N-CSR 1 intlequityfinal.htm VANGUARD INTERNATIONAL EQUITY INDEX FUNDS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-5972

 

Name of Registrant: Vanguard International Equity Index Funds

 

 

Address of Registrant:

P.O. Box 2600

 

Valley Forge, PA 19482

 

 

 

 

Name and address of agent for service:

Heidi Stam, Esquire

 

P.O. Box 876

 

Valley Forge, PA 19482

 

 

 

 

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

 

Date of fiscal year end: October 31

 

Date of reporting period: November 1, 2007 – October 31, 2008

 

Item 1: Reports to Shareholders


 

>

For the fiscal year ended October 31, 2008, the Investor Shares of Vanguard FTSE All-World ex-US Index Fund posted a –48.32% return.

>

The fund closely tracked its benchmark index and delivered returns that were close to the average return of its mutual fund peers.

>

A global credit crisis and fears of a global economic slowdown drove down stock values worldwide. A rising U.S. dollar against most currencies further lowered returns for U.S. investors.

 

 

Contents

 

 

 

Your Fund’s Total Returns

1

President’s Letter

2

Fund Profile

8

Performance Summary

10

Financial Statements

12

Your Fund’s After-Tax Returns

50

About Your Fund’s Expenses

51

Glossary

53

 

 

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

 

Your Fund’s Total Returns

 

 

Fiscal Year Ended October 31, 2008

 

 

 

Ticker

Total

 

Symbol

Returns

Vanguard FTSE All-World ex-US Index Fund

 

 

Investor Shares

VFWIX

–48.32%

Institutional Shares1

VFWSX

–48.18

ETF Shares2

VEU

 

Market Price

 

–47.85

Net Asset Value

 

–48.23

FTSE All-World ex US Index

 

–48.37

Average International Fund3

 

–47.97

 

 

Your Fund’s Performance at a Glance

 

 

 

October 31, 2007, Through October 31, 2008

 

 

 

 

 

 

Distributions Per Share

 

Starting

Ending

Income

Capital

 

Share Price

Share Price

Dividends

Gains

Vanguard FTSE All-World ex-US Index Fund

 

 

 

 

Investor Shares

$24.91

$12.77

$0.185

$0.000

Institutional Shares

124.76

64.06

1.044

0.000

ETF Shares

63.32

32.50

0.510

0.000

 

 

1 This class of shares carries lower expenses and is available for a minimum initial investment of $5 million.

2 Vanguard ETF™ Shares are traded on the NYSE Arca exchange and are available only through brokers. The table shows the ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. No. 6,879,964 B2; 7,337,138.

3 Derived from data provided by Lipper Inc.

 

 

1


 

President’s Letter

 

Dear Shareholder,

After several years of generous returns, international markets dropped steeply during the past 12 months as a global credit crisis caused investors to pull back from riskier securities, such as stocks. Vanguard FTSE All-World ex-US Index Fund’s Investor Shares returned –48.32%.

The bear market spared no country, but the fund’s emerging markets holdings suffered the most, losing more than half their value. Losses among developed European and Pacific markets were a bit less severe, but still deep.

The FTSE All-World ex-US Index Fund tracks the FTSE All-World ex US Index, a benchmark for global stock performance outside U.S. borders. The fund’s return was in line with the return of its benchmark and slightly behind that of its peer group.

Stock prices fell sharply in global upheaval

Global stock markets started the 12-month period near all-time highs but then declined sharply, laid low by the financial crisis that originated in the fixed income markets. The descent traced a series of jagged ups and downs. During the week ended October 10, for example, the U.S. stock market returned about –18%. When Wall Street opened the following Monday, stocks surged, returning more than 10% over the next six-and-a-half hours. For the full 12 months, the broad U.S. stock market returned –36.43%.

 

 

2

Bond market averages masked disparate returns

The broad U.S. taxable bond market registered an unremarkable return of 0.30% for the 12 months, but by its own typically sedate standards, the dislocations were extreme. The strong performance of U.S. Treasury and government securities was offset by double-digit declines in the corporate bond market. These dynamics led to unusually large differences between the yields of Treasuries and their corresponding private sector securities—both a reflection and a cause of the credit market’s distress. Despite their generally high creditworthiness, municipal bonds also fell in price, with the broad tax-exempt market registering a 12-month return of –3.30%.

 

The U.S. Federal Reserve Board responded to the turmoil with new lending programs and a dramatic easing of monetary policy. Over the full 12 months, the Fed reduced its target for the federal funds rate from 4.50% to 1.00%.

Investors turned bearish in every corner of the globe

World stock markets retreated throughout the fiscal year, including the developed European markets that make up about half of the FTSE All-World ex-US Index Fund. The decline of the euro (–10%) and British pound (–25%) against the U.S. dollar in currency markets during the fiscal year amplified losses for U.S.-based investors.

 

 

Market Barometer

 

 

 

 

 

Average Annual Total Returns

 

Periods Ended October 31, 2008

 

One Year

Three Years

Five Years

Stocks

 

 

 

MSCI All Country World Index ex USA (International)

–48.27%

–3.93%

5.05%

Russell 1000 Index (Large-caps)

–36.80

–5.51

0.37

Russell 2000 Index (Small-caps)

–34.16

–4.79

1.57

Dow Jones Wilshire 5000 Index (Entire market)

–36.43

–5.10

0.81

 

 

 

 

Bonds

 

 

 

Lehman U.S. Aggregate Bond Index (Broad taxable market)

0.30%

3.60%

3.48%

Lehman Municipal Bond Index

–3.30

1.71

2.73

Citigroup 3-Month Treasury Bill Index

2.31

3.93

3.10

 

 

 

 

CPI

 

 

 

Consumer Price Index

3.66%

2.83%

3.20%

 

 

3

Each of the region’s three largest markets—the United Kingdom (–47%), France (–46%), and Germany (–46%), which together represented almost one-third of the index, on average—dropped significantly. In Europe, Switzerland (–32%) was the only market that didn’t fall by at least a third.

Japan, by far the largest market in the Pacific region and the second-largest market in the fund, on average, retreated –37% in U.S. dollar terms, a less severe loss than that experienced by Japanese investors, who saw the Japanese yen rise nearly 17% against the dollar during the period. The other major Pacific markets—Australia, Hong Kong, and Singapore—lost more than half their value.

Canada, which represented the fifth-largest market weighting in the fund, on average, during the period, didn’t escape the downward pull, as it lost –45%. That result was worse for Canadian investors because of the U.S. dollar’s rise of 27% against the Canadian dollar during the year.

True to their more volatile reputation, emerging markets, which on average made up about 17% of the fund, lost the most among international stocks during the period after achieving stellar gains in recent years. All were hit hard by expectations that a U.S. recession would hurt their export-driven economies. South Korea (–63%) and China (–68%) weighed down the fund the most. But no country

 

 

Expense Ratios1

 

 

 

 

Your Fund Compared With Its Peer Group

 

 

 

 

 

 

 

 

Average

 

Investor

Institutional

ETF

International

 

Shares

Shares

Shares

Fund

FTSE All-World ex-US Index Fund

0.40%

0.15%

0.25%

1.48%

 

 

1 The fund expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the fund’s expense ratios were 0.35% for Investor Shares, 0.10% for Institutional Shares, and 0.20% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper Inc. and captures information through year-end 2007.

 

4

was spared outsized losses, including Brazil (–53%), Taiwan (–46%), India (–60%), and Russia (–59%).

Financial companies had the biggest impact

Across virtually all markets, financial stocks had the biggest negative impact. Financials outside the United States represented about a quarter of the fund’s assets and lost –56% worldwide, accounting for about a third of the fund’s negative return. As in the United States, commercial banks, brokerages, and other financial firms grappled with the unprecedented global credit squeeze.

The next two largest sectors in the fund, on average—materials (–57%) and energy (–44%)—suffered from the quick reversal of expectations for the global economy. Oil prices dropped precipitously after peaking at all-time highs in the summer, and the prices of other commodities fell in similarly dramatic fashion.

