semiannual report - vanguard investments ii common

Semiannual Report | 30 June 2021

Vanguard Investments II Common Contractual Fund

Contents

Tracking Error 1

Vanguard FTSE Developed World II Common Contractual Fund 2

Vanguard SRI FTSE Developed Europe II Common Contractual Fund 27

Vanguard SRI FTSE Developed World II Common Contractual Fund 37

Notes to the Financial Statements 58

Additional Information From the Manager 64

Directory Inside Back Cover

Tracking Error

1

Each Sub-Fund listed in the table employs a “passive” investment strategy designed to replicate the performance of its benchmark Index. Some Sub-Funds attempt to replicate the Index by investing all, or substantially all, of their assets in the securities that make up the Index, holding each in approximately the same proportion as its weighting in the Index. Others attempt 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.

Tracking error measures the volatility of the return difference between the Sub-Fund and the Index. It is calculated as the standard deviation of the tracking difference between the Sub-Fund and the Index (gross of fees for the trailing 36-month period, or since the Sub-Fund’s inception if it does not have 36 months of performance history).

test For the period endingtest 30 June 2021

test RealisedSub-Fund Tracking Error

Vanguard FTSE Developed World II Common Contractual Fund1 0.106%

Vanguard FTSE Developed World II Common Contractual Fund EUR-Hedged1 0.127

Vanguard SRI FTSE Developed Europe II Common Contractual Fund2 0.800

Vanguard SRI FTSE Developed World II Common Contractual Fund2 0.344

1 The Sub-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 Sub-Fund attempts to select those securities that will create the representative sample that tracks the performance of the Index as closely as possible.

Vanguard FTSE Developed World II Common Contractual Fund

2

Investment ObjectiveThe Sub-Fund seeks to track the performance of the FTSE Developed Index, a widely recognised benchmark composed of stocks of large- and mid-capitalisation companies in global developed markets.

Performance SummaryThe Performance Summary does not form part of the financial statements.

• As the six months ended 30 June came to a close, macroeconomic indicators signaled a faster global economic rebound than many had expected after the sharpest contraction in modern history. Yet the recovery has been uneven. Countries that have contained the virus more successfully, whether through vaccinations, lockdowns, or both, generally have fared better economically. And the COVID-19 pandemic remained far from over, with new variants of the virus surfacing where vaccination rates have lagged and the human toll continuing to mount, especially in less developed economies.

• Swift and extensive support from governments and central banks has been a key to the rebound. So far in 2021, it has included fiscal stimulus – including the $1.9 trillion American Rescue Plan in the United States and the €673 billion Recovery and Resilience Facility in Europe – and pledges by a number of central banks to keep rates low for some time.

• Fixed income prices worldwide generally fell and longer-term yields rose amid concerns about inflation, resulting in negative returns for the six months ended 30 June.

• Stock markets continued the rally that began in 2020, bolstered by reopening economies, more consumer spending and rising corporate profits. Returns in the United States and Europe outpaced those in emerging markets and especially the Pacific.

• The Sub-Fund’s benchmark index returned 16.72% for the half year.

• Stocks in the index performed well generally, with all sectors advancing. Nine of the 11 produced double-digit returns. Technology, the largest sector, contributed most to results, followed by financials and industrials.

• US stocks, which account for more than 60% of the index, generated most of the benchmark’s return.

Benchmark returns in the commentary above are in euros.

Benchmark: FTSE Developed Index

Total ReturnsPeriods Ended 30 June 2021

(Annualised for periods over one year)Six Months Five Years Since Inception1

Institutional B EUR Accumulation Units - NL FBI 16.45 % 13.31 % 13.80 %

Benchmark 16.72 13.92 14.42

Tracking Difference* -0.27

Institutional B EUR Hedged Accumulation Units - NL FBI 13.81 % 12.88 % 13.22 %

Benchmark 14.11 13.52 13.88


All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the Sub-Fund. For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at http://global.vanguard.com. Note, too, that both investment returns and principal value can fluctuate widely, so an investor's units, when sold, could be worth more or less than their original cost.* The tracking difference between the Sub-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, swing pricing, transaction costs, and differences in the valuation and withholding tax treatment between the Sub-Fund and the Index vendor.1 Since-inception returns: 25 February 2016.

Significant Portfolio ChangesFor the Period Ended 30 June 2021

3


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.

SharesCost

Euro (€)

Purchases

Apple, Inc. 59,090 6,164,537Microsoft Corp. 27,498 5,336,011Amazon.com, Inc. 1,891 5,085,059Facebook, Inc. Class A 8,976 2,162,915Alphabet, Inc. Class C 1,229 2,084,849Tesla, Inc. 3,148 1,753,913Alphabet, Inc. Class A 948 1,698,148Roku, Inc. Class A 5,113 1,493,541Pinterest, Inc. Class A 24,257 1,485,776JPMorgan Chase & Co. 10,927 1,335,537Johnson & Johnson 9,540 1,270,572Crowdstrike Holdings, Inc. Class A 7,124 1,173,980NVIDIA Corp. 2,344 1,125,105Visa, Inc. Class A 6,079 1,114,856Peloton Interactive, Inc. Class A 11,735 1,066,244UnitedHealth Group, Inc. 3,336 1,028,036Walt Disney Co. 6,622 998,886Home Depot, Inc. 3,979 957,444Mastercard, Inc. Class A 3,187 949,368Berkshire Hathaway, Inc. Class A 3 943,710

SharesProceeds

Euro (€)

Sales

Apple, Inc. 38,818 4,033,645Microsoft Corp. 7,234 1,428,831Alphabet, Inc. Class C 693 1,360,813Amazon.com, Inc. 417 1,088,365Facebook, Inc. Class A 3,324 851,170Zalando SE 6,990 662,512Varian Medical Systems Inc. 3,959 587,284Bank of America Corp. 17,840 583,038Tiffany & Co. 5,426 580,994JPMorgan Chase & Co. 4,434 568,396Canadian National Railway Co. 6,325 565,842Alphabet, Inc. Class A 316 554,542Oracle Corp. 8,414 514,942Deere & Co. 1,797 510,392Charter Communications, Inc.Class A 795 440,974Mastercard, Inc. Class A 1,368 416,717Johnson & Johnson 3,001 412,086Lowe's Cos, Inc. 2,613 402,722Intel Corp. 7,681 390,183UnitedHealth Group, Inc. 1,143 361,346

Financial StatementsStatement of Investments30 June 2021

4


.Number of

SharesFair Value

Euro (€)% of Total

Net AssetsEquities 99.76% (2020: 96.82%)Australia 2.29% (2020: 2.32%)Commonwealth Bank of Australia 79,385 5,019,041 0.22%

BHP Group Ltd. 131,614 4,046,853 0.18%CSL Ltd. 20,297 3,664,489 0.16%Westpac Banking Corp. 164,169 2,682,418 0.12%National Australia Bank Ltd. 145,378 2,413,118 0.11%Australia & New Zealand Banking Group Ltd. 127,424 2,270,789 0.10%

Wesfarmers Ltd. 51,069 1,910,698 0.09%Macquarie Group Ltd. 14,661 1,451,881 0.07%Woolworths Group Ltd. 56,865 1,372,648 0.06%Rio Tinto Ltd. 16,712 1,339,820 0.06%Transurban Group 124,144 1,118,350 0.05%Goodman Group REIT 83,151 1,114,386 0.05%Fortescue Metals Group Ltd. 71,521 1,056,773 0.05%Aristocrat Leisure Ltd. 28,499 777,416 0.03%Afterpay Ltd. 9,916 741,807 0.03%Amcor plc 69,745 668,035 0.03%Coles Group Ltd. 57,485 621,933 0.03%Newcrest Mining Ltd. 36,850 589,742 0.03%Woodside Petroleum Ltd. 41,535 583,996 0.03%James Hardie Industries plc 20,161 577,790 0.03%Sonic Healthcare Ltd. 20,917 508,485 0.02%Xero Ltd. 5,488 476,320 0.02%Telstra Corp., Ltd. 193,486 460,558 0.02%Cochlear Ltd. 2,851 454,230 0.02%QBE Insurance Group Ltd. 66,337 453,132 0.02%Brambles Ltd. 61,003 441,799 0.02%Suncorp Group Ltd. 59,342 417,372 0.02%Scentre Group REIT 236,690 410,561 0.02%ASX Ltd. 8,051 396,072 0.02%South32 Ltd. 205,544 381,259 0.02%Santos Ltd. 81,354 365,151 0.02%Insurance Australia Group Ltd. 109,889 358,964 0.02%Seek Ltd. 16,320 342,389 0.02%Northern Star Resources Ltd. 52,465 324,830 0.01%Ramsay Health Care Ltd. 8,086 322,238 0.01%Mirvac Group REIT 170,420 315,029 0.01%BlueScope Steel Ltd. 22,626 314,548 0.01%Tabcorp Holdings Ltd. 95,832 314,259 0.01%Dexus REIT 46,427 313,604 0.01%Stockland REIT 100,238 295,710 0.01%APA Group 50,524 284,666 0.01%Boral Ltd. 57,559 267,823 0.01%GPT Group REIT 83,469 258,922 0.01%Computershare Ltd. 22,491 240,626 0.01%Treasury Wine Estates Ltd. 32,329 239,046 0.01%Medibank Pvt Ltd. 117,279 234,614 0.01%Endeavour Group Ltd. 56,865 226,435 0.01%REA Group Ltd. 2,046 218,936 0.01%Charter Hall Group REIT 21,933 215,495 0.01%Evolution Mining Ltd. 75,425 214,870 0.01%Mineral Resources Ltd. 6,290 213,951 0.01%Origin Energy Ltd. 74,715 213,320 0.01%Oil Search Ltd. 87,678 211,477 0.01%Lendlease Corp., Ltd. 29,022 210,552 0.01%Domino's Pizza Enterprises Ltd. 2,736 208,731 0.01%

Sydney Airport 56,910 208,600 0.01%OZ Minerals Ltd. 14,280 203,222 0.01%Aurizon Holdings Ltd. 86,005 202,541 0.01%Ampol Ltd. 11,314 202,054 0.01%Magellan Financial Group Ltd. 5,869 200,114 0.01%Atlas Arteria Ltd. 49,208 198,437 0.01%

.Number of

SharesFair Value


Net AssetsALS Ltd. 22,102 182,455 0.01%JB Hi-Fi Ltd. 5,595 179,154 0.01%Bendigo & Adelaide Bank Ltd. 26,786 177,881 0.01%Vicinity Centres REIT 181,049 177,081 0.01%Reece Ltd. 10,450 156,192 0.01%Bank of Queensland Ltd. 25,488 146,995 0.01%Orica Ltd. 17,252 145,039 0.01%Incitec Pivot Ltd. 95,638 144,097 0.01%AGL Energy Ltd. 26,856 139,413 0.01%Ansell Ltd. 4,970 136,897 0.01%carsales.com Ltd. 10,861 135,864 0.01%Metcash Ltd. 53,713 135,675 0.01%NEXTDC Ltd. 17,553 131,790 0.01%IGO Ltd. 24,919 120,366 0.01%AMP Ltd. 164,352 117,051 0.01%Crown Resorts Ltd. 15,394 116,067 0.01%AusNet Services Ltd. 104,370 115,627 0.01%Qube Holdings Ltd. 57,250 114,890 0.01%IDP Education Ltd. 7,251 112,647 0.01%Star Entertainment Group Ltd. 47,562 111,105 0.01%Altium Ltd. 4,766 110,700 0.01%Qantas Airways Ltd. 37,340 110,156 0.01%Worley Ltd. 13,688 103,638 0.00%Downer EDI Ltd. 28,825 102,007 0.00%Alumina Ltd. 97,673 101,716 0.00%Challenger Ltd. 29,536 101,157 0.00%Vocus Group Ltd. 29,036 101,099 0.00%Cleanaway Waste Management Ltd. 57,857 96,696 0.00%

Iluka Resources Ltd. 16,242 94,082 0.00%Shopping Centres Australasia Property Group REIT 58,519 93,357 0.00%

Sims Ltd. 7,289 76,599 0.00%IOOF Holdings Ltd. 28,273 76,427 0.00%WiseTech Global Ltd. 3,735 75,498 0.00%Orora Ltd. 33,719 71,083 0.00%Flight Centre Travel Group Ltd. 7,493 70,442 0.00%Harvey Norman Holdings Ltd. 19,687 68,298 0.00%Beach Energy Ltd. 81,775 64,193 0.00%Washington H Soul Pattinson & Co., Ltd. 2,992 63,889 0.00%

CSR Ltd. 16,917 61,687 0.00%Seven Group Holdings Ltd. 4,392 56,581 0.00%Perpetual Ltd. 2,020 51,215 0.00%TPG Telecom Ltd. 12,687 50,278 0.00%Whitehaven Coal Ltd. 40,238 49,418 0.00%Deterra Royalties Ltd. 16,242 46,270 0.00%CIMIC Group Ltd. 3,393 42,487 0.00%Domain Holdings Australia Ltd. 11,916 38,925 0.00%Appen Ltd. 4,176 35,954 0.00%Adbri Ltd. 15,793 34,693 0.00%Nufarm Ltd. 11,263 32,656 0.00%Platinum Asset Management Ltd. 9,720 30,213 0.00%

test test 51,270,625 2.29%Austria 0.06% (2020: 0.06%)Erste Group Bank AG 11,876 367,444 0.02%OMV AG 5,789 277,698 0.01%Verbund AG 2,998 232,795 0.01%Voestalpine AG 5,599 192,270 0.01%ANDRITZ AG 3,532 167,346 0.01%Raiffeisen Bank International AG 5,322 101,650 0.00%

Telekom Austria AG Class A 4,941 35,575 0.00%test test 1,374,778 0.06%

5


.Number of

SharesFair Value


Net AssetsBelgium 0.30% (2020: 0.30%)Anheuser-Busch InBev SA 37,421 2,275,571 0.10%KBC Group NV 12,525 805,357 0.04%Argenx SE 2,267 578,312 0.03%Umicore SA 9,296 478,744 0.02%UCB SA 5,194 457,903 0.02%Groupe Bruxelles Lambert SA 4,626 436,417 0.02%Ageas SA 7,801 365,087 0.02%Solvay SA 2,954 316,669 0.01%Sofina SA 714 259,753 0.01%Warehouses de Pauw CVA REIT 7,350 236,670 0.01%

Ackermans & van Haaren NV 1,004 142,970 0.01%Elia Group SA 1,605 142,845 0.01%Etablissements Franz Colruyt NV 2,411 113,703 0.00%

Proximus SADP 5,304 86,402 0.00%Telenet Group Holding NV 1,517 48,149 0.00%test test 6,744,552 0.30%Canada 2.56% (2020: 2.51%)Royal Bank of Canada 63,137 5,399,643 0.24%Toronto-Dominion Bank 80,495 4,761,730 0.21%Enbridge, Inc. 90,703 3,065,434 0.14%Bank of Nova Scotia 53,842 2,955,902 0.13%Brookfield Asset Management, Inc. Class A 59,212 2,549,926 0.11%

Bank of Montreal 28,521 2,467,741 0.11%Canadian National Railway Co. 26,474 2,357,872 0.11%Canadian Pacific Railway Ltd. 29,815 1,935,285 0.09%Canadian Imperial Bank of Commerce 19,936 1,915,675 0.09%

TC Energy Corp. 43,703 1,825,497 0.08%Canadian Natural Resources Ltd. 51,919 1,590,981 0.07%

Manulife Financial Corp. 86,323 1,434,308 0.06%Barrick Gold Corp. 79,670 1,391,038 0.06%Suncor Energy, Inc. 68,185 1,378,558 0.06%Nutrien Ltd. 25,611 1,309,937 0.06%Waste Connections, Inc. 12,094 1,219,695 0.06%Sun Life Financial, Inc. 26,716 1,162,878 0.05%Alimentation Couche-Tard, Inc. Class B 36,208 1,123,101 0.05%

Constellation Software, Inc. 862 1,102,028 0.05%Franco-Nevada Corp. 8,496 1,040,753 0.05%Magna International, Inc. 12,636 987,561 0.04%National Bank of Canada 15,346 969,458 0.04%CGI, Inc. 10,191 779,957 0.04%Wheaton Precious Metals Corp. 20,349 757,146 0.03%

Fortis, Inc. 20,035 748,601 0.03%Restaurant Brands International, Inc. 13,728 746,650 0.03%

Intact Financial Corp. 6,300 722,494 0.03%Rogers Communications, Inc. Class B 15,038 674,841 0.03%

Pembina Pipeline Corp. 25,083 672,809 0.03%Thomson Reuters Corp. 7,757 650,405 0.03%Power Corp. of Canada 23,687 631,976 0.03%BCE, Inc. 13,532 563,304 0.03%Agnico Eagle Mines Ltd. 10,564 539,242 0.02%Dollarama, Inc. 12,852 496,576 0.02%Shaw Communications, Inc. Class B 19,276 471,366 0.02%

Fairfax Financial Holdings Ltd. 1,199 443,838 0.02%Cenovus Energy, Inc. 54,378 439,171 0.02%Metro, Inc. 10,397 420,765 0.02%Teck Resources Ltd. Class B 20,465 397,873 0.02%Telus Corp., Ltd. 19,471 368,603 0.02%Loblaw Cos Ltd. 6,833 354,981 0.02%Bausch Health Cos, Inc. 13,639 337,887 0.02%Canadian Tire Corp., Ltd. Class A 2,523 337,019 0.02%

Hydro One Ltd. 14,762 301,171 0.01%

.Number of

SharesFair Value


Net AssetsGreat-West Lifeco, Inc. 11,792 295,663 0.01%Saputo, Inc. 10,529 265,071 0.01%George Weston Ltd. 3,123 251,265 0.01%Imperial Oil Ltd. 9,203 236,765 0.01%Canopy Growth Corp. 10,723 218,914 0.01%Canadian Utilities Ltd. Class A 5,155 120,757 0.01%IGM Financial, Inc. 2,768 82,484 0.00%Brookfield Asset Management Reinsurance Partners Ltd. Class A 408 18,198 0.00%

test test 57,290,793 2.56%Denmark 0.72% (2020: 0.73%)Novo Nordisk A/S Class B 72,167 5,098,883 0.23%DSV PANALPINA A/S 8,839 1,738,382 0.08%Vestas Wind Systems A/S 45,098 1,484,619 0.07%Orsted A/S 8,348 987,896 0.04%Genmab A/S 2,687 927,194 0.04%Coloplast A/S Class B 5,824 805,904 0.04%Carlsberg A/S Class B 4,282 673,143 0.03%AP Moller-Maersk A/S Class B 275 666,583 0.03%Novozymes A/S Class B 9,124 579,986 0.02%Pandora A/S 4,393 498,007 0.02%Danske Bank A/S 27,902 414,051 0.02%GN Store Nord A/S 5,573 410,542 0.02%AP Moller-Maersk A/S Class A 169 395,896 0.02%Chr Hansen Holding A/S 4,739 360,703 0.02%Tryg A/S 12,879 266,629 0.01%Ambu A/S Class B 7,682 249,068 0.01%Demant A/S 4,833 229,423 0.01%SimCorp A/S 1,724 182,502 0.01%ROCKWOOL International A/S Class B 257 105,513 0.00%

H Lundbeck A/S 2,712 72,758 0.00%test test 16,147,682 0.72%Finland 0.41% (2020: 0.40%)Nordea Bank Abp 160,394 1,507,383 0.07%Kone OYJ Class B 17,558 1,207,990 0.05%Nokia OYJ 249,928 1,128,550 0.05%Neste OYJ 18,670 964,119 0.04%Sampo OYJ Class A 23,119 896,092 0.04%UPM-Kymmene OYJ 24,154 770,513 0.03%Fortum OYJ 20,134 468,317 0.02%Stora Enso OYJ Class R 24,122 371,117 0.02%Kesko OYJ Class B 11,561 360,125 0.02%Elisa OYJ 5,845 294,120 0.01%Metso Outotec OYJ 28,502 279,206 0.01%Wartsila OYJ Abp 22,183 277,620 0.01%Nokian Renkaat OYJ 6,131 208,760 0.01%Huhtamaki OYJ 4,388 175,301 0.01%Orion OYJ Class B 4,629 167,801 0.01%Kojamo OYJ 8,554 164,836 0.01%test test 9,241,850 0.41%France 3.17% (2020: 3.13%)LVMH Moet Hennessy Louis Vuitton SE 11,119 7,352,995 0.33%

Sanofi 48,649 4,298,626 0.19%TotalEnergies SE 108,641 4,145,197 0.19%Schneider Electric SE 23,635 3,135,892 0.14%Airbus SE 24,614 2,669,142 0.12%BNP Paribas SA 48,625 2,570,804 0.12%Kering SA 3,277 2,415,149 0.11%EssilorLuxottica SA 13,320 2,073,125 0.09%L’Oreal SA (Prime De Fidelite) 5,202 1,954,912 0.09%Vinci SA 21,412 1,926,866 0.09%AXA SA 86,511 1,850,038 0.08%Safran SA 15,286 1,787,239 0.08%Pernod Ricard SA 9,353 1,750,882 0.08%Hermes International 1,370 1,683,045 0.08%Danone SA 27,166 1,612,845 0.07%Air Liquide SA (Prime De Fidelite) 10,051 1,484,131 0.07%

L’Oreal SA 3,820 1,435,556 0.06%

6


.Number of

SharesFair Value


Net AssetsDassault Systemes SE 5,869 1,200,210 0.05%Cie de Saint-Gobain 21,475 1,192,722 0.05%Capgemini SE 6,885 1,115,370 0.05%Air Liquide SA (XPAR) 7,436 1,098,000 0.05%Legrand SA 12,084 1,078,618 0.05%Cie Generale des Etablissements Michelin SCA 7,996 1,075,462 0.05%

Vivendi SE 33,474 948,318 0.04%Teleperformance 2,555 874,576 0.04%Societe Generale SA 35,146 873,730 0.04%STMicroelectronics NV 28,402 869,243 0.04%Worldline SA 10,629 839,053 0.04%Orange SA 82,986 797,910 0.04%Credit Agricole SA 53,295 629,627 0.03%Veolia Environnement SA 22,386 570,171 0.03%Alstom SA 12,784 544,471 0.02%Publicis Groupe SA 10,016 540,263 0.02%Eurofins Scientific SE 5,501 530,296 0.02%Edenred 10,474 503,276 0.02%Sartorius Stedim Biotech 1,099 438,391 0.02%Carrefour SA 26,418 438,143 0.02%L’Oreal SA - EUR 1,140 428,412 0.02%Thales SA 4,880 419,875 0.02%Engie SA (Prime De Fidelite) 34,510 398,729 0.02%Euronext NV 3,692 338,556 0.02%Air Liquide SA 2,275 335,927 0.02%Suez SA 15,960 319,998 0.01%Bureau Veritas SA 11,825 315,491 0.01%Arkema SA 2,965 313,697 0.01%Engie SA 25,666 296,545 0.01%Eiffage SA 3,405 292,149 0.01%Gecina SA REIT 2,215 286,178 0.01%Renault SA 8,223 280,281 0.01%Accor SA 8,874 279,442 0.01%Bouygues SA 8,725 272,133 0.01%Valeo SA 10,592 268,719 0.01%Getlink SE 19,178 252,191 0.01%Ubisoft Entertainment SA 4,179 246,728 0.01%Rexel SA 13,076 230,661 0.01%Bollore SA 48,481 219,134 0.01%L’Oreal SA (Prime de Fidelite 2022) 574 215,709 0.01%

Orpea SA 2,006 215,144 0.01%Atos SE 3,943 202,276 0.01%SOITEC 1,003 186,458 0.01%Amundi SA 2,480 184,388 0.01%Klepierre SA REIT 8,281 179,946 0.01%La Francaise des Jeux SAEM 3,608 178,885 0.01%Covivio REIT 2,374 171,213 0.01%SCOR SE 6,379 171,085 0.01%BioMerieux 1,741 170,618 0.01%Remy Cointreau SA 970 168,877 0.01%Rubis SCA 4,490 168,330 0.01%Faurecia SE (XPAR) 3,852 159,357 0.01%Air Liquide SA - EUR 1,076 158,882 0.01%Aeroports de Paris 1,436 157,745 0.01%Wendel SE 1,156 131,090 0.01%Dassault Aviation SA 132 130,944 0.01%TechnipFMC plc - EUR 16,883 127,703 0.01%Ipsen SA 1,419 124,475 0.01%Electricite de France SA (Prime De Fidelite) 10,187 117,354 0.01%

Engie SA (Prime De Fidelite 2023) 9,681 111,854 0.01%

Electricite de France SA (XPAR) 9,495 109,382 0.01%ICADE REIT 1,314 95,659 0.00%SEB SA (Prime De Fidelite) 601 91,592 0.00%Sodexo SA (XPAR) 1,115 87,751 0.00%Iliad SA 677 83,542 0.00%Eurazeo SE (XPAR) 1,130 83,055 0.00%Eurazeo SE 1,080 79,380 0.00%CNP Assurances 5,441 78,078 0.00%

.Number of

SharesFair Value


Net AssetsSodexo SA 952 74,922 0.00%JCDecaux SA 3,101 72,501 0.00%Faurecia SE 1,549 63,896 0.00%Technip Energies NV 5,456 63,071 0.00%Sodexo SA - EU 790 62,173 0.00%SEB SA (XPAR) 400 60,960 0.00%Engie SA - EUR 4,841 55,933 0.00%Casino Guichard Perrachon SA 2,008 53,714 0.00%Imerys SA 1,311 51,653 0.00%Cie Plastic Omnium SA 1,902 50,099 0.00%Neoen SA 1,036 39,244 0.00%ALD SA 3,036 38,375 0.00%Sodexo SA Act.Port. 442 34,785 0.00%TechnipFMC plc 4,070 31,060 0.00%SEB SA - EUR 203 30,937 0.00%Electricite de France SA - EUR 2,606 30,021 0.00%SEB SA 128 19,507 0.00%Sodexo SA - EUR 237 18,652 0.00%Sodexo SA (Prime De Fidelite 2022) 179 14,087 0.00%

Electricite de France SA 1,008 11,612 0.00%test test 71,117,114 3.17%Germany 2.76% (2020: 2.83%)SAP SE 49,509 5,883,650 0.26%Siemens AG 33,533 4,480,679 0.20%Allianz SE 18,388 3,866,996 0.17%Daimler AG 37,599 2,831,205 0.13%BASF SE 40,953 2,720,917 0.12%adidas AG 8,579 2,692,948 0.12%Deutsche Telekom AG 145,650 2,594,318 0.12%Deutsche Post AG 43,253 2,480,992 0.11%Bayer AG 43,960 2,251,192 0.10%Infineon Technologies AG 57,883 1,957,603 0.09%Volkswagen AG - Preference Shares 7,879 1,664,045 0.07%

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6,237 1,440,435 0.06%

Vonovia SE 25,191 1,373,413 0.06%Bayerische Motoren Werke AG 13,856 1,237,479 0.06%Deutsche Boerse AG 8,309 1,223,085 0.05%Deutsche Bank AG 91,558 1,005,856 0.05%E.ON SE 99,795 973,400 0.04%Merck KGaA 5,872 949,502 0.04%Zalando SE 9,099 927,644 0.04%Delivery Hero SE 8,318 926,625 0.04%RWE AG 28,643 875,330 0.04%Deutsche Wohnen SE 15,188 783,397 0.04%Fresenius SE & Co. KGaA 17,707 779,019 0.04%Henkel AG & Co. KGaA (XETR) 9,211 715,234 0.03%Symrise AG Class A 5,644 663,170 0.03%Fresenius Medical Care AG & Co. KGaA 9,145 640,516 0.03%

Siemens Healthineers AG 11,664 602,796 0.03%Porsche Automobil Holding SE - Preference Shares 6,633 599,358 0.03%

Continental AG 4,812 596,592 0.03%Brenntag SE 7,025 550,901 0.02%HelloFresh SE 6,520 534,510 0.02%HeidelbergCement AG 6,863 496,469 0.02%Sartorius AG - Preference Shares 1,121 492,119 0.02%

MTU Aero Engines AG 2,319 484,439 0.02%Puma SE 4,617 464,239 0.02%Beiersdorf AG 4,348 442,409 0.02%Volkswagen AG (XETR) 1,582 437,898 0.02%Siemens Energy AG 16,897 429,522 0.02%Covestro AG 7,531 410,138 0.02%QIAGEN NV 9,912 404,013 0.02%LEG Immobilien SE 3,264 396,413 0.02%Hannover Rueck SE 2,676 377,584 0.02%Aroundtown SA 57,155 376,080 0.02%

7


.Number of

SharesFair Value


Net AssetsHenkel AG & Co. KGaA - Preference Shares 3,978 354,201 0.02%

KION Group AG 3,410 306,491 0.01%Knorr-Bremse AG 2,926 283,822 0.01%Commerzbank AG 45,998 275,160 0.01%Scout24 AG 3,780 268,834 0.01%Bayerische Motoren Werke AG - Preference Shares 3,278 248,472 0.01%

GEA Group AG 7,040 240,486 0.01%Carl Zeiss Meditec AG 1,468 239,211 0.01%Evotec SE 6,190 236,644 0.01%TeamViewer AG 7,006 222,230 0.01%Evonik Industries AG 7,681 217,219 0.01%LANXESS AG 3,501 202,428 0.01%Bechtle AG 1,176 184,220 0.01%thyssenkrupp AG 20,404 179,351 0.01%Rheinmetall AG 1,955 162,852 0.01%United Internet AG 4,611 158,987 0.01%Nemetschek SE 2,394 154,461 0.01%Uniper SE 4,644 144,243 0.01%CTS Eventim AG & Co. KGaA 2,684 141,447 0.01%ProSiebenSat.1 Media SE 8,018 134,502 0.01%Deutsche Lufthansa AG 13,895 131,864 0.01%Fuchs Petrolub SE (XETR) 3,760 123,140 0.01%Rational AG 152 116,128 0.01%Hella GmbH & Co. KGaA 1,832 105,816 0.01%Auto1 Group SE 2,799 103,703 0.00%Talanx AG 2,760 95,165 0.00%Telefonica Deutschland Holding AG 40,011 89,024 0.00%

Fraport AG Frankfurt Airport Services Worldwide 1,494 85,845 0.00%

Wacker Chemie AG 617 80,241 0.00%RTL Group SA 1,596 80,199 0.00%Varta AG 610 79,300 0.00%Fuchs Petrolub SE - Preference Shares 1,600 65,632 0.00%

Traton SE 2,116 56,582 0.00%Fielmann AG 850 56,057 0.00%METRO AG 5,320 55,541 0.00%Zalando SE (XETR) 473 48,222 0.00%DWS Group GmbH & Co. KGaA 1,234 47,163 0.00%

Hochtief AG 689 44,620 0.00%1&1 AG 1,656 42,725 0.00%test test 61,896,358 2.76%Hong Kong 1.06% (2020: 1.08%)AIA Group Ltd. 540,073 5,659,039 0.25%Hong Kong Exchanges & Clearing Ltd. 56,569 2,842,725 0.13%

Sun Hung Kai Properties Ltd. 65,334 820,797 0.04%CK Hutchison Holdings Ltd. 123,209 809,395 0.04%Techtronic Industries Co., Ltd. 54,398 800,950 0.04%Link REIT 90,087 736,091 0.03%Galaxy Entertainment Group Ltd. 94,957 640,813 0.03%

Hong Kong & China Gas Co., Ltd. 481,348 630,332 0.03%

CLP Holdings Ltd. 73,625 613,973 0.03%CK Asset Holdings Ltd. 94,849 552,027 0.03%Hang Seng Bank Ltd. 31,990 538,752 0.02%Jardine Matheson Holdings Ltd. 9,234 497,713 0.02%

BOC Hong Kong Holdings Ltd. 159,077 455,146 0.02%Wharf Real Estate Investment Co., Ltd. 77,239 378,667 0.02%

Sands China Ltd. 105,182 373,467 0.02%Power Assets Holdings Ltd. 70,051 362,443 0.02%Lenovo Group Ltd. 332,000 321,923 0.02%Xinyi Glass Holdings Ltd. 88,000 302,426 0.01%MTR Corp., Ltd. 61,572 289,156 0.01%WH Group Ltd. 357,252 270,765 0.01%

.Number of

SharesFair Value


Net AssetsHenderson Land Development Co., Ltd. 67,564 269,977 0.01%

New World Development Co., Ltd. 59,322 259,910 0.01%

Wharf Holdings Ltd. 69,239 222,539 0.01%ESR Cayman Ltd. 74,472 211,864 0.01%Hongkong Land Holdings Ltd. 50,663 203,353 0.01%Budweiser Brewing Co. APAC Ltd. 75,300 200,320 0.01%

AAC Technologies Holdings, Inc. 31,500 198,724 0.01%

Sino Land Co., Ltd. 145,235 193,026 0.01%Hang Lung Properties Ltd. 89,477 183,238 0.01%SITC International Holdings Co., Ltd. 52,000 183,223 0.01%

ASM Pacific Technology Ltd. 14,612 166,912 0.01%Want Want China Holdings Ltd. 269,000 160,649 0.01%

Microport Scientific Corp. 21,000 158,819 0.01%Chow Tai Fook Jewellery Group Ltd. 79,000 152,175 0.01%

CK Infrastructure Holdings Ltd. 29,371 147,660 0.01%Tingyi Cayman Islands Holding Corp. 84,000 141,375 0.01%

Prada SpA 21,800 139,541 0.01%Man Wah Holdings Ltd. 67,200 136,158 0.01%Vitasoy International Holdings Ltd. 42,000 131,570 0.01%

Minth Group Ltd. 30,000 120,202 0.01%Hysan Development Co., Ltd. 35,365 118,849 0.01%Wynn Macau Ltd. 78,873 104,656 0.01%Swire Properties Ltd. 39,536 99,382 0.01%Samsonite International SA 57,600 99,320 0.01%SJM Holdings Ltd. 104,772 96,473 0.00%Bank of East Asia Ltd. 61,037 95,570 0.00%Swire Pacific Ltd. Class A 16,303 93,203 0.00%Swire Pacific Ltd. Class B 92,500 87,684 0.00%PCCW Ltd. 180,329 79,694 0.00%Hang Lung Group Ltd. 33,000 70,948 0.00%JS Global Lifestyle Co., Ltd. 29,000 68,804 0.00%Kerry Properties Ltd. 24,668 68,570 0.00%Huabao International Holdings Ltd. 33,000 67,078 0.00%

Yue Yuen Industrial Holdings Ltd. 31,508 65,619 0.00%

BOC Aviation Ltd. 9,200 65,432 0.00%Kerry Logistics Network Ltd. 25,500 65,207 0.00%VTech Holdings Ltd. 7,300 64,800 0.00%L'Occitane International SA 18,000 55,508 0.00%Lee & Man Paper Manufacturing Ltd. 71,000 45,563 0.00%

Nexteer Automotive Group Ltd. 38,000 44,563 0.00%

United Energy Group Ltd. 366,000 44,510 0.00%Uni-President China Holdings Ltd. 47,000 43,736 0.00%

NagaCorp Ltd. 52,000 42,291 0.00%NWS Holdings Ltd. 46,976 42,133 0.00%Sun Art Retail Group Ltd. 67,000 42,050 0.00%Melco International Development Ltd. 26,000 40,258 0.00%

Vinda International Holdings Ltd. 14,000 36,332 0.00%

Dairy Farm International Holdings Ltd. 9,800 35,038 0.00%

MMG Ltd. 92,000 34,165 0.00%Champion REIT 66,000 31,318 0.00%MGM China Holdings Ltd. 23,216 29,645 0.00%Cathay Pacific Airways Ltd. 40,009 28,499 0.00%Shangri-La Asia Ltd. 33,762 27,862 0.00%Johnson Electric Holdings Ltd. 12,000 26,125 0.00%First Pacific Co., Ltd. 81,413 23,426 0.00%Towngas China Co., Ltd. 34,000 21,191 0.00%

8


.Number of

SharesFair Value


Net AssetsShui On Land Ltd. 137,000 18,744 0.00%Haitong International Securities Group Ltd. 79,000 18,357 0.00%

Cafe de Coral Holdings Ltd. 10,000 17,330 0.00%Shun Tak Holdings Ltd. 62,000 16,830 0.00%FIH Mobile Ltd. 92,000 12,787 0.00%Dah Sing Banking Group Ltd. 12,800 11,911 0.00%Guotai Junan International Holdings Ltd. 71,000 9,560 0.00%

FIT Hon Teng Ltd. 37,000 8,557 0.00%Lifestyle International Holdings Ltd. 13,000 8,413 0.00%

Dah Sing Financial Holdings Ltd. 2,800 8,072 0.00%

China Travel International Investment Hong Kong Ltd. 56,000 7,844 0.00%

Hutchison Telecommunications Hong Kong Holdings Ltd. 36,000 5,981 0.00%

Brightoil Petroleum Holdings Ltd. 11,795 256 0.00%

test test 23,727,979 1.06%Ireland 0.07% (2020: 0.07%)Kerry Group plc Class A 6,663 784,902 0.04%Kingspan Group plc 6,780 539,959 0.02%Glanbia plc 8,157 111,669 0.01%AIB Group plc 34,385 74,719 0.00%test test 1,511,249 0.07%Israel 0.17% (2020: 0.15%)Nice Ltd. 2,783 573,416 0.03%Bank Leumi Le-Israel BM 65,197 417,746 0.02%Teva Pharmaceutical Industries Ltd. 43,834 368,095 0.02%

Bank Hapoalim BM 52,965 358,559 0.02%Israel Discount Bank Ltd. Class A 48,482 194,718 0.01%

