entertainment SA 604 66,275 0.20%
Austria 0.42% (30 June 2017: 0.46%)
Dassault Systemes SE 464 65,009 0.19%
Raiffeisen Bank International AG 1,303 39,996 0.12% Aeroports de Paris 269 60,836 0.18%
OMV AG 694 39,355 0.12% Airbus SE 508 59,466 0.17%
Erste Group Bank AG 850 35,479 0.10% Dassault Aviation SA 29 55,258 0.16%
Vienna Insurance Group AG Wiener Worldline SA 953 53,987 0.16%
Versicherung Gruppe 978 26,674 0.08%
Total SA 769 46,877 0.14%
141,504 0.42% TechnipFMC plc 1,339 42,758 0.13%
Belgium 0.36% (30 June 2017: 0.30%) Alstom SA 859 39,475 0.12%
Umicore SA 1,031 59,164 0.17% Eurazeo SA 510 38,674 0.11%
Ageas 748 37,737 0.11% Electricite de France SA (XPAR) 2,806 38,593 0.11%
KBC Group NV 329 25,398 0.08% Faurecia SA 532 37,964 0.11%
Rubis SCA 588 36,729 0.11%
122,299 0.36%
Safran SA 286 34,744 0.10%
Canada 3.26% (30 June 2017: 2.82%)
Remy Cointreau SA 267 34,603 0.10%
Husky Energy, Inc. 5,781 90,047 0.27% Vivendi SA 1,302 31,923 0.09%
Teck Resources Ltd. Class B 3,443 87,655 0.26% Christian Dior SE 73 30,530 0.09%
Constellation Software, Inc. 109 84,481 0.25% Bouygues SA 634 27,322 0.08%
Valeant Pharmaceuticals International, Sartorius Stedim Biotech 260 27,169 0.08%
Inc. 3,527 82,045 0.24% Natixis SA 3,731 26,477 0.08%
Cenovus Energy, Inc. 7,616 79,029 0.23% STMicroelectronics NV 1,159 25,859 0.08%
Encana Corp. 6,001 78,328 0.23% Eiffage SA 236 25,675 0.08%
Dollarama, Inc. 1,983 76,821 0.23% Ipsen SA 156 24,470 0.07%
Magna International, Inc. 1,216 70,680 0.21% Getlink SE 1,672 22,928 0.07%
Suncor Energy, Inc. 1,716 69,791 0.21% Pernod Ricard SA 122 19,927 0.06%
Canadian Natural Resources Ltd. 1,787 64,459 0.19% LVMH Moet Hennessy Louis Vuitton SE 48 15,983 0.05%
Canadian Tire Corp., Ltd. Class A 416 54,267 0.16% Edenred 440 13,901 0.04%
Fairfax Financial Holdings Ltd. 85 47,601 0.14% Hermes International 18 11,008 0.03%
Sun Life Financial, Inc. 1,101 44,217 0.13% Renault SA 103 8,758 0.03%
National Bank of Canada 854 40,978 0.12% Vinci SA 82 7,885 0.02%
Royal Bank of Canada 522 39,281 0.12%
1,104,464 3.26%
197

Germany 2.86% (30 June 2017: 2.26%) Italy 2.24% (30 June 2017: 1.88%)
Wirecard AG 423 68,130 0.20% FinecoBank Banca Fineco SpA 6,279 70,906 0.21%
Sartorius AG - Preference Shares 381 56,983 0.17% Moncler SpA 1,481 67,437 0.20%
Uniper SE 1,623 48,397 0.14% Ferrari NV 456 62,025 0.18%
Deutsche Boerse AG 355 47,313 0.14% Poste Italiane SpA 6,794 56,875 0.17%
Deutsche Lufthansa AG 1,914 46,035 0.14% Fiat Chrysler Automobiles NV 2,930 55,877 0.17%
Wacker Chemie AG 346 45,305 0.13% Tenaris SA 3,007 55,173 0.16%
Puma SE 77 45,040 0.13% Eni SpA 2,820 52,370 0.15%
Axel Springer SE 619 44,772 0.13% Mediobanca Banca di Credito
MTU Aero Engines AG 222 42,664 0.13% Finanziario SpA 4,414 41,033 0.12%
Delivery Hero AG 773 41,137 0.12% Unione di Banche Italiane SpA 9,878 37,967 0.11%
Porsche Automobil Holding SE - EXOR NV 515 34,694 0.10%
Preference Shares 620 39,495 0.12% Assicurazioni Generali SpA 2,056 34,495 0.10%
Rheinmetall AG 352 38,862 0.11% UnipolSai Assicurazioni SpA 13,899 30,711 0.09%
Covestro AG 407 36,314 0.11% UniCredit SpA 1,814 30,278 0.09%
Vonovia SE 751 35,740 0.11% Intesa Sanpaolo SpA 10,404 30,204 0.09%
Fraport AG Frankfurt Airport Services Italgas SpA 5,459 30,096 0.09%
Worldwide 368 35,498 0.10% Enel SpA 5,172 28,725 0.09%
United Internet AG 613 35,113 0.10% A2A SpA 16,238 28,154 0.08%
Hella GmbH & Co. KGaA 518 29,030 0.09% Atlantia SpA 399 11,795 0.04%
E.ON SE 2,566 27,425 0.08% Intesa Sanpaolo SpA - Rights Issue
RWE AG 1,201 27,378 0.08% 17/7/2018 10,404 0 0.00%
Carl Zeiss Meditec AG 396 27,024 0.08% 758,815 2.24%
Continental AG 118 26,941 0.08%
Japan 9.00% (30 June 2017: 9.27%)
LEG Immobilien AG 220 23,909 0.07%
Kose Corp. 200 43,100 0.13%
1&1 Drillisch AG 403 22,943 0.07%
Marui Group Co., Ltd. 1,800 37,929 0.11%
Hapag-Lloyd AG 453 16,131 0.05%
CyberAgent, Inc. 600 36,076 0.11%
KION Group AG 218 15,689 0.05%
Tokai Carbon Co., Ltd. 2,000 35,950 0.11%
Symrise AG 171 14,994 0.04%
Ryohin Keikaku Co., Ltd. 100 35,210 0.10%
Deutsche Post AG 375 12,246 0.04%
Hikari Tsushin, Inc. 200 35,155 0.10%
Infineon Technologies AG 461 11,750 0.03%
GMO Payment Gateway, Inc. 300 34,614 0.10%
HUGO BOSS AG 80 7,263 0.02%
Capcom Co., Ltd. 1,400 34,505 0.10%
969,521 2.86%
Asahi Intecc Co., Ltd. 900 34,045 0.10%
Hong Kong 1.27% (30 June 2017: 2.07%) Shimachu Co., Ltd. 1,000 31,779 0.09%
Galaxy Entertainment Group Ltd. 4,000 30,973 0.09% Shiseido Co., Ltd. 400 31,772 0.09%
Melco International Development Ltd. 10,000 30,782 0.09% FamilyMart UNY Holdings Co., Ltd. 300 31,580 0.09%
Wynn Macau Ltd. 9,200 29,610 0.09% Sankyu, Inc. 600 31,526 0.09%
Sa Sa International Holdings Ltd. 42,000 26,660 0.08% Oriental Land Co., Ltd. 300 31,486 0.09%
Shougang Fushan Resources Group Otsuka Corp. 800 31,382 0.09%
Ltd. 104,000 24,789 0.07% Showa Denko KK 700 31,093 0.09%
Xinyi Glass Holdings Ltd. 20,000 24,447 0.07% Pola Orbis Holdings, Inc. 700 30,808 0.09%
Prada SpA 4,900 22,672 0.07% Daiichi Sankyo Co., Ltd. 800 30,602 0.09%
Kerry Properties Ltd. 4,500 21,538 0.07% Nidec Corp. 200 30,018 0.09%
Towngas China Co., Ltd. 22,000 21,340 0.06% Rengo Co., Ltd. 3,400 29,928 0.09%
Lifestyle International Holdings Ltd. 8,500 18,028 0.05% Open House Co., Ltd. 500 29,612 0.09%
Sun Art Retail Group Ltd. 13,500 17,655 0.05% Bic Camera, Inc. 1,900 29,315 0.09%
Li & Fung Ltd. 48,000 17,620 0.05% Noevir Holdings Co., Ltd. 400 28,854 0.09%
MGM China Holdings Ltd. 6,800 15,775 0.05% Chiyoda Corp. 3,300 28,690 0.08%
Chow Tai Fook Jewellery Group Ltd. 13,200 14,873 0.05% JXTG Holdings, Inc. 4,100 28,509 0.08%
Hutchison Telecommunications Hong Tokyo Century Corp. 500 28,348 0.08%
Kong Holdings Ltd. 42,000 14,829 0.05% SBI Holdings, Inc. 1,100 28,343 0.08%
Huabao International Holdings Ltd. 23,000 14,717 0.04% Cosmo Energy Holdings Co., Ltd. 800 28,096 0.08%
Wharf Real Estate Investment Co., Sysmex Corp. 300 28,005 0.08%
Ltd. 2,000 14,238 0.04% M3, Inc. 700 27,901 0.08%
Shui On Land Ltd. 53,500 13,570 0.04% Sojitz Corp. 7,600 27,583 0.08%
Xinyi Solar Holdings Ltd. 44,000 13,516 0.04% Sumitomo Metal Mining Co., Ltd. 700 26,783 0.08%
Techtronic Industries Co., Ltd. 2,000 11,153 0.03% Kusuri no Aoki Holdings Co., Ltd. 400 26,615 0.08%
Hang Seng Bank Ltd. 400 10,003 0.03% Seino Holdings Co., Ltd. 1,500 26,597 0.08%
WH Group Ltd. 9,500 7,738 0.02% Welcia Holdings Co., Ltd. 500 26,588 0.08%
AAC Technologies Holdings, Inc. 500 7,042 0.02% Kyowa Exeo Corp. 1,000 26,263 0.08%
SJM Holdings Ltd. 5,000 6,220 0.02% Nihon M&A Center, Inc. 900 26,123 0.08%
429,788 1.27% Hitachi Construction Machinery Co., Ltd. 800 26,001 0.08%
Ireland 0.48% (30 June 2017: 0.12%) Kobayashi Pharmaceutical Co., Ltd. 300 25,920 0.08%
Smurfit Kappa Group plc 2,123 85,937 0.25% Fukuyama Transporting Co., Ltd. 500 25,550 0.08%
Kingspan Group plc 803 40,202 0.12% Japan Steel Works Ltd. 1,000 25,234 0.07%
Kerry Group plc Class A 337 35,254 0.11% TS Tech Co., Ltd. 600 25,053 0.07%
PeptiDream, Inc. 600 24,972 0.07%
161,393 0.48%
198

Recruit Holdings Co., Ltd. 900 24,912 0.07% Fuji Media Holdings, Inc. 800 13,665 0.04%
Resorttrust, Inc. 1,400 24,773 0.07% Azbil Corp. 300 13,082 0.04%
House Foods Group, Inc. 700 24,773 0.07% Hamamatsu Photonics KK 300 12,892 0.04%
Yaskawa Electric Corp. 700 24,742 0.07% Hitachi Transport System Ltd. 500 12,811 0.04%
Sumitomo Corp. 1,500 24,647 0.07% Asahi Kasei Corp. 1,000 12,712 0.04%
Square Enix Holdings Co., Ltd. 500 24,556 0.07% Nisshin Seifun Group, Inc. 600 12,703 0.04%
Oracle Corp. Japan 300 24,511 0.07% Yamaha Motor Co., Ltd. 500 12,576 0.04%
Miura Co., Ltd. 1,000 24,313 0.07% Tsuruha Holdings, Inc. 100 12,540 0.04%
TV Asahi Holdings Corp. 1,100 24,162 0.07% Ebara Corp. 400 12,441 0.04%
Inpex Corp. 2,300 23,869 0.07% Kokuyo Co., Ltd. 700 12,431 0.04%
Ci:z Holdings Co., Ltd. 500 23,789 0.07% Nifco, Inc. 400 12,387 0.04%
Ichigo, Inc. 5,000 23,473 0.07% HIS Co., Ltd. 400 12,062 0.04%
Denka Co., Ltd. 700 23,351 0.07% JSR Corp. 700 11,919 0.04%
Mitsui & Co., Ltd. 1,400 23,351 0.07% Zeon Corp. 1,000 11,827 0.03%
Nexon Co., Ltd. 1,600 23,242 0.07% Taisho Pharmaceutical Holdings Co.,
Bank of Kyoto Ltd. 500 23,157 0.07% Ltd. 100 11,709 0.03%
PALTAC Corp. 400 23,040 0.07% Sony Financial Holdings, Inc. 600 11,462 0.03%
K’s Holdings Corp. 2,200 22,861 0.07% Taiyo Yuden Co., Ltd. 400 11,177 0.03%
Tokuyama Corp. 700 22,466 0.07% Persol Holdings Co., Ltd. 500 11,154 0.03%
Matsumotokiyoshi Holdings Co., Ltd. 500 22,457 0.07% Pilot Corp. 200 11,141 0.03%
SUMCO Corp. 1,100 22,215 0.07% Nihon Kohden Corp. 400 11,141 0.03%
JGC Corp. 1,100 22,176 0.07% Haseko Corp. 800 11,058 0.03%
Daifuku Co., Ltd. 500 21,916 0.06% FP Corp. 200 11,050 0.03%
Fuji Oil Holdings, Inc. 600 21,559 0.06% Taisei Corp. 200 11,032 0.03%
Idemitsu Kosan Co., Ltd. 600 21,397 0.06% Aica Kogyo Co., Ltd. 300 10,536 0.03%
Japan Petroleum Exploration Co., Ltd. 800 20,895 0.06% Sony Corp. 200 10,227 0.03%
ITOCHU Corp. 1,100 19,936 0.06% TDK Corp. 100 10,220 0.03%
Leopalace21 Corp. 3,600 19,728 0.06% Kikkoman Corp. 200 10,093 0.03%
Pigeon Corp. 400 19,465 0.06% NS Solutions Corp. 400 10,086 0.03%
Nisshinbo Holdings, Inc. 1,800 19,338 0.06% Fukuoka Financial Group, Inc. 2,000 10,057 0.03%
Kyudenko Corp. 400 19,320 0.06% Nomura Research Institute Ltd. 200 9,696 0.03%
Rohto Pharmaceutical Co., Ltd. 600 19,257 0.06% Mitsubishi UFJ Lease & Finance Co.,
Don Quijote Holdings Co., Ltd. 400 19,212 0.06% Ltd. 1,500 9,222 0.03%
Sega Sammy Holdings, Inc. 1,100 18,849 0.06% Makita Corp. 200 8,965 0.03%
Ono Pharmaceutical Co., Ltd. 800 18,757 0.06% Tokai Tokyo Financial Holdings, Inc. 1,400 8,949 0.03%
MINEBEA MITSUMI, Inc. 1,100 18,611 0.05% Nomura Real Estate Holdings, Inc. 400 8,876 0.03%
Oji Holdings Corp. 3,000 18,607 0.05% Yamato Holdings Co., Ltd. 300 8,840 0.03%
Izumi Co., Ltd. 300 18,553 0.05% Kurita Water Industries Ltd. 300 8,559 0.03%
Shimadzu Corp. 600 18,147 0.05% Sumitomo Dainippon Pharma Co., Ltd. 400 8,468 0.03%
Yamato Kogyo Co., Ltd. 600 18,119 0.05% Suzuken Co., Ltd. 200 8,468 0.03%
Zensho Holdings Co., Ltd. 700 17,777 0.05% Ube Industries Ltd. 300 7,798 0.02%
MISUMI Group, Inc. 600 17,496 0.05% KAO Corp. 100 7,629 0.02%
Ariake Japan Co., Ltd. 200 17,226 0.05% J Front Retailing Co., Ltd. 500 7,615 0.02%
Tokyo Electron Ltd. 100 17,171 0.05% Chubu Electric Power Co., Inc. 500 7,498 0.02%
Hisamitsu Pharmaceutical Co., Inc. 200 16,883 0.05% Nippon Express Co., Ltd. 100 7,259 0.02%
Obic Co., Ltd. 200 16,558 0.05% Hitachi Ltd. 1,000 7,056 0.02%
ABC-Mart, Inc. 300 16,413 0.05% Eisai Co., Ltd. 100 7,046 0.02%
Sundrug Co., Ltd. 400 16,215 0.05% Horiba Ltd. 100 6,997 0.02%
Kirin Holdings Co., Ltd. 600 16,050 0.05% 3,050,241 9.00%
Coca-Cola Bottlers Japan Holdings, Inc. 400 15,980 0.05% Netherlands 0.91% (30 June 2017: 0.90%)
Autobacs Seven Co., Ltd. 900 15,958 0.05%
Aegon NV 8,512 51,042 0.15%
COMSYS Holdings Corp. 600 15,920 0.05%
ArcelorMittal 1,701 49,869 0.15%
Chugai Pharmaceutical Co., Ltd. 300 15,736 0.05%
ASR Nederland NV 1,186 48,437 0.14%
Nitori Holdings Co., Ltd. 100 15,601 0.05%
Koninklijke DSM NV 396 39,818 0.12%
Yamaha Corp. 300 15,601 0.05%
ASML Holding NV 200 39,627 0.12%
Penta-Ocean Construction Co., Ltd. 2,300 15,407 0.05%
NN Group NV 732 29,776 0.09%
Asahi Group Holdings Ltd. 300 15,362 0.05%
ABN AMRO Group NV GDR 1,105 28,667 0.08%
Fuji Electric Co., Ltd. 2,000 15,239 0.04%
Akzo Nobel NV 151 12,926 0.04%
Aeon Co., Ltd. 700 14,978 0.04%
Wolters Kluwer NV 137 7,719 0.02%
ANA Holdings, Inc. 400 14,694 0.04%
307,881 0.91%
Nissin Foods Holdings Co., Ltd. 200 14,463 0.04%
Shima Seiki Manufacturing Ltd. 300 14,328 0.04% New Zealand 0.14% (30 June 2017: 0.07%)
Komatsu Ltd. 500 14,301 0.04% Fisher & Paykel Healthcare Corp., Ltd. 2,100 21,171 0.06%
Omron Corp. 300 14,003 0.04% Ryman Healthcare Ltd. 1,793 14,531 0.04%
TOTO Ltd. 300 13,921 0.04% Air New Zealand Ltd. 5,864 12,605 0.04%
TIS, Inc. 300 13,813 0.04% 48,307 0.14%
199

Norway 0.58% (30 June 2017: 0.42%) Spain 0.58% (30 June 2017: 1.43%)
Aker BP A.S.A 1,720 63,479 0.19% Cellnex Telecom SA 1,964 49,530 0.15%
Equinor A.S.A 2,284 60,642 0.18% International Consolidated
Telenor A.S.A 1,675 34,351 0.10% Airlines Group SA 5,557 48,715 0.15%
Marine Harvest A.S.A 1,131 22,508 0.06% Amadeus IT Group SA 484 38,201 0.11%
Golar LNG Ltd. 569 16,763 0.05% Bankinter SA 3,583 34,897 0.10%
197,743 0.58% Aena SME SA 130 23,602 0.07%
Portugal 0.19% (30 June 2017: 0.00%) 194,945 0.58%
Galp Energia SGPS SA 2,161 41,215 0.12% Sweden 0.81% (30 June 2017: 1.27%)
EDP Renovaveis SA 2,208 23,021 0.07% Lundin Petroleum AB 1,925 61,477 0.18%
64,236 0.19% Svenska Cellulosa AB SCA Class B 5,458 59,375 0.18%
Swedish Match AB 945 46,870 0.14%
Singapore 0.33% (30 June 2017: 0.37%)
Kinnevik AB Class B 964 33,071 0.10%
DBS Group Holdings Ltd. 1,300 25,371 0.08% Hexagon AB Class B 494 27,582 0.08%
Sembcorp Marine Ltd. 16,600 24,836 0.07% Tele2 AB Class B 2,053 24,165 0.07%
Venture Corp., Ltd. 1,100 14,392 0.04% Telefonaktiebolaget LM Ericsson
United Overseas Bank Ltd. 700 13,738 0.04% Class B 2,846 22,034 0.06%
274,574 0.81%
UOL Group Ltd. 2,100 11,736 0.03%
City Developments Ltd. 1,400 11,222 0.03%
Temenos Group AG 439 66,318 0.19%
113,247 0.33%
Partners Group Holding AG 70 51,287 0.15%
Old Mutual Ltd. 18,646 37,025 0.11% Georg Fischer AG 24 30,721 0.09%
37,025 0.11% Vifor Pharma AG 190 30,357 0.09%
South Korea 2.19% (30 June 2017: 2.18%) OC Oerlikon Corp. AG 1,935 29,601 0.09%
ams AG 304 22,588 0.07%
Celltrion Healthcare Co., Ltd. 408 40,599 0.12%
Swatch Group AG 29 13,759 0.04%
Celltrion, Inc. 138 37,580 0.11%
Orion Corp. 262 35,027 0.10% 282,276 0.83%
Hotel Shilla Co., Ltd. 305 33,798 0.10% United Kingdom 6.29% (30 June 2017: 6.66%)
Samsung Electro-Mechanics Co., Ltd. 253 33,711 0.10% Evraz plc 13,693 91,909 0.27%
SillaJen, Inc. 493 32,424 0.10% Royal Mail plc 13,273 88,565 0.26%
LOTTE Fine Chemical Co., Ltd. 552 32,194 0.10% Anglo American plc 3,513 78,605 0.23%
Shinsegae, Inc. 84 30,261 0.09% BHP Billiton plc 3,377 76,062 0.22%
SK Hynix, Inc. 374 28,759 0.09% KAZ Minerals plc 6,638 73,879 0.22%
Korea Investment Holdings Co., Ltd. 333 25,128 0.07% Tesco plc 21,644 73,353 0.22%
Paradise Co., Ltd. 1,548 25,071 0.07% Rio Tinto plc 1,282 71,104 0.21%
Samsung SDS Co., Ltd. 132 23,747 0.07% Next plc 869 69,411 0.20%
OCI Co., Ltd. 255 23,567 0.07% Intertek Group plc 903 68,145 0.20%
Hyundai Engineering & Construction Hargreaves Lansdown plc 2,488 64,759 0.19%
Co., Ltd. 453 23,372 0.07% BP plc 8,197 62,584 0.18%
Samsung Engineering Co., Ltd. 1,628 22,861 0.07% TUI AG 2,834 62,204 0.18%
Industrial Bank of Korea 1,587 21,929 0.06% Berkeley Group Holdings plc 1,205 60,216 0.18%
KB Financial Group, Inc. 459 21,745 0.06% Halma plc 3,307 59,815 0.18%
POSCO 65 19,188 0.06% Royal Dutch Shell plc Class A 1,715 59,527 0.18%
SKC Co., Ltd. 479 18,545 0.05% Antofagasta plc 4,367 57,079 0.17%
E-MART, Inc. 77 17,583 0.05% InterContinental Hotels Group plc 910 56,707 0.17%
SK Innovation Co., Ltd. 94 17,037 0.05% Croda International plc 880 55,791 0.16%
Hyundai Construction Equipment Co., Persimmon plc 1,590 53,173 0.16%
Ltd. 128 16,194 0.05%
easyJet plc 2,399 52,989 0.16%
Weir Group plc 1,995 52,678 0.16%
Korea Gas Corp. 277 15,956 0.05%
Ashtead Group plc 1,751 52,546 0.16%
LG Household & Health Care Ltd. 12 15,031 0.04%
Ashmore Group plc 10,501 51,713 0.15%
Samsung Biologics Co., Ltd. 39 14,592 0.04%
Bellway plc 1,293 51,281 0.15%
S-Oil Corp. 141 13,853 0.04%
Pearson plc 4,206 49,144 0.15%
GS Engineering & Construction Corp. 328 13,538 0.04%
Glencore plc 10,110 48,319 0.14%
HSBC Holdings plc 4,855 45,555 0.13%
Hanmi Pharm Co., Ltd. 29 10,955 0.03%
DS Smith plc 5,413 37,248 0.11%
LG Chem Ltd. 33 9,875 0.03%
J Sainsbury plc 8,232 34,909 0.10%
LG Electronics, Inc. 130 9,682 0.03%
William Hill plc 8,640 34,609 0.10%
London Stock Exchange Group plc 579 34,177 0.10%
Hyundai Glovis Co., Ltd. 81 8,394 0.03%
Hiscox Ltd. 1,639 32,999 0.10%
NH Investment & Securities Co., Ltd. 540 7,244 0.02%
Howden Joinery Group plc 4,464 31,601 0.09%
SK Holdings Co., Ltd. 26 6,042 0.02%
Melrose Industries plc 10,499 29,483 0.09%
741,891 2.19% Just Eat plc 2,732 28,098 0.08%
Spirax-Sarco Engineering plc 316 27,201 0.08%
200

Johnson Matthey plc 473 22,600 0.07% Carvana Co. Class A 1,595 66,352 0.20%
CYBG plc 5,292 22,190 0.07% HollyFrontier Corp. 967 66,172 0.20%
Informa plc 1,996 22,004 0.06% Waste Connections, Inc. 831 62,560 0.18%
Diageo plc 602 21,634 0.06% Cisco Systems, Inc. 1,370 58,951 0.17%
Investec plc 2,787 19,796 0.06% SunTrust Banks, Inc. 871 57,503 0.17%
Direct Line Insurance Group plc 4,141 18,747 0.06% HCA Healthcare, Inc. 544 55,814 0.16%
Prudential plc 617 14,129 0.04% Visa, Inc. Class A 416 55,099 0.16%
Quilter plc 6,215 11,891 0.04% Bank of America Corp. 1,934 54,519 0.16%
2,130,429 6.29% Align Technology, Inc. 156 53,374 0.16%
Sage Therapeutics, Inc. 339 53,064 0.16%
Lululemon Athletica, Inc. 419 52,312 0.15%
Netflix, Inc. 522 204,326 0.60%
Activision Blizzard, Inc. 679 51,821 0.15%
ConocoPhillips 2,448 170,430 0.50%
Twitter, Inc. 1,170 51,094 0.15%
Anadarko Petroleum Corp. 2,275 166,644 0.49%
JPMorgan Chase & Co. 474 49,391 0.15%
Amazon.com, Inc. 96 163,181 0.48%
Square, Inc. Class A 772 47,586 0.14%
Boeing Co. 486 163,058 0.48%
AxoGen, Inc. 945 47,486 0.14%
REGENXBIO, Inc. 655 46,996 0.14%
Estee Lauder Cos, Inc. Class A 1,136 162,096 0.48%
Columbia Sportswear Co. 512 46,833 0.14%
Adobe Systems, Inc. 652 158,964 0.47%
Molina Healthcare, Inc. 469 45,934 0.14%
American Express Co. 467 45,766 0.14%
Southern Copper Corp. 3,319 155,562 0.46%
GrubHub, Inc. 427 44,797 0.13%
Phillips 66 1,372 154,089 0.45%
ABIOMED, Inc. 109 44,586 0.13%
Progressive Corp. 2,603 153,967 0.45%
Weight Watchers International, Inc. 435 43,979 0.13%
Union Pacific Corp. 309 43,779 0.13%
CME Group, Inc. Class A 908 148,839 0.44%
Cimpress NV 301 43,633 0.13%
Illumina, Inc. 531 148,303 0.44%
IAC/InterActiveCorp 286 43,612 0.13%
VF Corp. 1,809 147,470 0.44%
Centene Corp. 350 43,124 0.13%
TD Ameritrade Holding Corp. 2,688 147,222 0.43%
Copart, Inc. 762 43,099 0.13%
EOG Resources, Inc. 1,170 145,583 0.43%
Peabody Energy Corp. 936 42,569 0.13%
Occidental Petroleum Corp. 1,720 143,930 0.42%
PNC Financial Services Group, Inc. 310 41,881 0.12%
Marathon Petroleum Corp. 2,023 141,934 0.42%
Insulet Corp. 484 41,479 0.12%
Mastercard, Inc. Class A 691 135,795 0.40%
Five Below, Inc. 423 41,331 0.12%
NVIDIA Corp. 568 134,559 0.40%
Michael Kors Holdings Ltd. 619 41,225 0.12%
Intuit, Inc. 625 127,691 0.38%
Kohl’s Corp. 559 40,751 0.12%
Pioneer Natural Resources Co. 644 121,871 0.36%
WPX Energy, Inc. 2,229 40,189 0.12%
Target Corp. 1,530 116,464 0.34%
Arista Networks, Inc. 156 40,168 0.12%
Caterpillar, Inc. 842 114,234 0.34%
Norfolk Southern Corp. 266 40,131 0.12%
Moody’s Corp. 665 113,422 0.33%
Old Dominion Freight Line, Inc. 269 40,070 0.12%
S&P Global, Inc. 555 113,159 0.33%
Cognizant Technology Solutions Corp.
Marriott International, Inc. Class A 893 113,054 0.33% Class A 506 39,969 0.12%
Las Vegas Sands Corp. 1,435 109,577 0.32% United States Steel Corp. 1,150 39,963 0.12%
Intel Corp. 2,159 107,324 0.32% TransUnion 555 39,760 0.12%
AbbVie, Inc. 1,132 104,880 0.31% Etsy, Inc. 941 39,701 0.12%
Zoetis, Inc. Class A 1,213 103,335 0.31% Marathon Oil Corp. 1,897 39,571 0.12%
Microsoft Corp. 1,013 99,892 0.29% Ralph Lauren Corp. Class A 311 39,099 0.12%
Accenture plc Class A 610 99,790 0.29% WEX, Inc. 204 38,858 0.11%
Anthem, Inc. 417 99,259 0.29% W&T Offshore, Inc. 5,431 38,832 0.11%
NextEra Energy, Inc. 589 98,381 0.29% WW Grainger, Inc. 125 38,550 0.11%
Madrigal Pharmaceuticals, Inc. 348 97,332 0.29% Collegium Pharmaceutical, Inc. 1,613 38,470 0.11%
Halliburton Co. 2,118 95,437 0.28% ICU Medical, Inc. 131 38,468 0.11%
Ross Stores, Inc. 1,081 91,615 0.27% Hess Corp. 573 38,328 0.11%
Northrop Grumman Corp. 291 89,541 0.26% Zendesk, Inc. 702 38,252 0.11%
BlackRock, Inc. Class A 179 89,328 0.26% Continental Resources, Inc. 581 37,626 0.11%
NIKE, Inc. Class B 1,119 89,162 0.26% Alcoa Corp. 800 37,504 0.11%
UnitedHealth Group, Inc. 363 89,058 0.26% Jones Lang LaSalle, Inc. 225 37,348 0.11%
Raytheon Co. 455 87,897 0.26% PVH Corp. 248 37,131 0.11%
Constellation Brands, Inc. Class A 398 87,110 0.26% ASGN, Inc. 473 36,984 0.11%
Salesforce.com, Inc. 637 86,887 0.26% Paycom Software, Inc. 369 36,468 0.11%
FedEx Corp. 381 86,510 0.26% Thermo Fisher Scientific, Inc. 176 36,457 0.11%
Charles Schwab Corp. 1,614 82,475 0.24% XPO Logistics, Inc. 360 36,065 0.11%
Abbott Laboratories 1,349 82,276 0.24% Harris Corp. 248 35,846 0.11%
Sirius XM Holdings, Inc. 12,143 82,208 0.24% Tabula Rasa HealthCare, Inc. 561 35,809 0.11%
PayPal Holdings, Inc. 919 76,525 0.23% PBF Energy, Inc. Class A 854 35,808 0.11%
Sarepta Therapeutics, Inc. 574 75,871 0.22% Encompass Health Corp. 528 35,756 0.11%
Lockheed Martin Corp. 247 72,971 0.22% Sangamo Therapeutics, Inc. 2,512 35,670 0.11%
LyondellBasell Industries NV Class A 659 72,391 0.21% PTC, Inc. 380 35,648 0.11%
BB&T Corp. 1,421 71,675 0.21% Best Buy Co., Inc. 477 35,575 0.11%
201

Transocean Ltd. 2,639 35,468 0.10% Crocs, Inc. 1,603 28,229 0.08%
Scientific Games Corp. Class A 714 35,093 0.10% CF Industries Holdings, Inc. 630 27,972 0.08%
Boyd Gaming Corp. 1,009 34,972 0.10% Fate Therapeutics, Inc. 2,464 27,942 0.08%
2U, Inc. 418 34,928 0.10% Warrior Met Coal, Inc. 1,013 27,928 0.08%
E*TRADE Financial Corp. 571 34,922 0.10% FTI Consulting, Inc. 460 27,821 0.08%
HubSpot, Inc. 276 34,610 0.10% Comtech Telecommunications Corp. 867 27,640 0.08%
Red Hat, Inc. 257 34,533 0.10% Broadridge Financial Solutions, Inc. 238 27,394 0.08%
Take-Two Interactive Software, Inc. 291 34,443 0.10% Bristow Group, Inc. 1,940 27,373 0.08%
CoStar Group, Inc. 83 34,248 0.10% Comerica, Inc. 301 27,367 0.08%
TCF Financial Corp. 1,390 34,222 0.10% Cerus Corp. 4,095 27,314 0.08%
World Wrestling Entertainment, Inc. ION Geophysical Corp. 1,124 27,313 0.08%
Class A 467 34,007 0.10% Hamilton Lane, Inc. Class A 569 27,295 0.08%
NetApp, Inc. 433 34,004 0.10% Insperity, Inc. 286 27,242 0.08%
NRG Energy, Inc. 1,104 33,893 0.10% MyoKardia, Inc. 548 27,208 0.08%
Neurocrine Biosciences, Inc. 343 33,696 0.10% Glu Mobile, Inc. 4,243 27,198 0.08%
Immunomedics, Inc. 1,423 33,682 0.10% Freeport-McMoRan, Inc. 1,575 27,185 0.08%
CH Robinson Worldwide, Inc. 402 33,631 0.10% Cheniere Energy, Inc. 417 27,184 0.08%
RealPage, Inc. 609 33,556 0.10% American Eagle Outfitters, Inc. 1,169 27,179 0.08%
Curtiss-Wright Corp. 281 33,445 0.10% Seagate Technology plc 481 27,162 0.08%
Westlake Chemical Corp. 310 33,365 0.10% Hewlett Packard Enterprise Co. 1,858 27,145 0.08%
Interactive Brokers Group, Inc. Class A 517 33,300 0.10% Palo Alto Networks, Inc. 132 27,122 0.08%
BWX Technologies, Inc. 531 33,092 0.10% Alteryx, Inc. Class A 708 27,017 0.08%
Regions Financial Corp. 1,838 32,680 0.10% Denbury Resources, Inc. 5,616 27,013 0.08%
Floor & Decor Holdings, Inc. Class A 662 32,656 0.10% CNX Resources Corp. 1,516 26,955 0.08%
Diamondback Energy, Inc. 247 32,498 0.10% Cintas Corp. 145 26,835 0.08%
Medifast, Inc. 202 32,352 0.10% NVR, Inc. 9 26,733 0.08%
Agios Pharmaceuticals, Inc. 384 32,344 0.10% Match Group, Inc. 690 26,731 0.08%
Chemed Corp. 100 32,181 0.10% Lazard Ltd. Class A 546 26,705 0.08%
California Resources Corp. 707 32,126 0.09% Vonage Holdings Corp. 2,071 26,695 0.08%
ServiceNow, Inc. 186 32,079 0.09% Haemonetics Corp. 297 26,635 0.08%
ONEOK, Inc. 459 32,052 0.09% MSCI, Inc. Class A 161 26,634 0.08%
VMware, Inc. Class A 218 32,039 0.09% WellCare Health Plans, Inc. 108 26,594 0.08%
Akamai Technologies, Inc. 432 31,635 0.09% World Acceptance Corp. 239 26,531 0.08%
Ubiquiti Networks, Inc. 373 31,601 0.09% Abercrombie & Fitch Co. Class A 1,075 26,316 0.08%
Loxo Oncology, Inc. 182 31,573 0.09% SVB Financial Group 91 26,277 0.08%
GoDaddy, Inc. Class A 447 31,558 0.09% Wingstop, Inc. 504 26,268 0.08%
Herbalife Nutrition Ltd. 583 31,319 0.09% Grand Canyon Education, Inc. 235 26,228 0.08%
Inogen, Inc. 168 31,303 0.09% Axon Enterprise, Inc. 415 26,220 0.08%
Wynn Resorts Ltd. 187 31,293 0.09% USA Technologies, Inc. 1,868 26,152 0.08%
Steel Dynamics, Inc. 679 31,200 0.09% IPG Photonics Corp. 118 26,034 0.08%
Burlington Stores, Inc. 206 31,009 0.09% RadNet, Inc. 1,734 26,010 0.08%
Texas Roadhouse, Inc. Class A 470 30,790 0.09% Nutanix, Inc. Class A 504 25,991 0.08%
Bancorp, Inc. 2,943 30,784 0.09% Chegg, Inc. 935 25,984 0.08%
LPL Financial Holdings, Inc. 468 30,673 0.09% Cutera, Inc. 644 25,953 0.08%
Lamb Weston Holdings, Inc. 447 30,624 0.09% Quidel Corp. 390 25,935 0.08%
Verso Corp. Class A 1,403 30,529 0.09% Albany International Corp. Class A 431 25,925 0.08%
RH 218 30,455 0.09% CVR Energy, Inc. 699 25,856 0.08%
Enanta Pharmaceuticals, Inc. 262 30,366 0.09% PulteGroup, Inc. 896 25,760 0.08%
Intelsat SA 1,822 30,355 0.09% Heron Therapeutics, Inc. 663 25,758 0.08%
Pioneer Energy Services Corp. 5,186 30,338 0.09% Casella Waste Systems, Inc. Class A 1,005 25,738 0.08%
WildHorse Resource Development Helmerich & Payne, Inc. 403 25,695 0.08%
Corp. 1,193 30,254 0.09% ImmunoGen, Inc. 2,636 25,648 0.08%
Atara Biotherapeutics, Inc. 797 29,290 0.09% DowDuPont, Inc. 388 25,577 0.08%
Penumbra, Inc. 211 29,150 0.09% SS&C Technologies Holdings, Inc. 492 25,535 0.08%
T Rowe Price Group, Inc. 251 29,139 0.09% Teladoc, Inc. 439 25,484 0.08%
EPAM Systems, Inc. 234 29,093 0.09% Varonis Systems, Inc. 342 25,479 0.08%
Movado Group, Inc. 602 29,077 0.09% QuinStreet, Inc. 2,002 25,425 0.08%
Splunk, Inc. 292 28,940 0.09% Rollins, Inc. 482 25,344 0.07%
FirstEnergy Corp. 803 28,836 0.09% Dine Brands Global, Inc. 338 25,282 0.07%
Sunrun, Inc. 2,189 28,785 0.09% Nektar Therapeutics Class A 517 25,245 0.07%
Fortinet, Inc. 461 28,780 0.09% Proto Labs, Inc. 212 25,217 0.07%
G-III Apparel Group Ltd. 645 28,638 0.08% RingCentral, Inc. Class A 358 25,185 0.07%
Planet Fitness, Inc. Class A 651 28,605 0.08% Bluebird Bio, Inc. 160 25,112 0.07%
Tableau Software, Inc. Class A 292 28,543 0.08% FLIR Systems, Inc. 482 25,050 0.07%
Qualys, Inc. 338 28,493 0.08% MGP Ingredients, Inc. 282 25,044 0.07%
Urban Outfitters, Inc. 639 28,467 0.08% Yum! Brands, Inc. 320 25,030 0.07%
Credit Acceptance Corp. 80 28,272 0.08% Intrepid Potash, Inc. 6,102 25,018 0.07%
202

Teleflex, Inc. 93 24,944 0.07% H&E Equipment Services, Inc. 578 21,739 0.06%
Total System Services, Inc. 295 24,933 0.07% Santander Consumer USA Holdings,
ServiceMaster Global Holdings, Inc. 419 24,918 0.07% Inc. 1,136 21,686 0.06%
BofI Holding, Inc. 607 24,832 0.07% Dollar General Corp. 219 21,593 0.06%
Virtu Financial, Inc. Class A 935 24,824 0.07% Clearside Biomedical, Inc. 2,014 21,530 0.06%
LendingTree, Inc. 116 24,801 0.07% Chart Industries, Inc. 349 21,526 0.06%
DR Horton, Inc. 600 24,600 0.07% Macy’s, Inc. 574 21,485 0.06%
First Solar, Inc. 467 24,592 0.07% Xylem, Inc. 317 21,359 0.06%
Providence Service Corp. 313 24,586 0.07% Carter’s, Inc. 197 21,353 0.06%
Polaris Industries, Inc. 201 24,558 0.07% Conn’s, Inc. 647 21,351 0.06%
Boot Barn Holdings, Inc. 1,183 24,547 0.07% Tapestry, Inc. 456 21,300 0.06%
Spectrum Pharmaceuticals, Inc. 1,171 24,544 0.07% Audentes Therapeutics, Inc. 557 21,283 0.06%
FNF Group 652 24,528 0.07% Alnylam Pharmaceuticals, Inc. 216 21,274 0.06%
American Public Education, Inc. 580 24,418 0.07% PRA Health Sciences, Inc. 227 21,193 0.06%
ANSYS, Inc. 140 24,385 0.07% Avery Dennison Corp. 207 21,135 0.06%
Core Laboratories NV 193 24,359 0.07% Lands’ End, Inc. 753 21,009 0.06%
Gap, Inc. 752 24,357 0.07% CDW Corp. 260 21,005 0.06%
Whiting Petroleum Corp. 461 24,304 0.07% Deckers Outdoor Corp. 186 20,998 0.06%
Echo Global Logistics, Inc. 830 24,278 0.07% Guidewire Software, Inc. 236 20,952 0.06%
WaVe Life Sciences Ltd. 632 24,174 0.07% Teledyne Technologies, Inc. 105 20,901 0.06%
Globus Medical, Inc. Class A 479 24,170 0.07% MINDBODY, Inc. Class A 541 20,883 0.06%
First American Financial Corp. 465 24,050 0.07% G1 Therapeutics, Inc. 480 20,861 0.06%
Abraxas Petroleum Corp. 8,254 23,854 0.07% Diamond Offshore Drilling, Inc. 999 20,839 0.06%
New Relic, Inc. 237 23,840 0.07% Okta, Inc. Class A 412 20,752 0.06%
Brown-Forman Corp. Class B 483 23,672 0.07% Tailored Brands, Inc. 813 20,748 0.06%
Intellia Therapeutics, Inc. 865 23,666 0.07% Five9, Inc. 600 20,742 0.06%
McGrath RentCorp 374 23,663 0.07% USANA Health Sciences, Inc. 179 20,639 0.06%
Eldorado Resorts, Inc. 605 23,656 0.07% Texas Instruments, Inc. 187 20,617 0.06%
AMN Healthcare Services, Inc. 403 23,616 0.07% PTC Therapeutics, Inc. 610 20,575 0.06%
Buckle, Inc. 876 23,564 0.07% AMETEK, Inc. 285 20,566 0.06%
Spirit AeroSystems Holdings, Inc. Cabot Microelectronics Corp. 190 20,436 0.06%
Class A 274 23,539 0.07% Popular, Inc. 450 20,345 0.06%
Bright Horizons Family Solutions, Inc. 229 23,477 0.07% Green Dot Corp. Class A 277 20,329 0.06%
Editas Medicine, Inc. 654 23,433 0.07% FibroGen, Inc. 324 20,282 0.06%
Churchill Downs, Inc. 79 23,424 0.07% Fortive Corp. 263 20,280 0.06%
Assembly Biosciences, Inc. 597 23,408 0.07% Sorrento Therapeutics, Inc. 2,816 20,275 0.06%
Mammoth Energy Services, Inc. 689 23,398 0.07% Penn National Gaming, Inc. 600 20,154 0.06%
Triumph Bancorp, Inc. 574 23,391 0.07% Appfolio, Inc. Class A 329 20,118 0.06%
Graco, Inc. 513 23,198 0.07% Kelly Services, Inc. Class A 896 20,115 0.06%
SRC Energy, Inc. 2,102 23,164 0.07% Ollie’s Bargain Outlet Holdings, Inc. 277 20,083 0.06%
Zillow Group, Inc. Class C 392 23,152 0.07% Stamps.com, Inc. 79 19,991 0.06%
TriNet Group, Inc. 412 23,047 0.07% Kronos Worldwide, Inc. 883 19,894 0.06%
Aspen Technology, Inc. 248 23,000 0.07% Abeona Therapeutics, Inc. 1,241 19,856 0.06%
Triple-S Management Corp. Class B 588 22,967 0.07% Iovance Biotherapeutics, Inc. 1,548 19,814 0.06%
At Home Group, Inc. 585 22,903 0.07% LGI Homes, Inc. 343 19,801 0.06%
DXC Technology Co. 284 22,893 0.07% SEACOR Marine Holdings, Inc. 855 19,742 0.06%
Everbridge, Inc. 482 22,856 0.07% NMI Holdings, Inc. Class A 1,208 19,690 0.06%
Enova International, Inc. 624 22,807 0.07% Umpqua Holdings Corp. 862 19,473 0.06%
Novocure Ltd. 723 22,630 0.07% Spartan Motors, Inc. 1,285 19,404 0.06%
Huntsman Corp. 775 22,630 0.07% EZCORP, Inc. Class A 1,610 19,401 0.06%
Arena Pharmaceuticals, Inc. 518 22,585 0.07% Aerovironment, Inc. 271 19,358 0.06%
BlueLinx Holdings, Inc. 601 22,556 0.07% United Rentals, Inc. 131 19,338 0.06%
Citi Trends, Inc. 821 22,528 0.07% TransEnterix, Inc. 4,409 19,223 0.06%
Apptio, Inc. Class A 621 22,480 0.07% Karyopharm Therapeutics, Inc. 1,131 19,216 0.06%
SEI Investments Co. 359 22,445 0.07% Zebra Technologies Corp. Class A 134 19,196 0.06%
Shutterfly, Inc. 249 22,417 0.07% Coupa Software, Inc. 308 19,170 0.06%
SEACOR Holdings, Inc. 390 22,335 0.07% Johnson Outdoors, Inc. Class A 226 19,104 0.06%
Delek US Holdings, Inc. 441 22,125 0.07% Endocyte, Inc. 1,380 19,044 0.06%
Guess?, Inc. 1,033 22,106 0.07% Voyager Therapeutics, Inc. 971 18,973 0.06%
Mobile Mini, Inc. 471 22,090 0.07% New York Times Co. Class A 730 18,907 0.06%
Hilton Worldwide Holdings, Inc. 279 22,086 0.07% Aptiv plc 206 18,876 0.06%
Choice Hotels International, Inc. 292 22,075 0.07% Piper Jaffray Cos 244 18,751 0.06%
HighPoint Resources Corp. 3,628 22,058 0.07% Catalyst Biosciences, Inc. 1,601 18,684 0.06%
Nu Skin Enterprises, Inc. Class A 282 22,050 0.07% Workday, Inc. Class A 154 18,652 0.06%
Saia, Inc. 272 21,991 0.07% LivaNova plc 185 18,467 0.05%
Novanta, Inc. 351 21,867 0.06% ON Semiconductor Corp. 830 18,455 0.05%
SM Energy Co. 847 21,759 0.06% Global Blood Therapeutics, Inc. 408 18,442 0.05%
203

Health Insurance Innovations, Inc. LivePerson, Inc. 731 15,424 0.05%
Class A 568 18,375 0.05% Arch Coal, Inc. Class A 196 15,372 0.05%
Schnitzer Steel Industries, Inc. Class A 545 18,367 0.05% PGT Innovations, Inc. 733 15,283 0.05%
Kura Oncology, Inc. 999 18,182 0.05% BankUnited, Inc. 373 15,237 0.05%
AMAG Pharmaceuticals, Inc. 932 18,174 0.05% Blueprint Medicines Corp. 240 15,235 0.05%
GTT Communications, Inc. 403 18,135 0.05% SMART Global Holdings, Inc. 478 15,234 0.05%
Hill-Rom Holdings, Inc. 207 18,079 0.05% Federal Agricultural Mortgage Corp.
Tactile Systems Technology, Inc. 347 18,044 0.05% Class C 170 15,212 0.04%
Upland Software, Inc. 524 18,010 0.05% Pieris Pharmaceuticals, Inc. 3,000 15,210 0.04%
Overstock.com, Inc. 534 17,969 0.05% WD-40 Co. 104 15,210 0.04%
Autodesk, Inc. 137 17,959 0.05% Viking Therapeutics, Inc. 1,599 15,175 0.04%
Primerica, Inc. 179 17,828 0.05% HealthEquity, Inc. 202 15,170 0.04%
Array BioPharma, Inc. 1,062 17,820 0.05% Cavco Industries, Inc. 73 15,158 0.04%
Aerojet Rocketdyne Holdings, Inc. 602 17,753 0.05% Kemper Corp. 200 15,130 0.04%
Syntel, Inc. 553 17,746 0.05% Forestar Group, Inc. 728 15,106 0.04%
Adtalem Global Education, Inc. 368 17,701 0.05% Edwards Lifesciences Corp. 103 14,994 0.04%
TopBuild Corp. 225 17,627 0.05% TG Therapeutics, Inc. 1,139 14,978 0.04%
ResMed, Inc. 170 17,609 0.05% Inter Parfums, Inc. 278 14,873 0.04%
Intersect ENT, Inc. 470 17,602 0.05% Materion Corp. 274 14,837 0.04%
Pure Storage, Inc. Class A 737 17,600 0.05% Vera Bradley, Inc. 1,056 14,826 0.04%
Dillard’s, Inc. Class A 186 17,577 0.05% Cleveland-Cliffs, Inc. 1,757 14,812 0.04%
Zogenix, Inc. 397 17,547 0.05% Silicon Laboratories, Inc. 148 14,741 0.04%
IDEX Corp. 128 17,469 0.05% Chefs’ Warehouse, Inc. 515 14,678 0.04%
Veeva Systems, Inc. Class A 226 17,370 0.05% Acceleron Pharma, Inc. 302 14,653 0.04%
iRhythm Technologies, Inc. 214 17,362 0.05% Tandem Diabetes Care, Inc. 665 14,643 0.04%
Fossil Group, Inc. 646 17,358 0.05% Ally Financial, Inc. 555 14,580 0.04%
Hortonworks, Inc. 952 17,345 0.05% Talos Energy, Inc. 453 14,555 0.04%
TETRA Technologies, Inc. 3,895 17,333 0.05% Marvell Technology Group Ltd. 678 14,536 0.04%
Rayonier Advanced Materials, Inc. 1,012 17,295 0.05% FleetCor Technologies, Inc. 69 14,535 0.04%
Lear Corp. 93 17,280 0.05% GCI Liberty, Inc. Class A 322 14,516 0.04%
Cantel Medical Corp. 175 17,213 0.05% Marten Transport Ltd. 619 14,516 0.04%
Matrix Service Co. 936 17,176 0.05% Ligand Pharmaceuticals, Inc. 70 14,502 0.04%
Systemax, Inc. 500 17,165 0.05% Energous Corp. 976 14,474 0.04%
Houlihan Lokey, Inc. Class A 334 17,107 0.05% Red Rock Resorts, Inc. Class A 432 14,472 0.04%
Avis Budget Group, Inc. 526 17,095 0.05% Astronics Corp. 402 14,460 0.04%
Novavax, Inc. 12,756 17,093 0.05% Supernus Pharmaceuticals, Inc. 239 14,304 0.04%
Evercore, Inc. Class A 162 17,083 0.05% HEICO Corp. 196 14,294 0.04%
Adamas Pharmaceuticals, Inc. 661 17,074 0.05% KB Home 523 14,247 0.04%
AnaptysBio, Inc. 239 16,979 0.05% Amicus Therapeutics, Inc. 912 14,245 0.04%
Hanover Insurance Group, Inc. 142 16,978 0.05% CytomX Therapeutics, Inc. 622 14,219 0.04%
NV5 Global, Inc. 243 16,840 0.05% News Corp. Class A 916 14,198 0.04%
FirstCash, Inc. 187 16,802 0.05% Walker & Dunlop, Inc. 255 14,191 0.04%
Insmed, Inc. 709 16,768 0.05% Hyatt Hotels Corp. Class A 183 14,118 0.04%
American Financial Group, Inc. 156 16,744 0.05% Ferro Corp. 677 14,115 0.04%
Allegheny Technologies, Inc. 666 16,730 0.05% Kinsale Capital Group, Inc. 257 14,099 0.04%
OFG Bancorp 1,185 16,649 0.05% Merit Medical Systems, Inc. 275 14,080 0.04%
Career Education Corp. 1,020 16,493 0.05% Malibu Boats, Inc. Class A 334 14,008 0.04%
Universal Insurance Holdings, Inc. 469 16,462 0.05% PROS Holdings, Inc. 383 14,006 0.04%
Geron Corp. 4,794 16,443 0.05% Builders FirstSource, Inc. 763 13,955 0.04%
Stemline Therapeutics, Inc. 1,023 16,419 0.05% Teekay Corp. 1,796 13,919 0.04%
Newpark Resources, Inc. 1,511 16,394 0.05% Trex Co., Inc. 222 13,895 0.04%
Heritage Insurance Holdings, Inc. 976 16,270 0.05% Aimmune Therapeutics, Inc. 514 13,821 0.04%
Model N, Inc. 873 16,238 0.05% Vistra Energy Corp. 584 13,817 0.04%
Kraton Corp. 350 16,149 0.05% Ocwen Financial Corp. 3,472 13,749 0.04%
Matador Resources Co. 534 16,047 0.05% KEMET Corp. 569 13,741 0.04%
Instructure, Inc. 377 16,041 0.05% Commerce Bancshares, Inc. 212 13,719 0.04%
Oil States International, Inc. 496 15,922 0.05% First Citizens BancShares, Inc. Class A 34 13,712 0.04%
Immersion Corp. 1,031 15,919 0.05% Boingo Wireless, Inc. 605 13,667 0.04%
American Equity Investment Life Verastem, Inc. 1,976 13,595 0.04%
Holding Co. 440 15,840 0.05% Q2 Holdings, Inc. 238 13,578 0.04%
Freshpet, Inc. 577 15,839 0.05% Halozyme Therapeutics, Inc. 804 13,563 0.04%
Blucora, Inc. 424 15,688 0.05% STAAR Surgical Co. 435 13,485 0.04%
Monolithic Power Systems, Inc. 117 15,639 0.05% Progress Software Corp. 347 13,471 0.04%
Intra-Cellular Therapies, Inc. Class A 885 15,638 0.05% Zumiez, Inc. 537 13,452 0.04%
Calavo Growers, Inc. 162 15,576 0.05% Heidrick & Struggles International, Inc. 383 13,405 0.04%
SiteOne Landscape Supply, Inc. 185 15,534 0.05% KMG Chemicals, Inc. 181 13,354 0.04%
Columbus McKinnon Corp. 357 15,480 0.05% Bank of NT Butterfield & Son Ltd. 292 13,350 0.04%
204

BOK Financial Corp. 142 13,349 0.04% SPX FLOW, Inc. 241 10,549 0.03%
Hilton Grand Vacations, Inc. 382 13,255 0.04% Monarch Casino & Resort, Inc. 238 10,484 0.03%
PennyMac Financial Services, Inc. Herc Holdings, Inc. 186 10,479 0.03%
Class A 674 13,244 0.04% Emergent BioSolutions, Inc. 204 10,300 0.03%
Lennox International, Inc. 66 13,210 0.04% Barrett Business Services, Inc. 106 10,236 0.03%
Federal Signal Corp. 567 13,205 0.04% Titan Machinery, Inc. 658 10,232 0.03%
Magellan Health, Inc. 137 13,145 0.04% First BanCorp 1,307 9,999 0.03%
Carbonite, Inc. 376 13,122 0.04% International Game Technology plc 428 9,947 0.03%
Blackbaud, Inc. 127 13,011 0.04% Madison Square Garden Co. Class A 32 9,926 0.03%
Teradata Corp. 324 13,009 0.04% United Insurance Holdings Corp. 506 9,907 0.03%
Opus Bank 452 12,972 0.04% VeriSign, Inc. 72 9,894 0.03%
DexCom, Inc. 136 12,917 0.04% Drive Shack, Inc. 1,275 9,843 0.03%
Motorola Solutions, Inc. 111 12,917 0.04% Vicor Corp. 226 9,842 0.03%
Twilio, Inc. Class A 230 12,885 0.04% Texas Capital Bancshares, Inc. 107 9,791 0.03%
Littelfuse, Inc. 56 12,778 0.04% Voya Financial, Inc. 208 9,776 0.03%
Workiva, Inc. Class A 523 12,761 0.04% Stifel Financial Corp. 187 9,771 0.03%
Bottomline Technologies de, Inc. 256 12,757 0.04% John Wiley & Sons, Inc. Class A 155 9,672 0.03%
Simpson Manufacturing Co., Inc. 205 12,749 0.04% Tenet Healthcare Corp. 288 9,668 0.03%
Meritor, Inc. 617 12,692 0.04% Tivity Health, Inc. 273 9,610 0.03%
Cullen/Frost Bankers, Inc. 117 12,664 0.04% Innoviva, Inc. 696 9,605 0.03%
PJT Partners, Inc. Class A 237 12,653 0.04% Douglas Dynamics, Inc. 200 9,600 0.03%
Concert Pharmaceuticals, Inc. 748 12,589 0.04% Codexis, Inc. 665 9,576 0.03%
Iridium Communications, Inc. 777 12,510 0.04% ZAGG, Inc. 552 9,550 0.03%
Hibbett Sports, Inc. 545 12,481 0.04% Armstrong World Industries, Inc. 151 9,543 0.03%
Wintrust Financial Corp. 143 12,448 0.04% Tucows, Inc. Class A 157 9,522 0.03%
Golden Entertainment, Inc. 460 12,415 0.04% Harsco Corp. 428 9,459 0.03%
Virtusa Corp. 255 12,413 0.04% Regis Corp. 571 9,444 0.03%
Stoneridge, Inc. 353 12,404 0.04% Xencor, Inc. 254 9,401 0.03%
Western Alliance Bancorp 219 12,398 0.04% Performance Food Group Co. 256 9,395 0.03%
FARO Technologies, Inc. 228 12,392 0.04% Entegris, Inc. 276 9,356 0.03%
Orthofix International NV 218 12,387 0.04% Marcus & Millichap, Inc. 239 9,323 0.03%
Rapid7, Inc. 438 12,360 0.04% Revance Therapeutics, Inc. 337 9,251 0.03%
Winnebago Industries, Inc. 304 12,342 0.04% Nordstrom, Inc. 177 9,165 0.03%
TRI Pointe Group, Inc. 754 12,335 0.04% Werner Enterprises, Inc. 244 9,162 0.03%
Children’s Place, Inc. 102 12,322 0.04% Meta Financial Group, Inc. 94 9,156 0.03%
Kadant, Inc. 128 12,307 0.04% Interface, Inc. Class A 397 9,111 0.03%
Flowers Foods, Inc. 590 12,290 0.04% SkyWest, Inc. 174 9,031 0.03%
Boston Beer Co., Inc. Class A 41 12,288 0.04% LHC Group, Inc. 104 8,901 0.03%
Moelis & Co. Class A 209 12,258 0.04% Ebix, Inc. 116 8,845 0.03%
BioScrip, Inc. 4,125 12,086 0.04% Keysight Technologies, Inc. 148 8,736 0.03%
Paylocity Holding Corp. 204 12,007 0.04% Landstar System, Inc. 79 8,627 0.03%
Solaris Oilfield Infrastructure, Inc. Ensign Group, Inc. 240 8,597 0.03%
Class A 835 11,932 0.04% Varian Medical Systems, Inc. 75 8,529 0.03%
Covenant Transportation Group, Inc. Gannett Co., Inc. 797 8,528 0.03%
Class A 376 11,844 0.04% First Financial Bancorp 275 8,429 0.02%
Proofpoint, Inc. 102 11,762 0.03% Oxford Industries, Inc. 101 8,381 0.02%
PRA Group, Inc. 305 11,758 0.03% ManTech International Corp. Class A 156 8,368 0.02%
Dycom Industries, Inc. 124 11,719 0.03% Groupon, Inc. Class A 1,935 8,321 0.02%
Kirby Corp. 138 11,537 0.03% Myriad Genetics, Inc. 222 8,296 0.02%
Century Communities, Inc. 363 11,453 0.03% Corcept Therapeutics, Inc. 524 8,237 0.02%
SPX Corp. 326 11,426 0.03% Rigel Pharmaceuticals, Inc. 2,899 8,204 0.02%
Sientra, Inc. 584 11,394 0.03% Fifth Third Bancorp 285 8,180 0.02%
William Lyon Homes Class A 490 11,368 0.03% Select Medical Holdings Corp. 444 8,059 0.02%
Boise Cascade Co. 254 11,354 0.03% Webster Financial Corp. 126 8,026 0.02%
SunCoke Energy, Inc. 824 11,042 0.03% Integer Holdings Corp. 124 8,017 0.02%
Raven Industries, Inc. 287 11,035 0.03% Shoe Carnival, Inc. 245 7,950 0.02%
Cree, Inc. 264 10,974 0.03% Blackline, Inc. 182 7,904 0.02%
Maxim Integrated Products, Inc. 187 10,969 0.03% Amneal Pharmaceuticals, Inc. 479 7,860 0.02%
Ingevity Corp. 135 10,916 0.03% Atrion Corp. 13 7,792 0.02%
Momenta Pharmaceuticals, Inc. 533 10,900 0.03% First Bancorp/Southern Pines NC 189 7,732 0.02%
Ring Energy, Inc. 862 10,878 0.03% East West Bancorp, Inc. 118 7,694 0.02%
Zions Bancorporation 206 10,854 0.03% PerkinElmer, Inc. 104 7,616 0.02%
Enterprise Financial Services Corp. 201 10,844 0.03% Dolby Laboratories, Inc. Class A 121 7,465 0.02%
WestRock Co. 189 10,777 0.03% Genesco, Inc. 186 7,384 0.02%
Samsonite International SA 3,000 10,688 0.03% MacroGenics, Inc. 354 7,310 0.02%
MCBC Holdings, Inc. 366 10,596 0.03% Aaron’s, Inc. 168 7,300 0.02%
205

Ryerson Holding Corp. 652 7,270 0.02% Spain 0.08% (30 June 2017: 0.00%)
National General Holdings Corp. 276 7,267 0.02% Merlin Properties Socimi SA REIT 1,848 26,873 0.08%
ArcBest Corp. 157 7,175 0.02%
26,873 0.08%
New Media Investment Group, Inc. 388 7,170 0.02%
Global Payments, Inc. 64 7,135 0.02%
Kansas City Southern 67 7,099 0.02% Segro plc REIT 7,346 64,922 0.19%
DSW, Inc. Class A 273 7,049 0.02% Derwent London plc REIT 586 24,030 0.07%
Shake Shack, Inc. Class A 106 7,015 0.02% 88,952 0.26%
Kforce, Inc. 204 6,997 0.02% United States 0.30% (30 June 2017: 1.30%)
MKS Instruments, Inc. 73 6,986 0.02%
Rayonier, Inc. REIT 1,024 39,619 0.12%
Yelp, Inc. Class A 178 6,974 0.02%
Ryman Hospitality Properties, Inc. REIT 243 20,205 0.06%
Greenhill & Co., Inc. 244 6,930 0.02%
SBA Communications Corp. REIT
Invacare Corp. 372 6,919 0.02% Class A 109 17,998 0.05%
Encore Capital Group, Inc. 189 6,917 0.02% CorEnergy Infrastructure Trust, Inc. REIT 337 12,671 0.04%
MBIA, Inc. 765 6,916 0.02% NexPoint Residential Trust, Inc. REIT 322 9,161 0.03%
BJ’s Restaurants, Inc. 115 6,900 0.02%
99,654 0.30%
Vectrus, Inc. 222 6,842 0.02%
LeMaitre Vascular, Inc. 204 6,830 0.02% Total Collective Investment Schemes 264,039 0.78%
BioTelemetry, Inc. 151 6,795 0.02% Financial Assets at Fair Value
On Deck Capital, Inc. 966 6,762 0.02% Through Profit or Loss 33,730,284 99.57%
Korn/Ferry International 107 6,627 0.02%
Washington Trust Bancorp, Inc. 113 6,565 0.02% Unrealised
II-VI, Inc. 150 6,518 0.02% Number of Notional Gain/(Loss)
Cray, Inc. 264 6,494 0.02% Contracts Amount US Dollars ($)
Catalyst Pharmaceuticals, Inc. 2,081 6,493 0.02% Financial Derivative Instruments (0.01%) (30 June 2017: 0.00%)
Dynavax Technologies Corp. 421 6,420 0.02% Futures (0.01%) (30 June 2017: 0.00%)
Green Bancorp, Inc. 294 6,350 0.02%
Euro STOXX 50
Citizens Financial Group, Inc. 162 6,302 0.02% 21 September 2018 3 121,289 (2,514) (0.01%)
CenterState Bank Corp. 211 6,292 0.02%
(2,514) (0.01%)
Agenus, Inc. 2,745 6,231 0.02%
RMR Group, Inc. Class A 79 6,198 0.02% Total Financial Derivative Instruments (2,514) (0.01%)
First Financial Bankshares, Inc. 121 6,159 0.02%
Envestnet, Inc. 112 6,154 0.02% Fair Value
Box, Inc. Class A 243 6,073 0.02% US Dollars ($)
United Community Banks, Inc. 197 6,042 0.02% Other Assets and Liabilities 148,004 0.44%
Acushnet Holdings Corp. 247 6,042 0.02% Net Assets Attributable to Holders of
Caleres, Inc. 168 5,778 0.02% Redeemable Participating Shares 33,875,774 100.00%
TherapeuticsMD, Inc. 924 5,766 0.02%
Electro Scientific Industries, Inc. 333 5,251 0.02%
Cubic Corp. 81 5,200 0.02%
Limelight Networks, Inc. 1,046 4,676 0.01% % of Total
Wyndham Hotels & Resorts, Inc. 68 4,000 0.01% Analysis of Total Net Assets US Dollars ($) Net Assets
Perspecta, Inc. 142 2,918 0.01%
(a) Transferable securities admitted to
19,945,162 58.88% an official stock exchange listing 33,426,136 98.67%
Total Equities 33,466,245 98.79% (b) Transferable securities dealt in on
Collective Investment Schemes 0.78% (30 June 2017: 1.37%) another regulated market 304,148 0.90%
France 0.09% (30 June 2017: 0.00%) (c) Transferable securities other than
Gecina SA REIT 184 30,785 0.09%
30,785 0.09% regulated market — 0.00%
Singapore 0.05% (30 June 2017: 0.00%) (d) Financial derivative instruments (2,514) (0.01%)
CapitaLand Commercial Trust REIT 14,600 17,775 0.05% (e) Other net assets 148,004 0.44%
17,775 0.05% Total Net Assets 33,875,774 100.00%
206

Cost Proceeds
Purchases Sales
ConocoPhillips 2,448 167,992 Texas Instruments, Inc. 1,854 186,279
TD Ameritrade Holding Corp. 2,688 163,106 eBay, Inc. 4,206 158,249
Anadarko Petroleum Corp. 2,275 163,031 HP, Inc. 6,041 142,169
Phillips 66 1,372 159,378 Lam Research Corp. 676 125,610
Estee Lauder Cos, Inc. Class A 1,136 157,921 Applied Materials, Inc. 2,197 120,653
Southern Copper Corp. 3,142 151,818 Walmart, Inc. 1,352 115,781
Progressive Corp. 2,603 145,090 Deere & Co. 676 106,042
Occidental Petroleum Corp. 1,720 143,863 Home Depot, Inc. 563 103,544
CME Group, Inc. Class A 908 142,941 Vertex Pharmaceuticals, Inc. 692 101,725
NextEra Energy, Inc. 912 142,864 Monster Beverage Corp. 1,787 100,555
Marathon Petroleum Corp. 2,086 142,537 BlackBerry Ltd. 8,069 96,450
Las Vegas Sands Corp. 1,987 141,793 Facebook, Inc. Class A 524 95,910
Northrop Grumman Corp. 440 140,179 Norfolk Southern Corp. 641 93,960
Valero Energy Corp. 1,464 139,447 Morgan Stanley 1,787 89,414
EOG Resources, Inc. 1,170 136,924 PNC Financial Services Group, Inc. 589 88,650
VF Corp. 1,809 135,695 Charter Communications, Inc. Class A 245 87,734
Walmart, Inc. 1,352 133,379 CSX Corp. 1,574 86,165
Intuit, Inc. 851 126,679 Cigna Corp. 493 85,609
Intel Corp. 2,622 126,660 Apple, Inc. 485 85,153
Texas Instruments, Inc. 1,191 118,762 Allstate Corp. 872 84,163
207

2018 2017
Current Assets
Cash 97,493 126,406
Unrealised Appreciation on Spot Currency Contracts — 5
Receivables:
Investments Sold or Matured — 42,045
Current Liabilities

30 June 2018 30 June 2017
Securities Lending Income 1,700 263
Expenses
Other Expenses — 1,861
Finance Costs
208


30 June 2018 30 June 2017
Subscriptions 13,299,309 8,116,168
Redemptions — (8,260,725)
Total Capital Transactions 13,299,309 (144,557)
End of Year 33,875,774 17,105,079
209
Vanguard Global Value Factor UCITS ETF

As at 30 June 2018

FTSE
Vanguard Global Value Factor UCITS ETF seeks to provide long-term capital Developed
appreciation. The ETF is actively managed and seeks to invest as described All Cap
in the prospectus. Fund Index
Europe

FTSE France 4.2 3.4
All Cap
Fund Index Italy 2.3 0.9
Number of Stocks 1,157 5,707 Spain 1.7 1.1
Median Market Cap Netherlands 1.2 1.2
British Pounds £6.8B £33.7B Subtotal 22.1% 21.9%
Euro €7.7B €38.1B Pacific
Price/Earnings Ratio 10.2x 17.4x Japan 9.2% 9.1%
Yield 2.6% 2.3% Hong Kong 1.1 1.3
Turnover Rate 75% — North America
Ongoing Charges Figure 0.22% — United States 59.9% 59.0%

Canada 3.2 3.5
Sector Diversification (% of portfolio) Middle East 0.0% 0.2%
FTSE
Developed Other 0.1% 0.0%
All Cap
Fund Index
Basic Materials 6.7% 4.7% Allocation by Region (% of portfolio)

■ 22.1% Europe
■ 14.7% Pacific
■ 0.1% Other
Oil & Gas 8.8 6.3
Technology 4.5 14.1
Utilities 8.1 3.0
General Motors Co. Automobile Manufacturers 0.7%

Micron Technology Inc. Semiconductor Devices 0.6
Chesapeake Energy Corp. Exploration & Production 0.5
Carnival Recreational Services 0.5
Exelon Corp. Integrated Utilities 0.5
PG&E Corp. Integrated Utilities 0.4
Valero Energy Corp. Refining & Marketing 0.4
Ford Motor Co. Automobiles 0.4
HCA Healthcare Inc. Health Care Facilities 0.4
Duke Energy Corp. Integrated Utilities 0.4
Top Ten 4.8%
210

• For the 12 months ended 30 June 2018, Vanguard Global Value Factor UCITS ETF returned 10.83%, compared with the 11.37% return of its benchmark index.1
• The ETF invests primarily in US and foreign stocks from developed markets that have higher value characteristics than those of the benchmark index. The
investment adviser uses a quantitative model with a rules-based active approach that favours stocks with lower prices relative to their fundamental measures of
value. These measures, including price/book and price/earnings ratios, estimated future earnings and operating cash flow, have been shown to be components
of long-run stock market returns.
• Stock selection in the oil and gas, consumer goods and basic materials sectors helped results the most. Weak selections in technology, financials and
consumer services detracted.
• By market, the United Kingdom and Switzerland were the biggest contributors to the ETF’s returns. The United States, which accounted for almost 60% of the
ETF’s holdings, was the biggest detractor.