Other global sectors faced similar headwinds during the global slowdown, including industrials (–55%), information technology (–49%), and telecommunication services (–43%). Consumer staples (–33%) and utilities (–35%), typically less volatile during bear markets, and health care (–21%) were least affected by the downdraft.

 

 

Total Returns

 

March 8, 2007,1 Through October 31, 2008

 

 

Average

 

Annual Return

FTSE All-World ex-US Index Fund Investor Shares

–23.44%

FTSE All-World ex US Index

–23.47

Average International Fund2

–24.98

 

The figures shown represent past performance, which is not a guarantee of future results. (Curre nt performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost.

 

 

1 Share-class inception.

2 Derived from data provided by Lipper Inc.

 

 

5

The funds’ long-term performance is in line with the markets’

As the table on page 5 shows, the FTSE All-World ex-US Index Fund has met its objective of tracking its benchmark since its inception.

The fund’s return has been slightly better than that of its target index, mostly because of fair-value pricing, which allows the fund to calculate its net asset value based on real-time developments not reflected in closing prices set in overseas markets that operate in different time zones. When fair-value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its index. This discrepancy corrects itself when market prices reflect fair value, usually the next day.

An index fund’s performance may also differ slightly from the return of its target benchmark because the fund may hold a slightly different roster of securities than those listed in the benchmark. Of course, the most consistent performance divergence arises from the operating costs incurred by an index fund—costs not reflected in the return from a benchmark.

Vanguard’s Quantitative Equity Group has managed index funds for more than three decades. Its disciplined execution of the fund’s indexing mandate, combined with the fund’s extremely low costs, can help you execute a long-term strategy of seeking to capture nearly all of the returns from international markets.

International investing still offers valuable diversification

After enjoying several years of strong returns with few bumps along the way, investors in international stocks were harshly reminded in the past year that a bear market can come at any time—and once in a while it can come with unusual severity. Such was the case with the credit crisis of 2008, which has had repercussions that unsettled even the most seasoned investors.

 

6

Nevertheless, the dramatic increase of international commerce in recent years, particularly in less developed nations, continues to offer long-term growth possibilities for patient investors.

That is why it is important to have a well-thought-out investment strategy based on a diversified mix of stock, bond, and money market mutual funds that fits your goals, time horizon, and risk tolerance. For those who can tolerate the extra volatility that sometimes comes with overseas investing, the FTSE All-World ex-US Index Fund remains a cost-effective way to add an extra element of diversification to your portfolio and thus help you maintain a durable long-term investment plan.

Thank you for your confidence in Vanguard.

Sincerely,

 


 

F. William McNabb III

President and Chief Executive Officer

November 18, 2008

 

 

Vanguard FTSE All-World ex-US ETF

Premium/Discount: March 2, 20071–October 31, 2008

 

 

 

Market Price Above or

Market Price Below

 

Equal to Net Asset Value

 

Net Asset Value

 

Number

Percentage

Number

Percentage

Basis Point Differential2

of Days

of Total Days

of Days

of Total Days

0–24.9

132

31.21%

23

5.44%

25–49.9

184

43.49

6

1.42

50–74.9

59

13.95

2

0.47

75–100.0

4

0.95

0

0.00

>100.0

13

3.07

0

0.00

Total

392

92.67%

31

7.33%

 

 

1 Inception.

2 One basis point equals 1/100 of a percentage point.

 

 

7

FTSE All-World ex-US Index Fund

 

Fund Profile

As of October 31, 2008

 

Portfolio Characteristics

 

 

 

 

Target

 

Fund

Index1

Number of Stocks

2,205

2,217

Turnover Rate

7%

Expense Ratio (10/31/2007)2

 

Investor Shares

0.40%

 

Institutional Shares

0.15%

 

ETF Shares

0.25%

 

Short-Term Reserves

0.5%

 

 

Sector Diversification (% of equity exposure)

 

 

Target

 

Fund

Index1

Consumer Discretionary

9.1%

9.1%

Consumer Staples

9.1

9.1

Energy

11.2

11.3

Financials

24.4

24.3

Health Care

7.3

7.3

Industrials

9.7

9.8

Information Technology

6.3

6.2

Materials

9.1

9.2

Telecommunication Services

7.5

7.4

Utilities

6.3

6.3

 

 

Ten Largest Holdings3 (% of total net assets)

 

 

 

Royal Dutch Shell PLC

integrated oil

 

 

and gas

1.6%

BP PLC

integrated oil

 

 

and gas

1.4

Nestle SA (Registered)

packaged foods

 

 

and meats

1.4

HSBC Holdings PLC

diversified banks

1.3

Total SA

integrated oil

 

 

and gas

1.2

Novartis AG (Registered)

pharmaceuticals

1.0

Roche Holdings AG

pharmaceuticals

1.0

Vodafone Group PLC

wireless

 

 

telecommunications

0.9

Toyota Motor Corp.

automobile

 

 

manufacturers

0.9

GlaxoSmithKline PLC

pharmaceuticals

0.9

Top Ten

 

11.6%

 

 

Allocation by Region (% of equity exposure)

 


 

1 FTSE All-World ex US Index.

2 The expense ratios shown are from the prospectus dated August 29, 2008. For the fiscal year ended October 31, 2008, the expense ratios were 0.35% for Investor Shares, 0.10% for Institutional Shares, and 0.20% for ETF Shares.

3 The holdings listed exclude any temporary cash investments and equity index products. See the glossary of investment terms.

 

 

8

FTSE All-World ex-US Index Fund

 

 

Market Diversification (% of equity exposure)

 

 

Target

 

Fund

Index1

Europe

 

 

United Kingdom

16.0%

16.1%

France

8.5

8.8

Germany

6.4

6.4

Switzerland

6.2

6.3

Spain

3.4

3.4

Italy

2.8

2.8

Netherlands

1.8

1.8

Sweden

1.5

1.5

Finland

1.0

1.0

Other Europe

3.4

3.0

Subtotal

51.0%

51.1%

Pacific

 

 

Japan

17.3%

16.8%

Australia

4.6

4.6

Hong Kong

2.3

1.8

Other Pacific

0.9

0.9

Subtotal

25.1%

24.1%

Emerging Markets

 

 

South Korea

2.6%

2.6%

Brazil

2.6

2.7

Taiwan

2.2

2.2

China

2.2

2.6

India

1.6

1.7

South Africa

1.5

1.5

Russia

1.3

1.2

Mexico

1.0

1.1

Other Emerging

3.0

3.3

Subtotal

18.0%

18.9%

North America

 

 

Canada

5.9%

5.9%

 

 

1 FTSE All-World ex US Index.

 

 

9

FTSE All-World ex-US Index Fund

 

Performance Summary

 

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

 

Cumulative Performance: March 8, 2007–October 31, 2008

Initial Investment of $10,000

 


 

 

 

 

Average Annual Total Returns

Final Value

 

Periods Ended October 31, 2008

of a $10,000

 

One Year

Since Inception1

Investment

FTSE All-World ex-US Index Fund

 

 

 

Investor Shares2

–48.32%

–23.44%

$6,437

FTSE All-World ex US Index

–48.37

–23.47

6,432

Average International Fund3

–47.97

–24.98

6,224

 

 

 

 

 

Final Value of

 

 

Since

a $5,000,000

 

One Year

Inception1

Investment

FTSE All-World ex-US Index Fund

 

 

 

Institutional Shares2

–48.18%

–28.61%

$3,011,507

FTSE All-World ex US Index

–48.37

–29.28

2,968,715

 

 

 

 

 

Final Value

 

 

Since

of a $10,000

 

One Year

Inception1

Investment

FTSE All-World ex-US Index Fund

 

 

 

ETF Shares Net Asset Value

–48.23%

–22.19%

$6,583

FTSE All-World ex US Index

–48.37

–22.86

6,489

 

 

1 Performance for the fund and its comparative standards is calculated since the following inception dates: March 8, 2007, for the Investor Shares, April 30, 2007, for the Institutional Shares, and March 2, 2007, for the ETF Shares.