ICL Group Ltd. 32,076 183,528 0.01%Mizrahi Tefahot Bank Ltd. 6,823 177,273 0.01%Elbit Systems Ltd. 1,103 120,454 0.01%Tower Semiconductor Ltd. 4,444 110,656 0.01%Nova Measuring Instruments Ltd. 1,207 104,543 0.01%

Azrieli Group Ltd. 1,526 90,630 0.01%Bezeq The Israeli Telecommunication Corp., Ltd. 85,779 78,803 0.01%

First International Bank Of Israel Ltd. 2,854 77,106 0.00%

Enlight Renewable Energy Ltd. 36,468 66,014 0.00%Shikun & Binui Ltd. 11,091 60,503 0.00%Big Shopping Centers Ltd. 521 56,222 0.00%Ashtrom Group Ltd. 2,911 55,745 0.00%Phoenix Holdings Ltd. 7,066 55,716 0.00%Electra Ltd. 114 54,548 0.00%Mivne Real Estate KD Ltd. 22,124 54,104 0.00%Maytronics Ltd. 3,023 53,126 0.00%Gav-Yam Lands Corp., Ltd. 6,203 50,099 0.00%Alony Hetz Properties & Investments Ltd. 3,786 44,481 0.00%

Airport City Ltd. 3,025 42,789 0.00%Energix-Renewable Energies Ltd. 13,017 42,141 0.00%

OPC Energy Ltd. 4,858 40,003 0.00%Paz Oil Co., Ltd. 377 39,044 0.00%Shapir Engineering & Industry Ltd. 6,012 38,661 0.00%

Sapiens International Corp. NV 1,642 37,138 0.00%Strauss Group Ltd. 1,214 28,667 0.00%Melisron Ltd. 489 28,219 0.00%Harel Insurance Investments & Financial Services Ltd. 3,360 28,085 0.00%

Shufersal Ltd. 4,096 27,496 0.00%Amot Investments Ltd. 4,750 26,281 0.00%Gazit-Globe Ltd. 2,771 16,859 0.00%

.Number of

SharesFair Value


Net AssetsFattal Holdings 1998 Ltd. 189 15,157 0.00%test test 3,816,625 0.17%Italy 0.74% (2020: 0.72%)Enel SpA 349,332 2,735,968 0.12%Intesa Sanpaolo SpA 707,646 1,648,461 0.07%Stellantis NV 90,596 1,499,726 0.07%Eni SpA 108,745 1,116,811 0.05%Assicurazioni Generali SpA 57,534 972,612 0.04%UniCredit SpA 97,233 967,468 0.04%Ferrari NV 5,472 952,128 0.04%CNH Industrial NV 44,720 622,726 0.03%Moncler SpA 9,164 522,898 0.02%Snam SpA 90,968 443,469 0.02%FinecoBank Banca Fineco SpA 27,645 406,382 0.02%Terna SpA 58,054 364,811 0.02%Nexi SpA 19,516 361,241 0.02%Atlantia SpA 23,619 360,662 0.02%Prysmian SpA 11,202 338,637 0.02%EXOR NV 4,487 303,142 0.01%Mediobanca Banca di Credito Finanziario SpA 29,186 287,482 0.01%

Davide Campari-Milano NV 23,993 271,001 0.01%Poste Italiane SpA 22,666 252,726 0.01%Amplifon SpA 5,522 229,936 0.01%Recordati Industria Chimica e Farmaceutica SpA 4,240 204,368 0.01%

Telecom Italia SpA 444,226 186,086 0.01%Tenaris SA 19,121 175,760 0.01%DiaSorin SpA 1,018 162,371 0.01%Telecom Italia SpA (Non CVA) 321,939 143,842 0.01%Infrastrutture Wireless Italiane SpA 14,555 138,447 0.01%

Pirelli & C SpA 26,875 131,580 0.01%Italgas SpA 22,649 124,841 0.01%Buzzi Unicem SpA 5,177 115,810 0.01%Hera SpA 31,592 110,067 0.00%Leonardo SpA 15,914 108,406 0.00%A2A SpA 61,496 106,019 0.00%Banca Mediolanum SpA 11,998 98,432 0.00%UnipolSai Assicurazioni SpA 19,233 47,083 0.00%test test 16,511,399 0.74%Japan 7.46% (2020: 8.12%)Toyota Motor Corp. 109,900 8,107,463 0.36%Sony Group Corp. 55,277 4,541,916 0.20%SoftBank Group Corp. 60,528 3,575,401 0.16%Keyence Corp. 8,000 3,407,914 0.15%Mitsubishi UFJ Financial Group, Inc. 556,314 2,536,365 0.11%

Shin-Etsu Chemical Co., Ltd. 17,767 2,508,002 0.11%Recruit Holdings Co., Ltd. 59,816 2,485,838 0.11%Tokyo Electron Ltd. 6,563 2,397,369 0.11%Nintendo Co., Ltd. 4,802 2,357,530 0.11%Honda Motor Co., Ltd. 75,809 2,044,642 0.09%Nidec Corp. 20,624 2,017,382 0.09%KDDI Corp. 75,649 1,991,473 0.09%Hitachi Ltd. 41,083 1,985,435 0.09%Takeda Pharmaceutical Co., Ltd. 68,468 1,934,559 0.09%

Daikin Industries Ltd. 11,756 1,847,941 0.08%Hoya Corp. 16,001 1,790,680 0.08%FANUC Corp. 8,610 1,752,770 0.08%Sumitomo Mitsui Financial Group, Inc. 57,833 1,682,839 0.08%

Murata Manufacturing Co., Ltd. 25,532 1,645,323 0.07%

Daiichi Sankyo Co., Ltd. 84,272 1,533,085 0.07%ITOCHU Corp. 60,988 1,482,731 0.07%Fast Retailing Co., Ltd. 2,301 1,461,998 0.07%Seven & i Holdings Co., Ltd. 34,591 1,392,070 0.06%Mitsui & Co., Ltd. 72,702 1,381,151 0.06%Mizuho Financial Group, Inc. 113,573 1,369,799 0.06%SoftBank Corp. 123,935 1,368,602 0.06%

9


.Number of

SharesFair Value


Net AssetsFujitsu Ltd. 8,489 1,341,492 0.06%SMC Corp. 2,528 1,260,898 0.06%Astellas Pharma, Inc. 83,794 1,231,543 0.06%Nippon Telegraph & Telephone Corp. 55,146 1,212,706 0.05%

Mitsubishi Corp. 52,662 1,211,494 0.05%Denso Corp. 20,524 1,181,795 0.05%M3, Inc. 18,726 1,154,236 0.05%Tokio Marine Holdings, Inc. 29,283 1,136,409 0.05%Mitsubishi Electric Corp. 89,199 1,092,768 0.05%Kao Corp. 20,999 1,090,449 0.05%Shiseido Co., Ltd. 17,516 1,087,372 0.05%Central Japan Railway Co. 8,133 1,041,163 0.05%Oriental Land Co., Ltd. 8,453 1,016,623 0.05%Terumo Corp. 29,598 1,012,362 0.05%FUJIFILM Holdings Corp. 16,002 1,001,652 0.05%Bridgestone Corp. 25,586 982,634 0.04%Eisai Co., Ltd. 11,793 978,845 0.04%East Japan Railway Co. 16,111 970,285 0.04%Chugai Pharmaceutical Co., Ltd. 28,370 948,806 0.04%

Panasonic Corp. 95,847 936,092 0.04%Komatsu Ltd. 41,491 870,181 0.04%Sysmex Corp. 8,420 844,411 0.04%Canon, Inc. 43,991 839,894 0.04%Kubota Corp. 49,050 837,356 0.04%Japan Tobacco, Inc. 52,149 831,425 0.04%Mitsui Fudosan Co., Ltd. 42,205 825,034 0.04%Olympus Corp. 47,316 793,734 0.04%ORIX Corp. 53,467 761,446 0.03%Asahi Group Holdings Ltd. 18,996 749,172 0.03%Daiwa House Industry Co., Ltd. 29,423 745,505 0.03%

Dai-ichi Life Holdings, Inc. 47,925 740,596 0.03%Kyocera Corp. 14,137 737,659 0.03%Shimano, Inc. 3,598 720,294 0.03%Toshiba Corp. 19,633 716,718 0.03%Suzuki Motor Corp. 19,947 712,420 0.03%Aeon Co., Ltd. 30,656 695,229 0.03%Advantest Corp. 9,000 684,455 0.03%Mitsubishi Estate Co., Ltd. 49,486 675,426 0.03%Otsuka Holdings Co., Ltd. 18,237 638,322 0.03%Unicharm Corp. 17,685 600,594 0.03%Nomura Holdings, Inc. 137,063 591,267 0.03%Omron Corp. 8,606 576,030 0.03%TDK Corp. 5,447 558,261 0.03%Lasertec Corp. 3,400 557,699 0.03%Sumitomo Corp. 48,360 546,710 0.02%Kirin Holdings Co., Ltd. 32,863 540,796 0.02%Secom Co., Ltd. 8,378 537,473 0.02%Shionogi & Co., Ltd. 11,866 522,067 0.02%Sumitomo Realty & Development Co., Ltd. 17,223 519,478 0.02%

Nippon Steel Corp. 36,179 514,966 0.02%NEC Corp. 11,817 513,537 0.02%Z Holdings Corp. 120,022 507,725 0.02%Marubeni Corp. 69,020 506,600 0.02%Asahi Kasei Corp. 54,473 505,111 0.02%Toyota Industries Corp. 6,798 496,332 0.02%MS&AD Insurance Group Holdings, Inc. 20,256 493,692 0.02%

Bandai Namco Holdings, Inc. 8,395 491,621 0.02%Obic Co., Ltd. 3,097 487,292 0.02%Yaskawa Electric Corp. 11,715 483,293 0.02%Nitori Holdings Co., Ltd. 3,234 483,049 0.02%Ajinomoto Co., Inc. 21,526 471,657 0.02%Kikkoman Corp. 8,460 471,132 0.02%ENEOS Holdings, Inc. 131,520 464,536 0.02%Japan Exchange Group, Inc. 24,421 458,277 0.02%Sekisui House Ltd. 26,262 454,616 0.02%Makita Corp. 11,220 445,823 0.02%Sompo Holdings, Inc. 14,112 440,226 0.02%

.Number of

SharesFair Value


Net AssetsSubaru Corp. 26,062 433,928 0.02%Sumitomo Mitsui Trust Holdings, Inc. 16,137 432,533 0.02%

SG Holdings Co., Ltd. 19,400 429,349 0.02%Japan Post Holdings Co., Ltd. 59,942 414,557 0.02%Pan Pacific International Holdings Corp. 23,528 412,204 0.02%

Mitsubishi Chemical Holdings Corp. 57,552 408,172 0.02%

Sumitomo Electric Industries Ltd. 32,592 405,843 0.02%

Nippon Paint Holdings Co., Ltd. 35,350 405,004 0.02%

Nitto Denko Corp. 6,343 399,500 0.02%Renesas Electronics Corp. 43,011 392,456 0.02%West Japan Railway Co. 8,151 392,245 0.02%Toyota Tsusho Corp. 9,673 385,823 0.02%MINEBEA MITSUMI, Inc. 17,209 384,258 0.02%Toray Industries, Inc. 67,696 380,132 0.02%Ono Pharmaceutical Co., Ltd. 20,000 376,682 0.02%Yamato Holdings Co., Ltd. 15,593 374,356 0.02%Shimadzu Corp. 11,259 367,393 0.02%NTT Data Corp. 26,965 355,032 0.02%Sumitomo Metal Mining Co., Ltd. 10,753 353,333 0.02%

Nissan Motor Co., Ltd. 83,731 350,705 0.02%Chubu Electric Power Co., Inc. 33,251 343,062 0.02%MISUMI Group, Inc. 12,000 342,797 0.02%Rakuten Group, Inc. 35,794 341,017 0.02%Nexon Co., Ltd. 17,968 338,001 0.02%Daifuku Co., Ltd. 4,400 337,297 0.02%Nippon Building Fund, Inc. REIT 64 336,962 0.02%

Mitsubishi Heavy Industries Ltd. 13,399 332,779 0.02%

Kyowa Kirin Co., Ltd. 11,016 329,753 0.02%Nomura Research Institute Ltd. 11,800 329,464 0.02%

Resona Holdings, Inc. 100,009 324,592 0.01%MEIJI Holdings Co., Ltd. 6,419 324,308 0.01%Yamaha Corp. 6,952 318,490 0.01%Sumitomo Chemical Co., Ltd. 70,560 315,749 0.01%Nippon Yusen KK 7,294 311,991 0.01%Disco Corp. 1,200 309,520 0.01%CyberAgent, Inc. 16,800 304,415 0.01%Tokyo Gas Co., Ltd. 18,836 300,093 0.01%Odakyu Electric Railway Co., Ltd. 13,996 298,373 0.01%

Daiwa Securities Group, Inc. 64,211 297,631 0.01%Osaka Gas Co., Ltd. 18,787 295,315 0.01%Yakult Honsha Co., Ltd. 6,136 293,227 0.01%Aisin Corp. 8,062 290,941 0.01%Yamaha Motor Co., Ltd. 12,664 290,567 0.01%Dentsu Group, Inc. 9,590 289,617 0.01%Rohm Co., Ltd. 3,706 289,164 0.01%Japan Real Estate Investment Corp. REIT 55 285,398 0.01%

TOTO Ltd. 6,460 282,207 0.01%AGC, Inc. 7,971 282,206 0.01%Ricoh Co., Ltd. 29,590 280,336 0.01%T&D Holdings, Inc. 25,341 276,469 0.01%Japan Metropolitan Fund Invest REIT 295 269,846 0.01%

Hamamatsu Photonics KK 5,281 268,818 0.01%Tokyu Corp. 23,261 267,031 0.01%Daito Trust Construction Co., Ltd. 2,862 264,189 0.01%

Koito Manufacturing Co., Ltd. 4,937 259,185 0.01%Nomura Real Estate Master Fund, Inc. REIT 190 257,090 0.01%

Isuzu Motors Ltd. 22,970 256,011 0.01%GLP J-Reit REIT 175 254,743 0.01%Inpex Corp. 40,385 254,356 0.01%

10


.Number of

SharesFair Value


Net AssetsNippon Prologis, Inc. REIT 94 252,456 0.01%Kansai Electric Power Co., Inc. 31,095 250,299 0.01%Hankyu Hanshin Holdings, Inc. 9,600 249,804 0.01%Keio Corp. 5,015 248,801 0.01%TIS, Inc. 11,500 247,871 0.01%Taiyo Yuden Co., Ltd. 5,900 246,089 0.01%Nihon M&A Center, Inc. 11,200 245,149 0.01%Sekisui Chemical Co., Ltd. 16,902 243,855 0.01%Lixil Corp. 11,099 242,263 0.01%Trend Micro, Inc. 5,399 238,729 0.01%Taisei Corp. 8,536 236,061 0.01%Dai Nippon Printing Co., Ltd. 13,183 235,269 0.01%Mitsui Chemicals, Inc. 8,061 234,867 0.01%JFE Holdings, Inc. 23,579 233,062 0.01%Nissan Chemical Corp. 5,600 231,449 0.01%Fuji Electric Co., Ltd. 5,853 230,788 0.01%Kintetsu Group Holdings Co., Ltd. 7,662 227,026 0.01%

Obayashi Corp. 33,561 225,146 0.01%Ibiden Co., Ltd. 4,900 222,993 0.01%Konami Holdings Corp. 4,385 222,210 0.01%SUMCO Corp. 10,600 219,452 0.01%Idemitsu Kosan Co., Ltd. 10,509 214,215 0.01%Mazda Motor Corp. 26,950 213,760 0.01%SBI Holdings, Inc. 10,660 212,839 0.01%Capcom Co., Ltd. 8,600 212,349 0.01%Kajima Corp. 19,740 211,013 0.01%JSR Corp. 8,257 210,780 0.01%Azbil Corp. 6,000 209,918 0.01%Mitsui OSK Lines Ltd. 5,152 209,019 0.01%MonotaRO Co., Ltd. 10,400 207,806 0.01%Daiwa House Investment Corp. REIT Class A 82 204,030 0.01%

Oji Holdings Corp. 41,853 202,869 0.01%Otsuka Corp. 4,500 199,319 0.01%Orix JREIT, Inc. REIT 122 198,169 0.01%Hirose Electric Co., Ltd. 1,600 197,534 0.01%GMO Payment Gateway, Inc. 1,776 195,245 0.01%Seiko Epson Corp. 13,040 193,584 0.01%Tobu Railway Co., Ltd. 8,804 192,102 0.01%Suntory Beverage & Food Ltd. 6,043 191,910 0.01%Ryohin Keikaku Co., Ltd. 10,720 189,766 0.01%Hoshizaki Corp. 2,581 185,109 0.01%Brother Industries Ltd. 10,977 184,892 0.01%Kose Corp. 1,387 184,198 0.01%Ebara Corp. 4,400 182,856 0.01%BayCurrent Consulting, Inc. 600 181,883 0.01%Nippon Express Co., Ltd. 2,829 181,832 0.01%Kobayashi Pharmaceutical Co., Ltd. 2,500 180,250 0.01%

Kurita Water Industries Ltd. 4,430 179,390 0.01%Keisei Electric Railway Co., Ltd. 6,527 175,792 0.01%

Tokyo Electric Power Co. Holdings, Inc. 69,998 175,496 0.01%

Shizuoka Bank Ltd. 26,779 174,765 0.01%TOPPAN, Inc. 12,857 174,360 0.01%Santen Pharmaceutical Co., Ltd. 14,622 169,968 0.01%

PeptiDream, Inc. 4,100 169,765 0.01%Toho Gas Co., Ltd. 4,092 169,123 0.01%Nabtesco Corp. 5,262 167,907 0.01%Asics Corp. 7,833 167,345 0.01%Hulic Co., Ltd. 17,575 166,907 0.01%Kansai Paint Co., Ltd. 7,720 166,045 0.01%Tosoh Corp. 11,400 165,947 0.01%Kakaku.com, Inc. 6,505 165,809 0.01%Showa Denko KK 6,600 165,473 0.01%Food & Life Cos Ltd. 4,500 163,934 0.01%Asahi Intecc Co., Ltd. 8,100 163,449 0.01%Toho Co., Ltd. 4,693 163,299 0.01%

.Number of

SharesFair Value


Net AssetsNissin Foods Holdings Co., Ltd. 2,684 163,133 0.01%

Advance Residence Investment Corp. REIT 58 163,041 0.01%

Marui Group Co., Ltd. 10,217 162,077 0.01%Miura Co., Ltd. 4,400 160,960 0.01%Nippon Shinyaku Co., Ltd. 2,400 160,641 0.01%SCREEN Holdings Co., Ltd. 1,900 158,498 0.01%NSK Ltd. 22,126 157,847 0.01%Tsuruha Holdings, Inc. 1,600 156,933 0.01%Stanley Electric Co., Ltd. 6,387 156,008 0.01%Hakuhodo DY Holdings, Inc. 11,756 153,980 0.01%Iida Group Holdings Co., Ltd. 7,069 153,600 0.01%Mitsubishi Gas Chemical Co., Inc. 8,560 153,221 0.01%

Hikari Tsushin, Inc. 1,016 150,598 0.01%Lion Corp. 10,500 150,133 0.01%NOF Corp. 3,400 149,563 0.01%United Urban Investment Corp. REIT 122 148,951 0.01%

Nagoya Railroad Co., Ltd. 9,464 148,550 0.01%Nisshin Seifun Group, Inc. 11,928 147,261 0.01%Square Enix Holdings Co., Ltd. 3,500 146,517 0.01%ZOZO, Inc. 5,100 146,270 0.01%Casio Computer Co., Ltd. 10,356 146,107 0.01%NH Foods Ltd. 4,430 145,397 0.01%USS Co., Ltd. 9,871 145,339 0.01%Matsumotokiyoshi Holdings Co., Ltd. 3,900 145,335 0.01%

NGK Insulators Ltd. 10,152 143,769 0.01%Persol Holdings Co., Ltd. 8,600 143,417 0.01%Kuraray Co., Ltd. 17,453 141,482 0.01%Tohoku Electric Power Co., Inc. 21,172 139,942 0.01%Activia Properties, Inc. REIT 35 139,869 0.01%Bank of Kyoto Ltd. 3,651 139,801 0.01%Sumitomo Dainippon Pharma Co., Ltd. 7,902 139,762 0.01%

Japan Post Insurance Co., Ltd. 8,937 139,463 0.01%Open House Co., Ltd. 3,500 138,805 0.01%Welcia Holdings Co., Ltd. 5,000 137,894 0.01%Hitachi Metals Ltd. 8,508 137,294 0.01%Amada Co., Ltd. 15,892 135,590 0.01%Japan Post Bank Co., Ltd. 19,078 135,233 0.01%Tokyu Fudosan Holdings Corp. 26,555 134,769 0.01%Shimizu Corp. 20,748 134,302 0.01%Nifco, Inc. 4,200 133,860 0.01%Concordia Financial Group Ltd. 42,856 132,518 0.01%Kyushu Railway Co. 6,956 132,437 0.01%Koei Tecmo Holdings Co., Ltd. 3,200 131,770 0.01%Kenedix Office Investment Corp. REIT Class A 22 130,874 0.01%

Ito En Ltd. 2,600 130,175 0.01%Teijin Ltd. 10,060 129,397 0.01%ANA Holdings, Inc. 6,491 128,811 0.01%Toyo Suisan Kaisha Ltd. 3,957 128,520 0.01%Sohgo Security Services Co., Ltd. 3,316 127,477 0.01%

Pigeon Corp. 5,300 126,034 0.01%Sumitomo Heavy Industries Ltd. 5,413 125,843 0.01%

Japan Airlines Co., Ltd. 6,879 125,483 0.01%LaSalle Logiport REIT 88 125,425 0.01%Nippon Sanso Holdings Corp. 7,228 125,040 0.01%Itochu Techno-Solutions Corp. 4,768 124,613 0.01%Nikon Corp. 13,801 124,250 0.01%Sojitz Corp. 48,800 124,203 0.01%Denka Co., Ltd. 4,400 123,519 0.01%Medipal Holdings Corp. 7,633 123,058 0.01%Tokyo Century Corp. 2,700 122,463 0.01%Industrial & Infrastructure Fund Investment Corp. REIT Class A 76 122,352 0.01%

11


.Number of

SharesFair Value


Net AssetsSkylark Holdings Co., Ltd. 10,421 122,164 0.01%Mitsubishi HC Capital, Inc. 26,937 121,768 0.01%Nippon Accommodations Fund, Inc. REIT Class A 25 121,749 0.01%

Yamada Holdings Co., Ltd. 31,170 121,485 0.01%Chiba Bank Ltd. 23,871 121,329 0.01%Rinnai Corp. 1,504 120,779 0.01%NGK Spark Plug Co., Ltd. 9,643 120,590 0.01%Hisamitsu Pharmaceutical Co., Inc. 2,896 120,352 0.01%

Yokogawa Electric Corp. 9,404 118,601 0.01%THK Co., Ltd. 4,698 118,322 0.01%Kyushu Electric Power Co., Inc. 18,100 117,574 0.01%Iwatani Corp. 2,300 116,378 0.01%Sharp Corp. 8,300 115,587 0.01%Kawasaki Heavy Industries Ltd. 6,345 114,489 0.01%

Sega Sammy Holdings, Inc. 10,197 112,953 0.01%Japan Prime Realty Investment Corp. REIT 34 112,366 0.01%

Sanwa Holdings Corp. 10,800 111,920 0.01%Sekisui House, Inc. REIT 160 111,835 0.01%Cosmos Pharmaceutical Corp. 900 111,455 0.01%Nichirei Corp. 5,000 110,885 0.01%Hitachi Construction Machinery Co., Ltd. 4,290 110,653 0.01%

Keikyu Corp. 10,688 110,272 0.01%Sumitomo Rubber Industries Ltd. 9,350 108,898 0.01%

Haseko Corp. 9,400 108,695 0.01%Alfresa Holdings Corp. 8,621 108,661 0.01%IHI Corp. 5,423 108,606 0.01%Relo Group, Inc. 5,600 108,066 0.01%COMSYS Holdings Corp. 4,600 107,466 0.01%Rohto Pharmaceutical Co., Ltd. 4,700 106,588 0.01%Tokai Carbon Co., Ltd. 9,100 105,918 0.01%SCSK Corp. 2,100 105,620 0.01%Oracle Corp. Japan 1,635 105,586 0.01%Sugi Holdings Co., Ltd. 1,700 104,617 0.01%JTEKT Corp. 12,077 104,508 0.01%Fukuoka Financial Group, Inc. 7,027 103,518 0.01%Chugoku Electric Power Co., Inc. 13,375 103,039 0.01%

Keihan Holdings Co., Ltd. 3,985 101,727 0.01%Yokohama Rubber Co., Ltd. 5,624 101,650 0.01%Anritsu Corp. 6,400 100,700 0.00%NET One Systems Co., Ltd. 3,600 100,241 0.00%Toyo Tire Corp. 5,600 99,897 0.00%Coca-Cola Bottlers Japan Holdings, Inc. 7,525 99,249 0.00%

Nomura Real Estate Holdings, Inc. 4,622 98,955 0.00%

Takara Holdings, Inc. 9,300 97,859 0.00%TechnoPro Holdings, Inc. 4,800 95,837 0.00%Shinko Electric Industries Co., Ltd. 3,100 95,739 0.00%

J Front Retailing Co., Ltd. 12,714 95,145 0.00%Tokyo Tatemono Co., Ltd. 7,828 94,205 0.00%Sumitomo Forestry Co., Ltd. 6,000 92,765 0.00%Mitsubishi Materials Corp. 5,474 92,118 0.00%Konica Minolta, Inc. 19,350 90,265 0.00%Mitsui Fudosan Logistics Park, Inc. REIT 20 89,954 0.00%

Japan Airport Terminal Co., Ltd. 2,361 89,509 0.00%Kyowa Exeo Corp. 4,300 89,350 0.00%Zensho Holdings Co., Ltd. 4,100 88,870 0.00%Seibu Holdings, Inc. 8,875 87,790 0.00%Taisho Pharmaceutical Holdings Co., Ltd. 1,926 87,065 0.00%

Kinden Corp. 6,300 86,825 0.00%Air Water, Inc. 6,660 86,423 0.00%Japan Logistics Fund, Inc. REIT 34 86,277 0.00%GS Yuasa Corp. 4,000 86,155 0.00%

.Number of

SharesFair Value


Net AssetsIsetan Mitsukoshi Holdings Ltd. 14,646 86,125 0.00%

JGC Holdings Corp. 10,892 85,648 0.00%Tokyo Ohka Kogyo Co., Ltd. 1,600 85,213 0.00%Tsumura & Co. 3,200 84,970 0.00%Hino Motors Ltd. 11,402 84,634 0.00%Benesse Holdings, Inc. 3,980 83,547 0.00%Horiba Ltd. 1,500 82,052 0.00%Fancl Corp. 3,000 82,052 0.00%Ube Industries Ltd. 4,800 82,016 0.00%K's Holdings Corp. 8,400 81,496 0.00%Nankai Electric Railway Co., Ltd. 4,500 81,129 0.00%

Shinsei Bank Ltd. 7,274 80,519 0.00%Zenkoku Hosho Co., Ltd. 2,200 79,811 0.00%Taiheiyo Cement Corp. 4,305 79,707 0.00%Justsystems Corp. 1,600 79,500 0.00%Sundrug Co., Ltd. 2,900 77,775 0.00%Mebuki Financial Group, Inc. 43,600 77,512 0.00%Electric Power Development Co., Ltd. 6,410 77,189 0.00%

Aica Kogyo Co., Ltd. 2,600 77,137 0.00%Nihon Kohden Corp. 3,200 77,069 0.00%Seino Holdings Co., Ltd. 7,100 76,813 0.00%Shimamura Co., Ltd. 947 76,696 0.00%Toyo Seikan Group Holdings Ltd. 6,647 76,609 0.00%

Mori Hills Investment Corp. REIT Class A 60 75,944 0.00%

Penta-Ocean Construction Co., Ltd. 12,900 75,760 0.00%

Aozora Bank Ltd. 3,978 75,103 0.00%Ship Healthcare Holdings, Inc. 3,800 74,861 0.00%JCR Pharmaceuticals Co., Ltd. 2,600 73,878 0.00%Kewpie Corp. 3,900 73,868 0.00%Ain Holdings, Inc. 1,400 73,710 0.00%Ulvac, Inc. 1,700 72,715 0.00%Zeon Corp. 6,200 72,399 0.00%Park24 Co., Ltd. 4,710 72,212 0.00%Kobe Steel Ltd. 13,239 71,715 0.00%Nishi-Nippon Railroad Co., Ltd. 3,500 71,583 0.00%Pola Orbis Holdings, Inc. 3,200 71,331 0.00%Suzuken Co., Ltd. 2,858 70,678 0.00%Daiwa Office Investment Corp. REIT Class A 12 70,474 0.00%

Mabuchi Motor Co., Ltd. 2,193 69,977 0.00%Benefit One, Inc. 2,600 69,038 0.00%Kaneka Corp. 1,996 67,861 0.00%Fujitsu General Ltd. 3,000 67,169 0.00%Daido Steel Co., Ltd. 1,600 66,736 0.00%DMG Mori Co., Ltd. 4,400 66,657 0.00%Alps Alpine Co., Ltd. 7,478 66,643 0.00%Daicel Corp. 9,586 66,566 0.00%DeNA Co., Ltd. 3,700 66,369 0.00%Morinaga Milk Industry Co., Ltd. 1,500 65,984 0.00%

Kokuyo Co., Ltd. 5,000 65,908 0.00%Goldwin, Inc. 1,300 64,495 0.00%Lawson, Inc. 1,645 64,239 0.00%Kobe Bussan Co., Ltd. 2,400 63,819 0.00%RENOVA, Inc. 1,900 63,154 0.00%Sankyu, Inc. 1,700 62,189 0.00%GMO internet, Inc. 2,700 62,155 0.00%House Foods Group, Inc. 2,400 61,904 0.00%DIC Corp. 2,900 61,801 0.00%Ushio, Inc. 3,900 60,149 0.00%Kagome Co., Ltd. 2,700 60,124 0.00%Sotetsu Holdings, Inc. 3,600 59,871 0.00%Kamigumi Co., Ltd. 3,438 58,848 0.00%Kaken Pharmaceutical Co., Ltd. 1,600 57,862 0.00%Takashimaya Co., Ltd. 6,279 57,627 0.00%FP Corp. 1,800 56,411 0.00%

12


.Number of

SharesFair Value


Net AssetsNihon Unisys Ltd. 2,200 55,826 0.00%Kyushu Financial Group, Inc. 18,629 55,481 0.00%NOK Corp. 5,274 55,215 0.00%As One Corp. 500 55,120 0.00%Mitsubishi Motors Corp. 23,188 54,965 0.00%Rengo Co., Ltd. 7,800 54,816 0.00%Credit Saison Co., Ltd. 5,315 54,675 0.00%Ezaki Glico Co., Ltd. 1,700 53,471 0.00%Mitsubishi Logistics Corp. 2,138 53,441 0.00%IR Japan Holdings Ltd. 500 53,144 0.00%Nippon Shokubai Co., Ltd. 1,300 52,742 0.00%SHO-BOND Holdings Co., Ltd. 1,500 52,707 0.00%OSG Corp. 3,600 52,678 0.00%Sawai Group Holdings Co., Ltd. 1,400 52,650 0.00%

Nippon Electric Glass Co., Ltd. 2,645 52,449 0.00%Nipro Corp. 5,200 51,872 0.00%Toyoda Gosei Co., Ltd. 2,496 51,864 0.00%Yamazaki Baking Co., Ltd. 4,333 51,552 0.00%Aeon Mall Co., Ltd. 3,947 51,308 0.00%Dowa Holdings Co., Ltd. 1,500 49,858 0.00%NHK Spring Co., Ltd. 7,142 49,486 0.00%Calbee, Inc. 2,542 49,479 0.00%Kandenko Co., Ltd. 7,500 49,402 0.00%Hitachi Transport System Ltd. 1,400 48,981 0.00%PALTAC Corp. 1,100 48,137 0.00%SMS Co., Ltd. 1,900 47,997 0.00%Daio Paper Corp. 3,400 47,504 0.00%Elecom Co., Ltd. 3,000 47,454 0.00%Amano Corp. 2,200 46,817 0.00%Toda Corp. 8,000 46,496 0.00%Acom Co., Ltd. 12,257 45,071 0.00%Cosmo Energy Holdings Co., Ltd. 2,300 44,507 0.00%

Mitsui Mining & Smelting Co., Ltd. 1,900 44,460 0.00%

Kotobuki Spirits Co., Ltd. 800 43,640 0.00%Nippon Kayaku Co., Ltd. 5,400 43,078 0.00%Nagase & Co., Ltd. 3,400 42,828 0.00%Fuyo General Lease Co., Ltd. 800 42,667 0.00%Bic Camera, Inc. 5,000 42,508 0.00%Daiichikosho Co., Ltd. 1,300 42,124 0.00%Furukawa Electric Co., Ltd. 2,000 42,044 0.00%TS Tech Co., Ltd. 3,200 41,695 0.00%ABC-Mart, Inc. 860 41,620 0.00%Hirogin Holdings, Inc. 9,327 41,454 0.00%Tokuyama Corp. 2,400 41,245 0.00%Sankyo Co., Ltd. 1,903 41,017 0.00%Fukuyama Transporting Co., Ltd. 1,300 40,741 0.00%

Mani, Inc. 2,100 40,621 0.00%Yamaguchi Financial Group, Inc. 8,431 40,610 0.00%

Hachijuni Bank Ltd. 14,880 40,472 0.00%Fuji Kyuko Co., Ltd. 1,000 40,418 0.00%Gunma Bank Ltd. 15,167 40,331 0.00%Shochiku Co., Ltd. 400 38,929 0.00%Yaoko Co., Ltd. 800 38,717 0.00%Toyota Boshoku Corp. 2,200 38,393 0.00%Izumi Co., Ltd. 1,200 38,109 0.00%Seven Bank Ltd. 21,217 38,042 0.00%Sumitomo Bakelite Co., Ltd. 1,000 37,303 0.00%Maruichi Steel Tube Ltd. 1,878 37,225 0.00%Iyo Bank Ltd. 8,955 37,147 0.00%OKUMA Corp. 900 37,129 0.00%AEON Financial Service Co., Ltd. 3,731 37,105 0.00%

Canon Marketing Japan, Inc. 1,800 35,324 0.00%H.U. Group Holdings, Inc. 1,622 35,293 0.00%Sapporo Holdings Ltd. 2,000 35,131 0.00%Morinaga & Co., Ltd. 1,300 35,062 0.00%Toshiba TEC Corp. 1,000 34,720 0.00%

.Number of

SharesFair Value


Net AssetsChugoku Bank Ltd. 5,411 34,697 0.00%NEC Networks & System Integration Corp. 2,600 34,667 0.00%

Takara Bio, Inc. 1,500 33,790 0.00%Nippo Corp. 1,400 33,664 0.00%Kyudenko Corp. 1,200 32,502 0.00%Resorttrust, Inc. 2,300 31,698 0.00%Shikoku Electric Power Co., Inc. 5,514 31,671 0.00%

Ariake Japan Co., Ltd. 600 31,408 0.00%Tokai Rika Co., Ltd. 2,300 31,121 0.00%Kusuri no Aoki Holdings Co., Ltd. 500 30,770 0.00%

Yamato Kogyo Co., Ltd. 1,100 30,713 0.00%Fuji Oil Holdings, Inc. 1,500 30,120 0.00%Nippon Paper Industries Co., Ltd. 3,100 29,299 0.00%

Maeda Corp. 4,000 29,265 0.00%OBIC Business Consultants Co., Ltd. 600 29,265 0.00%

Mochida Pharmaceutical Co., Ltd. 1,000 27,655 0.00%

NS Solutions Corp. 1,000 27,199 0.00%Heiwa Corp. 1,800 26,900 0.00%Maruwa Unyu Kikan Co., Ltd. 2,200 26,392 0.00%Hokuriku Electric Power Co. 5,546 25,534 0.00%Kyoritsu Maintenance Co., Ltd. 900 24,752 0.00%Lintec Corp. 1,300 23,803 0.00%Maeda Road Construction Co., Ltd. 1,400 23,209 0.00%

Itoham Yonekyu Holdings, Inc. 4,000 21,729 0.00%Japan Aviation Electronics Industry Ltd. 1,400 20,879 0.00%

Megmilk Snow Brand Co., Ltd. 1,300 20,879 0.00%Orient Corp. 18,100 20,077 0.00%GungHo Online Entertainment, Inc. 1,190 19,990 0.00%

Matsui Securities Co., Ltd. 3,000 18,462 0.00%ASKUL Corp. 1,400 18,422 0.00%Ichigo, Inc. 6,800 18,185 0.00%Noevir Holdings Co., Ltd. 400 17,140 0.00%Nippon Television Holdings, Inc. 1,600 15,645 0.00%

Fuji Media Holdings, Inc. 1,400 13,125 0.00%TBS Holdings, Inc. 900 11,665 0.00%Mitsubishi Shokuhin Co., Ltd. 500 10,671 0.00%SKY Perfect JSAT Holdings, Inc. 3,200 9,846 0.00%