$150,000
139,318
90,000
2016 2017 2018

Benchmark 11.37 11.93 133,386
2016 2017 2018
30.28
18.73
10.83 11.37
0.88
–3.51
ETF Net Asset Value

Benchmark
1 The fund is actively managed and seeks to invest as described in the prospectus. The table and bar chart show how the fund’s total return compares with the return of a market index that has
2 9 December 2015.
211
30 June 2018

Equities 98.27% (30 June 2017: 98.22%) Finland 0.18% (30 June 2017: 0.19%)
Argentina 0.09% (30 June 2017: 0.06%) Stora Enso OYJ Class R 10,602 207,461 0.13%
First Data Corp. Class A 7,023 146,992 0.09% UPM-Kymmene OYJ 2,378 85,015 0.05%
146,992 0.09% 292,476 0.18%
Australia 0.34% (30 June 2017: 0.59%) France 4.10% (30 June 2017: 3.13%)
Rio Tinto Ltd. 2,930 180,634 0.11% Veolia Environnement SA 16,483 352,756 0.22%
Fortescue Metals Group Ltd. 29,790 96,625 0.06% SES SA Class A 18,378 336,664 0.21%
Whitehaven Coal Ltd. 20,445 87,311 0.05% Air France-KLM 39,063 318,526 0.20%
Qantas Airways Ltd. 16,824 76,571 0.05% Electricite de France SA 23,118 317,959 0.20%
South32 Ltd. 21,278 56,754 0.04% Peugeot SA 13,638 311,455 0.20%
QBE Insurance Group Ltd. 5,940 42,747 0.03% Orange SA 17,201 288,091 0.18%
Total SA 4,594 280,040 0.18%
540,642 0.34%
Engie SA 17,662 270,757 0.17%
Austria 0.70% (30 June 2017: 0.71%)
AXA SA 10,676 261,947 0.16%
OMV AG 5,240 297,149 0.18% Sanofi 3,236 259,373 0.16%
Voestalpine AG 5,590 257,475 0.16% CNP Assurances 11,302 257,183 0.16%
Raiffeisen Bank International AG 7,659 235,092 0.15% Renault SA 3,022 256,969 0.16%
Vienna Insurance Group AG Wiener Eutelsat Communications SA 11,744 243,588 0.15%
Versicherung Gruppe 7,459 203,437 0.13% Societe Generale SA 5,359 225,968 0.14%
Erste Group Bank AG 3,156 131,731 0.08% Suez 17,284 224,098 0.14%
1,124,884 0.70% SCOR SE 5,779 214,698 0.13%
Belgium 0.34% (30 June 2017: 0.64%) Credit Agricole SA 16,010 213,748 0.13%
Ageas 5,087 256,638 0.16% BNP Paribas SA 3,172 196,987 0.12%
Solvay SA 1,588 200,518 0.13% Arkema SA 1,459 172,730 0.11%
KBC Group NV 1,105 85,304 0.05% Cie de Saint - Gobain 3,836 171,401 0.11%
Rexel SA 11,457 164,733 0.10%
542,460 0.34%
Canada 3.16% (30 June 2017: 3.27%) Michelin SCA 1,306 159,039 0.10%
Valeant Pharmaceuticals International, Elior Group SA 9,804 141,481 0.09%
Inc. 21,024 489,060 0.31% Carrefour SA 8,115 131,414 0.08%
Tourmaline Oil Corp. 18,659 333,194 0.21% Bouygues SA 3,032 130,662 0.08%
Canadian Utilities Ltd. Class A 13,194 332,997 0.21% Faurecia SA 1,724 123,026 0.08%
Teck Resources Ltd. Class B 12,377 315,106 0.20% Casino Guichard Perrachon SA 3,037 117,900 0.07%
Power Corp. of Canada 13,473 301,528 0.19% ALD SA 6,534 111,533 0.07%
Barrick Gold Corp. 22,554 296,102 0.18% Natixis SA 15,713 111,505 0.07%
Crescent Point Energy Corp. 36,112 265,188 0.17% Lagardere SCA 3,327 87,827 0.06%
Manulife Financial Corp. 14,708 264,094 0.16% Eiffage SA 698 75,937 0.05%
Magna International, Inc. 4,428 257,376 0.16% Amundi SA 349 24,180 0.02%
Power Financial Corp. 9,676 226,186 0.14% 6,554,175 4.10%
Husky Energy, Inc. 13,802 214,986 0.13%
Germany 2.47% (30 June 2017: 3.04%)
Bank of Montreal 2,603 201,085 0.12%
Sun Life Financial, Inc. 4,743 190,484 0.12% Porsche Automobil Holding SE -
Merck KGaA 3,056 298,359 0.19%
Cenovus Energy, Inc. 14,638 151,894 0.09%
Bayerische Motoren Werke AG 3,060 277,349 0.17%
Toronto-Dominion Bank 2,586 149,583 0.09%
Volkswagen AG - Preference Shares 1,631 270,826 0.17%
Bank of Nova Scotia 2,529 143,114 0.09%
Deutsche Lufthansa AG 9,570 230,173 0.14%
Deutsche Bank AG 20,977 225,862 0.14%
Canadian Imperial Bank of Commerce 1,581 137,446 0.09%
Talanx AG 6,078 221,974 0.14%
Tahoe Resources, Inc. 26,067 128,250 0.08%
Daimler AG 3,366 216,660 0.14%
Muenchener Rueckversicherungs-
MDC Partners, Inc. Class A 20,512 94,355 0.06%
Gesellschaft AG in Muenchen 966 204,198 0.13%
Fortis, Inc. 2,363 75,482 0.05%
Fairfax Financial Holdings Ltd. 107 59,921 0.04%
Allianz SE 811 167,617 0.10%
5,056,955 3.16% Covestro AG 1,795 160,157 0.10%
Denmark 0.25% (30 June 2017: 0.43%) HeidelbergCement AG 1,852 155,859 0.10%
Jyske Bank A/S 4,105 225,143 0.14% K+S AG 5,133 126,753 0.08%
Danske Bank A/S 5,398 168,965 0.11% Commerzbank AG 12,500 119,834 0.07%
394,108 0.25% METRO AG 8,165 100,907 0.06%
212

Hella GmbH & Co. KGaA 1,715 96,113 0.06% Japan 9.11% (30 June 2017: 9.05%)
Hannover Rueck SE 735 91,650 0.06% Tokyo Electric Power Co. Holdings,
Evonik Industries AG 1,731 59,277 0.04% Inc. 110,600 515,231 0.32%
Suedzucker AG 3,594 57,236 0.04% Mitsui & Co., Ltd. 16,300 271,875 0.17%
Continental AG 228 52,056 0.03% Marubeni Corp. 33,000 251,779 0.16%
LEG Immobilien AG 425 46,187 0.03% Hokkaido Electric Power Co., Inc. 33,600 228,722 0.14%
3,947,508 2.47% Chubu Electric Power Co., Inc. 14,800 221,937 0.14%
Greece 0.09% (30 June 2017: 0.00%) Japan Post Bank Co., Ltd. 18,600 216,621 0.14%
Kyushu Electric Power Co., Inc. 17,400 194,162 0.12%
Costamare, Inc. 17,296 138,022 0.09%
Kansai Electric Power Co., Inc. 11,900 173,614 0.11%
138,022 0.09% Shikoku Electric Power Co., Inc. 12,900 172,598 0.11%
Hong Kong 1.12% (30 June 2017: 1.16%) ITOCHU Corp. 8,900 161,303 0.10%
Kerry Properties Ltd. 35,000 167,518 0.10% Mitsubishi Corp. 5,700 158,395 0.10%
BOC Aviation Ltd. 24,000 149,131 0.09% Electric Power Development Co., Ltd. 6,100 157,505 0.10%
Shougang Fushan Resources Group Toda Corp. 18,000 156,656 0.10%
Ltd. 552,000 131,572 0.08% JXTG Holdings, Inc. 22,400 155,758 0.10%
First Pacific Co., Ltd. 244,540 118,133 0.07% Idemitsu Kosan Co., Ltd. 4,300 153,343 0.10%
Shui On Land Ltd. 458,500 116,299 0.07% Nippon Steel & Sumitomo Metal Corp. 7,600 149,269 0.09%
FIT Hon Teng Ltd. 247,000 111,765 0.07% Kobe Steel Ltd. 16,200 148,303 0.09%
Wheelock & Co., Ltd. 15,000 104,487 0.07% San-In Godo Bank Ltd. 16,400 146,729 0.09%
Hang Lung Group Ltd. 36,000 100,950 0.06% NHK Spring Co., Ltd. 14,800 139,495 0.09%
NWS Holdings Ltd. 53,000 91,740 0.06% Hitachi Capital Corp. 5,300 137,040 0.09%
Dah Sing Financial Holdings Ltd. 15,600 91,069 0.06% JFE Holdings, Inc. 7,000 132,461 0.08%
New World Development Co., Ltd. 62,000 87,245 0.05% Shinsei Bank Ltd. 8,600 132,457 0.08%
CK Hutchison Holdings Ltd. 7,500 79,537 0.05% NOK Corp. 6,700 129,687 0.08%
Wharf Holdings Ltd. 24,000 77,089 0.05% Toyoda Gosei Co., Ltd. 5,100 129,336 0.08%
CK Asset Holdings Ltd. 9,500 75,439 0.05% Nissan Motor Co., Ltd. 13,200 128,467 0.08%
Haitong International Securities Daicel Corp. 11,500 127,288 0.08%
Group Ltd. 131,000 59,777 0.04% Sumitomo Mitsui Trust Holdings, Inc. 3,200 126,914 0.08%
Hongkong Land Holdings Ltd. 6,400 45,760 0.03% Toshiba Corp. 42,000 126,267 0.08%
Sun Hung Kai Properties Ltd. 3,000 45,275 0.03% Sompo Holdings, Inc. 3,100 125,383 0.08%
Swire Pacific Ltd. Class A 3,500 37,072 0.02% Yamaguchi Financial Group, Inc. 11,000 123,938 0.08%
Hysan Development Co., Ltd. 5,000 27,914 0.02% Cosmo Energy Holdings Co., Ltd. 3,500 122,918 0.08%
Henderson Land Development Co., Nippon Telegraph & Telephone Corp. 2,700 122,757 0.08%
Ltd. 4,961 26,242 0.02% TDK Corp. 1,200 122,638 0.08%
Sino Land Co., Ltd. 16,000 26,023 0.02% Tohoku Electric Power Co., Inc. 10,000 122,151 0.08%
Hang Lung Properties Ltd. 11,000 22,686 0.01% Sumitomo Osaka Cement Co., Ltd. 26,000 121,826 0.08%
1,792,723 1.12% Tokai Rika Co., Ltd. 6,400 121,569 0.08%
Ireland 0.15% (30 June 2017: 0.17%) Toyobo Co., Ltd. 7,300 121,463 0.08%
Gunma Bank Ltd. 22,900 120,325 0.07%
Mizuho Financial Group, Inc. 70,000 117,862 0.07%
AIB Group plc 12,073 65,545 0.04%
Japan Airlines Co., Ltd. 3,300 117,026 0.07%
242,260 0.15%
Sumitomo Mitsui Financial Group, Inc. 3,000 116,625 0.07%
Israel 0.04% (30 June 2017: 0.00%) Nissan Shatai Co., Ltd. 12,800 116,600 0.07%
Caesarstone Ltd. 3,842 58,014 0.04% Nippon Shokubai Co., Ltd. 1,600 115,704 0.07%
58,014 0.04% Fukuoka Financial Group, Inc. 23,000 115,659 0.07%
Honda Motor Co., Ltd. 3,900 114,537 0.07%
Italy 2.24% (30 June 2017: 2.20%)
Konica Minolta, Inc. 12,200 113,337 0.07%
Telecom Italia SpA 411,766 306,435 0.19%
Hitachi Ltd. 16,000 112,902 0.07%
Eni SpA 14,811 275,056 0.17%
Obayashi Corp. 10,800 112,422 0.07%
Leonardo SpA 27,166 268,522 0.17%
Enel SpA 47,900 266,038 0.17%
Credit Saison Co., Ltd. 7,000 110,215 0.07%
Fiat Chrysler Automobiles NV 13,375 255,071 0.16%
Nishi-Nippon Financial Holdings, Inc. 9,400 109,899 0.07%
UnipolSai Assicurazioni SpA 108,034 238,711 0.15%
Ube Industries Ltd. 4,200 109,166 0.07%
Buzzi Unicem SpA 9,512 233,109 0.14%
Mitsubishi Chemical Holdings Corp. 13,000 108,845 0.07%
EXOR NV 3,401 229,117 0.14%
MS&AD Insurance Group Holdings,
Poste Italiane SpA 27,338 228,855 0.14% Inc. 3,500 108,825 0.07%
UniCredit SpA 13,488 225,132 0.14% Sumitomo Electric Industries Ltd. 7,300 108,744 0.07%
Banco BPM SpA 74,257 217,787 0.14% Maeda Corp. 9,400 108,117 0.07%
Mediobanca Banca di Credito Nippon Yusen KK 5,400 107,205 0.07%
Finanziario SpA 22,299 207,292 0.13%
Resona Holdings, Inc. 20,000 107,001 0.07%
NTN Corp. 26,100 106,978 0.07%
Assicurazioni Generali SpA 11,990 201,165 0.13%
Yokohama Rubber Co., Ltd. 5,100 106,038 0.07%
Intesa Sanpaolo SpA 62,139 180,397 0.11%
Sumitomo Corp. 6,400 105,160 0.07%
Snam SpA 10,211 42,633 0.03%
Fujikura Ltd. 16,400 104,383 0.07%
Intesa Sanpaolo SpA - Rights Issue
Mazda Motor Corp. 8,500 104,365 0.06%
17/7/2018 62,139 1 0.00%
Mitsubishi Gas Chemical Co., Inc. 4,600 104,239 0.06%
3,581,356 2.24% Haseko Corp. 7,500 103,665 0.06%
213

Central Japan Railway Co. 500 103,643 0.06% Aozora Bank Ltd. 1,100 41,859 0.03%
Toyota Motor Corp. 1,600 103,571 0.06% Kyushu Railway Co. 1,300 39,787 0.02%
DIC Corp. 3,300 103,083 0.06% Bridgestone Corp. 1,000 39,119 0.02%
Shiga Bank Ltd. 20,000 102,379 0.06% Nisshinbo Holdings, Inc. 3,600 38,677 0.02%
Exedy Corp. 3,300 102,189 0.06% West Japan Railway Co. 500 36,853 0.02%
Kawasaki Heavy Industries Ltd. 3,400 100,221 0.06% SKY Perfect JSAT Holdings, Inc. 7,700 36,705 0.02%
Nomura Holdings, Inc. 20,500 99,608 0.06% Shizuoka Bank Ltd. 4,000 36,149 0.02%
JTEKT Corp. 7,300 99,385 0.06% Kyushu Financial Group, Inc. 7,400 35,742 0.02%
Mitsubishi UFJ Lease & Finance Co., TV Asahi Holdings Corp. 1,600 35,145 0.02%
Ltd. 16,100 98,985 0.06% Hachijuni Bank Ltd. 6,900 29,527 0.02%
Sumitomo Chemical Co., Ltd. 17,000 96,384 0.06% Tokyo Tatemono Co., Ltd. 2,000 27,464 0.02%
Nippon Paper Industries Co., Ltd. 6,000 95,770 0.06% Kaneka Corp. 3,000 26,895 0.02%
Hiroshima Bank Ltd. 14,300 95,277 0.06% Denka Co., Ltd. 800 26,687 0.02%
Japan Aviation Electronics Industry Chugoku Bank Ltd. 2,600 26,313 0.02%
Ltd. 6,000 94,524 0.06% Citizen Watch Co., Ltd. 4,000 26,290 0.02%
Senshu Ikeda Holdings, Inc. 27,800 93,867 0.06% Takashimaya Co., Ltd. 3,000 25,676 0.02%
Mitsui Chemicals, Inc. 3,500 93,215 0.06%
14,570,020 9.11%
Oji Holdings Corp. 15,000 93,035 0.06%
Daiwa Securities Group, Inc. 16,000 92,925 0.06% Aegon NV 45,823 274,779 0.17%
Awa Bank Ltd. 15,000 92,358 0.06% Koninklijke Ahold Delhaize NV 11,083 265,334 0.16%
ANA Holdings, Inc. 2,500 91,839 0.06% NN Group NV 6,338 257,814 0.16%
Mitsui OSK Lines Ltd. 3,800 91,531 0.06% ArcelorMittal 8,575 251,395 0.16%
Japan Petroleum Exploration Co., Ltd. 3,500 91,414 0.06% Signify NV 9,258 240,504 0.15%
Mitsubishi Heavy Industries Ltd. 2,500 90,981 0.06% ABN AMRO Group NV GDR 8,680 225,185 0.14%
Rengo Co., Ltd. 10,200 89,785 0.06% ASR Nederland NV 5,360 218,907 0.14%
Nippon Electric Glass Co., Ltd. 3,100 86,201 0.05% ING Groep NV 10,890 156,746 0.10%
Kajima Corp. 11,000 85,207 0.05% 1,890,664 1.18%
77 Bank Ltd. 3,900 85,102 0.05% New Zealand 0.16% (30 June 2017: 0.16%)
Toyota Boshoku Corp. 4,600 84,678 0.05%
Sky Network Television Ltd. 90,513 159,333 0.10%
Concordia Financial Group Ltd. 16,100 81,979 0.05%
Toyota Industries Corp. 1,400 78,491 0.05%
257,446 0.16%
Asahi Glass Co., Ltd. 2,000 77,913 0.05%
Komeri Co., Ltd. 3,000 76,161 0.05% Norway 0.37% (30 June 2017: 0.51%)
Maeda Road Construction Co., Ltd. 4,000 76,089 0.05% Norsk Hydro A.S.A 38,154 228,398 0.14%
Nippon Television Holdings, Inc. 4,500 75,931 0.05% DNB A.S.A 7,545 147,467 0.09%
Sojitz Corp. 20,900 75,853 0.05% Yara International A.S.A 3,324 137,847 0.09%
Hitachi Metals Ltd. 7,300 75,791 0.05% Equinor A.S.A 2,775 73,679 0.05%
Dai-ichi Life Holdings, Inc. 4,200 74,926 0.05% 587,391 0.37%
Iyo Bank Ltd. 11,000 72,694 0.05%
Singapore 0.15% (30 June 2017: 0.37%)
Mitsubishi UFJ Financial Group, Inc. 12,700 72,360 0.04%
Tosoh Corp. 4,600 71,306 0.04%
United Overseas Bank Ltd. 2,900 56,916 0.03%
Nomura Real Estate Holdings, Inc. 3,200 71,012 0.04%
UOL Group Ltd. 7,500 41,914 0.03%
TS Tech Co., Ltd. 1,700 70,984 0.04%
Japan Post Holdings Co., Ltd. 6,300 68,992 0.04%
Suruga Bank Ltd. 7,700 68,891 0.04% 241,269 0.15%
Mitsubishi Materials Corp. 2,300 63,228 0.04% South Africa 0.11% (30 June 2017: 0.00%)
ORIX Corp. 3,700 58,524 0.04% Old Mutual Ltd. 88,503 175,737 0.11%
Tokyo Gas Co., Ltd. 2,100 55,749 0.03%
175,737 0.11%
Seino Holdings Co., Ltd. 3,100 54,967 0.03%
South Korea 3.58% (30 June 2017: 4.19%)
Tokuyama Corp. 1,700 54,561 0.03%
Sumitomo Rubber Industries Ltd. 3,400 54,024 0.03% Korea Gas Corp. 3,445 198,447 0.12%
Toyota Tsusho Corp. 1,600 53,591 0.03% Daewoo Engineering & Construction
Toyo Tire & Rubber Co., Ltd. 3,600 52,685 0.03% Co., Ltd. 33,222 174,978 0.11%
T&D Holdings, Inc. 3,500 52,596 0.03% BNK Financial Group, Inc. 19,850 166,530 0.10%
Osaka Gas Co., Ltd. 2,500 51,742 0.03% Kia Motors Corp. 6,008 166,305 0.10%
Mebuki Financial Group, Inc. 15,400 51,720 0.03% Hyundai Department Store Co., Ltd. 1,438 149,026 0.09%
Daikyo, Inc. 2,300 50,354 0.03% Doosan Corp. 1,472 137,360 0.09%
Taisei Corp. 900 49,646 0.03% Hanwha Corp. 4,768 134,976 0.08%
Tokio Marine Holdings, Inc. 1,000 46,883 0.03% Doosan Heavy Industries &
Construction Co., Ltd. 9,527 133,780 0.08%
KDDI Corp. 1,700 46,519 0.03%
Woori Bank 9,114 133,296 0.08%
Aisin Seiki Co., Ltd. 1,000 45,592 0.03%
Daelim Industrial Co., Ltd. 1,908 130,966 0.08%
Nippo Corp. 2,400 43,768 0.03%
Doosan Infracore Co., Ltd. 15,055 130,220 0.08%
Dowa Holdings Co., Ltd. 1,400 43,163 0.03%
Hyundai Heavy Industries Holdings
Tokyu Fudosan Holdings Corp. 6,100 43,066 0.03%
Co., Ltd. 405 128,459 0.08%
Taiheiyo Cement Corp. 1,300 42,780 0.03%
GS Holdings Corp. 2,541 124,029 0.08%
Orient Corp. 31,300 42,104 0.03%
214

Industrial Bank of Korea 8,838 122,122 0.08% Acerinox SA 9,602 127,131 0.08%
Korea Electric Power Corp. 4,208 120,822 0.08% ACS Actividades de Construccion y
Hyundai Steel Co. 2,532 119,500 0.08% Servicios SA 2,072 83,945 0.05%
Shinhan Financial Group Co., Ltd. 3,039 118,070 0.07% Bankinter SA 7,408 72,152 0.05%
LG Uplus Corp. 9,381 117,841 0.07% 2,696,352 1.69%
SKC Co., Ltd. 2,986 115,609 0.07% Sweden 0.71% (30 June 2017: 0.92%)
Hyundai Motor Co. 1,022 115,084 0.07%
Getinge AB Class B 26,162 238,341 0.15%
SK Innovation Co., Ltd. 610 110,561 0.07%
Nordea Bank AB 20,788 200,491 0.13%
SK Hynix, Inc. 1,419 109,115 0.07%
Korean Air Lines Co., Ltd. 4,281 108,514 0.07%
Class A 20,816 198,155 0.12%
CJ Corp. 839 106,898 0.07%
L E Lundbergforetagen AB Class B 6,420 197,494 0.12%
Hyosung Corp. 846 101,717 0.06%
Boliden AB 5,821 189,088 0.12%
Swedbank AB Class A 2,840 60,889 0.04%
Lotte Confectionery Co., Ltd. 614 99,717 0.06%
Hanwha Chemical Corp. 4,997 97,967 0.06%
1,131,422 0.71%
Lotte Shopping Co., Ltd. 516 97,228 0.06%
LG Corp. 1,448 93,675 0.06% Switzerland 0.84% (30 June 2017: 1.31%)
LG Hausys Ltd. 1,500 93,405 0.06% Swiss Life Holding AG 646 224,452 0.14%
Hanwha Life Insurance Co., Ltd. 19,160 91,115 0.06% Helvetia Holding AG 356 203,106 0.13%
LG Electronics, Inc. 1,179 87,804 0.06% Swiss Re AG 2,297 198,251 0.12%
DB Insurance Co., Ltd. 1,644 87,031 0.05% LafargeHolcim Ltd. 3,449 168,047 0.10%
Hyundai Mobis Co., Ltd. 456 86,740 0.05% Baloise Holding AG 1,048 152,300 0.10%
Hana Financial Group, Inc. 2,247 86,392 0.05% Credit Suisse Group AG 8,817 132,750 0.08%
LG Display Co., Ltd. 5,254 86,270 0.05% UBS Group AG 5,549 85,642 0.05%
KB Financial Group, Inc. 1,713 81,154 0.05% Zurich Insurance Group AG 244 72,270 0.05%
HDC Hyundai Development Co.- Pargesa Holding SA 694 58,780 0.04%
Engineering & Construction Class E 1,659 80,233 0.05% Julius Baer Group Ltd. 823 48,305 0.03%
Hankook Tire Co., Ltd. 2,108 79,629 0.05% 1,343,903 0.84%
Samsung Electronics Co., Ltd. 1,900 79,529 0.05%
Hyundai Construction Equipment Co.,
Ltd. 607 76,794 0.05% J Sainsbury plc 126,784 537,646 0.34%
SK Telecom Co., Ltd. 363 75,890 0.05% Micro Focus International plc 30,233 528,276 0.33%
Korea Investment Holdings Co., Ltd. 817 61,651 0.04% Babcock International Group plc 44,554 481,050 0.30%
OCI Co., Ltd. 663 61,273 0.04% Anglo American plc 19,433 434,825 0.27%
SK Holdings Co., Ltd. 256 59,492 0.04% BHP Billiton plc 18,650 420,063 0.26%
NH Investment & Securities Co., Ltd. 4,343 58,257 0.04% Dixons Carphone plc 169,577 417,768 0.26%
CJ CheilJedang Corp. 173 54,717 0.03% Capita plc 195,397 412,112 0.26%
POSCO 155 45,756 0.03% International Consolidated Airlines
Samsung Card Co., Ltd. 1,308 44,950 0.03% Group SA 45,862 402,047 0.25%
E-MART, Inc. 181 41,332 0.03% Rio Tinto plc 6,924 384,031 0.24%
Samsung Securities Co., Ltd. 1,264 39,411 0.03% Aviva plc 52,971 352,472 0.22%
Hyundai Marine & Fire Insurance Co., Carnival plc 6,062 347,906 0.22%
Ltd. 1,275 38,553 0.02% Marks & Spencer Group plc 88,838 346,118 0.22%
Samsung Life Insurance Co., Ltd. 400 35,316 0.02% Investec plc 48,284 342,958 0.21%
Mirae Asset Daewoo Co., Ltd. 4,604 35,196 0.02% SSE plc 19,011 340,095 0.21%
GS Engineering & Construction Corp. 847 34,959 0.02% Royal Bank of Scotland Group plc 99,099 335,070 0.21%
Samsung Fire & Marine Insurance Co., Royal Dutch Shell plc Class A 9,498 329,670 0.21%
Ltd. 134 31,742 0.02% Barclays plc 126,025 314,467 0.20%
HDC Holdings Co., Ltd. 1,187 30,461 0.02% 3i Group plc 25,441 302,498 0.19%
Korea Zinc Co., Ltd. 85 29,439 0.02% Lloyds Banking Group plc 356,237 296,538 0.19%
Hyundai Wia Corp. 685 25,046 0.02% Berkeley Group Holdings plc 5,458 272,744 0.17%
Hyundai Electric & Energy System Co., Travis Perkins plc 14,405 270,534 0.17%
Ltd. 380 23,867 0.02% RPC Group plc 24,851 245,481 0.15%
5,729,990 3.58% BT Group plc Class A 83,239 239,354 0.15%
CYBG plc 55,258 231,703 0.14%
Spain 1.69% (30 June 2017: 1.90%)
Glencore plc 47,910 228,976 0.14%
Repsol SA 19,634 384,315 0.24%
Meggitt plc 31,448 204,814 0.13%
Enagas SA 9,575 279,929 0.18%
British American Tobacco plc 3,888 196,599 0.12%
Telefonica SA 31,914 271,224 0.17%
Kingfisher plc 49,030 192,254 0.12%
Mapfre SA 79,248 239,180 0.15%
Royal Dutch Shell plc Class B 5,236 187,580 0.12%
Banco Bilbao Vizcaya Argentaria SA 29,940 212,325 0.13%
Taylor Wimpey plc 72,943 172,286 0.11%
CaixaBank SA 46,157 199,719 0.12%
Barratt Developments plc 23,961 163,044 0.10%
Standard Chartered plc 16,395 149,917 0.09%
Banco Santander SA 34,992 187,606 0.12%
Persimmon plc 4,364 145,941 0.09%
Iberdrola SA 20,949 162,016 0.10%
WM Morrison Supermarkets plc 28,772 95,725 0.06%
Grupo Catalana Occidente SA 3,390 150,998 0.09%
Royal Mail plc 12,185 81,305 0.05%
Bankia SA 36,440 136,444 0.09%
WPP plc 4,054 63,853 0.04%
215

Legal & General Group plc 17,562 61,675 0.04% Southern Co. 6,723 311,342 0.19%
Quilter plc 29,501 56,444 0.04% Corning, Inc. 10,888 299,529 0.19%
BP plc 6,654 50,803 0.03% Bank of New York Mellon Corp. 5,447 293,757 0.18%
RSA Insurance Group plc 3,705 33,233 0.02% Sempra Energy 2,521 292,713 0.18%
HSBC Holdings plc 2,662 24,977 0.02% Travelers Cos, Inc. 2,220 271,595 0.17%
10,694,852 6.69% Anthem, Inc. 1,124 267,546 0.17%
BB&T Corp. 5,209 262,742 0.16%
Macy’s, Inc. 6,836 255,871 0.16%
General Motors Co. 28,121 1,107,967 0.69%
PNC Financial Services Group, Inc. 1,870 252,637 0.16%
State Street Corp. 2,700 251,343 0.16%
Chesapeake Energy Corp. 153,513 804,408 0.50%
Sunrun, Inc. 18,996 249,797 0.16%
Exelon Corp. 16,932 721,303 0.45%
Discover Financial Services 3,540 249,251 0.16%
PG&E Corp. 16,797 714,880 0.45%
Archer-Daniels - Midland Co. 5,406 247,757 0.16%
AutoNation, Inc. 5,076 246,592 0.15%
Ford Motor Co. 62,824 695,462 0.44%
Norfolk Southern Corp. 1,612 243,202 0.15%
HCA Healthcare, Inc. 6,602 677,365 0.42%
Discovery, Inc. Class A 8,807 242,192 0.15%
Duke Energy Corp. 8,538 675,185 0.42%
Edison International 3,740 236,630 0.15%
HP, Inc. 28,206 639,994 0.40%
Southwestern Energy Co. 44,298 234,779 0.15%
Marathon Petroleum Corp. 9,013 632,352 0.40%
Penn Virginia Corp. 2,703 229,458 0.14%
AT&T, Inc. 19,438 624,154 0.39%
AES Corp. 16,246 217,859 0.14%
Delta Air Lines, Inc. 12,276 608,153 0.38%
Kroger Co. 7,621 216,817 0.14%
CVS Health Corp. 9,218 593,178 0.37%
Medtronic plc 2,517 215,480 0.13%
Dell Technologies, Inc. Class V 2,446 206,883 0.13%
Sanchez Energy Corp. 129,359 584,703 0.37%
Popular, Inc. 4,569 206,564 0.13%
Ultra Petroleum Corp. 251,893 581,873 0.36%
Range Resources Corp. 11,971 200,275 0.13%
McKesson Corp. 4,248 566,683 0.35%
CenturyLink, Inc. 10,744 200,268 0.13%
Hewlett Packard Enterprise Co. 38,170 557,664 0.35%
Triple-S Management Corp. Class B 5,116 199,831 0.13%
American International Group, Inc. 10,309 546,583 0.34%
Cummins, Inc. 1,501 199,633 0.13%
MetLife, Inc. 12,267 534,841 0.33%
Premier, Inc. Class A 5,433 197,653 0.12%
American Electric Power Co., Inc. 7,601 526,369 0.33%
Antero Resources Corp. 9,255 197,594 0.12%
Comcast Corp. Class A 15,632 512,886 0.32%
Mosaic Co. 6,951 194,976 0.12%
Capital One Financial Corp. 5,541 509,218 0.32%
Patterson Cos, Inc. 8,583 194,577 0.12%
Chevron Corp. 4,015 507,616 0.32%
Pfizer, Inc. 5,277 191,450 0.12%
Wells Fargo & Co. 9,134 506,389 0.32%
Acadia Healthcare Co., Inc. 4,613 188,718 0.12%
Allstate Corp. 5,527 504,449 0.32%
US Bancorp 3,760 188,075 0.12%
Exxon Mobil Corp. 6,085 503,412 0.32%
Air Lease Corp. Class A 4,467 187,480 0.12%
Cato Corp. Class A 7,574 186,472 0.12%
Target Corp. 6,530 497,064 0.31%
JetBlue Airways Corp. 9,788 185,776 0.12%
Mallinckrodt plc 26,490 494,303 0.31%
Freeport-McMoRan, Inc. 10,582 182,645 0.11%
Walgreens Boots Alliance, Inc. 8,220 493,323 0.31%
Assurant, Inc. 1,730 179,038 0.11%
Prudential Financial, Inc. 5,216 487,748 0.31%
Molson Coors Brewing Co. Class B 2,612 177,720 0.11%
Allergan plc 2,923 487,323 0.31%
Dillard’s, Inc. Class A 1,876 177,282 0.11%
Citigroup, Inc. 7,270 486,508 0.30%
Francesca’s Holdings Corp. 23,449 177,040 0.11%
Kinder Morgan, Inc. 27,031 477,638 0.30%
DHT Holdings, Inc. 37,696 176,794 0.11%
Aflac, Inc. 10,812 465,132 0.29%
Jabil, Inc. 6,373 176,277 0.11%
J.Jill, Inc. 49,704 464,235 0.29%
Kohl’s Corp. 2,406 175,397 0.11%
T-Mobile US, Inc. 7,712 460,792 0.29%
Entergy Corp. 2,170 175,314 0.11%
PPL Corp. 16,094 459,484 0.29%
PBF Energy, Inc. Class A 4,159 174,387 0.11%
Carnival Corp. 7,783 446,044 0.28%
L Brands, Inc. 4,720 174,074 0.11%
Synchrony Financial 12,803 427,364 0.27%
Newfield Exploration Co. 5,751 173,968 0.11%
Morgan Stanley 8,812 417,689 0.26%
W&T Offshore, Inc. 24,144 172,630 0.11%
Gulfport Energy Corp. 33,023 415,099 0.26%
Black Hills Corp. 2,820 172,612 0.11%
Goldman Sachs Group, Inc. 1,852 408,496 0.26%
Ally Financial, Inc. 6,559 172,305 0.11%
Southwest Airlines Co. 8,028 408,465 0.26%
Viacom, Inc. Class B 5,691 171,641 0.11%
Chubb Ltd. 3,170 402,653 0.25%
American Express Co. 1,749 171,402 0.11%
Gilead Sciences, Inc. 5,595 396,350 0.25%
SandRidge Energy, Inc. 9,588 170,091 0.11%
Phillips 66 3,475 390,277 0.24%
Bed Bath & Beyond, Inc. 8,511 169,582 0.11%
Bank of America Corp. 13,777 388,374 0.24%
Carriage Services, Inc. Class A 6,900 169,395 0.11%
Cigna Corp. 2,284 388,166 0.24%
United Therapeutics Corp. 1,483 167,801 0.11%
LyondellBasell Industries NV Class A 3,491 383,486 0.24%
MGIC Investment Corp. 15,552 166,717 0.10%
Kraft Heinz Co. 5,988 376,166 0.24%
Voya Financial, Inc. 3,539 166,333 0.10%
Verizon Communications, Inc. 7,360 370,282 0.23%
Dick’s Sporting Goods, Inc. 4,714 166,168 0.10%
Eaton Corp. plc 4,798 358,603 0.22%
Avnet, Inc. 3,874 166,156 0.10%
Signet Jewelers Ltd. 6,316 352,117 0.22%
Michaels Cos, Inc. 8,653 165,878 0.10%
SunTrust Banks, Inc. 5,282 348,718 0.22%
Goodyear Tire & Rubber Co. 7,122 165,871 0.10%
Travelport Worldwide Ltd. 18,022 334,128 0.21%
FedEx Corp. 730 165,754 0.10%
JPMorgan Chase & Co. 3,146 327,813 0.21%
Macquarie Infrastructure Corp. 3,898 164,496 0.10%
Intel Corp. 6,538 325,004 0.20%
216

Portland General Electric Co. 3,825 163,557 0.10% Lear Corp. 726 134,898 0.08%
Foot Locker, Inc. 3,062 161,214 0.10% OneMain Holdings, Inc. Class A 4,045 134,658 0.08%
Brinker International, Inc. 3,369 160,364 0.10% Everest Re Group Ltd. 581 133,909 0.08%
Stericycle, Inc. 2,456 160,352 0.10% Penske Automotive Group, Inc. 2,856 133,804 0.08%
ARRIS International plc 6,493 158,721 0.10% Acuity Brands, Inc. 1,154 133,714 0.08%
AutoZone, Inc. 236 158,339 0.10% Murphy Oil Corp. 3,950 133,391 0.08%
Ameren Corp. 2,593 157,784 0.10% MEDNAX, Inc. 3,079 133,259 0.08%
DISH Network Corp. Class A 4,685 157,463 0.10% Cooper Tire & Rubber Co. 5,045 132,683 0.08%
Unum Group 4,216 155,950 0.10% Associated Banc-Corp. 4,857 132,596 0.08%
OGE Energy Corp. 4,407 155,170 0.10% Olin Corp. 4,583 131,624 0.08%
Applied Optoelectronics, Inc. 3,436 154,276 0.10% Endo International plc 13,928 131,341 0.08%
Humana, Inc. 518 154,172 0.10% Tyson Foods, Inc. Class A 1,896 130,540 0.08%
Hartford Financial Services Group, Inc. 3,015 154,157 0.10% Williams-Sonoma, Inc. 2,126 130,494 0.08%
Carrizo Oil & Gas, Inc. 5,497 153,091 0.10% Alaska Air Group, Inc. 2,151 129,899 0.08%
Ryder System, Inc. 2,129 152,990 0.10% Pilgrim’s Pride Corp. 6,424 129,315 0.08%
United Continental Holdings, Inc. 2,194 152,988 0.10% Sonic Automotive, Inc. Class A 6,272 129,203 0.08%
Public Service Enterprise Group, Inc. 2,823 152,837 0.10% Essent Group Ltd. 3,590 128,594 0.08%
Santander Consumer USA Holdings, Tower International, Inc. 4,040 128,472 0.08%
Inc. 7,991 152,548 0.10% New York Community Bancorp, Inc. 11,632 128,417 0.08%
Genesee & Wyoming, Inc. Class A 1,874 152,394 0.10% American Equity Investment Life
Atlas Air Worldwide Holdings, Inc. 2,119 151,932 0.10% Holding Co. 3,566 128,376 0.08%
Adient plc 3,084 151,702 0.10% Dean Foods Co. 12,208 128,306 0.08%
Enstar Group Ltd. 731 151,536 0.09% Ship Finance International Ltd. 8,580 128,271 0.08%
Del Taco Restaurants, Inc. 10,684 151,499 0.09% Party City Holdco, Inc. 8,334 127,093 0.08%
Walmart, Inc. 1,761 150,830 0.09% Weis Markets, Inc. 2,366 126,202 0.08%
Dominion Energy, Inc. 2,201 150,064 0.09% Cardinal Health, Inc. 2,582 126,079 0.08%
Graham Holdings Co. Class B 255 149,455 0.09% Vera Bradley, Inc. 8,959 125,784 0.08%
Post Holdings, Inc. 1,736 149,331 0.09% NorthWestern Corp. 2,187 125,206 0.08%
Ralph Lauren Corp. Class A 1,186 149,104 0.09% WildHorse Resource Development
Synchronoss Technologies, Inc. 24,158 149,055 0.09% Corp. 4,922 124,822 0.08%
Whirlpool Corp. 1,015 148,423 0.09% Aaron’s, Inc. 2,868 124,615 0.08%
Athene Holding Ltd. Class A 3,380 148,179 0.09% PulteGroup, Inc. 4,330 124,488 0.08%
United States Steel Corp. 4,254 147,827 0.09% Southwest Gas Holdings, Inc. 1,632 124,473 0.08%
Owens Corning 2,330 147,652 0.09% Matrix Service Co. 6,744 123,752 0.08%
WideOpenWest, Inc. 15,263 147,441 0.09% JM Smucker Co. 1,151 123,709 0.08%
OFG Bancorp 10,462 146,991 0.09% Oasis Petroleum, Inc. 9,507 123,306 0.08%
Western Digital Corp. 1,886 145,995 0.09% WestRock Co. 2,153 122,764 0.08%
National General Holdings Corp. 5,542 145,921 0.09% Resolute Energy Corp. 3,934 122,741 0.08%
American Airlines Group, Inc. 3,831 145,425 0.09% Cleveland-Cliffs, Inc. 14,516 122,370 0.08%
Spire, Inc. 2,047 144,621 0.09% Quad/Graphics, Inc. 5,855 121,960 0.08%
Axis Capital Holdings Ltd. 2,592 144,167 0.09% Domtar Corp. 2,553 121,880 0.08%
Radian Group, Inc. 8,888 144,163 0.09% CNA Financial Corp. 2,656 121,326 0.08%
CNX Resources Corp. 8,107 144,142 0.09% AECOM 3,662 120,956 0.08%
Consolidated Edison, Inc. 1,844 143,795 0.09% Cowen, Inc. Class A 8,706 120,578 0.08%
TTM Technologies, Inc. 8,151 143,702 0.09% Juniper Networks, Inc. 4,389 120,346 0.08%
FNB Corp. 10,698 143,567 0.09% UGI Corp. 2,311 120,334 0.08%
Verso Corp. Class A 6,596 143,529 0.09% Universal Health Services, Inc. Class B 1,077 120,021 0.08%
Spirit Airlines, Inc. 3,903 141,874 0.09% TEGNA, Inc. 11,010 119,459 0.07%
Newell Brands, Inc. 5,484 141,432 0.09% United Bankshares, Inc. 3,278 119,319 0.07%
Reliance Steel & Aluminum Co. 1,612 141,114 0.09% Eversource Energy 2,034 119,213 0.07%
Navient Corp. 10,828 141,089 0.09% Aspen Insurance Holdings Ltd. 2,929 119,210 0.07%
REX American Resources Corp. 1,741 140,969 0.09% Liberty Media Corp. Series C-
Invesco Ltd. 5,289 140,476 0.09% SiriusXM 2,625 119,070 0.07%
H&R Block, Inc. 6,155 140,211 0.09% American Eagle Outfitters, Inc. 5,109 118,784 0.07%
Pinnacle West Capital Corp. 1,740 140,174 0.09% Hanover Insurance Group, Inc. 992 118,604 0.07%
Unit Corp. 5,482 140,120 0.09% Triton International Ltd. 3,854 118,164 0.07%
Hawaiian Electric Industries, Inc. 4,081 139,978 0.09% First Citizens BancShares, Inc. Class A 292 117,764 0.07%
Office Depot, Inc. 54,808 139,760 0.09% ACCO Brands Corp. 8,470 117,309 0.07%
Citizens Financial Group, Inc. 3,585 139,456 0.09% PDL BioPharma, Inc. 50,059 117,138 0.07%
CIT Group, Inc. 2,765 139,384 0.09% Vistra Energy Corp. 4,943 116,951 0.07%
Aceto Corp. 41,175 137,936 0.09% GATX Corp. 1,572 116,690 0.07%
YRC Worldwide, Inc. 13,720 137,886 0.09% Hawaiian Holdings, Inc. 3,243 116,586 0.07%
AMERCO 386 137,474 0.09% Nielsen Holdings plc 3,765 116,451 0.07%
Gray Television, Inc. 8,678 137,112 0.09% Unisys Corp. 9,021 116,371 0.07%
MSG Networks, Inc. Class A 5,720 136,994 0.09% Express, Inc. 12,699 116,196 0.07%
Bonanza Creek Energy, Inc. 3,582 135,650 0.09% Lincoln National Corp. 1,864 116,034 0.07%
LSC Communications, Inc. 8,641 135,318 0.08% Louisiana-Pacific Corp. 4,261 115,984 0.07%
217

Old Republic International Corp. 5,824 115,956 0.07% Depomed, Inc. 15,267 101,831 0.06%
Regal Beloit Corp. 1,417 115,911 0.07% PVH Corp. 680 101,810 0.06%
Alcoa Corp. 2,469 115,747 0.07% PNM Resources, Inc. 2,607 101,412 0.06%
HomeStreet, Inc. 4,288 115,562 0.07% CNO Financial Group, Inc. 5,322 101,331 0.06%
Assured Guaranty Ltd. 3,226 115,265 0.07% Ryerson Holding Corp. 9,055 100,963 0.06%
Greenbrier Cos, Inc. 2,185 115,259 0.07% MDC Holdings, Inc. 3,281 100,956 0.06%
Ambac Financial Group, Inc. 5,793 114,991 0.07% RenaissanceRe Holdings Ltd. 839 100,948 0.06%
Loews Corp. 2,381 114,955 0.07% American Financial Group, Inc. 939 100,783 0.06%
Ethan Allen Interiors, Inc. 4,691 114,929 0.07% Sinclair Broadcast Group, Inc. Class A 3,132 100,694 0.06%
Valley National Bancorp 9,445 114,851 0.07% CA, Inc. 2,819 100,497 0.06%
Cirrus Logic, Inc. 2,993 114,722 0.07% Group 1 Automotive, Inc. 1,588 100,044 0.06%
United Rentals, Inc. 776 114,553 0.07% BMC Stock Holdings, Inc. 4,789 99,851 0.06%
Toll Brothers, Inc. 3,093 114,410 0.07% Aircastle Ltd. 4,866 99,753 0.06%
Xcel Energy, Inc. 2,488 113,652 0.07% SkyWest, Inc. 1,920 99,648 0.06%
Legg Mason, Inc. 3,272 113,637 0.07% WesBanco, Inc. 2,212 99,628 0.06%
CMS Energy Corp. 2,393 113,141 0.07% Shoe Carnival, Inc. 3,065 99,459 0.06%
American Axle & Manufacturing First Hawaiian, Inc. 3,427 99,452 0.06%
Holdings, Inc. 7,242 112,686 0.07% Clearwater Paper Corp. 4,288 99,053 0.06%
Centene Corp. 914 112,614 0.07% EnPro Industries, Inc. 1,413 98,839 0.06%
Amkor Technology, Inc. 13,092 112,460 0.07% Chemical Financial Corp. 1,772 98,647 0.06%
ArcBest Corp. 2,454 112,148 0.07% Quanta Services, Inc. 2,953 98,630 0.06%
HCI Group, Inc. 2,694 111,990 0.07% Arconic, Inc. 5,792 98,522 0.06%
Evergy, Inc. 1,994 111,963 0.07% WEC Energy Group, Inc. 1,519 98,203 0.06%
Mylan NV 3,088 111,600 0.07% National Western Life Group, Inc.
PDC Energy, Inc. 1,842 111,349 0.07% Class A 319 98,016 0.06%
Third Point Reinsurance Ltd. 8,843 110,538 0.07% Principal Financial Group, Inc. 1,849 97,905 0.06%
Hope Bancorp, Inc. 6,185 110,279 0.07% Fulton Financial Corp. 5,898 97,317 0.06%
DTE Energy Co. 1,062 110,055 0.07% Genesco, Inc. 2,450 97,265 0.06%
NCR Corp. 3,667 109,937 0.07% Norwegian Cruise Line Holdings Ltd. 2,055 97,099 0.06%
American National Insurance Co. 916 109,544 0.07% AGCO Corp. 1,590 96,545 0.06%
Zimmer Biomet Holdings, Inc. 982 109,434 0.07% Blucora, Inc. 2,601 96,237 0.06%
First BanCorp 14,304 109,426 0.07% Prestige Brands Holdings, Inc. 2,505 96,142 0.06%
IBERIABANK Corp. 1,433 108,621 0.07% William Lyon Homes Class A 4,141 96,071 0.06%
Jefferies Financial Group, Inc. 4,766 108,379 0.07% Textainer Group Holdings Ltd. 6,015 95,639 0.06%
Renewable Energy Group, Inc. 6,055 108,082 0.07% Nelnet, Inc. Class A 1,629 95,150 0.06%
Arlington Asset Investment Corp. World Acceptance Corp. 857 95,136 0.06%
Class A 10,477 108,018 0.07% Umpqua Holdings Corp. 4,208 95,059 0.06%
Armstrong Flooring, Inc. 7,690 107,968 0.07% MoneyGram International, Inc. 14,207 95,045 0.06%
CenterPoint Energy, Inc. 3,893 107,875 0.07% Qurate Retail, Inc. 4,469 94,832 0.06%
Maiden Holdings Ltd. 13,899 107,717 0.07% Argo Group International Holdings Ltd. 1,630 94,785 0.06%
Innoviva, Inc. 7,787 107,461 0.07% American Railcar Industries, Inc. 2,399 94,713 0.06%
Hancock Whitney Corp. 2,303 107,435 0.07% SRC Energy, Inc. 8,592 94,684 0.06%
AK Steel Holding Corp. 24,701 107,202 0.07% Laureate Education, Inc. Class A 6,603 94,621 0.06%
Matson, Inc. 2,786 106,927 0.07% Regions Financial Corp. 5,310 94,412 0.06%
AMC Entertainment Holdings, Inc. JC Penney Co., Inc. 40,183 94,028 0.06%
Class A 6,709 106,673 0.07% Reinsurance Group of America, Inc.
Owens & Minor, Inc. 6,309 105,423 0.07% Class A 704 93,970 0.06%
ON Semiconductor Corp. 4,741 105,416 0.07% Haverty Furniture Cos, Inc. 4,350 93,960 0.06%
RR Donnelley & Sons Co. 18,255 105,149 0.07% Realogy Holdings Corp. 4,120 93,936 0.06%
Steelcase, Inc. Class A 7,787 105,125 0.07% CAI International, Inc. 4,038 93,843 0.06%
Qorvo, Inc. 1,304 104,542 0.07% NiSource, Inc. 3,563 93,636 0.06%
Cinemark Holdings, Inc. 2,971 104,223 0.07% Horizon Global Corp. 15,705 93,602 0.06%
BankUnited, Inc. 2,548 104,086 0.07% Prosperity Bancshares, Inc. 1,368 93,516 0.06%
DXC Technology Co. 1,285 103,584 0.06% El Pollo Loco Holdings, Inc. 8,202 93,503 0.06%
Eastman Chemical Co. 1,033 103,259 0.06% Electronics For Imaging, Inc. 2,869 93,415 0.06%
Walt Disney Co. 984 103,133 0.06% Dana, Inc. 4,614 93,157 0.06%
AmTrust Financial Services, Inc. 7,070 103,010 0.06% Marcus Corp. 2,851 92,657 0.06%
Berkshire Hathaway, Inc. Class B 551 102,844 0.06% Old National Bancorp 4,951 92,089 0.06%
Diodes, Inc. 2,979 102,686 0.06% Deluxe Corp. 1,384 91,635 0.06%
LifePoint Health, Inc. 2,100 102,480 0.06% Denbury Resources, Inc. 19,036 91,563 0.06%
Tenneco, Inc. 2,331 102,471 0.06% Taylor Morrison Home Corp. Class A 4,402 91,474 0.06%
Iridium Communications, Inc. 6,355 102,315 0.06% Fifth Third Bancorp 3,167 90,893 0.06%
Beazer Homes USA, Inc. 6,932 102,247 0.06% GAIN Capital Holdings, Inc. 12,001 90,608 0.06%
DSW, Inc. Class A 3,958 102,196 0.06% Movado Group, Inc. 1,867 90,176 0.06%
VMware, Inc. Class A 695 102,144 0.06% OceanFirst Financial Corp. 2,994 89,700 0.06%
Customers Bancorp, Inc. 3,596 102,054 0.06% Arch Capital Group Ltd. 3,390 89,699 0.06%
International Speedway Corp. Class A 2,282 102,005 0.06% Owens-Illinois, Inc. 5,289 88,908 0.06%
218

Federal Agricultural Mortgage Corp. PacWest Bancorp 1,537 75,959 0.05%
Class C 991 88,675 0.06% Pinnacle Financial Partners, Inc. 1,235 75,767 0.05%
Engility Holdings, Inc. 2,892 88,611 0.06% KB Home 2,761 75,210 0.05%
US Silica Holdings, Inc. 3,435 88,245 0.06% Hyster-Yale Materials Handling, Inc. 1,170 75,172 0.05%
Entravision Communications Corp. EZCORP, Inc. Class A 6,227 75,035 0.05%
Class A 17,586 87,930 0.06% Par Pacific Holdings, Inc. 4,303 74,786 0.05%
GameStop Corp. Class A 6,032 87,886 0.06% Teekay Corp. 9,633 74,656 0.05%
Copa Holdings SA Class A 927 87,713 0.06% Comerica, Inc. 817 74,282 0.05%
Franklin Resources, Inc. 2,732 87,561 0.05% Oritani Financial Corp. 4,571 74,050 0.05%
International Business Machines Corp. 626 87,452 0.05% Huntington Bancshares, Inc. 5,002 73,830 0.05%
Ardagh Group SA Class A 5,239 87,072 0.05% Flagstar Bancorp, Inc. 2,151 73,693 0.05%
Zions Bancorporation 1,648 86,833 0.05% AdvanSix, Inc. 2,010 73,626 0.05%
Briggs & Stratton Corp. 4,930 86,817 0.05% Greif, Inc. Class A 1,385 73,253 0.05%
Tronox Ltd. Class A 4,405 86,690 0.05% Halcon Resources Corp. 16,635 73,028 0.05%
Lydall, Inc. 1,981 86,471 0.05% Talos Energy, Inc. 2,268 72,871 0.05%
TCF Financial Corp. 3,512 86,465 0.05% Conn’s, Inc. 2,198 72,534 0.05%
Heritage Insurance Holdings, Inc. 5,169 86,167 0.05% CBIZ, Inc. 3,140 72,220 0.05%
PACCAR, Inc. 1,389 86,062 0.05% Sally Beauty Holdings, Inc. 4,489 71,959 0.05%
ONE Gas, Inc. 1,147 85,727 0.05% Kelly Services, Inc. Class A 3,199 71,818 0.05%
Anixter International, Inc. 1,351 85,518 0.05% Piper Jaffray Cos 933 71,701 0.05%
AngioDynamics, Inc. 3,819 84,935 0.05% Big Lots, Inc. 1,711 71,486 0.04%
Terex Corp. 2,010 84,802 0.05% Lithia Motors, Inc. Class A 754 71,306 0.04%
PennyMac Financial Services, Inc. Alliant Energy Corp. 1,680 71,098 0.04%
Class A 4,311 84,711 0.05% Motorcar Parts of America, Inc. 3,786 70,836 0.04%
NRG Yield, Inc. Class C 4,906 84,383 0.05% Atmos Energy Corp. 785 70,760 0.04%
Opus Bank 2,932 84,148 0.05% First Midwest Bancorp, Inc. 2,746 69,941 0.04%
Sanmina Corp. 2,868 84,032 0.05% j2 Global, Inc. 807 69,894 0.04%
RH 601 83,960 0.05% BofI Holding, Inc. 1,707 69,833 0.04%
Lannett Co., Inc. 6,164 83,830 0.05% Boise Cascade Co. 1,562 69,821 0.04%
Stifel Financial Corp. 1,604 83,809 0.05% Houlihan Lokey, Inc. Class A 1,347 68,993 0.04%
Diamond Offshore Drilling, Inc. 4,010 83,649 0.05% Gap, Inc. 2,128 68,926 0.04%
NextEra Energy, Inc. 498 83,181 0.05% KBR, Inc. 3,843 68,867 0.04%
NN, Inc. 4,388 82,933 0.05% Xperi Corp. 4,237 68,216 0.04%
Dime Community Bancshares, Inc. 4,252 82,914 0.05% Ultra Clean Holdings, Inc. 4,103 68,110 0.04%
Pier 1 Imports, Inc. 34,825 82,883 0.05% Heartland Financial USA, Inc. 1,240 68,014 0.04%
Ingles Markets, Inc. Class A 2,602 82,744 0.05% Rayonier Advanced Materials, Inc. 3,964 67,745 0.04%
Tutor Perini Corp. 4,477 82,601 0.05% Hanmi Financial Corp. 2,388 67,700 0.04%
NetScout Systems, Inc. 2,776 82,447 0.05% Zumiez, Inc. 2,696 67,535 0.04%
Nautilus, Inc. 5,251 82,441 0.05% Regis Corp. 4,073 67,367 0.04%
Commercial Metals Co. 3,901 82,350 0.05% E*TRADE Financial Corp. 1,090 66,664 0.04%
BlackRock, Inc. Class A 165 82,342 0.05% Caleres, Inc. 1,934 66,510 0.04%
Stepan Co. 1,033 80,584 0.05% First American Financial Corp. 1,283 66,357 0.04%
Trinity Industries, Inc. 2,333 79,929 0.05% HollyFrontier Corp. 965 66,035 0.04%
Callon Petroleum Co. 7,441 79,916 0.05% International Bancshares Corp. 1,527 65,356 0.04%
ZAGG, Inc. 4,617 79,874 0.05% AAR Corp. 1,402 65,179 0.04%
Arch Coal, Inc. Class A 1,018 79,842 0.05% John Wiley & Sons, Inc. Class A 1,043 65,083 0.04%
Buckle, Inc. 2,967 79,812 0.05% KEMET Corp. 2,679 64,698 0.04%
Modine Manufacturing Co. 4,371 79,771 0.05% Gentex Corp. 2,810 64,686 0.04%
KeyCorp 4,068 79,489 0.05% Hilltop Holdings, Inc. 2,916 64,356 0.04%
Flotek Industries, Inc. 24,401 78,815 0.05% Big 5 Sporting Goods Corp. 8,467 64,349 0.04%
Navigant Consulting, Inc. 3,559 78,796 0.05% Schnitzer Steel Industries, Inc. Class A 1,897 63,929 0.04%
Hibbett Sports, Inc. 3,440 78,776 0.05% Greenlight Capital Re Ltd. Class A 4,499 63,886 0.04%
SUPERVALU, Inc. 3,828 78,551 0.05% America’s Car-Mart, Inc. 1,028 63,633 0.04%
Meredith Corp. 1,530 78,030 0.05% Flex Ltd. 4,507 63,594 0.04%
Abercrombie & Fitch Co. Class A 3,186 77,993 0.05% WESCO International, Inc. 1,111 63,438 0.04%
Magellan Health, Inc. 809 77,624 0.05% Simmons First National Corp. Class A 2,106 62,969 0.04%
Banco Latinoamericano de Comercio Delek US Holdings, Inc. 1,254 62,913 0.04%
Exterior SA Class E 3,154 77,620 0.05%
Great Western Bancorp, Inc. 1,498 62,901 0.04%
People’s United Financial, Inc. 4,289 77,588 0.05%
Universal Insurance Holdings, Inc. 1,791 62,864 0.04%
Archrock, Inc. 6,445 77,340 0.05%
Meta Financial Group, Inc. 645 62,823 0.04%
Wabash National Corp. 4,130 77,066 0.05%
Spirit AeroSystems Holdings, Inc.
Atkore International Group, Inc. 3,700 76,849 0.05% Class A 731 62,800 0.04%
Gannett Co., Inc. 7,182 76,847 0.05% INTL. FCStone, Inc. 1,214 62,776 0.04%
First Interstate BancSystem, Inc. ScanSource, Inc. 1,555 62,667 0.04%
Class A 1,819 76,762 0.05%
South Jersey Industries, Inc. 1,870 62,589 0.04%
Smart & Final Stores, Inc. 13,813 76,662 0.05%
SpartanNash Co. 2,452 62,575 0.04%
Belden, Inc. 1,251 76,461 0.05%
Provident Financial Services, Inc. 2,264 62,328 0.04%
National CineMedia, Inc. 9,094 76,390 0.05%
219

Platform Specialty Products Corp. 5,340 61,944 0.04% Westlake Chemical Corp. 452 48,649 0.03%
Iconix Brand Group, Inc. 105,948 61,810 0.04% New Media Investment Group, Inc. 2,622 48,455 0.03%
Investors Bancorp, Inc. 4,792 61,290 0.04% International Paper Co. 930 48,434 0.03%
Diebold Nixdorf, Inc. 5,084 60,754 0.04% East West Bancorp, Inc. 741 48,313 0.03%
Franklin Financial Network, Inc. 1,608 60,461 0.04% Drive Shack, Inc. 6,246 48,219 0.03%
Sanderson Farms, Inc. 573 60,251 0.04% Bancorp, Inc. 4,609 48,210 0.03%
Covenant Transportation Group, Inc. Kraton Corp. 1,043 48,124 0.03%
Class A 1,905 60,007 0.04% Eastman Kodak Co. 12,660 48,108 0.03%
Darling Ingredients, Inc. 3,013 59,898 0.04% IDACORP, Inc. 521 48,057 0.03%
TrueBlue, Inc. 2,195 59,155 0.04% BOK Financial Corp. 509 47,851 0.03%
M&T Bank Corp. 347 59,042 0.04% Sandy Spring Bancorp, Inc. 1,161 47,613 0.03%
Asbury Automotive Group, Inc. 860 58,953 0.04% Janus Henderson Group plc 1,535 47,171 0.03%
Warrior Met Coal, Inc. 2,131 58,752 0.04% Hooker Furniture Corp. 1,000 46,900 0.03%
EP Energy Corp. Class A 19,583 58,749 0.04% Habit Restaurants, Inc. Class A 4,689 46,890 0.03%
Royal Caribbean Cruises Ltd. 566 58,638 0.04% Michael Kors Holdings Ltd. 699 46,553 0.03%
Bojangles’, Inc. 4,059 58,450 0.04% Rowan Cos plc Class A 2,866 46,487 0.03%
S&T Bancorp, Inc. 1,350 58,374 0.04% Perficient, Inc. 1,760 46,411 0.03%
Finisar Corp. 3,211 57,798 0.04% Union Bankshares Corp. 1,182 45,956 0.03%
Peabody Energy Corp. 1,270 57,760 0.04% Lennar Corp. Class A 873 45,832 0.03%
Banc of California, Inc. 2,949 57,653 0.04% Nucor Corp. 723 45,187 0.03%
Mammoth Energy Services, Inc. 1,691 57,426 0.04% Green Bancorp, Inc. 2,090 45,144 0.03%
ICF International, Inc. 804 57,124 0.04% Fidelity Southern Corp. 1,764 44,823 0.03%
Foundation Building Materials, Inc. 3,677 56,552 0.04% Cooper-Standard Holdings, Inc. 341 44,558 0.03%
Photronics, Inc. 7,075 56,423 0.04% TiVo Corp. 3,311 44,533 0.03%
Wintrust Financial Corp. 648 56,408 0.04% FNF Group 1,183 44,504 0.03%
Laredo Petroleum, Inc. 5,853 56,306 0.04% Sterling Bancorp 1,888 44,368 0.03%
Avangrid, Inc. 1,059 56,053 0.04% Willis Towers Watson plc 291 44,116 0.03%
Citi Trends, Inc. 2,039 55,950 0.04% Torchmark Corp. 539 43,880 0.03%
Encore Capital Group, Inc. 1,518 55,559 0.03% Comtech Telecommunications Corp. 1,369 43,644 0.03%
Enterprise Financial Services Corp. 1,026 55,353 0.03% Best Buy Co., Inc. 585 43,629 0.03%
Bank of the Ozarks 1,228 55,309 0.03% Laboratory Corp. of America Holdings 243 43,626 0.03%
Pentair plc 1,308 55,041 0.03% Triumph Group, Inc. 2,224 43,590 0.03%
Berkshire Hills Bancorp, Inc. 1,346 54,648 0.03% Hyatt Hotels Corp. Class A 560 43,204 0.03%
Synaptics, Inc. 1,083 54,551 0.03% Dave & Buster’s Entertainment, Inc. 907 43,173 0.03%
Presidio, Inc. 4,160 54,496 0.03% Renasant Corp. 940 42,789 0.03%
Arrow Electronics, Inc. 723 54,427 0.03% Inovalon Holdings, Inc. Class A 4,301 42,687 0.03%
BorgWarner, Inc. 1,261 54,425 0.03% Alleghany Corp. 74 42,548 0.03%
FTI Consulting, Inc. 888 53,706 0.03% Teekay Tankers Ltd. Class A 36,167 42,315 0.03%
Smart Sand, Inc. 10,100 53,631 0.03% United Community Banks, Inc. 1,373 42,110 0.03%
Vishay Intertechnology, Inc. 2,311 53,615 0.03% TrustCo Bank Corp. NY 4,726 42,061 0.03%
Jacobs Engineering Group, Inc. 841 53,395 0.03% United Financial Bancorp, Inc. 2,394 41,943 0.03%
Adtalem Global Education, Inc. 1,105 53,150 0.03% Gold Resource Corp. 6,252 41,201 0.03%
Chico’s FAS, Inc. 6,518 53,057 0.03% Trustmark Corp. 1,262 41,179 0.03%
Affiliated Managers Group, Inc. 356 52,927 0.03% CACI International, Inc. Class A 244 41,126 0.03%
Marten Transport Ltd. 2,254 52,856 0.03% Webster Financial Corp. 640 40,768 0.03%
Telephone & Data Systems, Inc. 1,924 52,756 0.03% Western Alliance Bancorp 713 40,363 0.03%
Devon Energy Corp. 1,199 52,708 0.03% First Busey Corp. 1,264 40,094 0.03%
Liberty Expedia Holdings, Inc. Class A 1,196 52,552 0.03% McDermott International, Inc. 2,034 39,968 0.03%
Quanex Building Products Corp. 2,919 52,396 0.03% Hecla Mining Co. 11,399 39,669 0.03%
United Natural Foods, Inc. 1,228 52,386 0.03% Virtus Investment Partners, Inc. 310 39,665 0.02%
K12, Inc. 3,191 52,237 0.03% Benchmark Electronics, Inc. 1,343 39,148 0.02%
Hostess Brands, Inc. Class A 3,838 52,197 0.03% Entercom Communications Corp.
Fabrinet 1,412 52,089 0.03% Class A 5,181 39,117 0.02%
Ameriprise Financial, Inc. 371 51,895 0.03% NMI Holdings, Inc. Class A 2,392 38,990 0.02%
First Commonwealth Financial Corp. 3,333 51,695 0.03% Helen of Troy Ltd. 394 38,789 0.02%
First Horizon National Corp. 2,892 51,593 0.03% Selective Insurance Group, Inc. 704 38,720 0.02%
Universal Corp. 778 51,387 0.03% TRI Pointe Group, Inc. 2,366 38,708 0.02%
Abraxas Petroleum Corp. 17,729 51,237 0.03% Bridgepoint Education, Inc. Class A 5,877 38,377 0.02%
Cloud Peak Energy, Inc. 14,575 50,867 0.03% Cathay General Bancorp 947 38,344 0.02%
Fresh Del Monte Produce, Inc. 1,140 50,787 0.03% Lions Gate Entertainment Corp.
Signature Bank 394 50,385 0.03% Class A 1,544 38,322 0.02%
Sykes Enterprises, Inc. 1,750 50,365 0.03% ManTech International Corp. Class A 708 37,977 0.02%
Steel Dynamics, Inc. 1,088 49,994 0.03% Enova International, Inc. 1,033 37,756 0.02%
Nasdaq, Inc. 547 49,925 0.03% Safety Insurance Group, Inc. 442 37,747 0.02%
PH Glatfelter Co. 2,543 49,817 0.03% ITT, Inc. 722 37,739 0.02%
Meet Group, Inc. 11,091 49,688 0.03% World Fuel Services Corp. 1,849 37,738 0.02%
Matthews International Corp. Class A 838 49,274 0.03% ConnectOne Bancorp, Inc. 1,515 37,723 0.02%
220

Navigators Group, Inc. 661 37,677 0.02% United States 0.84% (30 June 2017: 0.95%)
El Paso Electric Co. 637 37,647 0.02% iStar, Inc. REIT 20,646 222,770 0.14%
Rush Enterprises, Inc. Class A 866 37,567 0.02% Medical Properties Trust, Inc. REIT 10,131 142,239 0.09%
Washington Federal, Inc. 1,132 37,016 0.02% Jernigan Capital, Inc. REIT 5,783 110,224 0.07%
Oxford Industries, Inc. 445 36,926 0.02% Omega Healthcare Investors, Inc. REIT 3,361 104,191 0.06%
Banner Corp. 614 36,920 0.02% NorthStar Realty Europe Corp. REIT 6,865 99,474 0.06%
Ameris Bancorp 687 36,651 0.02% Global Net Lease, Inc. REIT 4,082 83,395 0.05%
QEP Resources, Inc. 2,957 36,253 0.02% CoreCivic, Inc. REIT 3,408 81,417 0.05%
Employers Holdings, Inc. 900 36,180 0.02% CorEnergy Infrastructure Trust, Inc.
WR Berkley Corp. 498 36,060 0.02% REIT 2,089 78,547 0.05%
Encore Wire Corp. 756 35,872 0.02% Infra, Inc. REIT 3,182 70,545 0.04%
Waddell & Reed Financial, Inc. Class A 1,984 35,652 0.02% Apple Hospitality, Inc. REIT 3,383 60,488 0.04%
Knowles Corp. 2,327 35,603 0.02% Sabra Health Care, Inc. REIT 2,218 48,197 0.03%
Apple, Inc. 191 35,356 0.02% Hersha Hospitality Trust REIT Class A 2,234 47,919 0.03%
Intercontinental Exchange, Inc. 478 35,157 0.02% RLJ Lodging Trust REIT 2,164 47,716 0.03%
Northern Trust Corp. 339 34,880 0.02% Seritage Growth Properties REIT 1,036 43,958 0.03%
Horace Mann Educators Corp. 777 34,654 0.02% Piedmont Office Realty Trust, Inc.
Kaiser Aluminum Corp. 332 34,565 0.02% REIT Class A 2,076 41,375 0.03%
Walker & Dunlop, Inc. 597 33,223 0.02% Chesapeake Lodging Trust REIT 1,260 39,867 0.02%
M/I Homes, Inc. 1,254 33,206 0.02% DiamondRock Hospitality Co. REIT 2,330 28,612 0.02%
Herman Miller, Inc. 973 32,985 0.02% 1,350,934 0.84%
Schweitzer-Mauduit International, Inc. 741 32,397 0.02%
AMC Networks, Inc. Class A 518 32,220 0.02%
Cullen/Frost Bankers, Inc. 294 31,823 0.02%
United States Cellular Corp. 853 31,595 0.02%
Meritage Homes Corp. 718 31,556 0.02%
Northwest Bancshares, Inc. 1,805 31,389 0.02% Unrealised
AVX Corp. 1,981 31,042 0.02%
Minerals Technologies, Inc. 410 30,893 0.02%
Apogee Enterprises, Inc. 641 30,877 0.02% Financial Derivative Instruments (0.01%) (30 June 2017: (0.00%))
Andersons, Inc. 901 30,814 0.02% Futures (0.01%) (30 June 2017: (0.00%))
BancorpSouth Bank 927 30,545 0.02% Euro STOXX 50
Kansas City Southern 285 30,199 0.02% 21 September 2018 8 319,992 (3,259) (0.00%)
Textron, Inc. 458 30,187 0.02% S&P 500 E-mini
Bunge Ltd. 432 30,115 0.02% 21 September 2018 4 552,736 (8,416) (0.01%)
EchoStar Corp. Class A 678 30,103 0.02% Total Financial Derivative Instruments (11,675) (0.01%)
HRG Group, Inc. 2,255 29,518 0.02%
LegacyTexas Financial Group, Inc. 750 29,265 0.02% Fair Value
Allegiant Travel Co. Class A 210 29,179 0.02% US Dollars ($)
Avis Budget Group, Inc. 891 28,957 0.02%
Lazard Ltd. Class A 591 28,906 0.02%
Univest Corp. of Pennsylvania 1,033 28,408 0.02%
Raymond James Financial, Inc. 317 28,324 0.02%
Red Robin Gourmet Burgers, Inc. 586 27,308 0.02% GDR—Global Depositary Receipt.
Tailored Brands, Inc. 1,044 26,643 0.02% REIT—Real Estate Investment Trust.
Worthington Industries, Inc. 588 24,678 0.02%
Harley-Davidson, Inc. 574 24,154 0.02% % of Total
Orchids Paper Products Co. 3,761 14,969 0.01% Analysis of Total Net Assets US Dollars ($) Net Assets
Perspecta, Inc. 642 13,193 0.01% (a) Transferable securities admitted to
an official stock exchange listing 156,880,480 98.13%
93,371,807 58.41%
(b) Transferable securities dealt in on
Total Equities 157,103,428 98.27%
another regulated market 2,064,350 1.29%
(c) Transferable securities other than
Australia 0.05% (30 June 2017: 0.00%) those admitted to an official stock
Vicinity Centres REIT 23,128 44,258 0.03% exchange listing or dealt in on another
Stockland REIT 9,520 27,925 0.02% regulated market — 0.00%
72,183 0.05% (d) Financial derivative instruments (11,675) (0.01%)
Canada 0.14% (30 June 2017: 0.13%) (e) Other net assets 934,956 0.59%
RioCan REIT 12,634 231,944 0.14% Total Net Assets 159,868,111 100.00%
231,944 0.14%
France 0.12% (30 June 2017: 0.19%)
Klepierre SA REIT 4,045 152,308 0.10%
ICADE REIT 363 34,033 0.02%
186,341 0.12%
221