2 Total returns do not reflect the 2% fee assessed on redemptions of shares held for less than two months or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.

3 Derived from data provided by Lipper Inc.

 

10

FTSE All-World ex-US Index Fund

 

 

Cumulative Returns of ETF Shares: March 2, 2007–October 31, 2008

 

 

 

 

Cumulative

 

Since Inception1

FTSE All-World ex-US Index Fund ETF Shares Market Price

–33.56

FTSE All-World ex-US Index Fund ETF Shares Net Asset Value

–34.17

FTSE All-World ex US Index

–35.11

 

 

Fiscal-Year Total Returns (%): March 8, 2007–October 31, 2008

 


 

Average Annual Total Returns: Periods Ended September 30, 2008

This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.

 

 

 

 

Since

 

Inception Date

One Year

Inception

FTSE All-World ex-US Index Fund

 

 

 

Investor Shares2

3/8/2007

–28.98%

–11.11%

Institutional Shares2

4/30/2007

–28.80

–16.21

ETF Shares

3/2/2007

 

 

Market Price

 

–28.86

–9.64

Net Asset Value

 

–28.87

–9.76

 

 

1 Performance for the fund and its comparative standards is calculated since the ETF Shares’ inception on March 2, 2007.

2 Total returns do not reflect the 2% fee assessed on redemptions of shares held for less than two months or, for the Investor Shares, the account service fee that may be applicable to certain accounts with balances below $10,000.

Note: See Financial Highlights tables for dividend and capital gains information.

 

 

11

FTSE All-World ex-US Index Fund

 

Financial Statements

 

Statement of Net Assets

As of October 31, 2008

 

The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

Common Stocks (98.7%)

 

 

Argentina (0.1%)

 

 

 

 

Tenaris SA ADR

57,010

1,174

 

 

Petrobras Energia

 

 

 

 

Participaciones SA ADR

46,561

289

*

 

Telecom Argentina SA ADR

14,520

85

 

^

Banco Macro Bansud SA ADR

11,670

82

 

 

 

 

1,630

Australia (4.5%)

 

 

 

 

BHP Billiton Ltd.

751,795

14,443

 

 

Commonwealth Bank

 

 

 

 

of Australia

293,833

8,032

 

 

National Australia Bank Ltd.

365,305

5,927

 

 

Westpac Banking Corp., Ltd.

415,801

5,705

 

 

Australia & New Zealand

 

 

 

 

Bank Group Ltd.

432,536

5,070

 

 

Woolworths Ltd.

271,523

5,062

 

 

Westfield Group

425,546

4,700

 

 

Rio Tinto Ltd.

75,113

3,886

 

 

QBE Insurance Group Ltd.

197,248

3,365

 

 

Woodside Petroleum Ltd.

113,829

3,216

 

 

CSL Ltd.

121,942

2,966

 

 

Telstra Corp. Ltd.

976,238

2,687

 

 

St. George Bank Ltd.

126,428

2,365

 

 

Wesfarmers Ltd.

144,217

2,073

 

 

Origin Energy Ltd.

191,688

2,010

 

 

Brambles Ltd.

314,874

1,680

 

 

Foster’s Group Ltd.

424,949

1,624

 

 

AMP Ltd.

416,960

1,517

 

 

Newcrest Mining Ltd.

101,456

1,395

 

^

Macquarie Group, Ltd.

59,097

1,172

 

 

Santos Ltd.

127,409

1,154

 

 

Suncorp-Metway Ltd.

210,505

1,133

 

 

Insurance Australia

 

 

 

 

Group Ltd.

398,603

1,010

 

 

Stockland

375,215

1,009

 

 

Orica Ltd.

77,148

1,003

 

 

AGL Energy Ltd.

101,327

952

 

 

Transurban Group

264,087

948

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

*

 

Fortescue Metals

 

 

 

 

Group Ltd.

456,254

902

 

 

AXA Asia Pacific

 

 

 

 

Holdings Ltd.

294,591

869

 

 

Oil Search Ltd.

254,082

770

 

 

Australian Stock

 

 

 

 

Exchange Ltd.

36,910

741

 

 

Sonic Healthcare Ltd.

81,084

741

 

 

Amcor Ltd.

186,555

720

 

^

Macquarie

 

 

 

 

Infrastructure Group

543,554

712

 

 

Incitec Pivot Ltd.

260,320

698

 

 

Coca-Cola Amatil Ltd.

128,641

694

 

 

Computershare Ltd.

119,406

675

 

 

Wesfarmers, Ltd. Price

 

 

 

 

Protected Shares

43,573

629

 

^

Leighton Holdings Ltd.

37,530

624

 

 

Tatt’s Group, Ltd.

350,842

588

 

 

Tabcorp Holdings Ltd.

126,790

581

 

 

Toll Holdings Ltd.

143,500

573

 

 

Lion Nathan Ltd.

95,845

566

 

 

CFS Gandel Retail Trust

408,761

550

 

 

Crown Ltd.

122,578

549

 

 

Bendigo Bank Ltd.

61,227

540

 

 

WorleyParsons Ltd.

52,910

532

 

 

Cochlear Ltd.

13,918

528

 

 

Lend Lease Corp.

112,946

523

 

 

Metcash Ltd.

190,778

515

 

 

BlueScope Steel Ltd.

160,055

471

 

 

GPT Group

924,150

462

 

 

Alumina Ltd.

299,700

427

 

 

OZ Minerals Ltd.

660,765

415

 

 

Boral Ltd.

131,437

396

 

 

OneSteel Ltd.

167,769

385

 

 

Sims Group Ltd.

38,851

373

 

 

Dexus Property Group NPV

729,329

363

 

 

Macquarie Goodman Group

534,163

337

 

 

Qantas Airways Ltd.

203,327

330

 

 

CSR Ltd.

226,374

329

 

 

Harvey Norman Holdings Ltd.

189,282

327

 

 

Goodman Fielder Ltd.

292,518

325

 

 

12

FTSE All-World ex-US Index Fund

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

 

Aristocrat Leisure Ltd.

122,844

309

 

 

Commonwealth Property

 

 

 

 

Office Fund

307,289

272

 

^

Perpetual Trustees

 

 

 

 

Australia Ltd.

11,473

267

 

 

Nufarm Ltd.

36,536

264

 

 

Macquarie Airports Group

184,649

263

 

 

James Hardie Industries NV

92,158

262

 

 

Ansell Ltd.

30,051

253

 

 

Bank of Queensland Ltd.

26,721

239

 

 

Mirvac Group

361,467

237

 

 

Billabong International Ltd.

27,155

217

*

 

Paladin Resources Ltd.

110,222

169

 

 

Energy Resources

 

 

 

 

of Australia Ltd.

16,891

160

 

 

Asciano Group

114,497

160

*

 

Iluka Resources Ltd.

58,002

140

 

 

Caltex Australia Ltd.

21,694

137

 

 

Sigma Pharmaceuticals Ltd.

157,341

132

 

 

AWB Ltd.

74,081

130

 

 

Futuris Corp., Ltd.

160,282

125

 

 

Flight Centre Ltd.

13,166

123

 

 

Downer EDI Ltd.

37,372

121

 

 

SP Ausnet

159,517

118

 

 

Tower Australia Group Ltd.

77,115

108

 

 

Consolidated

 

 

 

 

Media Holdings, Ltd.

77,506

106

 

 

John Fairfax Holdings Ltd.

78,941

101

 

 

Gunns Ltd.

117,061

93

 

 

Challenger Financial

 

 

 

 

Services Group Ltd.

81,863

90

 

 

Envestra Ltd.

183,658

78

 

 

GWA International Ltd.

45,024

72

 

 

Boart Longyear Group

228,746

66

 

 

Paperlinx Ltd.

70,237

65

 

 

Macquarie Office Trust

319,897

62

 

^

Babcock & Brown Ltd.