TV Asahi Holdings Corp. 700 9,365 0.00%test test 167,274,097 7.46%Netherlands 1.29% (2020: 1.20%)ASML Holding NV 17,631 10,215,401 0.46%Adyen NV 1,275 2,627,138 0.12%ING Groep NV 172,989 1,927,097 0.09%Koninklijke Philips NV 40,330 1,685,391 0.07%Prosus NV 19,356 1,596,289 0.07%Koninklijke DSM NV 7,491 1,179,083 0.05%Koninklijke Ahold Delhaize NV 45,103 1,130,732 0.05%Heineken NV 10,701 1,093,642 0.05%Wolters Kluwer NV 11,841 1,003,170 0.04%Akzo Nobel NV 8,534 889,243 0.04%ArcelorMittal SA 31,443 812,802 0.04%ASM International NV 2,144 593,888 0.03%NN Group NV 13,608 541,326 0.02%Unibail-Rodamco-Westfield REIT 6,098 445,093 0.02%

Heineken Holding NV 4,591 390,005 0.02%IMCD NV 2,766 370,921 0.02%Koninklijke KPN NV 139,793 368,215 0.02%Signify NV 5,727 305,478 0.01%Randstad NV 4,469 288,251 0.01%Aegon NV 76,903 269,084 0.01%Aalberts NV 4,410 199,861 0.01%

13


.Number of

SharesFair Value


Net AssetsASR Nederland NV 6,082 198,212 0.01%ABN AMRO Bank NV GDR 19,080 194,463 0.01%InPost SA 8,749 148,086 0.01%Koninklijke Vopak NV 3,302 126,467 0.01%Galapagos NV 2,026 118,480 0.00%JDE Peet's NV 3,538 108,263 0.00%Just Eat Takeaway.com NV 1,372 106,838 0.00%GrandVision NV 1,791 50,506 0.00%test test 28,983,425 1.29%New Zealand 0.09% (2020: 0.11%)Fisher & Paykel Healthcare Corp., Ltd. 24,965 457,767 0.02%

Spark New Zealand Ltd. 79,611 225,158 0.01%Auckland International Airport Ltd. 49,916 213,820 0.01%

Fletcher Building Ltd. 39,675 175,796 0.01%Contact Energy Ltd. 34,716 169,369 0.01%Meridian Energy Ltd. 53,568 168,231 0.01%Ryman Healthcare Ltd. 18,458 142,798 0.01%a2 Milk Co., Ltd. 34,022 129,098 0.01%Mercury NZ Ltd. 28,292 111,189 0.00%Infratil Ltd. 21,675 98,339 0.00%SKYCITY Entertainment Group Ltd. 32,422 67,053 0.00%

Kiwi Property Group Ltd. 71,188 48,866 0.00%Air New Zealand Ltd. 12,043 10,999 0.00%test test 2,018,483 0.09%Norway 0.21% (2020: 0.20%)DNB A.S.A 46,309 851,313 0.04%Equinor A.S.A 42,341 755,880 0.03%Mowi A.S.A 19,918 427,446 0.02%Telenor A.S.A 30,059 427,398 0.02%Yara International A.S.A 7,016 311,581 0.01%Norsk Hydro A.S.A 56,003 301,502 0.01%Orkla A.S.A 32,683 280,875 0.01%Schibsted A.S.A Class A 6,729 274,042 0.01%TOMRA Systems A.S.A 5,387 250,745 0.01%Adevinta A.S.A Class B 10,353 167,394 0.01%Gjensidige Forsikring A.S.A 8,161 151,786 0.01%Salmar A.S.A 2,619 146,593 0.01%Aker BP A.S.A 4,392 118,097 0.01%Scatec A.S.A 4,899 109,454 0.01%Leroy Seafood Group A.S.A 9,014 66,671 0.00%Aker A.S.A Class A 1,013 63,034 0.00%test test 4,703,811 0.21%Poland 0.09% (2020: 0.10%)Powszechna Kasa Oszczednosci Bank Polski SA 38,154 319,702 0.01%

Allegro.eu SA 17,730 257,700 0.01%KGHM Polska Miedz SA 6,157 255,910 0.01%Polski Koncern Naftowy ORLEN SA 13,265 225,592 0.01%

Powszechny Zaklad Ubezpieczen SA 22,385 181,967 0.01%

Bank Polska Kasa Opieki SA 7,902 162,776 0.01%Dino Polska SA 2,391 148,235 0.01%LPP SA 49 139,683 0.01%CD Projekt SA 2,909 119,215 0.01%Polskie Gornictwo Naftowe i Gazownictwo SA 77,806 114,984 0.00%

Cyfrowy Polsat SA 8,804 58,385 0.00%Santander Bank Polska SA 1,001 56,405 0.00%test test 2,040,554 0.09%Portugal 0.05% (2020: 0.06%)EDP - Energias de Portugal SA 119,750 535,283 0.02%Galp Energia SGPS SA 24,944 228,287 0.01%EDP Renovaveis SA 11,204 218,926 0.01%Jeronimo Martins SGPS SA 10,416 160,198 0.01%test test 1,142,694 0.05%Singapore 0.36% (2020: 0.36%)DBS Group Holdings Ltd. 81,336 1,521,013 0.07%

.Number of

SharesFair Value


Net AssetsOversea-Chinese Banking Corp., Ltd. 152,986 1,146,853 0.05%

United Overseas Bank Ltd. 56,271 911,442 0.04%Singapore Telecommunications Ltd. 356,350 511,918 0.02%

Ascendas REIT 159,743 295,619 0.01%CapitaLand Integrated Commercial Trust REIT 208,890 273,875 0.01%

CapitaLand Ltd. 112,820 262,572 0.01%Wilmar International Ltd. 91,238 257,559 0.01%Singapore Exchange Ltd. 36,618 256,817 0.01%Keppel Corp., Ltd. 61,754 211,905 0.01%Singapore Technologies Engineering Ltd. 69,328 168,309 0.01%

Singapore Airlines Ltd. 54,871 166,945 0.01%Mapletree Industrial Trust REIT 93,542 166,066 0.01%Mapletree Commercial Trust REIT 120,580 163,387 0.01%

Mapletree Logistics Trust REIT 122,178 157,121 0.01%Venture Corp., Ltd. 11,600 139,789 0.01%Genting Singapore Ltd. 255,953 134,071 0.01%ComfortDelGro Corp., Ltd. 122,935 126,476 0.01%Frasers Logistics & Commercial Trust REIT 137,000 123,757 0.01%

UOL Group Ltd. 22,887 104,809 0.01%Suntec REIT 88,670 81,212 0.01%City Developments Ltd. 16,839 77,007 0.01%Singapore Press Holdings Ltd. 70,705 75,846 0.00%Keppel DC REIT 44,500 69,510 0.00%NetLink NBN Trust 113,300 67,521 0.00%Keppel REIT 90,400 66,917 0.00%Mapletree North Asia Commercial Trust REIT 94,400 61,588 0.00%

Sembcorp Industries Ltd. 41,152 55,245 0.00%SATS Ltd. 21,200 52,266 0.00%Ascott Residence Trust 78,200 49,056 0.00%Jardine Cycle & Carriage Ltd. 3,087 41,364 0.00%Golden Agri-Resources Ltd. 220,706 31,844 0.00%Singapore Post Ltd. 70,700 31,711 0.00%Hutchison Port Holdings Trust 166,023 31,500 0.00%Olam International Ltd. 27,300 27,401 0.00%Sembcorp Marine Ltd. 317,786 23,922 0.00%StarHub Ltd. 15,929 12,191 0.00%Wing Tai Holdings Ltd. 10,700 12,082 0.00%SIA Engineering Co., Ltd. 4,800 6,474 0.00%Olam International Ltd. - Rights Issue 19/7/2021 4,095 899 0.00%

test test 7,975,859 0.36%South Korea 1.93% (2020: 1.95%)Samsung Electronics Co., Ltd. 207,702 12,550,756 0.56%SK Hynix, Inc. 22,956 2,191,604 0.10%Samsung Electronics Co., Ltd. - Preference Shares 38,464 2,122,646 0.10%

NAVER Corp. 6,020 1,881,952 0.08%Kakao Corp. 12,207 1,489,883 0.07%LG Chem Ltd. - KRW 1,978 1,258,928 0.06%Samsung SDI Co., Ltd. 2,295 1,199,482 0.05%Hyundai Motor Co. 5,894 1,056,991 0.05%Celltrion, Inc. 4,626 930,049 0.04%Kia Corp. 11,507 772,015 0.04%POSCO 2,872 748,375 0.03%KB Financial Group, Inc. 17,011 710,755 0.03%Shinhan Financial Group Co., Ltd. 21,857 664,465 0.03%

Hyundai Mobis Co., Ltd. 2,802 612,642 0.03%LG Household & Health Care Ltd. 418 551,490 0.03%

SK Innovation Co., Ltd. 2,392 529,266 0.02%NCSoft Corp. 741 454,975 0.02%Hana Financial Group, Inc. 12,412 427,984 0.02%LG Electronics, Inc. 3,418 418,452 0.02%HMM Co., Ltd. 12,666 416,351 0.02%Samsung C&T Corp. 3,837 392,175 0.02%

14


.Number of

SharesFair Value


Net AssetsSamsung Biologics Co., Ltd. 601 378,465 0.02%KT&G Corp. 5,195 328,310 0.02%Samsung Electro-Mechanics Co., Ltd. 2,352 311,721 0.01%

SK Holdings Co., Ltd. 1,355 286,625 0.01%LG Corp. 3,694 283,515 0.01%Celltrion Healthcare Co., Ltd. 3,129 271,078 0.01%SK Telecom Co., Ltd. 1,081 259,019 0.01%Amorepacific Corp. (XKRX) 1,279 241,339 0.01%Korea Electric Power Corp. 12,086 224,887 0.01%Woori Financial Group, Inc. 24,844 213,002 0.01%Samsung SDS Co., Ltd. 1,435 198,783 0.01%Korea Shipbuilding & Offshore Engineering Co., Ltd. 1,977 198,366 0.01%

LG Electronics, Inc. - Preference Shares 3,329 196,175 0.01%

Korean Air Lines Co., Ltd. 8,061 190,132 0.01%Doosan Heavy Industries & Construction Co., Ltd. 10,511 187,710 0.01%

HYBE Co., Ltd. 857 187,699 0.01%Samsung Life Insurance Co., Ltd. 2,986 178,422 0.01%

LG Display Co., Ltd. 9,399 172,426 0.01%Hyundai Motor Co. - Preference Shares 1,886 162,403 0.01%

Coway Co., Ltd. 2,713 159,875 0.01%Korea Zinc Co., Ltd. 482 155,734 0.01%Hyundai Engineering & Construction Co., Ltd. 3,524 153,837 0.01%

Hanwha Solutions Corp. 4,424 147,577 0.01%Lotte Chemical Corp. 730 143,485 0.01%CJ CheilJedang Corp. - Preference Shares 892 140,262 0.01%

LG Chem Ltd. - Preference Shares 488 140,133 0.01%

Korea Investment Holdings Co., Ltd. 1,809 139,518 0.01%

Samsung Fire & Marine Insurance Co., Ltd. 842 139,020 0.01%

POSCO Chemical Co., Ltd. 1,276 137,584 0.01%Hyundai Steel Co. 3,420 137,517 0.01%S-Oil Corp. 1,699 130,399 0.01%Hyundai Glovis Co., Ltd. 828 129,578 0.01%Hyundai Heavy Industries Holdings Co., Ltd. 2,380 126,173 0.01%

LG Uplus Corp. 10,902 125,306 0.01%Kumho Petrochemical Co., Ltd. 764 125,283 0.01%Hankook Tire & Technology Co., Ltd. 3,230 125,040 0.01%

Samsung Engineering Co., Ltd. 6,782 121,370 0.01%Yuhan Corp. 2,534 119,727 0.01%Samsung Fire & Marine Insurance Co., Ltd. - Preference Shares 888 110,044 0.01%

Industrial Bank of Korea 13,708 107,775 0.01%Hyundai Motor Co. (XKRX) - Preference Shares 1,166 100,841 0.01%

HLB, Inc. 4,022 100,588 0.01%E-MART, Inc. 839 100,517 0.01%Fila Holdings Corp. 2,265 98,707 0.01%LG Innotek Co., Ltd. 580 96,848 0.01%Shin Poong Pharmaceutical Co., Ltd. 1,500 96,593 0.01%

SK Biopharmaceuticals Co., Ltd. 1,036 95,416 0.01%

SKC Co., Ltd. 799 94,827 0.01%Samsung Heavy Industries Co., Ltd. 18,846 94,689 0.01%

Hotel Shilla Co., Ltd. 1,302 94,567 0.00%Celltrion Pharm, Inc. 756 88,988 0.00%Samsung Securities Co., Ltd. 2,560 86,164 0.00%Seegene, Inc. 1,390 86,075 0.00%Hanon Systems 6,605 81,851 0.00%

.Number of

SharesFair Value


Net AssetsKangwon Land, Inc. 4,046 81,496 0.00%Orion Corp. 909 80,656 0.00%SK Chemicals Co., Ltd. 405 78,847 0.00%Hanmi Pharm Co., Ltd. 314 78,647 0.00%GS Engineering & Construction Corp. 2,422 77,801 0.00%

GS Holdings Corp. 2,201 76,223 0.00%Mirae Asset Securities Co., Ltd. 10,676 75,383 0.00%

Mirae Asset Securities Co., Ltd. (XKRX) - Preference Shares 20,670 73,827 0.00%

BNK Financial Group, Inc. 12,699 73,503 0.00%Mando Corp. 1,407 70,060 0.00%Korea Aerospace Industries Ltd. 2,819 69,446 0.00%

Alteogen, Inc. 1,107 69,379 0.00%OCI Co., Ltd. 772 67,922 0.00%DB Insurance Co., Ltd. 1,627 66,761 0.00%Shinsegae, Inc. 312 66,699 0.00%Netmarble Corp. 664 66,624 0.00%Doosan Infracore Co., Ltd. 6,051 65,471 0.00%AMOREPACIFIC Group 1,305 62,538 0.00%CJ Corp. 779 62,413 0.00%Green Cross Corp. 251 61,740 0.00%Cheil Worldwide, Inc. 3,191 60,093 0.00%Hanwha Aerospace Co., Ltd. 1,673 58,878 0.00%Hanjin Kal Corp. 1,176 58,117 0.00%Hyundai Mipo Dockyard Co., Ltd. 884 57,852 0.00%

Hyundai Wia Corp. 752 57,153 0.00%Daewoo Shipbuilding & Marine Engineering Co., Ltd. 2,092 56,079 0.00%

DL E&C Co., Ltd. 525 55,822 0.00%CJ ENM Co., Ltd. 388 53,079 0.00%KCC Corp. 201 51,699 0.00%Doosan Bobcat, Inc. 1,367 49,132 0.00%Daewoo Engineering & Construction Co., Ltd. 8,086 48,134 0.00%

Samsung SDI Co., Ltd. - Preference Shares 144 47,173 0.00%

Samsung Card Co., Ltd. 1,813 46,564 0.00%Amorepacific Corp. - Preference Shares 703 46,375 0.00%

DL Holdings Co., Ltd. 705 42,231 0.00%LS Corp. 787 41,722 0.00%HDC Hyundai Development Co.-Engineering & Construction Class E 1,692 39,909 0.00%

Hanwha Life Insurance Co., Ltd. 14,055 39,518 0.00%

S-1 Corp. 644 39,493 0.00%Hyundai Marine & Fire Insurance Co., Ltd. 2,027 38,703 0.00%

Hanwha Corp. 1,624 38,609 0.00%NH Investment & Securities Co., Ltd. 3,919 37,855 0.00%

LG Household & Health Care Ltd. - Preference Shares 66 37,806 0.00%

SSANGYONG C&E Co., Ltd. 5,883 36,782 0.00%DGB Financial Group, Inc. 5,267 36,678 0.00%Lotte Corp. 1,146 34,496 0.00%Posco International Corp. 1,958 34,160 0.00%Hyundai Department Store Co., Ltd. 505 33,049 0.00%

Lotte Shopping Co., Ltd. 381 32,951 0.00%CJ Logistics Corp. 241 31,941 0.00%GS Retail Co., Ltd. 1,091 31,574 0.00%Dongsuh Cos, Inc. 1,288 29,415 0.00%Hanmi Science Co., Ltd. 506 28,985 0.00%BGF retail Co., Ltd. 200 26,881 0.00%MedyTox, Inc. 149 26,442 0.00%LOTTE Fine Chemical Co., Ltd. 535 26,440 0.00%

15


.Number of

SharesFair Value


Net AssetsHite Jinro Co., Ltd. 932 26,310 0.00%Korea Gas Corp. 936 25,862 0.00%Helixmith Co., Ltd. 1,043 24,757 0.00%SK Networks Co., Ltd. 4,729 21,317 0.00%KEPCO Plant Service & Engineering Co., Ltd. 652 20,920 0.00%

Hanssem Co., Ltd. 272 20,876 0.00%NongShim Co., Ltd. 87 20,423 0.00%Paradise Co., Ltd. 1,420 19,245 0.00%Ottogi Corp. 44 17,923 0.00%NHN Corp. 282 17,610 0.00%SillaJen, Inc. 1,877 17,006 0.00%LX Holdings Corp. 1,920 16,174 0.00%Solus Advanced Materials Co., Ltd. 313 12,093 0.00%

Hyundai Construction Equipment Co., Ltd. 280 11,594 0.00%

Lotte Chilsung Beverage Co., Ltd. 98 10,640 0.00%

Hanwha Corp. (XKRX) - Preference Shares 354 4,095 0.00%

test test 43,207,292 1.93%Spain 0.72% (2020: 0.73%)Iberdrola SA 259,009 2,662,612 0.12%Banco Santander SA 766,620 2,468,133 0.11%Banco Bilbao Vizcaya Argentaria SA 297,433 1,554,980 0.07%

Cellnex Telecom SA 26,849 1,442,328 0.07%Industria de Diseno Textil SA 46,894 1,393,221 0.06%Amadeus IT Group SA 19,068 1,131,114 0.05%Telefonica SA (XMAD) 220,854 870,386 0.04%Repsol SA 59,616 629,187 0.03%Ferrovial SA 21,451 530,912 0.02%CaixaBank SA 202,505 525,298 0.02%Aena SME SA 3,261 450,996 0.02%Endesa SA 15,425 315,595 0.01%Red Electrica Corp. SA 18,294 286,393 0.01%Naturgy Energy Group SA 12,846 278,501 0.01%Siemens Gamesa Renewable Energy SA 9,506 267,689 0.01%

Grifols SA 10,888 248,682 0.01%ACS Actividades de Construccion y Servicios SA 10,744 242,707 0.01%

Enagas SA 10,603 206,599 0.01%Acciona SA 1,142 145,377 0.01%Bankinter SA 31,088 131,782 0.01%Merlin Properties Socimi SA REIT 13,084 114,302 0.01%

Inmobiliaria Colonial Socimi SA REIT 13,147 111,947 0.01%

Grifols SA - Preference Shares Class B 5,130 75,924 0.00%

Mapfre SA 32,998 58,819 0.00%Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 31,088 54,932 0.00%

Zardoya Otis SA 5,817 33,797 0.00%ACS Actividades de Construccion y Servicios SA - Rights Issue 23/7/2021 10,744 12,678 0.00%

test test 16,244,891 0.72%Sweden 1.10% (2020: 1.03%)Investor AB Class B 76,544 1,488,692 0.07%Atlas Copco AB Class A 28,575 1,476,366 0.07%Telefonaktiebolaget LM Ericsson Class B 131,612 1,395,799 0.06%

Volvo AB Class B 66,739 1,354,917 0.06%Assa Abloy AB Class B 41,357 1,051,256 0.05%Sandvik AB 48,441 1,044,095 0.05%Hexagon AB Class B 77,749 972,055 0.04%Evolution AB 7,124 949,961 0.04%H&M Hennes & Mauritz AB Class B 39,543 791,484 0.04%

.Number of

SharesFair Value


Net AssetsEssity AB Class B 26,001 727,577 0.03%Atlas Copco AB Class B 15,900 705,482 0.03%Swedbank AB Class A 44,437 697,708 0.03%Skandinaviska Enskilda Banken AB Class A 63,342 690,442 0.03%

Svenska Handelsbanken AB Class A 66,057 628,916 0.03%

Investor AB Class A 26,912 518,365 0.02%Epiroc AB Class A 25,513 490,538 0.02%Swedish Match AB 66,502 478,537 0.02%Nibe Industrier AB Class B 53,644 476,142 0.02%Telia Co. AB 113,069 423,424 0.02%Boliden AB 12,659 410,650 0.02%Alfa Laval AB 13,430 400,305 0.02%SKF AB Class B 17,438 374,654 0.02%Kinnevik AB Class B 10,773 363,916 0.02%Svenska Cellulosa AB SCA Class B 25,108 347,209 0.02%

Skanska AB Class B 14,854 332,465 0.02%Sinch AB 22,780 323,439 0.01%Epiroc AB Class B 18,623 308,394 0.01%EQT AB 9,876 302,454 0.01%Getinge AB Class B 9,305 296,160 0.01%Indutrade AB 13,144 283,823 0.01%Industrivarden AB Class A 8,024 263,300 0.01%Lundin Energy AB 8,698 259,688 0.01%Electrolux AB 11,052 258,592 0.01%Castellum AB 11,998 257,658 0.01%Industrivarden AB Class C 8,257 254,989 0.01%Tele2 AB Class B 21,899 251,767 0.01%Fastighets AB Balder Class B 4,428 234,454 0.01%Lifco AB Class B 11,343 223,684 0.01%Trelleborg AB Class B 11,254 220,486 0.01%Elekta AB Class B 17,386 212,568 0.01%Securitas AB Class B 15,938 212,308 0.01%Volvo AB Class A 9,743 203,852 0.01%Husqvarna AB Class B 17,610 197,422 0.01%Investment AB Latour Class B 7,109 196,826 0.01%Sagax AB Class B 7,731 193,771 0.01%L E Lundbergforetagen AB Class B 3,337 181,689 0.01%

Holmen AB Class B 4,507 171,668 0.01%Swedish Orphan Biovitrum AB 9,031 138,956 0.01%ICA Gruppen AB 3,472 136,354 0.01%Sweco AB Class B 8,622 132,365 0.01%Saab AB Class B 4,696 105,153 0.00%Telefonaktiebolaget LM Ericsson Class A 4,723 50,108 0.00%

Svenska Cellulosa AB SCA Class A 2,659 36,967 0.00%

Svenska Handelsbanken AB Class B 2,402 24,252 0.00%

Kinnevik AB Class A 516 19,720 0.00%Skandinaviska Enskilda Banken AB Class C 529 5,696 0.00%

test test 24,549,518 1.10%Switzerland 2.80% (2020: 2.84%)Nestle SA 124,445 13,080,393 0.58%Roche Holding AG (XSWX) 30,715 9,766,323 0.44%Novartis AG 94,530 7,271,361 0.32%Cie Financiere Richemont SA Class A 22,657 2,313,886 0.10%

Zurich Insurance Group AG 6,699 2,268,472 0.10%ABB Ltd. 75,328 2,157,065 0.10%Lonza Group AG 3,303 1,976,039 0.09%UBS Group AG 148,032 1,912,205 0.09%Sika AG 6,302 1,739,079 0.08%Givaudan SA 418 1,640,828 0.07%Partners Group Holding AG 991 1,267,016 0.06%Alcon, Inc. 20,765 1,227,124 0.06%Holcim Ltd. 23,164 1,172,795 0.05%Geberit AG 1,579 999,671 0.05%

16


.Number of

SharesFair Value


Net AssetsSwiss Re AG 13,117 998,924 0.04%Credit Suisse Group AG 108,561 959,849 0.04%Sonova Holding AG 2,385 757,152 0.03%SGS SA 262 682,136 0.03%Logitech International SA 6,457 660,316 0.03%Kuehne + Nagel International AG 2,269 655,331 0.03%

Straumann Holding AG 453 609,545 0.03%Swiss Life Holding AG 1,420 582,412 0.03%Swisscom AG 1,135 546,902 0.02%Julius Baer Group Ltd. 9,748 536,938 0.02%Roche Holding AG 1,372 470,356 0.02%Schindler Holding AG (XSWX) 1,807 466,509 0.02%Chocoladefabriken Lindt & Spruengli AG (XSWX) 5 441,987 0.02%

Adecco Group AG 6,684 383,289 0.02%Temenos AG 2,790 378,215 0.02%Chocoladefabriken Lindt & Spruengli AG 42 352,686 0.02%

Barry Callebaut AG 178 349,119 0.02%Swatch Group AG 1,187 343,695 0.02%SIG Combibloc Group AG 14,249 326,787 0.01%VAT Group AG 1,099 308,389 0.01%Swiss Prime Site AG 3,387 283,644 0.01%EMS-Chemie Holding AG 328 271,990 0.01%Vifor Pharma AG 2,424 264,803 0.01%Baloise Holding AG 1,939 255,246 0.01%Georg Fischer AG 188 235,475 0.01%Schindler Holding AG 861 212,386 0.01%Tecan Group AG 476 199,052 0.01%PSP Swiss Property AG 1,734 185,867 0.01%ams AG 10,824 183,266 0.01%Clariant AG 9,687 162,601 0.01%Helvetia Holding AG 1,634 148,317 0.01%Flughafen Zurich AG 997 139,156 0.01%Swatch Group AG REG 2,200 122,525 0.01%BKW AG 1,147 100,764 0.00%DKSH Holding AG 1,282 82,801 0.00%Banque Cantonale Vaudoise 970 73,534 0.00%Sulzer AG 621 72,400 0.00%OC Oerlikon Corp. AG 7,411 69,365 0.00%test test 62,665,986 2.80%United Kingdom 4.47% (2020: 4.44%)AstraZeneca plc 58,571 5,924,334 0.26%Unilever plc 114,734 5,654,197 0.25%HSBC Holdings plc 911,406 4,430,445 0.20%Diageo plc 102,623 4,137,456 0.19%GlaxoSmithKline plc 220,848 3,651,618 0.16%Rio Tinto plc 48,527 3,362,904 0.15%British American Tobacco plc 102,350 3,338,358 0.15%BP plc 888,978 3,262,035 0.15%Royal Dutch Shell plc Class A 177,769 2,996,068 0.13%Royal Dutch Shell plc Class B 170,987 2,786,557 0.12%BHP Group plc 93,080 2,309,527 0.10%Reckitt Benckiser Group plc 27,910 2,079,808 0.09%Glencore plc 529,188 1,907,601 0.09%RELX plc 83,575 1,868,265 0.08%Prudential plc 115,949 1,855,166 0.08%Anglo American plc 54,605 1,827,172 0.08%Vodafone Group plc 1,231,563 1,740,795 0.08%Lloyds Banking Group plc 3,166,950 1,722,472 0.08%National Grid plc 159,592 1,711,841 0.08%Barclays plc 759,426 1,513,817 0.07%CRH plc 35,368 1,506,685 0.07%London Stock Exchange Group plc 16,010 1,486,404 0.07%

Compass Group plc 79,922 1,416,994 0.06%Experian plc 40,514 1,314,841 0.06%Ashtead Group plc 20,195 1,261,885 0.06%Ferguson plc 10,091 1,181,374 0.05%Flutter Entertainment plc 7,485 1,146,145 0.05%Tesco plc 345,182 896,484 0.04%

.Number of

SharesFair Value


Net AssetsBAE Systems plc 147,419 896,419 0.04%BT Group plc 393,410 889,066 0.04%SSE plc 48,559 848,776 0.04%Aviva plc 176,314 833,668 0.04%Legal & General Group plc 260,059 780,378 0.04%Imperial Brands plc 41,351 750,001 0.03%Smith & Nephew plc 38,826 706,691 0.03%Segro plc REIT 50,980 649,984 0.03%Standard Chartered plc 115,980 622,832 0.03%WPP plc 54,201 615,095 0.03%3i Group plc 43,803 598,534 0.03%Natwest Group plc 233,987 553,863 0.03%Croda International plc 6,284 539,353 0.02%Entain plc 26,223 533,199 0.02%Spirax-Sarco Engineering plc 3,324 527,188 0.02%Next plc 5,712 522,729 0.02%Just Eat Takeaway.com NV (XLON) 6,672 520,115 0.02%

Halma plc 16,564 519,430 0.02%Ocado Group plc 21,354 498,250 0.02%Smurfit Kappa Group plc 10,862 497,014 0.02%Persimmon plc 14,168 488,196 0.02%Mondi plc 21,734 481,292 0.02%Rentokil Initial plc 82,494 475,680 0.02%InterContinental Hotels Group plc 8,423 471,953 0.02%

Intertek Group plc 7,315 471,223 0.02%Bunzl plc 15,563 433,108 0.02%Burberry Group plc 17,273 415,705 0.02%Sage Group plc 51,893 413,599 0.02%Associated British Foods plc 15,923 411,038 0.02%St James's Place plc 22,353 384,595 0.02%Melrose Industries plc 210,574 380,455 0.02%Rolls-Royce Holdings plc 327,686 377,598 0.02%Kingfisher plc 88,743 376,807 0.02%Informa plc 63,666 372,008 0.02%Admiral Group plc 9,886 362,068 0.02%Barratt Developments plc 42,790 346,529 0.02%Smiths Group plc 17,840 330,430 0.02%Pearson plc 33,813 326,926 0.02%United Utilities Group plc 28,318 321,430 0.01%Rightmove plc 42,248 319,599 0.01%Standard Life Aberdeen plc 100,718 317,953 0.01%Hargreaves Lansdown plc 17,153 317,505 0.01%Whitbread plc 8,532 310,292 0.01%M&G plc 114,032 304,060 0.01%Intermediate Capital Group plc 12,265 303,465 0.01%Auto Trader Group plc 40,047 295,485 0.01%Johnson Matthey plc 8,207 293,788 0.01%Taylor Wimpey plc 156,187 289,196 0.01%Severn Trent plc 9,917 288,922 0.01%DS Smith plc 59,039 287,408 0.01%DCC plc 4,115 283,682 0.01%Polymetal International plc 15,551 281,602 0.01%B&M European Value Retail SA 40,762 272,175 0.01%Berkeley Group Holdings plc 4,891 261,800 0.01%Coca-Cola HBC AG 8,567 260,868 0.01%Land Securities Group plc REIT 33,137 260,712 0.01%Antofagasta plc 15,550 260,028 0.01%WM Morrison Supermarkets plc 89,345 256,760 0.01%

Howden Joinery Group plc 26,600 253,034 0.01%ITV plc 172,698 252,575 0.01%IMI plc 12,245 245,343 0.01%Weir Group plc 11,220 241,928 0.01%British Land Co. plc REIT 41,417 238,772 0.01%J Sainsbury plc 74,920 237,211 0.01%Pennon Group plc 17,628 233,173 0.01%Hikma Pharmaceuticals plc 8,112 231,138 0.01%JD Sports Fashion plc 20,152 215,735 0.01%Bellway plc 5,699 215,095 0.01%

17


.Number of

SharesFair Value


Net AssetsTravis Perkins plc 10,727 211,055 0.01%AVEVA Group plc 4,880 210,788 0.01%Direct Line Insurance Group plc 59,590 197,836 0.01%

THG plc 27,840 197,827 0.01%Tate & Lyle plc 22,739 195,592 0.01%Meggitt plc 35,696 191,777 0.01%ConvaTec Group plc 67,750 189,886 0.01%Evraz plc 26,885 185,404 0.01%Schroders plc 4,436 181,534 0.01%Phoenix Group Holdings plc 22,445 176,852 0.01%Derwent London plc REIT 4,365 168,814 0.01%Centrica plc 257,345 154,267 0.01%Quilter plc 88,407 153,190 0.01%Avast plc 24,517 139,886 0.01%TUI AG 31,829 137,001 0.01%Hiscox Ltd. 13,934 134,982 0.01%HomeServe plc 12,094 134,613 0.01%easyJet plc 11,157 116,295 0.01%International Consolidated Airlines Group SA 51,241 103,993 0.01%

Ashmore Group plc 21,428 96,101 0.00%Dr. Martens plc 16,198 83,967 0.00%Renishaw plc 1,282 73,565 0.00%Fresnillo plc 6,528 58,676 0.00%Wickes Group plc 12,020 34,445 0.00%NMC Health plc 3,079 — 0.00%test test 100,192,123 4.47%United States 64.88% (2020: 61.38%)Apple, Inc. 699,131 80,742,880 3.60%Microsoft Corp. 335,194 76,569,740 3.42%Amazon.com, Inc. 19,312 56,021,899 2.50%Facebook, Inc. Class A 106,594 31,253,731 1.39%Alphabet, Inc. Class A 13,297 27,378,769 1.22%Alphabet, Inc. Class C 12,725 26,893,433 1.20%Tesla, Inc. 34,531 19,791,484 0.88%NVIDIA Corp. 26,602 17,947,770 0.80%JPMorgan Chase & Co. 133,978 17,572,256 0.78%Johnson & Johnson 117,336 16,299,800 0.73%Visa, Inc. Class A 75,380 14,862,427 0.66%UnitedHealth Group, Inc. 41,880 14,141,519 0.63%Berkshire Hathaway, Inc. Class B 59,044 13,837,177 0.62%

Home Depot, Inc. 47,903 12,881,177 0.57%PayPal Holdings, Inc. 52,362 12,869,952 0.57%Procter & Gamble Co. 108,401 12,333,710 0.55%Mastercard, Inc. Class A 38,971 11,997,573 0.54%Walt Disney Co. 80,913 11,992,645 0.54%Bank of America Corp. 336,070 11,684,093 0.52%Adobe, Inc. 21,328 10,532,532 0.47%Exxon Mobil Corp. 188,780 10,041,523 0.45%Comcast Corp. Class A 202,864 9,754,031 0.44%Verizon Communications, Inc. 184,586 8,721,101 0.39%Netflix, Inc. 19,205 8,554,071 0.38%Intel Corp. 180,056 8,523,774 0.38%Cisco Systems, Inc. 188,235 8,412,560 0.38%Pfizer, Inc. 248,946 8,220,529 0.37%Salesforce.com, Inc. 39,321 8,099,284 0.36%Coca-Cola Co. 172,152 7,854,916 0.35%AT&T, Inc. 318,383 7,726,674 0.34%PepsiCo, Inc. 61,630 7,700,242 0.34%Chevron Corp. 86,355 7,626,969 0.34%Abbott Laboratories 77,274 7,554,073 0.34%Walmart, Inc. 63,204 7,515,834 0.34%AbbVie, Inc. 78,753 7,480,174 0.33%Thermo Fisher Scientific, Inc. 17,524 7,454,534 0.33%Merck & Co., Inc. 113,027 7,412,185 0.33%Eli Lilly & Co. 37,713 7,299,003 0.33%NIKE, Inc. Class B 55,235 7,195,594 0.32%Broadcom, Inc. 17,660 7,100,931 0.32%Accenture plc Class A 28,357 7,048,959 0.31%Wells Fargo & Co. 183,366 7,002,822 0.31%

.Number of

SharesFair Value


Net AssetsTexas Instruments, Inc. 40,955 6,641,071 0.30%Costco Wholesale Corp. 19,753 6,590,496 0.29%McDonald's Corp. 33,232 6,472,940 0.29%Danaher Corp. 28,032 6,343,425 0.28%Medtronic plc 59,840 6,263,546 0.28%Shopify, Inc. Class A 5,005 6,177,074 0.28%QUALCOMM, Inc. 50,273 6,059,128 0.27%Philip Morris International, Inc. 69,492 5,807,701 0.26%Honeywell International, Inc. 31,025 5,738,539 0.26%Linde plc 23,326 5,686,438 0.25%Berkshire Hathaway, Inc. Class A 16 5,647,707 0.25%

United Parcel Service, Inc. Class B 32,039 5,618,645 0.25%

Bristol-Myers Squibb Co. 99,594 5,611,663 0.25%Citigroup, Inc. 92,354 5,509,778 0.25%Union Pacific Corp. 29,596 5,488,699 0.24%NextEra Energy, Inc. 87,724 5,420,706 0.24%Amgen, Inc. 25,634 5,268,815 0.24%Lowe's Cos, Inc. 32,022 5,237,632 0.23%Oracle Corp. 77,572 5,091,664 0.23%Starbucks Corp. 52,366 4,937,214 0.22%International Business Machines Corp. 39,810 4,920,944 0.22%

Applied Materials, Inc. 40,828 4,902,527 0.22%Boeing Co. 23,909 4,829,783 0.22%Morgan Stanley 61,929 4,788,152 0.21%Raytheon Technologies Corp. 66,256 4,766,253 0.21%Goldman Sachs Group, Inc. 14,720 4,710,921 0.21%BlackRock, Inc. Class A 6,382 4,708,709 0.21%Intuit, Inc. 11,338 4,686,354 0.21%American Tower Corp. REIT 20,195 4,600,284 0.21%Target Corp. 22,178 4,520,878 0.20%Caterpillar, Inc. 24,253 4,450,780 0.20%General Electric Co. 389,915 4,425,547 0.20%3M Co. 25,492 4,269,733 0.19%Advanced Micro Devices, Inc. 53,896 4,268,869 0.19%Charles Schwab Corp. 69,236 4,250,842 0.19%CVS Health Corp. 58,475 4,114,305 0.18%ServiceNow, Inc. 8,779 4,068,218 0.18%Intuitive Surgical, Inc. 5,227 4,053,426 0.18%American Express Co. 29,088 4,052,796 0.18%Deere & Co. 12,560 3,735,591 0.17%S&P Global, Inc. 10,776 3,729,665 0.17%Micron Technology, Inc. 50,065 3,587,591 0.16%Charter Communications, Inc. Class A 5,868 3,569,836 0.16%