Cost Proceeds
Purchases Sales
General Electric Co. 69,219 1,115,925 Express Scripts Holding Co. 8,119 661,176
General Motors Co. 19,987 778,896 Shire plc 9,645 521,169
PG&E Corp. 15,197 693,933 Provident Financial plc 42,817 432,788
Porsche Automobil Holding SE - EDP - Energias de Portugal SA 100,275 402,592
Preference Shares 8,128 636,046 General Electric Co. 26,154 378,971
Micron Technology, Inc. 14,898 624,061 Orion Holdings Corp. 13,198 344,208
Capita plc 195,397 574,687 Centrica plc 164,715 343,298
Comcast Corp. Class A 15,268 567,344 eBay, Inc. 8,122 336,291
Johnson Controls International plc 15,022 561,006 Aggreko plc 30,676 314,648
Chesapeake Energy Corp. 153,513 538,427 Quality Care Properties, Inc. REIT 16,639 311,886
Ultra Petroleum Corp. 251,893 535,589 Endesa SA 12,891 301,984
American Electric Power Co., Inc. 7,601 529,279 Wharf Holdings Ltd. 71,000 296,202
Marathon Petroleum Corp. 8,140 526,547 ACS Actividades de Construccion y Servicios SA 6,761 291,212
AT&T, Inc. 14,386 525,670 GKN plc 49,732 288,898
CVS Health Corp. 6,839 489,351 Sprint Corp. 48,778 272,433
Duke Energy Corp. 6,254 488,119 TDC A/S 32,188 263,002
Walgreens Boots Alliance, Inc. 6,788 485,355 VEREIT, Inc. REIT 37,539 262,033
McKesson Corp. 3,128 478,655 Lam Research Corp. 1,302 259,589
Mallinckrodt plc 25,526 477,145 Andeavor 1,853 258,488
T-Mobile US, Inc. 7,712 460,174 WPP plc 14,732 251,904
Allergan plc 2,739 457,016
222

2018 2017
Current Assets
Cash 515,923 269,029
Receivables:
Current Liabilities
Unrealised Depreciation on Spot Currency Contracts 13,526 4

30 June 2018 30 June 2017
Dividend Income 3,259,304 1,275,535
Expenses
Finance Costs
223


30 June 2018 30 June 2017
Subscriptions 80,618,569 48,194,678
Redemptions — —
Total Capital Transactions 80,618,569 48,194,678
End of Year 159,868,111 71,965,254
224
Vanguard S&P 500 UCITS ETF

As at 30 June 2018

S&P 500
Vanguard S&P 500 UCITS ETF seeks to track the performance of Fund Index
the Standard & Poor’s 500 Index, a widely recognised benchmark R-Squared 1.00 1.00
of US stock market performance that is composed of the stocks of
Beta 1.00 1.00
large US companies.
Portfolio Characteristics Ten Largest Holdings1 (% of total net assets)

S&P 500
Fund Index Apple Inc. Technology Hardware,
Number of Stocks 508 505 Storage and Peripherals 3.9%
Median Market Cap Microsoft Corp. Systems Software 3.3
US Dollars $104.8B $104.8B Amazon.com Inc. Internet & Direct
Marketing Retail 3.0
Alphabet Inc. Internet Software & Services 2.9
Euro €89.8B €89.8B
Facebook Inc. Internet Software & Services 2.0
Swiss Francs CHF104.1B CHF104.1B
Berkshire Hathaway Inc. Multi-Sector Holdings 1.6
JPMorgan Chase & Co. Diversified Banks 1.5
Exxon Mobil Corp. Integrated Oil & Gas 1.5
Yield 1.9% 1.9%
Johnson & Johnson Pharmaceuticals 1.4
Bank of America Corp. Diversified Banks 1.1
Top Ten 22.2%
Non-US Holdings 0.1%
Investment Focus
Sector Diversification (% of portfolio) Style Value Blend Growth

S&P 500
Market Cap Large
Fund Index
Consumer Discretionary 12.9% 12.9%
Medium
Consumer Staples 6.9 6.9
Energy 6.3 6.3
Small
Industrials 9.5 9.6
Information Technology 26.0 26.0
Materials 2.6 2.6
Real Estate 2.9 2.9
Telecommunication Services 2.0 2.0
Utilities 3.0 2.9
225

• For the 12 months ended 30 June 2018, Vanguard S&P 500 ETF returned 13.96%. Its benchmark index returned 13.71%.1
• Ten of the ETF’s 11 sectors generated positive performance for the 12-month period, led by information technology and consumer discretionary.
• Consumer staples was the only sector that detracted from performance.
Vanguard S&P 500 UCITS ETF2

Benchmark: S&P 500 Index 2

$260,000
229,277
90,000
2012 2013 2014 2015 2016 2017 2018

One year Five Years Since Inception3 Investment
Benchmark 13.71 12.72 14.28 225,879
2012 2013 2014 2015 2016 2017 2018
24.11 23.83
20.12 19.79
17.43 17.16
13.96 13.71
7.02 6.77
3.67 3.63 3.58 3.31
ETF Net Asset Value

Benchmark
2 The return of the S&P 500 UCITS ETF is adjusted by 15% for the withholding tax on dividends paid by US securities. The return of the S&P 500 Index is adjusted by 30%.
3 22 May 2012.
226
30 June 2018

Equities 96.78% (30 June 2017: 97.26%) Michael Kors Holdings Ltd. 152,349 10,146,443 0.04%
Consumer Cyclical 0.05% (30 June 2017: 0.00%) LKQ Corp. 314,483 10,032,008 0.04%
Norwegian Cruise Line Holdings Ltd. 207,940 9,825,165 0.04%
Copart, Inc. 205,300 11,611,768 0.05%
Whirlpool Corp. 65,113 9,521,474 0.04%
11,611,768 0.05%
Tractor Supply Co. 122,993 9,407,735 0.04%
Consumer Discretionary 12.87% (30 June 2017: 12.24%) Interpublic Group of Cos, Inc. 392,755 9,206,177 0.04%
Amazon.com, Inc. 409,873 696,702,125 2.96% L Brands, Inc. 247,744 9,136,799 0.04%
Home Depot, Inc. 1,175,033 229,248,938 0.97% Discovery, Inc. Class C 346,082 8,825,091 0.04%
Netflix, Inc. 442,556 173,229,695 0.74% BorgWarner, Inc. 198,695 8,575,676 0.04%
Walt Disney Co. 1,513,328 158,611,908 0.67% Hanesbrands, Inc. 364,727 8,031,289 0.03%
Comcast Corp. Class A 4,675,490 153,402,827 0.65% DISH Network Corp. Class A 236,016 7,932,498 0.03%
McDonald’s Corp. 799,795 125,319,879 0.53% News Corp. Class A 503,520 7,804,560 0.03%
NIKE, Inc. Class B 1,306,383 104,092,597 0.44% PulteGroup, Inc. 270,469 7,775,984 0.03%
Booking Holdings, Inc. 49,100 99,530,119 0.42% Ralph Lauren Corp. Class A 56,973 7,162,646 0.03%
Lowe’s Cos, Inc. 835,487 79,847,493 0.34% Harley-Davidson, Inc. 169,867 7,148,003 0.03%
Starbucks Corp. 1,403,071 68,540,018 0.29% Gap, Inc. 219,634 7,113,945 0.03%
TJX Cos, Inc. 637,072 60,636,513 0.26% Garmin Ltd. 114,945 7,011,645 0.03%
Charter Communications, Inc. Foot Locker, Inc. 119,954 6,315,578 0.03%
Class A 188,298 55,210,857 0.23% Nordstrom, Inc. 121,215 6,276,513 0.03%
Twenty-First Century Fox, Inc. TripAdvisor, Inc. 108,463 6,042,474 0.03%
Class A 1,071,289 53,232,350 0.23% Leggett & Platt, Inc. 131,482 5,869,356 0.02%
General Motors Co. 1,290,125 50,830,925 0.22% Goodyear Tire & Rubber Co. 246,789 5,747,716 0.02%
Ford Motor Co. 3,981,361 44,073,666 0.19% Mattel, Inc. 344,480 5,656,362 0.02%
Target Corp. 541,344 41,207,105 0.18% H&R Block, Inc. 209,654 4,775,918 0.02%
Marriott International, Inc. Class A 301,925 38,223,705 0.16% Discovery, Inc. Class A 163,670 4,500,925 0.02%
Ross Stores, Inc. 384,323 32,571,374 0.14% Under Armour, Inc. Class C 198,203 4,178,119 0.02%
VF Corp. 334,196 27,243,658 0.12% Under Armour, Inc. Class A 183,540 4,125,979 0.02%
Yum! Brands, Inc. 329,279 25,756,203 0.11% News Corp. Class B 18,636 295,381 0.00%
Dollar General Corp. 257,776 25,416,714 0.11% Lennar Corp. Class B 4,898 209,096 0.00%
Aptiv plc 268,649 24,616,308 0.10%
3,028,686,245 12.87%
Carnival Corp. 414,920 23,779,065 0.10%
Consumer Staples 7.12% (30 June 2017: 9.02%)
O’Reilly Automotive, Inc. 83,215 22,765,128 0.10%
Hilton Worldwide Holdings, Inc. 283,457 22,438,456 0.10% Procter & Gamble Co. 2,560,153 199,845,543 0.85%
Twenty-First Century Fox, Inc. Coca-Cola Co. 3,901,087 171,101,676 0.73%
Class B 448,612 22,103,113 0.09% PepsiCo, Inc. 1,442,558 157,051,289 0.67%
Dollar Tree, Inc. 242,729 20,631,965 0.09% Philip Morris International, Inc. 1,583,312 127,836,611 0.54%
CBS Corp. Class B 346,650 19,488,663 0.08% Walmart, Inc. 1,471,638 126,045,795 0.54%
Best Buy Co., Inc. 249,122 18,579,519 0.08% Altria Group, Inc. 1,925,144 109,328,928 0.46%
AutoZone, Inc. 27,100 18,182,203 0.08% Costco Wholesale Corp. 447,203 93,456,483 0.40%
Royal Caribbean Cruises Ltd. 173,388 17,962,997 0.08% CVS Health Corp. 1,034,118 66,545,493 0.28%
Omnicom Group, Inc. 230,690 17,594,726 0.07% Mondelez International, Inc.
MGM Resorts International 509,253 14,783,615 0.06% Class A 1,499,890 61,495,490 0.26%
Expedia Group, Inc. 122,731 14,751,039 0.06% Colgate-Palmolive Co. 886,920 57,481,285 0.24%
Lennar Corp. Class A 274,865 14,430,412 0.06% Walgreens Boots Alliance, Inc. 867,100 52,039,007 0.22%
Wynn Resorts Ltd. 85,614 14,326,647 0.06% Kraft Heinz Co. 610,959 38,380,444 0.16%
DR Horton, Inc. 346,942 14,224,622 0.06% Kimberly-Clark Corp. 355,516 37,450,055 0.16%
Tapestry, Inc. 294,274 13,745,539 0.06% Constellation Brands, Inc. Class A 170,532 37,324,339 0.16%
Mohawk Industries, Inc. 64,049 13,723,779 0.06% Sysco Corp. 488,205 33,339,519 0.14%
Tiffany & Co. 104,208 13,713,773 0.06% Estee Lauder Cos, Inc. Class A 228,778 32,644,333 0.14%
Genuine Parts Co. 149,050 13,681,299 0.06% General Mills, Inc. 603,560 26,713,566 0.11%
Ulta Beauty, Inc. 58,514 13,660,678 0.06% Archer-Daniels-Midland Co. 567,033 25,987,122 0.11%
Darden Restaurants, Inc. 124,950 13,377,147 0.06% Monster Beverage Corp. 418,080 23,955,984 0.10%
CarMax, Inc. 179,609 13,088,108 0.06% Kroger Co. 826,622 23,517,396 0.10%
Newell Brands, Inc. 494,112 12,743,148 0.05% Tyson Foods, Inc. Class A 301,381 20,750,082 0.09%
Kohl’s Corp. 171,742 12,519,992 0.05% Kellogg Co. 255,484 17,850,667 0.08%
PVH Corp. 78,837 11,803,476 0.05% Clorox Co. 131,008 17,718,832 0.08%
Macy’s, Inc. 311,409 11,656,039 0.05% McCormick & Co., Inc. 124,419 14,443,802 0.06%
Viacom, Inc. Class B 362,446 10,931,371 0.05% Conagra Brands, Inc. 400,013 14,292,465 0.06%
Chipotle Mexican Grill, Inc. Class A 25,051 10,806,250 0.05% Church & Dwight Co., Inc. 250,033 13,291,754 0.06%
Hasbro, Inc. 116,166 10,723,283 0.05% Brown-Forman Corp. Class B 268,526 13,160,459 0.06%
Advance Auto Parts, Inc. 75,716 10,274,661 0.04% Hershey Co. 141,253 13,145,004 0.06%
227

Molson Coors Brewing Co. Class B 187,937 12,787,234 0.05% State Street Corp. 372,374 34,664,296 0.15%
JM Smucker Co. 115,579 12,422,431 0.05% Aon plc 249,721 34,254,230 0.15%
Hormel Foods Corp. 276,437 10,286,221 0.04% Aflac, Inc. 788,750 33,932,025 0.14%
Campbell Soup Co. 193,243 7,834,071 0.03% Travelers Cos, Inc. 274,646 33,600,192 0.14%
Coty, Inc. Class A 473,048 6,669,977 0.03% Allstate Corp. 356,634 32,549,985 0.14%
1,676,193,357 7.12% SunTrust Banks, Inc. 471,524 31,130,014 0.13%
Moody’s Corp. 170,147 29,020,272 0.12%
Energy 6.31% (30 June 2017: 6.04%)
T Rowe Price Group, Inc. 247,006 28,674,927 0.12%
Exxon Mobil Corp. 4,311,823 356,717,117 1.52%
M&T Bank Corp. 147,729 25,136,089 0.11%
Chevron Corp. 1,946,688 246,119,764 1.05%
Discover Financial Services 355,371 25,021,672 0.11%
Schlumberger Ltd. 1,408,608 94,418,994 0.40%
Synchrony Financial 719,671 24,022,618 0.10%
ConocoPhillips 1,189,313 82,799,971 0.35%
Northern Trust Corp. 215,228 22,144,809 0.09%
EOG Resources, Inc. 588,529 73,230,663 0.31%
KeyCorp 1,076,997 21,044,521 0.09%
Occidental Petroleum Corp. 778,588 65,152,244 0.28%
Ameriprise Financial, Inc. 146,579 20,503,470 0.09%
Valero Energy Corp. 440,048 48,770,520 0.21%
Regions Financial Corp. 1,140,299 20,274,516 0.09%
Phillips 66 426,505 47,900,777 0.20%
Willis Towers Watson plc 133,566 20,248,606 0.09%
Halliburton Co. 891,332 40,163,420 0.17%
Fifth Third Bancorp 697,060 20,005,622 0.08%
Anadarko Petroleum Corp. 524,694 38,433,835 0.16%
Citizens Financial Group, Inc. 493,327 19,190,420 0.08%
Kinder Morgan, Inc. 1,926,142 34,034,929 0.14%
Hartford Financial Services Group,
Marathon Petroleum Corp. 469,466 32,937,735 0.14% Inc. 366,035 18,715,370 0.08%
Pioneer Natural Resources Co. 173,319 32,798,888 0.14% Huntington Bancshares, Inc. 1,123,239 16,579,008 0.07%
ONEOK, Inc. 419,181 29,271,409 0.12% E*TRADE Financial Corp. 267,197 16,341,769 0.07%
Devon Energy Corp. 531,805 23,378,148 0.10% Comerica, Inc. 174,065 15,825,990 0.07%
Williams Cos, Inc. 842,204 22,832,150 0.10% SVB Financial Group 53,884 15,559,544 0.07%
Concho Resources, Inc. 151,922 21,018,409 0.09% MSCI, Inc. Class A 90,780 15,017,735 0.06%
Andeavor 141,314 18,537,571 0.08% CBRE Group, Inc. Class A 307,439 14,677,138 0.06%
Apache Corp. 387,234 18,103,189 0.08% XL Group Ltd. 261,203 14,614,308 0.06%
Marathon Oil Corp. 864,125 18,025,647 0.08% Principal Financial Group, Inc. 272,503 14,429,034 0.06%
Hess Corp. 266,416 17,820,566 0.08% Lincoln National Corp. 222,131 13,827,655 0.06%
Noble Energy, Inc. 494,144 17,433,400 0.07% Loews Corp. 265,869 12,836,155 0.05%
National Oilwell Varco, Inc. 387,099 16,800,097 0.07% Arthur J Gallagher & Co. 186,781 12,193,064 0.05%
EQT Corp. 256,845 14,172,707 0.06% Raymond James Financial, Inc. 135,036 12,065,467 0.05%
TechnipFMC plc 439,613 13,953,317 0.06% Cboe Global Markets, Inc. 114,478 11,913,725 0.05%
Baker Hughes a GE Co. 421,784 13,931,526 0.06% Invesco Ltd. 414,316 11,004,233 0.05%
HollyFrontier Corp. 181,185 12,398,490 0.05% Nasdaq, Inc. 118,945 10,856,110 0.05%
Cabot Oil & Gas Corp. 463,184 11,023,779 0.05% Zions Bancorporation 201,753 10,630,366 0.05%
Cimarex Energy Co. 96,943 9,862,981 0.04% Franklin Resources, Inc. 321,896 10,316,767 0.04%
Helmerich & Payne, Inc. 112,223 7,155,338 0.03% Cincinnati Financial Corp. 151,669 10,140,589 0.04%
Newfield Exploration Co. 199,359 6,030,610 0.02% Everest Re Group Ltd. 42,164 9,717,959 0.04%
Range Resources Corp. 306 5,119 0.00% Torchmark Corp. 108,204 8,808,888 0.04%
1,485,233,310 6.31% Unum Group 224,711 8,312,060 0.04%
Financials 13.85% (30 June 2017: 14.90%) Affiliated Managers Group, Inc. 55,567 8,261,146 0.04%
Berkshire Hathaway, Inc. Class B 1,958,404 365,536,107 1.55% Jefferies Financial Group, Inc. 304,895 6,933,312 0.03%
JPMorgan Chase & Co. 3,464,874 361,039,871 1.53% People’s United Financial, Inc. 381,410 6,899,707 0.03%
Bank of America Corp. 9,598,209 270,573,512 1.15% Assurant, Inc. 53,851 5,573,040 0.02%
Wells Fargo & Co. 4,463,909 247,479,115 1.05% Brighthouse Financial, Inc. 121,734 4,877,881 0.02%
Citigroup, Inc. 2,596,384 173,750,017 0.74% 3,259,704,627 13.85%
US Bancorp 1,590,599 79,561,762 0.34% Health Care 13.74% (30 June 2017: 14.47%)
Goldman Sachs Group, Inc. 357,213 78,790,471 0.33% Johnson & Johnson 2,730,320 331,297,029 1.41%
American Express Co. 727,931 71,337,238 0.30% UnitedHealth Group, Inc. 978,581 240,085,062 1.02%
Morgan Stanley 1,386,486 65,719,436 0.28% Pfizer, Inc. 5,955,143 216,052,588 0.92%
PNC Financial Services Group, Inc. 477,038 64,447,834 0.27% Merck & Co., Inc. 2,739,373 166,279,941 0.71%
BlackRock, Inc. Class A 125,497 62,628,023 0.27% AbbVie, Inc. 1,542,827 142,942,922 0.61%
Charles Schwab Corp. 1,220,852 62,385,537 0.27% Amgen, Inc. 678,345 125,215,704 0.53%
Chubb Ltd. 473,311 60,119,963 0.26% Medtronic plc 1,379,973 118,139,488 0.50%
CME Group, Inc. Class A 346,310 56,767,135 0.24% Abbott Laboratories 1,787,614 109,026,578 0.46%
Bank of New York Mellon Corp. 1,028,115 55,446,242 0.24% Gilead Sciences, Inc. 1,324,809 93,849,470 0.40%
S&P Global, Inc. 255,356 52,064,535 0.22% Bristol-Myers Squibb Co. 1,661,737 91,960,526 0.39%
American International Group, Inc. 912,506 48,381,068 0.21% Thermo Fisher Scientific, Inc. 410,180 84,964,685 0.36%
Capital One Financial Corp. 495,748 45,559,241 0.19% Eli Lilly & Co. 970,920 82,848,604 0.35%
MetLife, Inc. 1,033,294 45,051,618 0.19% Becton Dickinson & Co. 271,704 65,089,410 0.28%
Intercontinental Exchange, Inc. 591,125 43,477,244 0.18% Biogen, Inc. 214,596 62,284,343 0.26%
Marsh & McLennan Cos, Inc. 514,935 42,209,222 0.18% Anthem, Inc. 259,359 61,735,223 0.26%
BB&T Corp. 793,017 39,999,777 0.17% Danaher Corp. 624,862 61,661,382 0.26%
Prudential Financial, Inc. 427,193 39,946,817 0.17% Aetna, Inc. 332,668 61,044,578 0.26%
Progressive Corp. 593,179 35,086,538 0.15% Allergan plc 344,891 57,500,227 0.24%
228

Celgene Corp. 718,441 57,058,584 0.24% Eaton Corp. plc 444,289 33,206,160 0.14%
Stryker Corp. 327,151 55,242,718 0.23% Waste Management, Inc. 403,373 32,810,360 0.14%
Intuitive Surgical, Inc. 115,197 55,119,461 0.23% Delta Air Lines, Inc. 654,176 32,407,879 0.14%
Boston Scientific Corp. 1,403,106 45,881,566 0.20% Johnson Controls International plc 942,727 31,534,218 0.13%
Express Scripts Holding Co. 571,872 44,154,237 0.19% Roper Technologies, Inc. 104,973 28,963,100 0.12%
Vertex Pharmaceuticals, Inc. 259,153 44,045,644 0.19% Southwest Airlines Co. 542,910 27,623,261 0.12%
Cigna Corp. 247,441 42,052,598 0.18% Fortive Corp. 312,500 24,096,875 0.10%
Zoetis, Inc. Class A 491,993 41,912,884 0.18% Ingersoll-Rand plc 252,789 22,682,757 0.10%
Illumina, Inc. 149,575 41,774,802 0.18% Rockwell Collins, Inc. 166,685 22,449,136 0.10%
Humana, Inc. 140,346 41,771,180 0.18% PACCAR, Inc. 358,034 22,183,787 0.09%
Baxter International, Inc. 500,781 36,977,669 0.16% Rockwell Automation, Inc. 127,740 21,234,220 0.09%
Edwards Lifesciences Corp. 213,834 31,127,815 0.13% Parker-Hannifin Corp. 134,672 20,988,631 0.09%
HCA Healthcare, Inc. 283,628 29,100,233 0.12% Cummins, Inc. 157,572 20,957,076 0.09%
Alexion Pharmaceuticals, Inc. 226,858 28,164,421 0.12% Stanley Black & Decker, Inc. 157,093 20,863,521 0.09%
McKesson Corp. 205,553 27,420,770 0.12% IHS Markit Ltd. 361,624 18,656,182 0.08%
Regeneron Pharmaceuticals, Inc. 78,683 27,144,848 0.12% TransDigm Group, Inc. 49,996 17,255,619 0.07%
Centene Corp. 208,741 25,718,979 0.11% Textron, Inc. 260,743 17,185,571 0.07%
Align Technology, Inc. 73,188 25,040,542 0.11% Verisk Analytics, Inc. Class A 158,130 17,021,113 0.07%
Zimmer Biomet Holdings, Inc. 206,058 22,963,103 0.10% AMETEK, Inc. 234,092 16,892,079 0.07%
Agilent Technologies, Inc. 324,574 20,071,656 0.09% United Continental Holdings, Inc. 240,046 16,738,408 0.07%
IDEXX Laboratories, Inc. 88,521 19,292,267 0.08% American Airlines Group, Inc. 427,196 16,216,360 0.07%
Cerner Corp. 320,015 19,133,697 0.08% Cintas Corp. 87,493 16,192,330 0.07%
Mylan NV 521,905 18,861,647 0.08% WW Grainger, Inc. 52,265 16,118,526 0.07%
Laboratory Corp. of America Republic Services, Inc. Class A 227,036 15,520,181 0.07%
Holdings 104,643 18,786,558 0.08% Equifax, Inc. 122,362 15,308,710 0.07%
ABIOMED, Inc. 43,085 17,623,919 0.07% L3 Technologies, Inc. 79,237 15,238,860 0.06%
IQVIA Holdings, Inc. 164,527 16,423,085 0.07% Fastenal Co. 292,229 14,064,982 0.06%
Waters Corp. 79,667 15,422,734 0.07% Expeditors International of
Cardinal Health, Inc. 314,603 15,362,064 0.07% Washington, Inc. 178,047 13,015,236 0.06%
Quest Diagnostics, Inc. 138,487 15,225,261 0.06% United Rentals, Inc. 84,618 12,491,309 0.05%
ResMed, Inc. 144,619 14,979,636 0.06% Xylem, Inc. 182,730 12,312,347 0.05%
Mettler-Toledo International, Inc. 25,718 14,881,206 0.06% CH Robinson Worldwide, Inc. 142,486 11,920,379 0.05%
AmerisourceBergen Corp. Class A 164,452 14,022,822 0.06% Masco Corp. 315,199 11,794,747 0.05%
Incyte Corp. 178,095 11,932,365 0.05% Dover Corp. 158,007 11,566,112 0.05%
Cooper Cos, Inc. 50,119 11,800,518 0.05% Kansas City Southern 103,695 10,987,522 0.05%
Henry Schein, Inc. 158,439 11,509,009 0.05% JB Hunt Transport Services, Inc. 87,575 10,644,741 0.05%
Hologic, Inc. 276,286 10,982,368 0.05% Nielsen Holdings plc 343,486 10,624,022 0.05%
Varian Medical Systems, Inc. 93,581 10,642,031 0.05% Huntington Ingalls Industries, Inc. 45,450 9,853,105 0.04%
DENTSPLY SIRONA, Inc. 230,183 10,075,110 0.04% Snap-on, Inc. 57,688 9,271,615 0.04%
DaVita, Inc. 142,200 9,874,368 0.04% AO Smith Corp. 146,234 8,649,741 0.04%
Universal Health Services, Inc. Robert Half International, Inc. 125,729 8,184,958 0.03%
Class B 88,025 9,809,506 0.04% Fortune Brands Home & Security,
Perrigo Co. plc 131,960 9,621,204 0.04% Inc. 149,912 8,048,775 0.03%
PerkinElmer, Inc. 113,100 8,282,313 0.04% Jacobs Engineering Group, Inc. 124,184 7,884,442 0.03%
Nektar Therapeutics Class A 165,485 8,080,633 0.03% Alaska Air Group, Inc. 127,110 7,676,173 0.03%
Envision Healthcare Corp. 121,157 5,332,120 0.02% Allegion plc 98,577 7,625,917 0.03%
3,232,677,911 13.74% Arconic, Inc. 428,852 7,294,773 0.03%
Fluor Corp. 144,889 7,067,685 0.03%
Pentair plc 165,188 6,951,111 0.03%
Boeing Co. 557,399 187,012,938 0.79%
Stericycle, Inc. 89,302 5,830,528 0.02%
General Electric Co. 8,831,637 120,198,580 0.51%
Flowserve Corp. 130,923 5,289,289 0.02%
3M Co. 604,850 118,986,092 0.51%
Quanta Services, Inc. 154,805 5,170,487 0.02%
Union Pacific Corp. 790,023 111,930,459 0.48%
Acuity Brands, Inc. 54 6,257 0.00%
Honeywell International, Inc. 761,122 109,639,624 0.47%
2,212,730,713 9.40%
United Technologies Corp. 756,848 94,628,705 0.40%
Caterpillar, Inc. 608,016 82,489,531 0.35% Information Technology 25.92% (30 June 2017: 22.21%)
Lockheed Martin Corp. 252,637 74,636,549 0.32% Apple, Inc. 5,002,384 925,991,302 3.93%
United Parcel Service, Inc. Class B 701,062 74,473,816 0.32% Microsoft Corp. 7,819,196 771,050,918 3.28%
FedEx Corp. 250,147 56,798,378 0.24% Facebook, Inc. Class A 2,441,293 474,392,056 2.02%
CSX Corp. 889,970 56,762,287 0.24% Alphabet, Inc. Class C 310,766 346,706,088 1.47%
Raytheon Co. 291,909 56,390,981 0.24% Alphabet, Inc. Class A 302,220 341,263,802 1.45%
Northrop Grumman Corp. 177,415 54,590,595 0.23% Visa, Inc. Class A 1,818,091 240,806,153 1.02%
General Dynamics Corp. 281,792 52,528,847 0.22% Intel Corp. 4,744,181 235,833,237 1.00%
Deere & Co. 329,899 46,119,880 0.20% Cisco Systems, Inc. 4,789,403 206,088,011 0.88%
Emerson Electric Co. 640,543 44,287,143 0.19% Mastercard, Inc. Class A 933,216 183,395,608 0.78%
Norfolk Southern Corp. 288,403 43,511,361 0.19% NVIDIA Corp. 618,255 146,464,609 0.62%
Illinois Tool Works, Inc. 311,634 43,173,774 0.18% Oracle Corp. 3,035,577 133,747,523 0.57%
229

Adobe Systems, Inc. 501,683 122,315,332 0.52% Materials 2.59% (30 June 2017: 2.84%)
International Business Machines DowDuPont, Inc. 2,364,974 155,899,086 0.66%
Corp. 869,841 121,516,788 0.52% Praxair, Inc. 292,284 46,224,714 0.20%
Texas Instruments, Inc. 995,881 109,795,880 0.47% Ecolab, Inc. 263,572 36,987,059 0.16%
Accenture plc Class A 653,952 106,980,008 0.45% LyondellBasell Industries NV
Broadcom, Inc. 409,052 99,252,377 0.42% Class A 326,247 35,838,233 0.15%
Salesforce.com, Inc. 717,429 97,857,316 0.42% Air Products & Chemicals, Inc. 222,827 34,700,849 0.15%
PayPal Holdings, Inc. 1,134,660 94,483,138 0.40% Sherwin-Williams Co. 83,637 34,087,932 0.14%
QUALCOMM, Inc. 1,507,017 84,573,794 0.36% PPG Industries, Inc. 253,667 26,312,878 0.11%
Micron Technology, Inc. 1,179,046 61,829,172 0.26% Freeport-McMoRan, Inc. 1,368,287 23,616,633 0.10%
Automatic Data Processing, Inc. 447,764 60,063,063 0.26% International Paper Co. 421,196 21,935,888 0.09%
Activision Blizzard, Inc. 774,296 59,094,271 0.25% Newmont Mining Corp. 544,408 20,529,626 0.09%
Intuit, Inc. 248,003 50,668,253 0.22% Nucor Corp. 322,144 20,134,000 0.09%
Applied Materials, Inc. 1,024,143 47,305,165 0.20% Vulcan Materials Co. 134,248 17,326,047 0.07%
Cognizant Technology Solutions WestRock Co. 261,282 14,898,299 0.06%
Corp. Class A 595,782 47,060,820 0.20% Eastman Chemical Co. 144,834 14,477,606 0.06%
Electronic Arts, Inc. 312,526 44,072,416 0.19% Martin Marietta Materials, Inc. 63,952 14,282,400 0.06%
HP, Inc. 1,669,830 37,888,443 0.16% Ball Corp. 356,444 12,671,584 0.05%
Analog Devices, Inc. 377,078 36,169,322 0.15% FMC Corp. 137,208 12,240,326 0.05%
Fidelity National Information Packaging Corp. of America 96,254 10,760,235 0.05%
Services, Inc. 336,673 35,697,438 0.15%
Albemarle Corp. 113,336 10,690,985 0.05%
eBay, Inc. 940,242 34,093,175 0.15%
CF Industries Holdings, Inc. 239,420 10,630,248 0.05%
TE Connectivity Ltd. 355,042 31,975,083 0.14%
Mosaic Co. 359,045 10,071,212 0.04%
Fiserv, Inc. 416,307 30,844,186 0.13%
International Flavors & Fragrances,
Autodesk, Inc. 223,902 29,351,313 0.12% Inc. 80,629 9,994,771 0.04%
Twitter, Inc. 665,938 29,081,512 0.12% Avery Dennison Corp. 90,787 9,269,353 0.04%
Lam Research Corp. 166,771 28,826,367 0.12% Sealed Air Corp. 163,477 6,939,599 0.03%
Amphenol Corp. Class A 307,628 26,809,780 0.11%
610,519,563 2.59%
Red Hat, Inc. 180,632 24,271,522 0.10%
Western Digital Corp. 304,475 23,569,410 0.10% Telecommunication Services 1.99% (30 June 2017: 2.14%)
DXC Technology Co. 288,590 23,263,240 0.10% AT&T, Inc. 7,391,463 237,339,877 1.01%
Corning, Inc. 843,020 23,191,480 0.10% Verizon Communications, Inc. 4,205,044 211,555,764 0.90%
Hewlett Packard Enterprise Co. 1,552,834 22,686,905 0.10% CenturyLink, Inc. 1,002,126 18,679,628 0.08%
Paychex, Inc. 325,884 22,274,171 0.09% 467,575,269 1.99%
Microchip Technology, Inc. 239,516 21,783,980 0.09% Utilities 2.94% (30 June 2017: 3.15%)
NetApp, Inc. 273,843 21,504,891 0.09%
NextEra Energy, Inc. 480,566 80,268,939 0.34%
FleetCor Technologies, Inc. 91,160 19,202,854 0.08%
Duke Energy Corp. 713,330 56,410,137 0.24%
Motorola Solutions, Inc. 164,686 19,164,510 0.08%
Southern Co. 1,027,069 47,563,565 0.20%
Global Payments, Inc. 161,419 17,996,604 0.08%
Dominion Energy, Inc. 666,474 45,440,197 0.19%
Skyworks Solutions, Inc. 184,386 17,820,907 0.08%
Exelon Corp. 981,946 41,830,900 0.18%
Harris Corp. 121,269 17,528,221 0.07%
American Electric Power Co., Inc. 500,801 34,680,469 0.15%
Xilinx, Inc. 258,287 16,855,810 0.07%
Sempra Energy 268,322 31,154,868 0.13%
Seagate Technology plc 293,997 16,602,011 0.07%
Public Service Enterprise Group, Inc. 512,097 27,724,932 0.12%
KLA-Tencor Corp. 159,270 16,329,953 0.07%
Consolidated Edison, Inc. 317,527 24,760,756 0.11%
ANSYS, Inc. 84,982 14,802,165 0.06%
Xcel Energy, Inc. 517,149 23,623,366 0.10%
Total System Services, Inc. 167,458 14,153,550 0.06%
PG&E Corp. 525,823 22,379,027 0.09%
Broadridge Financial Solutions, Inc. 120,994 13,926,409 0.06%
Edison International 330,467 20,908,647 0.09%
Citrix Systems, Inc. 130,583 13,690,322 0.06%
WEC Energy Group, Inc. 322,491 20,849,043 0.09%
Take-Two Interactive Software, Inc. 115,407 13,659,573 0.06%
PPL Corp. 713,484 20,369,968 0.09%
VeriSign, Inc. 97,129 13,347,467 0.06%
DTE Energy Co. 184,867 19,157,767 0.08%
Synopsys, Inc. 152,525 13,051,564 0.06%
Eversource Energy 320,052 18,758,248 0.08%
Symantec Corp. 629,827 13,005,928 0.06%
FirstEnergy Corp. 455,113 16,343,108 0.07%
Akamai Technologies, Inc. 172,679 12,645,283 0.05%
American Water Works Co., Inc. 181,630 15,507,570 0.07%
Advanced Micro Devices, Inc. 839,044 12,577,270 0.05%
Evergy, Inc. 274,149 15,393,466 0.07%
Cadence Design Systems, Inc. 288,481 12,494,112 0.05%
Ameren Corp. 247,526 15,061,957 0.06%
Gartner, Inc. 92,490 12,291,921 0.05%
Entergy Corp. 182,744 14,763,888 0.06%
Alliance Data Systems Corp. 49,321 11,501,657 0.05%
CMS Energy Corp. 287,843 13,609,217 0.06%
CA, Inc. 321,920 11,476,448 0.05%
CenterPoint Energy, Inc. 440,647 12,210,328 0.05%
F5 Networks, Inc. 61,907 10,675,862 0.05%
Alliant Energy Corp. 236,200 9,995,984 0.04%
Qorvo, Inc. 127,445 10,217,266 0.04%
NRG Energy, Inc. 301,162 9,245,673 0.04%
Juniper Networks, Inc. 351,250 9,631,275 0.04%
Pinnacle West Capital Corp. 114,356 9,212,519 0.04%
Western Union Co. 473,547 9,627,210 0.04%
NiSource, Inc. 347,676 9,136,925 0.04%
IPG Photonics Corp. 38,708 8,540,146 0.04%
AES Corp. 679,334 9,109,869 0.04%
FLIR Systems, Inc. 141,308 7,343,777 0.03%
SCANA Corp. 142,866 5,503,198 0.02%
Xerox Corp. 214,011 5,136,264 0.02%
690,974,531 2.94%
6,101,185,657 25.92%
Total Equities 22,777,092,951 96.78%
230
Unrealised
Shares US Dollars ($) Net Assets Contracts Amount US Dollars ($) Net Assets
Collective Investment Schemes 2.78% (30 June 2017: 2.53%) Financial Derivative Instruments (0.01%) (30 June 2017: (0.00%))
Financials 2.78% (30 June 2017: 2.53%) Futures (0.01%) (30 June 2017: (0.00%))
American Tower Corp. REIT 450,488 64,946,855 0.28% S&P 500 E-mini
Simon Property Group, Inc. REIT 314,657 53,551,475 0.23% 21 September 2018 748 103,915,444 (2,127,604) (0.01%)
Crown Castle International Corp. Total Financial Derivative Instruments (2,127,604) (0.01%)
REIT 421,798 45,478,260 0.19%

Prologis, Inc. REIT 542,003 35,604,177 0.15%
Fair Value
Equinix, Inc. REIT 80,837 34,751,018 0.15% US Dollars ($)
Public Storage REIT 152,316 34,554,408 0.15%
Weyerhaeuser Co. REIT 769,379 28,051,558 0.12%
AvalonBay Communities, Inc. REIT 139,818 24,033,316 0.10% Net Assets Attributable to Holders of
Redeemable Participating Shares 23,534,935,843 100.00%
Equity Residential REIT 375,993 23,946,994 0.10%
Welltower, Inc. REIT 379,661 23,800,948 0.10% REIT—Real Estate Investment Trust.
Digital Realty Trust, Inc. REIT 210,229 23,457,352 0.10%
Ventas, Inc. REIT 364,226 20,742,671 0.09% % of Total
Boston Properties, Inc. REIT 156,491 19,627,101 0.08% Analysis of Total Net Assets US Dollars ($) Net Assets
SBA Communications Corp. REIT (a) Transferable securities admitted to
Class A 117,739 19,441,064 0.08% an official stock exchange listing 23,431,710,178 99.56%
Essex Property Trust, Inc. REIT 67,097 16,040,880 0.07% (b) Transferable securities dealt in on
Host Hotels & Resorts, Inc. REIT 752,116 15,847,084 0.07% another regulated market — 0.00%
Realty Income Corp. REIT 289,342 15,563,706 0.07% (c) Transferable securities other than
GGP, Inc. REIT 647,618 13,230,836 0.06% those admitted to an official stock
Alexandria Real Estate Equities, Inc. exchange listing or dealt in on another
REIT 103,484 13,056,576 0.06% regulated market — 0.00%
Vornado Realty Trust REIT 175,840 12,998,093 0.05% (d) Financial derivative instruments (2,127,604) (0.01%)
Extra Space Storage, Inc. REIT 128,548 12,830,376 0.05%
HCP, Inc. REIT 480,999 12,419,394 0.05%
Mid-America Apartment Total Net Assets 23,534,935,843 100.00%
Communities, Inc. REIT 115,778 11,655,371 0.05%
Duke Realty Corp. REIT 364,626 10,585,093 0.04%
UDR, Inc. REIT 274,345 10,298,911 0.04%
Iron Mountain, Inc. REIT 288,783 10,110,293 0.04%
Regency Centers Corp. REIT 151,756 9,421,013 0.04%
Federal Realty Investment Trust REIT 74,422 9,418,104 0.04%
SL Green Realty Corp. REIT 88,243 8,871,069 0.04%
Kimco Realty Corp. REIT 426,061 7,238,776 0.03%
Apartment Investment &
Management Co. REIT Class A 162,708 6,882,548 0.03%
Macerich Co. REIT 108,427 6,161,907 0.03%
654,617,227 2.78%
231

Cost Proceeds
Purchases Sales
Apple, Inc. 1,346,675 231,193,927 Apple, Inc. 1,013,542 178,948,853
Microsoft Corp. 2,076,719 185,391,487 Microsoft Corp. 1,171,651 104,636,088
Amazon.com, Inc. 114,572 155,064,943 Amazon.com, Inc. 59,986 81,430,306
Facebook, Inc. Class A 681,812 121,834,465 JPMorgan Chase & Co. 626,049 66,966,080
Berkshire Hathaway, Inc. Class B 545,235 106,517,230 Facebook, Inc. Class A 357,392 64,631,583
JPMorgan Chase & Co. 909,211 97,760,434 Berkshire Hathaway, Inc. Class B 287,934 56,777,068
Johnson & Johnson 729,223 97,050,286 Johnson & Johnson 411,368 54,882,635
Alphabet, Inc. Class C 88,777 93,842,920 Bank of America Corp. 1,856,328 54,049,874
Exxon Mobil Corp. 1,152,145 92,786,680 Exxon Mobil Corp. 635,115 52,333,140
Alphabet, Inc. Class A 80,328 86,033,121 Alphabet, Inc. Class C 45,230 48,473,507
Bank of America Corp. 2,542,149 74,782,260 Alphabet, Inc. Class A 44,651 48,254,253
Wells Fargo & Co. 1,177,013 66,722,474 Wells Fargo & Co. 740,923 42,461,318
Chevron Corp. 535,099 63,982,363 Citigroup, Inc. 563,238 40,935,987
AT&T, Inc. 1,688,575 60,660,568 Cisco Systems, Inc. 977,592 40,146,311
UnitedHealth Group, Inc. 263,671 59,287,556 Home Depot, Inc. 208,369 38,229,740
Intel Corp. 1,241,078 58,304,852 Visa, Inc. Class A 309,997 37,196,719
Verizon Communications, Inc. 1,166,051 57,869,898 Pfizer, Inc. 978,421 35,266,452
Pfizer, Inc. 1,589,021 56,905,887 Chevron Corp. 285,100 35,012,184
Home Depot, Inc. 312,731 56,902,007 Procter & Gamble Co. 407,744 34,334,210
Procter & Gamble Co. 677,403 56,720,773 UnitedHealth Group, Inc. 148,089 33,951,093
232

2018 2017
Current Assets
Cash 98,064,865 92,311,302
Receivables:
Capital Shares Sold 106,027,519 59,728,840
Investments Sold or Matured 18,593,517 2,619
Current Liabilities
Financial Derivative Instruments 2,127,604 239,751
Management Fees Payable 1,373,591 1,071,583

30 June 2018 30 June 2017
Interest Income 1,398,323 277,340
Dividend Income 420,900,920 354,919,338
Net Gain/(Loss) on Financial Instruments 2,347,700,671 2,396,226,857
Total Investment Income/(Loss) 2,770,262,204 2,751,464,845
Expenses
Management Fees 14,911,442 11,640,281
Total Expenses 15,311,932 12,105,377
Finance Costs
Net Investment Income/(Loss) After Finance Costs 2,414,576,483 2,438,447,649
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 2,351,867,190 2,385,970,307
233


30 June 2018 30 June 2017
Redeemable Participating Shares From Operations 2,351,867,190 2,385,970,307
Subscriptions 6,036,740,751 5,488,798,736
Redemptions (3,491,818,303) (2,654,791,510)
Total Capital Transactions1 2,544,922,448 2,834,007,226
Total Increase/(Decrease) for the Year 4,896,789,638 5,219,977,533
End of Year 23,534,935,843 18,638,146,205
1 Capital Transactions include income equalisation adjustments as shown on the Statement of Operations.
234
Vanguard EUR Corporate Bond UCITS ETF

As at 30 June 2018
The Fund Profile does not form part of the Financial Statements, except where noted.1
Investment Objective Distribution by Credit Quality1 (% of portfolio)

Vanguard EUR Corporate Bond UCITS ETF seeks to track the performance Aaa 0.9%
of the Bloomberg Barclays Euro-Aggregate: Corporates Index, a widely
recognised benchmark designed to reflect the total universe of publicly Aa 9.3
traded, fixed-coupon, euro-denominated investment-grade corporate A 39.4
bonds with maturities greater than 1 year and a minimum issue size of Baa 50.1
€300 million.
Not Rated 0.3
Financial Attributes
Fund Index 2 Distribution by Effective Maturity1 (% of portfolio)
Number of Issues 404 2,333
Yield to Maturity 1.0%3 1.0% Under 5 Years 43.4%
Average Coupon 2.0% 2.1% 5–10 Years 41.6
Average Effective Maturity1 5.7 years 5.7 years Over 10 Years 15.0
Average Duration 5.2 years 5.2 years

Average Quality1 A3 A3

Industrial 52.1%
Financial Institutions 39.8
Utility 7.4
Treasury 0.7
1 Average Effective Maturity, Average Quality, Distribution by Credit Quality and Distribution by Effective Maturity are referenced in Note 4 in the Notes to the Financial Statements. For more
information about these ratings, see the Glossary.
2 Bloomberg Barclays Euro-Aggregate: Corporates Index
3 Before expenses.
235

• For the 12 months ended 30 June 2018, Vanguard EUR Corporate Bond UCITS ETF returned 1.09%, compared with the 1.12% return of its benchmark index.1
• The euro zone reported steady economic growth, though the pace slowed as the year wore on. Political uncertainty and global trade tensions in the second
half of the year had a dampening effect on global equity and fixed income markets.
• The European Central Bank left rates unchanged and reduced its stimulus programme with the goal of ending asset purchases by December 2018. The Bank
of England raised its target interest rate a quarter of a percentage point to 0.50%.
• Over the 12 months, the AAA-rated euro zone government bond par yield curve flattened, with short-term yields falling less than long-term yields. The 2-year
yield fell by 10 basis points, the 1-year yield by 16 basis points, and the 30-year yield by 27 basis points, ending at 1.04%. (A basis point is one-hundredth of a
percentage point.)

Benchmark: Bloomberg Barclays Euro-Aggregate: Corporates Index
Euro-Denominated
Cumulative Performance: 24 February 2016–30 June 2018

€110,000
105,680
90,000
2016 2017 2018

One year Since Inception2 Investment
Benchmark 1.12 2.44 105,818
Fiscal-Year Total Investment Returns (%): 24 February 2016–30 June 2018
2016 2017 2018
3.28 3.35
1.22 1.25 1.09 1.12
ETF Net Asset Value

Benchmark
2 24 February 2016.
236
30 June 2018
Principal Maturity Fair Value % of Total

EUR (€) Coupon Date EUR (€) Net Assets
Bonds 98.84% (30 June 2017: 98.66%)
Australia 2.01% (30 June 2017: 1.49%)
National Australia Bank Ltd. 150,000 0.88% 20/1/2022 152,778 0.36%
BHP Billiton Finance Ltd. 100,000 5.63% 22/10/2079 117,367 0.27%
Transurban Finance Co. Pty Ltd. 100,000 2.50% 8/10/2020 104,911 0.25%
AusNet Services Holdings Pty Ltd. 100,000 1.50% 26/2/2027 102,725 0.24%
Westpac Banking Corp. 100,000 0.25% 17/1/2022 99,651 0.23%
Stockland Trust 100,000 1.63% 27/4/2026 99,075 0.23%
Commonwealth Bank of Australia 100,000 1.13% 18/1/2028 98,718 0.23%
862,904 2.01%
Austria 0.82% (30 June 2017: 0.76%)
JAB Holdings BV 100,000 1.75% 25/6/2026 99,776 0.23%
OMV AG 100,000 1.00% 14/12/2026 99,025 0.23%
JAB Holdings BV 100,000 2.00% 18/5/2028 98,795 0.23%
OMV AG 50,000 5.25% Perpetual 55,592 0.13%
353,188 0.82%
Belgium 2.18% (30 June 2017: 1.88%)
Anheuser-Busch InBev SA 120,000 2.75% 17/3/2036 125,912 0.29%
Argenta Spaarbank NV 100,000 3.88% 24/5/2026 106,477 0.25%
Brussels Airport Co. NV 100,000 1.00% 3/5/2024 101,415 0.24%
Belfius Bank SA 100,000 1.00% 26/10/2024 97,546 0.23%
936,120 2.18%
China 0.24% (30 June 2017: 0.00%)
Talent Yield European Ltd. 100,000 1.30% 21/4/2022 101,055 0.24%
101,055 0.24%
Denmark 1.66% (30 June 2017: 1.02%)
Carlsberg Breweries A/S 100,000 2.63% 15/11/2022 109,648 0.26%
Carlsberg Breweries A/S 100,000 2.63% 3/7/2019 102,676 0.24%
ISS Global A/S 100,000 1.13% 9/1/2020 101,419 0.24%
Nykredit Realkredit A/S 100,000 0.38% 16/6/2020 100,536 0.23%
Jyske Bank A/S 100,000 2.25% 5/4/2029 100,385 0.23%
Danske Bank A/S 100,000 0.88% 22/5/2023 99,448 0.23%
AP Moller-Maersk A/S 100,000 1.75% 16/3/2026 98,127 0.23%
712,239 1.66%
Finland 0.25% (30 June 2017: 1.02%)
CRH Finland Services OYJ 100,000 2.75% 15/10/2020 105,427 0.25%
105,427 0.25%
France 21.55% (30 June 2017: 22.35%)
Orange SA 200,000 4.00% Perpetual 215,240 0.50%
BNP Paribas SA 200,000 2.88% 20/3/2026 208,257 0.49%
Banque Federative du Credit Mutuel SA 200,000 1.25% 14/1/2025 204,630 0.48%
Credit Agricole SA 200,000 2.63% 17/3/2027 202,862 0.47%
Unibail-Rodamco SE 120,000 2.38% 25/2/2021 127,598 0.30%
Societe Generale SA 100,000 4.25% 13/7/2022 115,644 0.27%
BPCE SA 100,000 4.63% 18/7/2023 115,211 0.27%
AXA SA 100,000 5.13% 4/7/2043 114,005 0.27%
Bouygues SA 100,000 3.63% 16/1/2023 113,660 0.27%
BNP Paribas SA 100,000 2.88% 26/9/2023 111,827 0.26%
237

Groupama SA 100,000 6.38% Perpetual 110,750 0.26%
Sanofi 100,000 2.50% 14/11/2023 110,654 0.26%
Airbus Finance BV 100,000 2.38% 2/4/2024 109,237 0.25%
Total Capital Canada Ltd. 100,000 2.13% 18/9/2029 108,850 0.25%
Air Liquide Finance SA 100,000 1.88% 5/6/2024 107,815 0.25%
TOTAL SA 100,000 3.88% Perpetual 107,555 0.25%
Vivendi SA 100,000 4.88% 2/12/2019 106,896 0.25%
Accor SA 100,000 2.63% 5/2/2021 105,986 0.25%
Carrefour SA 100,000 1.75% 15/7/2022 104,544 0.24%
Publicis Groupe SA 100,000 1.63% 16/12/2024 104,530 0.24%
Total Capital International SA 100,000 1.38% 19/3/2025 104,230 0.24%
APRR SA 100,000 2.25% 16/1/2020 103,536 0.24%
BNP Paribas Cardif SA 100,000 4.03% Perpetual 103,440 0.24%
Credit Agricole Assurances SA 100,000 4.25% Perpetual 103,000 0.24%
RCI Banque SA 100,000 1.38% 17/11/2020 102,956 0.24%
BNP Paribas SA 100,000 2.38% 17/2/2025 102,367 0.24%
Veolia Environnement SA 100,000 1.59% 10/1/2028 102,330 0.24%
TOTAL SA 100,000 2.25% Perpetual 102,176 0.24%
CNP Assurances 100,000 1.88% 20/10/2022 101,742 0.24%
Sanofi 100,000 1.00% 21/3/2026 101,374 0.24%
Veolia Environnement SA 100,000 0.67% 30/3/2022 101,346 0.24%
BPCE SA 100,000 0.63% 20/4/2020 101,241 0.24%
Danone SA 100,000 1.00% 26/3/2025 101,220 0.24%
Sanofi 100,000 0.50% 21/3/2023 101,029 0.24%
Autoroutes du Sud de la France SA 100,000 1.25% 18/1/2027 100,966 0.24%
Sanofi 100,000 1.88% 21/3/2038 100,817 0.24%
Capgemini SE 100,000 0.50% 9/11/2021 100,771 0.24%
Suez 100,000 1.00% 3/4/2025 100,699 0.24%
AXA SA 100,000 3.38% 6/7/2047 100,656 0.23%
RCI Banque SA 100,000 0.63% 10/11/2021 100,586 0.23%
Sanofi 100,000 0.00% 13/1/2020 100,253 0.23%
Arkema SA 100,000 1.50% 20/4/2027 100,202 0.23%
LVMH Moet Hennessy Louis Vuitton SE 100,000 0.00% 26/5/2020 100,189 0.23%
Klepierre SA 100,000 1.38% 16/2/2027 100,150 0.23%
APRR SA 100,000 1.63% 13/1/2032 100,002 0.23%
Cie de Saint-Gobain 100,000 0.00% 27/3/2020 99,920 0.23%
BNP Paribas SA 100,000 1.13% 22/11/2023 99,798 0.23%
Autoroutes du Sud de la France SA 100,000 1.00% 13/5/2026 99,641 0.23%
Engie SA 100,000 1.38% 28/2/2029 99,632 0.23%
BNP Paribas SA 100,000 1.50% 17/11/2025 99,617 0.23%
Engie SA 100,000 0.38% 28/2/2023 99,590 0.23%
Valeo SA 100,000 0.63% 11/1/2023 99,396 0.23%
PSA Banque France SA 100,000 0.63% 10/10/2022 99,234 0.23%
RCI Banque SA 100,000 1.63% 26/5/2026 99,100 0.23%
Orange SA 100,000 1.38% 20/3/2028 99,080 0.23%
Renault SA 100,000 1.00% 18/4/2024 98,840 0.23%
Carrefour SA 100,000 0.75% 26/4/2024 98,693 0.23%
Danone SA 100,000 1.21% 3/11/2028 98,642 0.23%
Holding d’Infrastructures de Transport SAS 100,000 0.63% 27/3/2023 98,060 0.23%
ICADE 100,000 1.63% 28/2/2028 98,032 0.23%
Credit Mutuel Arkea SA 100,000 1.25% 31/5/2024 97,838 0.23%
Orange SA 100,000 0.88% 3/2/2027 97,158 0.23%
Schneider Electric SE 100,000 0.25% 9/9/2024 96,400 0.23%
Orange SA 100,000 1.38% 16/1/2030 96,386 0.22%
AXA SA 100,000 3.25% 28/5/2049 95,940 0.22%
BNP Paribas SA 100,000 1.13% 11/6/2026 95,893 0.22%
Engie SA 100,000 1.38% Perpetual 93,633 0.22%
Engie SA 80,000 6.38% 18/1/2021 92,711 0.22%
238

Gecina SA 100,000 1.00% 30/1/2029 92,514 0.22%
Credit Mutuel Arkea SA 100,000 1.88% 25/10/2029 91,882 0.21%
Credit Agricole Assurances SA 100,000 2.63% 29/1/2048 90,120 0.21%
BNP Paribas SA 60,000 2.38% 20/5/2024 65,745 0.15%
Suez 50,000 5.50% 22/7/2024 63,735 0.15%
LVMH Moet Hennessy Louis Vuitton SE 56,000 0.75% 26/5/2024 56,601 0.13%
9,244,391 21.55%
Germany 13.72% (30 June 2017: 10.64%)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 200,000 6.25% 26/5/2042 237,990 0.56%
Volkswagen Leasing GmbH 200,000 2.63% 15/1/2024 214,366 0.50%
Deutsche Bank AG 200,000 1.25% 8/9/2021 198,278 0.46%
Commerzbank AG 150,000 4.00% 23/3/2026 158,557 0.37%
Linde Finance BV 150,000 0.25% 18/1/2022 151,021 0.35%
Bundesrepublik Deutschland Bundesanleihe 90,000 4.00% 4/1/2037 140,723 0.33%
Bayer AG 120,000 2.38% 2/4/2075 119,546 0.28%
Allianz Finance II BV 100,000 3.00% 13/3/2028 118,159 0.28%
HeidelbergCement Finance Luxembourg SA 100,000 7.50% 3/4/2020 112,982 0.26%
Allianz Finance II BV 100,000 5.75% 8/7/2041 112,925 0.26%
Vonovia Finance BV 100,000 2.13% 9/7/2022 106,240 0.25%
Fresenius SE & Co. KGaA 100,000 2.88% 15/7/2020 105,645 0.25%
Allianz SE 100,000 3.38% Perpetual 104,158 0.24%
Vier Gas Transport GmbH 100,000 2.00% 12/6/2020 103,700 0.24%
Daimler AG 100,000 1.40% 12/1/2024 103,006 0.24%
Siemens Financieringsmaatschappij NV 100,000 1.50% 10/3/2020 102,855 0.24%
Deutsche Wohnen SE 100,000 1.38% 24/7/2020 102,581 0.24%
SAP SE 100,000 1.00% 13/3/2026 101,753 0.24%
Daimler AG 100,000 0.63% 5/3/2020 101,107 0.24%
Deutsche Post AG 100,000 0.38% 1/4/2021 100,935 0.24%
Deutsche Telekom International Finance BV 100,000 0.88% 30/1/2024 100,723 0.23%
Bertelsmann SE & Co. KGaA 100,000 0.25% 26/5/2021 100,450 0.23%
Evonik Finance BV 100,000 0.00% 8/3/2021 99,755 0.23%
DVB Bank SE 100,000 1.00% 25/4/2022 99,582 0.23%
Grand City Properties SA 100,000 1.50% 17/4/2025 99,379 0.23%
Daimler International Finance BV 100,000 0.25% 11/5/2022 99,312 0.23%
Deutsche Bank AG 100,000 1.50% 20/1/2022 99,302 0.23%
BMW Finance NV 100,000 1.13% 22/5/2026 99,287 0.23%
Volkswagen Financial Services AG 100,000 0.88% 12/4/2023 98,993 0.23%
Volkswagen Bank GmbH 100,000 1.25% 10/6/2024 98,929 0.23%
Aroundtown SA 100,000 2.00% 2/11/2026 98,740 0.23%
HeidelbergCement Finance Luxembourg SA 100,000 1.75% 24/4/2028 98,726 0.23%
Volkswagen International Finance NV 100,000 1.88% 30/3/2027 98,434 0.23%
Brenntag Finance BV 100,000 1.13% 27/9/2025 98,272 0.23%
LANXESS AG 100,000 1.13% 16/5/2025 98,156 0.23%
innogy Finance BV 100,000 1.25% 19/10/2027 97,746 0.23%
Volkswagen International Finance NV 100,000 2.70% Perpetual 97,500 0.23%
Daimler AG 100,000 1.38% 11/5/2028 97,218 0.23%
BASF SE 100,000 0.88% 15/11/2027 97,030 0.23%
Volkswagen International Finance NV 100,000 3.88% Perpetual 95,750 0.22%
BASF SE 100,000 0.88% 6/10/2031 92,028 0.21%
Deutsche Boerse AG 90,000 1.13% 26/3/2028 90,461 0.21%
BMW Finance NV 75,000 0.13% 12/1/2021 75,110 0.18%
E.ON SE 60,000 1.63% 22/5/2029 60,031 0.14%
BASF Finance Europe NV 55,000 0.00% 10/11/2020 55,061 0.13%
Merck KGaA 50,000 3.38% 12/12/2074 53,162 0.12%
Commerzbank AG 50,000 1.50% 21/9/2022 52,009 0.12%
HeidelbergCement AG 50,000 1.50% 7/2/2025 50,655 0.12%
Henkel AG & Co. KGaA 50,000 0.00% 13/9/2021 50,019 0.12%
Daimler AG 50,000 1.50% 3/7/2029 48,188 0.11%
Continental AG 34,000 0.00% 5/2/2020 34,043 0.08%

239

Fresenius Finance Ireland plc 28,000 3.00% 30/1/2032 29,543 0.07%
Deutsche Pfandbriefbank AG 20,000 1.13% 27/4/2020 20,291 0.05%
Fresenius Finance Ireland plc 11,000 1.50% 30/1/2024 11,255 0.03%
5,884,556 13.72%
Hong Kong 0.49% (30 June 2017: 0.00%)
Hutchison Whampoa Europe Finance 12 Ltd. 100,000 3.63% 6/6/2022 112,394 0.26%
CK Hutchison Europe Finance 18 Ltd. 100,000 1.25% 13/4/2025 99,264 0.23%
211,658 0.49%
Ireland 0.99% (30 June 2017: 1.04%)
Aquarius & Investments PLC for Zurich Insurance Co., Ltd. 100,000 4.25% 2/10/2043 110,839 0.26%
CRH Funding BV 100,000 1.88% 9/1/2024 105,345 0.25%
Ryanair DAC 100,000 1.88% 17/6/2021 104,472 0.24%
Allied Irish Banks plc 100,000 1.38% 16/3/2020 102,228 0.24%
422,884 0.99%
Italy 4.08% (30 June 2017: 5.14%)
Enel Finance International NV 100,000 5.00% 14/9/2022 118,102 0.28%
Assicurazioni Generali SpA 100,000 7.75% 12/12/2042 116,677 0.27%
Eni SpA 100,000 3.25% 10/7/2023 112,088 0.26%
2i Rete Gas SpA 100,000 3.00% 16/7/2024 111,004 0.26%
Eni SpA 100,000 4.25% 3/2/2020 106,573 0.25%
UniCredit SpA 100,000 3.25% 14/1/2021 105,316 0.25%
Intesa Sanpaolo SpA 100,000 2.75% 20/3/2020 103,230 0.24%
Eni SpA 100,000 0.75% 17/5/2022 101,037 0.24%
FCA Bank SpA 100,000 1.00% 15/11/2021 100,115 0.23%
Snam SpA 100,000 0.00% 25/10/2020 99,528 0.23%
FCA Bank SpA 100,000 0.25% 12/10/2020 99,301 0.23%
Autostrade per l’Italia SpA 100,000 1.88% 26/9/2029 94,467 0.22%
Enel SpA 100,000 2.50% 24/11/2078 94,230 0.22%
Enel SpA 50,000 5.63% 21/6/2027 64,808 0.15%
Terna Rete Elettrica Nazionale SpA 50,000 4.90% 28/10/2024 61,930 0.14%
Assicurazioni Generali SpA 50,000 5.13% 16/9/2024 60,808 0.14%
1,750,327 4.08%
Japan 0.24% (30 June 2017: 0.00%)
Sumitomo Mitsui Financial Group, Inc. 100,000 1.55% 15/6/2026 102,306 0.24%
102,306 0.24%
Mexico 0.50% (30 June 2017: 0.54%)
America Movil SAB de CV 100,000 3.26% 22/7/2023 112,280 0.26%
Fomento Economico Mexicano SAB de CV 100,000 1.75% 20/3/2023 102,875 0.24%
215,155 0.50%
Cooperatieve Rabobank UA 210,000 4.13% 14/1/2020 223,658 0.52%
ING Groep NV 200,000 1.13% 14/2/2025 197,604 0.46%
ING Bank NV 100,000 4.50% 21/2/2022 115,473 0.27%
ABN AMRO Bank NV 100,000 4.13% 28/3/2022 114,244 0.27%
Koninklijke DSM NV 100,000 2.38% 3/4/2024 109,870 0.26%
Iberdrola International BV 100,000 3.50% 1/2/2021 108,571 0.25%
NN Group NV 100,000 4.63% 8/4/2044 107,390 0.25%
Shell International Finance BV 100,000 1.63% 20/1/2027 105,011 0.24%
ABN AMRO Bank NV 100,000 2.88% 30/6/2025 104,022 0.24%
JAB Holdings BV 100,000 1.50% 24/11/2021 103,724 0.24%
Heineken NV 100,000 1.25% 10/9/2021 103,270 0.24%
Bunge Finance Europe BV 100,000 1.85% 16/6/2023 102,464 0.24%
ING Bank NV 100,000 1.25% 13/12/2019 102,000 0.24%
ASML Holding NV 100,000 1.38% 7/7/2026 101,846 0.24%
ABB Finance BV 100,000 0.63% 3/5/2023 100,911 0.24%
NIBC Bank NV 100,000 1.13% 19/4/2023 100,029 0.23%
Unilever NV 100,000 0.00% 31/7/2021 99,965 0.23%
240

Koninklijke Philips NV 100,000 1.38% 2/5/2028 99,620 0.23%
LeasePlan Corp. NV 100,000 0.75% 3/10/2022 99,322 0.23%
Koninklijke KPN NV 50,000 3.75% 21/9/2020 54,165 0.13%
2,971,375 6.93%
New Zealand 0.46% (30 June 2017: 0.48%)
ANZ New Zealand Int’l Ltd. 100,000 0.40% 1/3/2022 99,873 0.23%
BNZ International Funding Ltd. 100,000 0.50% 13/5/2023 98,915 0.23%
198,788 0.46%
Norway 0.73% (30 June 2017: 0.97%)
DNB Bank A.S.A 100,000 4.25% 18/1/2022 114,393 0.27%
Santander Consumer Bank A.S. 100,000 0.38% 17/2/2020 100,473 0.23%
SpareBank 1 SMN 100,000 0.75% 3/7/2023 99,179 0.23%
314,045 0.73%
Poland 0.47% (30 June 2017: 0.00%)
PZU Finance AB 100,000 1.38% 3/7/2019 101,222 0.24%
Powszechna Kasa Oszczednosci Bank Polski SA 100,000 0.75% 25/7/2021 100,595 0.23%
201,817 0.47%
Portugal 0.73% (30 June 2017: 0.47%)
EDP Finance BV 100,000 4.88% 14/9/2020 110,339 0.26%
Brisa Concessao Rodoviaria SA 100,000 2.38% 10/5/2027 103,160 0.24%
EDP Finance BV 100,000 1.13% 12/2/2024 99,170 0.23%
312,669 0.73%
Spain 4.83% (30 June 2017: 3.40%)
Telefonica Emisiones SAU 200,000 0.32% 17/10/2020 201,074 0.47%
Red Electrica Financiaciones SAU 100,000 2.13% 1/7/2023 107,579 0.25%
Merlin Properties Socimi SA 100,000 2.23% 25/4/2023 104,509 0.24%
Santander Consumer Finance SA 100,000 1.50% 12/11/2020 103,071 0.24%
Banco Santander SA 100,000 3.13% 19/1/2027 102,115 0.24%
Gas Natural Capital Markets SA 100,000 1.13% 11/4/2024 100,679 0.24%
Repsol International Finance BV 100,000 0.50% 23/5/2022 100,436 0.23%
NorteGas Energia Distribucion SAU 100,000 0.92% 28/9/2022 100,257 0.23%
Iberdrola Finanzas SA 100,000 1.62% 29/11/2029 99,029 0.23%
Banco de Sabadell SA 100,000 0.88% 5/3/2023 98,456 0.23%
Inmobiliaria Colonial Socimi SA 100,000 2.00% 17/4/2026 98,424 0.23%
CaixaBank SA 100,000 0.75% 18/4/2023 98,195 0.23%
Iberdrola International BV 100,000 2.63% Perpetual 97,975 0.23%
Banco Bilbao Vizcaya Argentaria SA 100,000 1.38% 14/5/2025 97,592 0.23%
Gas Natural Fenosa Finance BV 100,000 0.88% 15/5/2025 97,087 0.23%
Abertis Infraestructuras SA 100,000 1.38% 20/5/2026 96,020 0.22%
Enagas Financiaciones SAU 100,000 0.75% 27/10/2026 95,884 0.22%
Telefonica Europe BV 50,000 5.88% 14/2/2033 70,084 0.16%
2,071,210 4.83%
Sweden 1.84% (30 June 2017: 1.84%)
Nordea Bank AB 200,000 0.30% 30/6/2022 200,168 0.47%
Telia Co. AB 100,000 4.75% 16/11/2021 115,196 0.27%
Svenska Handelsbanken AB 100,000 2.63% 23/8/2022 109,405 0.25%
Skandinaviska Enskilda Banken AB 100,000 2.50% 28/5/2026 104,519 0.24%
Nordea Bank AB 100,000 1.00% 22/2/2023 102,793 0.24%
Fastighets AB Balder 100,000 1.88% 23/1/2026 97,917 0.23%
Telia Co. AB 50,000 3.88% 1/10/2025 59,835 0.14%
789,833 1.84%
Credit Suisse AG 200,000 1.38% 31/1/2022 206,965 0.48%
UBS Group Funding Switzerland AG 200,000 1.25% 17/4/2025 199,046 0.46%
Nestle Finance International Ltd. 100,000 0.75% 16/5/2023 102,278 0.24%
Glencore Finance Europe Ltd. 100,000 1.88% 13/9/2023 102,213 0.24%
241