67,448

59

 

^

West Australian

 

 

 

 

Newspaper Holdings Ltd.

13,172

54

 

 

Babcock & Brown

 

 

 

 

Infrastructure Group

382,796

49

 

 

Macquarie

 

 

 

 

CountryWide Trust

247,809

40

 

 

Spotless Group Ltd.

23,351

39

 

 

Ten Network Holdings Ltd.

43,012

39

 

 

Adelaide Brighton Ltd.

23,761

36

 

 

Corporate Express

 

 

 

 

Australia Ltd.

9,534

32

 

 

APN News & Media Ltd.

15,565

25

 

 

Australian Wealth

 

 

 

 

Management Ltd.

47,053

25

 

 

Minara Resources Ltd.

35,970

25

 

 

Australand Property Group

103,092

20

 

 

ABC Learning Centres Ltd.

44,287

16

 

 

Centro Retail Trust

197,668

15

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

*

 

Centro Properties Group

62,092

3

 

 

Austereo Group Ltd.

2,615

2

*

 

Allco Finance Group Ltd.

15,255

1

 

 

 

 

111,283

Austria (0.3%)

 

 

 

^

Erste Bank der

 

 

 

 

Oesterreichischen

 

 

 

 

Sparkassen AG

54,576

1,455

 

 

OMV AG

34,762

1,113

 

 

Telekom Austria AG

74,527

916

 

 

Voestalpine AG

35,040

855

 

 

Oesterreichische

 

 

 

 

Elektrizitaetswirtschafts

 

 

 

 

AG Class A

9,754

461

 

 

Wienerberger AG

20,251

336

 

^

Raiffeisen International

 

 

 

 

Bank-Holding AG

10,292

324

 

 

Vienna Insurance Group

11,462

309

*

 

Atrium European Real Estate

59,232

269

*

 

IMMOEAST Immobilien

 

 

 

 

Anlagen AG

152,030

183

 

 

Strabag SE

6,129

120

 

 

EVN AG

7,197

106

*

 

IMMOFINANZ AG

81,782

91

 

 

 

 

6,538

Belgium (0.5%)

 

 

 

 

KBC Bank &

 

 

 

 

Verzekerings Holding

38,369

1,650

 

^

InBev NV

39,124

1,578

 

 

Solvay SA

13,727

1,277

 

 

Delhaize Group

21,698

1,220

 

 

Belgacom SA

34,174

1,169

 

 

Groupe Bruxelles

 

 

 

 

Lambert SA

15,604

1,146

 

 

Colruyt NV

5,046

1,134

 

^

Dexia

186,644

993

 

 

UCB SA

35,757

910

 

 

Umicore

21,425

383

 

 

Compagnie

 

 

 

 

Nationale a Portefeuille

5,108

276

 

^

Fortis (Amsterdam Shares)

223,907

266

 

 

Fortis

223,801

259

 

 

Mobistar SA

2,445

162

 

 

KBC Ancora

1,912

57

 

 

 

 

12,480

Brazil (2.6%)

 

 

 

 

Petroleo Brasileiro SA

 

 

 

 

Series A ADR

292,352

6,452

 

 

Petroleo Brasileiro SA ADR

207,955

5,592

 

 

Companhia Vale do Rio

 

 

 

 

Doce Sponsored ADR

345,078

4,041

 

 

Companhia Vale do

 

 

 

 

Rio Doce ADR

279,292

3,664

 

 

Banco Bradesco SA ADR

300,787

3,519

 

13

FTSE All-World ex-US Index Fund

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

 

Banco Itau Holding

 

 

 

 

Financeira SA ADR

231,785

2,564

 

 

Petroleo Brasileiro SA Pfd.

237,246

2,556

 

 

Petroleo Brasileiro SA

159,700

2,114

 

 

Companhia Siderurgica

 

 

 

 

Nacional SA ADR

143,499

1,952

 

 

Companhia de Bebidas

 

 

 

 

das Americas ADR

45,915

1,951

 

 

Itausa-Investimentos

 

 

 

 

Itau SA

498,290

1,589

 

 

Companhia Vale do Rio

 

 

 

 

Doce Pfd. Class A

124,500

1,444

 

 

Companhia Vale

 

 

 

 

do Rio Doce

90,200

1,157

 

 

Companhia Energetica de

 

 

 

 

Minas Gerais ADR

75,596

1,150

 

 

BM&FBOVESPA SA

428,046

1,136

 

 

Banco do Brasil SA

166,923

1,102

 

 

Banco Itau Holding

 

 

 

 

Financeira SA

94,750

1,023

 

 

Embraer-Empresa

 

 

 

 

Brasileira de

 

 

 

 

Aeronautica SA ADR

47,850

1,001

 

 

Tele Norte Leste

 

 

 

 

Participacoes ADR

69,600

945

 

 

Natura Cosmeticos SA

93,723

787

 

 

Usiminas-Usinas Siderugicas

 

 

 

 

de Minas Gerais SA Pfd.

57,227

732

 

 

Gerdau SA ADR

108,100

693

 

 

Companhia Brasileira de

 

 

 

 

Distribuicao Grupo Pao

 

 

 

 

de Acucar ADR

22,966

687

 

 

Perdigao SA

47,001

683

 

 

Redecard SA

61,086

663

 

 

Companhia de Concessoes

 

 

 

 

Rodoviarias

68,376

656

 

 

Centrais Electricas

 

 

 

 

Brasileiras SA

51,734

6 20

 

 

Brasil Telecom Participacoes

 

 

 

 

SA ADR

15,971

547

 

 

Companhia Paranaense de

 

 

 

 

Energia-COPEL ADR

45,900

510

 

 

Votorantim Celulose e Papel

 

 

 

 

SA ADR

49,493

499

 

 

Metalurgica Gerdau SA

50,418

450

 

 

Banco Bradesco SA

34,500

396

 

 

Tim Participacoes SA ADR

27,237

394

 

 

Tractebel Energia SA

50,170

394

 

^

Braskem SA ADR

43,500

375

*

 

Ironx Mineracao SA

28,463

374

 

 

Bradespar SA Pfd.

41,840

368

 

 

All America Latina Logistica

78,916

364

 

 

Weg SA

60,964

346

 

 

Gerdau SA Pfd.

53,000

337

 

^

Sadia SA ADR

53,922

327

 

 

Souza Cruz SA

18,800

326

 

 

 

 

Market

 

 

 

Value

 

 

Shares

($000)

 

Aracruz Celulose SA ADR

23,330

310

 

Ultrapar Participacoes S.A.

15,243

281

*

Vivo Participacoes SA ADR

24,744

271

 

Companhia de Bebidas

 

 

 

das Americas

6,955

249

*

Net Servicos de

 

 

 

Comunicacao SA

38,379

244

 

Cyrela Brazil Realty SA

51,082

243

 

Brasil Telecom

 

 

 

Participacoes SA

10,970

230

 

Companhia de Bebidas

 

 

 

das Americas Pfd.

5,350

227

 

Klabin SA

131,700

227

 

Suzano Papel e Celulose SA

32,160

191

 

Usinas Siderurgicas de

 

 

 

Minas Gerais SA

16,510

189

 

Brasil Telecom SA Pfd.

30,390

181

*

Tim Participacoes SA

65,168

169

 

JBS SA

92,597

167

 

TELESP–Telecomunicacoes

 

 

 

de Sao Paulo SA Pfd.

7,300

165

 

Telmar Norte Leste SA

6,400

161

 

Tele Norte Leste

 

 

 

Participacoes SA

10,594

159

 

Lojas Americanas SA Pfd.

55,500

153

 

Tam SA

14,542

152

 

AES Tiete SA

22,916

143

 

CPFL Energia SA

9,600

139

 

Gerdau SA

25,884

137

 

Energias do Brasil SA

11,600

125

*

OGX Petroleo e Gas

 

 

 

Participacoes SA

900

113

 

CESP–Companhia Energetica

 

 

 

de Sao Paulo

24,723

111

 

Fertilizantes Fosfatados S.A.