Square, Inc. Class A 17,351 3,567,058 0.16%Anthem, Inc. 10,923 3,516,655 0.16%Lockheed Martin Corp. 11,021 3,516,144 0.16%Lam Research Corp. 6,357 3,488,068 0.16%Stryker Corp. 15,506 3,396,048 0.15%Booking Holdings, Inc. 1,829 3,374,666 0.15%Zoetis, Inc. Class A 21,232 3,336,534 0.15%Altria Group, Inc. 82,946 3,334,906 0.15%Prologis, Inc. REIT 33,023 3,328,476 0.15%Fidelity National Information Services, Inc. 27,679 3,306,589 0.15%

Mondelez International, Inc. Class A 62,266 3,278,429 0.15%

Gilead Sciences, Inc. 56,098 3,257,364 0.15%Automatic Data Processing, Inc. 19,000 3,182,208 0.14%

T-Mobile US, Inc. 25,978 3,172,606 0.14%Crown Castle International Corp. REIT 18,984 3,123,179 0.14%

Zoom Video Communications, Inc. Class A 9,483 3,094,869 0.14%

ConocoPhillips 60,229 3,092,964 0.14%TJX Cos, Inc. 53,980 3,068,835 0.14%PNC Financial Services Group, Inc. 19,038 3,062,390 0.14%

18


.Number of

SharesFair Value


Net AssetsCigna Corp. 15,207 3,039,989 0.14%General Motors Co. 60,854 3,036,286 0.14%Uber Technologies, Inc. 71,619 3,026,852 0.13%Moderna, Inc. 15,055 2,983,071 0.13%US Bancorp 60,208 2,892,360 0.13%CME Group, Inc. Class A 15,968 2,863,710 0.13%Truist Financial Corp. 60,257 2,820,022 0.13%Duke Energy Corp. 33,512 2,789,699 0.12%Activision Blizzard, Inc. 34,414 2,769,603 0.12%Estee Lauder Cos, Inc. Class A 10,201 2,736,094 0.12%CSX Corp. 100,980 2,731,629 0.12%FedEx Corp. 10,832 2,724,944 0.12%Marsh & McLennan Cos, Inc. 22,703 2,693,193 0.12%MercadoLibre, Inc. 2,042 2,682,357 0.12%Chubb Ltd. 19,981 2,677,949 0.12%Equinix, Inc. REIT 3,952 2,674,657 0.12%Becton Dickinson & Co. 12,938 2,653,168 0.12%Illinois Tool Works, Inc. 13,992 2,637,703 0.12%Capital One Financial Corp. 20,014 2,610,646 0.12%Illumina, Inc. 6,499 2,593,298 0.12%Colgate-Palmolive Co. 37,412 2,566,377 0.11%Sherwin-Williams Co. 10,892 2,502,340 0.11%Norfolk Southern Corp. 11,120 2,488,708 0.11%Intercontinental Exchange, Inc. 24,834 2,485,704 0.11%Edwards Lifesciences Corp. 27,726 2,421,437 0.11%Southern Co. 47,351 2,416,063 0.11%Analog Devices, Inc. 16,585 2,407,685 0.11%Autodesk, Inc. 9,744 2,398,409 0.11%Fiserv, Inc. 26,551 2,393,150 0.11%Twilio, Inc. Class A 7,187 2,388,758 0.11%Air Products & Chemicals, Inc. 9,792 2,375,380 0.11%Boston Scientific Corp. 63,791 2,300,112 0.10%Dominion Energy, Inc. 36,717 2,277,822 0.10%Eaton Corp. plc 17,800 2,224,137 0.10%Waste Management, Inc. 18,664 2,205,087 0.10%Moody's Corp. 7,185 2,195,487 0.10%Ford Motor Co. 173,922 2,179,341 0.10%Emerson Electric Co. 26,692 2,166,151 0.10%Progressive Corp. 26,116 2,162,790 0.10%Humana, Inc. 5,723 2,136,509 0.10%NXP Semiconductors NV 12,248 2,124,680 0.09%Regeneron Pharmaceuticals, Inc. 4,422 2,082,692 0.09%

Northrop Grumman Corp. 6,769 2,074,423 0.09%Global Payments, Inc. 13,082 2,068,807 0.09%Freeport-McMoRan, Inc. 64,928 2,031,772 0.09%HCA Healthcare, Inc. 11,616 2,025,037 0.09%Twitter, Inc. 34,796 2,018,984 0.09%Aon plc Class A 9,971 2,007,485 0.09%IDEXX Laboratories, Inc. 3,752 1,998,124 0.09%DocuSign, Inc. Class A 8,474 1,997,703 0.09%Roku, Inc. Class A 5,113 1,980,053 0.09%Vertex Pharmaceuticals, Inc. 11,540 1,962,063 0.09%Dollar General Corp. 10,719 1,955,885 0.09%Biogen, Inc. 6,686 1,952,240 0.09%Ecolab, Inc. 11,178 1,941,422 0.09%Newmont Corp. 35,724 1,909,256 0.09%KLA Corp. 6,836 1,868,876 0.08%Johnson Controls International plc 32,010 1,852,472 0.08%

Roper Technologies, Inc. 4,661 1,848,050 0.08%EOG Resources, Inc. 25,871 1,820,285 0.08%eBay, Inc. 30,194 1,787,605 0.08%Align Technology, Inc. 3,464 1,784,724 0.08%General Dynamics Corp. 11,195 1,777,191 0.08%Dow, Inc. 33,071 1,764,679 0.08%Marvell Technology, Inc. 35,646 1,753,294 0.08%Public Storage REIT 6,806 1,725,690 0.08%IQVIA Holdings, Inc. 8,425 1,721,516 0.08%Kimberly-Clark Corp. 15,179 1,712,325 0.08%Agilent Technologies, Inc. 13,635 1,699,460 0.08%

.Number of

SharesFair Value


Net AssetsSchlumberger NV 62,851 1,696,484 0.08%TE Connectivity Ltd. 14,776 1,684,681 0.08%T Rowe Price Group, Inc. 10,073 1,681,551 0.07%L3Harris Technologies, Inc. 9,211 1,678,858 0.07%MetLife, Inc. 33,218 1,676,446 0.07%Trane Technologies plc 10,560 1,639,698 0.07%Chipotle Mexican Grill, Inc. Class A 1,250 1,634,139 0.07%

Workday, Inc. Class A 8,112 1,633,071 0.07%Ross Stores, Inc. 15,579 1,628,970 0.07%Veeva Systems, Inc. Class A 6,196 1,624,628 0.07%Match Group, Inc. 11,946 1,624,330 0.07%Simon Property Group, Inc. REIT 14,688 1,616,064 0.07%

Pinterest, Inc. Class A 24,257 1,614,883 0.07%MSCI, Inc. Class A 3,589 1,613,310 0.07%Exelon Corp. 42,976 1,605,756 0.07%Aptiv plc 12,067 1,600,895 0.07%IHS Markit Ltd. 16,827 1,598,558 0.07%Digital Realty Trust, Inc. REIT 12,582 1,596,330 0.07%Synopsys, Inc. 6,841 1,590,926 0.07%Centene Corp. 25,815 1,587,560 0.07%Carrier Global Corp. 38,532 1,579,100 0.07%Lululemon Athletica, Inc. 5,102 1,570,180 0.07%American Electric Power Co., Inc. 21,941 1,565,047 0.07%

Bank of New York Mellon Corp. 36,025 1,556,253 0.07%DuPont de Nemours, Inc. 23,834 1,555,772 0.07%Electronic Arts, Inc. 12,721 1,542,846 0.07%Dexcom, Inc. 4,265 1,535,673 0.07%Amphenol Corp. Class A 26,621 1,535,663 0.07%Baxter International, Inc. 22,615 1,535,127 0.07%American International Group, Inc. 38,169 1,532,038 0.07%

Sempra Energy 13,581 1,517,169 0.07%Prudential Financial, Inc. 17,481 1,510,480 0.07%Crowdstrike Holdings, Inc. Class A 7,124 1,509,682 0.07%

PPG Industries, Inc. 10,501 1,503,293 0.07%Alexion Pharmaceuticals, Inc. 9,674 1,498,618 0.07%O'Reilly Automotive, Inc. 3,110 1,484,875 0.07%Marathon Petroleum Corp. 29,053 1,480,211 0.07%Allstate Corp. 13,396 1,473,458 0.07%Parker-Hannifin Corp. 5,641 1,460,838 0.07%Sysco Corp. 21,976 1,440,791 0.06%Walgreens Boots Alliance, Inc. 32,244 1,430,438 0.06%Cadence Design Systems, Inc. 12,383 1,428,655 0.06%HP, Inc. 56,004 1,425,719 0.06%Travelers Cos, Inc. 11,293 1,425,647 0.06%Constellation Brands, Inc. Class A 7,214 1,422,786 0.06%

General Mills, Inc. 27,636 1,419,902 0.06%Phillips 66 19,551 1,414,847 0.06%Spotify Technology SA 6,065 1,409,439 0.06%Microchip Technology, Inc. 11,102 1,401,816 0.06%Marriott International, Inc. Class A 12,112 1,394,325 0.06%

International Flavors & Fragrances, Inc. 11,067 1,394,224 0.06%

Cognizant Technology Solutions Corp. Class A 23,756 1,387,419 0.06%

Aflac, Inc. 30,485 1,379,395 0.06%Motorola Solutions, Inc. 7,496 1,370,695 0.06%Discover Financial Services 13,688 1,365,337 0.06%Cummins, Inc. 6,584 1,353,609 0.06%Welltower, Inc. REIT 19,044 1,334,477 0.06%Xilinx, Inc. 10,928 1,332,849 0.06%Palo Alto Networks, Inc. 4,242 1,327,257 0.06%Xcel Energy, Inc. 23,839 1,324,322 0.06%ResMed, Inc. 6,355 1,321,051 0.06%Kinder Morgan, Inc. 85,318 1,311,533 0.06%Yum! Brands, Inc. 13,505 1,309,959 0.06%

19


.Number of

SharesFair Value


Net AssetsOtis Worldwide Corp. 18,988 1,309,258 0.06%Paychex, Inc. 14,395 1,302,457 0.06%SBA Communications Corp. REIT Class A 4,846 1,302,319 0.06%

Pioneer Natural Resources Co. 9,502 1,302,188 0.06%Monster Beverage Corp. 16,642 1,281,935 0.06%Atlassian Corp. plc Class A 5,903 1,278,560 0.06%Cintas Corp. 3,947 1,271,401 0.06%Hilton Worldwide Holdings, Inc. 12,417 1,262,955 0.06%

Archer-Daniels-Midland Co. 24,705 1,262,436 0.06%TransDigm Group, Inc. 2,308 1,259,757 0.06%Rockwell Automation, Inc. 5,216 1,258,015 0.06%Corteva, Inc. 33,400 1,249,085 0.06%Zimmer Biomet Holdings, Inc. 9,210 1,248,969 0.06%AutoZone, Inc. 991 1,246,977 0.06%First Republic Bank 7,891 1,245,433 0.06%Trade Desk, Inc. Class A 19,000 1,239,430 0.06%Williams Cos, Inc. 55,171 1,235,172 0.06%CoStar Group, Inc. 17,660 1,233,326 0.05%Peloton Interactive, Inc. Class A 11,735 1,227,232 0.05%

Mettler-Toledo International, Inc. 1,045 1,220,744 0.05%

KKR & Co., Inc. 24,430 1,220,367 0.05%Stanley Black & Decker, Inc. 7,009 1,211,548 0.05%Valero Energy Corp. 18,203 1,198,491 0.05%Skyworks Solutions, Inc. 7,394 1,195,547 0.05%Fortinet, Inc. 5,891 1,183,217 0.05%Corning, Inc. 34,126 1,176,957 0.05%McKesson Corp. 7,163 1,155,116 0.05%AMETEK, Inc. 10,236 1,152,294 0.05%Public Service Enterprise Group, Inc. 22,793 1,148,203 0.05%

DR Horton, Inc. 14,962 1,140,160 0.05%ANSYS, Inc. 3,894 1,139,600 0.05%PACCAR, Inc. 15,116 1,137,620 0.05%Okta, Inc. Class A 5,494 1,133,546 0.05%Fastenal Co. 25,825 1,132,389 0.05%SVB Financial Group 2,368 1,111,077 0.05%Ameriprise Financial, Inc. 5,294 1,111,030 0.05%Willis Towers Watson plc 5,722 1,109,853 0.05%AvalonBay Communities, Inc. REIT 6,220 1,094,571 0.05%

Equifax, Inc. 5,395 1,089,600 0.05%Kroger Co. 33,622 1,086,145 0.05%State Street Corp. 15,639 1,085,064 0.05%Arthur J Gallagher & Co. 9,167 1,082,818 0.05%WEC Energy Group, Inc. 14,432 1,082,491 0.05%Nucor Corp. 13,363 1,080,962 0.05%Maxim Integrated Products, Inc. 12,030 1,068,792 0.05%

Best Buy Co., Inc. 10,951 1,061,764 0.05%American Water Works Co., Inc. 8,154 1,059,766 0.05%

Keysight Technologies, Inc. 8,117 1,056,873 0.05%CBRE Group, Inc. Class A 14,589 1,054,655 0.05%Zebra Technologies Corp. Class A 2,352 1,050,140 0.05%

Synchrony Financial 25,543 1,045,068 0.05%Eversource Energy 15,401 1,042,058 0.05%Verisk Analytics, Inc. Class A 7,071 1,041,778 0.05%Equity Residential REIT 15,932 1,034,458 0.05%Fifth Third Bancorp 31,951 1,030,008 0.05%Yum China Holdings, Inc. 18,402 1,028,023 0.05%Liberty Broadband Corp. Class C 6,967 1,020,229 0.05%

West Pharmaceutical Services, Inc. 3,356 1,016,224 0.05%

Laboratory Corp. of America Holdings 4,352 1,012,311 0.05%

Kraft Heinz Co. 29,381 1,010,336 0.05%VF Corp. 14,599 1,009,952 0.05%

.Number of

SharesFair Value


Net AssetsLyondellBasell Industries NV Class A 11,579 1,004,412 0.04%

Copart, Inc. 9,024 1,003,149 0.04%Dell Technologies, Inc. Class C 11,930 1,002,667 0.04%EPAM Systems, Inc. 2,324 1,001,325 0.04%Occidental Petroleum Corp. 37,860 998,299 0.04%Cloudflare, Inc. Class A 11,158 995,837 0.04%ViacomCBS, Inc. Class B 25,869 985,984 0.04%Weyerhaeuser Co. REIT 33,793 980,821 0.04%Etsy, Inc. 5,622 975,826 0.04%HubSpot, Inc. 1,971 968,497 0.04%Ball Corp. 14,159 967,335 0.04%Kansas City Southern 4,043 966,072 0.04%Alexandria Real Estate Equities, Inc. REIT 6,290 965,008 0.04%

Realty Income Corp. REIT 17,053 959,708 0.04%ONEOK, Inc. 20,197 947,602 0.04%Hershey Co. 6,413 941,914 0.04%Lennar Corp. Class A 11,233 941,056 0.04%Keurig Dr Pepper, Inc. 31,389 932,750 0.04%Consolidated Edison, Inc. 15,416 932,318 0.04%DoorDash, Inc. Class A 6,160 926,311 0.04%Old Dominion Freight Line, Inc. 4,324 925,399 0.04%Hess Corp. 12,530 922,607 0.04%DTE Energy Co. 8,429 921,156 0.04%International Paper Co. 17,795 919,986 0.04%CDW Corp. 6,209 914,413 0.04%Splunk, Inc. 7,489 913,028 0.04%Teladoc Health, Inc. 6,490 910,045 0.04%Enphase Energy, Inc. 5,845 905,066 0.04%Cerner Corp. 13,707 903,398 0.04%Wayfair, Inc. Class A 3,346 890,771 0.04%Datadog, Inc. Class A 10,055 882,473 0.04%Dollar Tree, Inc. 10,447 876,530 0.04%Expedia Group, Inc. 6,342 875,494 0.04%RingCentral, Inc. Class A 3,557 871,568 0.04%Carvana Co. Class A 3,418 869,905 0.04%United Rentals, Inc. 3,223 866,995 0.04%Slack Technologies, Inc. Class A 22,938 856,863 0.04%

Clorox Co. 5,643 856,086 0.04%VeriSign, Inc. 4,449 854,197 0.04%Northern Trust Corp. 8,756 853,671 0.04%Vulcan Materials Co. 5,813 853,250 0.04%Novocure Ltd. 4,556 852,190 0.04%McCormick & Co., Inc. 11,418 850,356 0.04%Qorvo, Inc. 5,146 848,988 0.04%Republic Services, Inc. Class A 9,136 847,501 0.04%Yandex NV Class A 14,088 840,481 0.04%Dover Corp. 6,589 836,751 0.04%Arista Networks, Inc. 2,738 836,500 0.04%Carnival Corp. 37,614 836,078 0.04%Ventas, Inc. REIT 17,328 834,327 0.04%Teradyne, Inc. 7,327 827,662 0.04%Hartford Financial Services Group, Inc. 15,829 827,155 0.04%

PPL Corp. 35,002 825,538 0.04%Martin Marietta Materials, Inc. 2,777 823,827 0.04%Fortive Corp. 14,007 823,719 0.04%Western Digital Corp. 13,725 823,685 0.04%Burlington Stores, Inc. 2,992 812,374 0.04%Tyson Foods, Inc. Class A 13,031 810,495 0.04%TransUnion 8,684 804,107 0.04%Garmin Ltd. 6,557 799,734 0.04%CarMax, Inc. 7,336 798,924 0.04%FleetCor Technologies, Inc. 3,693 797,394 0.04%Church & Dwight Co., Inc. 11,095 797,298 0.04%Exact Sciences Corp. 7,569 793,408 0.04%Halliburton Co. 40,613 791,781 0.04%Tractor Supply Co. 5,029 789,017 0.04%Huntington Bancshares, Inc. 65,372 786,625 0.04%Xylem, Inc. 7,763 785,268 0.03%

20


.Number of

SharesFair Value


Net AssetsExtra Space Storage, Inc. REIT 5,667 782,838 0.03%Edison International 16,017 780,928 0.03%Seagen, Inc. 5,865 780,813 0.03%Nasdaq, Inc. 5,258 779,456 0.03%Expeditors International of Washington, Inc. 7,200 768,631 0.03%

Caesars Entertainment, Inc. 8,775 767,692 0.03%Entergy Corp. 9,123 766,981 0.03%Waters Corp. 2,626 765,302 0.03%Essex Property Trust, Inc. REIT 3,024 765,014 0.03%Ameren Corp. 11,325 764,359 0.03%Alnylam Pharmaceuticals, Inc. 5,324 761,046 0.03%Horizon Therapeutics plc 9,621 759,685 0.03%Gartner, Inc. 3,715 758,726 0.03%Citizens Financial Group, Inc. 19,478 753,399 0.03%Zillow Group, Inc. Class C 7,307 753,066 0.03%Invitation Homes, Inc. REIT 23,923 752,246 0.03%Take-Two Interactive Software, Inc. 5,031 750,980 0.03%

Trimble, Inc. 10,882 750,885 0.03%Avantor, Inc. 24,806 742,779 0.03%KeyCorp 42,648 742,627 0.03%FirstEnergy Corp. 23,592 740,246 0.03%WW Grainger, Inc. 2,002 739,418 0.03%STERIS plc 4,240 737,593 0.03%Cheniere Energy, Inc. 10,044 734,646 0.03%Cooper Cos, Inc. 2,198 734,465 0.03%Albemarle Corp. 5,098 724,183 0.03%M&T Bank Corp. 5,883 720,852 0.03%Ulta Beauty, Inc. 2,466 719,006 0.03%Coupa Software, Inc. 3,238 715,669 0.03%Regions Financial Corp. 42,052 715,583 0.03%Ally Financial, Inc. 16,942 712,024 0.03%Healthpeak Properties, Inc. REIT 25,364 712,006 0.03%

Teledyne Technologies, Inc. 1,998 705,643 0.03%MongoDB, Inc. Class A 2,314 705,420 0.03%Sun Communities, Inc. REIT 4,825 697,365 0.03%Boston Properties, Inc. REIT 7,202 695,908 0.03%Royal Caribbean Cruises Ltd. 9,655 694,307 0.03%Genuine Parts Co. 6,510 694,257 0.03%Akamai Technologies, Inc. 7,059 694,055 0.03%Darden Restaurants, Inc. 5,635 693,696 0.03%Broadridge Financial Solutions, Inc. 5,084 692,485 0.03%

Hewlett Packard Enterprise Co. 56,268 691,785 0.03%Insulet Corp. 2,962 685,638 0.03%Tyler Technologies, Inc. 1,796 685,097 0.03%Teleflex, Inc. 2,017 683,372 0.03%Domino's Pizza, Inc. 1,737 683,273 0.03%Mid-America Apartment Communities, Inc. REIT 4,800 681,690 0.03%

Paycom Software, Inc. 2,211 677,656 0.03%Omnicom Group, Inc. 9,966 672,215 0.03%MGM Resorts International 18,631 670,050 0.03%Principal Financial Group, Inc. 12,553 668,879 0.03%Avery Dennison Corp. 3,764 667,293 0.03%Seagate Technology Holdings plc 8,950 663,609 0.03%

Duke Realty Corp. REIT 16,549 660,760 0.03%NetApp, Inc. 9,568 660,135 0.03%Quest Diagnostics, Inc. 5,913 658,014 0.03%Viatris, Inc. 54,326 654,624 0.03%Ingersoll Rand, Inc. 15,874 653,352 0.03%Las Vegas Sands Corp. 14,662 651,438 0.03%Conagra Brands, Inc. 21,177 649,649 0.03%Catalent, Inc. 7,122 649,322 0.03%IDEX Corp. 3,474 644,619 0.03%Pool Corp. 1,665 643,957 0.03%Cincinnati Financial Corp. 6,534 642,546 0.03%Plug Power, Inc. 22,227 640,814 0.03%MarketAxess Holdings, Inc. 1,639 640,715 0.03%

.Number of

SharesFair Value


Net AssetsJacobs Engineering Group, Inc. 5,691 640,267 0.03%PerkinElmer, Inc. 4,916 640,087 0.03%AES Corp. 29,106 639,846 0.03%Lyft, Inc. Class A 12,357 630,198 0.03%Diamondback Energy, Inc. 7,958 630,050 0.03%Celanese Corp. Class A 4,922 629,206 0.03%Cardinal Health, Inc. 13,046 628,043 0.03%Zendesk, Inc. 5,111 622,078 0.03%Baker Hughes Co. Class A 32,213 621,225 0.03%Zscaler, Inc. 3,403 619,995 0.03%Hologic, Inc. 10,983 617,915 0.03%AmerisourceBergen Corp. Class A 6,400 617,873 0.03%

CMS Energy Corp. 12,297 612,621 0.03%Textron, Inc. 10,476 607,500 0.03%Incyte Corp. 8,532 605,276 0.03%Unity Software, Inc. 6,503 602,264 0.03%Eastman Chemical Co. 6,102 600,732 0.03%Raymond James Financial, Inc. 5,482 600,482 0.03%Monolithic Power Systems, Inc. 1,906 600,216 0.03%

NVR, Inc. 143 599,698 0.03%Markel Corp. 599 599,409 0.03%SS&C Technologies Holdings, Inc. 9,842 598,039 0.03%

DraftKings, Inc. Class A 13,522 594,859 0.03%Kellogg Co. 10,861 589,163 0.03%Elanco Animal Health, Inc. 20,102 588,025 0.03%Farfetch Ltd. Class A 13,843 587,852 0.03%Arch Capital Group Ltd. 17,783 583,919 0.03%PTC, Inc. 4,886 582,002 0.03%Wix.com Ltd. 2,365 578,896 0.03%PG&E Corp. 65,813 564,397 0.03%NortonLifeLock, Inc. 24,513 562,648 0.03%BioMarin Pharmaceutical, Inc. 7,987 561,966 0.03%Masco Corp. 11,289 560,785 0.02%Fair Isaac Corp. 1,306 553,588 0.02%Lumen Technologies, Inc. 48,087 551,060 0.02%GoDaddy, Inc. Class A 7,508 550,549 0.02%Westinghouse Air Brake Technologies Corp. 7,902 548,389 0.02%

StoneCo Ltd. Class A 9,602 542,972 0.02%FMC Corp. 5,941 542,049 0.02%Brown-Forman Corp. Class B 8,548 540,170 0.02%LKQ Corp. 12,989 539,100 0.02%ABIOMED, Inc. 2,048 539,001 0.02%Citrix Systems, Inc. 5,442 538,143 0.02%UDR, Inc. REIT 13,027 538,041 0.02%Bio-Rad Laboratories, Inc. Class A 985 535,143 0.02%

Fortune Brands Home & Security, Inc. 6,368 534,882 0.02%

Leidos Holdings, Inc. 6,273 534,784 0.02%Alliant Energy Corp. 11,355 533,902 0.02%PulteGroup, Inc. 11,593 533,460 0.02%Westrock Co. 11,843 531,482 0.02%SolarEdge Technologies, Inc. 2,276 530,414 0.02%Hormel Foods Corp. 13,084 526,824 0.02%JM Smucker Co. 4,806 525,098 0.02%DENTSPLY SIRONA, Inc. 9,806 523,086 0.02%JB Hunt Transport Services, Inc. 3,788 520,495 0.02%

Evergy, Inc. 10,164 517,928 0.02%Whirlpool Corp. 2,783 511,636 0.02%CenterPoint Energy, Inc. 24,695 510,601 0.02%WP Carey, Inc. REIT 8,021 504,703 0.02%XPO Logistics, Inc. 4,251 501,452 0.02%Royalty Pharma plc Class A 14,344 495,793 0.02%VMware, Inc. Class A 3,639 490,877 0.02%Interpublic Group of Cos, Inc. 17,797 487,583 0.02%Vail Resorts, Inc. 1,816 484,695 0.02%

21


.Number of

SharesFair Value


Net AssetsAnnaly Capital Management, Inc. REIT 64,717 484,600 0.02%

Brown & Brown, Inc. 10,804 484,126 0.02%Cboe Global Markets, Inc. 4,813 483,167 0.02%Wynn Resorts Ltd. 4,680 482,641 0.02%Masimo Corp. 2,354 481,261 0.02%Packaging Corp. of America 4,211 480,861 0.02%Advance Auto Parts, Inc. 2,768 478,816 0.02%Howmet Aerospace, Inc. 16,472 478,784 0.02%Equity LifeStyle Properties, Inc. REIT 7,592 475,724 0.02%

CH Robinson Worldwide, Inc. 5,972 471,707 0.02%Jack Henry & Associates, Inc. 3,409 470,027 0.02%FactSet Research Systems, Inc. 1,660 469,780 0.02%

Allegion plc 3,904 458,578 0.02%Ceridian HCM Holding, Inc. 5,610 453,758 0.02%Fidelity National Financial, Inc. 12,366 453,180 0.02%Live Nation Entertainment, Inc. 6,129 452,685 0.02%Hasbro, Inc. 5,669 451,837 0.02%Coca-Cola Europacific Partners plc 9,031 451,740 0.02%

Lamb Weston Holdings, Inc. 6,611 449,653 0.02%Iron Mountain, Inc. REIT 12,599 449,608 0.02%Atmos Energy Corp. 5,505 446,147 0.02%Equitable Holdings, Inc. 17,296 444,104 0.02%Check Point Software Technologies Ltd. 4,534 443,995 0.02%

Lincoln National Corp. 8,346 442,249 0.02%Loews Corp. 9,558 440,463 0.02%IAC/InterActiveCorp 3,373 438,499 0.02%Liberty Global plc Class C 19,019 433,657 0.02%Steel Dynamics, Inc. 8,620 433,217 0.02%Snap-on, Inc. 2,297 432,767 0.02%F5 Networks, Inc. 2,741 431,432 0.02%Host Hotels & Resorts, Inc. REIT 29,831 429,894 0.02%

Mohawk Industries, Inc. 2,611 423,145 0.02%BorgWarner, Inc. 10,294 421,343 0.02%Clarivate plc 18,135 420,994 0.02%Pentair plc 7,262 413,283 0.02%VEREIT, Inc. REIT 10,386 402,251 0.02%CF Industries Holdings, Inc. 9,199 399,097 0.02%Jazz Pharmaceuticals plc 2,659 398,301 0.02%News Corp. Class A 18,316 398,013 0.02%Fox Corp. Class A 12,705 397,788 0.02%Universal Health Services, Inc. Class B 3,203 395,493 0.02%

Bunge Ltd. 5,994 395,001 0.02%Henry Schein, Inc. 6,284 393,128 0.02%Lear Corp. 2,617 386,801 0.02%DISH Network Corp. Class A 10,763 379,369 0.02%Regency Centers Corp. REIT 6,965 376,294 0.02%Western Union Co. 19,240 372,664 0.02%Newell Brands, Inc. 16,067 372,173 0.02%Robert Half International, Inc. 4,904 367,914 0.02%WR Berkley Corp. 5,856 367,537 0.02%NRG Energy, Inc. 10,678 362,867 0.02%Comerica, Inc. 5,989 360,279 0.02%Amdocs Ltd. 5,516 359,826 0.02%Globe Life, Inc. 4,438 356,455 0.02%Everest Re Group Ltd. 1,656 351,909 0.02%Molson Coors Beverage Co. Class B 7,741 350,463 0.02%

Juniper Networks, Inc. 14,933 344,395 0.02%Vistra Corp. 21,921 342,891 0.02%Discovery, Inc. Class C 14,009 342,340 0.02%Pinnacle West Capital Corp. 4,898 338,552 0.02%HEICO Corp. 2,874 337,881 0.02%Alleghany Corp. 599 336,938 0.01%Arrow Electronics, Inc. 3,498 335,760 0.01%Franklin Resources, Inc. 12,422 335,087 0.01%

.Number of

SharesFair Value


Net AssetsNiSource, Inc. 16,099 332,596 0.01%Flex Ltd. 21,926 330,397 0.01%DaVita, Inc. 3,246 329,636 0.01%Sensata Technologies Holding plc 6,709 327,954 0.01%

Assurant, Inc. 2,488 327,663 0.01%Nielsen Holdings plc 15,730 327,228 0.01%Credicorp Ltd. 3,136 320,264 0.01%Huntington Ingalls Industries, Inc. 1,800 319,884 0.01%

Federal Realty Investment Trust REIT 3,234 319,528 0.01%

Kimco Realty Corp. REIT 18,049 317,330 0.01%AGNC Investment Corp. REIT 22,268 317,149 0.01%Aramark 10,091 316,966 0.01%Campbell Soup Co. 8,214 315,774 0.01%Autoliv, Inc. 3,737 308,061 0.01%Vornado Realty Trust REIT 7,668 301,767 0.01%Zions Bancorp NA 6,719 299,491 0.01%Gentex Corp. 10,641 296,914 0.01%IPG Photonics Corp. 1,634 290,411 0.01%Organon & Co. 11,302 288,387 0.01%HEICO Corp. Class A 2,732 286,078 0.01%Commerce Bancshares, Inc. 4,540 285,439 0.01%Liberty Media Corp.-Liberty SiriusXM Class C 7,225 282,627 0.01%

Altice USA, Inc. Class A 9,652 277,864 0.01%Southwest Airlines Co. 6,120 273,978 0.01%Zillow Group, Inc. Class A 2,598 268,432 0.01%RenaissanceRe Holdings Ltd. 2,138 268,300 0.01%Voya Financial, Inc. 5,146 266,868 0.01%Rollins, Inc. 9,151 263,904 0.01%Delta Air Lines, Inc. 7,157 261,078 0.01%Fox Corp. Class B 8,689 257,908 0.01%Cabot Oil & Gas Corp. 16,823 247,685 0.01%SEI Investments Co. 4,644 242,675 0.01%Sirius XM Holdings, Inc. 42,132 232,350 0.01%Sarepta Therapeutics, Inc. 3,367 220,719 0.01%Vimeo, Inc. 5,248 216,841 0.01%Perrigo Co. plc 5,478 211,794 0.01%Southern Copper Corp. 3,844 208,488 0.01%Discovery, Inc. Class A 7,222 186,838 0.01%United Airlines Holdings, Inc. 3,661 161,425 0.01%Liberty Media Corp.-Liberty SiriusXM Class A 3,998 157,034 0.01%

Liberty Broadband Corp. Class A 1,003 142,233 0.01%

American Airlines Group, Inc. 7,431 132,905 0.01%Lennar Corp. Class B 1,651 113,394 0.01%Liberty Global plc Class A 4,778 109,428 0.00%Santander Consumer USA Holdings, Inc. 3,086 94,513 0.00%

Westlake Chemical Corp. 1,226 93,136 0.00%Avangrid, Inc. 2,011 87,213 0.00%News Corp. Class B 4,008 82,296 0.00%Ubiquiti, Inc. 299 78,712 0.00%CNA Financial Corp. 996 38,206 0.00%test test 1,454,177,535 64.88%Financial Assets at Fair Value Through Profit or Loss 2,235,827,272 99.76%

22


testNumber of Contracts

Notional Amount

Unrealised Gain/(Loss)


Net AssetsFinancial Derivative Instruments (1.57%) (2020: 1.16%)Futures (0.00%) (2020: 0.03%)S&P 500 E-mini 17 September 2021 10 $2,140,474 3,184 0.00 %FTSE 100 Index 17 September 2021 10 £700,834 (3,243 ) (0.00 %)Euro Stoxx Index 50 17 September 2021 34 €1,389,244 (10,374 ) (0.00 %)Topix Index 9 September 2021 26 ¥509,417,061 (32,191 ) (0.00 %)Net Unrealised Gain/(Loss) on Futures Contracts test test (42,624 ) (0.00 %)

CurrencyBuy

Amount Currency(Sell)

Amount CounterpartySettlement

Date



Net AssetsForward Foreign Currency Exchange Contracts (0.00%) (2020: 0.01%)USD 1,037,505 JPY (112,555,000) BNP Paribas 2/7/21 19,736 0.00 %USD 384,427 AUD (496,460) Morgan Stanley 15/9/21 9,757 0.00 %USD 289,835 CHF (259,725) Standard Chartered Bank 15/9/21 6,970 0.00 %USD 280,185 KRW (312,394,909) Citibank NA 15/9/21 2,411 0.00 %USD 176,279 JPY (19,410,000) JPMorgan Chase Bank 15/9/21 1,081 0.00 %USD 192,865 GBP (138,690) JPMorgan Chase Bank 15/9/21 1,043 0.00 %GBP 70,765 USD (97,713) Goldman Sachs International 15/9/21 52 0.00 %EUR 165,640 USD (196,716) Goldman Sachs International 15/9/21 23 0.00 %USD 2,715,813 GBP (1,965,600) Citibank NA 15/9/21 (23 ) (0.00 %)JPY 19,440,000 USD (175,485) Citibank NA 15/9/21 (184 ) (0.00 %)USD 3,334,115 JPY (369,835,000) Citibank NA 15/9/21 (190 ) (0.00 %)USD 4,671,866 EUR (3,933,600) Citibank NA 15/9/21 (308 ) (0.00 %)EUR 81,520 USD (97,198) Morgan Stanley 15/9/21 (312 ) (0.00 %)EUR 41,085 USD (49,179) Citibank NA 15/9/21 (319 ) (0.00 %)GBP 210,105 USD (290,694) Morgan Stanley 15/9/21 (333 ) (0.00 %)GBP 70,125 USD (97,452) BNP Paribas 15/9/21 (472 ) (0.00 %)JPY 19,580,000 USD (177,301) Morgan Stanley 15/9/21 (650 ) (0.00 %)EUR 204,700 USD (243,975) Citibank NA 15/9/21 (705 ) (0.00 %)GBP 71,145 USD (99,267) JPMorgan Chase Bank 15/9/21 (814 ) (0.00 %)EUR 124,110 USD (148,464) JPMorgan Chase Bank 15/9/21 (884 ) (0.00 %)JPY 19,625,000 USD (178,148) BNP Paribas 15/9/21 (1,022 ) (0.00 %)JPY 19,710,000 USD (178,944) JPMorgan Chase Bank 15/9/21 (1,047 ) (0.00 %)EUR 244,080 USD (291,557) Citibank NA 15/9/21 (1,385 ) (0.00 %)JPY 58,755,000 USD (531,463) Morgan Stanley 15/9/21 (1,467 ) (0.00 %)EUR 205,575 USD (246,019) JPMorgan Chase Bank 15/9/21 (1,551 ) (0.00 %)JPY 19,515,000 USD (177,920) JPMorgan Chase Bank 15/9/21 (1,665 ) (0.00 %)GBP 70,090 USD (99,005) JPMorgan Chase Bank 15/9/21 (1,821 ) (0.00 %)GBP 70,810 USD (100,152) JPMorgan Chase Bank 15/9/21 (1,949 ) (0.00 %)EUR 82,000 USD (99,990) JPMorgan Chase Bank 15/9/21 (2,183 ) (0.00 %)EUR 503,100 USD (600,257) JPMorgan Chase Bank 15/9/21 (2,262 ) (0.00 %)EUR 451,935 USD (539,845) Morgan Stanley 15/9/21 (2,566 ) (0.00 %)EUR 122,430 USD (148,535) JPMorgan Chase Bank 15/9/21 (2,623 ) (0.00 %)GBP 494,725 USD (687,165) Morgan Stanley 15/9/21 (3,040 ) (0.00 %)JPY 18,730,000 USD (173,244) Goldman Sachs International 2/7/21 (3,786 ) (0.00 %)JPY 78,480,140 USD (716,419) Bank of America 15/9/21 (7,461 ) (0.00 %)GBP 1,064,996 USD (1,502,785) State Street Bank & Trust Co. 15/9/21 (26,348 ) (0.00 %)JPY 93,825,000 USD (878,333) JPMorgan Chase Bank 2/7/21 (27,815 ) (0.00 %)EUR 2,954,069 USD (3,594,713) Standard Chartered Bank 15/9/21 (72,358 ) (0.00 %)Net Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts (126,470 ) (0.00 %) Hedge Share Class Forward Foreign Currency Exchange Contracts (1.57%) (2020: 1.12%)KRW 45,592,642,897 EUR (33,831,774) BNP Paribas 2/7/21 307,199 0.01 %KRW 45,329,344,562 EUR (33,841,153) BNP Paribas 2/7/21 100,667 0.00 %EUR 1,150,007,582 USD (1,364,686,397) BNP Paribas 3/8/21 26,165 0.00 %EUR 1,682,110 NZD (2,828,191) Morgan Stanley 2/7/21 15,697 0.00 %EUR 1,626,974 PLN (7,298,310) Morgan Stanley 2/7/21 10,416 0.00 %EUR 3,790,990 NOK (38,607,418) Morgan Stanley 2/7/21 7,769 0.00 %EUR 51,294,856 CAD (75,374,816) Toronto-Dominion Bank 3/8/21 2,478 0.00 %EUR 20,059,699 SEK (203,420,374) Morgan Stanley 2/7/21 2,464 0.00 %EUR 81,538,678 GBP (70,035,788) Morgan Stanley 3/8/21 2,164 0.00 %EUR 19,521,525 HKD (179,876,803) Morgan Stanley 3/8/21 1,770 0.00 %EUR 134,499,992 JPY (17,710,262,188) Morgan Stanley 3/8/21 1,501 0.00 %GBP 380,223 EUR (442,335) BNP Paribas 2/7/21 586 0.00 %KRW 263,298,335 EUR (196,568) BNP Paribas 2/7/21 585 0.00 %EUR 40,924,577 AUD (64,679,002) Morgan Stanley 4/8/21 492 0.00 %EUR 60,946 PLN (273,397) Citibank NA 2/7/21 389 0.00 %EUR 18,570,489 USD (22,037,356) Morgan Stanley 3/8/21 252 0.00 %EUR 20,158,912 SEK (204,524,773) Morgan Stanley 3/8/21 220 0.00 %