Credit Suisse Group Funding Guernsey Ltd. 100,000 1.25% 14/4/2022 101,658 0.24%
Richemont International Holding SA 100,000 1.50% 26/3/2030 100,849 0.24%
Nestle Finance International Ltd. 100,000 1.25% 2/11/2029 100,617 0.24%
Richemont International Holding SA 100,000 1.00% 26/3/2026 100,278 0.23%
Novartis Finance SA 100,000 0.13% 20/9/2023 98,676 0.23%
Novartis Finance SA 100,000 0.63% 20/9/2028 95,044 0.22%
Holcim Finance Luxembourg SA 100,000 1.75% 29/8/2029 94,016 0.22%
1,301,640 3.04%
Natwest Markets plc 300,000 1.13% 14/6/2023 299,285 0.70%
Barclays Bank plc 200,000 6.00% 14/1/2021 223,651 0.52%
HSBC Holdings plc 200,000 1.50% 15/3/2022 206,427 0.48%
FCE Bank plc 200,000 1.53% 9/11/2020 206,179 0.48%
Nationwide Building Society 150,000 6.75% 22/7/2020 169,468 0.40%
Lloyds Bank plc 150,000 6.50% 24/3/2020 165,521 0.39%
BP Capital Markets plc 100,000 2.97% 27/2/2026 112,830 0.26%
BAT International Finance plc 100,000 3.63% 9/11/2021 110,674 0.26%
Lloyds Banking Group plc 110,000 1.00% 9/11/2023 109,242 0.26%
Natwest Markets plc 100,000 5.50% 23/3/2020 109,138 0.25%
Sky plc 100,000 2.50% 15/9/2026 107,734 0.25%
SSE plc 100,000 2.38% 10/2/2022 107,517 0.25%
BAT International Finance plc 100,000 2.38% 19/1/2023 107,190 0.25%
Leeds Building Society 100,000 2.63% 1/4/2021 105,856 0.25%
Vodafone Group plc 100,000 1.75% 25/8/2023 105,332 0.25%
Heathrow Funding Ltd. 100,000 1.88% 23/5/2022 105,218 0.25%
GlaxoSmithKline Capital plc 100,000 1.38% 2/12/2024 104,240 0.24%
Rentokil Initial plc 100,000 3.38% 24/9/2019 104,096 0.24%
ITV plc 100,000 2.00% 1/12/2023 103,687 0.24%
Hammerson plc 100,000 2.75% 26/9/2019 103,295 0.24%
British Telecommunications plc 100,000 1.13% 10/3/2023 101,749 0.24%
Coca-Cola European Partners plc 100,000 0.75% 24/2/2022 101,671 0.24%
BAT Capital Corp. 100,000 1.13% 16/11/2023 100,914 0.24%
G4S International Finance plc 100,000 1.88% 24/5/2025 100,888 0.24%
RELX Finance BV 100,000 0.38% 22/3/2021 100,542 0.23%
Global Switch Holdings Ltd. 100,000 1.50% 31/1/2024 100,412 0.23%
Unilever NV 100,000 0.00% 29/4/2020 100,240 0.23%
Motability Operations Group plc 100,000 0.88% 14/3/2025 100,151 0.23%
Santander UK Group Holdings plc 100,000 1.13% 8/9/2023 100,009 0.23%
WPP Finance 2016 100,000 1.38% 20/3/2025 99,810 0.23%
Annington Funding plc 100,000 1.65% 12/7/2024 99,794 0.23%
Rolls-Royce plc 100,000 0.88% 9/5/2024 99,033 0.23%
Standard Chartered plc 100,000 0.75% 3/10/2023 98,547 0.23%
BG Energy Capital plc 50,000 3.63% 16/7/2019 51,942 0.12%
4,984,377 11.62%
BMW US Capital LLC 300,000 1.13% 18/9/2021 309,192 0.72%
JPMorgan Chase & Co. 250,000 2.63% 23/4/2021 267,103 0.62%
Apple, Inc. 200,000 1.00% 10/11/2022 207,230 0.48%
AT&T, Inc. 200,000 1.05% 5/9/2023 201,080 0.47%
General Electric Co. 200,000 0.38% 17/5/2022 199,464 0.47%
Wells Fargo & Co. 200,000 1.38% 26/10/2026 198,594 0.46%
Morgan Stanley 200,000 1.38% 27/10/2026 196,462 0.46%
Goldman Sachs Group, Inc. 120,000 1.38% 15/5/2024 121,214 0.28%
Mastercard, Inc. 100,000 2.10% 1/12/2027 109,367 0.26%
Citigroup, Inc. 100,000 7.38% 4/9/2019 108,695 0.25%
Citigroup, Inc. 100,000 2.38% 22/5/2024 107,858 0.25%
242

Eli Lilly & Co. 100,000 2.13% 3/6/2030 107,832 0.25%
Bank of America Corp. 100,000 2.38% 19/6/2024 107,509 0.25%
Berkshire Hathaway, Inc. 100,000 2.15% 15/3/2028 107,381 0.25%
Booking Holdings, Inc. 100,000 2.38% 23/9/2024 107,336 0.25%
Microsoft Corp. 100,000 2.13% 6/12/2021 106,782 0.25%
Wells Fargo & Co. 100,000 2.13% 4/6/2024 106,712 0.25%
Morgan Stanley 100,000 2.38% 31/3/2021 105,729 0.25%
Citigroup, Inc. 100,000 5.00% 2/8/2019 105,510 0.25%
Apple, Inc. 100,000 1.63% 10/11/2026 105,368 0.25%
DH Europe Finance SA 100,000 1.70% 4/1/2022 104,980 0.24%
PepsiCo, Inc. 100,000 1.75% 28/4/2021 104,581 0.24%
International Business Machines Corp. 100,000 1.88% 6/11/2020 104,463 0.24%
AT&T, Inc. 100,000 1.88% 4/12/2020 104,174 0.24%
Verizon Communications, Inc. 100,000 2.63% 1/12/2031 104,119 0.24%
WPC Eurobond BV 100,000 2.25% 19/7/2024 104,106 0.24%
Jefferies Group LLC 100,000 2.38% 20/5/2020 104,096 0.24%
Toyota Motor Credit Corp. 100,000 1.80% 23/7/2020 103,867 0.24%
McDonald’s Corp. 100,000 1.13% 26/5/2022 102,924 0.24%
AbbVie, Inc. 100,000 2.13% 17/11/2028 102,192 0.24%
Liberty Mutual Finance Europe DAC 100,000 1.75% 27/3/2024 102,039 0.24%
Metropolitan Life Global Funding I 100,000 0.88% 20/1/2022 102,027 0.24%
United Technologies Corp. 100,000 2.15% 18/5/2030 101,898 0.24%
Southern Power Co. 100,000 1.00% 20/6/2022 101,802 0.24%
McDonald’s Corp. 100,000 1.00% 15/11/2023 101,525 0.24%
GE Capital European Funding Unlimited Co. 100,000 0.80% 21/1/2022 101,483 0.24%
Morgan Stanley 100,000 1.00% 2/12/2022 101,465 0.24%
Brown-Forman Corp. 100,000 1.20% 7/7/2026 101,293 0.24%
Baxter International, Inc. 100,000 1.30% 30/5/2025 100,900 0.24%
Johnson & Johnson 100,000 0.25% 20/1/2022 100,740 0.24%
Chubb INA Holdings, Inc. 100,000 2.50% 15/3/2038 100,634 0.23%
AbbVie, Inc. 100,000 0.38% 18/11/2019 100,514 0.23%
Johnson Controls International plc 100,000 1.00% 15/9/2023 100,411 0.23%
Pfizer, Inc. 100,000 0.25% 6/3/2022 100,377 0.23%
Coca-Cola Co. 100,000 1.13% 9/3/2027 100,173 0.23%
Thermo Fisher Scientific, Inc. 100,000 1.40% 23/1/2026 100,042 0.23%
John Deere Cash Management SA 100,000 0.50% 15/9/2023 100,019 0.23%
Allergan Funding SCS 100,000 0.50% 1/6/2021 99,998 0.23%
US Bancorp 100,000 0.85% 7/6/2024 99,924 0.23%
Procter & Gamble Co. 100,000 0.50% 25/10/2024 99,648 0.23%
Coca-Cola Co. 100,000 0.50% 8/3/2024 99,610 0.23%
AT&T, Inc. 100,000 3.15% 4/9/2036 99,489 0.23%
United Parcel Service, Inc. 100,000 0.38% 15/11/2023 99,221 0.23%
Merck & Co., Inc. 100,000 0.50% 2/11/2024 98,950 0.23%
Dover Corp. 100,000 1.25% 9/11/2026 98,508 0.23%
Philip Morris International, Inc. 100,000 0.63% 8/11/2024 97,682 0.23%
Wells Fargo & Co. 100,000 1.00% 2/2/2027 95,748 0.22%
AT&T, Inc. 100,000 2.45% 15/3/2035 92,703 0.22%
Walmart, Inc. 50,000 4.88% 21/9/2029 68,836 0.16%
Morgan Stanley 50,000 5.38% 10/8/2020 55,535 0.13%
8,347,936 19.46%
Total Bonds 42,395,900 98.84%
Financial Assets at Fair Value Through Profit or Loss 42,395,900 98.84%
243
Unrealised
Contracts Amount EUR (€) Net Assets
Futures (0.01%) (30 June 2017: (0.00%))
Euro-Schatz Futures 06 September 2018 6 672,505 5 0.00%
Euro-Bobl Futures 06 September 2018 (6) (790,470) (2,550) (0.01%)
(2,545) (0.01%)
Fair Value
EUR (€)
% of Total
244

Principal Cost Principal Proceeds

EUR (€) EUR (€) EUR (€) EUR (€)
Purchases Sales
Bundesrepublik Deutschland Bundesanleihe Bundesrepublik Deutschland Bundesanleihe
0.50% 15/2/2025 580,000 587,697 0.50% 15/2/2025 580,000 588,499
Bundesrepublik Deutschland Bundesanleihe Banque Federative du Credit Mutuel SA
4.00% 4/1/2037 205,000 315,114 3.00% 11/9/2025 200,000 219,027
Natwest Markets plc 1.13% 14/6/2023 300,000 300,471 Engie SA 0.38% 28/2/2023 200,000 199,177
Engie SA 0.38% 28/2/2023 300,000 298,224 LANXESS AG 1.00% 7/10/2026 200,000 194,308
ING Groep NV 1.13% 14/2/2025 300,000 297,485 ABN AMRO Bank NV 7.13% 6/7/2022 150,000 188,444
Engie SA 6.38% 18/1/2021 200,000 236,304 Bundesrepublik Deutschland Bundesanleihe
Orange SA 4.00% 1/10/2021 200,000 221,079 4.00% 4/1/2037 115,000 176,111
Commerzbank AG 4.00% 23/3/2026 200,000 217,774 Shell International Finance BV 1.63% 24/3/2021 150,000 158,894
Volkswagen Leasing GmbH 2.63% 15/1/2024 200,000 216,574 BNP Paribas SA 2.00% 28/1/2019 140,000 142,909
FCE Bank plc 1.53% 9/11/2020 200,000 207,448 Engie SA 6.38% 18/1/2021 120,000 141,090
BMW US Capital LLC 1.13% 18/9/2021 200,000 207,302 Bank of America Corp. 1.38% 26/3/2025 120,000 123,227
Credit Suisse AG 1.38% 31/1/2022 200,000 206,892 Credit Agricole Assurances SA 4.75% 27/9/2048 100,000 121,425
Credit Agricole SA 2.63% 17/3/2027 200,000 205,021 Philip Morris International, Inc. 2.88% 3/3/2026 100,000 115,704
Banque Federative du Credit Mutuel SA 1.25% Abertis Infraestructuras SA 3.75% 20/6/2023 100,000 115,232
14/1/2025 200,000 204,661 Orange SA 3.38% 16/9/2022 100,000 114,069
AT&T, Inc. 1.05% 4/9/2023 200,000 201,692 GE Capital European Funding Unlimited Co.
Telefonica Emisiones SAU 0.32% 17/10/2020 200,000 201,030 4.35% 3/11/2021 100,000 114,015
UBS Group Funding Switzerland AG 1.25% BAT International Finance plc 3.13% 6/3/2029 100,000 112,340
17/4/2025 200,000 199,816 McDonald’s Corp. 2.63% 11/6/2029 100,000 111,695
Nordea Bank AB 0.30% 30/6/2022 200,000 199,620 Eutelsat Communications SA 3.13% 10/10/2022 100,000 111,447
Morgan Stanley 1.38% 27/10/2026 200,000 199,043 Credit Agricole Assurances SA 4.50% 14/10/2025 100,000 111,355
United Parcel Service, Inc. 0.38% 15/11/2023 200,000 197,988 Sodexo SA 2.50% 24/6/2026 100,000 110,484
245
EUR (€) EUR (€)

2018 2017
Current Assets
Financial Derivative Instruments 5 3,230
Cash 1,469,312 177,262
Receivables:
Cash Collateral 8,712 2,700
Current Liabilities
Investments Purchased 1,750,460 298,697
EUR (€) EUR (€)

30 June 2018 30 June 2017
Miscellaneous Income 200 1,135
Net Gain/(Loss) on Financial Instruments (88,072) 28,750
Total Investment Income/(Loss) 177,808 277,847
Expenses
Transaction Fees and Commissions 116 184
Finance Costs
Distribution Paid 237,507 227,695
Income Equalisation (7,777) —
Total Finance Costs 230,914 228,702
Net Investment Income/(Loss) After Finance Costs (80,877) 24,435
Foreign Withholding Tax (1,007) (113)
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (81,884) 24,322
246

EUR (€) EUR (€)

30 June 2018 30 June 2017
Redeemable Participating Shares From Operations (81,884) 24,322
Subscriptions 26,772,122 —
Total Capital Transactions1 22,364,345 —
Total Increase/(Decrease) for the Year 22,282,461 24,322
End of Year 42,895,047 20,612,586
247
Vanguard EUR Eurozone Government Bond UCITS ETF

As at 30 June 2018

Vanguard EUR Eurozone Government Bond UCITS ETF seeks to track Aaa 22.2%
the performance of the Bloomberg Barclays Euro-Aggregate: Treasury
Index, a widely recognised benchmark designed to reflect the total Aa 35.7
universe of publicly traded, fixed-coupon, euro-denominated euro A 17.1
zone treasury securities with maturities greater than 1 year and a Baa 24.5
minimum issue size of €300 million.
Not Rated 0.5
Number of Issues 276 371


Treasury 100.0%
2 Bloomberg Barclays Euro-Aggregate: Treasury Index
3 Before expenses.
248

• For the 12 months ended 30 June 2018, Vanguard EUR Eurozone Government Bond UCITS ETF returned 1.58%, compared with the 1.73% return of its
benchmark index.1
• The euro zone reported steady economic growth, though the pace slowed as the year wore on. Political uncertainty and global trade tensions in the second
half of the year had a dampening effect on global equity and fixed income markets.
• The European Central Bank left rates unchanged and reduced its stimulus programme with the goal of ending asset purchases by December 2018. The Bank
of England raised its target interest rate a quarter of a percentage point to 0.50%.
• Over the 12 months, the AAA-rated euro zone government bond par yield curve flattened, with short-term yields falling less than long-term yields. The 2-year
yield fell by 10 basis points, the 10-year yield by 16 basis points, and the 30-year yield by 27 basis points, ending at 1.04%. (A basis point is one-hundredth of
a percentage point.)
• French government bonds returned 2.7%, German bonds returned 1.7% and Italian bonds returned –1.1%. Higher-rated bonds generally outperformed lower-
rated bonds.

Benchmark: Bloomberg Barclays Euro-Aggregate: Treasury Index
Euro-Denominated

€110,000
101,154
90,000
2016 2017 2018

Benchmark 1.73 0.62 101,449
2016 2017 2018
3.04 3.10
1.58 1.73
–3.36 –3.27
ETF Net Asset Value

Benchmark
2 24 February 2016.
249
30 June 2018

Bonds 98.53% (30 June 2017: 98.67%)
Austria 3.49% (30 June 2017: 3.60%)
Republic of Austria Government Bond 129,000 1.75% 20/10/2023 141,670 0.74%
664,673 3.49%
Belgium 6.03% (30 June 2017: 6.08%)
Kingdom of Belgium Government Bond 133,000 4.00% 28/3/2032 185,379 0.97%
1,146,419 6.03%
Finland 1.47% (30 June 2017: 1.63%)
Finland Government Bond 129,000 1.63% 15/9/2022 139,521 0.73%
279,481 1.47%
250

France 24.47% (30 June 2017: 24.11%)
French Republic Government Bond OAT 349,000 2.25% 25/5/2024 395,382 2.08%
4,653,878 24.47%
Germany 16.86% (30 June 2017: 17.39%)
Bundesobligation 170,000 0.25% 11/10/2019 172,034 0.90%
Bundesschatzanweisungen 60,000 0.00% 13/3/2020 60,696 0.32%
251

3,206,351 16.86%
Ireland 1.76% (30 June 2017: 1.98%)
Ireland Government Bond 157,000 1.00% 15/5/2026 162,856 0.86%
334,727 1.76%
Italy 22.24% (30 June 2017: 23.86%)
Italy Buoni Poliennali Del Tesoro 382,000 5.00% 1/3/2022 430,135 2.26%
252

4,230,490 22.24%
Netherlands Government Bond 156,000 3.25% 15/7/2021 174,158 0.92%
962,528 5.06%
Portugal 2.07% (30 June 2017: 0.00%)
Portugal Obrigacoes do Tesouro OT 166,700 2.88% 15/10/2025 185,416 0.98%
393,050 2.07%
Slovakia 0.41% (30 June 2017: 0.50%)
Slovakia Government Bond 30,000 0.00% 13/11/2023 29,520 0.15%
78,673 0.41%
253

Slovenia 0.56% (30 June 2017: 0.46%)
Slovenia Government Bond 37,000 2.25% 25/3/2022 40,195 0.21%
107,499 0.56%
Spain 14.11% (30 June 2017: 13.78%)
Spain Government Bond 208,200 6.00% 31/1/2029 302,040 1.59%
2,683,234 14.11%
Total Bonds 18,741,003 98.53%

% of Total
(d) Financial derivative instruments — 0.00%
254


EUR (€) EUR (€) EUR (€) EUR (€)
Purchases Sales
French Republic Government Bond OAT Bundesrepublik Deutschland Bundesanleihe
2.25% 25/5/2024 406,000 463,161 2.50% 4/1/2021 180,000 196,826
Bundesrepublik Deutschland Bundesanleihe Bundesobligation 1.00% 12/10/2018 192,000 195,386
2.50% 4/1/2021 350,000 383,212 French Republic Government Bond OAT 1.00%
French Republic Government Bond OAT 25/11/2018 190,000 193,033
3.50% 25/4/2026 252,000 317,390 French Republic Government Bond OAT 1.00%
Italy Buoni Poliennali Del Tesoro 5.00% 1/3/2022 268,000 313,524 25/5/2019 180,000 183,004
Italy Buoni Poliennali Del Tesoro 5.25% 1/11/2029 210,000 271,219 French Republic Government Bond OAT 2.25%
French Republic Government Bond OAT 0.00% 25/5/2024 140,000 160,287
25/5/2020 252,000 255,431 Kingdom of Belgium Government Bond 4.00%
Italy Buoni Poliennali Del Tesoro 4.50% 1/3/2024 200,000 234,617 28/3/2022 110,000 129,271
Italy Buoni Poliennali Del Tesoro 0.65% 1/11/2020 230,000 234,319 Republic of Austria Government Bond 4.35%
15/3/2019 75,000 78,650
Kingdom of Belgium Government Bond 4.00%
28/3/2022 195,000 230,934 Bundesobligation 0.50% 12/4/2019 70,000 70,996
French Republic Government Bond OAT 3.00% Italy Buoni Poliennali Del Tesoro 0.10% 15/4/2019 65,000 65,333
25/4/2022 201,000 229,114 Bundesrepublik Deutschland Bundesanleihe 3.50%
Bundesrepublik Deutschland Bundesanleihe 4/7/2019 61,000 64,268
1.00% 15/8/2025 189,000 202,621 Italy Buoni Poliennali Del Tesoro 0.70% 1/5/2020 60,000 61,127
Spain Government Bond 4.85% 31/10/2020 170,000 194,178 Bundesschatzanweisungen 0.00% 13/9/2019 60,000 60,512
Spain Government Bond 6.00% 31/1/2029 133,200 192,899 Italy Buoni Poliennali Del Tesoro 4.50% 1/3/2024 50,000 59,685
Italy Buoni Poliennali Del Tesoro 1.85% 15/5/2024 185,000 189,171 French Republic Government Bond OAT 2.50%
Portugal Obrigacoes do Tesouro OT 2.88% 25/10/2020 50,000 54,341
15/10/2025 166,700 184,503 French Republic Government Bond OAT 3.50%
French Republic Government Bond OAT 0.00% 25/4/2020 50,000 54,155
25/2/2020 180,000 181,930 Italy Buoni Poliennali Del Tesoro 4.25% 1/9/2019 50,000 53,482
Kingdom of Belgium Government Bond 4.00% Italy Buoni Poliennali Del Tesoro 5.25% 1/11/2029 40,000 52,316
28/3/2032 128,000 179,845 Italy Buoni Poliennali Del Tesoro 0.65% 1/11/2020 50,000 50,996
Bundesobligation 0.25% 11/10/2019 170,000 173,111 Italy Buoni Poliennali Del Tesoro 0.30% 15/10/2018 45,000 45,298
Bundesrepublik Deutschland Bundesanleihe Italy Buoni Poliennali Del Tesoro 7.25% 1/11/2026 30,000 43,799
1.50% 4/9/2022 152,400 165,964
Spain Government Bond 2.75% 30/4/2019 40,000 41,478
French Republic Government Bond OAT 1.75%
Spain Government Bond 0.75% 30/7/2021 40,000 41,114
25/6/2039 153,000 164,694
Republic of Austria Government Bond 1.95%
18/6/2019 40,000 40,974
Italy Buoni Poliennali Del Tesoro 4.25% 1/2/2019 39,000 40,856
Netherlands Government Bond 0.25% 15/1/2020 40,000 40,605
Portugal Obrigacoes do Tesouro OT 4.80%
15/6/2020 30,000 32,892
French Republic Government Bond OAT 1.75%
25/6/2039 30,000 32,787
255
EUR (€) EUR (€)

2018 2017
Current Assets
Cash 260,903 16,345
Receivables:
Capital Shares Sold 3,476,066 —
Current Liabilities
Bank Overdraft 3,476,066 —
Management Fees Payable 1,384 493
EUR (€) EUR (€)

30 June 2018 30 June 2017
Net Gain/(Loss) on Financial Instruments 29,036 (280,257)
Total Investment Income/(Loss) 86,840 (247,522)
Expenses
Finance Costs
Income Equalisation (3,840) 257
Net Investment Income/(Loss) After Finance Costs 32,125 (280,478)
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 32,125 (280,478)
256

EUR (€) EUR (€)

30 June 2018 30 June 2017
Redeemable Participating Shares From Operations 32,125 (280,478)
Subscriptions 14,035,848 —
Total Capital Transactions1 14,035,848 (2,487,007)
Total Increase/(Decrease) for the Year 14,067,973 (2,767,485)
End of Year 19,019,855 4,951,882
257
Vanguard U.K. Gilt UCITS ETF

As at 30 June 2018
Vanguard U.K. Gilt UCITS ETF seeks to track the performance of the Aa 100.0%
Bloomberg Barclays Sterling Gilt Float Adjusted Index, a market-weighted
index of UK government fixed income securities denominated in pound
sterling.
Distribution by Effective Maturity1 (% of portfolio)
Financial Attributes Under 5 Years 25.7%

5–10 Years 17.7
Fund Index 2
Over 10 Years 56.6
Yield to Maturity 1.3%3 1.3%
Average Coupon 3.3% 3.1%
Average Effective Maturity1 17.7 years 17.7 years Investment Focus
Average Duration 12.5 years 12.5 years Short Med. Long
Average Maturity
Average Quality1 Aa2 Aa2
Credit Quality Government/
Ongoing Charges Figure 0.12% — Agency
Investment-Grade
Volatility Measures Corporate

Below
Fund Index 2 Investment-Grade
R-Squared 1.00 1.00
Beta 0.99 1.00
Treasury 100.0%
2 Bloomberg Barclays Sterling Gilt Float Adjusted Index.
3 Before expenses.
258

• For the 12 months ended 30 June 2018, Vanguard U.K. Gilt UCITS ETF returned 2.11%, compared with the 2.17% return of its benchmark index.1
• Britain’s future economic relationship with the European Union remained clouded amid deep political divisions in London over a Brexit plan. The economy
continued to exhibit steady growth, although global trade tensions in the second half of the year had a dampening effect on global equity and fixed income
markets.
• The Bank of England raised its target interest rate a quarter of a percentage point to 0.50% in November 2017 and held it steady despite expectations for
another increase in May or June.
• Over the 12 months, the gilt yield curve flattened as short- and medium-term yields saw increases while longer-term yields were mostly flat or dropped.
• The yield of the 5-year gilt rose 33 basis points to 1.02%. On the long end, the yield of the 10-year gilt rose 1 basis point to 1.27% while that of the 30-year
gilt fell 13 basis points to 1.73%. (A basis point is one-hundredth of a percentage point.)

Benchmark: Bloomberg Barclays Sterling Gilt Float Adjusted Index
GBP-Denominated

£140,000
127,598
90,000
2012 2013 2014 2015 2016 2017 2018

ETF Net Asset Value 2.11% 5.27% 4.07% £127,598
Benchmark 2.17 5.37 4.17 128,365
2012 2013 2014 2015 2016 2017 2018
14.37 14.55
9.32 9.40
2.44 2.55 2.11 2.17

1.33 1.32
–1.13 –1.06
–2.60 –2.48
ETF Net Asset Value

Benchmark
2 22 May 2012.
259
30 June 2018

GBP (£) Coupon Date GBP (£) Net Assets
Bonds 99.14% (30 June 2017: 98.71%)
Government Bonds 99.14% (30 June 2017: 98.71%)
United Kingdom Gilt 6,759,000 1.75% 22/7/2019 6,834,245 6.01%
United Kingdom Gilt 777,000 4.75% 7/12/2038 1,185,000 1.04%
United Kingdom Gilt 637,500 3.75% 22/7/2052 980,287 0.86%
112,786,009 99.14%
Total Bonds 112,786,009 99.14%

% of Total
Total Net Assets 113,759,246 100.00%
260


GBP (£) GBP (£) GBP (£) GBP (£)
Purchases Sales
United Kingdom Gilt 1.75% 22/7/2019 5,142,000 5,257,889 United Kingdom Gilt 3.75% 7/9/2019 3,123,000 3,333,192
United Kingdom Gilt 3.50% 22/1/2045 1,348,500 1,813,725 United Kingdom Gilt 4.25% 7/3/2036 905,500 1,248,366
United Kingdom Gilt 3.50% 22/7/2068 827,000 1,362,586 United Kingdom Gilt 4.50% 7/12/2042 768,000 1,171,933
United Kingdom Gilt 4.25% 7/12/2046 813,500 1,243,417 United Kingdom Gilt 0.50% 22/7/2022 1,056,000 1,044,880
United Kingdom Gilt 1.25% 22/7/2027 1,210,500 1,193,149 United Kingdom Gilt 4.25% 7/12/2049 532,500 839,710
United Kingdom Gilt 4.75% 7/12/2038 777,000 1,190,484 United Kingdom Gilt 4.25% 7/12/2027 649,000 816,629
United Kingdom Gilt 2.50% 22/7/2065 751,500 951,873 United Kingdom Gilt 3.25% 22/1/2044 455,000 580,078
United Kingdom Gilt 6.00% 7/12/2028 364,000 531,175
261
GBP (£) GBP (£)

2018 2017
Current Assets
Cash 280,945 643,874
Receivables:
Investments Sold or Matured 105,276 —
Current Liabilities
GBP (£) GBP (£)

30 June 2018 30 June 2017
Interest Income 1,802,970 2,116,715
Net Gain/(Loss) on Financial Instruments 424,791 (1,436,280)
Total Investment Income/(Loss) 2,227,761 680,435
Expenses
Finance Costs
Income Equalisation (9,857) 6,991
Net Investment Income/(Loss) After Finance Costs 427,706 (1,466,012)
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 427,706 (1,466,012)
262

GBP (£) GBP (£)

30 June 2018 30 June 2017
Redeemable Participating Shares From Operations 427,706 (1,466,012)
Subscriptions 30,236,874 32,106,149
Redemptions (17,391,112) (91,449,139)
Total Capital Transactions1 12,845,762 (59,342,990)
Total Increase/(Decrease) for the Year 13,273,468 (60,809,002)
End of Year 113,759,246 100,485,778
263
Vanguard USD Corporate 1–3 Year Bond UCITS ETF

As at 30 June 2018

The Fund seeks to track the performance of the Bloomberg Barclays Aaa 1.3%
Global Aggregate Corporate – United States Dollar Index 1–3 Year
(a widely recognised benchmark designed to reflect the total universe Aa 15.7
of publicly traded, fixed-coupon, US dollar-denominated corporate debt A 43.8
securities with maturities of between 1 and 3 years). Baa 38.8
Not Rated 0.4
Fund Index 2
Number of Issues 423 1,563 Distribution by Effective Maturity1 (% of portfolio)

Under 5 Years 99.3%
Over 5 Years 0.7
Average Effective Maturity1 2.1 years 2.1 years

Industrials 48.7%
Utilities 4.1
Treasury 0.4
2 Bloomberg Barclays Global Aggregate Corporate – United States Dollar Index 1–3 Year.
3 Before expenses.
264

• Vanguard USD Corporate 1–3 Year Bond UCITS ETF was launched on 22 May 2018. From that inception date through 30 June 2018, the ETF returned 0.29%,
in line with its benchmark index, which returned 0.30%.1
• Trade tensions dampened economic sentiment during the ETF’s abbreviated reporting period, causing the yields of longer-dated US Treasuries to retreat
from multiyear highs. The US Federal Reserve lifted the federal funds rate to a range of 1.75%–2% in June and signalled that two more rate increases were
likely in 2018.
• Shorter-maturity bonds generally outperformed longer-term bonds. By sector, bonds issued by financial institutions held up better than those of industrial
companies and utilities. Higher-rated investment-grade corporates outperformed their lower-rated counterparts.

Benchmark: Bloomberg Barclays Global Aggregate Corporate – United States Dollar Index 1–3 Year

Since Inception2 Investment
ETF Net Asset Value 0.29% $100,289
Benchmark 0.30 100,304
2018
0.29 0.30
ETF Net Asset Value

Benchmark
2 22 May 2018.
265
30 June 2018

US Dollars ($) Coupon Date US Dollars ($) Net Assets
Bonds 98.75%
Australia 3.31%
Australia & New Zealand Banking Group Ltd. 125,000 2.25% 9/11/2020 121,958 0.40%
BHP Billiton Finance USA Ltd. 100,000 6.25% 19/10/2075 104,250 0.35%
Macquarie Group Ltd. 50,000 6.00% 14/1/2020 51,814 0.17%
993,913 3.31%
Canada 4.10%
Toronto-Dominion Bank 125,000 2.50% 14/12/2020 123,001 0.41%
Canadian Imperial Bank of Commerce 125,000 2.10% 5/10/2020 121,751 0.41%
Cenovus Energy, Inc. 100,000 5.70% 15/10/2019 102,500 0.34%
Bank of Montreal 100,000 1.50% 18/7/2019 98,680 0.33%
Bank of Nova Scotia 100,000 2.45% 22/3/2021 97,894 0.33%
National Bank of Canada 100,000 2.20% 2/11/2020 97,453 0.32%
Goldcorp, Inc. 50,000 3.63% 9/6/2021 49,931 0.17%
Royal Bank of Canada 50,000 3.20% 30/4/2021 49,886 0.17%
Bank of Montreal 50,000 3.10% 13/4/2021 49,815 0.17%
Emera US Finance LP 50,000 2.70% 15/6/2021 48,624 0.16%
TransCanada PipeLines Ltd. 25,000 2.13% 15/11/2019 24,721 0.08%
1,231,291 4.10%
Colombia 0.35%
Bancolombia SA 100,000 5.95% 3/6/2021 105,583 0.35%
105,583 0.35%
France 1.84%
BNP Paribas SA 125,000 5.00% 15/1/2021 129,799 0.43%
BPCE SA 125,000 2.50% 15/7/2019 124,413 0.41%
Orange SA 75,000 1.63% 3/11/2019 73,657 0.24%
Total Capital SA 50,000 4.13% 28/1/2021 51,314 0.17%
Sanofi 50,000 4.00% 29/3/2021 51,172 0.17%
Total Capital SA 25,000 4.45% 24/6/2020 25,689 0.09%
554,589 1.84%
Germany 2.28%
Daimler Finance North America LLC 125,000 2.45% 18/5/2020 123,141 0.41%
Volkswagen Group of America Finance LLC 100,000 2.45% 20/11/2019 99,029 0.33%
Deutsche Bank AG 50,000 2.70% 13/7/2020 48,770 0.16%
Deutsche Bank AG 50,000 3.15% 22/1/2021 48,395 0.16%
Deutsche Bank AG 50,000 3.38% 12/5/2021 48,356 0.16%
685,376 2.28%
Hong Kong 0.43%
Hutchison Whampoa International 09/19 Ltd. 125,000 5.75% 11/9/2019 128,883 0.43%
128,883 0.43%
266

Japan 3.05%
Mitsubishi UFJ Financial Group, Inc. 150,000 2.95% 1/3/2021 148,087 0.49%
Sumitomo Mitsui Banking Corp. 125,000 2.45% 16/1/2020 123,671 0.41%
Mizuho Bank Ltd. 100,000 2.65% 25/9/2019 99,526 0.33%
American Honda Finance Corp. 100,000 2.45% 24/9/2020 98,646 0.33%
Nissan Motor Acceptance Corp. 100,000 2.25% 13/1/2020 98,516 0.33%
Nomura Holdings, Inc. 50,000 6.70% 4/3/2020 52,366 0.17%
916,250 3.05%
Mexico 0.43%
Southern Copper Corp. 25,000 5.38% 16/4/2020 25,902 0.09%
128,420 0.43%
Netherlands 2.74%
ING Bank NV 200,000 2.50% 1/10/2019 198,773 0.66%
Unilever Capital Corp. 100,000 4.25% 10/2/2021 102,702 0.34%
823,831 2.74%
Singapore 0.08%
Flex Ltd. 25,000 4.63% 15/2/2020 25,373 0.08%
25,373 0.08%
South Korea 0.33%
Hyundai Capital America 100,000 3.00% 30/10/2020 98,660 0.33%
98,660 0.33%
Spain 0.43%
130,256 0.43%
Sweden 1.80%
Nordea Bank AB 200,000 1.63% 30/9/2019 196,732 0.65%
540,027 1.80%
Switzerland 2.27%
UBS AG 125,000 4.88% 4/8/2020 128,799 0.43%
Credit Suisse AG 125,000 5.40% 14/1/2020 128,559 0.43%
UBS AG 125,000 2.38% 14/8/2019 124,198 0.41%
Credit Suisse AG 100,000 5.30% 13/8/2019 102,610 0.34%
Roche Holdings, Inc. 100,000 2.25% 30/9/2019 99,338 0.33%
UBS AG 100,000 2.35% 26/3/2020 98,855 0.33%
682,359 2.27%
United Kingdom 3.98%
Lloyds Bank plc 125,000 6.38% 21/1/2021 133,866 0.45%
Santander UK plc 125,000 2.13% 3/11/2020 121,385 0.40%
Royal Bank of Scotland Group plc 100,000 6.40% 21/10/2019 103,836 0.35%
267

1,194,880 3.98%
United States 71.33%
Anheuser-Busch InBev Finance, Inc. 250,000 2.65% 1/2/2021 246,469 0.82%
GE Capital International Funding Co. Unlimited Co. 200,000 2.34% 15/11/2020 195,516 0.65%
General Motors Financial Co., Inc. 150,000 4.20% 1/3/2021 152,088 0.51%
Reynolds American, Inc. 150,000 3.25% 12/6/2020 149,706 0.50%
CVS Health Corp. 150,000 3.35% 9/3/2021 149,557 0.50%
AbbVie, Inc. 150,000 2.50% 14/5/2020 148,154 0.49%
Morgan Stanley 125,000 5.75% 25/1/2021 132,160 0.44%
KeyCorp 125,000 5.10% 24/3/2021 130,630 0.43%
Dell International LLC/EMC Corp. 125,000 4.42% 15/6/2021 126,776 0.42%
Hewlett Packard Enterprise Co. 125,000 3.60% 15/10/2020 125,611 0.42%
Ford Motor Credit Co. LLC 125,000 3.16% 4/8/2020 124,209 0.41%
McDonald’s Corp. 125,000 2.75% 9/12/2020 124,113 0.41%
Santander Holdings USA, Inc. 125,000 2.65% 17/4/2020 124,102 0.41%
Medtronic, Inc. 125,000 2.50% 15/3/2020 124,042 0.41%
US Bank NA 125,000 2.13% 28/10/2019 123,796 0.41%
CVS Health Corp. 125,000 2.80% 20/7/2020 123,785 0.41%
Gilead Sciences, Inc. 125,000 2.55% 1/9/2020 123,483 0.41%
American Express Credit Corp. 125,000 2.20% 3/3/2020 123,254 0.41%
Capital One NA 125,000 2.35% 31/1/2020 123,179 0.41%
JPMorgan Chase Bank NA 125,000 1.65% 23/9/2019 123,160 0.41%
QUALCOMM, Inc. 125,000 2.25% 20/5/2020 123,152 0.41%
Shire Acquisitions Investments Ireland DAC 125,000 1.90% 23/9/2019 123,044 0.41%
Wells Fargo Bank NA 125,000 2.60% 15/1/2021 122,995 0.41%
PNC Bank NA 125,000 2.45% 5/11/2020 122,830 0.41%
Becton Dickinson & Co. 125,000 2.40% 5/6/2020 122,691 0.41%
Metropolitan Life Global Funding I 125,000 2.40% 8/1/2021 122,441 0.41%
Exxon Mobil Corp. 125,000 2.22% 1/3/2021 122,438 0.41%
Citibank NA 125,000 2.13% 20/10/2020 121,765 0.41%
International Lease Finance Corp. 100,000 8.25% 15/12/2020 110,250 0.37%
American International Group, Inc. 100,000 6.40% 15/12/2020 107,129 0.36%
Altria Group, Inc. 100,000 9.25% 6/8/2019 106,754 0.36%
Marathon Petroleum Corp. 100,000 5.13% 1/3/2021 104,388 0.35%
Enterprise Products Operating LLC 100,000 5.25% 31/1/2020 103,231 0.34%
Wells Fargo & Co. 100,000 4.60% 1/4/2021 103,181 0.34%
Plains All American Pipeline LP/PAA Finance Corp. 100,000 5.00% 1/2/2021 102,633 0.34%
CNH Industrial Capital LLC 100,000 4.88% 1/4/2021 102,625 0.34%
Lowe’s Cos, Inc. 100,000 4.63% 15/4/2020 102,265 0.34%
PPG Industries, Inc. 100,000 3.60% 15/11/2020 101,029 0.34%
Principal Financial Group, Inc. 100,000 4.70% 15/5/2055 100,125 0.33%
Amazon.com, Inc. 100,000 2.60% 5/12/2019 99,916 0.33%
Charter Communications Operating LLC/Charter
Communications Operating Capital 100,000 3.58% 23/7/2020 99,714 0.33%
Regions Financial Corp. 100,000 3.20% 8/2/2021 99,534 0.33%
Discover Bank 100,000 3.10% 4/6/2020 99,465 0.33%
Fifth Third Bancorp 100,000 2.88% 27/7/2020 99,411 0.33%
Biogen, Inc. 100,000 2.90% 15/9/2020 99,398 0.33%
Manufacturers & Traders Trust Co. 100,000 2.25% 25/7/2019 99,301 0.33%
PNC Bank NA 100,000 2.40% 18/10/2019 99,300 0.33%
268

Morgan Stanley 100,000 2.65% 27/1/2020 99,266 0.33%
Schlumberger Holdings Corp. 100,000 3.00% 21/12/2020 99,238 0.33%
HSBC USA, Inc. 100,000 2.75% 7/8/2020 99,208 0.33%
Harley-Davidson Financial Services, Inc. 100,000 2.40% 15/9/2019 99,199 0.33%
Morgan Stanley 100,000 2.80% 16/6/2020 99,186 0.33%
State Street Corp. 100,000 2.55% 18/8/2020 99,093 0.33%
Zimmer Biomet Holdings, Inc. 100,000 2.70% 1/4/2020 99,015 0.33%
Newell Brands, Inc. 100,000 3.15% 1/4/2021 98,999 0.33%
Reliance Standard Life Global Funding II 100,000 2.50% 15/1/2020 98,880 0.33%
HSBC USA, Inc. 100,000 2.35% 5/3/2020 98,732 0.33%
SunTrust Banks, Inc. 100,000 2.90% 3/3/2021 98,721 0.33%
Broadcom Corp/Broadcom Cayman Finance Ltd. 100,000 2.38% 15/1/2020 98,695 0.33%
Wells Fargo & Co. 100,000 2.60% 22/7/2020 98,693 0.33%
EI du Pont de Nemours & Co. 100,000 2.20% 1/5/2020 98,648 0.33%
Apple, Inc. 100,000 2.00% 6/5/2020 98,600 0.33%
Dominion Energy, Inc. 100,000 2.58% 1/7/2020 98,535 0.33%
Branch Banking & Trust Co. 100,000 2.10% 15/1/2020 98,479 0.33%
Capital One Financial Corp. 100,000 2.50% 12/5/2020 98,437 0.33%
Microsoft Corp. 100,000 1.10% 8/8/2019 98,425 0.33%
PepsiCo, Inc. 100,000 2.15% 14/10/2020 98,411 0.33%
Citizens Bank NA 100,000 2.25% 2/3/2020 98,338 0.33%
Visa, Inc. 100,000 2.20% 14/12/2020 98,327 0.33%
MassMutual Global Funding II 100,000 1.55% 11/10/2019 98,295 0.33%
Apple, Inc. 100,000 2.25% 23/2/2021 98,247 0.33%
Apple, Inc. 100,000 1.55% 7/2/2020 98,225 0.33%
Cisco Systems, Inc. 100,000 2.20% 28/2/2021 98,123 0.33%
Sempra Energy 100,000 1.63% 7/10/2019 98,098 0.33%
Wells Fargo & Co. 100,000 2.50% 4/3/2021 97,783 0.33%
Coca-Cola Co. 100,000 1.88% 27/10/2020 97,687 0.33%
Constellation Brands, Inc. 100,000 2.25% 6/11/2020 97,663 0.33%
PNC Bank NA 100,000 2.15% 29/4/2021 96,858 0.32%
New York Life Global Funding 100,000 2.00% 13/4/2021 96,614 0.32%
General Dynamics Corp. 80,000 2.88% 11/5/2020 79,928 0.27%
Sabine Pass Liquefaction LLC 75,000 5.63% 1/2/2021 78,469 0.26%
Williams Partners LP 75,000 5.25% 15/3/2020 77,251 0.26%
Energy Transfer Partners LP 75,000 4.15% 1/10/2020 75,855 0.25%
Amgen, Inc. 75,000 3.45% 1/10/2020 75,491 0.25%
Maple Escrow Subsidiary, Inc. 75,000 3.55% 25/5/2021 74,949 0.25%
Kinder Morgan, Inc. 75,000 3.05% 1/12/2019 74,902 0.25%
Mondelez International, Inc. 75,000 3.00% 7/5/2020 74,846 0.25%
Huntington Bancshares, Inc. 75,000 3.15% 14/3/2021 74,561 0.25%
Eastman Chemical Co. 75,000 2.70% 15/1/2020 74,549 0.25%
Abbott Laboratories 75,000 2.35% 22/11/2019 74,489 0.25%
Intel Corp. 75,000 2.45% 29/7/2020 74,438 0.25%
Celgene Corp. 75,000 2.88% 15/8/2020 74,406 0.25%
Pacific Gas & Electric Co. 75,000 3.50% 1/10/2020 74,240 0.25%
General Mills, Inc. 75,000 2.20% 21/10/2019 74,122 0.25%
Mylan NV 75,000 3.15% 15/6/2021 74,057 0.25%
Merck & Co., Inc. 75,000 1.85% 10/2/2020 73,862 0.25%
Citigroup, Inc. 75,000 2.65% 26/10/2020 73,817 0.25%
Microsoft Corp. 75,000 2.00% 3/11/2020 73,762 0.25%
Anthem, Inc. 75,000 2.50% 21/11/2020 73,660 0.25%
US Bancorp 75,000 2.35% 29/1/2021 73,610 0.25%
Citigroup, Inc. 75,000 2.70% 30/3/2021 73,452 0.24%
VMware, Inc. 75,000 2.30% 21/8/2020 73,384 0.24%
269

Aviation Capital Group LLC 50,000 7.13% 15/10/2020 53,673 0.18%
NV Energy, Inc. 50,000 6.25% 15/11/2020 53,395 0.18%
Protective Life Corp. 50,000 7.38% 15/10/2019 52,592 0.18%
Pfizer, Inc. 50,000 5.20% 12/8/2020 52,330 0.17%
HCP, Inc. 50,000 5.38% 1/2/2021 52,250 0.17%
Kroger Co. 50,000 6.15% 15/1/2020 52,163 0.17%
Citigroup, Inc. 50,000 5.38% 9/8/2020 52,104 0.17%
Consumers Energy Co. 50,000 6.70% 15/9/2019 52,069 0.17%
AT&T, Inc. 50,000 5.00% 1/3/2021 51,933 0.17%
Boston Properties LP 50,000 5.88% 15/10/2019 51,746 0.17%
Home Depot, Inc. 50,000 4.40% 1/4/2021 51,689 0.17%
AT&T, Inc. 50,000 5.88% 1/10/2019 51,688 0.17%
Ameriprise Financial, Inc. 50,000 5.30% 15/3/2020 51,684 0.17%
NBCUniversal Media LLC 50,000 5.15% 30/4/2020 51,655 0.17%
Comcast Corp. 50,000 5.15% 1/3/2020 51,633 0.17%
Aon Corp. 50,000 5.00% 30/9/2020 51,618 0.17%
Weyerhaeuser Co. 50,000 4.70% 15/3/2021 51,577 0.17%
Quest Diagnostics, Inc. 50,000 4.70% 1/4/2021 51,562 0.17%
Warner Media LLC 50,000 4.70% 15/1/2021 51,534 0.17%
Morgan Stanley 50,000 5.63% 23/9/2019 51,523 0.17%
Boeing Co. 50,000 4.88% 15/2/2020 51,512 0.17%
Simon Property Group LP 50,000 4.38% 1/3/2021 51,505 0.17%
Prudential Financial, Inc. 50,000 4.50% 15/11/2020 51,498 0.17%
Anadarko Petroleum Corp. 50,000 4.85% 15/3/2021 51,495 0.17%
BlackRock, Inc. 50,000 5.00% 10/12/2019 51,484 0.17%
Republic Services, Inc. 50,000 5.50% 15/9/2019 51,446 0.17%
ERP Operating LP 50,000 4.75% 15/7/2020 51,321 0.17%
Xerox Corp. 50,000 5.63% 15/12/2019 51,300 0.17%
Warner Media LLC 50,000 4.88% 15/3/2020 51,285 0.17%
Mead Johnson Nutrition Co. 50,000 4.90% 1/11/2019 51,243 0.17%
Omnicom Group, Inc./Omnicom Capital, Inc. 50,000 4.45% 15/8/2020 51,191 0.17%
Occidental Petroleum Corp. 50,000 4.10% 1/2/2021 51,179 0.17%
Duke Energy Corp. 50,000 5.05% 15/9/2019 51,135 0.17%
Progress Energy, Inc. 50,000 4.40% 15/1/2021 51,063 0.17%
Dow Chemical Co. 50,000 4.25% 15/11/2020 51,055 0.17%
Time Warner Cable LLC 50,000 5.00% 1/2/2020 51,052 0.17%
EOG Resources, Inc. 50,000 4.10% 1/2/2021 51,023 0.17%
Oracle Corp. 50,000 3.88% 15/7/2020 50,951 0.17%
Campbell Soup Co. 50,000 4.25% 15/4/2021 50,945 0.17%
Praxair, Inc. 50,000 4.50% 15/8/2019 50,941 0.17%
Enbridge Energy Partners LP 50,000 4.38% 15/10/2020 50,890 0.17%
Walmart, Inc. 50,000 3.63% 8/7/2020 50,828 0.17%
UnitedHealth Group, Inc. 50,000 3.88% 15/10/2020 50,803 0.17%
Exelon Generation Co. LLC 50,000 4.00% 1/10/2020 50,701 0.17%
Xerox Corp. 50,000 4.50% 15/5/2021 50,568 0.17%
Northern Trust Corp. 50,000 3.45% 4/11/2020 50,544 0.17%
Walmart, Inc. 50,000 3.25% 25/10/2020 50,517 0.17%
Hospitality Properties Trust 50,000 4.25% 15/2/2021 50,436 0.17%
First Horizon National Corp. 50,000 3.50% 15/12/2020 50,166 0.17%
Raytheon Co. 50,000 3.13% 15/10/2020 50,076 0.17%
Digital Realty Trust LP 50,000 3.40% 1/10/2020 50,037 0.17%
Hershey Co. 50,000 3.10% 15/5/2021 50,034 0.17%
Kellogg Co. 50,000 3.25% 14/5/2021 50,006 0.17%
Public Service Co. of Colorado 50,000 3.20% 15/11/2020 50,005 0.17%
270

Synchrony Financial 50,000 3.00% 15/8/2019 49,887 0.17%
Kinder Morgan Energy Partners LP 50,000 3.50% 1/3/2021 49,879 0.17%
Kroger Co. 50,000 3.30% 15/1/2021 49,873 0.17%
Tyson Foods, Inc. 50,000 2.65% 15/8/2019 49,844 0.17%
Texas Instruments, Inc. 50,000 2.75% 12/3/2021 49,813 0.17%
Citigroup, Inc. 50,000 2.50% 29/7/2019 49,783 0.17%
Oracle Corp. 50,000 2.25% 8/10/2019 49,768 0.17%
Delta Air Lines, Inc. 50,000 3.40% 19/4/2021 49,755 0.17%
Bank of New York Mellon Corp. 50,000 2.30% 11/9/2019 49,722 0.17%
Morgan Stanley 50,000 2.38% 23/7/2019 49,686 0.17%
Caterpillar Financial Services Corp. 50,000 2.90% 15/3/2021 49,684 0.17%
John Deere Capital Corp. 50,000 2.30% 16/9/2019 49,633 0.17%
NextEra Energy Capital Holdings, Inc. 50,000 2.40% 15/9/2019 49,611 0.17%
Kraft Heinz Foods Co. 50,000 2.80% 2/7/2020 49,602 0.17%
National Rural Utilities Cooperative Finance Corp. 50,000 2.30% 15/11/2019 49,591 0.17%
ERAC USA Finance LLC 50,000 2.35% 15/10/2019 49,509 0.17%
FedEx Corp. 50,000 2.30% 1/2/2020 49,506 0.17%
Intercontinental Exchange, Inc. 50,000 2.75% 1/12/2020 49,506 0.16%
Penske Truck Leasing Co. LP/PTL Finance Corp. 50,000 3.30% 1/4/2021 49,500 0.16%
Cardinal Health, Inc. 50,000 2.40% 15/11/2019 49,492 0.16%
Southern Co. 50,000 1.85% 1/7/2019 49,487 0.16%
BB&T Corp. 50,000 2.45% 15/1/2020 49,477 0.16%
Discovery Communications LLC 50,000 2.80% 15/6/2020 49,453 0.16%
Ventas Realty LP/Ventas Capital Corp. 50,000 2.70% 1/4/2020 49,449 0.16%
Johnson & Johnson 50,000 1.88% 5/12/2019 49,446 0.16%
American Tower Corp. 50,000 2.80% 1/6/2020 49,445 0.16%
Citigroup, Inc. 50,000 2.45% 10/1/2020 49,428 0.16%
Chevron Corp. 50,000 2.42% 17/11/2020 49,390 0.16%
Microsoft Corp. 50,000 1.85% 6/2/2020 49,362 0.16%
Citigroup, Inc. 50,000 2.40% 18/2/2020 49,360 0.16%
Southwest Airlines Co. 50,000 2.65% 5/11/2020 49,313 0.16%
Pfizer, Inc. 50,000 1.70% 15/12/2019 49,311 0.16%
Costco Wholesale Corp. 50,000 1.70% 15/12/2019 49,283 0.16%
AT&T, Inc. 50,000 2.45% 30/6/2020 49,202 0.16%
AT&T, Inc. 50,000 2.80% 17/2/2021 49,185 0.16%
Wells Fargo & Co. 50,000 2.55% 7/12/2020 49,162 0.16%
Apple, Inc. 50,000 2.00% 13/11/2020 49,042 0.16%
Honeywell International, Inc. 50,000 1.40% 30/10/2019 49,041 0.16%
Walt Disney Co. 50,000 2.15% 17/9/2020 49,010 0.16%
Walt Disney Co. 50,000 1.80% 5/6/2020 48,883 0.16%
Georgia Power Co. 50,000 2.00% 8/9/2020 48,833 0.16%
Morgan Stanley 50,000 2.50% 21/4/2021 48,800 0.16%
Georgia Power Co. 50,000 2.40% 1/4/2021 48,770 0.16%
EQT Corp. 50,000 2.50% 1/10/2020 48,766 0.16%
Home Depot, Inc. 50,000 2.00% 1/4/2021 48,762 0.16%
PepsiCo, Inc. 50,000 2.00% 15/4/2021 48,733 0.16%
Chevron Corp. 50,000 2.10% 16/5/2021 48,697 0.16%
271

BB&T Corp. 50,000 2.05% 10/5/2021 48,212 0.16%
Norfolk Southern Railway Co. 25,000 9.75% 15/6/2020 28,069 0.09%
Verisk Analytics, Inc. 25,000 5.80% 1/5/2021 26,503 0.09%
CRH America, Inc. 25,000 5.75% 15/1/2021 26,245 0.09%
Moody’s Corp. 25,000 5.50% 1/9/2020 26,225 0.09%
Georgia-Pacific LLC 25,000 5.40% 1/11/2020 26,186 0.09%
Best Buy Co., Inc. 25,000 5.50% 15/3/2021 26,156 0.09%
Kimco Realty Corp. 25,000 6.88% 1/10/2019 26,131 0.09%
Bemis Co., Inc. 25,000 6.80% 1/8/2019 25,966 0.09%
GATX Corp 25,000 4.85% 1/6/2021 25,912 0.09%
Applied Materials, Inc. 25,000 4.30% 15/6/2021 25,822 0.09%
Waste Management, Inc. 25,000 4.60% 1/3/2021 25,811 0.09%
PSEG Power LLC 25,000 5.13% 15/4/2020 25,776 0.09%
Microsoft Corp. 25,000 4.00% 8/2/2021 25,749 0.09%
L3 Technologies, Inc. 25,000 4.95% 15/2/2021 25,687 0.09%
21st Century Fox America, Inc. 25,000 4.50% 15/2/2021 25,685 0.09%
Fiserv, Inc. 25,000 4.63% 1/10/2020 25,680 0.09%
Great Plains Energy, Inc. 25,000 4.85% 1/6/2021 25,650 0.09%
Anthem, Inc. 25,000 4.35% 15/8/2020 25,576 0.09%
Burlington Northern Santa Fe LLC 25,000 4.70% 1/10/2019 25,565 0.09%
Cigna Corp. 25,000 4.50% 15/3/2021 25,532 0.09%
CenterPoint Energy Resources Corp. 25,000 4.50% 15/1/2021 25,500 0.09%
Target Corp. 25,000 3.88% 15/7/2020 25,466 0.08%
Lockheed Martin Corp. 25,000 4.25% 15/11/2019 25,464 0.08%
Entergy Arkansas, Inc. 25,000 3.75% 15/2/2021 25,276 0.08%
CSX Corp. 25,000 3.70% 30/10/2020 25,247 0.08%
Electronic Arts, Inc. 25,000 3.70% 1/3/2021 25,217 0.08%
HP, Inc. 25,000 3.75% 1/12/2020 25,192 0.08%
LG&E & KU Energy LLC 25,000 3.75% 15/11/2020 25,189 0.08%
DTE Electric Co. 25,000 3.45% 1/10/2020 25,147 0.08%
Ares Capital Corp. 25,000 3.88% 15/1/2020 25,078 0.08%
Charles Schwab Corp. 25,000 3.25% 21/5/2021 25,058 0.08%
WestRock RKT Co. 25,000 3.50% 1/3/2020 25,050 0.08%
Stifel Financial Corp. 25,000 3.50% 1/12/2020 24,975 0.08%
Apple, Inc. 25,000 2.85% 6/5/2021 24,935 0.08%
Walgreens Boots Alliance, Inc. 25,000 2.70% 18/11/2019 24,935 0.08%
American Campus Communities Operating Partnership LP 25,000 3.35% 1/10/2020 24,922 0.08%
Humana, Inc. 25,000 2.63% 1/10/2019 24,869 0.08%
Roper Technologies, Inc. 25,000 3.00% 15/12/2020 24,851 0.08%
Ryder System, Inc. 25,000 2.65% 2/3/2020 24,817 0.08%
Ryder System, Inc. 25,000 2.88% 1/9/2020 24,788 0.08%
Air Lease Corp. 25,000 3.38% 1/6/2021 24,781 0.08%
TJX Cos, Inc. 25,000 2.75% 15/6/2021 24,779 0.08%
PSEG Power LLC 25,000 3.00% 15/6/2021 24,677 0.08%
Automatic Data Processing, Inc. 25,000 2.25% 15/9/2020 24,669 0.08%
Marriott International, Inc. 25,000 2.88% 1/3/2021 24,659 0.08%
Chevron Corp. 25,000 1.96% 3/3/2020 24,639 0.08%
Lam Research Corp. 25,000 2.80% 15/6/2021 24,572 0.08%
Sherwin-Williams Co. 25,000 2.25% 15/5/2020 24,566 0.08%
eBay, Inc. 25,000 2.15% 5/6/2020 24,562 0.08%
DR Horton, Inc. 25,000 2.55% 1/12/2020 24,532 0.08%
Packaging Corp. of America 25,000 2.45% 15/12/2020 24,530 0.08%
Walmart, Inc. 25,000 1.90% 15/12/2020 24,515 0.08%
Edison International 25,000 2.13% 15/4/2020 24,497 0.08%
Berkshire Hathaway Energy Co. 25,000 2.38% 15/1/2021 24,475 0.08%
272

Northrop Grumman Corp. 25,000 2.08% 15/10/2020 24,434 0.08%
Eversource Energy 25,000 2.50% 15/3/2021 24,433 0.08%
American Electric Power Co., Inc. 25,000 2.15% 13/11/2020 24,399 0.08%
Boeing Co. 25,000 1.65% 30/10/2020 24,256 0.08%
Broadcom Corp/Broadcom Cayman Finance Ltd. 25,000 2.20% 15/1/2021 24,210 0.08%
Consolidated Edison, Inc. 25,000 2.00% 15/5/2021 24,088 0.08%
Continental Airlines 2009-2 Class A Pass Through Trust 15,233 7.25% 10/11/2019 15,919 0.05%
Alexandria Real Estate Equities, Inc. 15,000 2.75% 15/1/2020 14,890 0.05%
21,433,221 71.33%
Total Bonds 29,672,912 98.75%

% of Total
273

For the Period Ended 30 June 20181

US Dollars ($) US Dollars ($) US Dollars ($) US Dollars ($)
Purchases
Sales
United States Treasury Note 2.63% 15/5/2021 900,000 902,496 United States Treasury Note 2.63% 15/5/2021 900,000 902,074
Anheuser-Busch InBev Finance, Inc. 2.65% Bank of America Corp. 7.63% 1/6/2019 125,000 130,538
1/2/2021 250,000 246,800 Macquarie Bank Ltd. 2.60% 24/6/2019 125,000 124,518
ING Bank NV 2.50% 1/10/2019 200,000 198,772 Australia & New Zealand Banking Group Ltd.
Nordea Bank AB 1.63% 30/9/2019 200,000 196,616 2.25% 13/6/2019 125,000 124,301
Standard Chartered plc 2.25% 17/4/2020 200,000 196,086 Express Scripts Holding Co. 2.25% 15/6/2019 125,000 124,103
GE Capital International Funding Co. Unlimited Bank of Nova Scotia 1.65% 14/6/2019 125,000 123,588
Co. 2.34% 15/11/2020 200,000 195,380 Prudential Financial, Inc. 7.38% 15/6/2019 100,000 104,211
JPMorgan Chase & Co. 2.25% 23/1/2020 175,000 173,023 Morgan Stanley 5.63% 23/9/2019 100,000 103,474
Morgan Stanley 5.63% 23/9/2019 150,000 155,220 EOG Resources, Inc. 5.63% 1/6/2019 100,000 102,493
Credit Suisse AG 5.30% 13/8/2019 150,000 154,185 Virginia Electric & Power Co. 5.00% 30/6/2019 100,000 102,064
General Motors Financial Co., Inc. 4.20% Dell International LLC/EMC Corp. 3.48%
1/3/2021 150,000 152,160 1/6/2019 100,000 100,273
Hewlett Packard Enterprise Co. 3.60% Target Corp. 2.30% 26/6/2019 100,000 99,691
15/10/2020 150,000 150,990
Penske Truck Leasing Co LP/PTL Finance Corp.
Reynolds American, Inc. 3.25% 12/6/2020 150,000 150,120 2.50% 15/6/2019 100,000 99,405
CVS Health Corp. 3.35% 9/3/2021 150,000 149,760 First Republic Bank 2.38% 17/6/2019 100,000 99,361
Wells Fargo & Co. 2.60% 22/7/2020 150,000 148,290 Citigroup, Inc. 2.05% 7/6/2019 100,000 99,211
AbbVie, Inc. 2.50% 14/5/2020 150,000 148,245 Chevron Corp. 1.96% 3/3/2020 100,000 98,790
Mitsubishi UFJ Financial Group, Inc. 2.95% Shell International Finance BV 2.13% 11/5/2020 100,000 98,743
1/3/2021 150,000 148,170
IBM Credit LLC 1.63% 6/9/2019 100,000 98,708
Citigroup, Inc. 2.65% 26/10/2020 150,000 148,080
Air Lease Corp. 2.13% 15/1/2020 100,000 98,190
Apple, Inc. 2.25% 23/2/2021 150,000 147,405
Deutsche Bank AG 3.15% 22/1/2021 150,000 147,000
1 The fund was launched on 22 May 2018.

The Central Bank of Ireland requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding 1% of
the total value of purchases for the period and aggregate disposals greater than 1% of the total value of sales. At a minimum, the largest 20 purchases and 20 sales must be shown; all purchases
and sales must be shown if there are fewer than 20. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.
274
US Dollars ($)
As at 30 June
2018
Current Assets
Financial Assets at Fair Value Through Profit or Loss 29,672,912
Cash 1,338,351
Receivables:
Interest and Dividends 261,025
Investments Sold or Matured 1,659,369
Total Current Assets 32,931,657
Current Liabilities
Investments Purchased 2,879,203
Management Fees Payable 3,705
Total Current Liabilities 2,882,908
Net Assets Attributable to Holders of Redeemable Participating Shares (“Net Assets”) 30,048,749
US Dollars ($)
Period Ended
30 June 20181
Interest Income 104,247
Net Gain/(Loss) on Financial Instruments (33,089)
Total Investment Income/(Loss) 71,158
Expenses
Management Fees 4,817
Transaction Fees and Commissions 4
Total Expenses 4,821
Finance Costs
Distribution Paid 40,304
Total Finance Costs 40,304
Net Investment Income/(Loss) After Finance Costs 26,033
Foreign Withholding Tax (4,252)
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 21,781

1 The Fund was launched on 22 May 2018.

There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations.
275

US Dollars ($)
Period Ended
30 June 20181
Redeemable Participating Shares From Operations 21,781
Subscriptions 30,026,968
Redemptions —
Total Capital Transactions 30,026,968
Total Increase/(Decrease) for the Period 30,048,749
Beginning of Period —
End of Period 30,048,749

276
Vanguard USD Corporate Bond UCITS ETF

As at 30 June 2018

Vanguard USD Corporate Bond UCITS ETF seeks to track the performance Aaa 1.8%
of the Bloomberg Barclays Global Aggregate Corporate – United States
Dollar Index, a widely recognised benchmark designed to reflect the Aa 8.3
total universe of publicly traded, fixed-coupon, US dollar-denominated A 40.3
investment-grade corporate bonds with maturities greater than 1 year Baa 49.5
and a minimum issue size of $250 million.
Not Rated 0.1


Industrial 57.7%
Utility 7.2
Local Authority 0.2
Treasury 0.1
2 Bloomberg Barclays Global Aggregate Corporate – United States Dollar Index.
3 Before expenses.
277

• For the 12 months ended 30 June 2018, Vanguard USD Corporate Bond UCITS ETF returned –0.87%, compared with the –0.72% return of its benchmark index.1
• The outlook for the US economy remained robust, with unemployment falling to a multiyear low. Inflation expectations stayed in check despite a number of
market-rattling developments, particularly trade tensions over US-imposed tariffs.
• Bond yields overall finished the period higher than a year earlier. The US Federal Reserve raised interest rates three times, to 1.75%–2%, and signaled that
two more rate increases were likely in 2018.
• For the 12 months, higher-rated bonds generally fared better than their lower-rated counterparts. Shorter-maturity bonds generally outperformed longer-term
bonds. By sector, financial institutions and industrial companies held up better than utilities.