20,364

106

*

Cosan SA Industria

 

 

 

e Comercio

21,434

106

 

B2W Com Global Do Varejo

8,180

105

 

Companhia de Saneamento

 

 

 

Basico do Estado

 

 

 

de Sao Paulo

8,992

103

 

Porto Seguro SA

20,260

101

 

Companhia de Transmissao

 

 

 

de Energia Electrica Paulista

5,000

92

 

Localiza Rent a Car SA

23,242

90

 

Tim Participacoes SA Pfd.

62,158

89

 

Duratex SA Pfd.

9,858

82

 

Telesp–Telecomunicacoes de

 

 

 

Sao Paulo SA

3,500

61

 

Companhia de Gas

 

 

 

de Sao Paulo - Comgas

4,000

59

 

AES Tiete SA

10,000

51

 

Companhia Brasileira de

 

 

 

Distribuicao Grupo Pao

 

 

 

de Acucar Pfd.

3,110

47

 

14

FTSE All-World ex-US Index Fund

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

 

MMX Mineracao e

 

 

 

 

Metalicos SA

21,988

42

 

 

Companhia Paranaense de

 

 

 

 

Energia-COPEL

1,940

21

*

 

MPX Energia SA

300

16

 

 

Companhia Energetica de

 

 

 

 

Minas Gerais Pfd.

1,020

16

*

 

LLX Logistica SA

21,988

8

 

 

Companhia Energetica de

 

 

 

 

Minas Gerais

420

4

 

 

Confeccoes Guararapes SA

200

2

 

 

 

 

62,418

Canada (5.8%)

 

 

 

 

Royal Bank of Canada

303,226

11,784

 

 

EnCana Corp.

170,380

8,655

 

 

Toronto-Dominion Bank

183,223

8,653

 

 

Bank of Nova Scotia, Halifax

223,009

7,436

 

 

Manulife Financial Corp.

342,091

6,846

*

 

Research in Motion Ltd.

127,317

6,446

 

 

Canadian Natural

 

 

 

 

Resources Ltd.

122,397

6,176

 

 

Potash Corp. of

 

 

 

 

Saskatchewan, Inc.

69,891

5,949

 

 

Suncor Energy, Inc.

207,482

4,984

 

 

Canadian National

 

 

 

 

Railway Co.

107,714

4,676

 

 

Barrick Gold Corp.

197,835

4,524

 

 

Bank of Montreal, Quebec

114,300

4,080

 

 

TransCanada Corp.

129,659

3,918

 

 

Canadian Imperial Bank

 

 

 

 

of Commerce

85,443

3,875

 

 

Rogers

 

 

 

 

Communications, Inc.

 

 

 

 

Class B

118,484

3,440

 

 

Sun Life Financial Services

 

 

 

 

of Canada

125,842

2,960

 

 

Goldcorp Inc.

158,243

2,959

 

 

Enbridge Inc.

83,700

2,907

 

 

Imperial Oil Ltd.

81,235

2,875

 

 

Petro-Canada

108,867

2,722

 

 

Talisman Energy, Inc.

227,311

2,246

 

 

Brookfield Asset

 

 

 

 

Management Inc.

127,757

2,237

 

 

Power Corp. of Canada

91,900

1,998

 

 

Shoppers Drug Mart Corp.

50,000

1,925

 

 

Nexen Inc.

118,538

1,882

 

 

BCE Inc.

58,605

1,703

 

 

Husky Energy Inc.

56,642

1,701

 

 

Power Financial Corp.

65,700

1,645

 

 

Shaw Communications Inc.

92,300

1,617

 

 

Canadian Pacific Railway Ltd.

34,800

1,575

 

 

Kinross Gold Corp.

143,595

1,495

 

 

National Bank of Canada

39,143

1,468

 

 

Agrium, Inc.

36,000

1,379

 

 

Cameco Corp.

76,610

1,254

 

 

Bombardier Inc. Class B

313,515

1,210

 

^

Thomson Reuters Corp.

42,423

999

 

 

 

 

 

 

Market

 

 

 

 

 

Value

 

 

 

 

Shares

($000)

 

 

Teck Cominco Ltd. Class B

 

98,972

985

 

 

Great-West Lifeco Inc.

 

45,966

976

 

 

TransAlta Corp.

 

43,543

874

 

 

Magna International

 

24,933

837

 

 

IGM Financial, Inc.

 

23,966

725

 

 

Canadian Tire Corp. Class A

 

18,102

688

 

 

George Weston Ltd.

 

13,000

663

 

 

Loblaw Cos., Ltd.

 

27,197

662

 

 

Brookfield Properties Corp.

 

62,950

640

 

 

Saputo Inc.

 

23,890

499

*

 

CGI Group Inc.

 

62,378

498

 

 

Canadian Utilities Ltd.

 

14,021

493

 

 

Telus Communications Inc.

 

13,937

492

 

 

Finning International Inc.

 

40,360

491

*

 

MDS Inc.

 

32,200

336

 

 

Telus Corp.-Non Voting Shares

 

9,783

319

 

 

Biovail Corp.

 

34,800

299

 

 

Nova Chemicals Corp.

 

20,908

271

*

 

Nortel Networks Corp.

 

101,642

126

 

 

Bombardier Inc. Class A

 

900

4

 

 

 

 

 

143,077

Chile (0.3%)

 

 

 

 

 

Empresa Nacional de

 

 

 

 

 

Electricidad SA ADR

 

36,581

1,361

 

 

Sociedad Quimica y Minera

 

 

 

 

 

de Chile SA ADR

 

52,890

1,211

 

 

Enersis SA ADR

 

80,898

1,165

 

 

Banco Santander

 

 

 

 

 

Chile SA ADR

 

27,161

972

 

 

Empresas Copec SA

 

77,342

634

 

 

Compania de

 

 

 

 

 

Telecomunicaciones de

 

 

 

 

 

Chile SA ADR

 

89,262

606

 

 

Distribucion y Servicio

 

 

 

 

 

D&S SA ADR

 

32,967

587

 

 

S.A.C.I. Falabella SA

 

115,147

303

 

 

CAP SA

 

16,167

195

 

 

Empresa Nacional de

 

 

 

 

 

Telecomunicaciones SA

 

8,160

85

 

 

Banco de Chile

 

1,701,489

83

 

 

Lan Airlines SA

 

8,765

79

*

 

Colburn SA

 

513,465

77

 

 

Cencosud SA

 

51,488

75

 

 

Banco de Credito

 

 

 

 

 

e Inversiones

 

4,240

71

 

 

Compania Cervecerias

 

 

 

 

 

Unidas SA

 

1,800

10

 

 

Corpbanca

 

1,319,400

5

 

 

Embotelladora Andina

 

 

 

 

 

SA Pfd. Class B

 

2,200

4

 

 

 

 

 

7,523

China (2.2%)

 

 

 

 

 

China Mobile

 

 

 

 

 

(Hong Kong) Ltd.

 

1,337,500

11,774

 

^

China Life Insurance

 

 

 

 

 

Co., Ltd.

 

1,684,000

4,500

 

15

FTSE All-World ex-US Index Fund

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

 

PetroChina Co. Ltd.

4,742,000

3,565

 

 

CNOOC Ltd.

3,108,000

2,552

 

 

China Petroleum &

 

 

 

 

Chemical Corp.

3,702,000

2,431

 

^

China Construction Bank

4,665,000

2,314

 

 

China Unicom Ltd.

1,580,182

2,256

 

^

Bank of China

6,756,000

1,973

 

^

Ping An Insurance

 

 

 

 

(Group) Co. of China Ltd.

456,500

1,952

 

 

China Shenhua Energy Co.

 

 

 

 

Ltd. H-Shares

758,500

1,440

 

 

China Telecom Corp. Ltd.

3,568,000

1,270

 

^

China Merchants

 

 

 

 

Bank Co., Ltd. Class H

753,500

1,154

 

 

China Merchants Holdings

 

 

 

 

International Co. Ltd.