23


CurrencyBuy



Date



Net AssetsCHF 53,572,729 EUR (48,871,755) Morgan Stanley 2/7/21 134 0.00 %EUR 6,573,216 SGD (10,486,093) Morgan Stanley 3/8/21 70 0.00 %EUR 3,780,429 NOK (38,598,301) Morgan Stanley 3/8/21 37 0.00 %EUR 1,676,277 PLN (7,571,707) Morgan Stanley 3/8/21 32 0.00 %EUR 1,619,521 NZD (2,750,585) Morgan Stanley 3/8/21 25 0.00 %DKK 942,306 EUR (126,694) Citibank NA 2/7/21 24 0.00 %EUR 971,044 JPY (127,860,328) Morgan Stanley 3/8/21 24 0.00 %EUR 108,907 SEK (1,104,399) Citibank NA 2/7/21 13 0.00 %EUR 693,268 CHF (759,945) Citibank NA 2/7/21 5 0.00 %EUR 326,356 AUD (515,790) Morgan Stanley 4/8/21 3 0.00 %EUR 39,624 NZD (67,297) Morgan Stanley 3/8/21 1 0.00 %USD 1,364,686,397 EUR (1,150,760,096) BNP Paribas 2/7/21 — 0.00 %AUD 64,679,002 EUR (40,945,925) Morgan Stanley 2/7/21 — 0.00 %DKK 94,074,919 EUR (12,650,863) Morgan Stanley 2/7/21 — 0.00 %ILS 11,983,208 EUR (3,101,040) Morgan Stanley 2/7/21 — 0.00 %EUR 14,955 GBP (12,846) Morgan Stanley 3/8/21 — 0.00 %EUR 18,950 PLN (85,599) Morgan Stanley 3/8/21 — 0.00 %EUR 72,811 NOK (743,407) Morgan Stanley 3/8/21 — 0.00 %SGD 10,486,093 EUR (6,578,119) Morgan Stanley 2/7/21 — 0.00 %NOK 38,598,301 EUR (3,782,328) Morgan Stanley 2/7/21 — 0.00 %PLN 7,571,707 EUR (1,677,115) Morgan Stanley 2/7/21 — 0.00 %NZD 2,750,585 EUR (1,620,686) Morgan Stanley 2/7/21 — 0.00 %CAD 75,374,816 EUR (51,327,760) Toronto-Dominion Bank 2/7/21 — 0.00 %ILS 221,813 EUR (57,380) Morgan Stanley 3/8/21 (1 ) (0.00 %)NOK 9,117 EUR (895) Citibank NA 2/7/21 (2 ) (0.00 %)CAD 85,986 EUR (58,516) Morgan Stanley 3/8/21 (2 ) (0.00 %)JPY 17,710,262,188 EUR (134,552,903) Morgan Stanley 2/7/21 (3 ) (0.00 %)SEK 1,862,333 EUR (183,564) Morgan Stanley 3/8/21 (6 ) (0.00 %)EUR 423,657 DKK (3,150,646) Morgan Stanley 3/8/21 (7 ) (0.00 %)SEK 204,524,773 EUR (20,166,138) Morgan Stanley 2/7/21 (10 ) (0.00 %)SGD 405,130 EUR (253,966) Morgan Stanley 3/8/21 (13 ) (0.00 %)EUR 3,099,784 ILS (11,983,208) Morgan Stanley 3/8/21 (22 ) (0.00 %)EUR 2,063,559 CHF (2,261,664) Morgan Stanley 3/8/21 (50 ) (0.00 %)EUR 12,650,048 DKK (94,074,919) Morgan Stanley 3/8/21 (93 ) (0.00 %)HKD 8,459,429 EUR (918,100) Morgan Stanley 3/8/21 (105 ) (0.00 %)EUR 48,178,468 CHF (52,812,784) Morgan Stanley 2/7/21 (158 ) (0.00 %)EUR 364,465 AUD (576,156) Citibank NA 2/7/21 (278 ) (0.00 %)EUR 48,880,999 CHF (53,572,729) Morgan Stanley 3/8/21 (343 ) (0.00 %)NZD 77,606 EUR (46,158) Citibank NA 2/7/21 (431 ) (0.00 %)GBP 70,035,788 EUR (81,584,859) Morgan Stanley 2/7/21 (475 ) (0.00 %)EUR 29,447 ILS (116,615) Citibank NA 2/7/21 (731 ) (0.00 %)EUR 115,671 SGD (186,573) Citibank NA 2/7/21 (1,369 ) (0.00 %)HKD 179,876,803 EUR (19,531,612) Morgan Stanley 6/7/21 (1,475 ) (0.00 %)EUR 761,233 CAD (1,120,917) Citibank NA 2/7/21 (2,075 ) (0.00 %)EUR 654,073 KRW (877,477,324) BNP Paribas 3/8/21 (2,401 ) (0.00 %)EUR 12,774,981 DKK (95,017,225) Morgan Stanley 2/7/21 (2,600 ) (0.00 %)EUR 193,801 KRW (263,298,335) BNP Paribas 2/7/21 (3,352 ) (0.00 %)EUR 558,905 JPY (74,900,617) Citibank NA 2/7/21 (10,149 ) (0.00 %)EUR 581,898 HKD (5,504,993) Citibank NA 6/7/21 (15,807 ) (0.00 %)EUR 40,550,274 AUD (64,102,846) Morgan Stanley 2/7/21 (30,908 ) (0.00 %)EUR 2,996,561 ILS (11,866,592) Morgan Stanley 2/7/21 (74,301 ) (0.00 %)EUR 6,385,407 SGD (10,299,520) Morgan Stanley 2/7/21 (75,671 ) (0.00 %)EUR 34,037,721 KRW (45,592,642,897) BNP Paribas 2/7/21 (101,252 ) (0.00 %)EUR 81,915,536 GBP (70,416,012) Morgan Stanley 2/7/21 (111,769 ) (0.01 %)EUR 4,368,720 USD (5,324,869) Morgan Stanley 2/7/21 (121,430 ) (0.01 %)EUR 50,427,301 CAD (74,253,899) Morgan Stanley 2/7/21 (137,151 ) (0.01 %)EUR 33,801,535 KRW (45,592,642,897) BNP Paribas 3/8/21 (308,075 ) (0.01 %)EUR 18,431,788 HKD (174,371,810) Morgan Stanley 6/7/21 (500,644 ) (0.02 %)EUR 33,233,213 KRW (45,329,344,562) BNP Paribas 2/7/21 (708,607 ) (0.03 %)EUR 131,593,624 JPY (17,635,361,571) Morgan Stanley 2/7/21 (2,390,223 ) (0.11 %)EUR 1,115,282,051 USD (1,359,361,528) Toronto-Dominion Bank 2/7/21 (30,987,894 ) (1.38 %)Net Unrealised Gain/(Loss) on Hedge Share Class Forward Foreign Currency Exchange Contracts (35,108,701 ) (1.57 %)Total Forward Foreign Currency Exchange Contracts (35,235,171 ) (1.57 %)Total Financial Derivative Instruments (35,277,795 ) (1.57 %)

Fair Value Euro (€)

% of Total Net Assets

Other Assets and Liabilities 40,744,651 1.81 %Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 2,241,294,128 100.00 %

24


Analysis of Total Net Assets EUR (€)% of Total

Net Assets(a) Transferable securities admitted to an official stock exchange listing 2,228,513,534 99.43 (b) Transferable securities dealt in on another regulated market 6,869,957 0.31 (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated

market 443,781 0.02 (d) Financial derivative instruments (35,277,795 ) (1.57 )(e) Other assets and liabilities 40,744,651 1.81 Total Net Assets 2,241,294,128 100.00

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

25


Statement of Assets and Liabilities

Euro (€) Euro (€)As at 30 June 2021 As at 31 December 2020

Current AssetsFinancial Assets at Fair Value Through Profit or Loss 2,235,827,272 1,800,163,925Financial Derivative Instruments 525,439 28,549,093Cash 3,473,393 30,099,730Unrealised Appreciation on Spot Currency Contracts 7,752 —Receivables:

Futures Margin Cash 2,187,861 —Cash Collateral 30,078,422 2,672,551Interest and Dividends 3,109,280 2,435,983Capital Units Issued 2,019,000 6,082,000Investment Sold 1,421,733 1,761,595Other Receivables 4,952 —

Total Current Assets 2,278,655,104 1,871,764,877

Current LiabilitiesFinancial Derivative Instruments 35,803,234 7,021,603Bank Overdraft 3,682 97,609Payables and Other Liabilities:

Cash Collateral — 3,440,808Investments Purchased 1,072,520 1,570,457Management Fees Payable 481,540 409,408Capital Units Redeemed — 6,500

Total Current Liabilities 37,360,976 12,546,385

Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 2,241,294,128 1,859,218,492

Net Asset Value Per Unit

As at 30 June 2021

As at 31 December 2020


Institutional B EUR Accumulation Units - NL FBINet Assets Attributable to Holders of Redeemable Units €441,026,045 €321,096,814 €230,260,352Number of Units Outstanding 2,210,933 1,874,485 1,431,343Net Asset Value Per Unit1 €199.48 €171.30 €160.87

Institutional B EUR Hedged Accumulation Units - NL FBINet Assets Attributable to Holders of Redeemable Units €1,800,268,083 €1,538,121,678 €1,241,413,616Number of Units Outstanding 9,271,246 9,015,752 8,142,407Net Asset Value Per Unit1 €194.18 €170.60 €152.46

1 The net asset value per unit shown may diverge from the net asset value per unit used for dealing purposes because of any adjustments for swing pricing and trade date accounting.

26



Statement of Operations

Euro (€) Euro (€)Six Months Ended Six Months Ended

30 June 2021 30 June 2020

Investment IncomeDividend Income 21,859,534 16,710,614Interest Income 606 2,924Net Gain/(Loss) on Financial Instruments 257,229,362 (97,144,456)

Total Investment Income/(Loss) 279,089,502 (80,430,918)

ExpensesManagement Fees 2,714,227 1,848,611Transaction Fees and Commissions 101,360 91,672

Total Expenses 2,815,587 1,940,283

Finance CostInterest Expense 24,386 19,360

Total Finance Cost 24,386 19,360

Net Investment Income/(Loss) 276,249,529 (82,390,561)

Foreign Withholding Tax (2,421,469) (2,004,667)

Net Increase/(Decrease) in Net Assets 273,828,060 (84,395,228)

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units


30 June 2021 30 June 2020

Increase/(Decrease) in Net Assets

Net Increase/(Decrease) in Net Assets 273,828,060 (84,395,228)

Capital TransactionsSubscriptions 131,030,230 111,101,246Redemptions (22,782,654) (28,686,999)

Total Capital Transactions 108,247,576 82,414,247

Total Increase/(Decrease) for the Period 382,075,636 (1,980,981)

Net Assets

Beginning of Period 1,859,218,492 1,471,673,968

End of Period 2,241,294,128 1,469,692,987

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.

Vanguard SRI FTSE Developed Europe II Common Contractual Fund

27

Investment ObjectiveThe Sub-Fund seeks to provide long-term growth of capital by seeking to achieve the performance of the FTSE Developed Europe Index, a free-float-adjusted market-capitalisation index composed of large- and mid-cap stocks from across developed European Markets.




• Stock markets continued the rally that began in 2020, bolstered by reopening economies, more consumer spending and rising corporate profits. Returns in the United States and Europe outpaced those in emerging markets and the Pacific.

• For the period, the Sub-Fund’s benchmark index returned 15.77%.

• Ten of the benchmark’s 11 sectors recorded positive returns. Financials, industrials and consumer discretionary were the biggest contributors to results. Utilities posted a slightly negative return.

• Among markets, the United Kingdom, which represents nearly a quarter of the index, made the largest contribution to return for the period. France, Germany and Switzerland were also strong performers.

All returns in the commentary above are in euros.

Benchmark: FTSE Developed Europe Index


(Annualised for periods over one year)Six Months Since Inception1

Institutional B EUR Accumulation Units - NL FBI 15.67 % 7.23 %

Benchmark 15.77 7.82


Institutional B EUR Accumulation Units - NL Pension 15.69 % 13.19 %




weightings, trading activity, swing pricing, transaction costs, and differences in the valuation and withholding tax treatment between the Sub-Fund and the Index vendor.1 Since-inception returns: Institutional B EUR Accumulation Units - NL FBI, 17 November 2017; Institutional B EUR Accumulation Units - NL Pension, 20 November 2018.


28



SharesCost

Euro (€)

Purchases

Royal Dutch Shell plc Class A 78,317 1,364,836Cellnex Telecom SA 12,597 562,221Atlas Copco AB Class B 9,858 408,957Delivery Hero SE 2,248 262,320Flutter Entertainment plc 1,197 229,640Just Eat Takeaway.com NV 2,915 215,775Meggitt plc 37,338 211,091THG plc 26,413 201,909Evotec SE 6,605 197,893Allegro.eu SA 14,649 193,111SOITEC 982 182,259ams AG 9,879 168,626TUI AG 22,613 145,749TOMRA Systems A.S.A 3,190 143,939Daimler AG 1,974 140,806Volvo AB Class A 6,238 138,906Fresnillo plc 14,367 137,755Scatec A.S.A 5,863 134,275Nordea Bank Abp 14,200 123,727Natwest Group plc 55,892 123,694InPost SA 8,179 119,495Tecan Group AG 338 119,141Sinch AB 817 118,336Adyen NV 58 114,630Getinge AB Class B 4,934 114,514Bayerische Motoren Werke AG

- Preference Shares 1,673 113,129EQT AB 3,455 101,265Barry Callebaut AG 55 100,089Adevinta A.S.A Class B 6,331 96,854EDP Renovaveis SA 5,369 89,408Argenx SE 299 86,488

SharesProceeds

Euro (€)

Sales

Royal Dutch Shell plc Class B 133,490 2,140,427Nestle SA 23,282 2,036,674ASML Holding NV 2,497 1,181,938LVMH Moet Hennessy Louis

Vuitton SE 2,026 1,063,623Novo Nordisk A/S Class B 16,234 975,271Roche Holding AG 2,722 738,042Unilever plc 16,936 730,879GlaxoSmithKline plc 51,060 718,493Siemens AG 5,350 688,167Atlas Copco AB Class A 13,639 644,878SAP SE 5,885 600,608Cie Financiere Richemont SA

Class A 7,479 596,071Sanofi 7,662 584,862Allianz SE 2,827 564,820AstraZeneca plc 7,000 562,151Investor AB Class B 8,526 522,449Merck KGaA 3,871 520,830Henkel AG & Co. KGaA (XETR) 6,409 470,409Rio Tinto plc 6,784 469,097BP plc 134,563 459,287


29


.Number of

SharesFair Value


Net AssetsEquities 98.63% (2020: 98.42%)Austria 0.34% (2020: 0.29%)Erste Group Bank AG 14,280 441,823 0.10%Voestalpine AG 11,556 396,833 0.09%OMV AG 7,409 355,410 0.08%Raiffeisen Bank International AG 7,272 138,895 0.03%

Verbund AG 1,479 114,844 0.02%ANDRITZ AG 2,288 108,406 0.02%test test 1,556,211 0.34%Belgium 1.50% (2020: 1.56%)Anheuser-Busch InBev SA 42,829 2,604,431 0.57%KBC Group NV 15,256 980,961 0.21%Argenx SE 2,596 662,240 0.15%UCB SA 6,867 605,395 0.13%Groupe Bruxelles Lambert SA 6,248 589,436 0.13%Umicore SA 9,426 485,439 0.11%Solvay SA 2,736 293,299 0.06%Ageas SA 5,635 263,718 0.06%Sofina SA 622 226,283 0.05%Proximus SADP 4,678 76,205 0.02%Ackermans & van Haaren NV 419 59,666 0.01%Telenet Group Holding NV 576 18,282 0.00%test test 6,865,355 1.50%Denmark 3.66% (2020: 3.75%)Novo Nordisk A/S Class B 84,357 5,960,154 1.30%DSV PANALPINA A/S 9,527 1,873,693 0.41%Vestas Wind Systems A/S 47,875 1,576,037 0.35%Orsted A/S 8,953 1,059,492 0.23%Genmab A/S 2,799 965,841 0.21%Coloplast A/S Class B 6,968 964,206 0.21%Carlsberg A/S Class B 4,722 742,313 0.16%AP Moller-Maersk A/S Class B 285 690,822 0.15%Novozymes A/S Class B 10,183 647,303 0.14%Pandora A/S 3,738 423,753 0.09%AP Moller-Maersk A/S Class A 175 409,951 0.09%Chr Hansen Holding A/S 5,015 381,710 0.08%GN Store Nord A/S 4,784 352,419 0.08%Ambu A/S Class B 7,911 256,493 0.06%Demant A/S 4,172 198,046 0.04%H Lundbeck A/S 6,099 163,624 0.04%Tryg A/S 1,888 39,087 0.01%SimCorp A/S 360 38,110 0.01%test test 16,743,054 3.66%Finland 2.21% (2020: 2.27%)Nordea Bank Abp 202,761 1,905,548 0.42%Kone OYJ Class B 20,378 1,402,006 0.31%Nokia OYJ 271,522 1,226,058 0.27%Neste OYJ 20,652 1,066,469 0.23%Sampo OYJ Class A 23,336 904,503 0.20%UPM-Kymmene OYJ 27,283 870,328 0.19%Fortum OYJ 19,283 448,523 0.10%Stora Enso OYJ Class R 26,596 409,179 0.09%Wartsila OYJ Abp 27,347 342,248 0.07%Elisa OYJ 6,635 333,873 0.07%Orion OYJ Class B 8,290 300,513 0.06%Kesko OYJ Class B 9,531 296,891 0.06%Metso Outotec OYJ 24,611 241,089 0.05%Kojamo OYJ 8,708 167,803 0.04%Huhtamaki OYJ 3,380 135,031 0.03%Nokian Renkaat OYJ 2,159 73,514 0.02%test test 10,123,576 2.21%France 16.26% (2020: 16.14%)LVMH Moet Hennessy Louis Vuitton SE 12,261 8,108,199 1.77%

Sanofi 58,868 5,201,576 1.14%

.Number of

SharesFair Value


Net AssetsTotalEnergies SE 119,604 4,563,491 1.00%L’Oreal SA (Prime De Fidelite) 9,219 3,464,500 0.76%Schneider Electric SE 25,803 3,423,542 0.75%BNP Paribas SA 55,473 2,932,857 0.64%Air Liquide SA (Prime De Fidelite) 19,198 2,834,777 0.62%

Kering SA 3,648 2,688,576 0.59%EssilorLuxottica SA 14,683 2,285,262 0.50%AXA SA 99,262 2,122,718 0.46%Vinci SA 23,471 2,112,155 0.46%Hermes International 1,644 2,019,654 0.44%Pernod Ricard SA 10,565 1,977,768 0.43%Danone SA 31,168 1,850,444 0.40%Dassault Systemes SE 6,565 1,342,542 0.29%Cie de Saint-Gobain 22,709 1,261,258 0.28%Capgemini SE 7,459 1,208,358 0.26%L’Oreal SA 3,056 1,148,445 0.25%Legrand SA 12,737 1,136,905 0.25%Societe Generale SA 45,074 1,120,540 0.25%Cie Generale des Etablissements Michelin SCA 8,027 1,079,631 0.24%

Vivendi SE 36,351 1,029,824 0.23%Orange SA 103,173 992,008 0.22%Worldline SA 12,045 950,832 0.21%Teleperformance 2,767 947,144 0.21%STMicroelectronics NV 27,931 854,828 0.19%Credit Agricole SA 71,063 839,538 0.18%Engie SA (Prime De Fidelite 2023) 65,653 758,555 0.17%

Veolia Environnement SA 25,709 654,808 0.14%Eurofins Scientific SE 6,263 603,753 0.13%Edenred 11,880 570,834 0.12%Publicis Groupe SA 10,566 569,930 0.12%Alstom SA 12,669 539,573 0.12%Air Liquide SA (XPAR) 3,574 527,737 0.12%Sartorius Stedim Biotech 1,205 480,674 0.11%Carrefour SA 28,121 466,387 0.10%Bouygues SA 14,521 452,910 0.10%Renault SA 12,525 426,915 0.09%Eiffage SA 4,371 375,032 0.08%Arkema SA 3,526 373,051 0.08%Euronext NV 4,028 369,368 0.08%Gecina SA REIT 2,807 362,664 0.08%Getlink SE 25,860 340,059 0.07%Bureau Veritas SA 12,336 329,124 0.07%Electricite de France SA (Prime De Fidelite) 25,494 293,691 0.06%

Orpea SA 2,710 290,647 0.06%Valeo SA 11,294 286,529 0.06%Accor SA 8,683 273,428 0.06%Bollore SA 57,290 258,951 0.06%Ipsen SA 2,861 250,967 0.06%Rexel SA 13,925 245,637 0.05%Atos SE 4,541 232,953 0.05%Ubisoft Entertainment SA 3,925 231,732 0.05%Covivio REIT 3,165 228,260 0.05%Aeroports de Paris 1,936 212,670 0.05%Amundi SA 2,853 212,121 0.05%Klepierre SA REIT 9,582 208,217 0.05%Faurecia SE (XPAR) 4,984 206,188 0.05%SCOR SE 7,512 201,472 0.04%SOITEC 982 182,554 0.04%Suez SA 8,765 175,738 0.04%Engie SA 14,821 171,242 0.04%BioMerieux 1,728 169,344 0.04%Remy Cointreau SA 971 169,051 0.04%

30


.Number of

SharesFair Value


Net AssetsTechnipFMC plc - EUR 22,347 169,033 0.04%Eurazeo SE 2,067 151,924 0.03%Wendel SE 1,312 148,781 0.03%CNP Assurances 9,601 137,774 0.03%Sodexo SA - EU 1,712 134,734 0.03%Sodexo SA (XPAR) 1,570 123,559 0.03%ICADE REIT 1,667 121,358 0.03%La Francaise des Jeux SAEM 2,224 110,266 0.02%Rubis SCA 2,791 104,635 0.02%SEB SA - EUR 674 102,718 0.02%ALD SA 8,020 101,373 0.02%SEB SA (Prime De Fidelite) 643 97,993 0.02%JCDecaux SA 3,819 89,288 0.02%Sodexo SA - EUR 1,060 83,422 0.02%Faurecia SE 1,850 76,312 0.02%Air Liquide SA - EUR 504 74,421 0.02%Iliad SA 548 67,623 0.01%Casino Guichard Perrachon SA 2,416 64,628 0.01%L’Oreal SA - EUR 163 61,255 0.01%Technip Energies NV 5,210 60,228 0.01%Cie Plastic Omnium SA 1,106 29,132 0.01%Electricite de France SA (XPAR) 2,243 25,839 0.01%Neoen SA 254 9,622 0.00%Imerys SA 134 5,280 0.00%test test 74,351,336 16.26%Germany 14.41% (2020: 14.90%)SAP SE 54,085 6,427,461 1.41%Siemens AG 36,281 4,847,867 1.06%Allianz SE 20,051 4,216,725 0.92%Daimler AG 43,561 3,280,143 0.72%Deutsche Telekom AG 160,967 2,867,144 0.63%Adidas AG 9,063 2,844,876 0.62%BASF SE 42,479 2,822,305 0.62%Deutsche Post AG 45,041 2,583,552 0.56%Bayer AG 50,295 2,575,607 0.56%Infineon Technologies AG 60,278 2,038,602 0.45%MTU Aero Engines AG 8,830 1,844,587 0.40%Bayerische Motoren Werke AG 20,027 1,788,611 0.39%Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6,857 1,583,624 0.35%

Vonovia SE 27,134 1,479,346 0.32%Rheinmetall AG 16,737 1,394,192 0.30%Deutsche Boerse AG 9,149 1,346,733 0.29%Merck KGaA 7,508 1,214,044 0.27%Deutsche Bank AG 101,375 1,113,706 0.24%E.ON SE 101,558 990,597 0.22%Delivery Hero SE 8,337 928,742 0.20%Fresenius SE & Co. KGaA 20,909 919,892 0.20%Porsche Automobil Holding SE - Preference Shares 9,836 888,781 0.19%

RWE AG 29,006 886,423 0.19%Deutsche Wohnen SE 16,422 847,047 0.19%Fresenius Medical Care AG & Co. KGaA 9,727 681,279 0.15%

Symrise AG Class A 5,471 642,843 0.14%Continental AG 5,124 635,274 0.14%Zalando SE (XETR) 5,445 555,118 0.12%Siemens Healthineers AG 10,474 541,296 0.12%HelloFresh SE 6,591 540,330 0.12%Sartorius AG - Preference Shares 1,160 509,240 0.11%

Siemens Energy AG 19,401 493,173 0.11%QIAGEN NV 11,673 475,792 0.10%Beiersdorf AG 4,475 455,331 0.10%HeidelbergCement AG 6,181 447,134 0.10%Henkel AG & Co. KGaA - Preference Shares 5,004 445,556 0.10%

Puma SE 4,431 445,537 0.10%Covestro AG 7,627 415,366 0.09%Hannover Rueck SE 2,867 404,534 0.09%Aroundtown SA 60,896 400,696 0.09%

.Number of

SharesFair Value


Net AssetsBrenntag SE 5,083 398,609 0.09%Henkel AG & Co. KGaA (XETR) 4,752 368,993 0.08%LEG Immobilien SE 2,787 338,481 0.07%Knorr-Bremse AG 3,483 337,851 0.07%Zalando SE 3,191 325,323 0.07%Commerzbank AG 54,267 324,625 0.07%thyssenkrupp AG 34,349 301,928 0.07%Bayerische Motoren Werke AG - Preference Shares 3,739 283,416 0.06%

Deutsche Lufthansa AG 26,827 254,588 0.06%Evotec SE 6,605 252,509 0.06%Carl Zeiss Meditec AG 1,497 243,936 0.05%Evonik Industries AG 8,438 238,627 0.05%GEA Group AG 6,725 229,726 0.05%KION Group AG 2,425 217,959 0.05%TeamViewer AG 6,351 201,454 0.04%LANXESS AG 2,664 154,033 0.03%CTS Eventim AG & Co. KGaA 2,582 136,071 0.03%Traton SE 4,356 116,479 0.03%Nemetschek SE 1,787 115,297 0.03%Uniper SE 3,528 109,580 0.02%United Internet AG 2,884 99,440 0.02%Fraport AG Frankfurt Airport Services Worldwide 1,700 97,682 0.02%

Scout24 AG 1,344 95,585 0.02%Rational AG 123 93,972 0.02%Hella GmbH & Co. KGaA 1,603 92,589 0.02%Bechtle AG 591 92,580 0.02%RTL Group SA 1,811 91,003 0.02%Fuchs Petrolub SE - Preference Shares 1,969 80,768 0.02%

Varta AG 590 76,700 0.02%ProSiebenSat.1 Media SE 3,390 56,867 0.01%Hochtief AG 776 50,254 0.01%Talanx AG 1,267 43,686 0.01%METRO AG 3,684 38,461 0.01%DWS Group GmbH & Co. KGaA 929 35,506 0.01%

Auto1 Group SE 860 31,863 0.01%Telefonica Deutschland Holding AG 12,495 27,801 0.01%

Fuchs Petrolub SE (XETR) 56 1,834 0.00%test test 65,875,182 14.41%Ireland 0.41% (2020: 0.38%)Kerry Group plc Class A 8,684 1,022,975 0.22%Kingspan Group plc 7,547 601,043 0.13%Glanbia plc 10,909 149,344 0.03%AIB Group plc 55,114 119,763 0.03%test test 1,893,125 0.41%Italy 3.92% (2020: 3.85%)Enel SpA 378,004 2,960,527 0.65%Intesa Sanpaolo SpA 866,993 2,019,660 0.44%Stellantis NV 108,653 1,798,642 0.39%Eni SpA 137,148 1,408,510 0.31%UniCredit SpA 122,778 1,221,641 0.27%Assicurazioni Generali SpA 70,903 1,198,615 0.26%Ferrari NV 6,807 1,184,418 0.26%CNH Industrial NV 50,301 700,442 0.15%Snam SpA 103,299 503,583 0.11%Moncler SpA 7,913 451,516 0.10%Terna SPA 70,398 442,381 0.10%EXOR NV 6,393 431,911 0.09%FinecoBank Banca Fineco SpA 28,263 415,466 0.09%Nexi SpA 19,630 363,351 0.08%Recordati Industria Chimica e Farmaceutica SpA 7,118 343,088 0.08%

Prysmian SpA 10,905 329,658 0.07%Amplifon SpA 6,102 254,087 0.06%Mediobanca Banca di Credito Finanziario SpA 23,063 227,171 0.05%

Davide Campari-Milano NV 19,218 217,067 0.05%Poste Italiane SpA 18,188 202,796 0.04%

31


.Number of

SharesFair Value


Net AssetsTenaris SA 19,143 175,963 0.04%Telecom Italia SpA 419,672 175,801 0.04%Telecom Italia SpA (Non CVA) 354,662 158,463 0.03%DiaSorin SpA 848 135,256 0.03%Pirelli & C SpA 22,819 111,722 0.02%Hera SpA 30,790 107,272 0.02%Infrastrutture Wireless Italiane SpA 9,302 88,481 0.02%

A2A SpA 50,702 87,410 0.02%Banca Mediolanum SpA 10,654 87,405 0.02%Italgas SpA 9,523 52,491 0.01%Buzzi Unicem SpA 1,544 34,539 0.01%UnipolSai Assicurazioni SpA 14,036 34,360 0.01%test test 17,923,693 3.92%Netherlands 6.83% (2020: 6.35%)ASML Holding NV 19,104 11,068,858 2.42%Adyen NV 1,330 2,740,465 0.60%ING Groep NV 193,174 2,151,958 0.47%Koninklijke Philips NV 42,845 1,790,493 0.39%Prosus NV 21,303 1,756,858 0.38%Koninklijke DSM NV 8,391 1,320,743 0.29%Koninklijke Ahold Delhaize NV 51,493 1,290,930 0.28%Heineken NV 12,513 1,278,829 0.28%Wolters Kluwer NV 13,957 1,182,437 0.26%ArcelorMittal SA 43,451 1,123,208 0.25%Akzo Nobel NV 9,821 1,023,348 0.22%NN Group NV 14,520 577,606 0.13%ASM International NV 1,919 531,563 0.12%Unibail-Rodamco-Westfield REIT 6,971 508,813 0.11%

Heineken Holding NV 5,714 485,404 0.11%Koninklijke KPN NV 143,324 377,515 0.08%ABN AMRO Bank NV GDR 28,101 286,405 0.06%IMCD NV 2,051 275,039 0.06%Randstad NV 4,153 267,869 0.06%Aegon NV 65,534 229,303 0.05%Signify NV 3,859 205,839 0.05%Aalberts NV 4,285 194,196 0.04%JDE Peet's NV 5,386 164,812 0.04%Galapagos NV 2,549 149,066 0.03%InPost SA 8,179 138,438 0.03%ASR Nederland NV 1,714 55,859 0.01%Koninklijke Vopak NV 985 37,726 0.01%test test 31,213,580 6.83%Norway 1.16% (2020: 1.07%)DNB A.S.A 56,646 1,041,341 0.23%Equinor A.S.A 54,061 965,108 0.21%Norsk Hydro A.S.A 110,933 597,228 0.13%Mowi A.S.A 21,212 455,215 0.10%Telenor A.S.A 27,014 384,103 0.08%Yara International A.S.A 8,312 369,136 0.08%Orkla A.S.A 39,944 343,275 0.08%TOMRA Systems A.S.A 5,490 255,539 0.06%Adevinta A.S.A Class B 9,422 152,341 0.03%Scatec A.S.A 5,863 130,992 0.03%Salmar A.S.A 2,296 128,514 0.03%Aker BP A.S.A 4,329 116,403 0.03%Schibsted A.S.A Class B 3,059 107,493 0.02%Schibsted A.S.A Class A 2,506 102,058 0.02%Leroy Seafood Group A.S.A 12,097 89,475 0.02%Gjensidige Forsikring A.S.A 3,426 63,720 0.01%Aker A.S.A Class A 295 18,356 0.00%test test 5,320,297 1.16%Poland 0.55% (2020: 0.51%)Powszechna Kasa Oszczednosci Bank Polski SA 58,417 489,491 0.11%

KGHM Polska Miedz SA 8,901 369,961 0.08%Polski Koncern Naftowy ORLEN SA 16,855 286,646 0.06%

Bank Polska Kasa Opieki SA 12,347 254,339 0.06%Powszechny Zaklad Ubezpieczen SA 30,749 249,957 0.05%

.Number of

SharesFair Value


Net AssetsAllegro.eu SA 14,649 212,918 0.05%Santander Bank Polska SA 3,680 207,364 0.05%CD Projekt SA 3,306 135,485 0.03%Polskie Gornictwo Naftowe i Gazownictwo SA 77,736 114,881 0.02%

LPP SA 38 108,326 0.02%Dino Polska SA 783 48,544 0.01%Cyfrowy Polsat SA 7,008 46,475 0.01%test test 2,524,387 0.55%Portugal 0.27% (2020: 0.30%)EDP - Energias de Portugal SA 139,701 624,463 0.14%Galp Energia SGPS SA 29,662 271,467 0.06%Jeronimo Martins SGPS SA 10,708 164,689 0.04%EDP Renovaveis SA 7,707 150,595 0.03%test test 1,211,214 0.27%Spain 4.00% (2020: 4.05%)Iberdrola SA 284,526 2,924,927 0.64%Banco Santander SA 874,172 2,814,397 0.62%Banco Bilbao Vizcaya Argentaria SA 338,749 1,770,980 0.39%

Cellnex Telecom SA 28,611 1,536,983 0.34%Industria de Diseno Textil SA 51,358 1,525,846 0.33%Amadeus IT Group SA 20,417 1,211,136 0.26%Telefonica SA 259,703 1,023,490 0.22%Repsol SA 72,690 767,170 0.17%CaixaBank SA 272,852 707,778 0.15%Ferrovial SA 28,362 701,960 0.15%Aena SME SA 4,187 579,062 0.13%Grifols SA 17,738 405,136 0.09%ACS Actividades de Construccion y Servicios SA 12,967 292,925 0.06%

Endesa SA 14,266 291,882 0.06%Naturgy Energy Group SA 12,884 279,325 0.06%Siemens Gamesa Renewable Energy SA 9,746 274,447 0.06%

Red Electrica Corp. SA 14,257 223,193 0.05%Inmobiliaria Colonial Socimi SA REIT 19,694 167,694 0.04%

Enagas SA 8,290 161,531 0.04%Merlin Properties Socimi SA REIT 16,127 140,886 0.03%

Bankinter SA 32,550 137,979 0.03%Zardoya Otis SA 12,430 72,218 0.02%Mapfre SA 38,406 68,459 0.02%Acciona SA 537 68,360 0.02%Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 32,550 57,516 0.01%

Grifols SA - Preference Shares Class B 3,065 45,362 0.01%

ACS Actividades de Construccion y Servicios SA - Rights Issue 23/7/2021 12,967 15,301 0.00%

test test 18,265,943 4.00%Sweden 5.60% (2020: 5.35%)Investor AB Class B 115,749 2,251,183 0.49%Atlas Copco AB Class A 34,673 1,791,428 0.39%Volvo AB Class B 75,995 1,542,830 0.34%Telefonaktiebolaget LM Ericsson Class B 135,526 1,437,309 0.31%