Benchmark: Bloomberg Barclays Global Aggregate Corporate – United States Dollar Index

$115,000
108,760
90,000
2016 2017 2018

ETF Net Asset Value -0.87% 3.64% $108,760
Benchmark -0.72 3.50 108,395
2016 2017 2018
7.06
6.55
2.48 2.47
–0.87 –0.72
ETF Net Asset Value

Benchmark
2 24 February 2016.
278
30 June 2018

Bonds 98.95% (30 June 2017: 98.69%)
Australia 1.91% (30 June 2017: 1.42%)
APT Pipelines Ltd. 75,000 4.20% 23/3/2025 74,526 0.07%
Barrick PD Australia Finance Pty Ltd. 50,000 5.95% 15/10/2039 55,557 0.05%
WEA Finance LLC/Westfield UK & Europe Finance plc 50,000 4.75% 17/9/2044 50,763 0.05%
Rio Tinto Finance USA Ltd. 50,000 3.75% 15/6/2025 50,192 0.05%
Suncorp-Metway Ltd. 50,000 2.35% 27/4/2020 49,147 0.05%
Macquarie Bank Ltd. 50,000 2.85% 15/1/2021 49,106 0.05%
Woodside Finance Ltd. 50,000 3.65% 5/3/2025 48,535 0.05%
Sydney Airport Finance Co. Pty Ltd. 50,000 3.63% 28/4/2026 48,110 0.04%
Macquarie Bank Ltd. 25,000 3.90% 15/1/2026 24,573 0.02%
2,097,212 1.91%
Bermuda 0.04% (30 June 2017: 0.27%)
Allied World Assurance Co. Holdings Ltd. 50,000 4.35% 29/10/2025 48,528 0.04%
48,528 0.04%
Brazil 0.32% (30 June 2017: 0.22%)
Gerdau Holdings, Inc. 125,000 7.00% 20/1/2020 130,156 0.12%
Braskem Finance Ltd. 75,000 6.45% 3/2/2024 79,031 0.07%
Vale Overseas Ltd. 58,000 4.38% 11/1/2022 58,798 0.06%
Fibria Overseas Finance Ltd. 25,000 4.00% 14/1/2025 23,052 0.02%
Yamana Gold, Inc. 15,000 4.63% 15/12/2027 14,381 0.01%
Fibria Overseas Finance Ltd. 13,000 5.25% 12/5/2024 13,065 0.01%
346,452 0.32%
British Virgin Islands 0.02% (30 June 2017: 0.04%)
Mega Advance Investments Ltd. 25,000 5.00% 12/5/2021 25,623 0.02%
25,623 0.02%
Canada 3.28% (30 June 2017: 3.43%)
Goldcorp, Inc. 100,000 5.45% 9/6/2044 103,270 0.09%
Glencore Finance Canada Ltd. 100,000 4.25% 25/10/2022 100,750 0.09%
279

Bank of Montreal 100,000 1.90% 27/8/2021 95,626 0.09%
Canadian Natural Resources Ltd. 75,000 6.25% 15/3/2038 87,713 0.08%
TransAlta Corp. 75,000 4.50% 15/11/2022 74,256 0.07%
Emera US Finance LP 75,000 4.75% 15/6/2046 73,764 0.07%
Bank of Montreal 75,000 2.10% 15/6/2020 73,515 0.07%
Canadian Imperial Bank of Commerce 75,000 2.55% 16/6/2022 72,491 0.07%
Manulife Financial Corp. 75,000 4.06% 24/2/2032 71,109 0.07%
Petro-Canada 60,000 5.95% 15/5/2035 69,211 0.06%
Rogers Communications, Inc. 50,000 7.50% 15/8/2038 66,444 0.06%
Alimentation Couche-Tard, Inc. 70,000 3.55% 26/7/2027 66,059 0.06%
Canadian National Railway Co. 50,000 6.20% 1/6/2036 62,078 0.06%
Bank of Montreal 60,000 1.50% 18/7/2019 59,208 0.05%
Rio Tinto Alcan, Inc. 50,000 5.75% 1/6/2035 58,461 0.05%
Encana Corp. 50,000 6.50% 15/8/2034 57,937 0.05%
Nutrien Ltd. 50,000 6.13% 15/1/2041 57,491 0.05%
Barrick North America Finance LLC 50,000 5.75% 1/5/2043 55,537 0.05%
Vale Canada Ltd. 50,000 7.20% 15/9/2032 54,812 0.05%
Canadian Pacific Railway Co. 50,000 4.80% 1/8/2045 53,725 0.05%
Manulife Financial Corp. 50,000 4.90% 17/9/2020 51,574 0.05%
Nutrien Ltd. 50,000 4.88% 30/3/2020 51,001 0.05%
Magna International, Inc. 50,000 4.15% 1/10/2025 50,728 0.05%
Enbridge, Inc. 50,000 4.00% 1/10/2023 50,173 0.05%
National Bank of Canada 50,000 2.20% 2/11/2020 48,726 0.05%
Enbridge, Inc. 50,000 3.70% 15/7/2027 47,354 0.04%
Brookfield Finance, Inc. 50,000 3.90% 25/1/2028 47,107 0.04%
Kinross Gold Corp. 50,000 4.50% 15/7/2027 45,875 0.04%
Fortis, Inc. 50,000 3.06% 4/10/2026 45,495 0.04%
Husky Energy, Inc. 35,000 6.80% 15/9/2037 42,576 0.04%
Encana Corp. 30,000 7.38% 1/11/2031 36,781 0.03%
Petro-Canada 25,000 6.80% 15/5/2038 31,812 0.03%
Nutrien Ltd. 25,000 5.63% 1/12/2040 27,672 0.03%
Thomson Reuters Corp. 25,000 5.50% 15/8/2035 26,304 0.02%
Glencore Finance Canada Ltd. 25,000 4.95% 15/11/2021 25,906 0.02%
Bank of Montreal 25,000 3.10% 13/4/2021 24,908 0.02%
Canadian Natural Resources Ltd. 25,000 3.45% 15/11/2021 24,901 0.02%
Brookfield Asset Management, Inc. 25,000 4.00% 15/1/2025 24,637 0.02%
Bell Canada, Inc. 25,000 4.46% 1/4/2048 24,617 0.02%
Rogers Communications, Inc. 25,000 4.30% 15/2/2048 23,799 0.02%
Air Canada 2017-1 Class AA Pass Through Trust 25,000 3.30% 15/1/2030 23,580 0.02%
Nutrien Ltd. 25,000 3.38% 15/3/2025 23,448 0.02%
Encana Corp. 15,000 6.50% 1/2/2038 17,627 0.02%
3,593,274 3.28%
Cayman Islands 0.15% (30 June 2017: 1.00%)
Baidu, Inc. 50,000 3.50% 28/11/2022 49,251 0.05%
Embraer Overseas Ltd. 30,000 5.70% 16/9/2023 31,359 0.03%
Lima Metro Line 2 Finance Ltd. 25,000 5.88% 5/7/2034 25,312 0.02%
Seagate HDD Cayman 25,000 4.88% 1/6/2027 23,250 0.02%
160,328 0.15%
Chile 0.19% (30 June 2017: 0.10%)
Cencosud SA 200,000 4.38% 17/7/2027 182,788 0.17%
Latam Airlines 2015-1 Pass Through Trust A 21,745 4.20% 15/11/2027 20,603 0.02%
203,391 0.19%
280

China 0.30% (30 June 2017: 0.00%)
Alibaba Group Holding Ltd. 200,000 3.40% 6/12/2027 186,219 0.17%
Tencent Holdings Ltd. 100,000 3.93% 19/1/2038 91,500 0.08%
Baidu, Inc. 30,000 3.63% 6/7/2027 28,230 0.03%
Alibaba Group Holding Ltd. 25,000 4.00% 6/12/2037 23,127 0.02%
329,076 0.30%
Denmark 0.05% (30 June 2017: 0.07%)
AP Moller-Maersk A/S 50,000 2.55% 22/9/2019 49,437 0.05%
49,437 0.05%
France 1.86% (30 June 2017: 1.44%)
BPCE SA 250,000 3.00% 22/5/2022 241,490 0.22%
BNP Paribas SA 200,000 2.95% 23/5/2022 193,181 0.18%
Pernod Ricard SA 150,000 4.45% 15/1/2022 154,129 0.14%
Orange SA 105,000 1.63% 3/11/2019 103,120 0.09%
BPCE SA 75,000 4.00% 15/4/2024 74,986 0.07%
BNP Paribas SA 75,000 3.25% 3/3/2023 73,934 0.07%
Orange SA 50,000 9.00% 1/3/2031 68,609 0.06%
AXA SA 40,000 8.60% 15/12/2030 50,875 0.05%
BNP Paribas SA 50,000 4.25% 15/10/2024 49,178 0.05%
Engie SA 50,000 2.88% 10/10/2022 49,017 0.04%
Legrand France SA 25,000 8.50% 15/2/2025 30,995 0.03%
Orange SA 25,000 5.38% 13/1/2042 27,168 0.02%
BNP Paribas SA 25,000 4.38% 1/3/2033 23,368 0.02%
Lafarge SA 15,000 7.13% 15/7/2036 18,769 0.02%
2,038,527 1.86%
Germany 1.27% (30 June 2017: 0.24%)
Bayer US Finance II LLC 200,000 4.25% 15/12/2025 201,012 0.18%
Deutsche Bank AG 100,000 3.15% 22/1/2021 96,789 0.09%
Deutsche Bank AG 80,000 3.70% 30/5/2024 74,257 0.07%
E.ON International Finance BV 57,000 6.65% 30/4/2038 70,652 0.06%
Deutsche Bank AG 75,000 4.10% 13/1/2026 69,752 0.06%
Deutsche Bank AG 50,000 2.70% 13/7/2020 48,770 0.04%
1,392,850 1.27%
Hong Kong 0.17% (30 June 2017: 0.00%)
CK Hutchison International 17 II Ltd. 200,000 2.75% 29/3/2023 191,697 0.17%
191,697 0.17%
India 0.09% (30 June 2017: 0.15%)
ICICI Bank Ltd. 100,000 5.75% 16/11/2020 104,092 0.09%
104,092 0.09%
Ireland 0.56% (30 June 2017: 0.43%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 100,000 5.00% 1/10/2021 103,125 0.10%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 48,000 3.30% 23/1/2023 46,080 0.04%
281

613,885 0.56%
Italy 0.31% (30 June 2017: 0.15%)
341,503 0.31%
Japan 2.37% (30 June 2017: 1.62%)
Mitsubishi UFJ Trust & Banking Corp. 200,000 2.45% 16/10/2019 198,234 0.18%
Mizuho Financial Group, Inc. 200,000 2.63% 12/4/2021 195,262 0.18%
ORIX Corp. 200,000 2.65% 13/4/2021 193,492 0.18%
Mizuho Financial Group, Inc. 200,000 3.17% 11/9/2027 186,359 0.17%
Nippon Life Insurance Co. 100,000 5.10% 16/10/2044 101,875 0.09%
Nissan Motor Acceptance Corp. 100,000 2.15% 13/7/2020 97,641 0.09%
Dai-ichi Life Insurance Co., Ltd. 100,000 4.00% Perpetual 94,023 0.09%
Mitsui Sumitomo Insurance Co., Ltd. 60,000 7.00% 15/3/2072 64,914 0.06%
2,603,110 2.37%
Jersey 0.20% (30 June 2017: 0.39%)
HSBC Bank Middle East Ltd. 200,000 2.75% 1/10/2019 198,802 0.18%
Aptiv plc 25,000 3.15% 19/11/2020 24,816 0.02%
223,618 0.20%
Luxembourg 0.29% (30 June 2017: 0.43%)
Schlumberger Investment SA 150,000 3.65% 1/12/2023 151,080 0.14%
Tyco Electronics Group SA 25,000 3.50% 3/2/2022 25,064 0.02%
320,777 0.29%
Mexico 0.51% (30 June 2017: 0.38%)
BBVA Bancomer SA 150,000 4.38% 10/4/2024 149,475 0.14%
Coca-Cola Femsa SAB de CV 75,000 5.25% 26/11/2043 83,847 0.08%
Grupo Televisa SAB 50,000 5.00% 13/5/2045 44,102 0.04%
Mexichem SAB de CV 45,000 5.50% 15/1/2048 38,765 0.03%
Alpek SAB de CV 20,000 4.50% 20/11/2022 19,700 0.02%
564,279 0.51%
282

Lukoil International Finance BV 100,000 7.25% 5/11/2019 104,625 0.10%
Unilever Capital Corp. 100,000 4.25% 10/2/2021 102,702 0.09%
Volkswagen International Finance NV 100,000 4.00% 12/8/2020 101,239 0.09%
Bharti Airtel International Netherlands BV 100,000 5.35% 20/5/2024 99,125 0.09%
ING Groep NV 100,000 3.95% 29/3/2027 97,778 0.09%
Heineken NV 100,000 2.75% 1/4/2023 96,989 0.09%
Cooperatieve Rabobank UA 80,000 11.00% Perpetual 85,600 0.08%
ING Bank NV 75,000 2.50% 1/10/2019 74,540 0.07%
ABN AMRO Bank NV 50,000 4.75% 28/7/2025 49,653 0.05%
ING Groep NV 50,000 3.15% 29/3/2022 49,024 0.04%
Syngenta Finance NV 50,000 3.13% 28/3/2022 47,686 0.04%
Heineken NV 50,000 4.00% 1/10/2042 47,047 0.04%
ABN AMRO Bank NV 45,000 2.45% 4/6/2020 44,298 0.04%
ABN AMRO Bank NV 40,000 2.65% 19/1/2021 39,298 0.04%
Ahold Finance USA LLC 25,000 6.88% 1/5/2029 29,300 0.03%
Koninklijke Philips NV 25,000 5.00% 15/3/2042 27,709 0.03%
2,398,535 2.19%
Norway 0.08% (30 June 2017: 0.00%)
DNB Bank A.S.A 75,000 2.38% 2/6/2021 72,732 0.06%
Yara International A.S.A 20,000 4.75% 1/6/2028 20,083 0.02%
92,815 0.08%
Peru 0.10% (30 June 2017: 0.07%)
Banco de Credito del Peru 50,000 6.13% 24/4/2027 52,809 0.05%
Banco de Credito del Peru 50,000 5.38% 16/9/2020 51,925 0.05%
104,734 0.10%
Portugal 0.02% (30 June 2017: 0.00%)
EDP Finance BV 25,000 3.63% 15/7/2024 23,923 0.02%
23,923 0.02%
Singapore 0.05% (30 June 2017: 0.14%)
DBS Group Holdings Ltd. 50,000 2.25% 16/7/2019 49,596 0.05%
49,596 0.05%
South Korea 0.04% (30 June 2017: 0.07%)
Woori Bank 50,000 2.63% 20/7/2021 48,489 0.04%
48,489 0.04%
Spain 0.42% (30 June 2017: 0.21%)
457,194 0.42%
Sweden 0.63% (30 June 2017: 0.75%)
Nordea Bank AB 200,000 2.13% 29/5/2020 196,038 0.18%
Swedbank AB 200,000 2.80% 14/3/2022 195,703 0.18%
283

Nordea Bank AB 100,000 4.88% 13/5/2021 102,844 0.09%
Nordea Bank AB 50,000 2.25% 27/5/2021 48,485 0.05%
686,089 0.63%
Credit Suisse Group AG 250,000 4.28% 9/1/2028 242,305 0.22%
Roche Holdings, Inc. 243,000 2.25% 30/9/2019 241,392 0.22%
UBS AG 135,000 2.35% 26/3/2020 133,454 0.12%
Credit Suisse Group AG 100,000 3.57% 9/1/2023 97,961 0.09%
Novartis Capital Corp. 50,000 4.40% 6/5/2044 53,445 0.05%
Credit Suisse AG 50,000 5.40% 14/1/2020 51,424 0.05%
Credit Suisse AG 50,000 3.63% 9/9/2024 49,179 0.04%
Glencore Funding LLC 35,000 3.88% 27/10/2027 32,473 0.03%
Holcim US Finance Sarl & Cie SCS 25,000 6.00% 30/12/2019 25,970 0.02%
Glencore Funding LLC 25,000 3.00% 27/10/2022 23,966 0.02%
ABB Finance USA, Inc. 10,000 3.38% 3/4/2023 9,997 0.01%
1,502,493 1.37%
BAT Capital Corp. 225,000 3.56% 15/8/2027 209,205 0.19%
Royal Bank of Scotland Group plc 200,000 4.80% 5/4/2026 200,802 0.18%
Barclays plc 160,000 4.38% 12/1/2026 155,780 0.14%
AstraZeneca plc 125,000 2.38% 12/6/2022 120,118 0.11%
BAE Systems Holdings, Inc. 100,000 3.80% 7/10/2024 98,882 0.09%
Anglo American Capital plc 100,000 4.75% 10/4/2027 98,250 0.09%
BAT Capital Corp. 100,000 2.30% 14/8/2020 97,838 0.09%
Lloyds Bank plc 75,000 6.38% 21/1/2021 80,319 0.07%
Diageo Capital plc 75,000 2.63% 29/4/2023 72,457 0.07%
Invesco Finance plc 67,000 3.75% 15/1/2026 65,891 0.06%
AstraZeneca plc 50,000 6.45% 15/9/2037 61,793 0.06%
WPP Finance 2010 60,000 3.75% 19/9/2024 57,814 0.05%
Fresnillo plc 50,000 5.50% 13/11/2023 51,477 0.05%
Anglo American Capital plc 50,000 4.88% 14/5/2025 50,188 0.05%
Santander UK plc 50,000 2.35% 10/9/2019 49,649 0.05%
284

Barclays plc 50,000 2.88% 8/6/2020 49,417 0.05%
Santander UK plc 50,000 2.38% 16/3/2020 49,285 0.04%
AstraZeneca plc 50,000 2.38% 16/11/2020 49,060 0.04%
Sky plc 50,000 3.13% 26/11/2022 49,002 0.04%
Barclays plc 50,000 3.20% 10/8/2021 48,978 0.04%
Barclays plc 50,000 3.68% 10/1/2023 48,601 0.04%
BAT Capital Corp. 50,000 2.76% 15/8/2022 47,926 0.04%
Barclays plc 50,000 4.95% 10/1/2047 46,895 0.04%
BAT Capital Corp. 50,000 4.54% 15/8/2047 46,602 0.04%
Diageo Investment Corp. 40,000 4.25% 11/5/2042 40,611 0.04%
HSBC Bank plc 30,000 4.13% 12/8/2020 30,570 0.03%
United Utilities plc 25,000 6.88% 15/8/2028 29,212 0.03%
RELX Capital, Inc. 25,000 3.50% 16/3/2023 24,844 0.02%
AstraZeneca plc 25,000 4.38% 16/11/2045 24,555 0.02%
Barclays plc 25,000 5.25% 17/8/2045 24,232 0.02%
Diageo Capital plc 25,000 3.88% 29/4/2043 24,173 0.02%
Nvent Finance Sarl 10,000 3.95% 15/4/2023 9,900 0.01%
4,846,106 4.42%
CVS Health Corp. 250,000 5.05% 25/3/2048 253,132 0.23%
Wells Fargo & Co. 225,000 3.45% 13/2/2023 219,961 0.20%
Morgan Stanley 223,000 3.63% 20/1/2027 214,699 0.20%
Morgan Stanley 200,000 5.50% 26/1/2020 206,824 0.19%
PNC Financial Services Group, Inc. 200,000 5.13% 8/2/2020 206,280 0.19%
Wells Fargo & Co. 200,000 3.07% 24/1/2023 194,164 0.18%
CVS Health Corp. 175,000 4.30% 25/3/2028 172,436 0.16%
Home Depot, Inc. 175,000 2.63% 1/6/2022 171,750 0.16%
Morgan Stanley 174,000 3.88% 27/1/2026 171,288 0.16%
Chevron Corp. 175,000 2.57% 16/5/2023 168,400 0.15%
Oracle Corp. 180,000 2.65% 15/7/2026 165,943 0.15%
MetLife, Inc. 125,000 6.50% 15/12/2032 154,114 0.14%
Biogen, Inc. 155,000 2.90% 15/9/2020 154,067 0.14%
Oracle Corp. 160,000 2.40% 15/9/2023 151,821 0.14%
Microsoft Corp. 150,000 3.30% 6/2/2027 148,045 0.14%
Visa, Inc. 150,000 2.20% 14/12/2020 147,491 0.13%
PepsiCo, Inc. 150,000 1.85% 30/4/2020 147,259 0.13%
285

Anheuser-Busch InBev Worldwide, Inc. 150,000 2.50% 15/7/2022 144,442 0.13%
Apple, Inc. 150,000 1.55% 4/8/2021 143,741 0.13%
Capital One NA 150,000 2.25% 13/9/2021 143,654 0.13%
KeyBank NA 150,000 2.30% 14/9/2022 142,881 0.13%
General Motors Co. 130,000 6.75% 1/4/2046 142,731 0.13%
EPR Properties 140,000 4.75% 15/12/2026 136,605 0.12%
Morgan Stanley 125,000 4.88% 1/11/2022 129,573 0.12%
AT&T, Inc. 150,000 4.50% 9/3/2048 129,126 0.12%
Citigroup, Inc. 125,000 4.50% 14/1/2022 127,591 0.12%
PacifiCorp 100,000 6.00% 15/1/2039 125,418 0.11%
Apple, Inc. 125,000 2.70% 13/5/2022 123,179 0.11%
Citigroup, Inc. 125,000 2.65% 26/10/2020 123,028 0.11%
ConocoPhillips Holding Co. 100,000 6.95% 15/4/2029 122,992 0.11%
Citigroup, Inc. 125,000 2.90% 8/12/2021 122,439 0.11%
Exxon Mobil Corp. 125,000 2.22% 1/3/2021 122,437 0.11%
AvalonBay Communities, Inc. 125,000 3.45% 1/6/2025 122,014 0.11%
Commonwealth Edison Co. 100,000 5.90% 15/3/2036 121,798 0.11%
Citizens Bank NA 125,000 2.55% 13/5/2021 121,742 0.11%
Medtronic, Inc. 115,000 4.63% 15/3/2045 121,633 0.11%
Johnson & Johnson 125,000 3.70% 1/3/2046 120,975 0.11%
Wells Fargo & Co. 125,000 3.58% 22/5/2028 119,722 0.11%
Target Corp. 120,000 2.90% 15/1/2022 119,549 0.11%
CSX Corp. 100,000 6.00% 1/10/2036 119,244 0.11%
Sempra Energy 100,000 6.00% 15/10/2039 117,679 0.11%
Shire Acquisitions Investments Ireland DAC 125,000 2.88% 23/9/2023 117,670 0.11%
EQT Corp. 125,000 3.90% 1/10/2027 116,704 0.11%
CVS Health Corp. 100,000 6.13% 15/9/2039 116,503 0.11%
Host Hotels & Resorts LP 110,000 5.25% 15/3/2022 114,668 0.10%
DDR Corp. 120,000 3.63% 1/2/2025 113,967 0.10%
Praxair, Inc. 110,000 4.50% 15/8/2019 112,070 0.10%
PepsiCo, Inc. 110,000 3.00% 25/8/2021 110,015 0.10%
ERP Operating LP 110,000 2.38% 1/7/2019 109,146 0.10%
Exxon Mobil Corp. 110,000 1.91% 6/3/2020 108,364 0.10%
ConocoPhillips Co. 100,000 4.95% 15/3/2026 107,703 0.10%
Aetna, Inc. 111,000 3.50% 15/11/2024 107,561 0.10%
Fluor Corp. 110,000 3.50% 15/12/2024 107,555 0.10%
286

Brown-Forman Corp. 100,000 4.50% 15/7/2045 106,653 0.10%
Microsoft Corp. 100,000 4.25% 6/2/2047 105,982 0.10%
Morgan Stanley 100,000 5.75% 25/1/2021 105,728 0.10%
Cintas Corp. No 2 108,000 2.90% 1/4/2022 105,582 0.10%
CVS Health Corp. 110,000 2.75% 1/12/2022 105,465 0.10%
Warner Media LLC 100,000 4.75% 29/3/2021 103,199 0.09%
Johnson & Johnson 110,000 2.45% 1/3/2026 103,168 0.09%
Morgan Stanley 100,000 5.63% 23/9/2019 103,045 0.09%
BB&T Corp. 100,000 5.25% 1/11/2019 102,728 0.09%
Time Warner Cable, Inc. 105,000 5.88% 15/11/2040 102,428 0.09%
AT&T, Inc. 100,000 4.45% 15/5/2021 102,388 0.09%
Citibank NA 105,000 2.13% 20/10/2020 102,283 0.09%
Kellogg Co. 100,000 4.00% 15/12/2020 102,049 0.09%
AbbVie, Inc. 105,000 2.90% 6/11/2022 101,932 0.09%
Dow Chemical Co. 100,000 4.13% 15/11/2021 101,886 0.09%
Eversource Energy 100,000 4.50% 15/11/2019 101,850 0.09%
Hospitality Properties Trust 100,000 4.25% 15/2/2021 100,872 0.09%
Citigroup, Inc. 100,000 4.05% 30/7/2022 100,499 0.09%
Duke Energy Corp. 100,000 3.55% 15/9/2021 100,343 0.09%
Union Electric Co. 100,000 3.50% 15/4/2024 99,982 0.09%
Realty Income Corp. 100,000 4.13% 15/10/2026 99,568 0.09%
CVS Health Corp. 100,000 3.70% 9/3/2023 99,389 0.09%
Citigroup, Inc. 100,000 4.40% 10/6/2025 99,369 0.09%
Exelon Corp. 100,000 3.50% 1/6/2022 99,039 0.09%
CVS Health Corp. 100,000 4.10% 25/3/2025 99,028 0.09%
CVS Health Corp. 100,000 3.50% 20/7/2022 99,021 0.09%
Zimmer Biomet Holdings, Inc. 100,000 2.70% 1/4/2020 99,015 0.09%
Walmart, Inc. 100,000 1.75% 9/10/2019 98,929 0.09%
QVC, Inc. 100,000 4.38% 15/3/2023 98,875 0.09%
Citigroup, Inc. 100,000 2.45% 10/1/2020 98,855 0.09%
AbbVie, Inc. 100,000 2.50% 14/5/2020 98,769 0.09%
SunTrust Bank 100,000 2.25% 31/1/2020 98,714 0.09%
Textron, Inc. 100,000 4.00% 15/3/2026 98,714 0.09%
Amgen, Inc. 100,000 4.66% 15/6/2051 98,706 0.09%
Marsh & McLennan Cos, Inc. 100,000 3.30% 14/3/2023 98,614 0.09%
287

Amazon.com, Inc. 100,000 4.25% 22/8/2057 98,478 0.09%
Apple, Inc. 100,000 2.85% 23/2/2023 98,403 0.09%
Microsoft Corp. 100,000 2.00% 3/11/2020 98,350 0.09%
Virginia Electric & Power Co. 100,000 3.50% 15/3/2027 98,180 0.09%
Citigroup, Inc. 100,000 2.70% 30/3/2021 97,936 0.09%
Baxalta, Inc. 100,000 4.00% 23/6/2025 97,875 0.09%
Citigroup, Inc. 100,000 4.45% 29/9/2027 97,870 0.09%
Devon Energy Corp. 100,000 3.25% 15/5/2022 97,816 0.09%
Wells Fargo & Co. 100,000 2.50% 4/3/2021 97,783 0.09%
Phillips 66 100,000 3.90% 15/3/2028 97,729 0.09%
BB&T Corp. 100,000 2.75% 1/4/2022 97,725 0.09%
Coca-Cola Co. 100,000 1.88% 27/10/2020 97,687 0.09%
PepsiCo, Inc. 100,000 2.75% 1/3/2023 97,670 0.09%
Apple, Inc. 100,000 3.35% 9/2/2027 97,609 0.09%
Morgan Stanley 100,000 3.13% 23/1/2023 97,544 0.09%
Amazon.com, Inc. 100,000 3.88% 22/8/2037 97,540 0.09%
Anthem, Inc. 100,000 3.30% 15/1/2023 97,517 0.09%
Medtronic Global Holdings SCA 100,000 3.35% 1/4/2027 97,427 0.09%
Pfizer, Inc. 100,000 1.95% 3/6/2021 97,293 0.09%
CBS Corp. 100,000 4.00% 15/1/2026 97,229 0.09%
Oracle Corp. 100,000 2.50% 15/10/2022 96,855 0.09%
Comcast Corp. 100,000 4.65% 15/7/2042 96,797 0.09%
Broadcom Corp./Broadcom Cayman Finance Ltd. 100,000 3.63% 15/1/2024 96,789 0.09%
New York Life Global Funding 100,000 2.00% 13/4/2021 96,614 0.09%
Massachusetts Institute of Technology 75,000 5.60% 1/7/2111 96,570 0.09%
Apple, Inc. 100,000 3.20% 11/5/2027 96,423 0.09%
GlaxoSmithKline Capital, Inc. 75,000 6.38% 15/5/2038 96,135 0.09%
CVS Health Corp. 100,000 2.13% 1/6/2021 96,126 0.09%
eBay, Inc. 100,000 2.75% 30/1/2023 96,022 0.09%
Wells Fargo & Co. 100,000 2.63% 22/7/2022 96,003 0.09%
Ventas Realty LP 100,000 3.50% 1/2/2025 95,919 0.09%
Smithfield Foods, Inc. 100,000 4.25% 1/2/2027 95,851 0.09%
NiSource, Inc. 100,000 3.49% 15/5/2027 95,741 0.09%
AbbVie, Inc. 100,000 4.45% 14/5/2046 95,672 0.09%
Amgen, Inc. 100,000 1.85% 19/8/2021 95,623 0.09%
Boston Scientific Corp. 75,000 7.00% 15/11/2035 95,620 0.09%
FedEx Corp. 100,000 3.25% 1/4/2026 95,581 0.09%
Amazon.com, Inc. 100,000 3.15% 22/8/2027 95,568 0.09%
MassMutual Global Funding II 100,000 2.95% 11/1/2025 95,484 0.09%
Bristol-Myers Squibb Co. 100,000 2.00% 1/8/2022 95,288 0.09%
Campbell Soup Co. 100,000 4.15% 15/3/2028 95,176 0.09%
Morgan Stanley 100,000 3.95% 23/4/2027 94,939 0.09%
Apple, Inc. 100,000 3.00% 20/6/2027 94,799 0.09%
Celgene Corp. 100,000 3.90% 20/2/2028 94,774 0.09%
Apple, Inc. 100,000 3.85% 4/8/2046 94,717 0.09%
288

Jackson National Life Global Funding 100,000 3.05% 29/4/2026 94,271 0.09%
Southern Co. 100,000 3.25% 1/7/2026 93,822 0.09%
Morgan Stanley 100,000 3.13% 27/7/2026 92,535 0.08%
Duke Energy Progress LLC 100,000 3.70% 15/10/2046 92,409 0.08%
Bank One Corp. 75,000 7.63% 15/10/2026 91,302 0.08%
American Airlines 2016-1 Class AA Pass Through Trust 92,813 3.58% 15/1/2028 90,201 0.08%
Molson Coors Brewing Co. 100,000 4.20% 15/7/2046 89,659 0.08%
Caterpillar, Inc. 90,000 3.40% 15/5/2024 89,653 0.08%
AT&T, Inc. 99,000 4.80% 15/6/2044 88,715 0.08%
Celgene Corp. 91,000 3.88% 15/8/2025 88,503 0.08%
Apple, Inc. 85,000 4.38% 13/5/2045 87,784 0.08%
Comcast Corp. 100,000 4.00% 1/11/2049 87,402 0.08%
Medtronic, Inc. 75,000 5.55% 15/3/2040 87,310 0.08%
Memorial Sloan-Kettering Cancer Center 75,000 5.00% 1/7/2042 86,744 0.08%
Goldman Sachs Capital I 75,000 6.35% 15/2/2034 86,437 0.08%
Microsoft Corp. 85,000 3.70% 8/8/2046 82,099 0.08%
Microsoft Corp. 75,000 4.45% 3/11/2045 81,088 0.07%
AT&T, Inc. 82,000 4.13% 17/2/2026 80,049 0.07%
KKR Group Finance Co. III LLC 80,000 5.13% 1/6/2044 79,280 0.07%
Morgan Stanley 75,000 5.50% 28/7/2021 79,250 0.07%
Ralph Lauren Corp. 80,000 2.63% 18/8/2020 79,102 0.07%
Microsoft Corp. 80,000 3.13% 3/11/2025 78,547 0.07%
Avnet, Inc. 75,000 5.88% 15/6/2020 78,163 0.07%
AT&T, Inc. 75,000 5.00% 1/3/2021 77,900 0.07%
LYB International Finance BV 75,000 5.25% 15/7/2043 77,897 0.07%
Altria Group, Inc. 75,000 4.75% 5/5/2021 77,890 0.07%
CBRE Services, Inc. 75,000 4.88% 1/3/2026 77,506 0.07%
Union Pacific Corp. 75,000 4.16% 15/7/2022 77,360 0.07%
Express Scripts Holding Co. 75,000 4.75% 15/11/2021 77,337 0.07%
Citigroup, Inc. 75,000 5.30% 6/5/2044 77,149 0.07%
Wells Fargo & Co. 85,000 4.40% 14/6/2046 77,141 0.07%
Fiserv, Inc. 75,000 4.63% 1/10/2020 77,041 0.07%
CNH Industrial Capital LLC 75,000 4.88% 1/4/2021 76,969 0.07%
NextEra Energy Capital Holdings, Inc. 75,000 4.50% 1/6/2021 76,963 0.07%
Omnicom Group, Inc./Omnicom Capital, Inc. 75,000 4.45% 15/8/2020 76,787 0.07%
Oracle Corp. 75,000 3.88% 15/7/2020 76,427 0.07%
Sunoco Logistics Partners Operations LP 75,000 4.40% 1/4/2021 76,213 0.07%
HCP, Inc. 75,000 4.00% 1/12/2022 75,321 0.07%
289

Aflac, Inc. 75,000 3.63% 15/6/2023 75,277 0.07%
FMC Corp. 75,000 3.95% 1/2/2022 75,215 0.07%
Pfizer, Inc. 75,000 4.00% 15/12/2036 75,185 0.07%
LYB International Finance BV 75,000 4.00% 15/7/2023 75,079 0.07%
Baker Hughes a GE Co. LLC 75,000 3.20% 15/8/2021 75,010 0.07%
AT&T, Inc. 75,000 3.80% 15/3/2022 74,990 0.07%
Mosaic Co. 75,000 3.75% 15/11/2021 74,916 0.07%
Kroger Co. 75,000 3.30% 15/1/2021 74,810 0.07%
Georgia Power Co. 75,000 4.30% 15/3/2042 74,789 0.07%
Tyson Foods, Inc. 75,000 2.65% 15/8/2019 74,766 0.07%
PNC Bank NA 75,000 2.25% 2/7/2019 74,624 0.07%
Mastercard, Inc. 75,000 3.38% 1/4/2024 74,450 0.07%
Halliburton Co. 75,000 3.80% 15/11/2025 74,443 0.07%
Intel Corp. 75,000 2.45% 29/7/2020 74,438 0.07%
Reliance Standard Life Global Funding II 75,000 2.50% 15/1/2020 74,160 0.07%
Precision Castparts Corp. 75,000 2.25% 15/6/2020 73,978 0.07%
ONEOK Partners LP 75,000 3.38% 1/10/2022 73,895 0.07%
Wells Fargo & Co. 75,000 2.15% 30/1/2020 73,875 0.07%
Apple, Inc. 75,000 1.55% 7/2/2020 73,669 0.07%
American Express Co. 75,000 3.63% 5/12/2024 73,609 0.07%
Microsoft Corp. 75,000 2.88% 6/2/2024 73,523 0.07%
Starbucks Corp. 75,000 3.10% 1/3/2023 73,519 0.07%
Celgene Corp. 75,000 3.25% 15/8/2022 73,516 0.07%
Wells Fargo & Co. 75,000 4.10% 3/6/2026 73,475 0.07%
Apple, Inc. 75,000 3.00% 9/2/2024 73,433 0.07%
HCP, Inc. 75,000 3.88% 15/8/2024 73,327 0.07%
Microsoft Corp. 75,000 2.38% 12/2/2022 73,274 0.07%
US Bancorp 75,000 2.95% 15/7/2022 73,141 0.07%
Apache Corp. 75,000 3.25% 15/4/2022 73,136 0.07%
Dow Chemical Co. 75,000 3.50% 1/10/2024 73,053 0.07%
Ameren Illinois Co. 75,000 2.70% 1/9/2022 73,026 0.07%
Exxon Mobil Corp. 75,000 3.04% 1/3/2026 72,892 0.07%
Amazon.com, Inc. 75,000 2.50% 29/11/2022 72,879 0.07%
Johnson & Johnson 75,000 1.65% 1/3/2021 72,849 0.07%
McDonald’s Corp. 84,000 3.63% 1/5/2043 72,837 0.07%
PNC Bank NA 75,000 3.25% 1/6/2025 72,818 0.07%
Welltower, Inc. 60,000 6.50% 15/3/2041 72,675 0.07%
Niagara Mohawk Power Corp. 75,000 2.72% 28/11/2022 72,655 0.07%
Intel Corp. 77,000 3.73% 8/12/2047 72,480 0.07%
Morgan Stanley 70,000 5.00% 24/11/2025 72,415 0.07%
Coca-Cola Co. 80,000 2.25% 1/9/2026 72,385 0.07%
PECO Energy Co. 75,000 2.38% 15/9/2022 72,091 0.07%
SunTrust Bank 75,000 2.45% 1/8/2022 71,959 0.07%
Microsoft Corp. 75,000 1.55% 8/8/2021 71,946 0.07%
Pfizer, Inc. 75,000 3.00% 15/12/2026 71,923 0.07%
290

American Homes 4 Rent LP 75,000 4.25% 15/2/2028 71,812 0.07%
Coca-Cola Co. 75,000 2.88% 27/10/2025 71,777 0.07%
Chevron Corp. 75,000 2.36% 5/12/2022 71,709 0.07%
Rockwell Collins, Inc. 75,000 4.35% 15/4/2047 71,701 0.07%
Citigroup, Inc. 75,000 4.13% 25/7/2028 71,650 0.07%
Amgen, Inc. 75,000 3.13% 1/5/2025 71,601 0.07%
Northern States Power Co. 75,000 2.15% 15/8/2022 71,557 0.07%
Teachers Insurance & Annuity Association of America 75,000 4.27% 15/5/2047 71,515 0.07%
Ford Motor Co. 73,000 4.35% 8/12/2026 71,432 0.07%
Merck & Co., Inc. 75,000 3.70% 10/2/2045 71,324 0.07%
AT&T, Inc. 75,000 4.90% 15/8/2037 71,156 0.07%
Citigroup, Inc. 75,000 4.28% 24/4/2048 70,869 0.06%
Allergan, Inc. 75,000 2.80% 15/3/2023 70,798 0.06%
Comcast Corp. 75,000 3.15% 1/3/2026 70,370 0.06%
Citigroup, Inc. 50,000 8.13% 15/7/2039 70,117 0.06%
Sempra Energy 75,000 3.25% 15/6/2027 69,854 0.06%
Walmart, Inc. 70,000 3.30% 22/4/2024 69,658 0.06%
Boeing Co. 50,000 6.88% 15/3/2039 69,482 0.06%
Morgan Stanley 75,000 3.97% 22/7/2038 69,426 0.06%
Wells Fargo & Co. 75,000 3.00% 23/10/2026 69,057 0.06%
Commonwealth Edison Co. 75,000 3.65% 15/6/2046 68,844 0.06%
Lowe’s Cos, Inc. 75,000 2.50% 15/4/2026 68,403 0.06%
Home Depot, Inc. 66,000 4.40% 1/4/2021 68,230 0.06%
International Paper Co. 75,000 4.40% 15/8/2047 68,045 0.06%
Lowe’s Cos, Inc. 75,000 3.70% 15/4/2046 67,094 0.06%
Apple, Inc. 75,000 3.45% 9/2/2045 66,691 0.06%
Duke Energy Florida LLC 75,000 3.40% 1/10/2046 66,276 0.06%
Manufacturers & Traders Trust Co. 67,000 2.63% 25/1/2021 65,954 0.06%
Merck & Co., Inc. 70,000 3.60% 15/9/2042 65,776 0.06%
Kaiser Foundation Hospitals 65,000 3.50% 1/4/2022 65,583 0.06%
Duke Energy Florida LLC 50,000 6.35% 15/9/2037 64,082 0.06%
Raytheon Co. 50,000 7.20% 15/8/2027 63,986 0.06%
Xcel Energy, Inc. 50,000 6.50% 1/7/2036 63,913 0.06%
Wisconsin Power & Light Co. 50,000 6.38% 15/8/2037 63,895 0.06%
Valero Energy Corp. 50,000 7.50% 15/4/2032 63,806 0.06%
Biogen, Inc. 60,000 5.20% 15/9/2045 63,141 0.06%
Alabama Power Co. 50,000 6.00% 1/3/2039 62,596 0.06%
Morgan Stanley 50,000 7.25% 1/4/2032 62,527 0.06%
Florida Power & Light Co. 50,000 5.96% 1/4/2039 62,352 0.06%
Cleco Corporate Holdings LLC 66,000 3.74% 1/5/2026 62,328 0.06%
Comcast Corp. 75,000 3.20% 15/7/2036 62,325 0.06%
RPM International, Inc. 60,000 6.13% 15/10/2019 62,198 0.06%
Wells Fargo Bank NA 50,000 6.60% 15/1/2038 62,138 0.06%
Zoetis, Inc. 60,000 4.50% 13/11/2025 62,062 0.06%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 64,000 5.20% 1/12/2047 61,840 0.06%
Travelers Cos, Inc. 50,000 6.25% 15/6/2037 61,800 0.06%
ConocoPhillips Co. 50,000 5.95% 15/3/2046 61,775 0.06%
Nucor Corp. 50,000 6.40% 1/12/2037 61,758 0.06%
Home Depot, Inc. 50,000 5.95% 1/4/2041 61,667 0.06%
Weyerhaeuser Co. 50,000 8.50% 15/1/2025 61,477 0.06%
291

Consolidated Edison Co. of New York, Inc. 60,000 4.45% 15/3/2044 61,306 0.06%
MPLX LP 60,000 4.50% 15/7/2023 61,290 0.06%
Tyson Foods, Inc. 60,000 4.88% 15/8/2034 60,965 0.06%
Liberty Mutual Group, Inc. 50,000 6.50% 1/5/2042 60,943 0.06%
Target Corp. 50,000 6.35% 1/11/2032 60,897 0.06%
Aetna, Inc. 50,000 6.63% 15/6/2036 60,889 0.06%
Southern California Edison Co. 50,000 6.65% 1/4/2029 60,809 0.06%
Home Depot, Inc. 50,000 5.88% 16/12/2036 60,691 0.06%
McDonald’s Corp. 60,000 3.50% 15/7/2020 60,618 0.06%
Cummins, Inc. 60,000 3.65% 1/10/2023 60,590 0.06%
CSX Corp. 50,000 6.22% 30/4/2040 60,472 0.06%
Anthem, Inc. 60,000 3.70% 15/8/2021 60,451 0.06%
Hess Corp. 50,000 7.88% 1/10/2029 60,151 0.06%
Toledo Edison Co. 50,000 6.15% 15/5/2037 60,135 0.06%
Kroger Co. 60,000 3.85% 1/8/2023 60,073 0.06%
Hartford Financial Services Group, Inc. 50,000 6.10% 1/10/2041 59,824 0.05%
McDonald’s Corp. 60,000 3.70% 30/1/2026 59,543 0.05%
TJX Cos, Inc. 60,000 2.75% 15/6/2021 59,471 0.05%
Eli Lilly & Co. 50,000 5.55% 15/3/2037 59,395 0.05%
Comcast Corp. 50,000 6.50% 15/11/2035 59,360 0.05%
JM Smucker Co. 60,000 2.20% 6/12/2019 59,290 0.05%
Berkshire Hathaway Finance Corp. 50,000 5.75% 15/1/2040 59,014 0.05%
Air Lease Corp. 60,000 2.13% 15/1/2020 58,889 0.05%
Stryker Corp. 60,000 3.38% 15/5/2024 58,815 0.05%
Public Service Enterprise Group, Inc. 60,000 1.60% 15/11/2019 58,738 0.05%
Ford Motor Co. 50,000 7.45% 16/7/2031 58,697 0.05%
President & Fellows of Harvard College 50,000 4.88% 15/10/2040 58,602 0.05%
Atmos Energy Corp. 50,000 5.50% 15/6/2041 58,549 0.05%
MetLife, Inc. 50,000 5.88% 6/2/2041 58,346 0.05%
Boeing Co. 50,000 8.75% 15/8/2021 58,191 0.05%
Southern Co. Gas Capital Corp. 50,000 5.88% 15/3/2041 57,998 0.05%
Mylan NV 60,000 5.25% 15/6/2046 57,967 0.05%
Visa, Inc. 60,000 3.15% 14/12/2025 57,966 0.05%
Duke Energy Carolinas LLC 50,000 5.30% 15/2/2040 57,926 0.05%
Walmart, Inc. 50,000 5.25% 1/9/2035 57,901 0.05%
Citigroup, Inc. 50,000 5.88% 30/1/2042 57,778 0.05%
Conagra Brands, Inc. 60,000 3.20% 25/1/2023 57,767 0.05%
Dover Corp. 60,000 3.15% 15/11/2025 57,638 0.05%
Oncor Electric Delivery Co. LLC 50,000 5.30% 1/6/2042 57,518 0.05%
AXIS Specialty Finance LLC 55,000 5.88% 1/6/2020 57,398 0.05%
Newmont Mining Corp. 50,000 5.88% 1/4/2035 57,268 0.05%
292

Hess Corp. 50,000 7.30% 15/8/2031 57,233 0.05%
Discover Financial Services 60,000 3.75% 4/3/2025 57,208 0.05%
MetLife, Inc. 50,000 5.70% 15/6/2035 57,055 0.05%
McDonald’s Corp. 50,000 5.70% 1/2/2039 57,042 0.05%
Kentucky Utilities Co. 50,000 5.13% 1/11/2040 56,905 0.05%
Westar Energy, Inc. 60,000 3.10% 1/4/2027 56,870 0.05%
South Carolina Electric & Gas Co. 50,000 6.05% 15/1/2038 56,776 0.05%
Oracle Corp. 56,000 4.50% 8/7/2044 56,768 0.05%
AmerisourceBergen Corp. 60,000 3.25% 1/3/2025 56,594 0.05%
Oracle Corp. 50,000 5.38% 15/7/2040 56,445 0.05%
Norfolk Southern Railway Co. 50,000 9.75% 15/6/2020 56,138 0.05%
Walmart, Inc. 60,000 3.63% 15/12/2047 56,118 0.05%
Pfizer, Inc. 40,000 7.20% 15/3/2039 55,444 0.05%
CBS Corp. 60,000 4.60% 15/1/2045 55,431 0.05%
PepsiCo, Inc. 50,000 4.88% 1/11/2040 55,234 0.05%
Southwest Airlines Co. 60,000 3.00% 15/11/2026 55,177 0.05%
UDR, Inc. 60,000 2.95% 1/9/2026 55,031 0.05%
Humana, Inc. 55,000 3.85% 1/10/2024 54,743 0.05%
AT&T, Inc. 50,000 6.38% 1/3/2041 54,590 0.05%
Amazon.com, Inc. 50,000 4.80% 5/12/2034 54,585 0.05%
United Parcel Service of America, Inc. 50,000 8.38% 1/4/2020 54,536 0.05%
Dominion Energy Gas Holdings LLC 55,000 2.80% 15/11/2020 54,298 0.05%
Apache Corp. 50,000 6.00% 15/1/2037 54,295 0.05%
Altria Group, Inc. 50,000 5.38% 31/1/2044 54,116 0.05%
Macy’s Retail Holdings, Inc. 50,000 7.00% 15/2/2028 54,078 0.05%
Apple, Inc. 55,000 1.80% 11/5/2020 54,047 0.05%
Johnson & Johnson 50,000 4.50% 1/9/2040 53,873 0.05%
Boardwalk Pipelines LP 50,000 5.95% 1/6/2026 53,587 0.05%
Roper Technologies, Inc. 55,000 3.80% 15/12/2026 53,385 0.05%
Ohio Power Co. 50,000 5.38% 1/10/2021 53,300 0.05%
Exelon Corp. 50,000 5.10% 15/6/2045 53,290 0.05%
Halliburton Co. 50,000 5.00% 15/11/2045 53,274 0.05%
Northwestern Mutual Life Insurance Co. 43,000 6.06% 30/3/2040 53,159 0.05%
Wells Fargo & Co. 50,000 5.61% 15/1/2044 53,153 0.05%
CMS Energy Corp. 50,000 4.88% 1/3/2044 53,005 0.05%
Energy Transfer Partners LP/Regency Energy Finance Corp. 50,000 5.88% 1/3/2022 52,875 0.05%
Pacific LifeCorp 50,000 5.13% 30/1/2043 52,844 0.05%
Magellan Midstream Partners LP 50,000 5.00% 1/3/2026 52,740 0.05%
Hartford Financial Services Group, Inc. 50,000 5.13% 15/4/2022 52,739 0.05%
Protective Life Corp. 50,000 7.38% 15/10/2019 52,592 0.05%
CNA Financial Corp. 50,000 5.88% 15/8/2020 52,552 0.05%
Weyerhaeuser Co. 50,000 7.38% 1/10/2019 52,527 0.05%
Welltower, Inc. 50,000 5.25% 15/1/2022 52,455 0.05%
PepsiCo, Inc. 50,000 4.45% 14/4/2046 52,450 0.05%
Georgia-Pacific LLC 50,000 5.40% 1/11/2020 52,373 0.05%
Crown Castle International Corp. 50,000 5.25% 15/1/2023 52,329 0.05%
Discover Financial Services 50,000 5.20% 27/4/2022 52,127 0.05%
293

Reinsurance Group of America, Inc. 50,000 4.70% 15/9/2023 51,929 0.05%
Pfizer, Inc. 50,000 4.40% 15/5/2044 51,881 0.05%
Andeavor 50,000 4.75% 15/12/2023 51,875 0.05%
XLIT Ltd. 50,000 5.50% 31/3/2045 51,867 0.05%
Microsoft Corp. 50,000 4.10% 6/2/2037 51,709 0.05%
Medtronic, Inc. 50,000 4.38% 15/3/2035 51,704 0.05%
AT&T, Inc. 50,000 5.88% 1/10/2019 51,688 0.05%
MetLife, Inc. 50,000 4.75% 8/2/2021 51,682 0.05%
Wells Fargo & Co. 50,000 5.38% 2/11/2043 51,659 0.05%
Fidelity National Information Services, Inc. 50,000 4.50% 15/10/2022 51,643 0.05%
Visa, Inc. 50,000 4.30% 14/12/2045 51,630 0.05%
Caterpillar, Inc. 50,000 4.75% 15/5/2064 51,515 0.05%
Phillips 66 50,000 4.30% 1/4/2022 51,509 0.05%
Allstate Corp. 50,000 5.75% 15/8/2053 51,500 0.05%
Patterson-UTI Energy, Inc. 55,000 3.95% 1/2/2028 51,456 0.05%
Southern Co. 50,000 5.50% 15/3/2057 51,438 0.05%
Appalachian Power Co. 50,000 4.60% 30/3/2021 51,430 0.05%
Five Corners Funding Trust 50,000 4.42% 15/11/2023 51,310 0.05%
Xerox Corp. 50,000 5.63% 15/12/2019 51,300 0.05%
Comcast Corp. 50,000 5.70% 1/7/2019 51,291 0.05%
Intel Corp. 55,000 2.60% 19/5/2026 51,268 0.05%
Quest Diagnostics, Inc. 50,000 4.75% 30/1/2020 51,200 0.05%
Amgen, Inc. 50,000 4.50% 15/3/2020 51,195 0.05%
Oracle Corp. 50,000 5.00% 8/7/2019 51,166 0.05%
Lowe’s Cos, Inc. 50,000 4.63% 15/4/2020 51,132 0.05%
Caterpillar, Inc. 50,000 3.90% 27/5/2021 51,121 0.05%
Parker-Hannifin Corp. 50,000 4.20% 21/11/2034 51,065 0.05%
FirstEnergy Corp. 50,000 4.85% 15/7/2047 51,031 0.05%
Celgene Corp. 50,000 5.25% 15/8/2043 50,904 0.05%
CVS Health Corp. 50,000 5.13% 20/7/2045 50,855 0.05%
Raymond James Financial, Inc. 50,000 4.95% 15/7/2046 50,848 0.05%
BB&T Corp. 50,000 3.95% 22/3/2022 50,819 0.05%
Noble Energy, Inc. 50,000 4.15% 15/12/2021 50,818 0.05%
Estee Lauder Cos, Inc. 50,000 4.15% 15/3/2047 50,749 0.05%
Stryker Corp. 50,000 4.63% 15/3/2046 50,736 0.05%
US Bancorp 50,000 3.90% 26/4/2028 50,664 0.05%
Altria Group, Inc. 50,000 4.00% 31/1/2024 50,610 0.05%
Apple, Inc. 50,000 4.25% 9/2/2047 50,572 0.05%
American Water Capital Corp. 50,000 3.85% 1/3/2024 50,569 0.05%
Northern Trust Corp. 50,000 3.45% 4/11/2020 50,544 0.05%
Walmart, Inc.1 50,000 3.25% 25/10/2020 50,517 0.05%
Fresenius Medical Care US Finance II, Inc. 50,000 4.13% 15/10/2020 50,437 0.05%
294

Block Financial LLC 50,000 4.13% 1/10/2020 50,414 0.05%
NVR, Inc. 50,000 3.95% 15/9/2022 50,397 0.05%
Alphabet, Inc. 50,000 3.38% 25/2/2024 50,389 0.05%
Walmart, Inc. 50,000 3.70% 26/6/2028 50,389 0.05%
MetLife, Inc. 50,000 4.60% 13/5/2046 50,380 0.05%
Omega Healthcare Investors, Inc. 50,000 5.25% 15/1/2026 50,375 0.05%
South Carolina Electric & Gas Co. 50,000 5.10% 1/6/2065 50,367 0.05%
BlackRock, Inc. 50,000 3.50% 18/3/2024 50,326 0.05%
DTE Electric Co. 50,000 3.45% 1/10/2020 50,295 0.05%
Walmart, Inc. 50,000 4.05% 29/6/2048 50,252 0.05%
First Horizon National Corp. 50,000 3.50% 15/12/2020 50,166 0.05%
People’s United Financial, Inc. 50,000 3.65% 6/12/2022 50,124 0.05%
WestRock RKT Co. 50,000 3.50% 1/3/2020 50,099 0.05%
Duke Energy Progress LLC 50,000 4.20% 15/8/2045 50,008 0.05%
Government Properties Income Trust 50,000 3.75% 15/8/2019 49,985 0.05%
Walmart, Inc. 48,000 4.30% 22/4/2044 49,979 0.05%
CVS Health Corp. 50,000 3.13% 9/3/2020 49,942 0.05%
Nuveen Finance LLC 50,000 4.13% 1/11/2024 49,938 0.05%
University of Southern California 55,000 3.03% 1/10/2039 49,932 0.05%
Prologis LP 50,000 3.75% 1/11/2025 49,914 0.05%
Brixmor Operating Partnership LP 50,000 3.88% 15/8/2022 49,890 0.05%
Molson Coors Brewing Co. 50,000 3.50% 1/5/2022 49,887 0.05%
Cintas Corp. No 2 50,000 3.25% 1/6/2022 49,812 0.05%
Duke Energy Corp. 50,000 3.75% 15/4/2024 49,811 0.05%
Juniper Networks, Inc. 50,000 3.30% 15/6/2020 49,762 0.05%
Kansas City Power & Light Co. 50,000 4.20% 15/6/2047 49,761 0.05%
Agilent Technologies, Inc. 50,000 3.88% 15/7/2023 49,756 0.05%
AT&T, Inc. 50,000 5.55% 15/8/2041 49,733 0.05%
Dominion Energy Gas Holdings LLC 50,000 4.60% 15/12/2044 49,706 0.05%
Bristol-Myers Squibb Co. 50,000 3.25% 1/11/2023 49,701 0.05%
Lam Research Corp. 50,000 2.75% 15/3/2020 49,699 0.05%
Schlumberger Holdings Corp. 50,000 4.00% 21/12/2025 49,692 0.05%
Citizens Financial Group, Inc. 50,000 4.30% 3/12/2025 49,669 0.05%
295

Essex Portfolio LP 50,000 3.88% 1/5/2024 49,643 0.05%
Air Products & Chemicals, Inc. 50,000 3.35% 31/7/2024 49,634 0.05%
Kirby Corp. 50,000 4.20% 1/3/2028 49,619 0.05%
PACCAR Financial Corp. 50,000 2.80% 1/3/2021 49,612 0.05%
Westar Energy, Inc. 50,000 4.13% 1/3/2042 49,597 0.05%
Morgan Stanley 50,000 2.80% 16/6/2020 49,593 0.05%
Citizens Bank NA 50,000 2.45% 4/12/2019 49,531 0.05%
AbbVie, Inc. 50,000 4.70% 14/5/2045 49,464 0.05%
Buckeye Partners LP 50,000 4.15% 1/7/2023 49,439 0.05%
MPLX LP 50,000 5.20% 1/3/2047 49,430 0.05%
MUFG Americas Holdings Corp. 50,000 2.25% 10/2/2020 49,407 0.05%
Clorox Co. 50,000 3.05% 15/9/2022 49,391 0.05%
BAE Systems Holdings, Inc. 50,000 2.85% 15/12/2020 49,376 0.05%
Discover Bank 50,000 3.20% 9/8/2021 49,314 0.05%
Apple, Inc. 50,000 2.00% 6/5/2020 49,300 0.05%
CME Group, Inc. 50,000 3.00% 15/9/2022 49,288 0.05%
Aon plc 50,000 3.88% 15/12/2025 49,263 0.05%
QUALCOMM, Inc. 50,000 2.25% 20/5/2020 49,261 0.05%
Berkshire Hathaway Finance Corp. 50,000 1.30% 15/8/2019 49,254 0.05%
Southern Power Co. 50,000 2.38% 1/6/2020 49,246 0.05%
AT&T, Inc. 50,000 5.25% 1/3/2037 49,232 0.05%
MetLife, Inc. 50,000 3.05% 15/12/2022 49,189 0.05%
Comcast Corp. 50,000 3.60% 1/3/2024 49,186 0.05%
Cintas Corp. No 2 50,000 3.70% 1/4/2027 49,166 0.05%
WEC Energy Group, Inc. 50,000 3.55% 15/6/2025 49,163 0.05%
Danaher Corp. 50,000 3.35% 15/9/2025 49,160 0.05%
AbbVie, Inc. 50,000 3.20% 6/11/2022 49,137 0.05%
AT&T, Inc. 50,000 3.80% 1/3/2024 49,091 0.05%
Walt Disney Co. 50,000 0.88% 12/7/2019 49,076 0.05%
US Bancorp 50,000 2.35% 29/1/2021 49,073 0.05%
Illinois Tool Works, Inc. 50,000 3.90% 1/9/2042 49,069 0.05%
Consolidated Edison, Inc. 50,000 2.00% 15/3/2020 49,067 0.05%
Visa, Inc. 50,000 2.80% 14/12/2022 49,049 0.05%
AbbVie, Inc. 50,000 4.50% 14/5/2035 49,008 0.05%
Kilroy Realty LP 50,000 4.25% 15/8/2029 48,972 0.04%
Sammons Financial Group, Inc. 50,000 4.45% 12/5/2027 48,971 0.04%
Citibank NA 50,000 2.10% 12/6/2020 48,951 0.04%
AT&T, Inc. 50,000 4.25% 1/3/2027 48,946 0.04%
Intel Corp. 50,000 2.70% 15/12/2022 48,944 0.04%
296

Norfolk Southern Corp. 50,000 2.90% 15/2/2023 48,935 0.04%
VMware, Inc. 50,000 2.30% 21/8/2020 48,923 0.04%
Deere & Co. 50,000 2.60% 8/6/2022 48,822 0.04%
Laboratory Corp. of America Holdings 50,000 3.60% 1/2/2025 48,806 0.04%
Comcast Corp. 50,000 4.25% 15/1/2033 48,799 0.04%
Colgate-Palmolive Co. 50,000 2.30% 3/5/2022 48,771 0.04%
Ryder System, Inc. 50,000 2.80% 1/3/2022 48,768 0.04%
Johnson & Johnson 50,000 3.63% 3/3/2037 48,765 0.04%
Warner Media LLC 50,000 5.35% 15/12/2043 48,722 0.04%
AT&T, Inc. 51,000 4.10% 15/2/2028 48,703 0.04%
Colgate-Palmolive Co. 50,000 4.00% 15/8/2045 48,698 0.04%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. 50,000 4.85% 15/1/2027 48,616 0.04%
3M Co. 50,000 3.00% 7/8/2025 48,605 0.04%
Comcast Corp. 50,000 4.40% 15/8/2035 48,604 0.04%
Southern Co. 50,000 4.25% 1/7/2036 48,600 0.04%
KeyBank NA 50,000 3.30% 1/6/2025 48,591 0.04%
Starbucks Corp. 50,000 2.70% 15/6/2022 48,567 0.04%
Eaton Corp. 50,000 2.75% 2/11/2022 48,557 0.04%
AbbVie, Inc. 50,000 2.30% 14/5/2021 48,557 0.04%
AT&T, Inc. 50,000 3.00% 30/6/2022 48,508 0.04%
eBay, Inc. 50,000 3.45% 1/8/2024 48,468 0.04%
Microsoft Corp. 50,000 3.50% 12/2/2035 48,459 0.04%
Tapestry, Inc. 50,000 3.00% 15/7/2022 48,457 0.04%
Citigroup, Inc. 50,000 3.70% 12/1/2026 48,443 0.04%
Morgan Stanley 50,000 2.75% 19/5/2022 48,428 0.04%
Citigroup, Inc. 50,000 3.89% 10/1/2028 48,413 0.04%
AbbVie, Inc. 50,000 3.60% 14/5/2025 48,380 0.04%
Comcast Corp. 50,000 2.85% 15/1/2023 48,316 0.04%
Brooklyn Union Gas Co. 50,000 3.41% 10/3/2026 48,289 0.04%
Brixmor Operating Partnership LP 50,000 3.65% 15/6/2024 48,276 0.04%
Oracle Corp. 50,000 3.90% 15/5/2035 48,252 0.04%
QUALCOMM, Inc. 50,000 3.45% 20/5/2025 48,165 0.04%
L3 Technologies, Inc. 50,000 3.85% 15/12/2026 48,156 0.04%
MidAmerican Energy Co. 50,000 3.10% 1/5/2027 48,098 0.04%
Oracle Corp. 50,000 1.90% 15/9/2021 48,074 0.04%
CenterPoint Energy Houston Electric LLC 50,000 1.85% 1/6/2021 48,050 0.04%
Allstate Corp. 50,000 3.28% 15/12/2026 48,042 0.04%
Microsoft Corp. 50,000 2.70% 12/2/2025 48,039 0.04%
EQT Corp. 50,000 3.00% 1/10/2022 48,021 0.04%
Kimberly-Clark Corp. 50,000 2.40% 1/6/2023 48,012 0.04%
Warner Media LLC 50,000 3.88% 15/1/2026 48,001 0.04%
Comcast Corp. 50,000 4.60% 15/8/2045 47,990 0.04%
NSTAR Electric Co. 50,000 3.20% 15/5/2027 47,953 0.04%
297

Marathon Oil Corp. 50,000 2.80% 1/11/2022 47,938 0.04%
Kansas City Southern 50,000 3.00% 15/5/2023 47,930 0.04%
Cimarex Energy Co. 50,000 3.90% 15/5/2027 47,922 0.04%
Chevron Corp. 50,000 2.95% 16/5/2026 47,913 0.04%
Old Republic International Corp. 50,000 3.88% 26/8/2026 47,905 0.04%
Microsoft Corp. 50,000 3.45% 8/8/2036 47,845 0.04%
Hubbell, Inc. 50,000 3.50% 15/2/2028 47,801 0.04%
Eli Lilly & Co. 50,000 3.10% 15/5/2027 47,798 0.04%
JM Smucker Co. 50,000 3.50% 15/3/2025 47,785 0.04%
Lincoln National Corp. 50,000 3.80% 1/3/2028 47,749 0.04%
Amgen, Inc. 50,000 4.40% 1/5/2045 47,739 0.04%
Essex Portfolio LP 50,000 3.63% 1/5/2027 47,730 0.04%
Analog Devices, Inc. 50,000 3.50% 5/12/2026 47,721 0.04%
Celgene Corp. 50,000 2.75% 15/2/2023 47,687 0.04%
RPM International, Inc. 50,000 3.75% 15/3/2027 47,682 0.04%
Apple, Inc. 50,000 3.85% 4/5/2043 47,457 0.04%
Exelon Corp. 50,000 3.40% 15/4/2026 47,440 0.04%
PepsiCo, Inc. 50,000 3.00% 15/10/2027 47,396 0.04%
AT&T, Inc. 50,000 5.15% 15/3/2042 47,308 0.04%
Westlake Chemical Corp. 50,000 3.60% 15/8/2026 47,304 0.04%
Sysco Corp. 50,000 3.25% 15/7/2027 47,302 0.04%
GATX Corp. 50,000 3.25% 30/3/2025 47,300 0.04%
Massachusetts Mutual Life Insurance Co. 50,000 4.50% 15/4/2065 47,293 0.04%
Oncor Electric Delivery Co. LLC 50,000 3.75% 1/4/2045 47,259 0.04%
Pfizer, Inc. 50,000 2.75% 3/6/2026 47,238 0.04%
3M Co. 50,000 2.88% 15/10/2027 47,238 0.04%
QUALCOMM, Inc. 50,000 2.90% 20/5/2024 47,236 0.04%
DTE Electric Co. 50,000 3.75% 15/8/2047 47,212 0.04%
Microsoft Corp. 50,000 2.00% 8/8/2023 47,192 0.04%
Boston Gas Co. 50,000 3.15% 1/8/2027 47,168 0.04%
WestRock Co. 50,000 3.00% 15/9/2024 47,164 0.04%
US Bancorp 50,000 3.10% 27/4/2026 47,079 0.04%
Oracle Corp. 50,000 4.00% 15/7/2046 47,019 0.04%
Macy’s Retail Holdings, Inc. 50,000 2.88% 15/2/2023 46,998 0.04%
CSX Corp. 50,000 3.25% 1/6/2027 46,973 0.04%
Apple, Inc. 50,000 2.50% 9/2/2025 46,972 0.04%
MetLife, Inc. 50,000 4.13% 13/8/2042 46,900 0.04%
Microsoft Corp. 50,000 3.50% 15/11/2042 46,865 0.04%
Principal Life Global Funding II 50,000 3.00% 18/4/2026 46,818 0.04%
Oracle Corp. 50,000 4.00% 15/11/2047 46,790 0.04%
Swiss Re America Holding Corp. 40,000 7.00% 15/2/2026 46,733 0.04%
Cox Communications, Inc. 50,000 3.50% 15/8/2027 46,733 0.04%
Ingredion, Inc. 50,000 3.20% 1/10/2026 46,622 0.04%
VEREIT Operating Partnership LP 50,000 3.95% 15/8/2027 46,551 0.04%
Phillips 66 Partners LP 50,000 3.55% 1/10/2026 46,538 0.04%
QUALCOMM, Inc. 50,000 4.30% 20/5/2047 46,475 0.04%
Citigroup, Inc. 50,000 3.20% 21/10/2026 46,436 0.04%
Fortive Corp. 50,000 3.15% 15/6/2026 46,429 0.04%
Phillips 66 40,000 5.88% 1/5/2042 46,386 0.04%
Anthem, Inc. 50,000 4.38% 1/12/2047 46,384 0.04%
Allergan Finance LLC 50,000 4.63% 1/10/2042 46,379 0.04%
298

Spectra Energy Partners LP 50,000 4.50% 15/3/2045 46,274 0.04%
Celanese US Holdings LLC 45,000 4.63% 15/11/2022 46,256 0.04%
AT&T, Inc. 50,000 4.50% 15/5/2035 46,199 0.04%
Aetna, Inc. 50,000 4.13% 15/11/2042 46,188 0.04%
Illinois Tool Works, Inc. 50,000 2.65% 15/11/2026 46,160 0.04%
Athene Holding Ltd. 50,000 4.13% 12/1/2028 46,098 0.04%
San Diego Gas & Electric Co. 50,000 2.50% 15/5/2026 46,044 0.04%
Wells Fargo & Co. 50,000 3.00% 22/4/2026 45,927 0.04%
Archer-Daniels-Midland Co. 50,000 2.50% 11/8/2026 45,908 0.04%
Lazard Group LLC 45,000 4.25% 14/11/2020 45,867 0.04%
Air Lease Corp. 50,000 3.63% 1/12/2027 45,568 0.04%
Monsanto Co. 50,000 4.20% 15/7/2034 45,465 0.04%
Bed Bath & Beyond, Inc. 50,000 3.75% 1/8/2024 45,183 0.04%
Hershey Co. 50,000 2.30% 15/8/2026 45,174 0.04%
CSX Corp. 50,000 2.60% 1/11/2026 45,094 0.04%
Lowe’s Cos, Inc. 45,000 4.38% 15/9/2045 44,691 0.04%
Brighthouse Financial, Inc. 50,000 3.70% 22/6/2027 44,523 0.04%
MPLX LP 50,000 4.90% 15/4/2058 44,302 0.04%
AT&T, Inc. 50,000 4.75% 15/5/2046 44,287 0.04%
Altria Group, Inc. 50,000 3.88% 16/9/2046 43,937 0.04%
Comcast Corp. 50,000 3.97% 1/11/2047 43,936 0.04%
Anthem, Inc. 45,000 4.63% 15/5/2042 43,756 0.04%
Ares Capital Corp. 45,000 4.25% 1/3/2025 43,431 0.04%
MetLife, Inc. 40,000 6.40% 15/12/2036 42,700 0.04%
Home Depot, Inc. 50,000 3.50% 15/9/2056 42,624 0.04%
Western Gas Partners LP 45,000 5.45% 1/4/2044 42,341 0.04%
AT&T, Inc. 50,000 4.35% 15/6/2045 42,209 0.04%
Expedia Group, Inc. 40,000 5.95% 15/8/2020 42,061 0.04%
United Airlines 2013-1 Class A Pass Through Trust 41,370 4.30% 15/8/2025 41,875 0.04%
Viacom, Inc. 50,000 4.38% 15/3/2043 41,810 0.04%
Brighthouse Financial, Inc. 50,000 4.70% 22/6/2047 41,188 0.04%
Puget Sound Energy, Inc. 40,000 4.30% 20/5/2045 40,843 0.04%
Martin Marietta Materials, Inc. 40,000 4.25% 2/7/2024 40,199 0.04%
Wells Fargo & Co. 40,000 4.13% 15/8/2023 40,199 0.04%
Wells Fargo & Co. 42,000 4.65% 4/11/2044 39,631 0.04%
Walmart, Inc. 35,000 5.00% 25/10/2040 39,625 0.04%
PepsiCo, Inc. 40,000 2.15% 14/10/2020 39,364 0.04%
299

Kroger Co. 40,000 2.95% 1/11/2021 39,246 0.04%
DTE Energy Co. 40,000 1.50% 1/10/2019 39,212 0.04%
Walt Disney Co. 50,000 3.00% 30/7/2046 39,198 0.04%
Loews Corp. 40,000 3.75% 1/4/2026 39,190 0.04%
Booking Holdings, Inc. 40,000 3.60% 1/6/2026 38,906 0.04%
Travelers Cos, Inc. 40,000 4.00% 30/5/2047 38,419 0.04%
Johnson & Johnson 40,000 2.05% 1/3/2023 38,269 0.04%
Wells Fargo & Co. 40,000 3.00% 19/2/2025 37,698 0.03%
Eli Lilly & Co. 37,000 2.75% 1/6/2025 35,241 0.03%
US Airways 2012-2 Class A Pass Through Trust 34,282 4.63% 3/6/2025 34,956 0.03%
Dr Pepper Snapple Group, Inc. 40,000 2.55% 15/9/2026 34,934 0.03%
Tampa Electric Co. 35,000 4.35% 15/5/2044 34,897 0.03%
Securian Financial Group, Inc. 35,000 4.80% 15/4/2048 34,787 0.03%
AT&T, Inc. 35,000 3.60% 17/2/2023 34,453 0.03%
Highwoods Realty LP 35,000 4.13% 15/3/2028 34,390 0.03%
Dow Chemical Co. 35,000 4.63% 1/10/2044 34,238 0.03%
Appalachian Power Co. 25,000 7.00% 1/4/2038 33,243 0.03%
WestRock MWV LLC 25,000 8.20% 15/1/2030 33,021 0.03%
Stryker Corp. 35,000 4.10% 1/4/2043 32,818 0.03%
Newmont Mining Corp. 32,000 5.13% 1/10/2019 32,711 0.03%
AT&T Corp. 25,000 8.25% 15/11/2031 32,554 0.03%
Microsoft Corp. 30,000 4.50% 6/2/2057 32,432 0.03%
Motiva Enterprises LLC 30,000 5.75% 15/1/2020 30,929 0.03%
Ingersoll-Rand Luxembourg Finance SA 30,000 4.65% 1/11/2044 30,782 0.03%
CSX Corp. 35,000 3.95% 1/5/2050 30,748 0.03%
Oracle Corp. 25,000 6.13% 8/7/2039 30,714 0.03%
Morgan Stanley 25,000 6.38% 24/7/2042 30,424 0.03%
Transcontinental Gas Pipe Line Co. LLC 25,000 7.85% 1/2/2026 30,404 0.03%
McDonald’s Corp. 25,000 6.30% 15/10/2037 30,390 0.03%
TCI Communications, Inc. 25,000 7.13% 15/2/2028 30,367 0.03%
Progressive Corp. 30,000 3.75% 23/8/2021 30,298 0.03%
Kroger Co. 25,000 6.90% 15/4/2038 29,938 0.03%
ONEOK Partners LP 25,000 6.85% 15/10/2037 29,850 0.03%
ConocoPhillips 25,000 5.90% 15/5/2038 29,829 0.03%
Ryder System, Inc. 30,000 2.45% 3/9/2019 29,780 0.03%
Mylan, Inc. 30,000 5.40% 29/11/2043 29,668 0.03%
300