464,000

1,105

 

 

China Resources

 

 

 

 

Enterprise Ltd.

486,000

968

 

^

Bank of

 

 

 

 

Communications Ltd.

 

 

 

 

Class H

1,567,000

923

 

 

China Communications

 

 

 

 

Construction Co., Ltd.

1,208,000

856

*

 

Shanghai Electric

 

 

 

 

Group Co., Ltd. Class H

2,496,000

755

 

 

Huaneng Power

 

 

 

 

International, Inc.

 

 

 

 

H Shares

1,500,000

730

 

 

China Coal Energy Co.

1,074,000

651

 

 

Beijing Datang Power

 

 

 

 

Generation Co., Ltd.

1,724,000

649

 

 

Cosco Pacific Ltd.

754,000

549

 

 

China Resources Power

 

 

 

 

Holdings Co., Ltd.

266,000

520

 

 

Denway Motors Ltd.

2,050,000

511

 

^

Air China Ltd.

1,810,000

506

 

 

Fujian Zijin Mining

 

 

 

 

Industry Co., Ltd.

1,484,000

449

 

^

China Resources Land Ltd.

414,000

419

 

 

CITIC Pacific Ltd.

418,000

340

 

 

Lenovo Group Ltd.

1,118,000

339

 

 

GOME Electrical

 

 

 

 

Appliances Holdings Ltd.

1,681,000

336

*

^

PICC Property and

 

 

 

 

Casualty Co., Ltd.

1,114,000

308

*

 

China Railway

 

 

 

 

Construction Corp.

231,500

286

*

^

Anhui Conch

 

 

 

 

Cement Co. Ltd.

72,000

229

 

 

Beijing Enterprises

 

 

 

 

Holdings Ltd.

58,000

229

 

 

Yanzhou Coal

 

 

 

 

Mining Co. Ltd. H Shares

334,000

206

 

^

BYD Co. Ltd.

120,600

205

 

 

China Shipping

 

 

 

 

Development Co.

204,000

201

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

^

Aluminum Corp. of

 

 

 

 

China Ltd.

514,000

187

 

 

China COSCO

 

 

 

 

Holdings Co., Ltd.

336,300

181

 

 

China Mengniu

 

 

 

 

Dairy Co., Ltd.

186,000

179

 

 

Li Ning Co., Ltd.

136,000

168

 

 

Beijing Capital International

 

 

 

 

Airport Co., Ltd.

282,000

159

 

 

Zhejiang

 

 

 

 

Expressway Co., Ltd.

322,000

154

 

 

Shanghai Industrial

 

 

 

 

Holding Ltd.

95,000

151

 

 

China International Marine

 

 

 

 

Containers (Group) Co., Ltd.

295,437

149

 

 

China Communication

 

 

 

 

Services Corp. Ltd.

262,000

138

 

 

Chaoda Modern Agriculture

 

 

 

 

Holdings Ltd.

188,350

133

 

^

Parkson Retail Group Ltd.

141,000

131

 

 

China Oilfield Services Ltd.

236,000

130

 

 

China Everbright Ltd.

130,000

122

 

 

Jiangsu Expressway Co. Ltd.

 

 

 

 

H Shares

174,000

122

 

 

Yantai Changyu Pioneer

 

 

 

 

Wine Co., Ltd.

35,700

111

 

 

Angang Steel Co., Ltd.

172,000

106

 

 

Jiangxi Copper Co. Ltd.

210,000

103

 

 

China Vanke Co., Ltd.

173,920

103

 

 

ZTE Corp.

44,560

101

 

 

China Bluechemical, Ltd.

222,000

84

 

 

Dongfeng Motor Corp.

288,000

82

 

^

Guangzhou R&F

 

 

 

 

Properties Co. Ltd.

157,600

76

 

 

Inner Mongolia Yitai

 

 

 

 

Coal Co., Ltd.

44,100

75

 

 

Shanghai Zhenhua Port

 

 

 

 

Machinery Co., Ltd.

 

 

 

 

Class B

107,300

68

*

 

Yangzijiang Shipbuilding

 

 

 

 

Holdings Ltd.

259,000

58

 

 

Tsingtao Brewery Co., Ltd.

30,000

54

 

 

Dongfang

 

 

 

 

Electrical Corp Ltd.

26,000

51

 

 

Guangdong Investment Ltd.

164,000

50

 

 

The Guangshen

 

 

 

 

Railway Co., Ltd.

128,000

50

 

 

Weichai Power Co., Ltd.

 

 

 

 

Class H

20,000

48

 

 

China Travel International

316,000

45

 

 

China Shipping Container

 

 

 

 

Lines Co. Ltd.

371,700

43

 

 

Global Bio-chem Technology

 

 

 

 

Group Co. Ltd.

284,000

40

 

 

Harbin Power

 

 

 

 

Equipment Co., Ltd.

66,000

37

 

16

FTSE All-World ex-US Index Fund

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

 

KWG Property Holding, Ltd.

161,500

35

 

 

Sinopec Shanghai

 

 

 

 

Petrochemical Co. Ltd.

184,000

34

 

 

Sinotrans Ltd.

153,000

34

 

 

Guangzhou

 

 

 

 

Investment Co. Ltd.

460,000

34

 

 

Shanghai Lujiazui Finance

 

 

 

 

& Trade Zone

 

 

 

 

Development Co., Ltd.

 

 

 

 

Class B

45,900

33

 

 

Nine Dragons Paper

 

 

 

 

Holdings Ltd.

179,000

31

 

 

Maanshan Iron and

 

 

 

 

Steel Co. Ltd.

156,000

29

 

 

China Molybdenum Co. Ltd.

87,000

27

 

 

Zhejiang Southeast Electric

 

 

 

 

Power Co., Ltd.

72,400

27

 

 

China Foods Ltd.

100,000

26

 

 

Hidili Industry Int’l

 

 

 

 

Development Ltd.

124,000

26

 

 

TPV Technology Ltd.

132,000

26

 

^

Zhaojin Mining

 

 

 

 

Industry Co. Ltd.

73,000

26

 

 

Huadian Power

 

 

 

 

International Corp. Ltd.

140,000

26

*

 

China Southern

 

 

 

 

Airlines Co. Ltd.

159,000

25

 

 

Shenzhen

 

 

 

 

Expressway Co. Ltd.

68,000

23

 

 

CSG Holding Co. Ltd.

46,507

20

*

 

Guangzhou Shipyard

 

 

 

 

International Co. Ltd.

28,000

20

 

 

Shandong Chenming Paper

 

 

 

 

Holdings Ltd. Class B

54,700

19

*

 

Dazhong Transportation

 

 

 

 

Group Co., Ltd. B Shares

48,000

18

 

 

China Merchants Property

 

 

 

 

Development Co., Ltd.

22,950

17

*

 

China Eastern

 

 

 

 

Airlines Corp. Ltd.

122,000

15

 

 

TravelSky Technology Ltd.

64,000

15

 

 

Shenzhen Investment Ltd.

144,808

15

 

 

Great Wall Motor Co., Ltd.

39,500

12

 

 

Weiqiao Textile Co. Ltd.

54,000

11

*

 

Brilliance China Automotive

 

 

 

 

 

Holdings Ltd.

248,000

10

*

 

BOE Technology

 

 

 

 

 

Group Co. Ltd. Class B

100,400

10

 

 

Guangdong Electric Power

 

 

 

 

 

Development Co., Ltd.

16,400

5

 

 

Inner Mongolia Eerduosi

 

 

 

 

 

Cashmere Products Co. Ltd.

10,300

4

 

 

Anhui Expressway Co., Ltd.

8,000

3

*

^

Semiconductor Manufacturing

 

 

 

 

International Corp.

152,000

3

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

Shenzhen Chiwan Wharf

 

 

 

 

Holdings Ltd. Class B

 

3,200

3

*

Chongqing Changan

 

 

 

 

Automobile Co., Ltd.

 

10,656

2

 

Guangdong Provincial

 

 

 

 

Expressway

 

 

 

 

Development Co., Ltd.