Sandvik AB 55,381 1,193,679 0.26%Assa Abloy AB Class B 44,878 1,140,757 0.25%Saab AB Class B 45,312 1,014,628 0.22%Evolution AB 7,168 955,828 0.21%Hexagon AB Class B 75,955 949,625 0.21%Skandinaviska Enskilda Banken AB Class A 84,640 922,595 0.20%

Essity AB Class B 32,459 908,289 0.20%Svenska Handelsbanken AB Class A 88,275 840,449 0.18%

H&M Hennes & Mauritz AB Class B 39,329 787,201 0.17%

Boliden AB 21,410 694,527 0.15%

32


.Number of

SharesFair Value


Net AssetsAtlas Copco AB Class B 15,382 682,499 0.15%Epiroc AB Class A 32,926 633,068 0.14%Alfa Laval AB 17,038 507,848 0.11%Telia Co. AB 126,284 472,911 0.10%SKF AB Class B 20,569 441,923 0.10%Skanska AB Class B 19,167 428,999 0.09%Nibe Industrier AB Class B 47,862 424,821 0.09%Kinnevik AB Class B 11,411 385,467 0.08%Industrivarden AB Class A 11,267 369,716 0.08%Sinch AB 25,604 363,536 0.08%Svenska Cellulosa AB SCA Class B 25,346 350,501 0.08%

EQT AB 11,115 340,398 0.08%Lundin Energy AB 9,316 278,139 0.06%Tele2 AB Class B 23,786 273,462 0.06%Trelleborg AB Class B 13,578 266,018 0.06%Electrolux AB 11,172 261,400 0.06%Castellum AB 11,818 253,792 0.06%Fastighets AB Balder Class B 4,671 247,321 0.05%L E Lundbergforetagen AB Class B 4,358 237,279 0.05%

Svenska Handelsbanken AB Class B 21,297 215,028 0.05%

Husqvarna AB Class B 17,260 193,499 0.04%Epiroc AB Class B 10,813 179,062 0.04%Getinge AB Class B 4,934 157,040 0.03%Swedish Orphan Biovitrum AB 9,949 153,080 0.03%Elekta AB Class B 11,179 136,679 0.03%Lifco AB Class B 6,790 133,899 0.03%Volvo AB Class A 6,238 130,517 0.03%Industrivarden AB Class C 4,067 125,595 0.03%ICA Gruppen AB 3,044 119,545 0.03%Securitas AB Class B 6,012 80,085 0.02%Investor AB Class A 4,068 78,356 0.02%Investment AB Latour Class B 2,684 74,312 0.02%Telefonaktiebolaget LM Ericsson Class A 5,662 60,070 0.01%

Skandinaviska Enskilda Banken AB Class C 4,387 47,235 0.01%

Indutrade AB 1,652 35,672 0.01%Kinnevik AB Class A 771 29,466 0.01%Sagax AB Class B 355 8,898 0.00%test test 25,607,464 5.60%Switzerland 14.47% (2020: 14.70%)Nestle SA 139,723 14,686,261 3.21%Roche Holding AG (XSWX) 35,774 11,374,913 2.49%Zurich Insurance Group AG 8,170 2,766,594 0.60%Cie Financiere Richemont SA Class A 25,414 2,595,450 0.57%

ABB Ltd. 87,265 2,498,888 0.55%Lonza Group AG 3,849 2,302,686 0.50%UBS Group AG 175,342 2,264,982 0.49%Sika AG 6,915 1,908,240 0.42%Givaudan SA 459 1,801,771 0.39%Holcim Ltd. 29,634 1,500,371 0.33%Alcon, Inc. 25,176 1,487,795 0.32%Swiss Re AG 17,179 1,308,265 0.29%Partners Group Holding AG 1,023 1,307,929 0.29%Roche Holding AG 3,724 1,276,680 0.28%Geberit AG 1,762 1,115,529 0.24%Credit Suisse Group AG 124,326 1,099,236 0.24%SGS SA 361 939,889 0.21%Sonova Holding AG 2,705 858,740 0.19%Swisscom AG 1,687 812,885 0.18%Swiss Life Holding AG 1,969 807,584 0.18%Kuehne + Nagel International AG 2,748 793,676 0.17%

Logitech International SA 6,899 705,517 0.15%Straumann Holding AG 512 688,934 0.15%Julius Baer Group Ltd. 11,565 637,022 0.14%Barry Callebaut AG 300 588,403 0.13%

.Number of

SharesFair Value


Net AssetsChocoladefabriken Lindt & Spruengli AG 70 587,810 0.13%

Chocoladefabriken Lindt & Spruengli AG (XSWX) 6 530,384 0.12%

Swatch Group AG 1,793 519,162 0.11%Adecco Group AG 8,703 499,067 0.11%Schindler Holding AG 1,925 474,846 0.10%Vifor Pharma AG 4,165 454,994 0.10%Swiss Prime Site AG 5,128 429,444 0.09%Temenos AG 2,976 403,429 0.09%Schindler Holding AG (XSWX) 1,409 363,758 0.08%VAT Group AG 1,234 346,272 0.08%EMS-Chemie Holding AG 416 344,963 0.08%Georg Fischer AG 267 334,424 0.07%Baloise Holding AG 2,529 332,913 0.07%Swatch Group AG REG 5,598 311,770 0.07%Flughafen Zurich AG 1,674 233,648 0.05%PSP Swiss Property AG 2,156 231,101 0.05%SIG Combibloc Group AG 10,055 230,602 0.05%Banque Cantonale Vaudoise 2,958 224,241 0.05%Helvetia Holding AG 2,445 221,931 0.05%OC Oerlikon Corp. AG 20,182 188,898 0.04%Sulzer AG 1,583 184,556 0.04%Clariant AG 10,842 181,988 0.04%ams AG 9,879 167,265 0.04%Tecan Group AG 338 141,344 0.03%DKSH Holding AG 1,773 114,514 0.02%test test 66,181,564 14.47%United Kingdom 23.04% (2020: 22.95%)AstraZeneca plc 66,918 6,768,615 1.48%Unilever plc 126,606 6,239,260 1.36%Diageo plc 121,247 4,888,321 1.07%GlaxoSmithKline plc 269,900 4,462,670 0.98%Rio Tinto plc 59,666 4,134,833 0.90%BP plc 982,830 3,606,418 0.79%Royal Dutch Shell plc Class A 193,140 3,255,126 0.71%Royal Dutch Shell plc Class B 187,922 3,062,545 0.67%Reckitt Benckiser Group plc 34,660 2,582,807 0.57%Anglo American plc 70,482 2,358,443 0.52%RELX plc 103,141 2,305,650 0.50%National Grid plc 202,886 2,176,228 0.48%Prudential plc 129,265 2,068,220 0.45%Vodafone Group plc 1,394,955 1,971,747 0.43%Lloyds Banking Group plc 3,582,817 1,948,658 0.43%Barclays plc 890,307 1,774,711 0.39%CRH plc 39,541 1,684,456 0.37%Compass Group plc 91,515 1,622,535 0.36%London Stock Exchange Group plc 17,377 1,613,319 0.35%

Experian plc 48,535 1,575,155 0.34%Ferguson plc 12,457 1,458,366 0.32%Ashtead Group plc 22,830 1,426,533 0.31%Flutter Entertainment plc 7,687 1,177,076 0.26%Meggitt plc 214,921 1,154,663 0.25%Tesco plc 432,313 1,122,775 0.25%SSE plc 60,676 1,060,572 0.23%BT Group plc 466,235 1,053,643 0.23%Aviva plc 216,213 1,022,323 0.22%Legal & General Group plc 305,937 918,047 0.20%Smith & Nephew plc 50,135 912,532 0.20%Segro plc REIT 68,049 867,610 0.19%3i Group plc 58,786 803,265 0.18%Spirax-Sarco Engineering plc 5,025 796,968 0.17%Standard Chartered plc 147,743 793,405 0.17%WPP plc 69,125 784,459 0.17%Natwest Group plc 325,814 771,224 0.17%Halma plc 23,899 749,449 0.16%Croda International plc 7,989 685,692 0.15%Mondi plc 29,519 653,688 0.14%Just Eat Takeaway.com NV 8,365 652,092 0.14%Persimmon plc 17,999 620,203 0.14%Intertek Group plc 9,487 611,141 0.13%

33


.Number of

SharesFair Value


Net AssetsRentokil Initial plc 105,786 609,987 0.13%Entain plc 29,164 592,999 0.13%Burberry Group plc 24,176 581,838 0.13%Smurfit Kappa Group plc 12,670 579,743 0.13%Next plc 6,142 562,080 0.12%Bunzl plc 20,188 561,819 0.12%Ocado Group plc 23,562 549,769 0.12%InterContinental Hotels Group plc 9,796 548,884 0.12%

United Utilities Group plc 46,680 529,853 0.12%Associated British Foods plc 20,425 527,253 0.12%Antofagasta plc 30,248 505,809 0.11%Severn Trent plc 17,300 504,019 0.11%Smiths Group plc 27,128 502,461 0.11%St James's Place plc 28,959 498,254 0.11%Sage Group plc 62,037 494,448 0.11%Hikma Pharmaceuticals plc 16,781 478,147 0.11%Evraz plc 68,805 474,492 0.10%Melrose Industries plc 262,139 473,621 0.10%Informa plc 80,550 470,663 0.10%Barratt Developments plc 57,897 468,870 0.10%Admiral Group plc 11,937 437,185 0.10%Standard Life Aberdeen plc 136,883 432,122 0.09%Coca-Cola HBC AG 14,105 429,503 0.09%M&G plc 157,734 420,589 0.09%Polymetal International plc 23,136 418,954 0.09%DCC plc 6,031 415,768 0.09%Kingfisher plc 96,841 411,191 0.09%WM Morrison Supermarkets plc 136,514 392,314 0.09%

Whitbread plc 10,780 392,048 0.09%Berkeley Group Holdings plc 7,307 391,121 0.09%Johnson Matthey plc 10,754 384,964 0.08%Taylor Wimpey plc 207,312 383,859 0.08%Land Securities Group plc REIT 48,683 383,024 0.08%Pennon Group plc 28,579 378,026 0.08%IMI plc 18,651 373,695 0.08%DS Smith plc 76,758 373,666 0.08%Intermediate Capital Group plc 14,866 367,820 0.08%

.Number of

SharesFair Value


Net AssetsHargreaves Lansdown plc 19,863 367,668 0.08%Pearson plc 37,161 359,296 0.08%Schroders plc 8,693 355,742 0.08%Weir Group plc 15,213 328,026 0.07%Howden Joinery Group plc 34,472 327,916 0.07%J Sainsbury plc 102,302 323,907 0.07%British Land Co. plc REIT 54,163 312,253 0.07%ITV plc 210,255 307,504 0.07%Bellway plc 7,991 301,601 0.07%Tate & Lyle plc 34,681 298,312 0.07%ConvaTec Group plc 105,160 294,736 0.06%Phoenix Group Holdings plc 35,332 278,393 0.06%Fresnillo plc 29,333 263,655 0.06%Derwent London plc REIT 6,794 262,755 0.06%Travis Perkins plc 13,335 262,367 0.06%AVEVA Group plc 5,950 257,006 0.06%Quilter plc 142,747 247,349 0.05%B&M European Value Retail SA 35,068 234,155 0.05%Direct Line Insurance Group plc 70,368 233,618 0.05%

JD Sports Fashion plc 21,534 230,530 0.05%International Consolidated Airlines Group SA 108,772 220,751 0.05%

Rightmove plc 27,120 205,158 0.05%easyJet plc 18,280 190,541 0.04%THG plc 26,413 187,687 0.04%Centrica plc 299,006 179,241 0.04%Hiscox Ltd. 17,195 166,573 0.04%TUI AG 36,811 158,445 0.04%HomeServe plc 13,480 150,040 0.03%Auto Trader Group plc 20,047 147,916 0.03%Avast plc 25,787 147,132 0.03%Ashmore Group plc 32,457 145,565 0.03%Renishaw plc 1,232 70,696 0.02%Wickes Group plc 9,018 25,842 0.01%Dr. Martens plc 3,881 20,118 0.00%NMC Health plc 5,049 — 0.00%test test 105,358,795 23.04%Financial Assets at Fair Value Through Profit or Loss 451,014,776 98.63%


Notional Amount



Net AssetsFinancial Derivative Instruments (0.01%) (2020: 0.02%)Futures (0.01%) (2020: 0.01%)Swiss Market Index 17 September 2021 9 CHF1,067,437 5,303 0.00 %FTSE 100 Index 17 September 2021 19 £1,342,113 (18,427 ) (0.00 %)Euro Stoxx 50 Index 17 September 2021 78 €3,207,857 (44,567 ) (0.01 %)Net Unrealised Gain/(Loss) on Futures Contracts test test (57,691 ) (0.01 %)

CurrencyBuy



Date



Net AssetsForward Foreign Currency Exchange Contracts (0.00%) (2020: 0.01%)EUR 109,427 CHF (119,150) JPMorgan Chase Bank 15/9/21 682 0.00 %GBP 723,701 EUR (841,206) BNP Paribas 15/9/21 643 0.00 %GBP 140,070 EUR (162,533) JPMorgan Chase Bank 15/9/21 404 0.00 %GBP 140,400 EUR (163,338) BNP Paribas 15/9/21 (17 ) (0.00 %)EUR 82,271 GBP (70,765) Goldman Sachs International 15/9/21 (47 ) (0.00 %)EUR 82,426 GBP (70,940) BNP Paribas 15/9/21 (95 ) (0.00 %)CHF 349,834 EUR (321,051) BNP Paribas 15/9/21 (1,766 ) (0.00 %)Net Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts (196 ) (0.00 %)Total Forward Foreign Currency Exchange Contracts (196 ) (0.00 %)Total Financial Derivative Instruments (57,887 ) (0.01 %)



Other Assets and Liabilities 6,340,386 1.38 %Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 457,297,275 100.00 %

34



Net Assets(a) Transferable securities admitted to an official stock exchange listing 449,980,778 98.40 (b) Transferable securities dealt in on another regulated market 371,758 0.08 (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated

market 662,240 0.15 (d) Financial derivative instruments (57,887 ) (0.01 )(e) Other assets and liabilities 6,340,386 1.38 Total Net Assets 457,297,275 100.00


35




Current AssetsFinancial Assets at Fair Value Through Profit or Loss 451,014,776 448,990,779 Financial Derivative Instruments 7,032 129,700 Cash 3,692,778 4,937,322 Receivables:

Futures Margin Cash 451,621 — Cash Collateral — 563,933 Interest and Dividends 2,197,989 1,424,420 Capital Units Issued 48,000 116,000 Investment Sold 86,971 202,454

Total Current Assets 457,499,167 456,364,608

Current LiabilitiesFinancial Derivative Instruments 64,919 38,736 Bank Overdraft — 25,416 Unrealised Depreciation on Spot Currency Contracts 362 — Payables and Other Liabilities:

Management Fees Payable 105,611 106,823 Capital Units Redeemed 31,000 — Other Payables — 13,194

Total Current Liabilities 201,892 184,169

Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 457,297,275 456,180,439


As at 30 June 2021



Institutional B EUR Accumulation Units - NL PensionNet Assets Attributable to Holders of Redeemable Units €253,150,651 €272,561,607 €210,687,807 Number of Units Outstanding 1,828,847 2,278,630 1,728,213 Net Asset Value Per Unit1 €138.42 €119.62 €121.91

Institutional B EUR Accumulation Units - NL FBINet Assets Attributable to Holders of Redeemable Units €204,146,624 €183,618,832 €199,938,094 Number of Units Outstanding 1,582,860 1,646,770 1,757,923 Net Asset Value Per Unit1 €128.97 €111.50 €113.74


36





30 June 2021 30 June 2020

Investment IncomeDividend Income 8,761,386 6,123,356 Interest Income 223 65 Net Gain/(Loss) on Financial Instruments 55,988,010 (54,631,904 )

Total Investment Income/(Loss) 64,749,619 (48,508,483 )

ExpensesManagement Fees 624,906 497,607 Transaction Fees and Commissions 18,545 46,991

Total Expenses 643,451 544,598



Net Investment Income/(Loss) 64,093,875 (49,059,938 )

Foreign Withholding Tax (496,395 ) (454,212 )

Net Increase/(Decrease) in Net Assets 63,597,480 (49,514,150 )



30 June 2021 30 June 2020



Capital TransactionsSubscriptions 1,312,356 2,320,423 Redemptions (63,793,000 ) (9,540,999 )

Total Capital Transactions (62,480,644 ) (7,220,576 )

Total Increase/(Decrease) for the Period 1,116,836 (56,734,726 )

Net Assets

Beginning of Period 456,180,439 410,625,901

End of Period 457,297,275 353,891,175


Vanguard SRI FTSE Developed World II Common Contractual Fund

37

Investment ObjectiveThe Sub-Fund seeks to provide long-term growth of capital by seeking to achieve the performance of the FTSE Developed Index, a market-capitalisation-weighted index of common stocks of large- and mid-sized companies in developed countries.




• Stock markets continued the rally that began in 2020, bolstered by reopening economies, more consumer spending and rising corporate profits. Returns in the United States and Europe outpaced those in emerging markets and the Pacific.

• For the period, the Sub-Fund’s benchmark index returned 16.72%.

• All of the index’s 11 sectors recorded positive results. Technology and financials were the biggest contributors, followed by industrials, consumer discretionary and health care.

• US stocks, which made up more than 60% of the index, on average, during the period, returned more than 18% and accounted for most of its return.

All returns in the commentary above are in euros.

Benchmark: FTSE Developed Index


(Annualised for periods over one year)Six Months Since Inception1

Institutional B EUR Accumulation Units - NL FBI 16.50 % 13.20 %



Institutional B EUR Accumulation Units - NL Pension 16.57 % 12.08 %



Institutional B EUR Hedged Accumulation Units - NL Pension 13.88 % 10.18 %




weightings, trading activity, swing pricing, transaction costs and differences in the valuation and withholding tax treatment between the Sub-Fund and the Index vendor. Tracking difference in the table above is in percentage points.

1 Since-inception returns: Institutional B EUR Accumulation Units - NL FBI, 27 September 2017; Institutional B EUR Accumulation Units - NL Pension, 21 June 2017; Institutional B EUR Hedged Accumulation Units - NL Pension, 31 January 2018.


38



SharesCost

Euro (€)

Purchases

Apple, Inc. 100,828 10,355,764Microsoft Corp. 48,190 9,297,899Amazon.com, Inc. 2,879 7,502,534Alphabet, Inc. Class C 2,689 4,335,208Facebook, Inc. Class A 14,929 3,356,585Tesla, Inc. 4,795 2,799,157Alphabet, Inc. Class A 1,469 2,575,954JPMorgan Chase & Co. 19,223 2,436,639Berkshire Hathaway, Inc. Class B 10,424 2,209,055UnitedHealth Group, Inc. 6,603 1,982,685Visa, Inc. Class A 10,573 1,929,605Procter & Gamble Co. 17,291 1,869,659NVIDIA Corp. 4,077 1,801,242Mastercard, Inc. Class A 5,641 1,723,166Samsung Electronics Co., Ltd. 27,830 1,715,692Walt Disney Co. 10,764 1,700,596Home Depot, Inc. 7,319 1,666,503Verizon Communications, Inc. 35,089 1,653,684Nestle SA 18,044 1,649,216Bank of America Corp. 49,482 1,516,692

SharesProceeds

Euro (€)

Sales

Apple, Inc. 76,718 8,447,232Microsoft Corp. 30,037 6,113,674Amazon.com, Inc. 1,678 4,629,411Alphabet, Inc. Class A 1,995 3,462,236Alphabet, Inc. Class C 1,255 2,289,536Facebook, Inc. Class A 9,517 2,228,655Tesla, Inc. 2,637 1,786,521Visa, Inc. Class A 7,436 1,306,854Procter & Gamble Co. 11,962 1,305,665JPMorgan Chase & Co. 10,580 1,263,028Adobe, Inc. 2,714 1,169,867UnitedHealth Group, Inc. 4,011 1,151,365NVIDIA Corp. 2,388 1,149,581Home Depot, Inc. 4,814 1,141,316PayPal Holdings, Inc. 4,934 1,116,638Mastercard, Inc. Class A 3,808 1,099,218Nestle SA 11,534 1,089,090Verizon Communications, Inc. 23,251 1,080,743Berkshire Hathaway, Inc. Class B 5,064 1,009,551Walt Disney Co. 6,343 961,431


39


.Number of

SharesFair Value


Net AssetsEquities 99.49% (2020: 97.89%)Australia 2.38% (2020: 2.34%)Commonwealth Bank of Australia 53,355 3,373,319 0.25%

CSL Ltd. 12,792 2,309,511 0.17%Westpac Banking Corp. 107,738 1,760,371 0.13%National Australia Bank Ltd. 104,002 1,726,321 0.13%Australia & New Zealand Banking Group Ltd. 85,053 1,515,707 0.11%

Wesfarmers Ltd. 35,419 1,325,168 0.10%Rio Tinto Ltd. 14,187 1,137,388 0.08%Woolworths Group Ltd. 40,422 975,735 0.07%Macquarie Group Ltd. 9,682 958,810 0.07%Fortescue Metals Group Ltd. 54,242 801,464 0.06%Transurban Group 86,634 780,442 0.06%Goodman Group REIT 54,755 733,824 0.05%Newcrest Mining Ltd. 34,387 550,324 0.04%Woodside Petroleum Ltd. 36,038 506,706 0.04%Coles Group Ltd. 43,027 465,511 0.03%South32 Ltd. 242,312 449,459 0.03%Afterpay Ltd. 5,982 447,508 0.03%Amcor plc 45,892 439,565 0.03%Aristocrat Leisure Ltd. 15,307 417,555 0.03%Telstra Corp., Ltd. 174,562 415,513 0.03%BlueScope Steel Ltd. 25,190 350,193 0.03%Sonic Healthcare Ltd. 14,169 344,443 0.03%ASX Ltd. 6,709 330,052 0.02%Scentre Group REIT 175,976 305,247 0.02%James Hardie Industries plc 10,526 301,662 0.02%QBE Insurance Group Ltd. 43,749 298,839 0.02%Santos Ltd. 65,162 292,474 0.02%Brambles Ltd. 35,818 259,403 0.02%Xero Ltd. 2,936 254,824 0.02%Cochlear Ltd. 1,580 251,730 0.02%Mineral Resources Ltd. 7,334 249,462 0.02%Northern Star Resources Ltd. 39,938 247,271 0.02%Dexus REIT 35,406 239,160 0.02%Suncorp Group Ltd. 33,661 236,749 0.02%Mirvac Group REIT 125,541 232,068 0.02%OZ Minerals Ltd. 15,851 225,580 0.02%GPT Group REIT 72,682 225,460 0.02%Insurance Australia Group Ltd. 67,743 221,290 0.02%Stockland REIT 72,788 214,730 0.02%Alumina Ltd. 197,886 206,076 0.02%IGO Ltd. 42,599 205,765 0.02%Evolution Mining Ltd. 71,818 204,594 0.02%Ramsay Health Care Ltd. 4,971 198,101 0.02%Qantas Airways Ltd. 62,494 184,362 0.01%Tabcorp Holdings Ltd. 55,967 183,531 0.01%Oil Search Ltd. 75,945 183,177 0.01%APA Group 31,669 178,432 0.01%Washington H Soul Pattinson & Co., Ltd. 8,024 171,338 0.01%

Ampol Ltd. 9,125 162,961 0.01%Endeavour Group Ltd. 40,422 160,959 0.01%Lendlease Corp., Ltd. 22,029 159,818 0.01%Aurizon Holdings Ltd. 66,839 157,406 0.01%Iluka Resources Ltd. 26,968 156,213 0.01%Sydney Airport 42,274 154,953 0.01%Sims Ltd. 14,429 151,632 0.01%Vicinity Centres REIT 155,017 151,619 0.01%Deterra Royalties Ltd. 52,419 149,330 0.01%Treasury Wine Estates Ltd. 18,014 133,199 0.01%Origin Energy Ltd. 45,115 128,809 0.01%Medibank Pvt Ltd. 64,119 128,269 0.01%Computershare Ltd. 11,803 126,278 0.01%

.Number of

SharesFair Value


Net AssetsSEEK Ltd. 5,777 121,200 0.01%Boral Ltd. 25,214 117,321 0.01%Charter Hall Group REIT 11,814 116,074 0.01%Magellan Financial Group Ltd. 3,383 115,349 0.01%Atlas Arteria Ltd. 28,354 114,341 0.01%Bank of Queensland Ltd. 18,025 103,954 0.01%Domino's Pizza Enterprises Ltd. 1,326 101,161 0.01%

AGL Energy Ltd. 18,297 94,982 0.01%Qube Holdings Ltd. 45,323 90,955 0.01%Bendigo & Adelaide Bank Ltd. 13,319 88,449 0.01%Reece Ltd. 5,848 87,408 0.01%NEXTDC Ltd. 11,315 84,954 0.01%Metcash Ltd. 32,699 82,595 0.01%JB Hi-Fi Ltd. 2,473 79,186 0.01%Orica Ltd. 9,239 77,673 0.01%TPG Telecom Ltd. 17,803 70,553 0.01%Beach Energy Ltd. 83,254 65,354 0.01%Crown Resorts Ltd. 8,177 61,653 0.01%ALS Ltd. 7,430 61,336 0.00%Harvey Norman Holdings Ltd. 17,425 60,451 0.00%Incitec Pivot Ltd. 39,090 58,897 0.00%CIMIC Group Ltd. 4,164 52,142 0.00%AMP Ltd. 68,965 49,117 0.00%REA Group Ltd. 430 46,013 0.00%AusNet Services Ltd. 39,330 43,572 0.00%Downer EDI Ltd. 12,258 43,379 0.00%Challenger Ltd. 11,391 39,013 0.00%Whitehaven Coal Ltd. 29,652 36,417 0.00%IDP Education Ltd. 2,311 35,902 0.00%Altium Ltd. 1,511 35,096 0.00%Worley Ltd. 3,993 30,233 0.00%Cleanaway Waste Management Ltd. 17,858 29,846 0.00%

Ansell Ltd. 991 27,297 0.00%WiseTech Global Ltd. 1,299 26,258 0.00%Shopping Centres Australasia Property Group REIT 16,024 25,563 0.00%

Vocus Group Ltd. 6,635 23,102 0.00%Seven Group Holdings Ltd. 1,765 22,738 0.00%Orora Ltd. 10,298 21,709 0.00%Star Entertainment Group Ltd. 8,476 19,800 0.00%Nufarm Ltd. 5,829 16,901 0.00%IOOF Holdings Ltd. 5,320 14,381 0.00%Flight Centre Travel Group Ltd. 1,523 14,318 0.00%Appen Ltd. 1,294 11,141 0.00%test test 32,325,444 2.38%Austria 0.06% (2020: 0.05%)Voestalpine AG 9,408 323,071 0.02%OMV AG 5,365 257,359 0.02%Erste Group Bank AG 5,962 184,464 0.01%Verbund AG 1,122 87,123 0.01%Raiffeisen Bank International AG 1,675 31,993 0.00%

test test 884,010 0.06%Belgium 0.28% (2020: 0.29%)Anheuser-Busch InBev SA 25,073 1,524,689 0.11%KBC Group NV 7,773 499,804 0.04%UCB SA 4,998 440,624 0.03%Argenx SE 1,412 360,201 0.03%Umicore SA 4,686 241,329 0.02%Groupe Bruxelles Lambert SA 2,375 224,058 0.02%Solvay SA 1,742 186,742 0.01%Ageas SA 3,218 150,602 0.01%Etablissements Franz Colruyt NV 1,720 81,115 0.01%

40


.Number of

SharesFair Value


Net AssetsProximus SADP 2,660 43,332 0.00%test test 3,752,496 0.28%Canada 2.92% (2020: 2.66%)Shopify, Inc. Class A 3,023 3,731,907 0.28%Royal Bank of Canada 41,237 3,526,697 0.26%Toronto-Dominion Bank 52,536 3,107,799 0.23%Enbridge, Inc. 58,913 1,991,047 0.15%Bank of Nova Scotia 35,017 1,922,418 0.14%Bank of Montreal 18,754 1,622,665 0.12%Brookfield Asset Management, Inc. Class A 36,971 1,592,132 0.12%

Canadian National Railway Co. 17,688 1,575,358 0.12%Canadian Pacific Railway Ltd. 19,477 1,264,248 0.09%TC Energy Corp. 30,003 1,253,241 0.09%Canadian Imperial Bank of Commerce 12,654 1,215,939 0.09%

Canadian Natural Resources Ltd. 34,202 1,048,069 0.08%

Suncor Energy, Inc. 45,929 928,588 0.07%Franco-Nevada Corp. 7,245 887,506 0.07%Manulife Financial Corp. 52,207 867,450 0.06%Alimentation Couche-Tard, Inc. Class B 26,240 813,914 0.06%

Nutrien Ltd. 15,476 791,558 0.06%Constellation Software, Inc. 506 646,898 0.05%Waste Connections, Inc. 6,366 642,019 0.05%Wheaton Precious Metals Corp. 16,090 598,677 0.04%

Sun Life Financial, Inc. 13,261 577,217 0.04%Magna International, Inc. 7,337 573,420 0.04%National Bank of Canada 8,632 545,312 0.04%Pembina Pipeline Corp. 17,609 472,331 0.03%Agnico Eagle Mines Ltd. 9,022 460,531 0.03%Thomson Reuters Corp. 5,466 458,310 0.03%CGI, Inc. 5,407 413,819 0.03%Loblaw Cos Ltd. 7,938 412,387 0.03%BCE, Inc. 9,789 407,492 0.03%Rogers Communications, Inc. Class B 8,856 397,419 0.03%

Metro, Inc. 9,640 390,130 0.03%Restaurant Brands International, Inc. 6,923 376,534 0.03%

Fortis, Inc. 9,903 370,022 0.03%Intact Financial Corp. 3,118 357,577 0.03%Teck Resources Ltd. Class B 17,309 336,515 0.02%Cenovus Energy, Inc. 38,343 309,668 0.02%Power Corp. of Canada 11,080 295,618 0.02%Shaw Communications, Inc. Class B 11,635 284,517 0.02%

George Weston Ltd. 3,314 266,632 0.02%Dollarama, Inc. 6,588 254,548 0.02%Bausch Health Cos, Inc. 10,125 250,832 0.02%Imperial Oil Ltd. 9,026 232,211 0.02%Fairfax Financial Holdings Ltd. 617 228,397 0.02%Telus Corp., Ltd. 11,602 219,636 0.02%Saputo, Inc. 7,947 200,068 0.01%Canadian Tire Corp., Ltd. Class A 1,246 166,439 0.01%

Great-West Lifeco, Inc. 6,446 161,622 0.01%Hydro One Ltd. 3,629 74,038 0.01%Brookfield Asset Management Reinsurance Partners Ltd. Class A 254 11,329 0.00%

test test 39,532,701 2.92%Denmark 0.70% (2020: 0.73%)Novo Nordisk A/S Class B 50,439 3,563,714 0.26%DSV PANALPINA A/S 5,074 997,913 0.07%Vestas Wind Systems A/S 27,060 890,811 0.07%Orsted A/S 5,081 601,282 0.04%Genmab A/S 1,545 533,128 0.04%Coloplast A/S Class B 3,516 486,531 0.04%Carlsberg A/S Class B 2,685 422,090 0.03%

.Number of

SharesFair Value


Net AssetsAP Moller - Maersk A/S Class B 154 373,286 0.03%

Pandora A/S 2,469 279,895 0.02%Novozymes A/S Class B 4,362 277,279 0.02%AP Moller - Maersk A/S Class A 113 264,712 0.02%

Chr Hansen Holding A/S 2,352 179,019 0.01%GN Store Nord A/S 1,863 137,240 0.01%Ambu A/S Class B 3,897 126,350 0.01%H Lundbeck A/S 4,513 121,075 0.01%Demant A/S 1,747 82,930 0.01%Tryg A/S 3,247 67,222 0.01%ROCKWOOL International A/S Class B 139 57,067 0.00%

test test 9,461,544 0.70%Finland 0.39% (2020: 0.46%)Nordea Bank Abp 95,155 894,267 0.07%Kone OYJ Class B 11,171 768,565 0.06%Nokia OYJ 154,923 699,555 0.05%Neste OYJ 12,140 626,910 0.05%Sampo OYJ Class A 11,812 457,833 0.03%UPM-Kymmene OYJ 13,320 424,908 0.03%Orion OYJ Class B 7,248 262,740 0.02%Fortum OYJ 9,934 231,065 0.02%Stora Enso OYJ Class R 13,673 210,359 0.02%Kesko OYJ Class B 6,116 190,513 0.01%Elisa OYJ 3,159 158,961 0.01%Wartsila OYJ Abp 11,585 144,986 0.01%Metso Outotec OYJ 13,915 136,311 0.01%Nokian Renkaat OYJ 2,150 73,207 0.00%Kojamo OYJ 2,256 43,473 0.00%Huhtamaki OYJ 865 34,557 0.00%test test 5,358,210 0.39%France 3.04% (2020: 3.21%)LVMH Moet Hennessy Louis Vuitton SE 7,052 4,663,488 0.34%

Sanofi 36,772 3,249,174 0.24%TotalEnergies SE 75,091 2,865,097 0.21%Schneider Electric SE 14,316 1,899,447 0.14%BNP Paribas SA 31,614 1,671,432 0.12%Kering SA 2,186 1,611,082 0.12%L’Oreal SA (Prime De Fidelite) 3,495 1,313,421 0.10%EssilorLuxottica SA 8,352 1,299,905 0.10%Vinci SA 14,204 1,278,218 0.09%AXA SA 55,413 1,185,007 0.09%Hermes International 915 1,124,078 0.08%Pernod Ricard SA 5,981 1,119,643 0.08%Danone SA 18,135 1,076,675 0.08%L’Oreal SA 2,696 1,013,157 0.08%Air Liquide SA (Prime De Fidelite) 6,680 986,369 0.07%

Cie de Saint-Gobain 13,950 774,783 0.06%Dassault Systemes SE 3,404 696,118 0.05%Capgemini SE 4,010 649,620 0.05%Orange SA 61,840 594,592 0.04%Societe Generale SA 23,494 584,061 0.04%Cie Generale des Etablissements Michelin SCA 4,273 574,718 0.04%

Legrand SA 6,363 567,961 0.04%Vivendi SE 19,896 563,654 0.04%Air Liquide SA (XPAR) 3,467 511,937 0.04%Teleperformance 1,461 500,100 0.04%Worldline SA 6,250 493,375 0.04%STMicroelectronics NV 15,452 472,908 0.04%Credit Agricole SA 39,913 471,532 0.04%Alstom SA 7,810 332,628 0.02%L’Oreal SA (Prime de Fidelite 2022) 884 332,207 0.02%

Eurofins Scientific SE 3,446 332,194 0.02%Engie SA (Prime De Fidelite 2023) 26,196 302,669 0.02%

Air Liquide SA - EUR 2,021 298,421 0.02%

41


.Number of

SharesFair Value


Net AssetsVeolia Environnement SA 11,381 289,874 0.02%Sartorius Stedim Biotech 697 278,033 0.02%Carrefour SA 16,354 271,231 0.02%Publicis Groupe SA 4,887 263,605 0.02%Renault SA 7,501 255,672 0.02%Bouygues SA 8,183 255,228 0.02%Edenred 5,269 253,175 0.02%Engie SA 17,376 200,762 0.02%Gecina SA REIT 1,496 193,283 0.01%Ipsen SA 2,080 182,458 0.01%Arkema SA 1,621 171,502 0.01%Euronext NV 1,730 158,641 0.01%Valeo SA 6,235 158,182 0.01%Eiffage SA 1,794 153,925 0.01%Getlink SE 10,250 134,788 0.01%Rexel SA 7,446 131,347 0.01%Bureau Veritas SA 4,905 130,865 0.01%Suez SA 6,352 127,358 0.01%Atos SE 2,284 117,169 0.01%BioMerieux 1,092 107,016 0.01%Electricite de France SA (Prime De Fidelite) 9,265 106,733 0.01%

Klepierre SA REIT 4,609 100,154 0.01%Remy Cointreau SA 566 98,541 0.01%Orpea SA 889 95,345 0.01%Ubisoft Entertainment SA 1,568 92,575 0.01%Rubis SCA 2,434 91,251 0.01%Aeroports de Paris 829 91,066 0.01%Covivio REIT 1,161 83,731 0.01%Eurazeo SE 1,110 81,585 0.01%SCOR SE 2,979 79,897 0.01%TechnipFMC plc - EUR 10,435 78,930 0.01%Bollore SA 17,283 78,119 0.01%Faurecia SE (XPAR) 1,829 75,666 0.01%Accor SA 2,390 75,261 0.01%SEB SA (XPAR) 441 67,208 0.01%ALD SA 4,989 63,061 0.01%CNP Assurances 4,154 59,610 0.00%Sodexo SA (Prime De Fidelite 2022) 710 55,877 0.00%