Ingersoll-Rand Luxembourg Finance SA 30,000 3.55% 1/11/2024 29,544 0.03%
Home Depot, Inc. 30,000 1.80% 5/6/2020 29,451 0.03%
Comcast Corp. 30,000 3.13% 15/7/2022 29,444 0.03%
NiSource, Inc. 25,000 5.95% 15/6/2041 29,403 0.03%
Arrow Electronics, Inc. 30,000 4.00% 1/4/2025 29,251 0.03%
NSTAR Electric Co. 25,000 5.50% 15/3/2040 29,248 0.03%
Willis North America, Inc. 30,000 3.60% 15/5/2024 28,956 0.03%
Ingersoll-Rand Global Holding Co., Ltd. 25,000 5.75% 15/6/2043 28,909 0.03%
PacifiCorp 25,000 5.25% 15/6/2035 28,692 0.03%
Sabra Health Care LP 30,000 5.13% 15/8/2026 28,671 0.03%
Kerr-McGee Corp. 25,000 6.95% 1/7/2024 28,408 0.03%
Allergan Finance LLC 29,000 3.25% 1/10/2022 28,177 0.03%
Citigroup, Inc. 25,000 6.00% 31/10/2033 28,004 0.03%
Sonoco Products Co. 25,000 5.75% 1/11/2040 27,897 0.03%
Wells Fargo & Co. 25,000 5.38% 7/2/2035 27,884 0.03%
Nordstrom, Inc. 25,000 6.95% 15/3/2028 27,772 0.03%
Intel Corp. 25,000 4.80% 1/10/2041 27,692 0.03%
Nationwide Financial Services, Inc. 25,000 6.75% 15/5/2037 27,438 0.03%
Noble Energy, Inc. 25,000 6.00% 1/3/2041 27,437 0.03%
Home Depot, Inc. 25,000 4.88% 15/2/2044 27,348 0.03%
Microsoft Corp. 25,000 4.50% 1/10/2040 27,213 0.03%
Viacom, Inc. 25,000 6.88% 30/4/2036 27,062 0.03%
Monsanto Co. 25,000 5.50% 15/8/2025 26,716 0.02%
Baker Hughes a GE Co. LLC 25,000 5.13% 15/9/2040 26,712 0.02%
Warner Media LLC 30,000 4.65% 1/6/2044 26,619 0.02%
Puget Energy, Inc. 25,000 5.63% 15/7/2022 26,559 0.02%
New York Life Insurance Co. 20,000 6.75% 15/11/2039 26,405 0.02%
Amgen, Inc. 25,000 5.15% 15/11/2041 26,345 0.02%
Microsoft Corp. 25,000 4.20% 3/11/2035 26,290 0.02%
Basin Electric Power Cooperative 25,000 4.75% 26/4/2047 26,257 0.02%
CRH America, Inc. 25,000 5.75% 15/1/2021 26,245 0.02%
PSEG Power LLC 20,000 8.63% 15/4/2031 26,233 0.02%
Moody’s Corp. 25,000 5.50% 1/9/2020 26,225 0.02%
Alleghany Corp. 25,000 4.95% 27/6/2022 26,211 0.02%
Xylem, Inc. 25,000 4.88% 1/10/2021 26,095 0.02%
FedEx Corp. 25,000 4.90% 15/1/2034 26,058 0.02%
Arizona Public Service Co. 25,000 4.50% 1/4/2042 26,047 0.02%
Arch Capital Finance LLC 25,000 5.03% 15/12/2046 26,046 0.02%
Altera Corp. 25,000 4.10% 15/11/2023 25,972 0.02%
301

Guardian Life Insurance Co. of America 25,000 4.88% 19/6/2064 25,961 0.02%
Walmart, Inc. 21,000 5.63% 15/4/2041 25,922 0.02%
Cigna Corp. 25,000 5.13% 15/6/2020 25,900 0.02%
Hess Corp. 25,000 5.80% 1/4/2047 25,897 0.02%
Legg Mason, Inc. 25,000 4.75% 15/3/2026 25,835 0.02%
Moody’s Corp. 25,000 4.50% 1/9/2022 25,819 0.02%
Comcast Corp. 25,000 5.15% 1/3/2020 25,817 0.02%
Visa, Inc. 25,000 4.15% 14/12/2035 25,815 0.02%
KLA-Tencor Corp. 25,000 4.65% 1/11/2024 25,811 0.02%
BlackRock, Inc. 25,000 4.25% 24/5/2021 25,806 0.02%
Jefferies Financial Group, Inc. 25,000 5.50% 18/10/2023 25,745 0.02%
BlackRock, Inc. 25,000 5.00% 10/12/2019 25,742 0.02%
WW Grainger, Inc. 25,000 4.60% 15/6/2045 25,711 0.02%
Pioneer Natural Resources Co. 25,000 4.45% 15/1/2026 25,682 0.02%
Jabil, Inc. 25,000 4.70% 15/9/2022 25,657 0.02%
Bemis Co., Inc. 25,000 4.50% 15/10/2021 25,655 0.02%
Intel Corp. 25,000 4.00% 15/12/2032 25,561 0.02%
Total System Services, Inc. 25,000 4.80% 1/4/2026 25,523 0.02%
CenterPoint Energy Resources Corp. 25,000 4.50% 15/1/2021 25,500 0.02%
CBS Corp. 25,000 4.30% 15/2/2021 25,498 0.02%
Lowe’s Cos, Inc. 25,000 3.80% 15/11/2021 25,471 0.02%
KLA-Tencor Corp. 25,000 4.13% 1/11/2021 25,435 0.02%
ONEOK, Inc. 25,000 5.20% 15/7/2048 25,427 0.02%
Exxon Mobil Corp. 25,000 4.11% 1/3/2046 25,424 0.02%
Dignity Health 25,000 5.27% 1/11/2064 25,419 0.02%
HP, Inc. 25,000 4.05% 15/9/2022 25,353 0.02%
Howard Hughes Medical Institute 25,000 3.50% 1/9/2023 25,350 0.02%
CRH America, Inc. 25,000 5.13% 18/5/2045 25,343 0.02%
Realty Income Corp. 25,000 4.65% 15/3/2047 25,273 0.02%
Halliburton Co. 25,000 4.75% 1/8/2043 25,262 0.02%
Oracle Corp. 25,000 3.63% 15/7/2023 25,255 0.02%
Intel Corp. 25,000 3.70% 29/7/2025 25,206 0.02%
DXC Technology Co. 25,000 4.75% 15/4/2027 25,201 0.02%
Hess Corp. 25,000 5.60% 15/2/2041 25,196 0.02%
Intel Corp. 25,000 3.30% 1/10/2021 25,187 0.02%
Alliant Energy Finance LLC 25,000 4.25% 15/6/2028 25,168 0.02%
QUALCOMM, Inc. 25,000 4.65% 20/5/2035 25,142 0.02%
Bank One Corp. 20,000 8.00% 29/4/2027 25,121 0.02%
McDonald’s Corp. 25,000 4.60% 26/5/2045 25,111 0.02%
S&P Global, Inc. 25,000 4.00% 15/6/2025 25,095 0.02%
302

Microchip Technology, Inc. 25,000 3.92% 1/6/2021 25,045 0.02%
Mylan, Inc. 25,000 4.20% 29/11/2023 25,044 0.02%
Alexandria Real Estate Equities, Inc. 25,000 3.90% 15/6/2023 25,041 0.02%
S&P Global, Inc. 25,000 3.30% 14/8/2020 25,038 0.02%
Entergy Louisiana LLC 25,000 4.00% 15/3/2033 25,009 0.02%
Mid-Atlantic Interstate Transmission LLC 25,000 4.10% 15/5/2028 25,006 0.02%
QUALCOMM, Inc. 25,000 1.85% 20/5/2019 25,000 0.02%
Fortune Brands Home & Security, Inc. 25,000 4.00% 15/6/2025 24,990 0.02%
Expedia Group, Inc. 25,000 4.50% 15/8/2024 24,982 0.02%
Assurant, Inc. 25,000 4.20% 27/9/2023 24,973 0.02%
Fluor Corp. 25,000 3.38% 15/9/2021 24,969 0.02%
Sabal Trail Transmission LLC 25,000 4.25% 1/5/2028 24,958 0.02%
Warner Media LLC 25,000 4.05% 15/12/2023 24,948 0.02%
Equifax, Inc. 25,000 3.60% 15/8/2021 24,942 0.02%
Progressive Corp. 25,000 4.35% 25/4/2044 24,918 0.02%
Rockwell Collins, Inc. 25,000 3.70% 15/12/2023 24,911 0.02%
Marvell Technology Group Ltd. 25,000 4.88% 22/6/2028 24,875 0.02%
Salesforce.com, Inc. 25,000 3.25% 11/4/2023 24,865 0.02%
Ecolab, Inc. 26,000 3.95% 1/12/2047 24,861 0.02%
Kennametal, Inc. 25,000 3.88% 15/2/2022 24,851 0.02%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical
Co. LP 25,000 3.30% 1/5/2023 24,820 0.02%
Exxon Mobil Corp. 25,000 3.18% 15/3/2024 24,818 0.02%
New York & Presbyterian Hospital 25,000 4.06% 1/8/2056 24,818 0.02%
ONE Gas, Inc. 25,000 3.61% 1/2/2024 24,809 0.02%
Medtronic, Inc. 25,000 2.50% 15/3/2020 24,808 0.02%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC 25,000 4.74% 20/3/2025 24,808 0.02%
Microsoft Corp. 25,000 4.00% 12/2/2055 24,805 0.02%
Salesforce.com, Inc. 25,000 3.70% 11/4/2028 24,804 0.02%
Kohl’s Corp. 25,000 4.25% 17/7/2025 24,795 0.02%
Viacom, Inc. 25,000 4.25% 1/9/2023 24,789 0.02%
DXC Technology Co. 25,000 2.88% 27/3/2020 24,787 0.02%
Capital One NA 25,000 2.40% 5/9/2019 24,779 0.02%
Apache Corp. 25,000 5.10% 1/9/2040 24,777 0.02%
AT&T, Inc. 25,000 5.70% 1/3/2057 24,763 0.02%
MetLife, Inc. 25,000 3.60% 10/4/2024 24,759 0.02%
FedEx Corp. 25,000 2.30% 1/2/2020 24,753 0.02%
Sabal Trail Transmission LLC 25,000 4.83% 1/5/2048 24,740 0.02%
303

CVS Health Corp. 25,000 2.25% 12/8/2019 24,731 0.02%
TD Ameritrade Holding Corp. 25,000 3.63% 1/4/2025 24,727 0.02%
Humana, Inc. 25,000 4.63% 1/12/2042 24,725 0.02%
HSBC USA, Inc. 24,000 5.00% 27/9/2020 24,722 0.02%
Motorola Solutions, Inc. 25,000 4.60% 23/2/2028 24,699 0.02%
Athene Global Funding 25,000 2.75% 20/4/2020 24,691 0.02%
Noble Energy, Inc. 25,000 3.90% 15/11/2024 24,690 0.02%
Allstate Corp. 25,000 3.15% 15/6/2023 24,680 0.02%
Oklahoma Gas & Electric Co. 25,000 4.15% 1/4/2047 24,673 0.02%
Walt Disney Co. 25,000 2.75% 16/8/2021 24,657 0.02%
QUALCOMM, Inc. 25,000 3.00% 20/5/2022 24,618 0.02%
AT&T, Inc. 25,000 5.45% 1/3/2047 24,603 0.02%
Warner Media LLC 25,000 3.40% 15/6/2022 24,589 0.02%
TD Ameritrade Holding Corp. 25,000 2.95% 1/4/2022 24,545 0.02%
Dollar General Corp. 25,000 4.13% 1/5/2028 24,539 0.02%
Zoetis, Inc. 25,000 3.25% 1/2/2023 24,537 0.02%
Stanley Black & Decker, Inc. 25,000 2.90% 1/11/2022 24,537 0.02%
Microsoft Corp. 25,000 3.95% 8/8/2056 24,512 0.02%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC 25,000 5.15% 20/3/2028 24,500 0.02%
Southwestern Public Service Co. 25,000 3.30% 15/6/2024 24,493 0.02%
ONEOK, Inc. 25,000 4.95% 13/7/2047 24,477 0.02%
Voya Financial, Inc. 25,000 4.80% 15/6/2046 24,469 0.02%
STORE Capital Corp. 25,000 4.50% 15/3/2028 24,467 0.02%
Amazon.com, Inc. 25,000 4.05% 22/8/2047 24,451 0.02%
Anthem, Inc. 25,000 4.65% 15/8/2044 24,446 0.02%
Georgia Power Co. 25,000 2.00% 8/9/2020 24,417 0.02%
Walt Disney Co. 25,000 2.55% 15/2/2022 24,396 0.02%
Oracle Corp. 25,000 4.38% 15/5/2055 24,391 0.02%
Deere & Co. 25,000 3.90% 9/6/2042 24,388 0.02%
Harley-Davidson, Inc. 25,000 4.63% 28/7/2045 24,382 0.02%
Motorola Solutions, Inc. 25,000 4.00% 1/9/2024 24,382 0.02%
Archer-Daniels-Midland Co. 25,000 4.02% 16/4/2043 24,329 0.02%
Eaton Vance Corp. 25,000 3.50% 6/4/2027 24,323 0.02%
AT&T, Inc. 25,000 5.35% 1/9/2040 24,300 0.02%
Anthem, Inc. 25,000 2.95% 1/12/2022 24,290 0.02%
Walt Disney Co. 25,000 2.45% 4/3/2022 24,251 0.02%
Sempra Energy 25,000 2.88% 1/10/2022 24,251 0.02%
WP Carey, Inc. 25,000 4.25% 1/10/2026 24,243 0.02%
NVIDIA Corp. 25,000 2.20% 16/9/2021 24,189 0.02%
Intel Corp. 25,000 2.88% 11/5/2024 24,188 0.02%
Apple, Inc. 25,000 2.85% 11/5/2024 24,168 0.02%
Activision Blizzard, Inc. 25,000 2.30% 15/9/2021 24,154 0.02%
Eaton Corp. 25,000 4.15% 2/11/2042 24,114 0.02%
BB&T Corp. 25,000 2.05% 10/5/2021 24,106 0.02%
304

Washington Prime Group LP 25,000 5.95% 15/8/2024 24,090 0.02%
FedEx Corp. 25,000 4.55% 1/4/2046 24,089 0.02%
NVIDIA Corp. 25,000 3.20% 16/9/2026 24,076 0.02%
AbbVie, Inc. 25,000 2.85% 14/5/2023 24,069 0.02%
eBay, Inc. 25,000 2.60% 15/7/2022 24,048 0.02%
Kimberly-Clark Corp. 25,000 3.05% 15/8/2025 24,026 0.02%
NIKE, Inc. 25,000 3.88% 1/11/2045 24,009 0.02%
Public Storage 25,000 2.37% 15/9/2022 24,006 0.02%
Sysco Corp. 25,000 4.45% 15/3/2048 24,000 0.02%
Concho Resources, Inc. 25,000 3.75% 1/10/2027 24,000 0.02%
US Bancorp 25,000 3.15% 27/4/2027 23,997 0.02%
Exxon Mobil Corp. 25,000 2.71% 6/3/2025 23,987 0.02%
Church & Dwight Co., Inc. 25,000 2.45% 1/8/2022 23,971 0.02%
Synovus Financial Corp. 25,000 3.13% 1/11/2022 23,950 0.02%
Mylan, Inc. 25,000 3.13% 15/1/2023 23,948 0.02%
Oracle Corp. 25,000 3.85% 15/7/2036 23,898 0.02%
NetApp, Inc. 25,000 3.30% 29/9/2024 23,891 0.02%
NIKE, Inc. 25,000 2.25% 1/5/2023 23,877 0.02%
Comcast Corp. 25,000 3.38% 15/8/2025 23,851 0.02%
Regency Centers LP 25,000 4.40% 1/2/2047 23,823 0.02%
Walt Disney Co. 25,000 3.00% 13/2/2026 23,805 0.02%
Massachusetts Electric Co. 25,000 4.00% 15/8/2046 23,764 0.02%
MPLX LP 25,000 4.00% 15/3/2028 23,747 0.02%
Crane Co. 25,000 4.20% 15/3/2048 23,743 0.02%
Target Corp. 25,000 4.00% 1/7/2042 23,713 0.02%
Oracle Corp. 25,000 3.80% 15/11/2037 23,616 0.02%
FedEx Corp. 25,000 4.40% 15/1/2047 23,612 0.02%
Leggett & Platt, Inc. 25,000 3.50% 15/11/2027 23,588 0.02%
American Financial Group, Inc. 25,000 4.50% 15/6/2047 23,569 0.02%
Morgan Stanley 25,000 4.30% 27/1/2045 23,568 0.02%
Boeing Co. 25,000 2.80% 1/3/2027 23,529 0.02%
Kroger Co. 25,000 4.65% 15/1/2048 23,457 0.02%
University of Notre Dame du Lac 25,000 3.39% 15/2/2048 23,455 0.02%
AT&T, Inc. 25,000 3.40% 15/5/2025 23,437 0.02%
United Airlines 2016-1 Class A Pass Through Trust 24,340 3.45% 7/7/2028 23,414 0.02%
AT&T, Inc. 25,000 5.15% 15/11/2046 23,372 0.02%
Tyco Electronics Group SA 25,000 3.13% 15/8/2027 23,368 0.02%
CSX Corp. 25,000 4.10% 15/3/2044 23,313 0.02%
QUALCOMM, Inc. 25,000 3.25% 20/5/2027 23,278 0.02%
Liberty Property LP 25,000 3.25% 1/10/2026 23,265 0.02%
AT&T, Inc. 25,000 5.15% 15/2/2050 23,250 0.02%
305

Vulcan Materials Co. 25,000 4.70% 1/3/2048 23,222 0.02%
Magellan Midstream Partners LP 25,000 4.25% 15/9/2046 23,222 0.02%
Ford Motor Co. 25,000 5.29% 8/12/2046 23,208 0.02%
Monsanto Co. 25,000 4.40% 15/7/2044 23,204 0.02%
Whirlpool Corp. 25,000 4.50% 1/6/2046 23,186 0.02%
VMware, Inc. 25,000 3.90% 21/8/2027 23,130 0.02%
Comcast Corp. 25,000 3.15% 15/2/2028 23,119 0.02%
AEP Transmission Co. LLC 25,000 3.75% 1/12/2047 23,117 0.02%
Southern California Gas Co. 25,000 2.60% 15/6/2026 23,110 0.02%
Ecolab, Inc. 25,000 2.70% 1/11/2026 23,109 0.02%
Microsoft Corp. 25,000 2.40% 8/8/2026 23,081 0.02%
Masco Corp. 25,000 3.50% 15/11/2027 23,058 0.02%
Warner Media LLC 25,000 4.90% 15/6/2042 23,052 0.02%
Indiana Michigan Power Co. 25,000 3.75% 1/7/2047 22,972 0.02%
Entergy Mississippi, Inc. 25,000 2.85% 1/6/2028 22,963 0.02%
CubeSmart LP 25,000 3.13% 1/9/2026 22,952 0.02%
Entergy Louisiana LLC 25,000 3.05% 1/6/2031 22,940 0.02%
Air Lease Corp. 25,000 3.63% 1/4/2027 22,927 0.02%
Wabtec Corp. 25,000 3.45% 15/11/2026 22,896 0.02%
Viacom, Inc. 25,000 3.45% 4/10/2026 22,838 0.02%
Nordstrom, Inc. 25,000 5.00% 15/1/2044 22,822 0.02%
Wells Fargo & Co. 25,000 3.90% 1/5/2045 22,753 0.02%
Altria Group, Inc. 25,000 2.63% 16/9/2026 22,736 0.02%
Mosaic Co. 25,000 4.88% 15/11/2041 22,680 0.02%
Walt Disney Co. 25,000 3.70% 1/12/2042 22,646 0.02%
NIKE, Inc. 25,000 2.38% 1/11/2026 22,633 0.02%
United Airlines 2016-2 Class AA Pass Through Trust 24,339 2.88% 7/10/2028 22,593 0.02%
Boeing Co. 25,000 3.38% 15/6/2046 22,577 0.02%
Buckeye Partners LP 25,000 5.60% 15/10/2044 22,447 0.02%
FedEx Corp. 25,000 4.05% 15/2/2048 22,384 0.02%
Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor, Inc. 25,000 4.08% 15/12/2047 22,277 0.02%
FedEx Corp. 25,000 3.88% 1/8/2042 22,249 0.02%
Masco Corp. 25,000 4.50% 15/5/2047 21,866 0.02%
Comcast Corp. 25,000 2.35% 15/1/2027 21,767 0.02%
EnLink Midstream Partners LP 25,000 5.60% 1/4/2044 21,729 0.02%
3M Co. 25,000 3.13% 19/9/2046 21,440 0.02%
National Oilwell Varco, Inc. 25,000 3.95% 1/12/2042 21,109 0.02%
EnLink Midstream Partners LP 25,000 5.05% 1/4/2045 20,166 0.02%
Mosaic Co. 20,000 4.25% 15/11/2023 20,130 0.02%
Farmers Exchange Capital III 20,000 5.45% 15/10/2054 20,118 0.02%
Apollo Management Holdings LP 20,000 5.00% 15/3/2048 20,033 0.02%
Trimble, Inc. 20,000 4.90% 15/6/2028 19,958 0.02%
306

Emerson Electric Co. 20,000 2.63% 1/12/2021 19,577 0.02%
Citigroup, Inc. 20,000 4.08% 23/4/2029 19,554 0.02%
Air Lease Corp. 20,000 2.50% 1/3/2021 19,473 0.02%
Campbell Soup Co. 25,000 3.80% 2/8/2042 19,417 0.02%
Warner Media LLC 20,000 3.60% 15/7/2025 19,010 0.02%
Hasbro, Inc. 20,000 5.10% 15/5/2044 18,952 0.02%
eBay, Inc. 20,000 3.60% 5/6/2027 18,891 0.02%
AXIS Specialty Finance plc 20,000 4.00% 6/12/2027 18,890 0.02%
Cincinnati Financial Corp. 15,000 6.92% 15/5/2028 18,258 0.02%
Owens Corning 20,000 3.40% 15/8/2026 18,215 0.02%
Baltimore Gas & Electric Co. 20,000 3.50% 15/8/2046 17,766 0.02%
Celgene Corp. 20,000 4.35% 15/11/2047 17,670 0.02%
Owens Corning 15,000 7.00% 1/12/2036 17,607 0.02%
Kroger Co. 20,000 3.88% 15/10/2046 16,617 0.02%
Unum Group 15,000 5.75% 15/8/2042 15,958 0.01%
FedEx Corp. 15,000 5.10% 15/1/2044 15,685 0.01%
PartnerRe Finance B LLC 15,000 5.50% 1/6/2020 15,545 0.01%
Markel Corp. 15,000 5.00% 5/4/2046 15,338 0.01%
Block Financial LLC 15,000 5.25% 1/10/2025 15,092 0.01%
Delphi Corp. 15,000 4.15% 15/3/2024 15,073 0.01%
Owens Corning 15,000 4.20% 15/12/2022 15,040 0.01%
Ecolab, Inc. 15,000 3.25% 14/1/2023 14,836 0.01%
San Diego Gas & Electric Co. 15,000 4.15% 15/5/2048 14,827 0.01%
High Street Funding Trust I 15,000 4.11% 15/2/2028 14,806 0.01%
Citigroup, Inc. 15,000 4.65% 30/7/2045 14,798 0.01%
Public Service Enterprise Group, Inc. 15,000 2.65% 15/11/2022 14,439 0.01%
Air Lease Corp. 15,000 2.63% 1/7/2022 14,346 0.01%
Regency Centers LP 15,000 3.60% 1/2/2027 14,340 0.01%
Unum Group 15,000 3.88% 5/11/2025 14,287 0.01%
Loews Corp. 15,000 4.13% 15/5/2043 14,033 0.01%
Keurig Dr Pepper, Inc. 15,000 4.50% 15/11/2045 13,907 0.01%
Ventas Realty LP 15,000 3.25% 15/10/2026 13,856 0.01%
Delta Air Lines 2007-1 Class A Pass Through Trust 11,657 6.82% 10/8/2022 12,751 0.01%
S&P Global, Inc. 10,000 6.55% 15/11/2037 12,660 0.01%
Credit Suisse USA, Inc. 10,000 7.13% 15/7/2032 12,582 0.01%
Allstate Corp. 10,000 6.50% 15/5/2057 11,255 0.01%
BNSF Funding Trust I 10,000 6.61% 15/12/2055 10,990 0.01%
Anthem, Inc. 10,000 5.10% 15/1/2044 10,288 0.01%
S&P Global, Inc. 10,000 4.50% 15/5/2048 10,163 0.01%
George Washington University 10,000 4.13% 15/9/2048 10,130 0.01%
Spirit AeroSystems, Inc. 10,000 4.60% 15/6/2028 10,065 0.01%
Spirit AeroSystems, Inc. 10,000 3.95% 15/6/2023 10,051 0.01%
Jackson National Life Global Funding 10,000 3.88% 11/6/2025 10,041 0.01%
Assurant, Inc. 10,000 4.90% 27/3/2028 10,040 0.01%
Nucor Corp. 10,000 3.95% 1/5/2028 10,010 0.01%
Oshkosh Corp. 10,000 4.60% 15/5/2028 9,988 0.01%
307

Air Lease Corp. 10,000 4.25% 15/9/2024 9,939 0.01%
AXA Equitable Holdings, Inc. 10,000 3.90% 20/4/2023 9,916 0.01%
Chevron Phillips Chemical Co. LLC/Chevron Phillips
Chemical Co. LP 10,000 3.70% 1/6/2028 9,880 0.01%
Nucor Corp. 10,000 4.40% 1/5/2048 9,835 0.01%
Aon plc 10,000 4.75% 15/5/2045 9,834 0.01%
Valero Energy Partners LP 10,000 4.50% 15/3/2028 9,833 0.01%
Colonial Pipeline Co. 10,000 4.25% 15/4/2048 9,789 0.01%
Transcontinental Gas Pipe Line Co. LLC 10,000 4.00% 15/3/2028 9,759 0.01%
Enable Midstream Partners LP 10,000 4.95% 15/5/2028 9,728 0.01%
Senior Housing Properties Trust 10,000 4.75% 15/2/2028 9,709 0.01%
Humana, Inc. 10,000 2.90% 15/12/2022 9,707 0.01%
Anthem, Inc. 10,000 3.35% 1/12/2024 9,678 0.01%
Western Gas Partners LP 10,000 4.50% 1/3/2028 9,600 0.01%
National Oilwell Varco, Inc. 10,000 2.60% 1/12/2022 9,500 0.01%
Texas Eastern Transmission LP 10,000 3.50% 15/1/2028 9,412 0.01%
Kansas City Southern 10,000 4.30% 15/5/2043 9,226 0.01%
International Flavors & Fragrances, Inc. 10,000 4.38% 1/6/2047 9,006 0.01%
Cigna Corp. 10,000 3.05% 15/10/2027 8,996 0.01%
HCP, Inc. 8,000 5.38% 1/2/2021 8,360 0.01%
Teachers Insurance & Annuity Association of America 6,000 6.85% 16/12/2039 7,956 0.01%
Puget Sound Energy, Inc. 5,000 4.22% 15/6/2048 5,072 0.00%
Avista Corp. 5,000 4.35% 1/6/2048 5,052 0.00%
Air Lease Corp. 5,000 3.88% 1/4/2021 5,044 0.00%
PNM Resources, Inc. 5,000 3.25% 9/3/2021 4,960 0.00%
Ecolab, Inc. 5,000 2.38% 10/8/2022 4,814 0.00%
Ecolab, Inc. 4,000 5.50% 8/12/2041 4,697 0.00%
Citigroup, Inc. 5,000 3.52% 27/10/2028 4,694 0.00%
Texas Eastern Transmission LP 5,000 4.15% 15/1/2048 4,506 0.00%
Masco Corp. 4,000 7.13% 15/3/2020 4,238 0.00%
83,072,315 75.74%
Total Bonds 108,529,948 98.95%

% of Total
Total Net Assets 109,684,975 100.00%
1 Denotes securities held in full or part thereof as collateral.
308


Purchases
Sales
United States Treasury Bond 2.75% 15/11/2047 790,000 741,895 United States Treasury Bond 2.75% 15/11/2047 790,000 741,141
GE Capital International Funding Co. Unlimited United States Treasury Note 2.25% 15/11/2027 350,000 344,341
Co. 2.34% 15/11/2020 300,000 302,232 United States Treasury Note 2.50% 30/6/2020 285,000 284,855
United States Treasury Note 1.38% 30/9/2019 275,000 274,448 Nordea Bank AB 2.50% 17/9/2020 260,000 261,235
Credit Suisse Group AG 4.28% 9/1/2028 250,000 262,325 UBS AG 2.38% 14/8/2019 250,000 248,433
CVS Health Corp. 5.05% 25/3/2048 250,000 258,973 United States Treasury Note 2.00% 15/1/2021 248,000 246,340
UBS AG 2.38% 14/8/2019 250,000 251,570 United States Treasury Note 1.25% 31/8/2019 240,000 239,681
Siemens Financieringsmaatschappij NV 2.15% Morgan Stanley 2.80% 16/6/2020 220,000 220,383
27/5/2020 250,000 250,578
Sun Hung Kai Properties Capital Market Ltd.
Credit Agricole SA 3.25% 4/10/2024 250,000 250,153 4.50% 14/2/2022 200,000 216,070
Sumitomo Mitsui Banking Corp. 2.25% JPMorgan Chase & Co. 6.30% 23/4/2019 200,000 209,166
11/7/2019 250,000 249,728
HSBC Holdings plc 4.25% 14/3/2024 200,000 205,132
United States Treasury Note 2.00% 15/1/2021 248,000 246,623
GE Capital International Funding Co. Unlimited
KeyBank NA 2.30% 14/9/2022 250,000 241,703 Co. 2.34% 15/11/2020 200,000 201,488
Roche Holdings, Inc. 2.25% 30/9/2019 243,000 241,320 Azure Orbit II International Finance Ltd. 3.38%
American International Group, Inc. 4.88% 25/4/2019 200,000 200,060
1/6/2022 225,000 241,034 Bank of America Corp. 3.42% 20/12/2028 213,000 199,820
Wells Fargo & Co. 3.45% 13/2/2023 225,000 224,370 Goldman Sachs Group, Inc. 2.00% 25/4/2019 200,000 198,736
JPMorgan Chase & Co. 2.97% 15/1/2023 224,000 223,537
309

2018 2017
Current Assets
Cash 664,020 192,900
Receivables:
Cash Collateral — 3,300
Other Receivables — 30,764
Current Liabilities
Futures Margin Cash Due to Broker 463 2,078

30 June 2018 30 June 2017
Net Gain/(Loss) on Financial Instruments (3,986,370) (463,402)
Total Investment Income/(Loss) (977,533) 1,183,924
Expenses
Transaction Fees and Commissions 426 1,396
Finance Costs
Net Investment Income/(Loss) After Finance Costs (3,924,119) (449,399)
Foreign Withholding Tax (3,643) —
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (3,927,762) (449,399)
310


30 June 2018 30 June 2017
Redeemable Participating Shares From Operations (3,927,762) (449,399)
Subscriptions 39,873,432 39,717,955
Redemptions — —
End of Year 109,684,975 73,739,305
311
Vanguard USD Emerging Markets Government Bond UCITS ETF

As at 30 June 2018
Vanguard USD Emerging Markets Government Bond UCITS ETF seeks Aaa 0.1%
to track the performance of the Bloomberg Barclays EM USD Sovereign +
Quasi-Sov Index, a widely recognised benchmark designed to reflect Aa 7.9
the total universe of US dollar-denominated publicly traded debt (with A 21.7
maturities greater than 1 year and a minimum issue size of $500 million) Baa 36.0
issued by sovereign and quasi-sovereign emerging-market issuers. Quasi-
sovereign issuers include entities that are government-guaranteed and/or Below Baa 33.3
government-sponsored, entities that are more than 50% government-owned Not Rated 1.0
and local authorities.
Distribution by Effective Maturity1 (% of portfolio)

Fund Index 2
Under 5 Years 40.1%
5–10 Years 33.4
Over 10 Years 26.5
Average Quality1 Baa3 Baa3

Sovereign 54.2%
Agency 44.7
Local Authority 0.6
Other 0.1
Treasury 0.1
2 Bloomberg Barclays EM USD Sovereign + Quasi-Sov Index.
3 Before expenses.
312

• For the 12 months ended 30 June 2018, Vanguard USD Emerging Markets Government Bond UCITS ETF returned –1.45%, in line with its benchmark index,
which returned –1.33%.1
• More than half of the ETF’s holdings at the end of the period consisted of sovereign debt, with the remainder mostly securities issued by government
agencies. Bonds with maturities of less than 5 years made up about 40% of fund assets; those with maturities of 5 to 10 years and those with maturities
over 10 years made up about 30% each. By asset size, China, Mexico, Brazil, Argentina and Indonesia were the top five markets represented.
• Bonds from El Salvador, Angola, Belarus and Ghana were the top performers; those from Venezuela and Lebanon held the ETF back. By credit quality, returns
were mixed. Bonds with shorter maturities tended to hold up better than those on the longer end of the curve.

Benchmark: Bloomberg Barclays EM USD Sovereign + Quasi-Sov Index

$115,000
104,565
90,000
2017 2018

ETF Net Asset Value -1.45% 2.90% $104,565
Benchmark -1.33 3.08 104,865
2017 2018
6.10 6.28
–1.45 –1.33
ETF Net Asset Value

Benchmark
2 6 December 2016.
313
30 June 2018

Bonds 98.28% (30 June 2017: 98.34%)
Angola 0.36% (30 June 2017: 0.12%)
Angolan Government International Bond 200,000 9.50% 12/11/2025 217,773 0.13%
618,839 0.36%
Argentina 5.04% (30 June 2017: 4.53%)
Argentina Bonar Bonds 2,075,000 8.75% 7/5/2024 2,173,044 1.28%
Argentine Republic Government International Bond 841,223 8.28% 31/12/2033 784,791 0.46%
Provincia de Buenos Aires 350,000 7.88% 15/6/2027 305,340 0.18%
Provincia de Buenos Aires 250,000 10.88% 26/1/2021 259,861 0.15%
YPF SA 260,000 8.50% 28/7/2025 245,396 0.15%
YPF SA 175,000 8.75% 4/4/2024 172,392 0.10%
YPF SA 150,000 8.50% 23/3/2021 152,475 0.09%
Autonomous City of Buenos Aires Argentina 140,000 8.95% 19/2/2021 142,806 0.08%
Provincia de Cordoba 150,000 7.45% 1/9/2024 134,820 0.08%
YPF SA 150,000 7.00% 15/12/2047 112,628 0.07%
Pampa Energia SA 75,000 7.38% 21/7/2023 71,493 0.04%
8,587,064 5.04%
Australia 0.20% (30 June 2017: 0.17%)
CNOOC Finance 2015 Australia Pty Ltd. 340,000 2.63% 5/5/2020 335,289 0.20%
335,289 0.20%
Azerbaijan 0.43% (30 June 2017: 0.46%)
State Oil Co. of the Azerbaijan Republic 300,000 6.95% 18/3/2030 320,376 0.19%
Southern Gas Corridor CJSC 200,000 6.88% 24/3/2026 216,050 0.13%
Republic of Azerbaijan International Bond 200,000 4.75% 18/3/2024 198,028 0.11%
734,454 0.43%
Bahrain 0.98% (30 June 2017: 0.75%)
Bahrain Government International Bond 315,000 7.00% 12/10/2028 282,678 0.17%
CBB International Sukuk Co. 5 SPC 200,000 5.62% 12/2/2024 191,188 0.11%
Oil & Gas Holding Co. BSCC 200,000 7.50% 25/10/2027 177,987 0.11%
CBB International Sukuk Co. 6 SPC 150,000 5.25% 20/3/2025 137,459 0.08%
1,661,622 0.98%
Belarus 0.12% (30 June 2017: 0.00%)
Republic of Belarus International Bond 200,000 7.63% 29/6/2027 208,937 0.12%
208,937 0.12%
Bermuda 0.31% (30 June 2017: 0.27%)
Ooredoo International Finance Ltd. 340,000 4.75% 16/2/2021 348,676 0.20%
Bermuda Government International Bond 200,000 3.72% 25/1/2027 187,720 0.11%
536,396 0.31%
314

Bolivia 0.10% (30 June 2017: 0.07%)
Bolivian Government International Bond 200,000 4.50% 20/3/2028 173,167 0.10%
173,167 0.10%
Brazil 5.37% (30 June 2017: 6.41%)
Petrobras Global Finance BV 809,000 6.00% 27/1/2028 730,284 0.43%
Brazilian Government International Bond 600,000 5.63% 21/2/2047 510,357 0.30%
Banco do Brasil SA 370,000 5.88% 26/1/2022 371,017 0.22%
Centrais Eletricas Brasileiras SA 300,000 5.75% 27/10/2021 293,056 0.17%
Banco do Brasil SA 265,000 8.50% Perpetual 280,300 0.16%
Cemig Geracao e Transmissao SA 200,000 9.25% 5/12/2024 202,856 0.12%
Banco do Brasil SA 200,000 4.88% 19/4/2023 191,094 0.11%
Banco Nacional de Desenvolvimento Economico e Social 200,000 4.75% 9/5/2024 187,333 0.11%
Caixa Economica Federal 150,000 3.50% 7/11/2022 138,652 0.08%
Banco Nacional de Desenvolvimento Economico e Social 100,000 5.50% 12/7/2020 102,236 0.06%
9,150,036 5.37%
British Virgin Islands 1.55% (30 June 2017: 2.35%)
Sinopec Group Overseas Development 2013 Ltd. 400,000 4.38% 17/10/2023 409,096 0.24%
China Cinda Finance 2015 I Ltd. 370,000 3.13% 23/4/2020 364,952 0.21%
Huarong Finance II Co., Ltd. 310,000 4.50% 16/1/2020 312,024 0.18%
Sino-Ocean Land Treasure Finance II Ltd. 300,000 4.45% 4/2/2020 299,708 0.18%
Sinochem Overseas Capital Co., Ltd. 285,000 4.50% 12/11/2020 289,956 0.17%
CITIC Securities Finance MTN Co., Ltd. 255,000 3.50% 30/10/2019 254,124 0.15%
State Grid Overseas Investment 2013 Ltd. 255,000 3.13% 22/5/2023 248,263 0.14%
Minmetals Bounteous Finance BVI Ltd. 230,000 4.20% 27/7/2026 219,820 0.13%
State Elite Global Ltd. 200,000 3.13% 20/1/2020 198,462 0.12%
CNOOC Finance 2013 Ltd. 50,000 3.00% 9/5/2023 48,169 0.03%
2,644,574 1.55%
Canada 0.49% (30 June 2017: 0.75%)
Nexen Energy ULC 320,000 7.50% 30/7/2039 441,672 0.26%
CNOOC Nexen Finance 2014 ULC 200,000 4.88% 30/4/2044 209,895 0.12%
NOVA Chemicals Corp. 200,000 4.88% 1/6/2024 190,031 0.11%
841,598 0.49%
Cayman Islands 0.81% (30 June 2017: 1.23%)
China Overseas Finance Cayman V Ltd. 400,000 3.95% 15/11/2022 395,666 0.23%
Saudi Electricity Global Sukuk Co. 3 370,000 4.00% 8/4/2024 369,515 0.22%
ADCB Finance Cayman Ltd. 340,000 4.50% 6/3/2023 341,847 0.20%
IPIC GMTN Ltd. 255,000 5.50% 1/3/2022 271,087 0.16%
1,378,115 0.81%
315

Chile 1.41% (30 June 2017: 1.57%)
Corp. Nacional del Cobre de Chile 300,000 4.88% 4/11/2044 308,744 0.18%
Empresa de Transporte de Pasajeros Metro SA 200,000 4.75% 4/2/2024 205,002 0.12%
Chile Government International Bond 200,000 3.88% 5/8/2020 203,061 0.12%
Empresa Nacional del Petroleo 200,000 3.75% 5/8/2026 188,000 0.11%
Banco del Estado de Chile 150,000 3.88% 8/2/2022 149,350 0.09%
2,396,837 1.41%
China 14.31% (30 June 2017: 11.26%)
CNAC HK Finbridge Co., Ltd. 1,100,000 3.50% 19/7/2022 1,060,404 0.62%
China Construction Bank Corp. 500,000 3.88% 13/5/2025 496,435 0.29%
China Development Bank 500,000 2.63% 24/1/2022 485,814 0.28%
CNOOC Nexen Finance 2014 ULC1 450,000 4.25% 30/4/2024 454,071 0.27%
Agricultural Bank of China Ltd. 455,000 2.75% 21/5/2020 448,641 0.26%
Bank of China Ltd. 430,000 5.00% 13/11/2024 439,211 0.26%
Export-Import Bank of China 450,000 2.00% 26/4/2021 432,400 0.25%
CNOOC Finance 2012 Ltd. 400,000 3.88% 2/5/2022 402,280 0.24%
Bank of China Ltd. 400,000 3.22% 11/7/2022 400,602 0.23%
CNPC General Capital Ltd. 400,000 2.70% 25/11/2019 396,709 0.23%
Three Gorges Finance I Cayman Islands Ltd. 400,000 3.15% 2/6/2026 374,418 0.22%
ICBCIL Finance Co., Ltd. 350,000 2.50% 29/9/2021 333,616 0.20%
China Overseas Finance Cayman VI Ltd. 300,000 5.95% 8/5/2024 322,136 0.19%
CNOOC Curtis Funding No 1 Pty Ltd. 300,000 4.50% 3/10/2023 308,753 0.18%
Industrial & Commercial Bank of China Ltd. 300,000 4.88% 21/9/2025 303,071 0.18%
Bank of China Ltd. 300,000 3.07% 8/3/2021 300,019 0.18%
Bank of China Ltd. 300,000 3.17% 8/3/2023 299,974 0.18%
China Development Bank Corp. 300,000 3.01% 6/3/2022 299,782 0.18%
CNOOC Finance 2015 USA LLC 250,000 4.38% 2/5/2028 251,963 0.15%
CITIC Ltd. 200,000 6.80% 17/1/2023 220,946 0.13%
CITIC Ltd. 200,000 6.63% 15/4/2021 213,631 0.13%
Skysea International Capital Management Ltd. 200,000 4.88% 7/12/2021 207,442 0.12%
Huarong Finance 2017 Co., Ltd. 200,000 4.22% 27/4/2022 203,012 0.12%
Bluestar Finance Holdings Ltd. 200,000 4.38% 11/6/2020 201,121 0.12%
Charming Light Investments Ltd. 200,000 3.75% 3/9/2019 199,998 0.12%
316

China Shenhua Overseas Capital Co., Ltd. 200,000 3.13% 20/1/2020 198,439 0.12%
COSL Singapore Capital Ltd. 200,000 4.50% 30/7/2025 198,119 0.12%
BOC Aviation Ltd. 200,000 3.00% 30/3/2020 198,046 0.12%
CNAC HK Finbridge Co., Ltd. 200,000 5.13% 14/3/2028 197,466 0.12%
Bank of China Ltd. 200,000 3.00% 14/2/2022 196,091 0.11%
Horsepower Finance Ltd. 200,000 2.35% 13/3/2020 196,070 0.11%
Amber Circle Funding Ltd. 200,000 3.25% 4/12/2022 195,844 0.11%
SPIC 2016 US dollar Bond Co., Ltd. 200,000 3.00% 6/12/2021 195,485 0.11%
China Great Wall International Holdings III Ltd. 200,000 2.75% 31/8/2020 195,129 0.11%
China Life Insurance Co., Ltd. 200,000 4.00% 3/7/2075 194,890 0.11%
CRCC Yuxiang Ltd. 200,000 3.50% 16/5/2023 194,691 0.11%
China Government International Bond 200,000 2.13% 2/11/2022 193,649 0.11%
CCBL Cayman 1 Corp., Ltd. 200,000 2.75% 31/5/2021 193,431 0.11%
Sinopec Capital 2013 Ltd. 200,000 3.13% 24/4/2023 193,120 0.11%
Franshion Brilliant Ltd. 200,000 3.60% 3/3/2022 192,777 0.11%
Bank of China Ltd. 200,000 2.25% 12/7/2021 191,989 0.11%
HeSteel Hong Kong Co., Ltd. 200,000 4.25% 7/4/2020 191,630 0.11%
BOC Aviation Ltd. 200,000 2.38% 15/9/2021 191,201 0.11%
State Elite Global Ltd. 200,000 2.25% 20/10/2021 191,194 0.11%
Chinalco Capital Holdings Ltd. 200,000 4.00% 25/8/2021 188,748 0.11%
CITIC Ltd. 200,000 3.70% 14/6/2026 186,168 0.11%
Tsinghua Unic Ltd. 200,000 5.38% 31/1/2023 186,033 0.11%
China Minmetals Corp. 200,000 3.75% Perpetual 183,291 0.11%
BOC Aviation Ltd. 200,000 3.50% 18/9/2027 183,240 0.11%
China Great Wall International Holdings III Ltd. 200,000 3.88% 31/8/2027 182,710 0.11%
CITIC Ltd. 120,000 2.80% 14/12/2021 115,248 0.07%
24,379,531 14.31%
Colombia 2.27% (30 June 2017: 2.54%)
Colombia Government International Bond 725,000 5.00% 15/6/2045 710,843 0.42%
Ecopetrol SA 285,000 5.88% 18/9/2023 302,026 0.18%
Ecopetrol SA 300,000 4.13% 16/1/2025 289,623 0.17%
Ecopetrol SA 200,000 5.38% 26/6/2026 205,440 0.12%
Oleoducto Central SA 200,000 4.00% 7/5/2021 199,000 0.12%
Ecopetrol SA 135,000 5.88% 28/5/2045 128,041 0.08%
Ecopetrol SA 100,000 7.38% 18/9/2043 110,150 0.06%
3,872,823 2.27%
317

Costa Rica 0.43% (30 June 2017: 0.48%)
Banco Nacional de Costa Rica 250,000 5.88% 25/4/2021 253,387 0.15%
Costa Rica Government International Bond 200,000 7.16% 12/3/2045 198,569 0.11%
739,631 0.43%
Croatia 0.65% (30 June 2017: 0.62%)
Croatia Government International Bond 450,000 6.63% 14/7/2020 473,167 0.28%
1,112,885 0.65%
Dominican Republic 0.84% (30 June 2017: 0.92%)
Dominican Republic International Bond 400,000 7.50% 6/5/2021 421,156 0.25%
1,426,450 0.84%
Ecuador 0.92% (30 June 2017: 0.72%)
Ecuador Government International Bond 500,000 7.88% 23/1/2028 418,510 0.25%
1,569,258 0.92%
Egypt 1.12% (30 June 2017: 0.97%)
Egypt Government International Bond 400,000 6.13% 31/1/2022 393,617 0.23%
1,902,273 1.12%
El Salvador 0.42% (30 June 2017: 0.30%)
El Salvador Government International Bond 175,000 8.63% 28/2/2029 188,150 0.11%
707,394 0.42%
Ethiopia 0.11% (30 June 2017: 0.10%)
Ethiopia International Bond 200,000 6.63% 11/12/2024 195,028 0.11%
195,028 0.11%
Gabon 0.11% (30 June 2017: 0.19%)
Gabon Government International Bond 200,000 6.38% 12/12/2024 178,707 0.11%
178,707 0.11%
Georgia 0.12% (30 June 2017: 0.00%)
Georgia Government International Bond 200,000 6.88% 12/4/2021 212,625 0.12%
212,625 0.12%
Ghana 0.36% (30 June 2017: 0.31%)
Ghana Government International Bond 340,000 10.75% 14/10/2030 411,905 0.24%
Ghana Government International Bond 200,000 7.63% 16/5/2029 194,772 0.12%
606,677 0.36%
318

Guatemala 0.23% (30 June 2017: 0.24%)
Guatemala Government Bond 200,000 5.75% 6/6/2022 207,300 0.12%
Guatemala Government Bond 200,000 4.88% 13/2/2028 190,294 0.11%
397,594 0.23%
Honduras 0.12% (30 June 2017: 0.10%)
Honduras Government International Bond 200,000 6.25% 19/1/2027 201,162 0.12%
201,162 0.12%
Hong Kong 0.13% (30 June 2017: 0.11%)
China Clean Energy Development Ltd. 230,000 4.00% 5/11/2025 223,267 0.13%
223,267 0.13%
Hungary 1.00% (30 June 2017: 1.17%)
Hungary Government International Bond 400,000 6.38% 29/3/2021 427,094 0.25%
MFB Magyar Fejlesztesi Bank Zrt 200,000 6.25% 21/10/2020 209,595 0.12%
1,698,271 1.00%
India 1.34% (30 June 2017: 1.45%)
State Bank of India 400,000 4.88% 17/4/2024 409,332 0.24%
Export-Import Bank of India 370,000 3.13% 20/7/2021 360,806 0.21%
ONGC Videsh Ltd. 340,000 3.75% 7/5/2023 330,963 0.19%
Indian Oil Corp., Ltd. 200,000 5.63% 2/8/2021 208,413 0.12%
Oil India Ltd. 200,000 5.38% 17/4/2024 205,095 0.12%
NTPC Ltd. 200,000 4.38% 26/11/2024 198,258 0.12%
Bank of India 200,000 3.13% 6/5/2020 196,071 0.12%
Bharat Petroleum Corp., Ltd. 200,000 4.00% 8/5/2025 190,277 0.11%
Export-Import Bank of India 200,000 3.88% 1/2/2028 187,368 0.11%
2,286,583 1.34%
Indonesia 5.01% (30 June 2017: 5.24%)
Indonesia Government International Bond 540,000 5.13% 15/1/2045 532,530 0.31%
Perusahaan Penerbit SBSN Indonesia III 400,000 3.75% 1/3/2023 391,529 0.23%
Perusahaan Listrik Negara PT 340,000 5.25% 24/10/2042 310,215 0.18%
Pertamina Persero PT 270,000 4.88% 3/5/2022 274,671 0.16%
Perusahaan Gas Negara Persero Tbk 200,000 5.13% 16/5/2024 202,090 0.12%
Pelabuhan Indonesia III Persero PT 200,000 4.88% 1/10/2024 198,547 0.12%
Pelabuhan Indonesia II PT 200,000 4.25% 5/5/2025 190,967 0.11%
319

8,535,927 5.01%
Iraq 0.30% (30 June 2017: 0.12%)
Iraq International Bond 300,000 6.75% 9/3/2023 287,959 0.17%
Iraq International Bond 250,000 5.80% 15/1/2028 224,103 0.13%
512,062 0.30%
Israel 0.79% (30 June 2017: 0.79%)
Israel Government International Bond 370,000 4.00% 30/6/2022 379,016 0.22%
Israel Electric Corp., Ltd. 340,000 5.00% 12/11/2024 348,925 0.20%
1,353,692 0.79%
Ivory Coast 0.45% (30 June 2017: 0.39%)
Ivory Coast Government International Bond 434,700 5.75% 31/12/2032 401,930 0.24%
764,994 0.45%
Jamaica 0.32% (30 June 2017: 0.34%)
Jamaica Government International Bond 300,000 8.00% 15/3/2039 338,310 0.20%
Jamaica Government International Bond 200,000 6.75% 28/4/2028 214,240 0.12%
552,550 0.32%
Jordan 0.25% (30 June 2017: 0.14%)
Jordan Government International Bond 250,000 7.38% 10/10/2047 229,109 0.14%
Jordan Government International Bond 200,000 6.13% 29/1/2026 193,367 0.11%
422,476 0.25%
Kazakhstan 1.17% (30 June 2017: 1.41%)
Kazakhstan Government International Bond 600,000 5.13% 21/7/2025 632,230 0.37%
Kazakhstan Temir Zholy Finance BV 300,000 6.95% 10/7/2042 324,479 0.19%
Kazakhstan Government International Bond 200,000 6.50% 21/7/2045 235,712 0.14%
KazMunayGas National Co. JSC 200,000 6.38% 24/10/2048 203,520 0.12%
Development Bank of Kazakhstan JSC 200,000 4.13% 10/12/2022 195,435 0.11%
1,987,192 1.17%
Kenya 0.36% (30 June 2017: 0.21%)
Kenya Government International Bond 230,000 6.88% 24/6/2024 226,734 0.14%
604,948 0.36%
Kuwait 0.72% (30 June 2017: 0.72%)
Kuwait International Government Bond 525,000 2.75% 20/3/2022 511,253 0.30%
Kuwait International Government Bond 500,000 3.50% 20/3/2027 486,486 0.29%
Equate Petrochemical BV 230,000 4.25% 3/11/2026 222,953 0.13%
1,220,692 0.72%
Lebanon 1.39% (30 June 2017: 1.82%)
Lebanon Government International Bond 510,000 8.25% 12/4/2021 487,585 0.29%
2,375,488 1.39%
320

Malaysia 1.35% (30 June 2017: 1.55%)
Petroliam Nasional Bhd 450,000 7.63% 15/10/2026 556,538 0.33%
Malaysia Sukuk Global Bhd 450,000 3.18% 27/4/2026 426,287 0.25%
Petronas Capital Ltd. 300,000 5.25% 12/8/2019 306,807 0.18%
SSG Resources Ltd. 200,000 4.25% 4/10/2022 200,342 0.12%
Axiata SPV2 Bhd 200,000 4.36% 24/3/2026 198,499 0.12%
Danga Capital Bhd 200,000 3.04% 1/3/2021 195,469 0.11%
2,307,212 1.35%
Mexico 7.43% (30 June 2017: 7.40%)
Petroleos Mexicanos 1,000,000 6.75% 21/9/2047 941,650 0.55%
Petroleos Mexicanos 825,000 6.50% 13/3/2027 846,038 0.50%
Mexico Government International Bond 670,000 3.63% 15/3/2022 667,269 0.39%
Mexico City Airport Trust 300,000 5.50% 31/7/2047 265,800 0.16%
Comision Federal de Electricidad 255,000 4.88% 15/1/2024 256,621 0.15%
Banco Nacional de Comercio Exterior SNC 200,000 4.38% 14/10/2025 194,549 0.11%
Mexico City Airport Trust 200,000 5.50% 31/10/2046 176,320 0.10%
12,654,162 7.43%
Mongolia 0.16% (30 June 2017: 0.18%)
Mongolia Government International Bond 250,000 8.75% 9/3/2024 267,513 0.16%
267,513 0.16%
Morocco 0.39% (30 June 2017: 0.44%)
Morocco Government International Bond 400,000 4.25% 11/12/2022 398,539 0.23%
OCP SA 285,000 4.50% 22/10/2025 271,291 0.16%
669,830 0.39%
Namibia 0.12% (30 June 2017: 0.00%)
Namibia International Bonds 200,000 5.50% 3/11/2021 201,065 0.12%
201,065 0.12%
321

Nigeria 0.46% (30 June 2017: 0.23%)
Nigeria Government International Bond 325,000 7.70% 23/2/2038 306,198 0.18%
785,165 0.46%
Oman 1.25% (30 June 2017: 0.89%)
Oman Government International Bond 550,000 6.75% 17/1/2048 498,137 0.30%
Oman Sovereign Sukuk SAOC 200,000 4.40% 1/6/2024 187,758 0.11%
Lamar Funding Ltd. 200,000 3.96% 7/5/2025 175,309 0.10%
2,126,913 1.25%
Pakistan 0.32% (30 June 2017: 0.32%)
Pakistan Government International Bond 200,000 8.25% 15/4/2024 193,003 0.11%
Third Pakistan International Sukuk Co., Ltd. 200,000 5.50% 13/10/2021 185,764 0.11%
Pakistan Government International Bond 200,000 6.88% 5/12/2027 173,716 0.10%
552,483 0.32%
Panama 1.15% (30 June 2017: 1.06%)
Panama Government International Bond 400,000 3.75% 16/3/2025 395,448 0.23%
Aeropuerto Internacional de Tocumen SA 200,000 5.63% 18/5/2036 210,000 0.12%
1,963,664 1.15%
Paraguay 0.28% (30 June 2017: 0.28%)
Paraguay Government International Bond 280,000 5.00% 15/4/2026 282,345 0.17%
Paraguay Government International Bond 200,000 5.60% 13/3/2048 195,733 0.11%
478,078 0.28%
Peru 1.14% (30 June 2017: 1.16%)
Peruvian Government International Bond 310,000 8.75% 21/11/2033 454,764 0.27%
Petroleos del Peru SA 300,000 4.75% 19/6/2032 287,100 0.17%
Fondo MIVIVIENDA SA 150,000 3.50% 31/1/2023 144,602 0.09%
Corp. Financiera de Desarrollo SA 125,000 4.75% 8/2/2022 126,529 0.07%
Corp. Financiera de Desarrollo SA 50,000 4.75% 15/7/2025 49,948 0.03%
1,942,777 1.14%
Philippines 1.79% (30 June 2017: 2.17%)
Philippine Government International Bond 500,000 5.50% 30/3/2026 550,286 0.32%
Power Sector Assets & Liabilities Management Corp. 150,000 7.39% 2/12/2024 177,336 0.11%
3,055,610 1.79%
Poland 0.91% (30 June 2017: 1.06%)
Republic of Poland Government International Bond 575,000 5.00% 23/3/2022 606,198 0.36%
322

1,544,958 0.91%
Qatar 3.05% (30 June 2017: 2.52%)
Qatar Government International Bond 575,000 5.10% 23/4/2048 572,928 0.34%
QNB Finance Ltd. 400,000 3.66% 31/5/2021 401,932 0.24%
SoQ Sukuk A QSC 400,000 3.24% 18/1/2023 390,700 0.23%
Ras Laffan Liquefied Natural Gas Co., Ltd. III 350,000 6.75% 30/9/2019 363,840 0.21%
Qatari Diar Finance Co. 240,000 5.00% 21/7/2020 246,062 0.14%
QNB Finance Ltd. 200,000 2.88% 29/4/2020 197,098 0.12%
Nakilat, Inc. 100,000 6.07% 31/12/2033 109,152 0.06%
5,189,421 3.05%
Romania 0.43% (30 June 2017: 0.48%)
Romanian Government International Bond 350,000 6.75% 7/2/2022 381,262 0.22%
740,306 0.43%
Russia 4.47% (30 June 2017: 5.83%)
Russian Foreign Bond-Eurobond 800,000 4.50% 4/4/2022 813,801 0.48%
VTB Bank OJSC Via VTB Capital SA 400,000 6.95% 17/10/2022 408,644 0.24%
Sberbank of Russia Via SB Capital SA 340,000 5.72% 16/6/2021 350,883 0.21%
Sberbank of Russia Via SB Capital SA 340,000 5.13% 29/10/2022 337,282 0.20%
Vnesheconombank Via VEB Finance plc 275,000 6.80% 22/11/2025 290,873 0.17%
Russian Railways Via RZD Capital plc 250,000 5.70% 5/4/2022 259,268 0.15%
Gazprom OAO Via Gaz Capital SA 225,000 6.51% 7/3/2022 238,425 0.14%
GTLK Europe DAC 200,000 5.95% 19/7/2021 200,271 0.12%
Gazprom Neft OAO Via GPN Capital SA 200,000 4.38% 19/9/2022 195,232 0.11%
Rosneft Oil Co. Via Rosneft International Finance DAC 200,000 4.20% 6/3/2022 194,540 0.11%
Vnesheconombank Via VEB Finance plc 150,000 6.90% 9/7/2020 155,547 0.09%
Gazprom Neft OAO Via GPN Capital SA 140,000 6.00% 27/11/2023 145,671 0.09%
7,609,624 4.47%
Saudi Arabia 3.54% (30 June 2017: 2.05%)
Saudi Government International Bond 915,000 2.38% 26/10/2021 878,243 0.51%
KSA Sukuk Ltd. 800,000 2.89% 20/4/2022 777,379 0.45%
323

KSA Sukuk Ltd. 400,000 3.63% 20/4/2027 385,746 0.23%
6,039,286 3.54%
Senegal 0.10% (30 June 2017: 0.00%)
Senegal Government International Bond 200,000 6.75% 13/3/2048 171,012 0.10%
171,012 0.10%
Serbia 0.26% (30 June 2017: 0.37%)
Serbia International Bond 405,000 7.25% 28/9/2021 441,912 0.26%
441,912 0.26%
Republic of South Africa Government International Bond 500,000 5.88% 16/9/2025 512,489 0.30%
Eskom Holdings SOC Ltd. 300,000 7.13% 11/2/2025 286,767 0.17%
Transnet SOC Ltd. 200,000 4.00% 26/7/2022 189,950 0.11%
2,380,398 1.40%
South Korea 3.09% (30 June 2017: 3.72%)
Export-Import Bank of Korea 570,000 5.13% 29/6/2020 589,294 0.35%
Korea National Oil Corp. 400,000 4.00% 23/1/2024 401,506 0.24%
Korea Development Bank 350,000 2.88% 12/3/2021 349,665 0.21%
Korea Gas Corp. 200,000 6.25% 20/1/2042 266,907 0.16%
Korea Hydro & Nuclear Power Co., Ltd. 200,000 4.75% 13/7/2021 206,530 0.12%
Korea Gas Corp. 200,000 3.50% 21/7/2025 194,199 0.11%
Korea National Oil Corp. 200,000 2.88% 27/3/2022 193,790 0.11%
Korea East-West Power Co., Ltd. 200,000 2.63% 19/6/2022 191,719 0.11%
NongHyup Bank 200,000 1.88% 12/9/2021 188,813 0.11%
Korea International Bond 200,000 2.75% 19/1/2027 188,216 0.11%
Korea International Bond 100,000 4.13% 10/6/2044 106,040 0.06%
5,256,481 3.09%
Sri Lanka 0.76% (30 June 2017: 0.76%)
Sri Lanka Government International Bond 400,000 5.75% 18/4/2023 383,324 0.22%
1,296,585 0.76%
Supranational 0.26% (30 June 2017: 0.00%)
Africa Finance Corp. 250,000 4.38% 29/4/2020 250,319 0.15%
African Export-Import Bank 200,000 4.13% 20/6/2024 189,966 0.11%
440,285 0.26%
324

Thailand 0.12% (30 June 2017: 0.20%)
Krung Thai Bank PCL 200,000 5.20% 26/12/2024 202,811 0.12%
202,811 0.12%
Trinidad & Tobago 0.25% (30 June 2017: 0.26%)
Trinidad Generation Unlimited 200,000 5.25% 4/11/2027 195,393 0.11%
Trinidad & Tobago Government International Bond 140,000 4.50% 4/8/2026 134,738 0.08%
Petroleum Co. of Trinidad & Tobago Ltd. 100,000 9.75% 14/8/2019 102,800 0.06%
432,931 0.25%
Tunisia 0.12% (30 June 2017: 0.13%)
Banque Centrale de Tunisie International Bond 235,000 5.75% 30/1/2025 206,931 0.12%
206,931 0.12%
Turkey 4.05% (30 June 2017: 4.52%)
Turkey Government International Bond 710,000 4.88% 16/4/2043 528,904 0.31%
Turkiye Vakiflar Bankasi TAO 370,000 5.50% 27/10/2021 341,716 0.20%
Hazine Mustesarligi Varlik Kiralama A.S. 340,000 4.25% 8/6/2021 326,644 0.19%
Turkiye Halk Bankasi A.S. 300,000 3.88% 5/2/2020 264,514 0.16%
TC Ziraat Bankasi A.S. 200,000 4.75% 29/4/2021 186,909 0.11%
Export Credit Bank of Turkey 200,000 6.13% 3/5/2024 184,853 0.11%
Turkiye Vakiflar Bankasi TAO 200,000 5.75% 30/1/2023 179,300 0.11%
6,893,289 4.05%
Ukraine 1.15% (30 June 2017: 1.14%)
Ukraine Government International Bond 400,000 7.38% 25/9/2032 342,679 0.20%
State Savings Bank of Ukraine Via SSB #1 plc 285,000 9.38% 10/3/2023 286,122 0.17%
Ukreximbank Via Biz Finance plc 150,000 9.63% 27/4/2022 150,501 0.09%
1,963,363 1.15%
United Arab Emirates 4.02% (30 June 2017: 2.95%)
Abu Dhabi Government International Bond 650,000 4.13% 11/10/2047 594,893 0.35%
Dubai DOF Sukuk Ltd. 340,000 3.88% 30/1/2023 338,948 0.20%
MDC-GMTN BV 350,000 3.00% 19/4/2024 330,775 0.19%
DP World Ltd. 230,000 6.85% 2/7/2037 264,098 0.15%
IPIC GMTN Ltd. 250,000 5.00% 15/11/2020 258,718 0.15%
ICD Sukuk Co., Ltd. 250,000 5.00% 1/2/2027 248,604 0.14%
Abu Dhabi National Energy Co. PJSC 200,000 6.50% 27/10/2036 231,250 0.13%
Dubai Electricity & Water Authority 200,000 7.38% 21/10/2020 216,463 0.13%
Dolphin Energy Ltd. LLC 200,000 5.50% 15/12/2021 210,739 0.12%
First Abu Dhabi Bank PJSC 200,000 3.00% 13/8/2019 199,788 0.12%
Emirates NBD PJSC 200,000 3.25% 19/11/2019 199,324 0.12%
NOVA Chemicals Corp. 200,000 5.25% 1/8/2023 199,250 0.12%
325

DP World Ltd. 200,000 3.25% 18/5/2020 198,219 0.12%
Sharjah Sukuk Ltd. 200,000 3.76% 17/9/2024 196,739 0.11%
Oztel Holdings SPC Ltd. 200,000 5.63% 24/10/2023 195,980 0.11%
RAK Capital 200,000 3.09% 31/3/2025 186,504 0.11%
Abu Dhabi Crude Oil Pipeline LLC 200,000 3.65% 2/11/2029 184,830 0.11%
Abu Dhabi Crude Oil Pipeline LLC 200,000 4.60% 2/11/2047 183,059 0.11%
DAE Funding LLC 150,000 4.00% 1/8/2020 148,152 0.09%
First Abu Dhabi Bank PJSC 140,000 2.25% 11/2/2020 137,168 0.08%
DAE Funding LLC 100,000 4.50% 1/8/2022 96,536 0.06%
DAE Funding LLC 100,000 5.00% 1/8/2024 95,750 0.06%
6,855,677 4.02%
United States Treasury Note 210,000 2.50% 30/6/2020 209,852 0.12%
209,852 0.12%
Uruguay 0.84% (30 June 2017: 0.87%)
Uruguay Government International Bond 500,000 5.10% 18/6/2050 491,900 0.29%
1,430,209 0.84%
Venezuela 0.77% (30 June 2017: 2.04%)
Citgo Holding, Inc. 230,000 10.75% 15/2/2020 244,349 0.14%
Venezuela Government International Bond 545,000 11.95% 5/8/2031 154,617 0.09%
CITGO Petroleum Corp. 100,000 6.25% 15/8/2022 99,530 0.06%
1,311,423 0.77%
Vietnam 0.12% (30 June 2017: 0.18%)
Vietnam Government International Bond 200,000 4.80% 19/11/2024 198,402 0.12%
198,402 0.12%
Zambia 0.20% (30 June 2017: 0.30%)
Zambia Government International Bond 280,000 8.50% 14/4/2024 248,323 0.15%
Zambia Government International Bond 100,000 8.97% 30/7/2027 88,390 0.05%
336,713 0.20%
Total Bonds 167,463,449 98.28%

Unrealised
Financial Derivative Instruments (0.00%) (30 June 2017: 0.00%)
Futures (0.00%) (30 June 2017: 0.00%)
US 5-Year Note 28 September 2018 (9) (1,024,778) 2,224 0.00%
US Ultra Bond 19 September 2018 1 157,750 1,812 0.00%
US 10-Year Ultra Futures 19 September 2018 4 511,969 969 0.00%
US 2-Year Note 28 September 2018 1 211,938 (109) (0.00%)
US Long Bond 19 September 2018 (1) (143,500) (1,500) (0.00%)
US 10-Year Note 19 September 2018 (7) (835,469) (5,844) (0.00%)
(2,448) (0.00%)
326
Fair Value % of Total

US Dollars ($) Net Assets

% of Total
Total Net Assets 170,389,870 100.00%

1 Denotes securities held in full or part thereof as collateral.
327


Purchases Sales
Argentina Bonar Bonds 8.75% 7/5/2024 2,075,000 2,365,574 Argentine Republic Government International
Russian Foreign Bond-Eurobond 5.25% Bond 7.50% 22/4/2026 1,750,000 1,911,838
23/6/2047 2,200,000 2,200,970 Argentine Republic Government International
Argentine Republic Government International Bond 6.88% 22/4/2021 1,750,000 1,871,863
Bond 5.63% 26/1/2022 1,400,000 1,414,887 Russian Foreign Bond-Eurobond 5.25%
CNAC HK Finbridge Co., Ltd. 3.50% 19/7/2022 1,100,000 1,088,892 23/6/2047 1,800,000 1,793,640
Abu Dhabi Government International Bond Petroleos Mexicanos 5.63% 23/1/2046 1,450,000 1,291,352
2.50% 11/10/2022 1,000,000 994,800 Export-Import Bank of Korea 1.75% 26/5/2019 1,300,000 1,289,771
Argentine Republic Government International Turkey Government International Bond 7.00%
Bond 6.88% 22/4/2021 900,000 979,428 5/6/2020 1,170,000 1,271,270
United States Treasury Note 2.50% 31/5/2020 960,000 962,156 Korea Development Bank 3.00% 17/3/2019 1,155,000 1,164,177
Russian Foreign Bond-Eurobond 4.50% Republic of South Africa Government
4/4/2022 800,000 824,220 International Bond 5.88% 16/9/2025 1,000,000 1,081,360
Qatar Government International Bond 5.10% Russian Foreign Bond-Eurobond 4.88%
23/4/2048 775,000 771,390 16/9/2023 1,000,000 1,068,750
Saudi Government International Bond 3.63% Russian Foreign Bond-Eurobond 3.50%
4/3/2028 800,000 761,794 16/1/2019 1,000,000 1,011,684
Argentine Republic Government International Mexico Government International Bond
Bond 6.88% 26/1/2027 725,000 750,675 4.00% 2/10/2023 980,000 1,004,898
Philippine Government International Bond Indonesia Government International Bond
3.70% 2/2/2042 750,000 735,199 11.63% 4/3/2019 885,000 991,743
Turkey Government International Bond 5.75% Russian Foreign Bond-Eurobond 7.50%
11/5/2047 700,000 705,735 31/3/2030 863,500 988,246
Petroleos Mexicanos 6.75% 21/9/2047 700,000 703,857 United States Treasury Note 2.50% 31/5/2020 960,000 961,613
Ecuador Government International Bond 7.88% Argentine Republic Government International
23/1/2028 700,000 663,250 Bond 6.25% 22/4/2019 900,000 936,782
Petrobras Global Finance BV 7.25% 17/3/2044 640,000 639,585 Perusahaan Penerbit SBSN Indonesia III
Argentine Republic Government International 3.30% 21/11/2022 910,000 911,145
Bond 7.50% 22/4/2026 600,000 633,432 Argentine Republic Government International
Argentine Republic Government International Bond 7.13% 6/7/2036 900,000 903,268
Bond 5.88% 11/1/2028 650,000 627,365 China Development Bank 2.50% 9/10/2020 900,000 895,316
United States Treasury Bond 2.75% 15/11/2047 640,000 601,741 Egypt Government International Bond 5.88%
Sinopec Group Overseas Development 2015 11/6/2025 900,000 889,522
Ltd. 2.50% 28/4/2020 600,000 599,032 Mexico Government International Bond 3.63%
15/3/2022 840,000 870,340
328

2018 2017
Current Assets
Cash 4,356,202 852,530
Receivables:
Investments Sold or Matured 8,557,384 5,375,851
Cash Collateral — 28,150
Current Liabilities
Financial Derivative Instruments 7,453 23
Futures Margin Cash Due to Broker — 5,439

Year Ended Period Ended
30 June 2018 30 June 20171
Total Investment Income/(Loss) (1,792,597) 9,225,226
Expenses
Transaction Fees and Commissions 499 954
Finance Costs
Net Investment Income/(Loss) After Finance Costs (8,740,514) 4,910,098
Foreign Withholding Tax — (14,350)

1 The fund was launched on 6 December 2016.

329


Year Ended Period Ended
30 June 2018 30 June 20171
Subscriptions 73,831,264 216,038,681
Redemptions (100,180,269) (15,455,040)
Total Capital Transactions2 (26,349,005) 200,583,641
Total Increase/(Decrease) for the Year/Period (35,089,519) 205,479,389
Beginning of Year/Period 205,479,389 —
End of Year/Period 170,389,870 205,479,389
1 The fund was launched on 6 December 2016.