 

6,100

2

 

Shanghai Mechanical and

 

 

 

 

Electrical Industry Co. Ltd.

 

 

 

 

Class B

 

3,840

2

 

Bengang Steel Plates Co., Ltd.

 

7,000

2

 

Shanghai Jinqiao Export

 

 

 

 

Processing Zone

 

 

 

 

Development Co., Ltd.

 

 

 

 

Class B

 

4,300

2

 

Shanghai Friendship

 

 

 

 

Group Inc. Co. Class B

 

2,900

2

 

Shanghai Jinjiang International

 

 

 

Industrial Investment Co., Ltd.

 

 

 

Class B

 

2,800

2

*

Shanghai Chlor-Alkali

 

 

 

 

Chemical Co. Ltd. Class B

 

7,100

2

*

Shanghai Haixan

 

 

 

 

Group Co. Ltd. Class B

 

8,200

2

 

Shanghai Jinjiang International

 

 

 

Hotels DevelopmentCo., Ltd.

 

 

 

Class B

 

2,700

1

 

Huadian Energy Co. Ltd.

 

7,600

1

*

Sinopec Yizheng Chemical

 

 

 

 

Fibre Co., Ltd.

 

20,000

1

*

Shanghai Waigaoqiao Free

 

 

 

 

Trade Zone

 

 

 

 

Development Co., Ltd.

 

 

 

 

Class B

 

3,500

1

 

Guangzhou

 

 

 

 

Pharmaceutical Co., Ltd.

 

4,000

1

*

Jinzhou Port Co., Ltd.

 

3,300

1

 

Double Coin Holdings, Ltd.

 

 

 

 

Class B

 

4,300

1

 

Jiangling Motors Corp. Ltd.

 

1,800

1

 

Weifu High-Technology Co., Ltd.

 

2,000

1

 

Tianjin Capital Environmental

 

 

 

 

Protection Co., Ltd.

 

4,000

*

Shenzhen Special Economic

 

 

 

 

Zone Real Estate

 

 

 

 

Group Co. Ltd. Class B

 

2,100

 

 

 

 

53,629

Colombia (0.0%)

 

 

 

 

Bancolombia SA ADR

 

42,872

837

 

 

 

 

 

Czech Republic (0.2%)

 

 

 

 

Ceske Energeticke

 

 

 

 

Zavody a.s.

 

51,771

2,264

 

Komercni Banka a.s.

 

6,905

1,051

 

Cesky Telecom a.s.

 

26,556

568

 

17

FTSE All-World ex-US Index Fund

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

 

Zentiva NV

3,900

228

 

 

Unipetrol a.s.

17,257

129

 

 

 

 

4,240

Denmark (0.7%)

 

 

 

 

Novo Nordisk A/S B Shares

120,876

6,479

 

 

Danske Bank A/S

155,468

2,301

 

 

AP Moller-Maersk A/S

 

 

 

 

B Shares

302

1,738

*

 

Vestas Wind Systems A/S

42,100

1,724

 

 

AP Moller-Maersk A/S

 

 

 

 

A Shares

291

1,697

 

 

Carlsberg A/S B Shares

25,339

998

 

 

Novozymes A/S

11,379

803

 

 

Danisco A/S

10,570

458

 

 

Coloplast A/S B Shares

5,762

418

 

^

FLS Industries A/S B Shares

9,500

354

*

 

Jyske Bank A/S

10,772

318

 

 

H. Lundbeck A/S

9,700

173

*

^

William Demant A/S

3,300

126

 

 

Rockwool International A/S

192

13

 

 

 

 

17,600

Egypt (0.1%)

 

 

 

 

Orascom Telecom

 

 

 

 

Holding SAE GDR

31,730

986

 

 

Orascom Construction

 

 

 

 

Industries GDR

9,309

628

 

 

 

 

1,614

Finland (1.0%)

 

 

 

 

Nokia Oyj

847,511

12,982

 

 

Sampo Oyj A Shares

128,364

2,572

 

 

Fortum Oyj

98,700

2,426

 

 

UPM-Kymmene Oyj

109,021

1,542

 

 

Stora Enso Oyj R Shares

128,233

1,193

 

 

Kone Oyj

47,914

1,072

 

 

Neste Oil Oyj

52,714

834

 

 

Wartsila Oyj B Shares

20,680

524

 

 

Rautaruuki Oyj

23,600

385

 

 

Metso Oyj

23,456

312

 

 

Nokian Renkaat Oyj

22,150

290

 

 

Kesko Oyj

11,900

279

 

 

Outokumpu Oyj A Shares

22,724

236

 

^

Sanoma Oyj

10,828

166

 

 

 

 

24,813

France (8.4%)

 

 

 

 

Total SA

535,437

29,456

 

 

Gaz de France

371,523

16,538

 

 

BNP Paribas SA

202,182

14,598

 

 

Sanofi-Aventis

220,163

13,949

 

 

France Telecom SA

436,533

11,007

 

 

AXA

457,060

8,732

 

 

Societe Generale Class A

131,033

7,142

 

 

Vivendi SA

258,533

6,758

 

 

Carrefour SA

157,504

6,654

 

 

Groupe Danone

113,988

6,347

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

 

LVMH Louis Vuitton Moet

 

 

 

 

Hennessy

82,887

5,516

 

 

L ’Oreal SA

68,188

5,163

 

 

Air Liquide SA

58,429

5,042

 

 

Vinci SA

109,213

3,930

 

 

Electricite de France

56,968

3,423

 

 

Cie. de St. Gobain SA

85,220

3,288

 

 

Schneider Electric SA

54,068

3,241

 

 

Pernod Ricard SA

49,753

3,240

 

 

Alstom

62,649

3,105

 

 

Credit Agricole SA

198,980

2,879

 

 

Unibail Co.

17,976

2,696

 

 

Veolia Environnement

103,241

2,558

 

 

Bouygues SA

57,401

2,444

 

^

Hermes International

17,876

2,307

 

 

Lafarge SA

33,089

2,187

 

 

Essilor International SA

47,908

2,149

 

 

Accor SA

51,924

2,020

*

 

Suez Environnement SA

80,770

1,544

 

 

Renault SA

47,825

1,466

 

 

Pinault-Printemps-

 

 

 

 

Redoute SA

21,113

1,346

*

 

Alcatel-Lucent

505,077

1,304

 

 

Vallourec SA

11,543

1,291

 

 

Sodexho Alliance SA

26,622

1,278

 

 

STMicroelectronics NV

149,756

1,231

 

 

Compagnie Generale des

 

 

 

 

Etablissements Michelin SA

23,539

1,212

 

 

Lagardere S.C.A.

30,190

1,200

 

 

PSA Peugeot Citroen

39,013

1,041

 

 

Christian Dior SA

16,798

1,018

 

 

Cap Gemini SA

31,431

1,013

 

 

CNP Assurances

10,496

846

 

 

Thales SA

18,746

752

 

 

Publicis Groupe SA

31,988

723

 

 

Technip SA

24,122

722

 

 

Casino Guichard-

 

 

 

 

Perrachon SA

9,187

642

 

^

Eiffage SA

16,482

633

 

 

Safran SA

47,487

603

 

^

Dassault Systemes SA

13,256

549

 

 

Air France

35,491

511

 

 

Eramet SLN

2,296

465

 

^

Societe Television

 

 

 

 

Francaise 1

34,581

443

 

 

Legrand SA

26,127

435

 

 

Societe BIC SA

8,188

433

*

 

Eutelsat Communications

20,120

432

 

 

Natixis

192,437

426

 

 

Eurazeo

6,982

420

*

 

Compagnie Generale de

 

 

 

 

Geophysique SA

25,971

420

 

 

Klepierre

18,052

416

 

 

Aeroports de Paris (ADP)

6,801

405

 

 

Bureau Veritas SA

10,942

390

 

 

Atos Origin SA

15,424

358

 

18

FTSE All-World ex-US Index Fund

 

 

 

 

Market

 

 

 