Air Liquide SA 364 53,748 0.00%Sodexo SA 677 53,280 0.00%Iliad SA 369 45,535 0.00%ICADE REIT 625 45,500 0.00%JCDecaux SA 1,785 41,733 0.00%Casino Guichard Perrachon SA 1,524 40,767 0.00%L’Oreal SA - EUR 100 37,580 0.00%SEB SA 239 36,424 0.00%Amundi SA 447 33,234 0.00%Technip Energies NV 2,843 32,865 0.00%SEB SA (Prime De Fidelite) 178 27,127 0.00%Electricite de France SA 2,203 25,379 0.00%Faurecia SE 487 20,089 0.00%Sodexo SA (XPAR) 202 15,897 0.00%Electricite de France SA (XPAR) 1,260 14,515 0.00%Cie Plastic Omnium SA 268 7,059 0.00%test test 41,249,127 3.04%Germany 2.71% (2020: 2.72%)SAP SE 30,254 3,595,385 0.27%Siemens AG 21,586 2,884,321 0.21%Allianz SE 11,466 2,411,300 0.18%Daimler AG 24,996 1,882,199 0.14%BASF SE 25,538 1,696,745 0.13%Deutsche Telekom AG 92,441 1,646,559 0.12%adidas AG 5,143 1,614,388 0.12%Bayer AG 30,464 1,560,061 0.12%Deutsche Post AG 25,641 1,470,768 0.11%MTU Aero Engines AG 5,620 1,174,018 0.09%Infineon Technologies AG 33,238 1,124,109 0.08%Bayerische Motoren Werke AG 10,855 969,460 0.07%

.Number of

SharesFair Value


Net AssetsMuenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3,739 863,522 0.06%

Vonovia SE 15,557 848,168 0.06%Merck KGaA 5,170 835,989 0.06%Deutsche Boerse AG 4,460 656,512 0.05%Rheinmetall AG 7,474 622,584 0.05%Deutsche Bank AG 56,050 615,765 0.05%Henkel AG & Co. KGaA - Preference Shares 5,997 533,973 0.04%

Delivery Hero SE 4,713 525,028 0.04%RWE AG 16,652 508,885 0.04%Fresenius SE & Co. KGaA 10,961 482,229 0.04%Zalando SE 4,696 478,757 0.04%E.ON SE 46,944 457,892 0.03%Deutsche Wohnen SE 8,837 455,812 0.03%Porsche Automobil Holding SE - Preference Shares 4,999 451,710 0.03%

Continental AG 2,924 362,518 0.03%Fresenius Medical Care AG & Co. KGaA 5,168 361,967 0.03%

Siemens Healthineers AG 6,708 346,669 0.03%Henkel AG & Co. KGaA 4,239 329,158 0.02%Siemens Energy AG 11,275 286,611 0.02%Bayerische Motoren Werke AG - Preference Shares 3,728 282,582 0.02%

Symrise AG Class A 2,390 280,825 0.02%HelloFresh SE 3,374 276,601 0.02%Sartorius AG - Preference Shares 558 244,962 0.02%

QIAGEN NV 5,991 244,193 0.02%HeidelbergCement AG 3,103 224,471 0.02%Covestro AG 3,911 212,993 0.02%Brenntag SE 2,573 201,775 0.01%Aroundtown SA 28,243 185,839 0.01%Commerzbank AG 30,548 182,738 0.01%Puma SE 1,812 182,197 0.01%Beiersdorf AG 1,759 178,978 0.01%Hannover Rueck SE 1,217 171,719 0.01%thyssenkrupp AG 18,713 164,487 0.01%KION Group AG 1,772 159,267 0.01%Knorr-Bremse AG 1,467 142,299 0.01%GEA Group AG 4,114 140,534 0.01%Evotec SE 3,400 129,982 0.01%LEG Immobilien SE 1,067 129,587 0.01%Deutsche Lufthansa AG 11,030 104,675 0.01%Carl Zeiss Meditec AG 508 82,779 0.01%TeamViewer AG 2,558 81,140 0.01%LANXESS AG 1,294 74,819 0.01%Traton SE 2,594 69,364 0.01%Evonik Industries AG 2,410 68,155 0.01%Zalando SE (XETR) 530 54,034 0.00%Rational AG 68 51,952 0.00%Auto1 Group SE 1,348 49,943 0.00%CTS Eventim AG & Co. KGaA 895 47,166 0.00%Hella GmbH & Co. KGaA 782 45,168 0.00%Varta AG 334 43,420 0.00%RTL Group SA 739 37,135 0.00%Fraport AG Frankfurt Airport Services Worldwide 616 35,395 0.00%

HOCHTIEF AG 462 29,919 0.00%Telefonica Deutschland Holding AG 7,631 16,979 0.00%

Wacker Chemie AG 71 9,234 0.00%METRO AG 384 4,009 0.00%United Internet AG 12 414 0.00%test test 36,694,791 2.71%Hong Kong 1.09% (2020: 1.10%)AIA Group Ltd. 330,400 3,462,026 0.26%Hong Kong Exchanges & Clearing Ltd. 34,000 1,708,580 0.13%

CK Hutchison Holdings Ltd. 99,000 650,359 0.05%

42


.Number of

SharesFair Value


Net AssetsSun Hung Kai Properties Ltd. 45,000 565,339 0.04%Link REIT 63,000 514,766 0.04%Techtronic Industries Co., Ltd. 32,500 478,526 0.04%Galaxy Entertainment Group Ltd. 59,000 398,159 0.03%

Hang Seng Bank Ltd. 22,600 380,613 0.03%CK Asset Holdings Ltd. 63,911 371,966 0.03%Jardine Matheson Holdings Ltd. 6,700 361,130 0.03%

Hong Kong & China Gas Co., Ltd. 255,584 334,691 0.03%

BOC Hong Kong Holdings Ltd. 113,500 324,743 0.02%CLP Holdings Ltd. 36,500 304,381 0.02%MTR Corp., Ltd. 59,500 279,425 0.02%Wharf Real Estate Investment Co., Ltd. 55,000 269,639 0.02%

Lenovo Group Ltd. 224,000 217,201 0.02%Sands China Ltd. 59,200 210,200 0.02%WH Group Ltd. 254,500 192,888 0.01%Henderson Land Development Co., Ltd. 43,360 173,261 0.01%

New World Development Co., Ltd. 39,000 170,872 0.01%

ESR Cayman Ltd. 59,440 169,100 0.01%Want Want China Holdings Ltd. 281,000 167,815 0.01%

Xinyi Glass Holdings Ltd. 48,000 164,960 0.01%Hongkong Land Holdings Ltd. 38,100 152,927 0.01%Tingyi Cayman Islands Holding Corp. 90,000 151,474 0.01%

Hang Lung Properties Ltd. 67,000 137,208 0.01%Budweiser Brewing Co. APAC Ltd. 50,300 133,813 0.01%

Chow Tai Fook Jewellery Group Ltd. 57,000 109,797 0.01%

Sino Land Co., Ltd. 82,000 108,983 0.01%Power Assets Holdings Ltd. 21,000 108,654 0.01%AAC Technologies Holdings, Inc. 17,000 107,248 0.01%

Microport Scientific Corp. 14,000 105,880 0.01%PRADA SpA 16,300 104,336 0.01%Wharf Holdings Ltd. 32,000 102,850 0.01%Sun Art Retail Group Ltd. 146,000 91,631 0.01%SITC International Holdings Co., Ltd. 26,000 91,612 0.01%

Swire Pacific Ltd. Class A 15,500 88,612 0.01%ASM Pacific Technology Ltd. 7,700 87,957 0.01%Cathay Pacific Airways Ltd. 122,545 87,290 0.01%Minth Group Ltd. 20,000 80,134 0.01%NWS Holdings Ltd. 80,000 71,752 0.01%Swire Properties Ltd. 26,800 67,367 0.01%CK Infrastructure Holdings Ltd. 12,500 62,843 0.01%Man Wah Holdings Ltd. 28,800 58,353 0.00%Vitasoy International Holdings Ltd. 18,000 56,387 0.00%

Uni-President China Holdings Ltd. 60,000 55,833 0.00%

Hysan Development Co., Ltd. 16,000 53,770 0.00%L'Occitane International SA 17,000 52,424 0.00%Bank of East Asia Ltd. 27,400 42,902 0.00%United Energy Group Ltd. 352,000 42,808 0.00%JS Global Lifestyle Co., Ltd. 18,000 42,706 0.00%Samsonite International SA 23,700 40,866 0.00%MMG Ltd. 108,000 40,106 0.00%Champion REIT 82,000 38,910 0.00%BOC Aviation Ltd. 5,200 36,983 0.00%Shui On Land Ltd. 256,000 35,025 0.00%Vinda International Holdings Ltd. 13,000 33,737 0.00%

Kerry Properties Ltd. 12,000 33,357 0.00%Nexteer Automotive Group Ltd. 26,000 30,490 0.00%

.Number of

SharesFair Value


Net AssetsLee & Man Paper Manufacturing Ltd. 43,000 27,594 0.00%

Swire Pacific Ltd. Class B 27,500 26,068 0.00%Hang Lung Group Ltd. 10,000 21,499 0.00%SJM Holdings Ltd. 18,000 16,574 0.00%Towngas China Co., Ltd. 23,000 14,335 0.00%Yue Yuen Industrial Holdings Ltd. 6,000 12,496 0.00%

Dairy Farm International Holdings Ltd. 1,500 5,363 0.00%

test test 14,741,594 1.09%Ireland 0.09% (2020: 0.08%)Kerry Group plc Class A 5,648 665,334 0.05%Kingspan Group plc 4,501 358,460 0.02%Glanbia plc 9,626 131,780 0.01%AIB Group plc 43,842 95,269 0.01%test test 1,250,843 0.09%Israel 0.11% (2020: 0.08%)Nice Ltd. 1,739 358,308 0.03%Bank Leumi Le-Israel BM 45,958 294,473 0.02%Bank Hapoalim BM 39,141 264,974 0.02%Israel Discount Bank Ltd. Class A 33,468 134,418 0.01%

Mizrahi Tefahot Bank Ltd. 2,922 75,919 0.01%Azrieli Group Ltd. 1,245 73,941 0.01%ICL Group Ltd. 12,374 70,800 0.01%Strauss Group Ltd. 2,854 67,394 0.00%Tower Semiconductor Ltd. 1,550 38,595 0.00%Bezeq The Israeli Telecommunication Corp., Ltd. 40,540 37,243 0.00%

Nova Measuring Instruments Ltd. 394 34,126 0.00%

Shikun & Binui Ltd. 6,008 32,774 0.00%Paz Oil Co., Ltd. 283 29,309 0.00%test test 1,512,274 0.11%Italy 0.81% (2020: 0.78%)Enel SpA 229,646 1,798,587 0.13%Intesa Sanpaolo SpA 523,174 1,218,734 0.09%Eni SpA 103,699 1,064,989 0.08%Stellantis NV 61,398 1,016,383 0.08%Ferrari NV 4,081 710,094 0.05%Assicurazioni Generali SpA 41,207 696,604 0.05%UniCredit SpA 66,110 657,795 0.05%CNH Industrial NV 29,412 409,562 0.03%Recordati Industria Chimica e Farmaceutica SpA 7,759 373,984 0.03%

Moncler SpA 5,842 333,345 0.03%Snam SpA 64,862 316,202 0.02%Terna SPA 40,558 254,866 0.02%EXOR NV 3,293 222,475 0.02%Prysmian SpA 7,085 214,180 0.02%FinecoBank Banca Fineco SpA 13,396 196,921 0.02%Mediobanca Banca di Credito Finanziario SpA 19,764 194,675 0.01%

Nexi SpA 10,139 187,673 0.01%Telecom Italia SpA 411,845 172,522 0.01%Davide Campari-Milano NV 14,284 161,338 0.01%Amplifon SpA 3,189 132,790 0.01%Telecom Italia SpA (MTAA) 260,606 116,439 0.01%Infrastrutture Wireless Italiane SpA 11,482 109,217 0.01%

Tenaris SA 10,902 100,211 0.01%Poste Italiane SpA 8,873 98,934 0.01%DiaSorin SpA 378 60,291 0.00%UnipolSai Assicurazioni SpA 21,416 52,426 0.00%Banca Mediolanum SpA 4,299 35,269 0.00%Pirelli & C SpA 6,469 31,672 0.00%test test 10,938,178 0.81%Japan 7.60% (2020: 8.24%)Toyota Motor Corp. 71,200 5,252,515 0.39%Sony Group Corp. 34,400 2,826,526 0.21%SoftBank Group Corp. 37,700 2,226,947 0.16%

43


.Number of

SharesFair Value


Net AssetsKeyence Corp. 5,000 2,129,946 0.16%Mitsubishi UFJ Financial Group, Inc. 371,000 1,691,475 0.13%

Shin-Etsu Chemical Co., Ltd. 11,200 1,581,000 0.12%Recruit Holdings Co., Ltd. 37,543 1,560,215 0.12%Honda Motor Co., Ltd. 56,000 1,510,374 0.11%Takeda Pharmaceutical Co., Ltd. 51,500 1,455,129 0.11%

Tokyo Electron Ltd. 3,900 1,424,614 0.11%Nintendo Co., Ltd. 2,900 1,423,748 0.11%Hitachi Ltd. 27,700 1,338,669 0.10%KDDI Corp. 49,300 1,297,831 0.10%Sumitomo Mitsui Financial Group, Inc. 42,700 1,242,495 0.09%

Nidec Corp. 12,700 1,242,279 0.09%Daikin Industries Ltd. 7,800 1,226,092 0.09%FANUC Corp. 5,600 1,140,013 0.08%Hoya Corp. 9,900 1,107,914 0.08%Daiichi Sankyo Co., Ltd. 60,700 1,104,261 0.08%Mizuho Financial Group, Inc. 83,430 1,006,246 0.07%Murata Manufacturing Co., Ltd. 15,600 1,005,289 0.07%

Astellas Pharma, Inc. 68,100 1,000,884 0.07%Seven & i Holdings Co., Ltd. 24,600 989,995 0.07%ITOCHU Corp. 40,700 989,492 0.07%Fast Retailing Co., Ltd. 1,500 953,063 0.07%SoftBank Corp. 84,136 929,105 0.07%Mitsui & Co., Ltd. 48,700 925,175 0.07%Nippon Telegraph & Telephone Corp. 40,100 881,832 0.07%

Mitsubishi Corp. 37,400 860,390 0.06%SMC Corp. 1,700 847,914 0.06%Fujitsu Ltd. 5,100 805,938 0.06%Chugai Pharmaceutical Co., Ltd. 23,300 779,245 0.06%

Denso Corp. 13,400 771,587 0.06%Otsuka Holdings Co., Ltd. 21,300 745,531 0.06%Central Japan Railway Co. 5,800 742,499 0.06%Tokio Marine Holdings, Inc. 18,500 717,944 0.05%East Japan Railway Co. 11,800 710,655 0.05%Mitsubishi Electric Corp. 57,500 704,426 0.05%Shiseido Co., Ltd. 11,000 682,867 0.05%M3, Inc. 10,800 665,692 0.05%Kao Corp. 12,700 659,493 0.05%Bridgestone Corp. 16,700 641,366 0.05%FUJIFILM Holdings Corp. 10,100 632,214 0.05%Eisai Co., Ltd. 7,500 622,516 0.05%Oriental Land Co., Ltd. 5,000 601,338 0.04%Komatsu Ltd. 28,600 599,821 0.04%Panasonic Corp. 61,000 595,758 0.04%Terumo Corp. 17,400 595,145 0.04%Shionogi & Co., Ltd. 12,900 567,559 0.04%Kubota Corp. 33,100 565,066 0.04%Suzuki Motor Corp. 15,800 564,307 0.04%Canon, Inc. 28,700 547,952 0.04%Mitsui Fudosan Co., Ltd. 27,700 541,487 0.04%Aeon Co., Ltd. 23,600 535,210 0.04%ORIX Corp. 36,500 519,812 0.04%Olympus Corp. 29,300 491,513 0.04%Sysmex Corp. 4,900 491,403 0.04%Asahi Group Holdings Ltd. 12,339 486,630 0.04%Kyocera Corp. 9,300 485,268 0.04%Dai-ichi Life Holdings, Inc. 30,500 471,323 0.04%Subaru Corp. 28,300 471,190 0.03%Daiwa House Industry Co., Ltd. 17,900 453,541 0.03%

Mitsubishi Estate Co., Ltd. 33,200 453,141 0.03%Nippon Steel Corp. 30,956 440,622 0.03%Sumitomo Corp. 38,700 437,504 0.03%ENEOS Holdings, Inc. 120,400 425,260 0.03%Marubeni Corp. 54,700 401,493 0.03%Ono Pharmaceutical Co., Ltd. 20,200 380,449 0.03%

.Number of

SharesFair Value


Net AssetsKirin Holdings Co., Ltd. 22,700 373,553 0.03%Shimano, Inc. 1,800 360,347 0.03%Sumitomo Mitsui Trust Holdings, Inc. 13,200 353,810 0.03%

Unicharm Corp. 10,400 353,190 0.03%Japan Post Holdings Co., Ltd. 50,853 351,697 0.03%Nomura Holdings, Inc. 80,700 348,126 0.03%Sekisui House Ltd. 20,000 346,216 0.03%Toyota Industries Corp. 4,700 343,154 0.03%Sumitomo Realty & Development Co., Ltd. 11,100 334,797 0.02%

Advantest Corp. 4,400 334,622 0.02%Nissan Motor Co., Ltd. 78,900 330,471 0.02%Omron Corp. 4,900 327,974 0.02%Kyowa Kirin Co., Ltd. 10,900 326,280 0.02%Asahi Kasei Corp. 35,000 324,544 0.02%Ajinomoto Co., Inc. 14,700 322,093 0.02%MS&AD Insurance Group Holdings, Inc. 13,100 319,281 0.02%

TDK Corp. 3,100 317,718 0.02%Kikkoman Corp. 5,700 317,429 0.02%Sumitomo Metal Mining Co., Ltd. 9,600 315,446 0.02%

West Japan Railway Co. 6,400 307,983 0.02%Secom Co., Ltd. 4,800 307,934 0.02%NEC Corp. 7,000 304,202 0.02%Nitori Holdings Co., Ltd. 2,000 298,732 0.02%Yaskawa Electric Corp. 7,200 297,030 0.02%Makita Corp. 7,200 286,090 0.02%Lasertec Corp. 1,700 278,849 0.02%Renesas Electronics Corp. 29,761 271,556 0.02%Japan Exchange Group, Inc. 14,400 270,226 0.02%Hankyu Hanshin Holdings, Inc. 10,300 268,019 0.02%MEIJI Holdings Co., Ltd. 5,300 267,772 0.02%Obic Co., Ltd. 1,700 267,484 0.02%Sumitomo Electric Industries Ltd. 21,100 262,742 0.02%

Resona Holdings, Inc. 78,854 255,931 0.02%Sompo Holdings, Inc. 8,200 255,800 0.02%Odakyu Electric Railway Co., Ltd. 11,900 253,690 0.02%

Toyota Tsusho Corp. 6,200 247,297 0.02%Kaken Pharmaceutical Co., Ltd. 6,700 242,298 0.02%Taisho Pharmaceutical Holdings Co., Ltd. 5,300 239,586 0.02%

Nitto Denko Corp. 3,800 239,335 0.02%Z Holdings Corp. 56,300 238,164 0.02%MISUMI Group, Inc. 8,300 237,101 0.02%Pan Pacific International Holdings Corp. 13,500 236,516 0.02%

Nippon Paint Holdings Co., Ltd. 20,500 234,868 0.02%

JFE Holdings, Inc. 23,400 231,292 0.02%Mitsubishi Chemical Holdings Corp. 32,500 230,497 0.02%

Santen Pharmaceutical Co., Ltd. 19,700 228,995 0.02%

Tokyu Corp. 19,900 228,447 0.02%Bandai Namco Holdings, Inc. 3,900 228,389 0.02%SG Holdings Co., Ltd. 10,200 225,740 0.02%Daiwa Securities Group, Inc. 48,400 224,344 0.02%Idemitsu Kosan Co., Ltd. 10,970 223,612 0.02%Mitsubishi Heavy Industries Ltd. 9,000 223,525 0.02%

Yamaha Motor Co., Ltd. 9,700 222,560 0.02%Hisamitsu Pharmaceutical Co., Inc. 5,300 220,258 0.02%

MINEBEA MITSUMI, Inc. 9,800 218,823 0.02%Keio Corp. 4,400 218,290 0.02%Inpex Corp. 34,500 217,291 0.02%Nippon Building Fund, Inc. REIT 41 215,866 0.02%

Toray Industries, Inc. 38,300 215,065 0.02%

44


.Number of

SharesFair Value


Net AssetsJapan Post Bank Co., Ltd. 30,200 214,070 0.02%Maruichi Steel Tube Ltd. 10,600 210,111 0.02%Nippon Shinyaku Co., Ltd. 3,100 207,494 0.02%Tobu Railway Co., Ltd. 9,500 207,289 0.02%Daifuku Co., Ltd. 2,700 206,977 0.02%Nexon Co., Ltd. 11,000 206,924 0.02%NTT Data Corp. 15,600 205,396 0.02%Nomura Research Institute Ltd. 7,300 203,821 0.02%

Rakuten Group, Inc. 21,000 200,071 0.01%Hitachi Metals Ltd. 12,200 196,871 0.01%Dentsu Group, Inc. 6,500 196,299 0.01%Chubu Electric Power Co., Inc. 18,900 194,998 0.01%Aisin Corp. 5,400 194,875 0.01%Taisei Corp. 7,000 193,583 0.01%Kintetsu Group Holdings Co., Ltd. 6,500 192,595 0.01%

AGC, Inc. 5,400 191,182 0.01%Sekisui Chemical Co., Ltd. 13,100 189,001 0.01%Sawai Group Holdings Co., Ltd. 5,000 188,037 0.01%

Isuzu Motors Ltd. 16,400 182,786 0.01%Shimadzu Corp. 5,600 182,734 0.01%Yakult Honsha Co., Ltd. 3,804 181,785 0.01%Yamato Holdings Co., Ltd. 7,500 180,060 0.01%Koito Manufacturing Co., Ltd. 3,400 178,495 0.01%Obayashi Corp. 26,500 177,777 0.01%Ricoh Co., Ltd. 18,600 176,217 0.01%Mitsubishi Materials Corp. 10,400 175,015 0.01%Kajima Corp. 15,700 167,827 0.01%Japan Real Estate Investment Corp. REIT 32 166,050 0.01%

TOTO Ltd. 3,800 166,004 0.01%Tsumura & Co. 6,200 164,629 0.01%ANA Holdings, Inc. 8,281 164,333 0.01%CyberAgent, Inc. 8,800 159,455 0.01%Mazda Motor Corp. 20,100 159,428 0.01%Lixil Corp. 7,200 157,158 0.01%Keisei Electric Railway Co., Ltd. 5,700 153,518 0.01%

Shimizu Corp. 23,700 153,411 0.01%Dowa Holdings Co., Ltd. 4,600 152,899 0.01%Mochida Pharmaceutical Co., Ltd. 5,500 152,101 0.01%

Tokyo Gas Co., Ltd. 9,400 149,759 0.01%Nippon Yusen KK 3,500 149,708 0.01%Sumitomo Chemical Co., Ltd. 33,000 147,672 0.01%T&D Holdings, Inc. 13,200 144,011 0.01%Yamaha Corp. 3,100 142,019 0.01%Japan Metropolitan Fund Invest REIT 155 141,784 0.01%

Nissin Foods Holdings Co., Ltd. 2,300 139,793 0.01%

Daito Trust Construction Co., Ltd. 1,500 138,464 0.01%

Nomura Real Estate Master Fund, Inc. REIT 102 138,017 0.01%

Nissan Chemical Corp. 3,300 136,390 0.01%Japan Airlines Co., Ltd. 7,469 136,246 0.01%Nippon Express Co., Ltd. 2,100 134,976 0.01%NGK Insulators Ltd. 9,400 133,120 0.01%Sumitomo Dainippon Pharma Co., Ltd. 7,500 132,652 0.01%

Hamamatsu Photonics KK 2,600 132,348 0.01%Osaka Gas Co., Ltd. 8,400 132,041 0.01%MonotaRO Co., Ltd. 6,600 131,877 0.01%Kansai Electric Power Co., Inc. 16,300 131,207 0.01%SBI Holdings, Inc. 6,500 129,780 0.01%Daido Steel Co., Ltd. 3,100 129,301 0.01%Hoshizaki Corp. 1,800 129,096 0.01%Nihon M&A Center, Inc. 5,800 126,952 0.01%Nippon Prologis, Inc. REIT 47 126,228 0.01%

.Number of

SharesFair Value


Net AssetsGLP J REIT 86 125,188 0.01%Tosoh Corp. 8,500 123,732 0.01%Nisshin Seifun Group, Inc. 9,800 120,989 0.01%NH Foods Ltd. 3,600 118,156 0.01%Yamato Kogyo Co., Ltd. 4,200 117,267 0.01%Rohm Co., Ltd. 1,500 117,039 0.01%Ryohin Keikaku Co., Ltd. 6,500 115,063 0.01%Concordia Financial Group Ltd. 37,100 114,719 0.01%Mitsui Mining & Smelting Co., Ltd. 4,900 114,661 0.01%

Mitsui Chemicals, Inc. 3,900 113,631 0.01%Haseko Corp. 9,600 111,008 0.01%Kobayashi Pharmaceutical Co., Ltd. 1,500 108,150 0.01%

Suntory Beverage & Food Ltd. 3,400 107,975 0.01%Tsuruha Holdings, Inc. 1,100 107,891 0.01%Oji Holdings Corp. 21,800 105,668 0.01%Kobe Steel Ltd. 19,200 104,006 0.01%Seiko Epson Corp. 7,000 103,918 0.01%TIS, Inc. 4,800 103,459 0.01%Disco Corp. 400 103,173 0.01%Fuji Electric Co., Ltd. 2,605 102,717 0.01%Taiyo Yuden Co., Ltd. 2,400 100,104 0.01%Dai Nippon Printing Co., Ltd. 5,600 99,940 0.01%Brother Industries Ltd. 5,900 99,377 0.01%Chiba Bank Ltd. 19,300 98,096 0.01%Kyushu Railway Co. 5,100 97,100 0.01%TOPPAN, Inc. 7,100 96,286 0.01%Nikon Corp. 10,500 94,531 0.01%Keihan Holdings Co., Ltd. 3,700 94,452 0.01%NSK Ltd. 13,100 93,456 0.01%Iida Group Holdings Co., Ltd. 4,300 93,433 0.01%Mitsui OSK Lines Ltd. 2,300 93,312 0.01%Kose Corp. 700 92,962 0.01%Trend Micro, Inc. 2,100 92,856 0.01%Nagoya Railroad Co., Ltd. 5,900 92,608 0.01%Shizuoka Bank Ltd. 14,000 91,367 0.01%Konami Holdings Corp. 1,800 91,215 0.01%Azbil Corp. 2,600 90,964 0.01%ZOZO, Inc. 3,100 88,909 0.01%Kawasaki Heavy Industries Ltd. 4,900 88,415 0.01%

JCR Pharmaceuticals Co., Ltd. 3,100 88,085 0.01%GMO Payment Gateway, Inc. 800 87,948 0.01%Ebara Corp. 2,100 87,272 0.01%Ibiden Co., Ltd. 1,900 86,467 0.01%COMSYS Holdings Corp. 3,700 86,440 0.01%Casio Computer Co., Ltd. 6,100 86,062 0.01%Nankai Electric Railway Co., Ltd. 4,700 84,735 0.01%

Asics Corp. 3,900 83,320 0.01%THK Co., Ltd. 3,300 83,112 0.01%Seibu Holdings, Inc. 8,400 83,092 0.01%Nabtesco Corp. 2,600 82,964 0.01%PeptiDream, Inc. 2,000 82,812 0.01%Welcia Holdings Co., Ltd. 3,000 82,736 0.01%Nishi-Nippon Railroad Co., Ltd. 4,000 81,809 0.01%Japan Post Insurance Co., Ltd. 5,218 81,428 0.01%Toyo Suisan Kaisha Ltd. 2,500 81,198 0.01%Iwatani Corp. 1,600 80,958 0.01%Rinnai Corp. 1,000 80,305 0.01%Nichirei Corp. 3,600 79,837 0.01%Sumitomo Heavy Industries Ltd. 3,400 79,044 0.01%

Capcom Co., Ltd. 3,200 79,014 0.01%Sojitz Corp. 30,700 78,136 0.01%Hirose Electric Co., Ltd. 625 77,162 0.01%Kurita Water Industries Ltd. 1,900 76,939 0.01%Sharp Corp. 5,300 73,809 0.01%Kansai Paint Co., Ltd. 3,400 73,129 0.01%Marui Group Co., Ltd. 4,600 72,972 0.01%SUMCO Corp. 3,500 72,461 0.01%

45


.Number of

SharesFair Value


Net AssetsDaiwa House Investment Corp. REIT Class A 29 72,157 0.01%

JSR Corp. 2,800 71,477 0.01%Otsuka Corp. 1,600 70,869 0.01%Matsumotokiyoshi Holdings Co., Ltd. 1,900 70,804 0.01%

Seino Holdings Co., Ltd. 6,500 70,322 0.01%Persol Holdings Co., Ltd. 4,200 70,041 0.01%Cosmo Energy Holdings Co., Ltd. 3,600 69,663 0.01%

Mitsubishi Motors Corp. 28,800 68,268 0.01%Kewpie Corp. 3,600 68,186 0.01%Sumitomo Forestry Co., Ltd. 4,400 68,028 0.01%Showa Denko KK 2,700 67,693 0.01%Yamada Holdings Co., Ltd. 17,300 67,427 0.01%Keikyu Corp. 6,500 67,063 0.01%Toho Gas Co., Ltd. 1,600 66,128 0.01%United Urban Investment Corp. REIT 54 65,929 0.01%

Miura Co., Ltd. 1,800 65,847 0.01%Hitachi Construction Machinery Co., Ltd. 2,500 64,483 0.00%

Toho Co., Ltd. 1,800 62,633 0.00%Cosmos Pharmaceutical Corp. 500 61,919 0.00%Morinaga Milk Industry Co., Ltd. 1,400 61,585 0.00%

Stanley Electric Co., Ltd. 2,500 61,065 0.00%BayCurrent Consulting, Inc. 200 60,628 0.00%Hino Motors Ltd. 8,100 60,124 0.00%JGC Holdings Corp. 7,600 59,762 0.00%Hikari Tsushin, Inc. 400 59,291 0.00%Medipal Holdings Corp. 3,600 58,038 0.00%Kyushu Electric Power Co., Inc. 8,900 57,813 0.00%Mitsubishi Gas Chemical Co., Inc. 3,200 57,279 0.00%

Tokyu Fudosan Holdings Corp. 11,100 56,334 0.00%Nomura Real Estate Holdings, Inc. 2,600 55,665 0.00%

Open House Co., Ltd. 1,400 55,522 0.00%Hakuhodo DY Holdings, Inc. 4,200 55,012 0.00%Bank of Kyoto Ltd. 1,400 53,608 0.00%Koei Tecmo Holdings Co., Ltd. 1,300 53,532 0.00%Fukuyama Transporting Co., Ltd. 1,700 53,277 0.00%

Japan Airport Terminal Co., Ltd. 1,400 53,076 0.00%Kyushu Financial Group, Inc. 17,400 51,821 0.00%House Foods Group, Inc. 2,000 51,587 0.00%Sankyu, Inc. 1,400 51,214 0.00%Yokogawa Electric Corp. 4,000 50,447 0.00%Nippon Sanso Holdings Corp. 2,900 50,168 0.00%Yamazaki Baking Co., Ltd. 4,200 49,970 0.00%Tokyo Century Corp. 1,100 49,892 0.00%Isetan Mitsukoshi Holdings Ltd. 8,400 49,396 0.00%

J Front Retailing Co., Ltd. 6,600 49,391 0.00%IHI Corp. 2,400 48,065 0.00%Advance Residence Investment Corp. REIT 17 47,788 0.00%

Shinsei Bank Ltd. 4,289 47,477 0.00%Lion Corp. 3,300 47,185 0.00%Konica Minolta, Inc. 10,100 47,115 0.00%Sotetsu Holdings, Inc. 2,800 46,566 0.00%Hulic Co., Ltd. 4,900 46,534 0.00%Oracle Corp. Japan 700 45,205 0.00%Alps Alpine Co., Ltd. 5,000 44,559 0.00%Asahi Intecc Co., Ltd. 2,200 44,393 0.00%Amada Co., Ltd. 5,200 44,366 0.00%Fukuoka Financial Group, Inc. 3,000 44,194 0.00%Alfresa Holdings Corp. 3,500 44,115 0.00%Toyo Seikan Group Holdings Ltd. 3,800 43,796 0.00%

Tokyo Tatemono Co., Ltd. 3,600 43,324 0.00%Lawson, Inc. 1,100 42,956 0.00%

.Number of

SharesFair Value


Net AssetsPigeon Corp. 1,800 42,804 0.00%Kinden Corp. 3,100 42,724 0.00%USS Co., Ltd. 2,900 42,699 0.00%Square Enix Holdings Co., Ltd. 1,000 41,862 0.00%Ezaki Glico Co., Ltd. 1,300 40,890 0.00%NOK Corp. 3,900 40,830 0.00%Orix JREIT, Inc. REIT 25 40,608 0.00%Sekisui House, Inc. REIT 58 40,540 0.00%Sundrug Co., Ltd. 1,500 40,229 0.00%Ito En Ltd. 800 40,054 0.00%Mebuki Financial Group, Inc. 21,800 38,756 0.00%Hitachi Transport System Ltd. 1,100 38,485 0.00%Nifco, Inc. 1,200 38,246 0.00%Kotobuki Spirits Co., Ltd. 700 38,185 0.00%Kamigumi Co., Ltd. 2,200 37,658 0.00%Food & Life Cos Ltd. 1,000 36,430 0.00%Activia Properties, Inc. REIT 9 35,966 0.00%Kagome Co., Ltd. 1,600 35,629 0.00%Coca-Cola Bottlers Japan Holdings, Inc. 2,700 35,611 0.00%

NOF Corp. 800 35,191 0.00%Taiheiyo Cement Corp. 1,900 35,179 0.00%Suzuken Co., Ltd. 1,400 34,622 0.00%JTEKT Corp. 3,900 33,749 0.00%Mitsubishi HC Capital, Inc. 7,400 33,452 0.00%Sumitomo Rubber Industries Ltd. 2,800 32,611 0.00%

Hachijuni Bank Ltd. 11,800 32,095 0.00%Kobe Bussan Co., Ltd. 1,200 31,909 0.00%Iyo Bank Ltd. 7,600 31,526 0.00%NGK Spark Plug Co., Ltd. 2,500 31,264 0.00%Pola Orbis Holdings, Inc. 1,400 31,207 0.00%Tohoku Electric Power Co., Inc. 4,700 31,066 0.00%TechnoPro Holdings, Inc. 1,500 29,949 0.00%Yamaguchi Financial Group, Inc. 6,200 29,864 0.00%

Fujitsu General Ltd. 1,300 29,107 0.00%Takashimaya Co., Ltd. 3,000 27,533 0.00%Mabuchi Motor Co., Ltd. 800 25,527 0.00%Nihon Unisys Ltd. 1,000 25,376 0.00%Calbee, Inc. 1,300 25,304 0.00%Kuraray Co., Ltd. 3,100 25,130 0.00%Sugi Holdings Co., Ltd. 400 24,616 0.00%Nippo Corp. 1,000 24,046 0.00%Nippon Electric Glass Co., Ltd. 1,100 21,812 0.00%Ain Holdings, Inc. 400 21,060 0.00%Ariake Japan Co., Ltd. 400 20,939 0.00%Itochu Techno-Solutions Corp. 800 20,908 0.00%Chugoku Electric Power Co., Inc. 2,600 20,030 0.00%

NET One Systems Co., Ltd. 700 19,491 0.00%Toda Corp. 3,000 17,436 0.00%Aozora Bank Ltd. 900 16,992 0.00%Denka Co., Ltd. 600 16,844 0.00%Japan Prime Realty Investment Corp. REIT 5 16,524 0.00%

SCSK Corp. 300 15,089 0.00%Tokai Carbon Co., Ltd. 1,200 13,967 0.00%Kaneka Corp. 400 13,599 0.00%Kyowa Exeo Corp. 600 12,467 0.00%Zeon Corp. 1,000 11,677 0.00%K's Holdings Corp. 1,000 9,702 0.00%Izumi Co., Ltd. 300 9,527 0.00%Morinaga & Co., Ltd. 300 8,091 0.00%Hirogin Holdings, Inc. 1,800 8,000 0.00%Goldwin, Inc. 100 4,961 0.00%ABC-Mart, Inc. 100 4,840 0.00%GS Yuasa Corp. 200 4,308 0.00%Electric Power Development Co., Ltd. 300 3,613 0.00%

Kyudenko Corp. 100 2,709 0.00%

46


.Number of

SharesFair Value


Net AssetsRelo Group, Inc. 100 1,930 0.00%test test 103,072,013 7.60%Netherlands 1.31% (2020: 1.20%)ASML Holding NV 10,648 6,169,451 0.46%Adyen NV 765 1,576,283 0.12%ING Groep NV 111,200 1,238,768 0.09%Prosus NV 12,369 1,020,071 0.08%Koninklijke Philips NV 24,194 1,011,067 0.07%Koninklijke Ahold Delhaize NV 33,053 828,639 0.06%Heineken NV 7,107 726,335 0.05%Koninklijke DSM NV 4,505 709,087 0.05%ArcelorMittal SA 24,990 645,992 0.05%Wolters Kluwer NV 6,927 586,856 0.04%Akzo Nobel NV 5,199 541,736 0.04%NN Group NV 8,259 328,543 0.02%Heineken Holding NV 3,517 298,769 0.02%ASM International NV 1,051 291,127 0.02%Unibail-Rodamco-Westfield REIT 3,979 290,427 0.02%