330
Vanguard USD Treasury Bond UCITS ETF

As at 30 June 2018

Vanguard USD Treasury Bond UCITS ETF seeks to track the performance Aaa 100.0%
of the Bloomberg Barclays Global Aggregate U.S. Treasury Float Adjusted
Index, a widely recognised benchmark designed to reflect the total universe
of publicly traded, fixed-coupon, US dollar-denominated US Treasury
securities with maturities greater than 1 year and a minimum issue size Distribution by Effective Maturity1 (% of portfolio)
of $300 million.
Under 5 Years 57.6%
5–10 Years 25.4
Fund Index 2 Over 10 Years 17.0

Average Quality1 Aaa Aaa

Treasury 100.0%
2 Bloomberg Barclays Global Aggregate U.S. Treasury Float Adjusted Index
3 Before expenses.
331

• For the 12 months ended 30 June 2018, Vanguard USD Treasury Bond UCITS ETF returned –0.76%, compared with the –0.65% return of its benchmark index.1
• The outlook for the US economy remained robust, with unemployment falling to a multiyear low. Inflation expectations stayed in check despite a number of
market-rattling developments, particularly trade tensions over US-imposed tariffs.
• Bond yields overall finished the period higher than a year earlier. The US Federal Reserve raised interest rates three times, to 1.75%–2%, and signalled that
two more rate increases were likely in 2018.
• US Treasuries with shorter maturities tended to hold up better than those on the longer end of the curve.

Benchmark: Bloomberg Barclays Global Aggregate U.S. Treasury Float Adjusted Index

$105,000
98,872
90,000
2016 2017 2018

ETF Net Asset Value -0.76% -0.48% $98,872
Benchmark -0.65 -0.37 99,134
2016 2017 2018
2.13 2.15
–0.76 –0.65
–2.45 –2.32
ETF Net Asset Value

Benchmark
2 24 February 2016.
332
30 June 2018

Bonds 99.02% (30 June 2017: 98.79%)
Government Bonds 99.02% (30 June 2017: 98.79%)
United States Treasury Bond 415,000 3.63% 15/2/2044 462,336 0.62%
333

334

335

73,784,263 99.02%
Total Bonds 73,784,263 99.02%

336
% of Total
337


Purchases Sales
United States Treasury Bond 3.75% 15/11/2043 435,000 490,012 United States Treasury Note 1.63% 15/3/2020 250,000 246,902
United States Treasury Bond 2.88% 15/11/2046 155,000 153,450
338

2018 2017
Current Assets
Cash 59,249 81,778
Receivables:
Investments Sold or Matured 1,070,910 145,397
Other Receivables — 735
Current Liabilities
Total Current Liabilities 842,378 2,564,199

30 June 2018 30 June 2017
Miscellaneous Income — 13
Net Gain/(Loss) on Financial Instruments (553,789) (223,478)
Total Investment Income/(Loss) 166,040 (118,267)
Expenses
Finance Costs
Net Investment Income/(Loss) After Finance Costs (491,379) (223,164)
Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (491,379) (223,164)
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30 June 2018 30 June 2017
Redeemable Participating Shares From Operations (491,379) (223,164)
Subscriptions 60,218,546 9,782,968
End of Year 74,516,135 14,788,968
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Notes to the Financial Statements
1. General Information. Vanguard Funds plc (the “Company”), an open-ended investment company with variable capital, was incorporated
in Ireland as a public limited company on 24 May 2011 under company number 499158. The Company is authorised by the Central Bank of
Ireland (the “Central Bank”) as an undertaking for collective investment in transferable securities pursuant to the European Communities
(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”).
2. Presentation of Financial Statements. The Company is organised in the form of an umbrella fund and during the year ended 30 June
2018 had 24 constituent funds (each a “Fund”, collectively the “Funds”):
Commenced Operations
Vanguard Euro STOXX 50 UCITS ETF 24 October 2017
Vanguard FTSE 100 UCITS ETF 22 May 2012
Vanguard FTSE 250 UCITS ETF 30 September 2014
Vanguard FTSE All-World UCITS ETF 22 May 2012
Vanguard FTSE All-World High Dividend Yield UCITS ETF 21 May 2013
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 21 May 2013
Vanguard FTSE Developed Europe UCITS ETF 21 May 2013
Vanguard FTSE Developed Europe ex UK UCITS ETF 30 September 2014
Vanguard FTSE Developed World UCITS ETF 30 September 2014
Vanguard FTSE Emerging Markets UCITS ETF 22 May 2012
Vanguard FTSE Japan UCITS ETF 21 May 2013
Vanguard FTSE North America UCITS ETF 30 September 2014
Vanguard Global Liquidity Factor UCITS ETF 9 December 2015
Vanguard Global Minimum Volatility UCITS ETF 9 December 2015
Vanguard Global Momentum Factor UCITS ETF 9 December 2015
Vanguard Global Value Factor UCITS ETF 9 December 2015
Vanguard S&P 500 UCITS ETF 22 May 2012
Vanguard EUR Corporate Bond UCITS ETF 24 February 2016
Vanguard EUR Eurozone Government Bond UCITS ETF 24 February 2016
Vanguard U.K. Gilt UCITS ETF 22 May 2012
Vanguard USD Corporate 1–3 Year Bond UCITS ETF 22 May 2018
Vanguard USD Corporate Bond UCITS ETF 24 February 2016
Vanguard USD Emerging Markets Government Bond UCITS ETF 6 December 2016
Vanguard USD Treasury Bond UCITS ETF 24 February 2016
The following Funds received Central Bank approval as follows:

Central Bank Approval
Vanguard DAX UCITS ETF 4 May 2018
Vanguard EUR Corporate 1–3 Year Bond UCITS ETF 18 January 2018
Vanguard GBP Corporate Bond UCITS ETF 22 December 2015
To date, the Funds set out immediately above have not commenced trading.
The Company issues shares as “ETF Shares”, being shares that are intended to be actively traded on a secondary market.
3. Significant Accounting Policies. The financial statements are prepared in accordance with accounting standards generally accepted in
Ireland, including Financial Reporting Standard 102 (“FRS 102”), Irish statute comprising the Companies Act 2014, as amended, the UCITS
Regulations, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable
Securities) Regulations 2015 (the “CBI UCITS Regulations”) and the Listing Rules of the Irish Stock Exchange. Accounting standards generally
accepted in Ireland in preparing financial statements which present a true and fair view are those published by the Institute of Chartered
Accountants in Ireland and issued by the Financial Reporting Council (the “FRC”).
The format and certain wording of the financial statements have been adapted from those contained in the Companies Act 2014, as amended,
to a format and wording that, in the opinion of the Board of Directors of the Company (the “Directors”), more appropriately reflect the Company’s
business as an investment fund. The profit and loss account is referred to as the Statement of Operations, and the balance sheet is referred
to as the Statement of Assets and Liabilities. Total recognised gains and losses are reported in the Statement of Operations.
The Company has availed of the exemption contained in FRS 102, Section 7.1A, Cash Flow Statements, and has presented a Statement
of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares in place of a cash flow statement. In the opinion of
the Directors, this information also satisfies the requirement of FRS 102, Section 10.4, Reporting Financial Performance, in relation to a
reconciliation of movements in net assets.
The information required by FRS 102 to be included in a statement of comprehensive income is contained in the Statement of Operations of
each Fund and the Company.
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The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial
liabilities at fair value through profit or loss. The valuation point is the close of business on each Dealing Day of the relevant market based
on where each security is traded. The financial statements of the Company are based on the year-end valuations of the Funds prepared on
29 June 2018, which was the last business day of the financial year.
(a) Valuation of Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss. Under FRS 102, in accounting for all of its
financial instruments, an entity is required to apply either (a) the full requirements of Section 11, Basic Financial Instruments, and Section 12,
Other Financial Instruments Issues, of FRS 102, (b) the recognition and measurement provisions of International Accounting Standards 39,
Financial Instruments: Recognition and Measurement (“IAS 39”), as adopted for use in the European Union and the disclosure requirements
of Sections 11 and 12, or (c) the recognition and measurement provisions of International Financial Reporting Standards (“IFRS”) 9, Financial
Instruments (“IFRS 9”), and the disclosure requirements of Sections 11 and 12. The Company has elected to apply the recognition and
measurement provisions of IAS 39 and the disclosure requirements of Sections 11 and 12.
In accordance with IAS 39, the Company has designated its investments as financial assets or financial liabilities at fair value through profit
or loss. These financial assets and financial liabilities are classified as held for trading or designated by the Directors at fair value through
profit or loss at inception. All the derivatives investments are held for trading purposes. Investments are initially recognised at the fair value
of the consideration given, with transaction costs for such instruments being recognised directly in the Statement of Operations on a trade-
date basis. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Company has
transferred substantially all risks and rewards of ownership.
In accordance with the Company’s prospectus (the “Prospectus”) and IAS 39, investments are valued at the last traded price on the relevant
regulated market at the valuation point for the purpose of calculating the net asset value for subscriptions and redemptions and for various
fee calculations.
The value of investments quoted, listed or normally dealt in or under the rules of a recognised market is calculated by reference to the last
available traded price on such recognised market as at the valuation point. If an investment is quoted in more than one stock exchange or
market, the Directors or their delegate adopt the price or, as the case may be, last traded price quotation on the recognised market, which,
in their opinion, provides the principal market for such investments.
The value of any investment that is not normally quoted, listed or traded on or under the rules of a regulated market is valued at its probable
realisation value estimated with care and in good faith by the Directors in consultation with Vanguard Global Advisers, LLC (with effect from
15 January 2018, the “Investment Manager”; The Vanguard Group, Inc., served as Investment Manager through 14 January 2018), and
Brown Brothers Harriman Fund Administration Services (Ireland) Limited (the “Administrator”) or by a competent person, firm or corporation
appointed for such purpose
by the Directors in consultation with the Investment Manager and approved for such purpose by Brown Brothers Harriman Trustee Services
(Ireland) Limited (the “Depositary”). Securities priced in this manner can be found in the tables in the section on Fair Value Hierarchy Disclosures.
Subsequent changes in the fair value of financial instruments held at fair value through profit or loss are recognised in the Statement of
Operations.
Equity Funds. Each security is valued at the latest available last traded value at year-end. Securities traded on a recognised market will
be valued on the basis of valuations provided by a principal market maker or a pricing service. When applicable, unlisted and suspended
securities are based on the Investment Manager’s assessment of their net realisable value or the last traded price from broker-dealers for
non-exchange-trade purposes.
Bond Funds. Debt securities traded on a recognised market will be valued on the basis of valuations provided by a principal market maker
or a pricing service, both of which will generally utilise electronic data-processing techniques to determine valuations for normal institutional
trading units of debt securities without exclusive reliance upon quoted prices.
Forward Contracts. A forward foreign currency exchange contract (“Forward Contract”) is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. Forward Contracts are valued at the closing prices of the forward currency contract rates
in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. The Funds will realise a gain or loss upon
the closing or settlement of the Forward Contracts.
Collateral outstanding for Forward Contracts are noted in the Statement of Investments where applicable. Unrealised appreciation or
depreciation on Forward Contracts is reported in the Statement of Assets and Liabilities.
Realised gains and losses are reported with all other foreign currency gains and losses in the Company and the Funds’ Statement of Operations.
Risks relating to Forward Contracts include the potential inability of the counterparty to meet the terms of the contract and unanticipated
movements in the value of a foreign currency relative to the Functional Currency of each Fund entering Forward Contracts.
Futures Contracts. The Funds may use index futures contracts to a limited extent, to maintain full exposure to the index, maintain liquidity
and minimise transaction costs. The Funds 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.
Upon entering into a futures contract, the Funds are required to deposit either cash or securities (initial margin) in an amount equal to a certain
percentage of the contract value with a clearinghouse. Subsequent payments (variation margin) are made or received by the Funds each day.
The variation margin payments or receipts are equal to the daily changes in the contract value and are recorded in Net Gain/(Loss) on
Financial Instruments in the Statement of Operations. The Funds recognise a gain or loss in the Statement of Operations when the contract
is closed/expires.
342
Functional and Presentation Currency. Items included in the Company’s financial statements are measured using the currency of the
primary economic environment in which it operates (“the Functional Currency”).
The Functional Currency of the Funds is shown in the following table:
Foreign Exchange Translation Currency Foreign Exchange Translation Currency

Vanguard Euro STOXX 50 UCITS ETF EUR Vanguard Global Liquidity Factor UCITS ETF USD
Vanguard FTSE 100 UCITS ETF GBP Vanguard Global Minimum Volatility UCITS ETF USD
Vanguard FTSE 250 UCITS ETF GBP Vanguard Global Momentum Factor UCITS ETF USD
Vanguard FTSE All-World UCITS ETF USD Vanguard Global Value Factor UCITS ETF USD
Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Vanguard S&P 500 UCITS ETF USD
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF USD Vanguard EUR Corporate Bond UCITS ETF EUR
Vanguard FTSE Developed Europe UCITS ETF EUR Vanguard EUR Eurozone Government Bond UCITS ETF EUR
Vanguard FTSE Developed Europe ex UK UCITS ETF EUR Vanguard U.K. Gilt UCITS ETF GBP
Vanguard FTSE Developed World UCITS ETF USD Vanguard USD Corporate 1–3 Year Bond UCITS ETF USD
Vanguard FTSE Emerging Markets UCITS ETF USD Vanguard USD Corporate Bond UCITS ETF USD
Vanguard FTSE Japan UCITS ETF USD Vanguard USD Emerging Markets Government Bond UCITS ETF USD
Vanguard FTSE North America UCITS ETF USD Vanguard USD Treasury Bond UCITS ETF USD
For aggregation purposes, all assets and liabilities, for all funds, are translated into US dollars, being the presentation currency of the
Company, at the year-end exchange rate. All income and expenses are translated into US dollars at the average rate for the year for Funds
with a full year’s operations. For Funds launched during the year, these are translated at the average rate for the period from launch to period
end.
(b) Cash and Bank Overdrafts. Cash and bank overdrafts will be valued at their face value with interest accrued, where applicable, to the
valuation point on the relevant dealing day, unless in the opinion of the Directors (in consultation with the Vanguard Group (Ireland) Limited
(the “Manager”), the Investment Manager and the Depositary), any adjustment should be made to reflect the true value thereof. Cash is
shown as current assets, and bank overdrafts are shown as current liabilities in the Statement of Assets and Liabilities.
In respect to share issuances or redemptions, the Company operates an umbrella cash account. Monies received or proceeds due will
be held and transmitted through this account and are included in Cash and Bank Overdrafts. Vanguard EUR Eurozone Government Bond
UCITS ETF held such balances as at 30 June 2018.
(c) Interest Income. Interest income is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the
Statement of Operations, and net of any tax credits. Bank deposit interest and other interest income are accounted for on an accruals basis.
Interest income is recognised in the Statement of Operations for all debt instruments using the effective interest method. The effective
interest method is a method of calculating the amortised cost of a financial instrument and of allocating the interest income or interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash payments or receipts throughout
the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial instrument.
When calculating the effective interest rate, the Fund estimates cash flows considering all contractual terms of the financial instruments
but does not consider future credit losses.
The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest
rate, transaction costs and all other premiums or discounts. Once a financial asset or a group of similar financial assets has been written
down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for
the purpose of measuring the impairment loss.
(d) Dividend Income. Dividends on equities are included in the Statement of Operations on an “ex-date” basis. Non-recoverable withholding
tax on dividend income is reported in the Statement of Operations. Dividend income is reported gross of non-recoverable withholding tax.
(e) Realised and Unrealised Gains and Losses on Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss.
All realised and unrealised gains and losses, including foreign exchange gains or losses through Net Gain/(Loss) on Financial Instruments,
are shown in the Statement of Operations.
(f) Transaction Costs. Transaction costs are the costs incurred in the acquisition, issue or disposal of financial assets and liabilities. Transaction
costs include fees and commissions paid to brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes
and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These
costs are accounted for as they are incurred and are recognised as an expense for financial reporting purposes in the Statement of
Operations.
(g) Expenses. Expenses are recognised in the Statement of Operations on an accruals basis.
(h) Interest Expense. Interest expense is recognized on bank overdrafts, cash balances and debt instruments subject to a negative interest
rate. Interest expense is reported in the Statement of Operations.
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(i) Redeemable Participating Shares. Redeemable participating shares provide Shareholders with the right to redeem their shares for cash
equal to their proportionate share of the net asset value of the Fund and, accordingly, are classified as liabilities. The liability to Shareholders
is presented in the Statement of Assets and Liabilities as “Net Assets Attributable to Holders of Redeemable Participating Shares” and is
based on the residual assets of the Funds after deducting all other liabilities.
(j) Securities Lending. The Company may lend its securities to brokers, dealers and other financial organisations. Any gain or loss in the
market price of the securities loaned that might occur during the term of the loan would be for the account of the relevant Fund in the
Statement of Operations.
(k) Trade Date Reporting. Investment transactions for financial statement purposes as at 29 June 2018, being the last trading day of the
fiscal year ended 30 June 2018, are accounted for on the trade date. This is different from the basis used for the daily dealing net asset value,
which is accounted for using the trade date plus one business day.
(l) Offset Financial Assets and Liabilities. Financial assets and liabilities are offset and the net amount reported in the Statement of Assets
and Liabilities where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or
realise the assets and settle the liability simultaneously.
(m) Equalisation. In respect of income shares, the Company operates equalisation arrangements and makes equalisation payments in
respect of each such share to reflect the pro rata payment of dividends based on the period of time the share has been owned by an investor.
If a Shareholder acquires shares at a date when the Fund has accrued income which has not yet been declared as a dividend, the Directors
may credit to the equalisation account part of the subscription price representing the accrued income which would be attributable to those
shares, as the case may be.
When the dividend is paid, the Shareholder will receive the same amount of cash as the existing Shareholders, but the amount in respect of
income accrued before the investor acquired the shares will be paid not as a dividend but out of the equalisation account, as capital, comprising
the repayment of part of the subscription price. Equalisation is accounted for through the Statement of Operations as a finance cost.
4. Financial Risk Management.
Market Risk. The fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market
prices. This market risk comprises three elements: market price risk, currency risk and interest rate risk. The Investment Manager assesses
the exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the
investment portfolios on an ongoing basis and reports to the Directors on a quarterly basis.
Market Price Risk. Market price risk is the risk that the fair value or future cash flows of a financial instrument held by the Company will
fluctuate because of changes in market prices. The Funds’ assets consist principally of quoted transferable securities and money market
instruments, the values of which are determined by market prices. All security investments present a risk of loss of capital. The Investment
Manager moderates the price risk of individual equity or debt holdings through a careful selection of securities in a diversified portfolio of
equities or fixed income securities in accordance with the investment objectives of the Funds and within the specific limits as set out in the
Prospectus. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The
Investment Manager reviews the portfolio daily and monitors the individual companies in the portfolio closely.
The Directors manage the market price risks inherent in the investment portfolios by ensuring full and timely access to relevant information
from the Investment Manager. The Directors meet regularly and at each meeting review investment performance and overall market
positions. They monitor the Investment Manager’s compliance with each Fund’s investment objectives.
Foreign Currency Risk. Currency risk is the risk that the fair value or future cash flows of a financial instrument may fluctuate because of
changes in foreign exchange rates. Certain assets – such as investment securities, foreign exchange contracts and cash – liabilities and
income of each Fund are denominated in currencies other than the functional currency of the Fund. They are therefore exposed to currency
risk as the value of the securities denominated in other currencies will fluctuate because of changes in the exchange rates. Income
denominated in foreign currencies is managed alongside any other currency balances the Funds may have.
In accordance with Company policy, the Investment Manager monitors the Funds’ exposure to foreign currencies on a regular basis. The
Directors rely upon the Investment Manager to keep them informed of any material event.
The Investment Manager measures the risk, both absolute and relative to the benchmarks, to the Funds of the foreign currency exposure by
considering the effect on the Funds’ assets, liabilities and income of a movement in the rates of exchange to which the Funds are exposed.
The Funds’ exposure to foreign currency risk is detailed in the Statement of Investments.
Interest Rate Risk. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates.
The Funds’ exposure to interest rate risks as at 30 June 2018 is included in the Statement of Investments and Fund Profile.
The Company attempts to manage interest rate risk through its investment policies and investment restrictions as specified in the
Prospectus.
Please see the accompanying list under Credit Risk detailing funds that the Manager had deemed to have exposure to interest rate risk.
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Management of Market Risk (Including Market Price, Foreign Currency and Interest Rate Risks). The Investment Manager performs
daily reviews of portfolio attributes, such as sector diversification, maturity and credit quality, and makes adjustments where necessary to
ensure that the risk components of the Funds closely match those of the respective benchmarks. Please refer to the Fund Profile sections
of this report for presentation of these attributes. In addition, the Investment Manager and the Administrator perform daily checks of Fund
performance against respective benchmark indices for Funds that track their indices. Potential tracking errors are raised and discussed by the
Investment Manager and the Administrator for investigation and resolution. Market impact, currency discrepancies and interest rate exposure
are investigated as possible causes. The Investment Manager also oversees the investment style and holdings of those Funds which are
actively managed to ensure that the advisers adhere to the investment mandates. In addition, the Investment Manager performs daily
compliance checks of Fund currency exposure. Currency positions in a Fund’s account are reconciled daily with the portfolio manager, and
discrepancies are immediately resolved. Procedures are established with the Investment Manager to trade currency as closely as possible
to the close of the markets, so as to obtain exchange rates that closely approximate the rates used in the valuation of the Fund.
Market Risk Sensitivity Analysis. Market risk exposures to the Funds are measured using value at risk (VaR), which estimates the maximum
expected loss over a defined period given a specified confidence level. The VaR methodology is a statistically defined, probability-based
approach that takes into account estimates for market volatilities and correlations between assets in the portfolio. Risks can be measured
consistently across markets and products, and risk measures can be aggregated to arrive at a single risk number. For the purpose of this annual
report, a one-year historical (ex-post) absolute VaR calculation has been completed for each Fund as set out below. The calculation includes a
95% confidence interval with a 260-trading-day (one-year) VaR period, or since the Fund’s inception if it does not have 260 trading days of
performance history. That is, under normal market conditions and assuming no changes to Fund holdings, there is a 95% probability that the
value of Fund assets will not decrease by more than the calculated value over a one-year period.
30 June 2018 30 June 2017

Vanguard Euro STOXX 50 UCITS ETF1 15.13% —
Vanguard FTSE 100 UCITS ETF 17.48% 13.63%
Vanguard FTSE All-World UCITS ETF 13.63% 8.93%
Vanguard FTSE All-World High Dividend Yield UCITS ETF 12.33% 10.44%
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 19.81% 18.56%
Vanguard FTSE Developed Europe UCITS ETF 16.79% 14.64%
Vanguard FTSE Developed Europe Ex UK UCITS ETF 16.44% 14.61%
Vanguard FTSE Developed World UCITS ETF 13.48% 8.94%
Vanguard FTSE Emerging Markets UCITS ETF 20.51% 16.62%
Vanguard FTSE Japan UCITS ETF 16.14% 20.75%
Vanguard FTSE North America UCITS ETF 19.52% 10.85%
Vanguard Global Liquidity Factor UCITS ETF 13.27% 12.40%
Vanguard Global Minimum Volatility UCITS ETF 9.69% 9.44%
Vanguard Global Momentum Factor UCITS ETF 15.29% 10.28%
Vanguard Global Value Factor UCITS ETF 14.75% 13.02%
Vanguard S&P 500 UCITS ETF 20.17% 10.77%
Vanguard EUR Corporate Bond UCITS ETF 2.85% 3.65%
Vanguard EUR Eurozone Government Bond UCITS ETF 4.58% 7.38%
Vanguard U.K. Gilt UCITS ETF 10.51% 12.38%
Vanguard USD Corporate 1–3 Year Bond UCITS ETF2 0.27% —
Vanguard USD Corporate Bond UCITS ETF 5.48% 6.01%
Vanguard USD Emerging Markets Government Bond UCITS ETF 4.92% 4.02%
Vanguard USD Treasury Bond UCITS ETF3 4.69% 5.70%
1 The Fund was launched on 24 October 2017.
3 The Fund was launched on 6 December 2016.
Global exposure is measured using the commitment approach, which considers the full constituents of the portfolio. The Investment
Manager will observe the regulatory limit and any internal risk limits which may be appropriate for the portfolio.
The use of derivatives may expose the Funds to a higher degree of risk. In particular, derivative contracts can be highly volatile, and the
amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms of market
exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged
derivative positions can therefore increase Fund volatility. The leverage is calculated on a gross exposure basis, by taking the sum of the
notional values of the derivatives used by a Fund, without netting, and is expressed as a percentage of the net asset value. Certain Funds
may use index futures contracts to a limited extent, to maintain full exposure to the index, maintain liquidity and minimise transaction costs.
The Funds did not employ any significant leverage during the year.
345
Liquidity Risk. Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The
Company is exposed to daily cash redemptions of Redeemable Participating Shares so it is therefore exposed to the liquidity risk of meeting
Shareholder redemptions at any time.
The Company invests the majority of its assets in equities and other investments that are traded in an active market and can be readily
disposed of. The Funds’ listed securities are considered readily realisable as they are listed on a recognised stock exchange.
In accordance with Company policy, the Investment Manager monitors the Funds’ liquidity position on a daily basis and reports to the
Directors quarterly.
All of the Funds’ financial liabilities are repayable within three months.
Management of Liquidity Risk. The Investment Manager receives from the Administrator daily reports of capital share activity that enable
the Investment Manager to raise cash from the Fund’s Portfolio in order to meet redemption requests. In addition, the Investment Manager
monitors the market value of all financial derivatives daily, ensuring that such market-adjusted exposure achieves the respective intended
results. Forward contracts, futures, swaps and options settlement dates are monitored, and corresponding liabilities are included in daily cash
forecasts. The Investment Manager incorporates cash forecasts into the daily management of the Portfolio. Fund cash balances are
monitored daily by the Investment Manager and the Administrator. In accordance with Company policy, the Investment Manager monitors
the Funds’ liquidity position on a daily basis and reports to the Directors quarterly.
Credit Risk. Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal
in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the bond to decline.
Transactions connected with credit risk include also placing time deposits or entering into derivative contracts. Credit risk is generally more
significant for those Funds that invest primarily in debt instruments or that use over-the-counter derivative contracts to a material degree.
The Company takes on exposure to credit risk, which is the risk that a counterparty to a transaction will fail to discharge its obligations to
settle a trade.
Credit risk is managed, in part, by the Funds’ investment restrictions, including that, subject to other provisions set forth in the Prospectus:
(a) each Fund may not invest more than 10% of net assets in transferable securities or money market instruments issued by the same body
provided that the total value of transferable securities and money market instruments held in each of the issuing bodies in which it invests
more than 5% is less than 40%;
(b) each Fund may not invest more than 20% of the net assets in deposits made with the same credit institution;
(c) the risk exposure of a Fund to a counterparty to an over-the-counter derivative may not exceed 5% of the net assets.
All transactions in listed securities are settled and paid for upon delivery of securities, using approved brokers. The risk of default is considered
minimal, as securities are only delivered to the broker once the broker has made payment. The Funds only pay a broker for a purchase once the
securities have been received by the Depositary.
Cash held via accounts opened on the books of the Depositary is an obligation of the Depositary, while cash held in accounts opened directly
on the books of a third party cash correspondent bank, sub-custodian or a broker (collectively, “agency cash accounts”) is an obligation of the
agent. Cash held via agency cash accounts is a liability of the agent, creating a debtor/creditor relationship directly between the agent and the
Company. Accordingly, while the Depositary is responsible for exercising reasonable care in the administration of such agency cash accounts
where it has appointed the agent (i.e. in the case of cash correspondent banks and sub-custodians), it is not liable for their repayment in the
event the agent, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment.
As of 30 June 2018, the Depositary has a long-term credit rating of A+ from Fitch (30 June 2017: A+ from Fitch).
The Depositary must ensure that there is legal separation of non-cash assets held in custody, that such assets are held on a fiduciary basis,
and that appropriate internal control systems are maintained such that records clearly identify the nature and amount of all assets under
custody. The Depositary must ensure the ownership of each asset and the location of documents of title for each asset.
All securities that the Depositary holds in custody (as global sub-custodian for and on behalf of the Depositary for further benefit of its
underlying clients) are segregated from the Depositary’s own assets, whether they are held in the Depositary’s vault, in segregated accounts
on the books of their sub-custodians or in an account maintained at a central securities depositary. The Depositary maintains segregated
accounts per client on its own books as well as on the books of the sub-custodian in the local market, where this is possible.
The Depositary must also ensure non-cash assets are held on a fiduciary basis through the Depositary’s network of global sub-custodians.
The Depositary’s sub-custodians are required by contract with the Depositary and generally by operation of law to segregate the securities
of custody clients from the general banking assets of the sub-custodian.
The Depositary performs both initial and ongoing due diligence reviews on the sub-custodians within its global custody network through its
Network Management group. Such reviews include an assessment of service level standards, management expertise, market information,
custody operations, reporting and technology capabilities at the sub-custodians, as well as reviews in relation to their reputation and
standing in the market and their ongoing commitment to providing custody services. Service level agreements are put in place with each
sub-custodian, as well as the usual contractual arrangements, and these are reviewed on a regular basis through service review meetings,
including on-site due diligence meetings.
346
Regular financial analysis of all sub-custodians is carried out by the Depositary’s Risk and Credit group and is focused on the sub-custodian
bank’s capital adequacy, asset quality, earnings, liquidity and credit ratings as key indicators, among others. These reviews form part of the
Depositary’s routine assessment of a sub-custodian’s financial strength and standing.
In accordance with Company policy, the Investment Manager monitors the Funds’ credit position on a daily basis and reports to the Directors
quarterly.
The below Funds invested primarily in fixed income instruments and were therefore exposed to the effects of fluctuations in the prevailing
level of market interest rates on their financial position and cash flows. The debt instruments that these Funds invest in may receive a
credit rating from a well-known rating agency, or if unrated, may be assigned a credit rating using an approach which is consistent with that
used by rating agencies. As of 30 June 2018 and 30 June 2017, some of the securities in which the Funds invest are issued by sovereign
governments or government agencies and some are issued by corporations with a high credit quality and thus the credit risk exposure should
be low. See the Distribution by Credit Quality table on each Fund Profile page. All other Funds held the majority of the assets and liabilities
of the Fund in equity securities and are non-interest-bearing; as a result, the Manager does not deem interest rate risk or credit risk in these
Funds to be material.
Fund Fund
Vanguard EUR Corporate Bond UCITS ETF Vanguard USD Corporate Bond UCITS ETF
Vanguard EUR Eurozone Government Bond UCITS ETF Vanguard USD Emerging Markets Government Bond UCITS ETF
Vanguard U.K. Gilt UCITS ETF Vanguard USD Treasury Bond UCITS ETF
Vanguard USD Corporate 1–3 Year Bond UCITS ETF1
Management of Credit Risk. The Investment Manager performs daily reviews of Portfolio attributes, such as sector diversification and
credit quality, and makes adjustments where necessary to ensure that the credit risk components of the Funds closely match those of the
respective benchmarks. In addition, the Investment Manager performs tests of credit ratings of debt instruments as part of daily investment-
restriction monitoring. Counterparty credit ratings are evaluated periodically by the Investment Manager; an approved counterparty list is
maintained, and trading with approved counterparties is enforced.
Fair Value Hierarchy Disclosures. In accordance with FRS 102, Financial Instruments: Disclosures, the Fund has classified the following
financial assets and financial liabilities into Level 1, Level 2 and Level 3.
FRS 102, Section 11.27, on Fair Value: Disclosure, requires disclosure relating to the fair value hierarchy in which fair value measurements are
categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques
to measure fair value.
Level 1 – based on exchange-traded prices (unadjusted) in active markets for identical assets or liabilities: equity securities and futures
contracts.
Level 2 – based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices)
or indirectly (derived from prices): bonds, discount notes and forward foreign currency contracts.
Level 3 – based on inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The following tables provide an analysis within the fair value hierarchy of the Company’s financial assets and financial liabilities, measured
at fair value at 30 June 2018 and 30 June 2017:
30 June 2018
Level 1 Level 2 Level 3 Total
Vanguard Euro STOXX 50 UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)
Financial Assets at Fair Value through Profit or Loss
Equities 12,852,292 1 — 12,852,293
Financial Liabilities at Fair Value through Profit or Loss
Futures (1,435) — — (1,435)
12,850,857 1 — 12,850,858

Vanguard FTSE 100 UCITS ETF GBP (£) GBP (£) GBP (£) GBP (£)
Equities 2,664,054,752 — 159,679 2,664,214,431

Investment Funds 10,202,739 — — 10,202,739
Collective Investment Schemes 27,571,814 — — 27,571,814

Futures 14,840 — — 14,840
Open Forward Currency Exchange Contracts — (12,855) — (12,855)
2,701,844,145 (12,855) 159,679 2,701,990,969
347


Equities 541,744,968 — — 541,744,968


Futures 859 — — 859
—
705,103,329 — 705,103,329

Vanguard FTSE All-World UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 2,028,416,740 8,801,198 296,043 2,037,513,981
Open Forward Currency Exchange Contracts — 32,655 — 32,655

Futures 9,604 — — 9,604
Futures (380,474) — — (380,474)
2,068,154,846 8,639,591 296,043 2,077,090,480

Vanguard FTSE All-World High Dividend Yield UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 656,948,390 3,297,334 94,022 660,339,746

Futures 4,280 — — 4,280
Futures (80,692) — — (80,692)
656,871,978 3,258,480 94,022 660,224,480

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 337,860,890 — 380,170 338,241,060

Futures 19,545 — — 19,545
Futures (23,632) — — (23,632)
351,210,142 (13,623) 380,170 351,576,689

Vanguard FTSE Developed Europe UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)
Equities 1,643,881,084 11,499,637 28,004 1,655,408,725
Futures (119,698) — — (119,698)
1,655,657,107 11,499,637 28,004 1,667,184,748
348

Vanguard FTSE Developed Europe ex UK UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)
Equities 978,410,207 10,992,013 — 989,402,220
Futures (47,994) — — (47,994)
982,571,230 10,992,013 — 993,563,243

Vanguard FTSE Developed World UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 187,480,831 308,379 10,904 187,800,114

Futures 1,427 — — 1,427
Futures (19,020) — — (19,020)
191,483,202 301,345 10,904 191,795,451

Vanguard FTSE Emerging Markets UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 1,429,604,286 42,691,647 659,807 1,472,955,740
Futures (14,386) — — (14,386)
1,436,408,692 42,691,647 659,807 1,479,760,146

Vanguard FTSE Japan UCITS ETF USD ($) USD ($) USD ($) USD ($)

Equities 2,012,592,964 — —
2,012,592,964
Futures (188,431) — — (188,431)
2,012,404,533 (113,246) — 2,012,291,287

Vanguard FTSE North America UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 150,181,974 42,211 407 150,224,592

Investment Funds 727,821 — — 727,821
155,159,183 42,211 407 155,201,801

Vanguard Global Liquidity Factor UCITS ETF USD ($) USD ($) USD ($) USD ($)

Equities 43,416,261 — — 43,416,261
Futures (3,340) — — (3,340)
—
46,317,774 — 46,317,774
349

Vanguard Global Minimum Volatility UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 12,325,688 168,950 — 12,494,638
Futures (1,372) — — (1,372)
13,912,555 285,631 — 14,198,186

Vanguard Global Momentum Factor UCITS ETF USD ($) USD ($) USD ($) USD ($)

Equities 33,466,245 — — 33,466,245
Collective Investment Schemes 264,039 — — 264,039
Futures (2,514) — — (2,514)
—
33,727,770 — 33,727,770

Vanguard Global Value Factor UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 157,001,710 1 101,717 157,103,428
Futures (11,675) — — (11,675)
158,831,437 1 101,717 158,933,155

Vanguard S&P 500 UCITS ETF USD ($) USD ($) USD ($) USD ($)

Equities 22,777,092,951 — —
22,777,092,951
Futures (2,127,604) — — (2,127,604)
—
23,429,582,574 — 23,429,582,574

Vanguard EUR Corporate Bond UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)

Bonds — 42,395,900 — 42,395,900

Futures 5 — — 5
Futures (2,550) — — (2,550)
(2,545) 42,395,900 — 42,393,355

Vanguard EUR Eurozone Government Bond UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)

Bonds — 18,741,003 — 18,741,003
— 18,741,003 — 18,741,003
350

Vanguard U.K. Gilt UCITS ETF GBP (£) GBP (£) GBP (£) GBP (£)

Bonds — 112,786,009 — 112,786,009
— 112,786,009 — 112,786,009

Vanguard USD Corporate 1–3 Year Bond UCITS ETF USD ($) USD ($) USD ($) USD ($)

Bonds — 29,672,912 — 29,672,912
— 29,672,912 — 29,672,912

Vanguard USD Corporate Bond UCITS ETF USD ($) USD ($) USD ($) USD ($)

Bonds — 108,529,948 — 108,529,948
— 108,529,948 — 108,529,948

Vanguard USD Emerging Markets Government Bond UCITS ETF USD ($) USD ($) USD ($) USD ($)

Bonds — 167,263,677 199,772 167,463,449

Futures 5,005 — — 5,005
Futures (7,453) — — (7,453)
(2,448) 167,263,677 199,772 167,461,001

Vanguard USD Treasury Bond UCITS ETF USD ($) USD ($) USD ($) USD ($)

Bonds — 73,784,263 — 73,784,263
— 73,784,263 — 73,784,263
30 June 2017
Equities 2,533,557,505 — 161,669 2,533,719,174

Futures (632,851) — — (632,851)
—
2,572,953,231 161,669 2,573,114,900


Equities 394,845,310 — — 394,845,310

Collective Investment Schemes 25,207,970 — 4,049 25,212,019
Futures (32,496) — — (32,496)
—
489,321,947 4,049 489,325,996
351

Vanguard FTSE All-World UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 1,261,487,367 4,914,261 108,981 1,266,510,609

Futures 3,471 — — 3,471
Futures (57,234) — — (57,234)
1,286,321,438 4,917,064 108,981 1,291,347,483

Vanguard FTSE All-World High Dividend Yield UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 532,133,830 2,166,863 25,061 534,325,754

Futures 1,827 — — 1,827
Futures (36,808) — — (36,808)
532,098,849 2,159,058 25,061 534,282,968

Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 242,171,709 — 291,805 242,463,514
Futures (11,948) — — (11,948)
252,935,314 26,951 291,805 253,254,070

Vanguard FTSE Developed Europe UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)
Equities 1,093,608,197 5,072,626 14,865 1,098,695,688
Collective Investment Schemes 10,880,103 16,770 — 10,896,873
Futures (149,059) — — (149,059)
1,104,339,241 5,089,396 14,865 1,109,443,502

Vanguard FTSE Developed Europe ex UK UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)
Equities 585,635,527 3,009,939 — 588,645,466
Collective Investment Schemes 4,691,279 22,727 — 4,714,006
Futures (39,133) — — (39,133)
590,287,673 3,032,666 — 593,320,339
352

Vanguard FTSE Developed World UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 107,196,910 162,264 9,756 107,368,930
Futures (6,310) — — (6,310)
109,440,507 162,264 9,756 109,612,527

Vanguard FTSE Emerging Markets UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 1,324,577,217 34,572,473 529,318 1,359,679,008
Open Forward Currency Exchange Contracts — 76 — 76

Futures 40,329 — — 40,329
1,332,110,179 34,572,549 529,318 1,367,212,046

Vanguard FTSE Japan UCITS ETF USD ($) USD ($) USD ($) USD ($)

Equities 1,078,112,247 — —
1,078,112,247

Futures 73,876 — — 73,876
1,078,186,123 (103,636) — 1,078,082,487

Vanguard FTSE North America UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 83,557,314 16,168 — 83,573,482

Investment Funds 108,365 — — 108,365
85,846,496 16,168 — 85,862,664

Vanguard Global Liquidity Factor UCITS ETF USD ($) USD ($) USD ($) USD ($)

Equities 17,340,375 — — 17,340,375

Investment Funds 11,258 11,258
—
18,487,929 — 18,487,929

Vanguard Global Minimum Volatility UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 11,562,404 156,266 — 11,718,670
12,617,196 104,449 — 12,721,645
353

Vanguard Global Momentum Factor UCITS ETF USD ($) USD ($) USD ($) USD ($)

Equities 16,772,393 — — 16,772,393
—
17,006,122 — 17,006,122

Vanguard Global Value Factor UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 70,677,625 — 4,542 70,682,167
Futures (1,218) — — (1,218)
—
71,620,873 4,542 71,625,415

Vanguard S&P 500 UCITS ETF USD ($) USD ($) USD ($) USD ($)
Equities 18,128,027,587 — 64 18,128,027,651
Futures (239,751) — — (239,751)
—
18,598,911,056 64 18,598,911,120

Vanguard EUR Corporate Bond UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)

Bonds — 20,336,676 — 20,336,676

Futures 3,230 — — 3,230
Futures (4,040) — — (4,040)
(810) 20,336,676 — 20,335,866

Vanguard EUR Eurozone Government Bond UCITS ETF EUR (€) EUR (€) EUR (€) EUR (€)

Bonds — 4,886,172 — 4,886,172
— 4,886,172 — 4,886,172

Vanguard U.K. Gilt UCITS ETF GBP (£) GBP (£) GBP (£) GBP (£)

Bonds — 99,185,767 — 99,185,767
— 99,185,767 — 99,185,767

Vanguard USD Corporate Bond UCITS ETF USD ($) USD ($) USD ($) USD ($)

Bonds — 72,773,082 — 72,773,082

Futures 2,953 — — 2,953
2,953 72,773,082 — 72,776,035
354

Vanguard USD Emerging Markets Government Bond UCITS ETF USD ($) USD ($) USD ($) USD ($)

Bonds — 202,062,228 — 202,062,228

Futures 7,809 — — 7,809
Futures (23) — — (23)
7,786 202,062,228 — 202,070,014

Vanguard USD Treasury Bond UCITS ETF USD ($) USD ($) USD ($) USD ($)

Bonds — 14,610,623 — 14,610,623
— 14,610,623 — 14,610,623
5. Taxation. Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes
Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.
However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Shareholders
or any encashment, redemption, cancellation or transfer of shares, or appropriation or cancellation of shares of a Shareholder by the Company
for the purposes of meeting the amount of tax payable on a gain arising on a transfer. Any tax arising on a chargeable event is a liability of
the Shareholders, albeit it is paid by the Company (although if the Company fails to deduct the correct amount of tax it becomes ultimately a
liability of the Company).
No Irish tax will arise on the Company in respect of chargeable events in respect of:
(a) a Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided
appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company
or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and
(b) certain exempted Irish tax resident Shareholders who have provided the Company with the necessary signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed
by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its
Shareholders. Foreign withholding tax is presented separately in the Statement of Operations.
6. Distribution Policy. During the year, the Directors declared a dividend on the Income Shares. Income Shares are available in respect of
ETF Shares. For Income Shares, the Directors distributed all or substantially all of the net income (interest and dividends, less expenses) of
the Fund attributable to Income Shares. Dividends were paid to such Shareholders of record on the date on which the dividend was declared
in accordance with the number of shares held in this particular class, and these dividends may be reinvested. No transaction charges are
payable on reinvestment of dividends. The following table presents declared dividend payments frequency in respect of distributing classes
of Shares of the following Funds.
Fund Dividend Fund Dividend

Vanguard Euro STOXX 50 UCITS ETF Quarterly Vanguard FTSE Japan UCITS ETF Quarterly
Vanguard FTSE 100 UCITS ETF Quarterly Vanguard FTSE North America UCITS ETF Quarterly
Vanguard FTSE 250 UCITS ETF Quarterly Vanguard S&P 500 UCITS ETF Quarterly
Vanguard FTSE All-World UCITS ETF Quarterly Vanguard EUR Corporate Bond UCITS ETF Monthly
Vanguard FTSE All-World High Dividend Yield UCITS ETF Quarterly Vanguard EUR Eurozone Government Bond UCITS ETF Monthly
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Quarterly Vanguard U.K. Gilt UCITS ETF Monthly
Vanguard FTSE Developed Europe UCITS ETF Quarterly Vanguard USD Corporate 1–3 Year Bond UCITS ETF Monthly
Vanguard FTSE Developed Europe ex UK UCITS ETF Quarterly Vanguard USD Corporate Bond UCITS ETF Monthly
Vanguard FTSE Developed World UCITS ETF Quarterly Vanguard USD Emerging Markets Government Bond UCITS ETF Monthly
Vanguard FTSE Emerging Markets UCITS ETF Quarterly Vanguard USD Treasury Bond UCITS ETF Monthly
355
The following Funds did not declare a dividend during the year ended 30 June 2018.
Fund Fund
Vanguard Global Liquidity Factor UCITS ETF Vanguard Global Momentum Factor UCITS ETF
Vanguard Global Minimum Volatility UCITS ETF Vanguard Global Value Factor UCITS ETF
Any dividend unclaimed after six years from the date when it first becomes payable will be forfeited automatically, without the necessity
for any declaration or other action by the Company. Distributions made payable to Shareholders during the year ended 30 June 2018 are
recognised in the Statement of Operations as Finance Costs, and can be found in the table listed below.
Dividends declared during the year ended 30 June 2018 were as follows:
Fund Ex-Dividend Date Dividend Per Share Amount Paid

Vanguard Euro STOXX 50 UCITS ETF1
21 December 2017 €0.035152 €43,940
22 March 2018 €0.071541 €28,616
21 June 2018 €0.581269 €290,635
21 September 2017 £0.360460 £28,530,279
21 December 2017 £0.221399 £17,673,349
22 March 2018 £0.313429 £24,815,987
21 June 2018 £0.444774 £35,568,895
21 September 2017 £0.194232 £3,231,520
21 December 2017 £0.236296 £4,852,910
22 March 2018 £0.187524 £3,870,012
21 June 2018 £0.361788 £7,747,743
21 September 2017 $0.363607 $6,423,045
21 December 2017 $0.310784 $5,712,148
22 March 2018 $0.337638 $7,015,545
21 June 2018 $0.606855 $15,229,817
21 September 2017 $0.413002 $4,328,098
21 December 2017 $0.333206 $3,575,169
22 March 2018 $0.386629 $4,666,460
21 June 2018 $0.669728 $8,150,326
21 September 2017 $0.213068 $2,571,858
21 December 2017 $0.198764 $2,352,086
22 March 2018 $0.255140 $3,321,556
21 June 2018 $0.220903 $3,008,381
21 September 2017 €0.146836 €5,987,386
21 December 2017 €0.105332 €5,164,007
22 March 2018 €0.143884 €7,536,070
21 June 2018 €0.551316 €30,750,205
21 September 2017 €0.074576 €2,178,578
21 December 2017 €0.068303 €2,351,936
22 March 2018 €0.083842 €2,932,446
21 June 2018 €0.598274 €20,725,923
356

21 September 2017 $0.228788 $509,103
21 December 2017 $0.247856 $576,319
22 March 2018 $0.264086 $722,333
21 June 2018 $0.467104 $1,464,473
21 September 2017 $0.725223 $19,117,168
21 December 2017 $0.121743 $3,164,404
22 March 2018 $0.195995 $5,123,797
21 June 2018 $0.364143 $9,428,568
21 September 2017 $0.026266 $1,154,742
21 December 2017 $0.188181 $10,707,759
22 March 2018 $0.029008 $2,000,316
21 June 2018 $0.255538 $16,986,867
21 September 2017 $0.236254 $371,944
21 December 2017 $0.270043 $487,249
22 March 2018 $0.268190 $577,772
21 June 2018 $0.237057 $546,259
21 September 2017 $0.182210 $73,746,101
21 December 2017 $0.206754 $87,101,607
22 March 2018 $0.207541 $91,750,008
21 June 2018 $0.202775 $91,855,323
27 July 2017 €0.053647 €21,459
24 August 2017 €0.044660 €17,864
21 September 2017 €0.046439 €18,576
19 October 2017 €0.043330 €17,332
16 November 2017 €0.043136 €17,254
21 December 2017 €0.055470 €22,188
18 January 2018 €0.034127 €13,651
22 February 2018 €0.054233 €21,693
22 March 2018 €0.042109 €21,355
26 April 2018 €0.049417 €23,331
24 May 2018 €0.038159 €19,543
21 June 2018 €0.038000 €23,261
27 July 2017 €0.011849 €2,370
24 August 2017 €0.008283 €1,657
21 September 2017 €0.011554 €2,311
19 October 2017 €0.009718 €1,944
16 November 2017 €0.009885 €1,977
21 December 2017 €0.011678 €5,839
18 January 2018 €0.007919 €3,959
22 February 2018 €0.010802 €5,401
22 March 2018 €0.009148 €4,574
26 April 2018 €0.011693 €5,846
24 May 2018 €0.009640 €4,820
21 June 2018 €0.009898 €6,137
357

27 July 2017 £0.035260 £159,256
24 August 2017 £0.027521 £129,806
21 September 2017 £0.028850 £133,190
19 October 2017 £0.027648 £122,111
16 November 2017 £0.027337 £131,672
21 December 2017 £0.034971 £168,442
18 January 2018 £0.025905 £126,070
22 February 2018 £0.033844 £161,322
22 March 2018 £0.027311 £130,181
26 April 2018 £0.034016 £159,012
24 May 2018 £0.027510 £129,974
21 June 2018 £0.026186 £130,266
Vanguard USD Corporate 1–3 Year Bond UCITS ETF2
21 June 2018 $0.067173 $40,304
27 July 2017 $0.164037 $229,652
24 August 2017 $0.122896 $172,054
21 September 2017 $0.133361 $186,705
19 October 2017 $0.127769 $204,431
16 November 2017 $0.120900 $193,440
21 December 2017 $0.165934 $265,495
18 January 2018 $0.132121 $211,394
22 February 2018 $0.146605 $263,889
22 March 2018 $0.141366 $285,559
26 April 2018 $0.165777 $359,736
24 May 2018 $0.135107 $293,182
21 June 2018 $0.127754 $277,226
27 July 2017 $0.237961 $729,303
24 August 2017 $0.170126 $495,883
21 September 2017 $0.190522 $526,755
19 October 2017 $0.178191 $546,120
16 November 2017 $0.172039 $527,265
21 December 2017 $0.239799 $662,996
18 January 2018 $0.170436 $471,221
22 February 2018 $0.143402 $374,968
22 March 2018 $0.180964 $500,330
26 April 2018 $0.206228 $603,176
24 May 2018 $0.173792 $560,445
21 June 2018 $0.165302 $599,187
27 July 2017 $0.039165 $23,648
24 August 2017 $0.030942 $21,777
21 September 2017 $0.032846 $23,117
19 October 2017 $0.030876 $21,730
16 November 2017 $0.031176 $23,500
21 December 2017 $0.041566 $35,489
18 January 2018 $0.031890 $39,984
22 February 2018 $0.043457 $82,025
22 March 2018 $0.037471 $70,727
26 April 2018 $0.051003 $120,750
24 May 2018 $0.041696 $104,428
21 June 2018 $0.042471 $132,064
358
Dividends declared during the year ended 30 June 2017 were as follows:

22 September 2016 £0.301050 £23,178,019
15 December 2016 £0.217723 £16,817,055
23 March 2017 £0.335200 £26,313,400
22 June 2017 £0.442547 £35,043,246
22 September 2016 £0.251608 £1,934,805
15 December 2016 £0.214680 £1,972,836
23 March 2017 £0.202640 £2,544,210
22 June 2017 £0.418085 £6,587,063
22 September 2016 $0.356049 $5,119,913
15 December 2016 $0.280578 $4,259,118
23 March 2017 $0.326828 $4,912,160
22 June 2017 $0.556964 $9,223,212
22 September 2016 $0.413776 $3,337,551
15 December 2016 $0.294700 $2,509,689
23 March 2017 $0.348356 $3,384,656
22 June 2017 $0.638612 $6,373,096
22 September 2016 $0.176295 $1,237,695
15 December 2016 $0.109506 $834,501
23 March 2017 $0.251562 $2,181,192
22 June 2017 $0.164343 $1,671,466
22 September 2016 €0.156442 €3,506,752
15 December 2016 €0.117482 €2,750,919
23 March 2017 €0.147419 €3,985,571
22 June 2017 €0.536293 €19,727,896
22 September 2016 €0.099327 €748,461
15 December 2016 €0.066152 €655,588
23 March 2017 €0.094964 €1,163,815
22 June 2017 €0.560394 €10,930,666
22 September 2016 $0.232840 $298,086
15 December 2016 $0.224403 $332,165
23 March 2017 $0.260724 $430,251
22 June 2017 $0.422766 $803,348
22 September 2016 $0.680362 $11,056,154
15 December 2016 $0.114087 $2,179,678
23 March 2017 $0.136663 $2,966,325
22 June 2017 $0.356604 $9,015,092
22 September 2016 $0.025009 $588,302
15 December 2016 $0.182033 $5,492,590
23 March 2017 $0.030177 $1,116,356
22 June 2017 $0.211490 $7,844,924
359

22 September 2016 $0.261425 $125,311
15 December 2016 $0.211520 $133,117
23 March 2017 $0.283123 $234,805
22 June 2017 $0.245586 $289,629
22 September 2016 $0.193182 $68,891,669
15 December 2016 $0.183764 $72,736,614
23 March 2017 $0.207680 $84,527,912
22 June 2017 $0.194011 $77,790,720
21 July 2016 €0.052944 €21,178
18 August 2016 €0.043751 €17,500
22 September 2016 €0.055636 €22,254
20 October 2016 €0.044999 €18,000
17 November 2016 €0.044235 €17,694
15 December 2016 €0.046865 €18,746
19 January 2017 €0.053199 €21,279
23 February 2017 €0.053086 €21,234
23 March 2017 €0.043362 €17,345
20 April 2017 €0.039689 €15,876
25 May 2017 €0.046007 €18,403
22 June 2017 €0.045464 €18,186
21 July 2016 €0.009522 €2,857
18 August 2016 €0.007676 €2,303
22 September 2016 €0.009805 €2,942
20 October 2016 €0.007794 €2,338
17 November 2016 €0.008101 €1,620
15 December 2016 €0.008711 €1,742
19 January 2017 €0.009969 €1,994
23 February 2017 €0.009905 €1,981
23 March 2017 €0.008837 €1,767
20 April 2017 €0.008068 €1,614
25 May 2017 €0.011834 €2,367
22 June 2017 €0.009287 €1,857
21 July 2016 £0.035951 £258,771
18 August 2016 £0.027956 £158,201
22 September 2016 £0.032980 £183,333
20 October 2016 £0.027190 £151,356
17 November 2016 £0.027165 £153,934
15 December 2016 £0.028047 £146,311
19 January 2017 £0.035093 £190,086
23 February 2017 £0.034936 £189,235
23 March 2017 £0.027887 £153,842
20 April 2017 £0.026791 £115,647
25 May 2017 £0.037794 £163,142
22 June 2017 £0.028208 £124,584
360

21 July 2016 $0.161515 $104,985
18 August 2016 $0.121212 $84,848
22 September 2016 $0.149813 $149,813
20 October 2016 $0.123083 $123,083
17 November 2016 $0.117344 $117,344
15 December 2016 $0.123450 $123,450
19 January 2017 $0.153350 $153,350
23 February 2017 $0.149178 $149,178
23 March 2017 $0.141164 $141,164
20 April 2017 $0.107805 $129,366
25 May 2017 $0.175198 $210,238
22 June 2017 $0.121496 $145,795
Vanguard USD Emerging Markets Government Bond UCITS ETF1
19 January 2017 $0.210690 $708,930
23 February 2017 $0.223028 $783,899
23 March 2017 $0.201959 $679,552
20 April 2017 $0.154553 $589,589
25 May 2017 $0.248809 $949,156
22 June 2017 $0.172238 $682,889
21 July 2016 $0.028966 $11,586
18 August 2016 $0.023238 $9,295
22 September 2016 $0.028923 $8,677
20 October 2016 $0.024292 $4,951
17 November 2016 $0.023887 $4,868
15 December 2016 $0.024349 $4,962
19 January 2017 $0.031066 $6,331
23 February 2017 $0.031494 $6,419
23 March 2017 $0.025837 $5,266
20 April 2017 $0.024338 $4,960
25 May 2017 $0.035657 $17,964
22 June 2017 $0.028320 $14,268

7. Cash Balances. All cash and bank balances are held with the Depositary or with third party institutions approved by the Company
on overnight deposit or directly with a sub-custodian. Cash amounts were on deposit with counterparties for futures contracts as initial
margin and/or variation margin of the contracts and are reported separately in the Statement of Assets and Liabilities.
8. Bank Overdraft. The bank overdraft balances were held with the Depositary at 30 June 2018 and at 30 June 2017.
361
9. Net Asset Value Per Redeemable Participating Share. The net asset value per redeemable participating share is calculated by dividing
the total net assets of each Fund by the number of redeemable participating shares in issue.
30 June 2018 30 June 2017 30 June 2016
NAV NAV NAV
Per Per Per
Fund NAV Share NAV Share NAV Share
Vanguard Euro STOXX 50 UCITS ETF1 €12,919,128
€23.49 — — — —
Vanguard FTSE 100 UCITS ETF £2,724,817,711 £33.79 £2,594,960,683 £32.42 £2,160,545,450 £28.91
Vanguard FTSE 250 UCITS ETF £710,495,234 £32.95 £490,404,997 £30.77 £155,495,829 £26.18
Vanguard FTSE All-World UCITS ETF $2,102,651,548 $83.45 $1,295,979,632 $76.94 $937,471,365 $66.11
Vanguard FTSE All-World High Dividend Yield UCITS ETF $665,154,701 $54.59 $536,933,197 $53.80 $375,545,303 $47.74
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF $353,569,464 $25.88 $256,132,398 $24.94 $123,443,681 $20.76
Vanguard FTSE Developed Europe UCITS ETF €1,679,694,691 €29.95 €1,113,048,696 €29.90 €502,327,318 €26.14
Vanguard FTSE Developed Europe Ex UK UCITS ETF €996,741,147 €28.49 €594,106,814 €28.82 €175,309,154 €24.40
Vanguard FTSE Developed World UCITS ETF $192,982,164 $61.55 $110,225,318 $56.52 $62,180,178 $48.57
Vanguard FTSE Emerging Markets UCITS ETF $1,480,869,360 $57.19 $1,382,224,416 $54.68 $635,252,624 $46.74
Vanguard FTSE Japan UCITS ETF $2,020,467,317 $30.98 $1,085,744,450 $28.45 $722,285,064 $24.15
Vanguard FTSE North America UCITS ETF $155,184,604 $67.34 $85,873,191 $60.08 $22,369,910 $52.10
Vanguard Global Liquidity Factor UCITS ETF $46,530,387 $34.66 $18,574,423 $30.96 $15,376,937 $25.63
Vanguard Global Minimum Volatility UCITS ETF $14,342,796 $32.23 $12,826,287 $30.18 $8,770,739 $26.99
Vanguard Global Momentum Factor UCITS ETF $33,875,774 $33.88 $17,105,079 $28.51 $15,180,201 $25.30
Vanguard Global Value Factor UCITS ETF $159,868,111 $34.83 $71,965,254 $31.43 $14,469,685 $24.12
Vanguard S&P 500 UCITS ETF $23,534,935,843 $51.60 $18,638,146,205 $46.00 $13,418,168,672 $39.87
Vanguard EUR Corporate Bond UCITS ETF €42,895,047 €51.55 €20,612,586 €51.53 €20,588,264 €51.47
Vanguard EUR Eurozone Government Bond UCITS ETF €19,019,855 €25.03 €4,951,882 €24.76 €7,719,367 €25.73
Vanguard U.K. Gilt UCITS ETF £113,759,246 £22.87 £100,485,778 £22.75 £161,294,780 £23.38
Vanguard USD Corporate 1–3 Year Bond UCITS ETF2 $30,048,749
$50.08 — — — —
Vanguard USD Corporate Bond UCITS ETF $109,684,975 $50.55 $73,739,305 $52.67 $34,470,749 $53.03
Vanguard USD Emerging Markets Government Bond UCITS ETF3 $170,389,870 $48.90 $205,479,389 $51.83 — —
Vanguard USD Treasury Bond UCITS ETF $74,516,135 $23.85 $14,788,968 $24.49 $10,177,972 $25.44
10. Share Capital. The authorised share capital of the Company is US$2.00 represented by two Subscriber Shares issued at US$1.00 each
and 5,000,000,000,000 (five trillion) Shares of no par value, initially designated as Redeemable Participating Shares, which the Directors are
empowered to issue on such terms as they think fit.
The Directors may issue shares of any class, and create new classes of shares on such terms as the Directors may from time to time
determine in relation to any Fund and in accordance with the requirements of the Central Bank. Shares may be divided into different classes
to accommodate different subscription, redemption or fee arrangements, dividend provisions, or charges.
Subscriber Shares. There are two Subscriber Shares in issue, which are held by nominees for the Investment Manager. Subscriber Shares
do not entitle the holders thereof to any dividend and on a winding-up entitle the holder to receive the amount paid up thereon but not
otherwise to participate in the assets of the Company. The Subscriber Shares do not form part of the Shareholders’ funds and are not
included in the net asset value of the Company.
Members who are individuals may attend and vote at general meetings in person or by proxy. Members who are corporations may attend and
vote at general meetings by appointing a representative or proxy. Subject to any special terms as to voting upon which any shares may be
issued or may for the time being be held, at any general meeting on a show of hands every Shareholder who (being an individual) is present
in person or (being a corporation) is present by duly authorised representative shall have one vote. On a poll every such holder present as
aforesaid or by proxy shall have one vote for every share held.
362
Movement in Redeemable Participating Shares During the Year Ended 30 June 2018:
FTSE
All-World High
Euro STOXX 50 FTSE 100 FTSE 250 FTSE All-World Dividend Yield
UCITS ETF1 UCITS ETF UCITS ETF UCITS ETF UCITS ETF
Balance at Beginning of Year/Period — 80,049,641 15,937,421 16,844,800 9,979,606
Shares Issued During Year/Period
ETF Shares 4,050,000 2,146,514 5,877,725 9,351,504 2,384,478
Shares Redeemed During Year/Period
ETF Shares (3,500,000) (1,550,000) (250,000) (1,000,000) (180,000)
Balance at End of Year/Period 550,000 80,646,155 21,565,146 25,196,304 12,184,084
FTSE FTSE
Developed Asia FTSE Developed FTSE FTSE
Pacific ex Japan Developed Europe Europe ex UK Developed World Emerging Markets
UCITS ETF UCITS ETF UCITS ETF UCITS ETF UCITS ETF
Balance at Beginning of Year/Period 10,270,594 37,226,007 20,612,861 1,950,218 25,280,400
ETF Shares 4,041,474 19,863,906 21,225,906 1,185,000 1,912,088
ETF Shares (650,000) (1,000,000) (6,853,000) — (1,300,000)
Balance at End of Year/Period 13,662,068 56,089,913 34,985,767 3,135,218 25,892,488
FTSE Global Global Global

FTSE Japan North America Liquidity Factor Minimum Volatility Momentum Factor
Balance at Beginning of Year/Period 38,163,383 1,429,338 600,000 425,000 600,000
ETF Shares 40,567,000 980,000 972,500 100,000 400,000
ETF Shares (13,505,468) (105,000) (230,000) (80,000) —
Balance at End of Year/Period 65,224,915 2,304,338 1,342,500 445,000 1,000,000
Global EUR EUR Eurozone

Value Factor S&P 500 Corporate Bond Government Bond U.K. Gilt
Balance at Beginning of Year/Period 2,290,000 405,170,361 400,000 200,000 4,416,624
ETF Shares 2,300,000 119,261,000 517,135 560,000 1,328,000
ETF Shares — (68,285,000) (85,000) — (770,000)
Balance at End of Year/Period 4,590,000 456,146,361 832,135 760,000 4,974,624
USD USD
Corporate USD Emerging Markets USD
1–3 Year Bond Corporate Bond Government Bond Treasury Bond
UCITS ETF2 UCITS ETF UCITS ETF UCITS ETF
Balance at Beginning of Year/Period — 1,400,000 3,964,800 603,800
ETF Shares 600,000 770,000 1,460,002 2,520,703

ETF Shares — — (1,940,000) —
Balance at End of Year/Period 600,000 2,170,000 3,484,802 3,124,503
363
Movement in Redeemable Participating Shares During the Year Ended 30 June 2017:
FTSE FTSE
All-World High Developed Asia
FTSE 100 FTSE 250 FTSE All-World Dividend Yield Pacific ex Japan
ETF Shares 5,309,043 9,997,660 3,065,000 2,513,524 4,325,000
ETF Shares — — (400,000) (400,000) —
FTSE
FTSE Developed FTSE FTSE
Developed Europe Europe ex UK Developed World Emerging Markets FTSE Japan
ETF Shares 18,210,340 13,427,537 670,000 12,090,000 20,839,788
ETF Shares (200,000) — — (400,000) (12,590,000)
FTSE Global Global Global Global

North America Liquidity Factor Minimum Volatility Momentum Factor Value Factor
Balance at Beginning of Year/Period 429,338 600,000 325,000 600,000 600,000

ETF Shares 1,000,000 100,000 100,000 300,000 1,690,000

ETF Shares — (100,000) — (300,000) —
Balance at End of Year/Period 1,429,338 600,000 425,000 600,000 2,290,000
EUR EUR Eurozone USD

S&P 500 Corporate Bond Government Bond U.K. Gilt Corporate Bond
Balance at Beginning of Year/Period 336,515,361 400,000 300,000 6,897,878 650,000

ETF Shares 128,755,000 — — 1,368,746 750,000

ETF Shares (60,100,000) — (100,000) (3,850,000) —
Balance at End of Year/Period 405,170,361 400,000 200,000 4,416,624 1,400,000
USD
Emerging Markets USD
Government Bond Treasury Bond
UCITS ETF1 UCITS ETF
Balance at Beginning of Year/Period — 400,000

ETF Shares 4,264,800 400,000

ETF Shares (300,000) (196,200)
Balance at End of Year/Period 3,964,800 603,800
364
11. Expenses
Ongoing Charges. The Company pays out of the assets of each Fund a fixed single fee per share class – the ongoing charges figure (the
“OCF”) – to the Manager. The OCF is accrued daily and paid monthly. The Manager pays the fees of PricewaterhouseCoopers (the “Auditors”),
the Directors, the Investment Manager, the Administrator, Vanguard Asset Management, Limited (the “Distributor”), Computershare Investor
Services (Ireland) Limited (the “Registrar”), the Depositary (who will pay the fees of any sub-custodian so appointed) and the operational fees
out of the OCF, and the Manager may rebate all or part of its fees to any party that invests in or provides services to the Company or in respect
of any Fund. The Investment Manager pays the fees of any sub-investment manager appointed by it out of its fees.
In the event that the costs and expenses of the Company or any Fund exceed the OCF, the Manager will be responsible for discharging any
excess out of its own assets.
For providing these services, the Manager received a fixed percentage of each Fund’s net asset value as follows from 1 July 2017 to
30 June 2018.