Value

 

 

Shares

($000)

 

Societe des Autoroutes

 

 

 

Paris-Rhin-Rhone

5,339

347

 

Arkema

14,147

324

 

Imerys SA

6,929

315

^

Valeo SA

18,084

315

^

JCDecaux SA

15,509

270

^

PagesJaunes SA

27,483

261

 

Gecina SA

3,566

248

^

Wendel Investissement

4,449

213

 

Euler Hermes SA

2,929

144

 

Ciments Francais SA

1,759

128

 

 

 

204,902

Germany (6.3%)

 

 

^

Volkswagen AG

32,562

20,721

 

E.On AG

423,381

15,866

 

Siemens AG

204,814

12,044

 

Deutsche Telekom AG

733,267

10,758

 

Bayer AG

171,705

9,399

 

Allianz AG

99,960

7,336

 

SAP AG

207,673

7,271

 

Daimler AG (Registered)

213,781

7,247

 

RWE AG

87,358

7,162

 

BASF AG

212,125

7,003

 

Muenchener

 

 

 

Rueckversicherungs-

 

 

 

Gesellschaft AG (Registered)

46,024

5,975

 

Deutsche Bank AG

125,767

4,698

 

Deutsche Boerse AG

43,091

3,370

 

Linde AG

28,804

2,383

 

Deutsche Post AG

201,951

2,214

 

Fresenius Medical Care AG

48,349

2,142

 

Bayerische Motoren

 

 

 

Werke AG

67,483

1,711

 

Porsche AG

19,459

1,701

 

Commerzbank AG

158,008

1,682

 

ThyssenKrupp AG

84,712

1,605

 

Adidas AG

45,774

1,590

 

Man AG

31,805

1,555

 

Volkswagen AG Pfd.

23,716

1,462

 

K+S AG

36,364

1,409

 

Merck KGaA

14,477

1,279

 

Fresenius AG Pfd.

18,421

1,169

 

Henkel AG & Co. KGaA

40,194

1,149

 

Beiersdorf AG

21,888

1,142

 

Metro AG

35,737

1,140

 

Continental AG

 

 

 

Acceptance Line

14,134

1,007

 

Henkel KGaA

30,038

735

 

TUI AG

59,655

721

 

Deutsche Lufthansa AG

49,429

685

 

Salzgitter AG

10,266

661

*

Infineon Technologies AG

163,331

506

 

Celesio AG

16,365

481

^

Solarworld AG

18,693

460

 

Fresenius AS

6,920

405

 

Hochtief AG

12,851

394

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

 

^

HeidelbergCement AG

5,210

387

 

 

Wacker Chemie AG

3,400

367

 

 

Hannover

 

 

 

 

Rueckversicherung AG

14,615

362

*

 

Q-Cells AG

7,583

300

 

 

Deutsche Postbank AG

14,469

291

 

 

Lanxess

19,108

289

 

^

Hypo Real Estate Holding AG

42,208

275

 

 

Fraport AG

8,578

275

 

^

Aachener & Muenchener

 

 

 

 

Beteiligungs AG (Bearer)

1,925

199

 

 

Puma AG

1,077

179

 

 

Hamburger Hafen und

 

 

 

 

Logistik AG

5,009

170

 

 

Altana AG

10,822

119

 

^

Continental AG

2,576

109

 

 

Suedzucker AG

9,537

107

*

^

Arcandor AG

21,576

50

 

 

 

 

153,717

Greece (0.4%)

 

 

 

 

National Bank of

 

 

 

 

Greece SA ADR

671,404

2,934

 

 

Hellenic Telecommunications

 

 

 

 

Organization SA ADR

210,982

1,532

 

 

Alpha Credit Bank SA

77,505

1,132

 

 

Greek Organization of

 

 

 

 

Football Prognostics

50,677

1,107

 

 

Bank of Piraeus

68,961

875

 

 

EFG Eurobank Ergasias

73,844

803

 

 

GEA Group AG

37,725

542

 

 

Marfin Financial Group SA

100,424

442

 

 

Coca-Cola Hellenic

 

 

 

 

Bottling Co. SA

23,938

334

 

 

Public Power Corp.

20,840

258

 

 

Titan Cement Co. SA

10,018

171

 

 

Hellenic Petroleum SA

16,930

140

*

 

Commercial Bank

 

 

 

 

of Greece SA

9,380

91

 

 

National Bank of Greece SA

187

4

 

 

 

 

10,365

Hong Kong (2.3%)

 

 

 

^

Industrial and

 

 

 

 

Commercial Bank of

 

 

 

 

China Ltd. Class H

9,126,000

4,294

 

 

Cheung Kong Holdings Ltd.

398,000

3,821

 

 

Hutchison Whampoa Ltd.

707,000

3,821

 

 

Sun Hung Kai

 

 

 

 

Properties Ltd.

422,409

3,701

 

 

CLP Holdings Ltd.

403,500

2,721

 

 

Hong Kong Exchanges &

 

 

 

 

Clearing Ltd.

255,800

2,594

 

 

Hang Seng Bank Ltd.

172,600

2,154

 

 

Hong Kong & China

 

 

 

 

Gas Co., Ltd.

1,122,850

1,978

 

 

Hong Kong Electric

 

 

 

 

Holdings Ltd.

365,500

1,970

 

19

FTSE All-World ex-US Index Fund

 

 

 

 

Market

 

 

 

Value

 

 

Shares

($000)

 

Tencent Holdings Ltd.

246,000

1,791

 

Swire Pacific Ltd. A Shares

252,500

1,778

 

Hang Lung Properties Ltd.

591,000

1,444

 

Hongkong Land

 

 

 

Holdings Ltd.

502,000

1,365

 

Li & Fung Ltd.

676,000

1,357

 

Hang Lung

 

 

 

Development Co., Ltd.

395,000

1,271

^

China Overseas Land &

 

 

 

Investment Ltd.

1,044,000

1,179

 

Esprit Holdings Ltd.

202,300

1,149

 

Henderson Land

 

 

 

Development Co. Ltd.

299,466

1,083

 

Jardine Matheson

 

 

 

Holdings Ltd.

43,200

1,022

 

Boc Hong Kong

 

 

 

Holdings Ltd.

879,237

1,007

 

Wharf Holdings Ltd.

484,250

966

 

Shangri-La Asia Ltd.

608,444

861

 

Link REIT

438,843

785

^

Tingyi Holding Corp.

696,000

737

 

Bank of East Asia Ltd.

348,000

702

 

MTR Corp.

292,500

648

^

Hengan International

 

 

 

Group Co. Ltd.

188,622

526

 

Hopewell Holdings Ltd.

158,000

491

 

Wing Hang Bank Ltd.

87,000

408

* ^

China Railway Group, Ltd.

694,000

405

 

New World

 

 

 

Development Co., Ltd.

484,000

403

 

Cathay Pacific Airways Ltd.

293,015

358

 

Sino Land Co.

396,000

348

 

Kingboard Chemical

 

 

 

Holdings Ltd.

174,000

347

 

China Insurance International

 

 

 

Holdings Co., Ltd.

124,000

289

 

PCCW Ltd.

765,000

286

*

Hutchison

 

 

 

Telecommunications

 

 

 

International Ltd.

234,000

253

 

Cheung Kong Infrastructure

 

 

 

Holdings Ltd.

68,000

249

^

Sinofert Holdings, Ltd.

430,000

240

 

Wheelock and Co. Ltd.

156,000

234

 

Techtronic

 

 

 

Industries Co., Ltd.

609,000

231

*

CITIC International Financial

 

 

 

Holdings Ltd.

348,000

220

 

Kerry Properties Ltd.

85,500

215

^

China National Building

 

 

 

Material Co., Ltd.

362,000

211

 

Hysan

 

 

 

Development Co., Ltd.

128,000

201

 

Belle International

 

 

 

Holdings Ltd.

413,000

198

 

 

 

 

 

Market

 

 

 

 

Value

 

 

 

Shares

($000)

*

 

Foxconn International