Ongoing Charges Figures 30 June 2018 30 June 2017
Vanguard Euro STOXX 50 UCITS ETF1 0.10% —
Vanguard FTSE All-World UCITS ETF 0.25% 0.25%
Vanguard FTSE All-World High Dividend Yield UCITS ETF 0.29% 0.29%
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 0.22% 0.22%
Vanguard FTSE Developed Europe UCITS ETF 0.12% 0.12%
Vanguard FTSE Developed Europe Ex UK UCITS ETF 0.12% 0.12%
Vanguard FTSE Developed World UCITS ETF 0.18% 0.18%
Vanguard FTSE Emerging Markets UCITS ETF 0.25% 0.25%
Vanguard FTSE Japan UCITS ETF 0.19% 0.19%
Vanguard FTSE North America UCITS ETF 0.10% 0.10%
Vanguard Global Liquidity Factor UCITS ETF 0.22% 0.22%
Vanguard Global Minimum Volatility UCITS ETF 0.22% 0.22%
Vanguard Global Momentum Factor UCITS ETF 0.22% 0.22%
Vanguard Global Value Factor UCITS ETF 0.22% 0.22%
Vanguard S&P 500 UCITS ETF 0.07% 0.07%
Vanguard EUR Corporate Bond UCITS ETF 0.12% 0.12%
Vanguard EUR Eurozone Government Bond UCITS ETF 0.12% 0.12%
Vanguard U.K. Gilt UCITS ETF 0.12% 0.12%
Vanguard USD Corporate 1–3 Year Bond UCITS ETF2 0.15% —
Vanguard USD Corporate Bond UCITS ETF 0.12% 0.12%
Vanguard USD Emerging Markets Government Bond UCITS ETF 0.25% 0.25%
Vanguard USD Treasury Bond UCITS ETF3 0.12% 0.12%
The amounts paid for ongoing charges during the year are disclosed as Management Fees in the Statement of Operations. The amounts due
to the Manager as at 30 June 2018 and 30 June 2017 for ongoing charges are disclosed as Management Fees Payable in the Statement of
Assets and Liabilities.
Directors’ Fees. The aggregate emolument of the Directors paid by the Manager out of the OCF on behalf of the Company (including
expenses) for the year ended 30 June 2018 was US$255,990 (30 June 2017: US$262,685), of which US$nil (30 June 2017: US$nil) was
outstanding at the year-end.
Auditors’ Remuneration. The statutory audit fee (including out-of-pocket expenses incurred by the auditors in connection with their work)
paid by the Manager out of the OCF on behalf of the Company for the year amounted to US$352,292 (30 June 2017: US$308,622). There
were no other fees paid to the auditors other than the statutory audit fee.
12. Credit Facility. The Company and certain other funds managed by the Investment Manager participate in a $3.1 billion committed
credit facility provided by a syndicate of lenders pursuant to a credit agreement which may be renewed annually; each participating Fund is
individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilised for temporary or emergency purposes, and
are subject to the participating Fund’s regulatory and contractual borrowing restrictions. The participating Funds are charged administrative
365
fees and an annual commitment fee of 0.10% of the undrawn amount of the facility, which are allocated to the Funds in accordance with a
methodology approved by the Directors. The Manager pays the administrative and annual commitment fees on behalf of the Funds. Costs
associated with credit facility borrowings are treated as a finance cost in the Statement of Operations.
None of the Funds had any borrowings outstanding at 30 June 2018 or at any time during the year then ended (30 June 2017: none) and none
has incurred any interest charges.
13. Efficient Portfolio Management. The Company may employ investment techniques for efficient portfolio management of the assets of
any Fund, including hedging against market movements, currency exchange risk or interest rate risk, subject to the conditions and within the
limits laid down by the Central Bank and the Prospectus. Any such investment technique must be one which is reasonably believed by the
Investment Manager to be economically appropriate in that it is realised in a cost-effective way.
Disclosure is required under Regulation 79 of the CBI UCITS Regulations for UCITS funds which have engaged in efficient portfolio management
techniques. UCITS funds are required to disclose the revenues arising from efficient portfolio management techniques for the entire reporting
period together with the direct and indirect operational costs and fees incurred, if there are investments on loan, repurchase agreements and
reverse repurchase agreements.
During the year, a securities lending programme was entered into for the purpose of efficient portfolio management. Details of all open
transactions at the year-end are disclosed in Note 21, Securities Lending.
The securities lending agent appointed is Brown Brothers Harriman & Co. All securities lending revenue, with the exception of a minimal
lending agent fee, is received directly into the Funds. All operational costs in supporting the lending programme are borne by the lending
agent and paid directly out of the agent lender fee received. The current securities lending income split between the relevant Fund and the
securities lending agent is 95:5, with 95% of all securities lending revenue earned received directly into the relevant Fund.
14. Cash Collateral. Cash collateral pledged to the broker is recorded as an asset to the Funds and is valued at fair value. Cash received as
collateral is recorded as an asset on the Statement of Assets and Liabilities. A corresponding liability to repay the collateral is recorded on the
Statement of Assets and Liabilities and is also valued at its fair value.
15. Collateral. The tables below list collateral posted for derivatives instruments. The details of collateral for securities lending are disclosed
in Note 21, Securities Lending.
Collateral Held by the Funds as at 30 June 2018:
Market Value as at
Fund Collateral Name Amount 30 June 2018
Global Minimum Volatility UCITS ETF U.S. Treasury Bond Inflation Index 15/02/41 $81,000 $118,296
Collateral Pledged by the Funds as at 30 June 2018:

Market Value as at
USD Corporate Bond UCITS ETF Walmart Inc 25/10/20 ($50,000) ($50,905)
USD Emerging Markets Government Bond UCITS ETF CNOOC Nexen Finance 2014 ULC 30/04/24 ($400,000) ($407,260)
Collateral Pledged by the Funds as at 30 June 2017:

Market Value as at
USD Corporate Bond UCITS ETF US Treasury Note 31/5/22 ($50,000) ($47,447)
16. Related Party Transactions. Parties are related if one party has the ability to control the other party or exercise significant influence over
the other party in making financial or operational decisions.
In the opinion of the Directors, the Manager, the Directors, the Investment Manager and the Vanguard Group, Inc., are related parties under
Section 33 of FRS 102, Related Party Disclosures. Directors’ fees are disclosed in Note 11, Expenses. Fees paid during the year and fees
payable to the Manager at year-end can be found under headings “Management Fees” in the Statement of Operations and “Management
Fees Payable” in the Statement of Assets and Liabilities. The Manager reimburses the Investment Manager for these amounts as outlined in
Note 11. Mr James M. Norris is a Managing Director of Vanguard International, a division within the Investment Manager. Mr Axel Lomholt
is a Vanguard Principal responsible for International Product. Mr Sean P. Hagerty is Managing Director for Vanguard Europe, responsible
for leading the operations and distribution efforts of the European business. Ms Tara Doyle, an independent director of the Company, is a
Shareholder and officer of the Company’s Secretary and a Partner in the Manager’s legal adviser.
As at 30 June 2018, Vanguard FTSE North America UCITS ETF owned 2,917 shares valued at US$727,821 of the Vanguard S&P 500 ETF,
which is managed by Vanguard Global Advisers, LLC, the Investment Manager of the Company.
366
The table below details the inter-fund trades between the Company and multiple US mutual funds also managed by the Investment Manager
or its affiliates during the year ended 30 June 2018. There were no amounts outstanding between these parties as at 30 June 2018.
Fund Purchases Sales

Vanguard FTSE All-World High Dividend Yield UCITS ETF US$23,156,617 US$21,165,800
Vanguard FTSE All-World UCITS ETF US$6,140,002 US$4,606,572
Vanguard FTSE Developed World UCITS ETF US$342,353 US$271,472
Vanguard FTSE North America UCITS ETF US$22,680 US$6,138
Vanguard S&P 500 UCITS ETF US$63,702,371 US$55,532,964
Vanguard EUR Corporate Bond UCITS ETF — €3,792,159
Vanguard USD Corporate 1–3 Year Bond UCITS ETF US$8,308,990 US$9,864,092
Vanguard USD Corporate Bond UCITS ETF US$24,398,217 US$18,193,197
Vanguard USD Emerging Markets Government Bond UCITS ETF US$8,424,654 US$14,907,194
Comparative Figures for 2017 are shown below:

Fund Purchases Sales
Vanguard FTSE All-World High Dividend Yield UCITS ETF US$8,747,102 US$6,101,288
Vanguard FTSE All-World UCITS ETF US$3,889,294 US$3,648,243
Vanguard FTSE Developed World UCITS ETF US$353,424 US$275,916
Vanguard FTSE North America UCITS ETF US$14,461 —
Vanguard S&P 500 UCITS ETF US$66,387,467 US$37,498,573
Vanguard EUR Corporate Bond UCITS ETF €1,521,865 €8,759,707
Vanguard USD Corporate Bond UCITS ETF US$42,440,807 US$19,996,989
Vanguard USD Emerging Markets Government Bond UCITS ETF US$35,056,373 US$15,251,611
During the year, Vanguard Asset Management, Ltd., paid a portion of the transaction costs incurred during the launch of Vanguard Euro
STOXX 50 UCITS ETF and Vanguard USD Corporate 1–3 Year Bond UCITS.
17. Soft Commissions. There were no soft commission arrangements entered into during the year ended 30 June 2018 (30 June 2017: Nil).
18. Exchange Rates. The principal exchange rates to the US dollar used in the preparation of the financial statements at 30 June 2018 were:
Currency Rate Currency Rate

AED United Arab Emirates Dirham 3.6732 KRW South Korean Won 1,114.5000
AUD Australian Dollar 1.3535 MXN Mexican Peso 19.6558
BRL Brazilian Real 3.8474 MYR Malaysian Ringgit 4.0395
CAD Canadian Dollar 1.3155 NOK Norwegian Krone 8.1504
CHF Swiss Franc 0.9930 NZD New Zealand Dollar 1.4770
CLP Chilean Peso 651.0450 PEN Peruvian Nuevo Sol 3.2745
COP Colombian Peso 2,936.9900 PHP Philippines Peso 53.3675
CZK Czech Koruna 22.2817 PKR Pakistan Rupee 121.4500
DKK Danish Krone 6.3815 PLN Polish Zloty 3.7440
EGP Egyptian Pound 17.8900 QAR Qatari Riyal 3.6410
EUR Euro 0.8565 RUB Russian Ruble 62.7025
GBP British Pound Sterling 0.7574 SEK Swedish Krona 8.9460
HKD Hong Kong Dollar 7.8455 SGD Singapore Dollar 1.3635
HUF Hungarian Forint 281.8938 THB Thailand Baht 33.1300
ILS Israeli Shekel 3.6606 TRY Turkish Lira 4.5812
INR Indian Rupee 68.5150 TWD Taiwan Dollar 30.4885
JPY Japanese Yen 110.7650 ZAR South African Rand 13.7063
367
The principal exchange rates to the US dollar used in the preparation of the financial statements at 30 June 2017 were:
Currency Rate Currency Rate

AED United Arab Emirates Dirham 3.6730 KRW South Korean Won 1,144.1500
AUD Australian Dollar 1.3037 MXN Mexican Peso 18.0998
BRL Brazilian Real 3.3133 MYR Malaysian Ringgit 4.2927
CAD Canadian Dollar 1.2987 NOK Norwegian Krone 8.3767
CHF Swiss Franc 0.9577 NZD New Zealand Dollar 1.3657
CLP Chilean Peso 664.7250 PEN Peruvian Nuevo Sol 3.2465
COP Colombian Peso 3,055.0700 PHP Philippines Peso 50.4600
CZK Czech Koruna 22.8969 PKR Pakistan Rupee 104.8350
DKK Danish Krone 6.5188 PLN Polish Zloty 3.7083
EGP Egyptian Pound 18.1200 QAR Qatari Riyal 3.6604
EUR Euro 0.8768 RUB Russian Ruble 59.2688
GBP British Pound Sterling 0.7699 SEK Swedish Krona 8.4346
HKD Hong Kong Dollar 7.8065 SGD Singapore Dollar 1.3769
HUF Hungarian Forint 271.0097 THB Thailand Baht 33.9700
IDR Indonesian Rupiah 13,327.5000 TRY Turkish Lira 3.5226
ILS Israeli Shekel 3.4897 TWD Taiwan Dollar 30.4200
INR Indian Rupee 64.6375 ZAR South African Rand 13.1025
JPY Japanese Yen 112.3600
19. Segregated Liability. Each Fund is treated as bearing its own liabilities.
20. Contingent Liability. There were no contingent liabilities as at 30 June 2018 or 30 June 2017.
21. Securities Lending. The aggregate amount of securities on loan by the Funds and the value of collateral held by the Funds in respect of
these securities are set out below:
30 June 2018
Value of Outstanding
Fund Securities on Loan Value of Collateral
Vanguard FTSE 100 UCITS ETF £10,629,683 £11,161,208
Vanguard FTSE All-World UCITS ETF $3,201,782 $3,425,339
Vanguard FTSE All-World High Dividend Yield UCITS ETF $702,172 $756,148
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF $2,168,054 $2,279,973
Vanguard FTSE Developed Europe UCITS ETF €4,326,489 €4,559,402
Vanguard FTSE Developed Europe ex UK UCITS ETF €2,052,774 €2,180,587
Vanguard FTSE Developed World UCITS ETF $68,141 $79,643
Vanguard FTSE Emerging Markets UCITS ETF $4,131,498 $4,383,768
Vanguard FTSE Japan UCITS ETF $4,191,238 $6,146,208
Vanguard FTSE North America UCITS ETF $47,363 $50,198
Vanguard Global Liquidity Factor UCITS ETF $70,737 $74,471
Vanguard Global Minimum Volatility UCITS ETF $15,475 $16,492
Vanguard Global Momentum Factor UCITS ETF $30,003 $31,864
Vanguard Global Value Factor UCITS ETF $925,612 $977,974
Vanguard S&P 500 UCITS ETF $3,646,887 $3,839,657
368
30 June 2017
Value of Outstanding
Fund Securities on Loan Value of Collateral
Vanguard FTSE All-World UCITS ETF $984,905 $1,190,432
Vanguard FTSE All-World High Dividend Yield UCITS ETF $118,117 $129,874
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF $327,775 $345,323
Vanguard FTSE Developed Europe UCITS ETF €290,141 €312,732
Vanguard FTSE Developed Europe ex UK UCITS ETF €240,060 €271,128
Vanguard FTSE Developed World UCITS ETF $30,075 $32,975
Vanguard FTSE Emerging Markets UCITS ETF $4,397,504 $5,715,539
Vanguard FTSE Japan UCITS ETF $1,105,621 $1,161,594
Vanguard FTSE North America UCITS ETF $16,478 $17,594
Vanguard Global Liquidity Factor UCITS ETF $7,610 $7,993
Vanguard Global Momentum Factor UCITS ETF $19,448 $20,512
Vanguard Global Value Factor UCITS ETF $126,702 $159,656
Vanguard S&P 500 UCITS ETF $2,565,989 $3,115,245
22. Events During the Year Ended 30 June 2018. The Prospectus was amended on 13 July 2017 to incorporate regulatory updates relating
to the Securities Financing Transacting Regulation, director changes, amendments to benchmark indices links, and amendments to cut-off
times (around the Christmas and New Year period), in addition to other nonmaterial amendments.
The Prospectus was further amended by way of Addendum on 5 September 2017 to reflect settlement amendments in addition to
amendments in respect of the proposed listings of the Funds on the Deutsche Borse Xetra.
Ms Tara Doyle was appointed as a director of the Company and Manager on 3 October 2017.
Vanguard Euro STOXX 50 UCITS ETF was launched on 24 October 2017.
The Funds were listed on the Deutsche Borse Xetra on 26 October 2017.
The Prospectus was amended on 3 January 2018 to reflect MiFID II amendments, changes to the primary investment strategy of Vanguard
FTSE Developed Asia Pacific ex Japan UCITS ETF and general amendments to reflect director changes and regulatory updates.
The prospectus was further amended on 15 January 2018, by way of addendum, to reflect the change of investment manager from The
Vanguard Group, Inc., to Vanguard Global Advisers, LLC.
Vanguard EUR Corporate 1–3 Year Bond UCITS ETF and Vanguard USD Corporate 1–3 Year Bond UCITS ETF were authorized by the Central
Bank on 18 January 2018.
Vanguard DAX UCITS ETF was authorized by the Central Bank on 4 May 2018.
Vanguard USD Corporate 1–3 Year Bond UCITS ETF was launched on 22 May 2018.
The following Funds were listed on the Mexican Bolsa during the year ended 30 June 2018:
Fund Fund
Vanguard FTSE 100 UCITS ETF Vanguard FTSE Japan UCITS ETF
Vanguard FTSE All-World UCITS ETF Vanguard S&P 500 UCITS ETF
Vanguard FTSE All-World High Dividend Yield UCITS ETF Vanguard EUR Corporate Bond UCITS ETF
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Vanguard EUR Eurozone Government Bond UCITS ETF
Vanguard FTSE Developed Europe UCITS ETF Vanguard USD Corporate Bond UCITS ETF
Vanguard FTSE Developed Europe ex UK UCITS ETF Vanguard USD Emerging Markets Government Bond UCITS ETF
Vanguard FTSE Developed World UCITS ETF Vanguard USD Treasury Bond UCITS ETF
23. Events Since the Statement of Assets and Liabilities Date. Vanguard DAX UCITS ETF was launched on 17 July 2018.
The Supplement for Vanguard DAX UCITS ETF was updated on 17 August 2018 to reflect changes to the primary investment strategy of
Vanguard DAX UCITS ETF and changes to the cut-off times for receipt of subscription and redemption requests.
24. Approval of the Financial Statements. The financial statements were approved by the Directors on 25 October 2018.
369
Report From the Directors
The Board of Directors (the “Directors”) submits its annual discretion, the Directors will take into account legal
report together with the audited financial statements for considerations, timing considerations and other relevant
Vanguard Funds plc (the “Company”) for the year ended considerations.
30 June 2018.
The financial statements are published at www.vanguard.
Directors’ responsibilities statement co.uk. The Directors together with the Manager and
The Directors are responsible for preparing the Annual Investment Manager are responsible for the maintenance
Report and the financial statements in accordance with and integrity of the website as far as it relates to the
Irish law and regulations. Company. The work carried out by the auditors does not
involve consideration of the maintenance and integrity of
Irish company law requires the Directors to prepare financial the website and accordingly, the auditors accept no
statements giving a true and fair view of the state of affairs responsibility for any changes that have occurred to the
of the Company and the profit or loss of the Company for financial statements presented on the website. Legislation
each year. Under that law the Directors have elected to in the Republic of Ireland governing the presentation and
prepare the financial statements in accordance with Irish dissemination of the financial statements may differ from
Generally Accepted Accounting Practice (accounting legislation in other jurisdictions.
standards issued by the Financial Reporting Council and
promulgated by the Institute of Chartered Accountants in Statement of Relevant Audit Information
Ireland and Irish law). The Directors in office at the date of this report have each
confirmed that:
In preparing those financial statements, the Directors are
• As far as he/she is aware, there is no relevant audit
required to:
information of which the Company’s auditor is
• Select suitable accounting policies and then apply them unaware; and
consistently;
• He/she has taken all the steps that he/she ought to have
• Make judgements and accounting estimates that are taken as a director in order to make himself/herself aware
reasonable and prudent; of any relevant audit information and to establish that the
Company’s auditor is aware of that information.
• Prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Directors’ Compliance Statement
Company will continue in business; and
It is the policy of the Company to comply with its relevant
• State whether the financial statements have been obligations (as defined in the Companies Act 2014, as
prepared in accordance with applicable accounting amended). As required by Section 225(2) of the Companies
standards, identify those standards, and note the effect Act 2014, as amended, the Directors acknowledge that they
and the reasons for any material departure from those are responsible for securing the Company’s compliance with
standards. the relevant obligations. The Directors have drawn up a
compliance policy statement as defined in Section 225(3)(a)
The Directors are responsible for keeping adequate of the Companies Act 2014, as amended, and a compliance
accounting records that disclose with reasonable accuracy policy which refers to the arrangements and structures that
at any time the financial position of the Company and enable are in place and which are, in the Directors’ opinion, designed
them to ensure that the financial statements are prepared to secure material compliance with the Company’s relevant
in accordance with accounting standards generally accepted obligations. In discharging their responsibilities under
in Ireland and comply with the Companies Act 2014, as Section 225, the Directors relied upon, among other things,
amended, and the European Communities (Undertakings for the services provided, advice and/or representations from
Collective Investment in Transferable Securities) Regulations, third parties whom the Directors believe have the requisite
2011 (as amended) (the “UCITS Regulations”). They are also knowledge and experience in order to secure material
responsible for safeguarding the assets of the Company and compliance with the Company’s relevant obligations.
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities. Accounting Records
The measures taken by the Directors to secure compliance
The Directors have the power, under the Memorandum and with the Company’s obligations to keep adequate accounting
Articles of Association of the Company, to determine the records are the use of appropriate systems and procedures,
time and place at which payment for shares must be made. appointment of an administrator and employment of
Accordingly, the Directors in exceptional circumstances have competent persons. The accounting records are kept at
discretion to accept subscription monies after the dealing the Administrator, 30 Herbert Street, Dublin 2, Ireland.
time specified in the Prospectus. In exercising this
370
Corporate Governance Statement The Administrator has operating responsibility in respect of

The Company is subject to and complies with Irish statute its internal controls in relation to the financial reporting
comprising the Companies Act 2014, as amended and with process and the Administrator’s report to the Board.
the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations, 2011 (as Risk Assessment
amended) (the “UCITS Regulations”) and the Listing Rules of The Board is responsible for assessing the risk of irregularities
the Irish Stock Exchange, the London Stock Exchange, the whether caused by fraud or error in financial reporting and
SIX Swiss Stock Exchange, the Euronext NYSE Amsterdam, ensuring the processes are in place for the timely identification
Euronext NYSE Paris, Deutsche Borse Xetra and the Mexican of internal and external matters with a potential effect on
Bolsa, where applicable. The Board of Directors has assessed financial reporting. The Board has also put in place processes
the measures included in the voluntary Corporate Governance to identify changes in accounting rules and recommendations
Code for Collective Investment Schemes and Management and to ensure that these changes are accurately reflected in
Companies, as published by the Irish Funds Industry the Company’s financial statements.
Association in December 2011 (the “Corporate Governance
Code”). The Board of Directors has adopted all corporate Control Activities
governance practices and procedures of the Corporate The Administrator maintains control structures to manage
Governance Code with effect from 31 December 2012. In the risks over financial reporting. These control structures
this regard, the Board of Directors has assessed its corporate include appropriate division of responsibilities and specific
governance practices and procedures as being consistent control activities aimed at detecting or preventing the risk
with those of the Corporate Governance Code for the period of significant deficiencies in financial reporting for every
ended 30 June 2018. significant account in the financial statements and the
related notes in the Company’s annual report. Examples
Each of the service providers engaged by the Company of control activities exercised by the Administrator include
is subject to its own corporate governance requirements. analytical review procedures, reconciliations and automated
A copy of the Corporate Governance Code is available at controls over IT systems. The method of valuing securities
http://files.irishfunds.ie/1432820468-corporate-governance- and other assets when prices are not available from external
code-for-collective-investment-schemes-and-management- independent sources is detailed in Note 3.
companies.pdf.
Information and Communication
Financial Reporting Process Description of The Company’s policies and the Board’s instructions
Main Features with relevance for financial reporting are updated and
The Board is responsible for establishing and maintaining communicated via appropriate channels, such as e-mail,
adequate internal control and risk management systems of correspondence and meetings, to ensure that all financial
the Company in relation to the financial reporting process. reporting information requirements are met in a complete
Such systems are designed to manage rather than eliminate and accurate manner.
the risk of failure to achieve the Company’s financial reporting
objectives and can only provide reasonable and not absolute Monitoring
assurance against material misstatement or loss. The Board receives regular presentations and reviews
reports from the Depositary, Investment Manager and
The Board has established processes regarding internal Administrator. The Board also has an annual process to
control and risk management systems to ensure its effective ensure that appropriate measures are taken to consider
oversight of the financial reporting process. These include and address the shortcomings identified and measures
appointing the Administrator, Brown Brothers Harriman recommended by the independent auditors.
Fund Administration Services (Ireland) Limited, to maintain
the books and records. The Administrator is authorised and Capital Structure
regulated by the Central Bank of Ireland and must comply No person has a significant direct or indirect holding of
with the rules imposed by the Central Bank of Ireland. The securities in the Company. No person has any special rights
Administrator is also contractually obliged to prepare for of control over the Company’s share capital. There are no
review and approval by the Board the annual report, including restrictions on voting rights.
financial statements intended to give a true and fair view,
and the half-yearly financial statements. The Board evaluates Powers of the Directors
and discusses significant accounting and reporting issues as With regard to the appointment and replacement of
the need arises. From time to time the Board also examines Directors, the Company is governed by its Articles of
and evaluates the Administrator’s financial accounting and Association, Irish statute comprising the Companies Act
reporting routines and monitors and evaluates the external 2014, as amended, and with the UCITS Regulations and
auditors’ performance, qualifications and independence. the Listing Rules of the Irish Stock Exchange as applicable
to investment funds. The Articles of Association themselves
may be amended by special resolution of the shareholders.
371
The Board is responsible for managing the business affairs of Notice of any such suspension and notice of the termination
the Company in accordance with the Articles of Association. of any such suspension shall be given immediately to the
The Directors may delegate certain functions to the Central Bank of Ireland and to the relevant stock exchanges
Administrator and other parties, subject to supervision and and will be communicated to applicants for Shares or to
direction by the Directors. The Directors have delegated the Shareholders requesting the repurchase of Shares at the
day-to-day administration of the Company to the Administrator time of application or filing of the written request for such
and the investment management and distribution functions repurchase. Where possible, all reasonable steps will be
to the Investment Manager. Consequently none of the taken to bring any period of suspension to an end as soon
Directors is an executive Director. as possible.
The Articles of Association provide that the Directors may Registered Shares may be transferred by instrument in
exercise all the powers of the Company to borrow money, writing. The instrument of transfer must be accompanied by
to mortgage or charge its undertaking, property or any part a certificate from the transferee that it is not acquiring such
thereof and may delegate these powers to the Investment Shares on behalf of or for the benefit of a US Person. In the
Manager. case of the death of one or joint Shareholders, the survivor
or survivors will be the only person or persons recognised
The Directors may, at any time and from time to time, by the Administrator as having any title to or interest in the
temporarily suspend the calculation of the Net Asset Shares registered in the names of such joint Shareholders.
Value of a particular Fund and the issue, repurchase and The Directors may decline to register a transfer if they are
conversion of Shares in any of the following instances: aware or reasonably believe the transfer would result in the
beneficial ownership of Shares by a person in contravention
(a) during any period (other than ordinary holiday or
of any restrictions on ownership imposed by the Directors or
customary weekend closings) when any market or
might result in legal, regulatory, pecuniary, taxation or
Recognised Exchange is closed and which is the main
material administrative disadvantage to the relevant Fund or
market or Recognised Exchange for a significant part of
Shareholders generally.
investments of the relevant Fund, or in which trading
thereon is restricted or suspended;
Shareholder Meetings
(b) during any period when an emergency exists as a result The Annual General Meeting of the Company will usually
of which disposal by the Company of investments which be held in Dublin, normally during the month of October
constitute a substantial portion of the assets of the or such other date as the Directors may determine. Notice
relevant class is not practically feasible; or it is not possible convening the Annual General Meeting in each year at
to transfer monies involved in the acquisition or disposition which the audited financial statements of the Company will
of investments at normal rates of exchange; or it is not be presented (together with the Directors’ and Auditors’
practically feasible for the Directors or their delegate fairly reports of the Company) will be sent to Shareholders at their
to determine the value of any assets of the relevant Fund; registered addresses not less than 21 clear days before the
date fixed for the meeting. Other general meetings may be
(c) during any breakdown in the means of communication
convened from time to time by the Directors in such manner
normally employed in determining the price of any of the
as provided by Irish law.
investments of the relevant Fund or of current prices on
any market or Recognised Exchange;
Each of the Shares entitles the holder to attend and vote at
(d) when for any reason the prices of any investments of the meetings of the Company and of the Fund represented by
relevant class cannot be reasonably, promptly or those Shares. Matters may be determined by a meeting of
accurately ascertained; Shareholders on a show of hands unless a poll is requested
by any Shareholder having the right to vote at the meeting or
(e) during any period when remittance of monies which will
unless the chairman of the meeting requests a poll. Each
or may be involved in the realisation of or in the payment
Shareholder has one vote on a show of hands. Each Share
for any of the investments of the relevant class cannot, in
gives the holder one vote in relation to any matters relating
the opinion of the Directors, be carried out at normal
to the Company which are submitted to Shareholders for a
rates of exchange;
vote by poll. No class of Shares confers on the holder
(f) for the purpose of winding up the Company or thereof any preferential or preemptive rights or any rights to
terminating any Fund; or participate in the profits and dividends of any other share
class or any voting rights in relation to matters relating solely
(g) if any other reason makes it impossible or impracticable
to any other share class.
to determine the value of a substantial portion of the
investments of the Company or any Fund.
372
Any resolution to alter the class rights of the Shares requires Directors’ and Secretary’s Interests
the approval of three-quarters of the holders of the shares None of the Directors, the Company Secretary, or their
represented or present and voting at a general meeting of families hold or held any beneficial interests in the Company
the class. The quorum for any general meeting of the class at 30 June 2018 or during the year to the date of this report.
convened to consider any alteration to the class rights of
the Shares shall be such number of Shareholders being Transactions Involving Directors
two or more persons whose holdings comprise one-third There are no contracts or arrangements of any significance
of the Shares. in relation to the business of the Company in which the
Directors or the Company Secretary had any interest as
Each of the Shares other than Subscriber Shares entitles the defined in the Companies Act 2014, as amended, at any
Shareholder to participate equally on a pro-rata basis in the time during the year ended 30 June 2018. Ms Tara Doyle,
dividends and net assets of the Fund in respect of which the an independent director of the Company, is a Shareholder
Shares have been issued, save in the case of dividends and officer of the Company’s Secretary and a Partner in
declared prior to becoming a Shareholder. the Manager’s legal adviser.
Management Shares entitle the Shareholders holding them Results, Activities and Future Developments
to attend and vote at all general meetings of the Company A detailed review of the year and factors which contributed
but do not entitle the holders to participate in the dividends to the performance for the year is included in each of the
or net assets of the Company. Funds’ Profiles. Details of the assets, liabilities and financial
position of the Company and results for the year ended
Composition and Operation of Board and Committees 30 June 2018 are set out in the Statement of Assets and
There are seven Directors currently, three of whom are Liabilities and Statement of Operations for each Fund.
independent of the Investment Manager. The Directors
may be removed by the Shareholders by ordinary resolution Risk Management Objectives and Policies
in accordance with the procedures established under the The Directors draw your attention to the principal risks
Irish Companies Act 2014, as amended. The Board of affecting the Funds, which are outlined in Note 4 of the
Directors meets at least quarterly. Notes to the Financial Statements.
An audit committee has been formed as a sub-committee Dividends

of the Board of Directors. There are no other sub- Dividends that have been declared during the year can be
committees of the Board of Directors. found in Note 6 in the Notes to the Financial Statements.
Directors Events Since the Year-End

The names of the persons who served as Directors at any Vanguard DAX UCITS ETF was launched on 17 July 2018.
time during the year ended 30 June 2018 are set out below:
The Supplement for Vanguard DAX UCITS ETF was updated
Peter Blessing1 (Irish)
on 17 August 2018 to reflect changes to the primary
Axel Lomholt (Danish) investment strategy of Vanguard DAX UCITS ETF and
changes to the cut-off times for receipt of subscription and
James M. Norris (American)
redemption requests.
William Slattery1 (Irish)
On behalf of the Board,
Michael S. Miller1 (American)
Sean P. Hagerty (American)
Tara Doyle1,2 (Irish)
Axel Lomholt
Peter Blessing
25 October 2018
1 Served in an independent, non-executive capacity during the period.

2 Was appointed to the Board of Directors of the Manager and the Company, effective on 3 October 2017.
373
Additional Information From the Directors (unaudited)
Remuneration Disclosure
The European Union Directive 2014/91/EU (known as the “UCITS V Directive”) came into effect on 21 March 2016. The Manager has
adopted a remuneration policy with effect from 18 March 2016 in order to meet the requirements of the UCITS V Directive in a way and to the
extent that it is appropriate to the Manager’s size, internal organisation and the nature, scope and complexity of its activities. The Manager’s
remuneration policy applies to staff whose professional activities have a material impact on the risk profile of the Company as well as the
Manager. As at 30 June 2018, neither the Manager nor the Company had any employees and the Manager’s remuneration policy applied only
to members of the Manager’s management body, the Board of Directors, who are identified staff for the purposes of the remuneration policy.
The remuneration policy, including its implementation, will be subjected to annual review in accordance with the requirements of Regulation
24B(1)(c) and (d) of the UCITS Regulations.
The Directors of the Company do not receive any remuneration from the Company in respect of such services.
Certain directors of the Manager receive compensation in respect of such services provided to the Manager and to any collective investment
schemes to which it has been appointed. In particular, the directors of the Manager who are not employees of the Investment Manager or
an affiliate of the Investment Manager receive fixed remuneration but do not receive any variable remuneration. The aggregate remuneration
payable to the above directors may not exceed such amount as is approved from time to time by Zealous, Inc., the sole shareholder of the
Manager. The directors of the Manager who are employees of the Investment Manager or an affiliate of the Investment Manager will not
receive any remuneration in respect of such services.
Connected Persons Transactions
Transactions carried out with the Company by the Investment Manager, Manager, Depositary, Investment Adviser and/or associated or group
companies of these (“Connected Persons”) during the year ended 30 June 2018 were carried out as if negotiated at arm’s length and were
in the best interests of the Company’s Shareholders. The Directors of the Company are satisfied that there are arrangements (evidenced
by written procedures) in place to ensure that all transactions entered into by the Company with Connected Persons are carried out as if
negotiated at arm’s length and in the best interests of the Company’s Shareholders.
Securities Financing Transactions Regulation (“SFTR”)
Securities Financing Transactions Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”)
and total return swaps.
An SFT is defined as per Article 3(11) of the SFTR as:
• A repurchase/reverse repurchase agreement,
• Securities or commodities lending and securities or commodities borrowing,
• A buy-sell back transaction or sell-buy back transaction, or
• A margin lending transaction.
As at 30 June 2018, the Company had a securities lending programme as a type of SFT under the scope of the SFTR.
374
Global Data:
The amounts of securities on loan as at 30 June 2018 are as follows:
Proportion % of Lendable
Fund Amount of NAV (%) Assets
Vanguard FTSE 100 UCITS ETF £10,629,683 0.39 0.40
Vanguard FTSE 250 UCITS ETF £11,405,696 1.61 1.67
Vanguard FTSE All-World UCITS ETF $3,201,782 0.15 0.16
Vanguard FTSE All-World High Dividend Yield UCITS ETF $702,172 0.11 0.11
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF $2,168,054 0.61 0.60
Vanguard FTSE Developed Europe UCITS ETF €4,326,489 0.26 0.26
Vanguard FTSE Developed Europe ex UK UCITS ETF €2,052,774 0.21 0.21
Vanguard FTSE Developed World UCITS ETF $68,141 0.04 0.04
Vanguard FTSE Emerging Markets UCITS ETF $4,131,498 0.28 0.49
Vanguard FTSE Japan UCITS ETF $4,191,238 0.21 0.20
Vanguard FTSE North America UCITS ETF $47,363 0.03 0.03
Vanguard Global Liquidity Factor UCITS ETF $70,737 0.15 0.27
Vanguard Global Minimum Volatility UCITS ETF $15,475 0.11 0.11
Vanguard Global Momentum Factor UCITS ETF $30,003 0.09 0.09
Vanguard Global Value Factor UCITS ETF $925,612 0.58 0.57
Vanguard S&P 500 UCITS ETF $3,646,887 0.02 0.02
Data on Re-Use of Collateral:

The Company did not re-use any collateral received during the year ended 30 June 2018.
Concentration Data:
The split of issuers of collateral securities received across all SFTs as at 30 June 2018 is as follows:

Fund Collateral Issuer Collateral Amount
Vanguard FTSE 100 UCITS ETF UK Government £11,161,208
Vanguard FTSE 250 UCITS ETF France Government £6,070,790
Vanguard FTSE 250 UCITS ETF Germany Government £867,137
Vanguard FTSE 250 UCITS ETF UK Government £5,108,264
Vanguard FTSE 250 UCITS ETF US Government £259
Vanguard FTSE All-World UCITS ETF France Government $1,811,995
Vanguard FTSE All-World UCITS ETF Germany Government $627,286
Vanguard FTSE All-World UCITS ETF UK Government $986,033
Vanguard FTSE All-World UCITS ETF US Government $25
Vanguard FTSE All-World High Dividend Yield UCITS ETF France Government $286,694
Vanguard FTSE All-World High Dividend Yield UCITS ETF Germany Government $31,793
Vanguard FTSE All-World High Dividend Yield UCITS ETF UK Government $437,661
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF France Government $274,726
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Germany Government $1,477,265
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF UK Government $527,975
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF US Government $7
Vanguard FTSE Developed Europe UCITS ETF France Government €1,578,100
Vanguard FTSE Developed Europe UCITS ETF UK Government €2,981,211
Vanguard FTSE Developed Europe UCITS ETF US Government €91
Vanguard FTSE Developed Europe ex UK UCITS ETF France Government €1,880,845
Vanguard FTSE Developed Europe ex UK UCITS ETF UK Government €299,708
Vanguard FTSE Developed Europe ex UK UCITS ETF US Government €34
Vanguard FTSE Developed World UCITS ETF France Government $45,076
Vanguard FTSE Developed World UCITS ETF Germany Government $24,691
Vanguard FTSE Developed World UCITS ETF UK Government $9,875
Vanguard FTSE Developed World UCITS ETF US Government $1
Vanguard FTSE Emerging Markets UCITS ETF France Government $3,259,846
375
Fund Collateral Issuer Collateral Amount

Vanguard FTSE Emerging Markets UCITS ETF Germany Government $729,053
Vanguard FTSE Emerging Markets UCITS ETF UK Government $394,837
Vanguard FTSE Emerging Markets UCITS ETF US Government $32
Vanguard FTSE Japan UCITS ETF France Government $461,320
Vanguard FTSE Japan UCITS ETF Germany Government $5,217,208
Vanguard FTSE Japan UCITS ETF UK Government $467,680
Vanguard FTSE North America UCITS ETF France Government $40,774
Vanguard FTSE North America UCITS ETF UK Government $9,422
Vanguard FTSE North America UCITS ETF US Government $2
Vanguard Global Liquidity Factor UCITS ETF France Government $42,012
Vanguard Global Liquidity Factor UCITS ETF UK Government $32,453
Vanguard Global Liquidity Factor UCITS ETF US Government $6
Vanguard Global Minimum Volatility UCITS ETF France Government $16,492
Vanguard Global Momentum Factor UCITS ETF France Government $24,472
Vanguard Global Momentum Factor UCITS ETF Germany Government $7,392
Vanguard Global Value Factor UCITS ETF France Government $412,539
Vanguard Global Value Factor UCITS ETF Germany Government $20,671
Vanguard Global Value Factor UCITS ETF UK Government $544,764
Vanguard S&P 500 UCITS ETF France Government $2,246,840
Vanguard S&P 500 UCITS ETF UK Government $1,592,508
Vanguard S&P 500 UCITS ETF US Government $309
The split of counterparties of the securities lending programme as at 30 June 2018 is as follows:

Fund Counterparty Loan Amount
Vanguard FTSE 100 UCITS ETF HSBC Bank £10,629,683
Vanguard FTSE 250 UCITS ETF Barclays £1,320,252
Vanguard FTSE 250 UCITS ETF Credit Suisse Group £825,843
Vanguard FTSE 250 UCITS ETF UBS AG £4,444,737
Vanguard FTSE 250 UCITS ETF HSBC Bank £2,274,174
Vanguard FTSE 250 UCITS ETF JP Morgan £2,540,690
Vanguard FTSE All-World UCITS ETF HSBC Bank $592,190
Vanguard FTSE All-World UCITS ETF JP Morgan $245,510
Vanguard FTSE All-World UCITS ETF Credit Suisse Group $517,588
Vanguard FTSE All-World UCITS ETF UBS AG $1,579,322
Vanguard FTSE All-World UCITS ETF Citigroup $224,109
Vanguard FTSE All-World UCITS ETF Merrill Lynch $43,063
Vanguard FTSE All-World High Dividend Yield UCITS ETF HSBC Bank $383,615
Vanguard FTSE All-World High Dividend Yield UCITS ETF UBS AG $269,019
Vanguard FTSE All-World High Dividend Yield UCITS ETF Citigroup $33,203
Vanguard FTSE All-World High Dividend Yield UCITS ETF Merrill Lynch $16,335
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Credit Suisse Group $1,406,916
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF JP Morgan $71,780
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF UBS AG $222,424
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF Citigroup $466,934
Vanguard FTSE Developed Europe UCITS ETF JP Morgan €892,240
Vanguard FTSE Developed Europe UCITS ETF HSBC Bank €2,393,042
Vanguard FTSE Developed Europe UCITS ETF UBS AG €1,041,207
Vanguard FTSE Developed Europe ex UK UCITS ETF UBS AG €1,597,728
Vanguard FTSE Developed Europe ex UK UCITS ETF JP Morgan €339,280
Vanguard FTSE Developed Europe ex UK UCITS ETF HSBC Bank €115,766
Vanguard FTSE Developed World UCITS ETF UBS AG $36,571
Vanguard FTSE Developed World UCITS ETF JP Morgan $11,620
Vanguard FTSE Developed World UCITS ETF Merrill Lynch $8,386
376
Fund Counterparty Loan Amount

Vanguard FTSE Developed World UCITS ETF Citigroup $3,594
Vanguard FTSE Developed World UCITS ETF Credit Suisse Group $7,970
Vanguard FTSE Emerging Markets UCITS ETF Barclays $116,164
Vanguard FTSE Emerging Markets UCITS ETF UBS AG $2,904,863
Vanguard FTSE Emerging Markets UCITS ETF JP Morgan $312,587
Vanguard FTSE Emerging Markets UCITS ETF Credit Suisse Group $694,335
Vanguard FTSE Emerging Markets UCITS ETF HSBC Bank $103,549
Vanguard FTSE Japan UCITS ETF Credit Suisse Group $1,373,412
Vanguard FTSE Japan UCITS ETF Merrill Lynch $1,939,540
Vanguard FTSE Japan UCITS ETF UBS AG $432,879
Vanguard FTSE Japan UCITS ETF Citigroup $445,407
Vanguard FTSE North America UCITS ETF UBS AG $29,419
Vanguard FTSE North America UCITS ETF JP Morgan $17,944
Vanguard Global Liquidity Factor UCITS ETF UBS AG $11,594
Vanguard Global Liquidity Factor UCITS ETF Citigroup $2,663
Vanguard Global Liquidity Factor UCITS ETF JP Morgan $56,480
Vanguard Global Minimum Volatility UCITS ETF UBS AG $15,475
Vanguard Global Momentum Factor UCITS ETF UBS AG $22,963
Vanguard Global Momentum Factor UCITS ETF Credit Suisse Group $7,040
Vanguard Global Value Factor UCITS ETF UBS AG $387,105
Vanguard Global Value Factor UCITS ETF Credit Suisse Group $19,686
Vanguard Global Value Factor UCITS ETF Barclays $24,700
Vanguard Global Value Factor UCITS ETF Citigroup $53,154
Vanguard Global Value Factor UCITS ETF HSBC Bank $440,967
Vanguard S&P 500 UCITS ETF JP Morgan $3,032,819
Vanguard S&P 500 UCITS ETF UBS AG $614,068
Safekeeping of Collateral Received:

All securities lending collateral received is held by BNY Mellon as tri-party agent in the name of Brown Brothers Harriman as at 30 June 2018.
Aggregate Transaction Data:
The aggregate transaction data for collateral positions received in respect of the securities lending programme as at 30 June 2018 is as follows:

Country of
Type of Collateral Fitch Maturity Tenor of Currency of Counterparty Settlement
Fund Collateral Amount Rating Collateral Collateral Establishment and Clearing
Vanguard FTSE 100 UCITS ETF Bond £11,161,208 AAu >1 year GBP United Kingdom Tri-party
Vanguard FTSE 250 UCITS ETF Bond £1,334,028 F1+u <1 month EUR United Kingdom Tri-party
Vanguard FTSE 250 UCITS ETF Bond £4,736,762 F1+u 1 month to 3 months EUR United Kingdom Tri-party
Vanguard FTSE 250 UCITS ETF Bond £5,108,264 AAu >1 year GBP United Kingdom Tri-party
Vanguard FTSE 250 UCITS ETF Bond £867,137 AAAu >1 year EUR United Kingdom Tri-party
Vanguard FTSE 250 UCITS ETF Bond £259 AAAu >1 year USD United Kingdom Tri-party
Vanguard FTSE All-World UCITS ETF Bond $128,909 F1+u <1 month EUR United Kingdom Tri-party
Vanguard FTSE All-World UCITS ETF Bond $1,683,086 F1+u 1 month to 3 months EUR United Kingdom Tri-party
Vanguard FTSE All-World UCITS ETF Bond $750,717 AAu >1 year GBP United Kingdom Tri-party
Vanguard FTSE All-World UCITS ETF Bond $627,286 AAAu >1 year EUR United Kingdom Tri-party
Vanguard FTSE All-World UCITS ETF Bond $235,316 AAAu >1 year GBP United Kingdom Tri-party
Vanguard FTSE All-World UCITS ETF Bond $25 AAAu >1 year USD United Kingdom Tri-party
Vanguard FTSE All-World High Dividend
Yield UCITS ETF Bond $286,694 F1+u 1 month to 3 months EUR United Kingdom Tri-party
Yield UCITS ETF Bond $402,797 AAu >1 year GBP United Kingdom Tri-party
Yield UCITS ETF Bond $31,793 AAAu >1 year EUR United Kingdom Tri-party
Yield UCITS ETF Bond $34,864 AAAu >1 year GBP United Kingdom Tri-party
377
Country of
Vanguard FTSE Developed Asia Pacific
ex Japan UCITS ETF Bond $37,689 F1+u <1 month EUR United Kingdom Tri-party
ex Japan UCITS ETF Bond $237,037 F1+u 1 month to 3 months EUR United Kingdom Tri-party
ex Japan UCITS ETF Bond $37,691 AAu >1 year GBP United Kingdom Tri-party
ex Japan UCITS ETF Bond $1,477,265 AAAu >1 year EUR United Kingdom Tri-party
ex Japan UCITS ETF Bond $490,284 AAAu >1 year GBP United Kingdom Tri-party
ex Japan UCITS ETF Bond $7 AAAu >1 year USD United Kingdom Tri-party
Vanguard FTSE Developed Europe
UCITS ETF Bond €468,484 F1+u <1 month EUR United Kingdom Tri-party
UCITS ETF Bond €1,109,616 F1+u 1 month to 3 months EUR United Kingdom Tri-party
UCITS ETF Bond €2,981,211 AAu >1 year GBP United Kingdom Tri-party
UCITS ETF Bond €91 AAAu >1 year USD United Kingdom Tri-party
ex UK UCITS ETF Bond €178,144 F1+u <1 month EUR United Kingdom Tri-party
ex UK UCITS ETF Bond €1,702,701 F1+u 1 month to 3 months EUR United Kingdom Tri-party
ex UK UCITS ETF Bond €299,708 AAu >1 year GBP United Kingdom Tri-party
ex UK UCITS ETF Bond €34 AAAu >1 year USD United Kingdom Tri-party
Vanguard FTSE Developed World
UCITS ETF Bond $6,102 F1+u <1 month EUR United Kingdom Tri-party
UCITS ETF Bond $38,974 F1+u 1 month to 3 months EUR United Kingdom Tri-party
UCITS ETF Bond $6,102 AAu >1 year GBP United Kingdom Tri-party
UCITS ETF Bond $24,691 AAAu >1 year EUR United Kingdom Tri-party
UCITS ETF Bond $3,773 AAAu >1 year GBP United Kingdom Tri-party
UCITS ETF Bond $1 AAAu >1 year USD United Kingdom Tri-party
Vanguard FTSE Emerging Markets
UCITS ETF Bond $3,095,717 F1+u 1 month to 3 months EUR United Kingdom Tri-party
Vanguard FTSE Japan UCITS ETF Bond $461,320 F1+u 1 month to 3 months EUR United Kingdom Tri-party
Vanguard FTSE Japan UCITS ETF Bond $5,217,208 AAAu >1 year EUR United Kingdom Tri-party
Vanguard FTSE Japan UCITS ETF Bond $467,680 AAAu >1 year GBP United Kingdom Tri-party
Vanguard FTSE North America
378
Country of
Vanguard Global Liquidity Factor
UCITS ETF Bond $2,796 AAAu >1 year GBP United Kingdom Tri-party
Vanguard Global Minimum Volatility
Vanguard Global Momentum Factor
Vanguard Global Momentum Factor
Vanguard Global Value Factor UCITS ETF Bond $412,539 F1+u 1 month to 3 months EUR United Kingdom Tri-party
Vanguard Global Value Factor UCITS ETF Bond $488,952 AAu >1 year GBP United Kingdom Tri-party
Vanguard Global Value Factor UCITS ETF Bond $20,671 AAAu >1 year EUR United Kingdom Tri-party
Vanguard Global Value Factor UCITS ETF Bond $55,812 AAAu >1 year GBP United Kingdom Tri-party
Vanguard S&P 500 UCITS ETF Bond $1,592,427 F1+u <1 month EUR United Kingdom Tri-party
Vanguard S&P 500 UCITS ETF Bond $654,413 F1+u 1 month to 3 months EUR United Kingdom Tri-party
Vanguard S&P 500 UCITS ETF Bond $1,592,508 AAu >1 year GBP United Kingdom Tri-party
Vanguard S&P 500 UCITS ETF Bond $309 AAAu >1 year USD United Kingdom Tri-party
Return/Costs:
The securities lending agent appointed is Brown Brothers Harriman & Co. All securities lending revenue, with the exception of a minimal
lending agent fee, is received directly into the Funds. All operational costs in supporting the lending programme are borne by the lending
agent and paid directly out of the agent lender fee received.
The current securities lending income split between the relevant Fund and the securities lending agent for the year ended 30 June 2018
is as follows:
% Overall
Fund Returns Amount Returns
Vanguard Euro STOXX 50 UCITS ETF To Fund: €29 95
To Lending Agent: €2 5
Vanguard FTSE 100 UCITS ETF To Fund: £372,223 95
To Lending Agent: £19,591 5
Vanguard FTSE 250 UCITS ETF To Fund: £204,359 95
To Lending Agent: £10,756 5
Vanguard FTSE All-World UCITS ETF To Fund: $121,589 95
To Lending Agent: $6,399 5
Vanguard FTSE All-World High Dividend Yield UCITS ETF To Fund: $65,380 95
Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF To Fund: $43,784 95
Vanguard FTSE Developed Europe UCITS ETF To Fund: €193,993 95
To Lending Agent: €10,210 5
Vanguard FTSE Developed Europe ex UK UCITS ETF To Fund: €120,875 95
To Lending Agent: €6,362 5
Vanguard FTSE Developed World UCITS ETF To Fund: $7,751 95
To Lending Agent: $408 5
379
% Overall
Fund Returns Amount Returns
Vanguard FTSE Emerging Markets UCITS ETF To Fund: $161,281 95
Vanguard FTSE Japan UCITS ETF To Fund: $204,352 95
Vanguard FTSE North America UCITS ETF To Fund: $4,861 95
Vanguard Global Liquidity Factor UCITS ETF To Fund: $702 95
Vanguard Global Minimum Volatility UCITS ETF To Fund: $549 95
Vanguard Global Momentum Factor UCITS ETF To Fund: $1,700 95
Vanguard Global Value Factor UCITS ETF To Fund: $18,901 95
Vanguard S&P 500 UCITS ETF To Fund: $155,437 95
380
Report of the Depositary to the Shareholders
We have enquired into the conduct of Vanguard Funds plc Opinion

(“the Company”) for the year ended 30 June 2018 in our In our opinion, the Company has been managed during the
capacity as Depositary to the Company. year, in all material respects:
(i) in accordance with the limitations imposed on the

This report including the opinion has been prepared for
investment and borrowing powers of the Company by
and solely for the Shareholders in the Company as a body,
the Memorandum and Articles of Association, the UCITS
in accordance with Part 5 of the European Communities
Regulations and the Central Bank UCITS Regulations, and
(Undertakings for Collective Investment in Transferable
Securities) Regulations 2011, as amended (“the UCITS (ii) otherwise in accordance with the provisions of the
Regulations”), and for no other purpose. We do not, in Memorandum and Articles of Association, the UCITS
giving this opinion, accept or assume responsibility for Regulations and the Central Bank UCITS Regulations.
any other purpose or to any other person to whom this
report is shown.
Responsibilities of the Depositary

Our duties and responsibilities are outlined in Part 5 of the
UCITS Regulations. One of those duties is to enquire into
the conduct of the Company in each annual accounting
period and report thereon to the shareholders. Brown Brothers Harriman Trustee Services (Ireland) Limited
30 Herbert Street
Our report shall state whether, in our opinion, the Company Dublin 2
has been managed in that period in accordance with the Ireland
provisions of the Company’s Memorandum and Articles of
Association and the UCITS Regulations. It is the overall 25 October 2018
responsibility of the Company to comply with these
provisions. If the Company has not so complied, we as
Depositary must state why this is the case and outline the
steps which we have taken to rectify the situation.
Basis of Depositary Opinion

The Depositary conducts such reviews as it, in its
reasonable opinion, considers necessary in order to
comply with its duties as outlined in Part 5 of the UCITS
Regulations and to ensure that, in all material respects,
the Company has been managed (i) in accordance with
the limitations imposed on its investment and borrowing
powers by the provisions of the Memorandum and Articles
of Association and the appropriate regulations and (ii)
otherwise in accordance with the Company’s constitutional
documentation and the appropriate regulations.
381
Independent Auditors’ Report to the members of Vanguard Funds plc
Report on the audit of the financial statements
Opinion
In our opinion, Vanguard Fund plc’s financial statements:
• give a true and fair view of the Company’s and Funds’ (as listed on page 341) assets, liabilities and financial position as at
30 June 2018 and of their results for the year then ended;
• have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards
issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland”, and promulgated by the Institute of Chartered Accountants in Ireland
and Irish law); and
• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European
Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).
We have audited the financial statements, included within the Annual Report, which comprise:
• the Company Statement of Assets and Liabilities and the Statement of Assets and Liabilities for each of the Funds as at 30
June 2018;
• the Company Statement of Operations and the Statement of Operations for each of the Funds for the year then ended;
• the Company Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and the
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for each of the Funds for
the year then ended;
• the Statement of investments for each of the Funds as at 30 June 2018; and
• the notes to the financial statements for the Company and for each of its Funds, which include a description of the significant
accounting policies.
Our opinion is consistent with our reporting to the Audit Committee.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.
Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in Ireland, which includes IAASA’s Ethical Standard as applicable to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by IAASA’s Ethical Standard were not
provided to the Company.
We have provided no non-audit services to the Company in the period from 1 July 2017 to 30 June 2018.
382
Our audit approach

Overview
Materiality
• Overall materiality: 50 basis points of Net Assets Value (“NAV”) at 30 June 2018 for each of
the Company’s Funds.
Materiality
Audit scope
• The Company is an open-ended investment Company with variable capital and engages
Vanguard Group (Ireland) Limited (the “Manager”) to manage certain duties and responsibilities
Audit scope
with regards to the day-to-day management of the Company. We tailored the scope of our
audit taking into account the types of investments within the Funds, the involvement of the
third parties referred to below, the accounting processes and controls, and the industry in
Key audit which the Company operates. We look at each of the Funds at an individual level.
matters
Key audit matters
• Existence and valuation of financial assets at fair value through profit or loss.
The scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements. In particular, we looked at where the directors made subjective judgements, for example the selection of pricing
sources to value the investment portfolio. As in all of our audits, we also addressed the risk of management override of internal
controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.
Key audit matters

Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement (whether or
not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we
make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete
list of all risks identified by our audit.
Key audit matter How our audit addressed the key audit matter
Existence and valuation of financial assets at fair value through We obtained independent confirmation from the
profit or loss Depositary or other counterparties of the investment
portfolios held as at 30 June 2018, agreeing the
Refer to the Statement of Investments and the accounting policies set amounts held to the accounting records.
out in note 3 (a). We tested the valuation of the investment portfolios by
independently agreeing the valuation of investments to
The financial assets at fair value through profit or loss included in the third party vendor sources.
Statements of Assets and Liabilities as at 30 June 2018 are valued at
fair value in line with Generally Accepted Accounting Practice in Ireland. No material misstatements were identified as a result
of the procedures we performed.
This is considered a key audit matter as it represents the principal
element of the financial statements.
383
How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial
statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the
industry in which it operates.
As at 30 June 2018 there are 24 Funds operating. The Company’s Statement of Assets and Liabilities and the Statement of
Assets and Liabilities for each of the Funds, Company Statement of Operations and the Statement of Operations for each of the
Funds, and Company Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and the
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for each of the Funds are an
aggregation of the positions and results of the Funds.
The directors control the affairs of the Company and are responsible for the overall investment policy which is determined by
them. The Company engages the Manager to manage certain duties and responsibilities with regards to the day to day management
of the Company. The Manager delegated certain responsibilities to The Vanguard Group, Inc. for the period from 1 July 2017 until
14 January 2018 and to Vanguard Global Advisers, LLC for the period from 15 January 2018 until 30 June 2018 (the ‘Investment
Manager’) and to Brown Brothers Harriman Fund Administration Services (Ireland) Limited (the ‘Administrator’). The financial
statements, which remain the responsibility of the directors, are prepared on their behalf by the Administrator. The Company has
appointed Brown Brothers Harriman Trustee Services (Ireland) Limited (the “Depositary”) to act as Depositary of the Company’s
assets. In establishing the overall approach to our audit we assessed the risk of material misstatement at a fund level, taking into
account the nature, likelihood and potential magnitude of any misstatement. As part of our risk assessment, we considered the
Company’s interaction with the Administrator, and we assessed the control environment in place at the Administrator.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent
of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements,
both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements of each of the Company’s Funds
as follows:
Overall materiality and how we 50 basis points (2017: 50 basis points) of Net Assets Value (“NAV”) at 30 June 2018 for
determined it each of the Company’s Funds.
Rationale for benchmark applied We have applied this benchmark because the main objective of the Company is to provide
investors with a total return at a fund level, taking account of the capital and income returns.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above 5 basis
points of each fund’s NAV, for NAV per share impacting differences (2017: 5 basis points of each fund’s NAV, for NAV per share
impacting differences) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:
• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant
doubt about the Company’s and funds’ ability to continue to adopt the going concern basis of accounting for a period of at
least twelve months from the date when the financial statements are authorised for issue.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s
and funds’ ability to continue as going concerns.
Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’
report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover
the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in
384
this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent
material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material
misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report based on these responsibilities.
With respect to the Report From the Directors, we also considered whether the disclosures required by the Companies Act
2014 have been included.
Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the
Companies Act 2014 require us to also report certain opinions and matters as described below:

• In our opinion, based on the work undertaken in the course of the audit, the information given in the Report From the
Directors for the year ended 30 June 2018 is consistent with the financial statements and has been prepared in accordance
with applicable legal requirements.
• Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we
have not identified any material misstatements in the Report From the Directors.
Corporate Governance Statement

• In our opinion, based on the work undertaken in the course of the audit of the financial statements, the description of the
main features of the internal control and risk management systems in relation to the financial reporting process included in
the Corporate Governance Statement, is consistent with the financial statements and has been prepared in accordance with
section 1373(2)(c) of the Companies Act 2014.
• Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit of the
financial statements, we have not identified material misstatements in the description of the main features of the internal
control and risk management systems in relation to the financial reporting process included in the Corporate Governance
Statement.
• In our opinion, based on the work undertaken during the course of the audit of the financial statements, the information
required by section 1373(2)(a),(b),(e) and (f) is contained in the Corporate Governance Statement.
Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements
As explained more fully in the Directors’ responsibilities statement set out on page 370, the directors are responsible for the
preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true
and fair view.
The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s and Funds’ ability to continue
as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
385
A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:
https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.
This description forms part of our auditors’ report.
Use of this report

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with
section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume
responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2014 opinions on other matters

• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
• In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and
properly audited.
• The financial statements are in agreement with the accounting records.
Companies Act 2014 exception reporting

Directors’ remuneration and transactions
Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration
and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising
from this responsibility.
Appointment
We were appointed by the directors on 6 June 2012 to audit the financial statements for the year ended 30 June 2012
and subsequent financial periods. The period of total uninterrupted engagement is 7 years, covering the years ended
30 June 2012 to 30 June 2018.
Declan Murphy
for and on behalf of PricewaterhouseCoopers

Chartered Accountants and Statutory Audit Firm
Dublin
25 October 2018
386
Glossary of Investment Terms
Average Coupon. The average interest rate paid on the fixed income Inception Date. The date on which the assets of a fund (or one of
securities held by a fund. It is expressed as a percentage of face value. its share classes) are first invested in accordance with the fund’s
investment objective. For funds with a subscription period, the
Average Duration. An estimate of how much the value of the bonds
inception date is the day after that period ends. Investment
held by a fund will fluctuate in response to a change in interest rates. To
performance is measured from the inception date.
see how the value could change, multiply the average duration by the
change in rates. If interest rates rise by 1 percentage point, the value of Median Market Cap. An indicator of the size of companies in which
the bonds in a fund with an average duration of five years would decline a fund invests; the midpoint of market capitalisation (market price x
by about 5%. If rates decrease by a percentage point, the value would shares outstanding) of a fund’s stocks, weighted by the proportion of
rise by approximately 5%. the fund’s assets invested in each stock. Stocks representing half of
the fund’s assets have market capitalisations above the median, and
Average Effective Maturity. The average length of time until fixed
the rest are below it.
income securities held by a fund reach maturity and are repaid, taking
into consideration the possibility that the issuer may call the bond Ongoing Charges Figure. A fund’s total annual operating expenses
before its maturity date. The figure reflects the proportion of fund expressed as a percentage of the fund’s average net assets. The
assets represented by each security; it also reflects any futures expense ratio includes management and administrative expenses, but
contracts held. In general, the longer the average effective maturity, does not include the transaction costs of buying and selling portfolio
the more a fund’s share price will fluctuate in response to changes in securities.
market interest rates.
Price/Book Ratio. The share price of a stock divided by its net worth,
Average Quality. An indicator of credit risk, this figure is the average or book value, per share. For a fund, the weighted average price/book
of the ratings assigned to a fund’s fixed income holdings by credit- ratio of the stocks it holds.
rating agencies. The agencies make their judgement after appraising
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share
an issuer’s ability to meet its obligations. Quality is graded on a scale,
earnings over the past period. For a fund, the weighted average P/E of
with Aaa or AAA indicating the most creditworthy bond issuers.
the stocks it holds. P/E is an indicator of market expectations about
Beta. A measure of the magnitude of a fund’s past share-price corporate prospects; the higher the P/E, the greater the expectations
fluctuations in relation to the ups and downs of a given market index. for a company’s future growth.
The index is assigned a beta of 1.00. Compared with a given index, a
R-Squared. A measure of how much of a fund’s past returns can be
fund with a beta of 1.20 typically would have seen its share price rise
explained by the returns from the market in general, as measured by a
or fall by 12% when the index rose or fell by 10%. For this report, beta
given index. If a fund’s total returns were precisely synchronized with
is based on returns over the past 36 months for both the fund and the
an index’s returns, its R-squared would be 1.00. If the fund’s returns
index. Note that a fund’s beta should be reviewed in conjunction with
bore no relationship to the index’s returns, its R-squared would be 0.
its R-squared (see definition below). The lower the R-squared, the less
For this report, R-squared is based on returns over the past 36 months
correlation there is between the fund and the index, and the less
for both the fund and the index or since the fund launched.
reliable beta is as an indicator of volatility.
Short-Term Reserves. The percentage of a fund invested in highly
Credit Quality. The credit ratings assigned to fixed income securities
liquid, short-term securities that can be readily converted to cash.
are an indicator of risk. They represent a rating agency’s assessment of
the issuer’s ability to meet its obligation. For this report, credit-quality Yield. The current annualised rate of dividends paid on a share of stock,
ratings for each issue are obtained from Moody’s Investors Service. divided by its current share price. For a fund, the average weighted
yield for stocks it holds.
Dealing Day. Any day that a fund accepts subscription, redemption
and exchange orders, and/or any such other day or days as may be Yield to Maturity. The rate of return an investor would receive if the
determined by the Manager and notified to shareholders in advance. fixed income securities held by a fund were held to their maturity dates.
387
Additional Information for Investors in the
Federal Republic of Germany
Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main, The Prospectus together with its supplements, the key investor
Federal Republic of Germany, has undertaken the function of Paying information documents, the Memorandum of Association of
and Information Agent for the Company in the Federal Republic of the Company and the annual and semiannual reports may be
Germany (the “German Paying and Information Agent”). obtained, free of charge, in hard copy form at the office of the
German Paying and Information Agent during normal opening
Applications for the redemptions and conversion of shares may be
hours. Issue, redemption and conversion prices of the shares and
sent to the German Paying and Information Agent.
notices to Shareholders are also available, free of charge, from the
All payments to investors, including redemption proceeds and German Paying and Information Agent. The statement of changes
potential distributions, may, upon request, be paid through the in the composition of the investment portfolio is also available free
German Paying and Information Agent. of charge upon request at the office of the German Paying and
Information Agent.
Issue, redemption and conversion prices of the share classes
of each of the seeded sub-funds will be published under
https://www.vanguard.co.uk/uk/mvc/investments/etf#pricetab.
Notices to Shareholders will be sent by personalised letter to
the shareholders.
388
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P.
and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays Indices.
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Vanguard Funds and neither Bloomberg nor
Barclays has any responsibilities, obligations or duties to investors in the Vanguard Funds. The Indices are licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor
of the Vanguard Funds. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Indices is the licensing of the Indices, which are determined, composed and
calculated by BISL, or any successor thereto, without regard to the Issuer or the Vanguard Funds or the owners of the Vanguard Funds.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with the Vanguard Funds. Investors acquire the Vanguard
Funds from Vanguard and investors neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making
an investment in the Vanguard Funds. The Vanguard Funds are not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes
any representation or warranty, express or implied regarding the advisability of investing in the Vanguard Funds or the advisability of investing in securities generally or the
ability of the Indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Vanguard Funds with
respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the
Vanguard Funds to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Vanguard Funds or any other third party into
consideration in determining, composing or calculating the Indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or
trading of the Vanguard Funds.
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Vanguard Funds,
investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit
of the owners of the Vanguard Funds, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR
COMPLETENESS OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDICES.
NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON
OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED
WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE
BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO
CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDICES, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION
OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDICES. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE
LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE
POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE VANGUARD FUNDS.
None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and
Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.
©2018 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2018, Bloomberg. All rights reserved.
Board of Directors Investment Manager/Promoter
Peter Blessing1 (Irish) to 14 January 2018
Axel Lomholt (Danish) The Vanguard Group, Inc.
James M. Norris (American) P.O. Box 2600
William Slattery1 (Irish) Valley Forge, PA 19482
Michael S. Miller1 (American) USA
Sean P. Hagerty (American)
Tara Doyle1,2 (Irish)
Investment Manager/Promoter
from 15 January 2018
Manager Vanguard Global Advisers, LLC
Vanguard Group (Ireland) Limited P.O. Box 2600
70 Sir John Rogerson’s Quay Valley Forge, PA 19482
Dublin 2 USA
Ireland
Administrator and Transfer Agent

Depositary Brown Brothers Harriman
Brown Brothers Harriman Fund Administration Services (Ireland) Limited
Trustee Services (Ireland) Limited 30 Herbert Street
30 Herbert Street Dublin 2
Dublin 2 Ireland
Ireland
Ireland Legal Advisers as to Matters of

Irish Law to 4 March 2018
Independent Auditors
William Fry
PricewaterhouseCoopers
2 Grand Canal Square
One Spencer Dock
Dublin 2
North Wall Quay
Ireland
Dublin 1
Ireland
Ireland Legal Advisers as to Matters of

Irish Law from 5 March 2018
Distributor
Arthur Cox
Vanguard Asset Management, Limited
Ten Earlsfort Terrace
4th Floor, The Walbrook Building
Dublin 2
25 Walbrook
Ireland
London
EC4N 8AF
United Kingdom
Secretary for the Company and the Manager
Matsack Trust Limited
70 Sir John Rogerson’s Quay
Sponsoring Irish Stock Exchange Broker
Dublin 2
Davy
Ireland
Davy House
49 Dawson Street
Dublin 2
Registrar
Ireland
Computershare Investor Services (Ireland)
Limited
Heron House
Corrig Road
Sandyford Industrial Estate
Dublin 18
Ireland
1 Served in an independent, non-executive capacity during the year.

2 Was appointed to the Board of Directors of the Manager and the Company, effective on 3 October 2017.
c⁄o Brown Brothers Harriman Fund
Administration Services (Ireland) Limited
30 Herbert Street
Dublin 2
Ireland
Connect with Vanguard® > vanguard.com
Vanguard AP Services The S&P 500 Index is a product of S&P Dow Jones Indices LLC
Fax: 353-1-241-7104 (“SPDJI”), and has been licensed for use by Vanguard. Standard
Phone: 353-1-241-7105 & Poor’s® and S&P® are registered trademarks of Standard &
Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered
trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”);
World Wide Web
S&P® and S&P 500® are trademarks of S&P; and these trademarks
http://global.vanguard.com have been licensed for use by SPDJI and sublicensed for certain
purposes by Vanguard. Vanguard’s Product is not sponsored,
endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or
This report is intended for the funds’ shareholders. It may not their respective affiliates and none of such parties make any
be distributed to prospective investors unless it is preceded or representation regarding the advisability of investing in such
accompanied by the current fund prospectus. product nor do they have any liability for any errors, omissions,
or interruptions of the S&P 500 Index.
All comparative mutual fund data are from Lipper, a Thomson
Reuters Company, or Morningstar, Inc., unless otherwise stated.
London Stock Exchange Group companies include FTSE International

Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next
Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc.
(“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”,
“FTSE TMX®” and “FTSE Russell” and other service marks and
trademarks related to the FTSE or Russell indexes are trademarks
of the London Stock Exchange Group companies and are used by
FTSE, MTS, FTSE TMX and Russell under licence. All information is
provided for information purposes only. No responsibility or liability
can be accepted by the London Stock Exchange Group companies
nor its licensors for any errors or for any loss from use of this
publication. Neither the London Stock Exchange Group companies
nor any of its licensors make any claim, prediction, warranty or
representation whatsoever, expressly or impliedly, either as to the
results to be obtained from the use of the FTSE 100 Index, FTSE
250 Index, FTSE All-World Index, FTSE All-World High Dividend
Yield Index, FTSE Developed Asia Pacific ex Japan Index, FTSE
Developed Europe Index, FTSE Developed Europe ex UK Index,
FTSE Developed Index, FTSE Emerging Index, FTSE Japan Index
or FTSE North America Index, or the fitness or suitability of the
Indexes for any particular purpose to which they might be put.
The Industry Classification Benchmark (“ICB”) is owned by FTSE.

FTSE does not accept any liability to any person for any loss or
damage arising out of any error or omission in the ICB.
© 2018 Vanguard Group (Ireland) Limited

All rights reserved.
QVIETF 102018

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Annual Report | 30 June 2018

Vanguard Funds plc

Vanguard is built for Vanguard investors—we focus solely on

For the Year Ended

Company Statement of Assets and Liabilities

On behalf of the Board,

The accompanying notes form an integral part of the financial statements.

Average rate for the

Fund Profile (unaudited)

Investment Objective Ten Largest Holdings1 (% of total net assets)

Earnings Growth Rate 6.9% 6.9% France 37.0% 37.0%

Ongoing Charges Figure 0.10% — Germany 31.7 31.7

Oil & Gas 7.7 7.7 Market Cap Large

Performance Summary (unaudited)

Vanguard Euro STOXX 50 UCITS ETF

Cumulative Performance: 24 October 2017–30 June 2018

Average Annual Total Returns Final Value of

Fiscal-Year Total Investment Returns (%): 24 October 2017–30 June 2018

ETF Net Asset Value

Number of Fair Value % of Total Number of Fair Value % of Total

Significant Portfolio Changes (unaudited)

1 The fund was launched on 24 October 2017.

Statement of Assets and Liabilities

1 The fund was launched on 24 October 2017.

Statement of Changes in Net Assets

1 The fund was launched on 24 October 2017.

Fund Profile (unaudited)

Investment Objective Ten Largest Holdings1 (% of total net assets)

Market Cap Large

Sector Diversification (% of portfolio)

Performance Summary (unaudited)

Vanguard FTSE 100 UCITS ETF

Cumulative Performance: 22 May 2012–30 June 2018

Average Annual Total Returns Final Value of

Fiscal-Year Total Investment Returns (%): 22 May 2012–30 June 2018

2012 2013 2014 2015 2016 2017 2018

3.55 3.54 3.68 3.77

ETF Net Asset Value

Number of Fair Value % of Total Number of Fair Value % of Total

Number of Fair Value % of Total

Buy (Sell) Settlement

Significant Portfolio Changes (unaudited)

Statement of Assets and Liabilities

GBP (£) GBP (£)

GBP (£) GBP (£)

Statement of Changes in Net Assets

GBP (£) GBP (£)

Fund Profile (unaudited)

Investment Objective Ten Largest Holdings1 (% of total net assets)

Yield 2.8% 2.8% Top Ten 10.4%

Return on Equity 13.6% 13.6%

Market Cap Large

Basic Materials 3.2% 3.2%

Consumer Services 14.1 14.1

Performance Summary (unaudited)

Vanguard FTSE 250 UCITS ETF

Cumulative Performance: 30 September 2014–30 June 2018

Average Annual Total Returns Final Value of

2015 2016 2017 2018

ETF Net Asset Value