Koninklijke KPN NV 85,334 224,770 0.02%Aegon NV 58,788 205,699 0.02%Randstad NV 2,742 176,859 0.01%ABN AMRO Bank NV GDR 14,285 145,593 0.01%JDE Peet's NV 4,132 126,439 0.01%IMCD NV 914 122,567 0.01%Signify NV 2,216 118,201 0.01%Koninklijke Vopak NV 2,862 109,615 0.01%Galapagos NV 1,476 86,317 0.01%InPost SA 4,204 71,157 0.01%Aalberts NV 1,129 51,166 0.00%ASR Nederland NV 1,392 45,365 0.00%test test 17,746,899 1.31%New Zealand 0.10% (2020: 0.14%)Fisher & Paykel Healthcare Corp., Ltd. 15,592 285,901 0.02%

Auckland International Airport Ltd. 40,257 172,445 0.01%

Spark New Zealand Ltd. 55,408 156,707 0.01%Contact Energy Ltd. 22,355 109,063 0.01%Ryman Healthcare Ltd. 13,321 103,056 0.01%Meridian Energy Ltd. 30,896 97,029 0.01%Fletcher Building Ltd. 21,214 93,997 0.01%Mercury NZ Ltd. 23,635 92,887 0.01%a2 Milk Co., Ltd. 21,201 80,448 0.01%Air New Zealand Ltd. 65,965 60,245 0.00%Infratil Ltd. 6,934 31,459 0.00%Kiwi Property Group Ltd. 31,515 21,633 0.00%test test 1,304,870 0.10%Norway 0.22% (2020: 0.22%)Equinor A.S.A 37,665 672,403 0.05%DNB A.S.A 29,042 533,888 0.04%Norsk Hydro A.S.A 62,728 337,708 0.02%Mowi A.S.A 12,658 271,644 0.02%Telenor A.S.A 18,293 260,102 0.02%Orkla A.S.A 26,607 228,658 0.02%Yara International A.S.A 3,571 158,588 0.01%Aker BP A.S.A 5,466 146,975 0.01%Salmar A.S.A 1,328 74,332 0.01%Schibsted A.S.A Class B 2,090 73,443 0.01%Leroy Seafood Group A.S.A 9,025 66,753 0.01%TOMRA Systems A.S.A 1,420 66,096 0.00%Schibsted A.S.A Class A 1,106 45,042 0.00%Adevinta A.S.A Class B 2,057 33,259 0.00%Gjensidige Forsikring A.S.A 1,776 33,032 0.00%Scatec A.S.A 1,283 28,665 0.00%test test 3,030,588 0.22%Poland 0.09% (2020: 0.13%)KGHM Polska Miedz SA 5,389 223,989 0.02%Polski Koncern Naftowy ORLEN SA 11,865 201,783 0.01%

Powszechna Kasa Oszczednosci Bank Polski SA 23,493 196,854 0.01%

.Number of

SharesFair Value


Net AssetsPolskie Gornictwo Naftowe i Gazownictwo SA 90,783 134,162 0.01%

Allegro.eu SA 6,782 98,574 0.01%Dino Polska SA 1,210 75,017 0.01%Powszechny Zaklad Ubezpieczen SA 9,190 74,705 0.01%

Bank Polska Kasa Opieki SA 3,359 69,193 0.01%CD Projekt SA 1,437 58,890 0.00%Santander Bank Polska SA 1,001 56,405 0.00%LPP SA 16 45,611 0.00%test test 1,235,183 0.09%Portugal 0.06% (2020: 0.07%)EDP - Energias de Portugal SA 77,385 345,911 0.02%Galp Energia SGPS SA 23,291 213,159 0.02%Jeronimo Martins SGPS SA 9,484 145,864 0.01%EDP Renovaveis SA 4,630 90,470 0.01%test test 795,404 0.06%Singapore 0.36% (2020: 0.41%)Singapore Technologies Engineering Ltd. 788,300 1,913,773 0.14%

DBS Group Holdings Ltd. 45,900 858,346 0.06%Oversea-Chinese Banking Corp., Ltd. 83,700 627,453 0.05%

United Overseas Bank Ltd. 29,700 481,062 0.04%Singapore Telecommunications Ltd. 160,100 229,993 0.02%

Singapore Airlines Ltd. 62,800 191,069 0.01%Keppel Corp., Ltd. 48,600 166,767 0.01%Wilmar International Ltd. 44,691 126,160 0.01%CapitaLand Ltd. 49,900 116,135 0.01%CapitaLand Integrated Commercial Trust REIT 56,300 73,815 0.01%

Singapore Press Holdings Ltd. 29,600 31,752 0.00%Ascendas REIT 11,586 21,441 0.00%Olam International Ltd. 9,600 9,636 0.00%Sembcorp Marine Ltd. 98,220 7,394 0.00%Olam International Ltd. - Rights Issue 19/7/2021 1,440 316 0.00%

test test 4,855,112 0.36%South Korea 1.94% (2020: 1.99%)Samsung Electronics Co., Ltd. 130,481 7,884,542 0.58%Samsung Electronics Co., Ltd. - Preference Shares 24,834 1,370,471 0.10%

SK Hynix, Inc. 14,144 1,350,324 0.10%NAVER Corp. 3,345 1,045,703 0.08%Kakao Corp. 6,605 806,151 0.06%LG Chem Ltd. - KRW 1,260 801,946 0.06%Samsung SDI Co., Ltd. 1,492 779,794 0.06%Hyundai Motor Co. 4,194 752,124 0.06%Celltrion, Inc. 2,850 572,987 0.04%Kia Corp. 7,753 520,156 0.04%KB Financial Group, Inc. 10,934 456,845 0.03%Shinhan Financial Group Co., Ltd. 14,955 454,641 0.03%

Hyundai Mobis Co., Ltd. 1,768 386,564 0.03%LG Electronics, Inc. 2,967 363,238 0.03%SK Innovation Co., Ltd. 1,592 352,254 0.03%Korea Aerospace Industries Ltd. 13,884 342,032 0.03%

Hana Financial Group, Inc. 8,990 309,988 0.02%Samsung C&T Corp. 2,899 296,303 0.02%LG Household & Health Care Ltd. 220 290,258 0.02%

NCSoft Corp. 414 254,197 0.02%HMM Co., Ltd. 7,539 247,819 0.02%Samsung Biologics Co., Ltd. 378 238,036 0.02%Korea Zinc Co., Ltd. 684 221,000 0.02%Hanwha Aerospace Co., Ltd. 6,121 215,415 0.02%LG Corp. 2,763 212,061 0.02%Samsung Electro-Mechanics Co., Ltd. 1,366 181,042 0.01%

Amorepacific Corp. (XKRX) 951 179,447 0.01%Hyundai Steel Co. 4,309 173,263 0.01%

47


.Number of

SharesFair Value


Net AssetsSK Telecom Co., Ltd. 702 168,207 0.01%Woori Financial Group, Inc. 18,683 160,180 0.01%Celltrion Healthcare Co., Ltd. 1,814 157,154 0.01%Yuhan Corp. 3,245 153,320 0.01%Hyundai Motor Co. - Preference Shares 1,754 151,037 0.01%

S-Oil Corp. 1,903 146,056 0.01%Samsung SDS Co., Ltd. 1,018 141,018 0.01%SK Biopharmaceuticals Co., Ltd. 1,469 135,295 0.01%

Samsung Fire & Marine Insurance Co., Ltd. 814 134,397 0.01%

Korean Air Lines Co., Ltd. 5,593 131,920 0.01%Hyundai Motor Co. (XKRX) - Preference Shares 1,428 123,500 0.01%

E-MART, Inc. 1,016 121,722 0.01%Korea Shipbuilding & Offshore Engineering Co., Ltd. 1,211 121,508 0.01%

GS Holdings Corp. 3,372 116,776 0.01%Samsung Life Insurance Co., Ltd. 1,913 114,307 0.01%

LG Display Co., Ltd. 6,155 112,915 0.01%HYBE Co., Ltd. 468 102,501 0.01%Doosan Heavy Industries & Construction Co., Ltd. 5,409 96,596 0.01%

Hanmi Pharm Co., Ltd. 375 93,925 0.01%Hyundai Engineering & Construction Co., Ltd. 2,130 92,983 0.01%

Hankook Tire & Technology Co., Ltd. 2,294 88,805 0.01%

Hyundai Heavy Industries Holdings Co., Ltd. 1,653 87,632 0.01%

Celltrion Pharm, Inc. 723 85,103 0.01%Coway Co., Ltd. 1,440 84,858 0.01%CJ CheilJedang Corp. 237 81,810 0.01%Orion Corp. 875 77,639 0.01%LG Chem Ltd. - Preference Shares 267 76,671 0.01%

Lotte Corp. 2,542 76,517 0.01%Kumho Petrochemical Co., Ltd. 463 75,924 0.01%Hanmi Science Co., Ltd. 1,311 75,097 0.01%Hanwha Solutions Corp. 2,077 69,285 0.01%Samsung Heavy Industries Co., Ltd. 12,757 64,095 0.01%

Hyundai Glovis Co., Ltd. 405 63,381 0.01%Shin Poong Pharmaceutical Co., Ltd. 955 61,498 0.01%

CJ Corp. 761 60,971 0.01%Lotte Chemical Corp. 305 59,949 0.01%Industrial Bank of Korea 7,512 59,061 0.01%Hanjin Kal Corp. 1,128 55,745 0.00%Fila Holdings Corp. 1,278 55,694 0.00%CJ CheilJedang Corp. - Preference Shares 339 53,306 0.00%

Samsung Engineering Co., Ltd. 2,863 51,236 0.00%SKC Co., Ltd. 428 50,796 0.00%GS Engineering & Construction Corp. 1,546 49,662 0.00%

POSCO Chemical Co., Ltd. 446 48,090 0.00%Hanon Systems 3,713 46,013 0.00%OCI Co., Ltd. 506 44,519 0.00%Seegene, Inc. 648 40,127 0.00%Mando Corp. 804 40,034 0.00%LG Innotek Co., Ltd. 232 38,739 0.00%LG Electronics, Inc. - Preference Shares 638 37,597 0.00%

Alteogen, Inc. 594 37,228 0.00%Korea Investment Holdings Co., Ltd. 482 37,174 0.00%

Samsung SDI Co., Ltd. - Preference Shares 112 36,690 0.00%

HLB, Inc. 1,408 35,213 0.00%

.Number of

SharesFair Value


Net AssetsHyundai Mipo Dockyard Co., Ltd. 524 34,292 0.00%

LG Uplus Corp. 2,933 33,711 0.00%Doosan Bobcat, Inc. 908 32,635 0.00%DGB Financial Group, Inc. 4,681 32,597 0.00%Amorepacific Corp. - Preference Shares 492 32,456 0.00%

Daewoo Shipbuilding & Marine Engineering Co., Ltd. 1,188 31,846 0.00%

Green Cross Corp. 126 30,993 0.00%Mirae Asset Securities Co., Ltd. 4,137 29,211 0.00%

DL E&C Co., Ltd. 266 28,283 0.00%AMOREPACIFIC Group 573 27,459 0.00%Lotte Shopping Co., Ltd. 317 27,416 0.00%Dongsuh Cos, Inc. 1,185 27,063 0.00%Shinsegae, Inc. 126 26,936 0.00%BNK Financial Group, Inc. 4,423 25,601 0.00%Netmarble Corp. 247 24,783 0.00%CJ Logistics Corp. 167 22,133 0.00%NongShim Co., Ltd. 89 20,892 0.00%Hanwha Life Insurance Co., Ltd. 7,081 19,910 0.00%

Samsung Fire & Marine Insurance Co., Ltd. - Preference Shares 149 18,465 0.00%

KCC Corp. 63 16,204 0.00%Daewoo Engineering & Construction Co., Ltd. 2,397 14,269 0.00%

DL Holdings Co., Ltd. 212 12,699 0.00%Hyundai Wia Corp. 166 12,616 0.00%Hotel Shilla Co., Ltd. 127 9,224 0.00%SillaJen, Inc. 1,012 9,169 0.00%DB Insurance Co., Ltd. 194 7,961 0.00%HDC Hyundai Development Co.-Engineering & Construction Class E 274 6,463 0.00%

Kangwon Land, Inc. 314 6,325 0.00%Hyundai Marine & Fire Insurance Co., Ltd. 252 4,812 0.00%

LG Household & Health Care Ltd. - Preference Shares 7 4,010 0.00%

Helixmith Co., Ltd. 43 1,021 0.00%test test 26,271,532 1.94%Spain 0.79% (2020: 0.78%)Iberdrola SA 169,560 1,743,077 0.13%Banco Santander SA 502,392 1,617,451 0.12%Banco Bilbao Vizcaya Argentaria SA 191,158 999,374 0.07%

Industria de Diseno Textil SA 32,808 974,726 0.07%Cellnex Telecom SA 16,845 904,913 0.07%Amadeus IT Group SA 11,956 709,230 0.05%Telefonica SA 143,371 565,025 0.04%Repsol SA 48,501 511,880 0.04%Ferrovial SA 15,815 391,421 0.03%CaixaBank SA 144,042 373,645 0.03%Aena SME SA 2,439 337,314 0.02%Grifols SA 9,878 225,613 0.02%Endesa SA 10,074 206,114 0.02%ACS Actividades de Construccion y Servicios SA 9,034 204,078 0.01%

Naturgy Energy Group SA 7,382 160,042 0.01%Siemens Gamesa Renewable Energy SA 5,153 145,108 0.01%

Red Electrica Corp. SA 8,710 136,355 0.01%Enagas SA 6,437 125,425 0.01%Inmobiliaria Colonial Socimi SA REIT 12,716 108,277 0.01%

Merlin Properties Socimi SA REIT 10,892 95,152 0.01%

Bankinter SA 17,710 75,073 0.01%Mapfre SA 30,887 55,056 0.00%Acciona SA 263 33,480 0.00%

48


.Number of

SharesFair Value


Net AssetsACS Actividades de Construccion y Servicios SA - Rights Issue 23/7/2021 9,034 10,660 0.00%

Zardoya Otis SA 1,734 10,075 0.00%test test 10,718,564 0.79%Sweden 1.08% (2020: 1.00%)Investor AB Class B 56,392 1,096,759 0.08%Atlas Copco AB Class A 18,472 954,381 0.07%Volvo AB Class B 44,332 900,016 0.07%Telefonaktiebolaget LM Ericsson Class B 83,552 886,103 0.07%

Saab AB Class B 30,567 684,458 0.05%Assa Abloy AB Class B 26,286 668,165 0.05%Sandvik AB 30,707 661,857 0.05%Hexagon AB Class B 45,952 574,514 0.04%Evolution AB 4,109 547,921 0.04%Atlas Copco AB Class B 11,955 530,443 0.04%Hennes & Mauritz AB Class B 23,383 468,029 0.03%Essity AB Class B 16,680 466,751 0.03%Skandinaviska Enskilda Banken AB Class A 38,367 418,209 0.03%

Investor AB Class A 21,578 415,625 0.03%Boliden AB 12,644 410,164 0.03%Svenska Handelsbanken AB Class A 37,668 358,630 0.03%

Epiroc AB Class A 17,520 336,857 0.03%Telia Co. AB 84,090 314,902 0.02%Nibe Industrier AB Class B 30,523 270,921 0.02%Skanska AB Class B 11,973 267,982 0.02%Alfa Laval AB 7,999 238,424 0.02%Svenska Cellulosa AB SCA Class B 15,749 217,787 0.02%

SKF AB Class B 9,885 212,379 0.02%EQT AB 5,834 178,667 0.01%Kinnevik AB Class B 5,237 176,908 0.01%Sinch AB 12,280 174,356 0.01%Epiroc AB Class B 10,521 174,226 0.01%Lundin Energy AB 5,726 170,956 0.01%Volvo AB Class A 8,101 169,496 0.01%Investment AB Latour Class B 6,061 167,810 0.01%Lifco AB Class B 8,305 163,775 0.01%Electrolux AB 6,374 149,137 0.01%Industrivarden AB Class A 4,185 137,327 0.01%Tele2 AB Class B 11,453 131,672 0.01%Husqvarna AB Class B 10,310 115,583 0.01%Trelleborg AB Class B 5,117 100,251 0.01%Indutrade AB 4,552 98,293 0.01%Industrivarden AB Class C 3,163 97,678 0.01%ICA Gruppen AB 2,410 94,646 0.01%Getinge AB Class B 2,495 79,411 0.01%Fastighets AB Balder Class B 1,406 74,445 0.01%L E Lundbergforetagen AB Class B 1,308 71,217 0.01%

Castellum AB 2,801 60,152 0.00%Swedish Orphan Biovitrum AB 3,722 57,269 0.00%Sweco AB Class B 3,394 52,105 0.00%Elekta AB Class B 3,842 46,974 0.00%Holmen AB Class B 866 32,985 0.00%Telefonaktiebolaget LM Ericsson Class A 1,374 14,577 0.00%

Svenska Handelsbanken AB Class B 728 7,350 0.00%

Skandinaviska Enskilda Banken AB Class C 382 4,113 0.00%

test test 14,702,656 1.08%Switzerland 2.82% (2020: 2.87%)Nestle SA 81,067 8,520,939 0.63%Roche Holding AG (XSWX) 20,883 6,640,082 0.49%Zurich Insurance Group AG 4,719 1,597,988 0.12%Cie Financiere Richemont SA Class A 14,593 1,490,336 0.11%

ABB Ltd. 51,058 1,462,078 0.11%UBS Group AG 101,375 1,309,512 0.10%

.Number of

SharesFair Value


Net AssetsLonza Group AG 2,102 1,257,534 0.09%Sika AG 3,867 1,067,124 0.08%Givaudan SA 255 1,000,984 0.07%Roche Holding AG 2,624 899,572 0.07%Partners Group Holding AG 674 861,725 0.06%Holcim Ltd. 16,995 860,458 0.06%Alcon, Inc. 13,613 804,471 0.06%Swiss Re AG 10,496 799,322 0.06%Geberit AG 1,047 662,860 0.05%Credit Suisse Group AG 68,932 609,466 0.04%SGS SA 214 557,164 0.04%Swisscom AG 1,130 544,493 0.04%Kuehne + Nagel International AG 1,533 442,760 0.03%

Sonova Holding AG 1,327 421,275 0.03%Swiss Life Holding AG 982 402,766 0.03%Schindler Holding AG (XSWX) 1,526 393,964 0.03%Logitech International SA 3,714 379,807 0.03%Julius Baer Group Ltd. 6,556 361,117 0.03%Chocoladefabriken Lindt & Spruengli AG (XSWX) 4 353,589 0.03%

Chocoladefabriken Lindt & Spruengli AG 42 352,686 0.03%

Barry Callebaut AG 175 343,235 0.02%Straumann Holding AG 249 335,048 0.02%Swatch Group AG 1,155 334,429 0.02%Adecco Group AG 5,417 310,634 0.02%Vifor Pharma AG 2,807 306,643 0.02%Schindler Holding AG 954 235,326 0.02%Temenos AG 1,580 214,186 0.02%EMS-Chemie Holding AG 252 208,968 0.01%Swiss Prime Site AG 2,353 197,052 0.01%Georg Fischer AG 143 179,111 0.01%VAT Group AG 637 178,748 0.01%Swatch Group AG (Registered Shares) 3,116 173,540 0.01%

Baloise Holding AG 1,157 152,305 0.01%SIG Combibloc Group AG 6,298 144,439 0.01%Flughafen Zurich AG 841 117,382 0.01%Clariant AG 6,604 110,851 0.01%PSP Swiss Property AG 998 106,975 0.01%Tecan Group AG 236 98,690 0.01%ams AG 5,817 98,490 0.01%Helvetia Holding AG 942 85,505 0.01%DKSH Holding AG 1,261 81,445 0.01%OC Oerlikon Corp. AG 8,500 79,558 0.01%Sulzer AG 639 74,499 0.01%Banque Cantonale Vaudoise 788 59,737 0.00%test test 38,280,868 2.82%United Kingdom 4.39% (2020: 4.41%)AstraZeneca plc 38,969 3,941,633 0.29%Unilever plc 73,605 3,627,322 0.27%Diageo plc 69,700 2,810,098 0.21%GlaxoSmithKline plc 162,538 2,687,490 0.20%Rio Tinto plc 34,788 2,410,796 0.18%BP plc 589,939 2,164,735 0.16%Royal Dutch Shell plc Class A 123,450 2,080,591 0.15%Royal Dutch Shell plc Class B 113,685 1,852,712 0.14%Reckitt Benckiser Group plc 19,859 1,479,861 0.11%Anglo American plc 41,018 1,372,529 0.10%RELX plc 59,958 1,340,322 0.10%National Grid plc 111,203 1,192,804 0.09%Prudential plc 74,030 1,184,468 0.09%Vodafone Group plc 802,218 1,133,923 0.08%CRH plc 26,203 1,116,254 0.08%Lloyds Banking Group plc 1,999,310 1,087,404 0.08%Barclays plc 507,778 1,012,189 0.07%London Stock Exchange Group plc 9,706 901,126 0.07%

Experian plc 27,683 898,424 0.07%Compass Group plc 50,158 889,287 0.07%Ashtead Group plc 12,562 784,937 0.06%

49


.Number of

SharesFair Value


Net AssetsFerguson plc 6,513 762,490 0.06%Meggitt plc 141,839 762,030 0.06%Tesco plc 275,281 714,942 0.05%Flutter Entertainment plc 4,515 691,362 0.05%SSE plc 33,513 585,783 0.04%Aviva plc 121,724 575,549 0.04%BT Group plc 237,889 537,605 0.04%Segro plc REIT 40,152 511,929 0.04%Legal & General Group plc 161,969 486,032 0.04%Smith & Nephew plc 26,496 482,267 0.04%3i Group plc 31,680 432,883 0.03%Standard Chartered plc 79,992 429,571 0.03%Natwest Group plc 168,446 398,723 0.03%Smiths Group plc 20,963 388,273 0.03%Smurfit Kappa Group plc 8,394 384,085 0.03%WPP plc 33,372 378,719 0.03%Persimmon plc 10,585 364,734 0.03%Halma plc 11,499 360,597 0.03%Intertek Group plc 5,545 357,202 0.03%Associated British Foods plc 13,472 347,767 0.03%Just Eat Takeaway.com NV 4,431 345,418 0.03%Spirax-Sarco Engineering plc 2,163 343,053 0.03%Hikma Pharmaceuticals plc 11,623 331,178 0.02%Mondi plc 14,599 323,290 0.02%Melrose Industries plc 173,386 313,266 0.02%Entain plc 15,379 312,705 0.02%Croda International plc 3,614 310,188 0.02%Next plc 3,332 304,925 0.02%Ocado Group plc 13,066 304,867 0.02%Bunzl plc 10,939 304,425 0.02%Polymetal International plc 16,597 300,544 0.02%Rentokil Initial plc 50,799 292,919 0.02%DCC plc 4,239 292,230 0.02%Barratt Developments plc 35,932 290,990 0.02%Evraz plc 42,014 289,736 0.02%Kingfisher plc 66,917 284,133 0.02%Antofagasta plc 16,559 276,901 0.02%United Utilities Group plc 24,099 273,542 0.02%Burberry Group plc 11,360 273,398 0.02%Informa plc 40,635 237,435 0.02%Taylor Wimpey plc 128,140 237,264 0.02%InterContinental Hotels Group plc 4,217 236,285 0.02%

St James's Place plc 13,336 229,453 0.02%Howden Joinery Group plc 23,791 226,313 0.02%Berkeley Group Holdings plc 4,163 222,833 0.02%Land Securities Group plc REIT 28,237 222,160 0.02%Standard Life Aberdeen plc 69,816 220,400 0.02%Sage Group plc 27,533 219,444 0.02%J Sainsbury plc 69,240 219,227 0.02%M&G plc 81,763 218,017 0.02%Coca-Cola HBC AG 6,972 212,300 0.02%Severn Trent plc 7,281 212,125 0.02%Travis Perkins plc 10,303 202,712 0.01%Pearson plc 20,461 197,830 0.01%Hargreaves Lansdown plc 10,590 196,023 0.01%Pennon Group plc 14,700 194,443 0.01%British Land Co. plc REIT 33,136 191,031 0.01%Whitbread plc 5,242 190,641 0.01%Tate & Lyle plc 21,641 186,147 0.01%Schroders plc 4,337 177,482 0.01%DS Smith plc 36,280 176,615 0.01%Johnson Matthey plc 4,916 175,979 0.01%WM Morrison Supermarkets plc 60,533 173,960 0.01%

Weir Group plc 8,002 172,541 0.01%Admiral Group plc 4,674 171,182 0.01%Intermediate Capital Group plc 6,862 169,782 0.01%Fresnillo plc 17,867 160,595 0.01%IMI plc 7,451 149,290 0.01%Bellway plc 3,922 148,027 0.01%

.Number of

SharesFair Value


Net AssetsJD Sports Fashion plc 13,672 146,364 0.01%B&M European Value Retail SA 20,853 139,239 0.01%AVEVA Group plc 3,170 136,926 0.01%International Consolidated Airlines Group SA 66,701 135,368 0.01%

ITV plc 90,317 132,091 0.01%easyJet plc 12,268 127,875 0.01%Derwent London plc REIT 3,277 126,737 0.01%THG plc 15,381 109,295 0.01%Hiscox Ltd. 9,432 91,370 0.01%Phoenix Group Holdings plc 11,525 90,810 0.01%TUI AG 19,331 83,206 0.01%Centrica plc 134,624 80,701 0.01%Direct Line Insurance Group plc 20,387 67,684 0.01%

Quilter plc 39,053 67,670 0.00%Renishaw plc 1,061 60,883 0.00%HomeServe plc 4,745 52,815 0.00%ConvaTec Group plc 17,294 48,471 0.00%Avast plc 6,423 36,647 0.00%Dr. Martens plc 6,979 36,178 0.00%Ashmore Group plc 6,593 29,569 0.00%Rightmove plc 3,764 28,474 0.00%NMC Health plc 2,925 — 0.00%test test 59,465,065 4.39%United States 64.15% (2020: 61.93%)Apple, Inc. 422,587 48,804,718 3.60%Microsoft Corp. 203,504 46,487,253 3.43%Amazon.com, Inc. 11,708 33,963,566 2.50%Facebook, Inc. Class A 64,286 18,848,879 1.39%Alphabet, Inc. Class A 8,117 16,713,053 1.23%Alphabet, Inc. Class C 7,654 16,176,215 1.19%Tesla, Inc. 20,889 11,972,555 0.88%JPMorgan Chase & Co. 85,035 11,153,001 0.82%NVIDIA Corp. 16,021 10,809,008 0.80%Visa, Inc. Class A 46,563 9,180,673 0.68%Berkshire Hathaway, Inc. Class B 38,876 9,110,733 0.67%

UnitedHealth Group, Inc. 26,322 8,888,086 0.66%Procter & Gamble Co. 70,024 7,967,230 0.59%Home Depot, Inc. 29,558 7,948,183 0.59%PayPal Holdings, Inc. 31,797 7,815,321 0.58%Bank of America Corp. 213,681 7,429,014 0.55%Walt Disney Co. 49,864 7,390,670 0.54%Mastercard, Inc. Class A 23,924 7,365,219 0.54%Adobe, Inc. 12,972 6,406,039 0.47%Exxon Mobil Corp. 120,128 6,389,809 0.47%Comcast Corp. Class A 125,806 6,048,957 0.45%Verizon Communications, Inc. 116,164 5,488,379 0.40%Pfizer, Inc. 166,205 5,488,311 0.40%Cisco Systems, Inc. 120,537 5,387,015 0.40%Intel Corp. 109,974 5,206,122 0.38%Netflix, Inc. 11,679 5,201,926 0.38%Coca-Cola Co. 110,987 5,064,092 0.37%Salesforce.com, Inc. 24,422 5,030,409 0.37%PepsiCo, Inc. 39,230 4,901,517 0.36%Merck & Co., Inc. 73,531 4,822,081 0.36%AT&T, Inc. 198,354 4,813,752 0.35%AbbVie, Inc. 49,217 4,674,764 0.34%Abbott Laboratories 47,101 4,604,451 0.34%Thermo Fisher Scientific, Inc. 10,824 4,604,421 0.34%Accenture plc Class A 18,336 4,557,947 0.34%Eli Lilly & Co. 23,324 4,514,145 0.33%Broadcom, Inc. 10,979 4,414,560 0.33%NIKE, Inc. Class B 33,611 4,378,585 0.32%Costco Wholesale Corp. 13,045 4,352,403 0.32%Berkshire Hathaway, Inc. Class A 12 4,235,780 0.31%

Texas Instruments, Inc. 25,937 4,205,823 0.31%Medtronic plc 38,842 4,065,653 0.30%McDonald's Corp. 20,698 4,031,563 0.30%Danaher Corp. 17,168 3,884,986 0.29%

50


.Number of

SharesFair Value


Net AssetsBristol-Myers Squibb Co. 67,075 3,779,367 0.28%Union Pacific Corp. 20,075 3,722,991 0.27%QUALCOMM, Inc. 30,810 3,713,360 0.27%Linde plc 15,155 3,694,502 0.27%Citigroup, Inc. 61,386 3,662,248 0.27%United Parcel Service, Inc. Class B 20,041 3,514,568 0.26%

NextEra Energy, Inc. 54,487 3,366,901 0.25%Lowe's Cos, Inc. 20,073 3,283,211 0.24%Amgen, Inc. 15,958 3,280,009 0.24%Oracle Corp. 47,388 3,110,449 0.23%International Business Machines Corp. 25,017 3,092,370 0.23%

Morgan Stanley 39,719 3,070,946 0.23%BlackRock, Inc. Class A 4,140 3,054,537 0.23%Starbucks Corp. 32,163 3,032,418 0.22%Goldman Sachs Group, Inc. 9,466 3,029,455 0.22%Applied Materials, Inc. 24,881 2,987,650 0.22%American Tower Corp. REIT 12,691 2,890,924 0.21%Caterpillar, Inc. 15,638 2,869,802 0.21%3M Co. 17,071 2,859,274 0.21%Intuit, Inc. 6,897 2,850,748 0.21%General Electric Co. 244,297 2,772,778 0.20%Target Corp. 13,536 2,759,248 0.20%Charles Schwab Corp. 43,754 2,686,338 0.20%CVS Health Corp. 37,104 2,610,640 0.19%Advanced Micro Devices, Inc. 32,069 2,540,047 0.19%Intuitive Surgical, Inc. 3,255 2,524,183 0.19%American Express Co. 18,032 2,512,377 0.19%ServiceNow, Inc. 5,263 2,438,892 0.18%Deere & Co. 8,026 2,387,090 0.18%Zoetis, Inc. Class A 14,822 2,329,225 0.17%Mondelez International, Inc. Class A 43,774 2,304,788 0.17%

Anthem, Inc. 7,108 2,288,418 0.17%Prologis, Inc. REIT 22,637 2,281,643 0.17%S&P Global, Inc. 6,477 2,241,744 0.17%Charter Communications, Inc. Class A 3,632 2,209,551 0.16%

Micron Technology, Inc. 30,781 2,205,725 0.16%Stryker Corp. 10,066 2,204,606 0.16%Square, Inc. Class A 10,637 2,186,778 0.16%Lam Research Corp. 3,918 2,149,796 0.16%Fidelity National Information Services, Inc. 17,689 2,113,164 0.16%

PNC Financial Services Group, Inc. 12,896 2,074,408 0.15%

ConocoPhillips 40,300 2,069,542 0.15%Gilead Sciences, Inc. 35,442 2,057,961 0.15%Booking Holdings, Inc. 1,111 2,049,893 0.15%T-Mobile US, Inc. 16,602 2,027,547 0.15%Crown Castle International Corp. REIT 12,282 2,020,590 0.15%

TJX Cos, Inc. 35,259 2,004,521 0.15%Automatic Data Processing, Inc. 11,928 1,997,756 0.15%

Cigna Corp. 9,952 1,989,477 0.15%US Bancorp 41,190 1,978,746 0.15%CSX Corp. 73,014 1,975,115 0.15%Illinois Tool Works, Inc. 10,462 1,972,244 0.15%Truist Financial Corp. 40,826 1,910,653 0.14%Uber Technologies, Inc. 44,939 1,899,269 0.14%Duke Energy Corp. 22,751 1,893,902 0.14%Zoom Video Communications, Inc. Class A 5,668 1,849,807 0.14%

Colgate-Palmolive Co. 26,171 1,795,270 0.13%CME Group, Inc. Class A 9,983 1,790,357 0.13%Moderna, Inc. 9,031 1,789,446 0.13%Norfolk Southern Corp. 7,981 1,786,185 0.13%Activision Blizzard, Inc. 21,793 1,753,878 0.13%FedEx Corp. 6,865 1,726,988 0.13%TransDigm Group, Inc. 3,158 1,723,705 0.13%

.Number of

SharesFair Value


Net AssetsHEICO Corp. 14,625 1,719,384 0.13%Marsh & McLennan Cos, Inc. 14,461 1,715,468 0.13%Chubb Ltd. 12,797 1,715,115 0.13%MercadoLibre, Inc. 1,304 1,712,925 0.13%Newmont Corp. 31,880 1,703,815 0.13%HEICO Corp. Class A 16,160 1,692,174 0.12%Estee Lauder Cos, Inc. Class A 6,303 1,690,580 0.12%Equinix, Inc. REIT 2,465 1,668,276 0.12%Southern Co. 32,657 1,666,308 0.12%Becton Dickinson & Co. 7,990 1,638,492 0.12%Capital One Financial Corp. 12,381 1,614,990 0.12%Illumina, Inc. 4,043 1,613,279 0.12%Sherwin-Williams Co. 6,828 1,568,672 0.12%Air Products & Chemicals, Inc. 6,403 1,553,263 0.11%Autodesk, Inc. 6,291 1,548,480 0.11%Analog Devices, Inc. 10,613 1,540,715 0.11%Intercontinental Exchange, Inc. 15,139 1,515,304 0.11%Dominion Energy, Inc. 24,246 1,504,156 0.11%Fiserv, Inc. 16,652 1,500,913 0.11%Edwards Lifesciences Corp. 17,094 1,492,896 0.11%Howmet Aerospace, Inc. 50,904 1,479,603 0.11%Eaton Corp. plc 11,754 1,468,680 0.11%Waste Management, Inc. 12,390 1,463,836 0.11%Boston Scientific Corp. 40,360 1,455,261 0.11%Twilio, Inc. Class A 4,310 1,432,523 0.11%Emerson Electric Co. 17,612 1,429,276 0.11%Humana, Inc. 3,782 1,411,896 0.10%HCA Healthcare, Inc. 7,893 1,376,000 0.10%Ford Motor Co. 109,229 1,368,701 0.10%Progressive Corp. 16,470 1,363,959 0.10%Global Payments, Inc. 8,493 1,343,096 0.10%Regeneron Pharmaceuticals, Inc. 2,819 1,327,704 0.10%

Moody's Corp. 4,261 1,302,014 0.10%NXP Semiconductors NV 7,434 1,289,588 0.09%Ecolab, Inc. 7,397 1,284,729 0.09%MetLife, Inc. 25,337 1,278,708 0.09%Vertex Pharmaceuticals, Inc. 7,450 1,266,670 0.09%Aon plc Class A 6,280 1,264,367 0.09%Roper Technologies, Inc. 3,178 1,260,052 0.09%Johnson Controls International plc 21,647 1,252,748 0.09%

IQVIA Holdings, Inc. 6,070 1,240,309 0.09%Agilent Technologies, Inc. 9,816 1,223,461 0.09%Twitter, Inc. 20,972 1,216,868 0.09%Prudential Financial, Inc. 13,978 1,207,796 0.09%Roku, Inc. Class A 3,108 1,203,600 0.09%Biogen, Inc. 4,096 1,195,988 0.09%Trane Technologies plc 7,687 1,193,595 0.09%Dollar General Corp. 6,495 1,185,136 0.09%DocuSign, Inc. Class A 5,027 1,185,090 0.09%Kimberly-Clark Corp. 10,394 1,172,535 0.09%EOG Resources, Inc. 16,555 1,164,811 0.09%KLA Corp. 4,251 1,162,169 0.09%TE Connectivity Ltd. 10,160 1,158,389 0.09%IDEXX Laboratories, Inc. 2,151 1,145,513 0.08%American International Group, Inc. 28,102 1,127,966 0.08%

Public Storage REIT 4,446 1,127,302 0.08%Dow, Inc. 21,030 1,122,167 0.08%Exelon Corp. 29,927 1,118,193 0.08%eBay, Inc. 18,762 1,110,785 0.08%Align Technology, Inc. 2,144 1,104,633 0.08%Amphenol Corp. Class A 19,062 1,099,613 0.08%Aflac, Inc. 23,990 1,085,508 0.08%T Rowe Price Group, Inc. 6,469 1,079,912 0.08%Kinder Morgan, Inc. 70,214 1,079,350 0.08%Bank of New York Mellon Corp. 24,857 1,073,804 0.08%Marvell Technology, Inc. 21,715 1,068,080 0.08%Schlumberger NV 39,449 1,064,814 0.08%Simon Property Group, Inc. REIT 9,621 1,058,562 0.08%

51


.Number of

SharesFair Value


Net AssetsWorkday, Inc. Class A 5,230 1,052,880 0.08%Parker-Hannifin Corp. 4,030 1,043,641 0.08%American Electric Power Co., Inc. 14,612 1,042,271 0.08%

Marathon Petroleum Corp. 20,434 1,041,085 0.08%Ross Stores, Inc. 9,934 1,038,718 0.08%Sempra Energy 9,282 1,036,917 0.08%DuPont de Nemours, Inc. 15,763 1,028,935 0.08%Archer-Daniels-Midland Co. 20,086 1,026,403 0.08%Digital Realty Trust, Inc. REIT 8,046 1,020,829 0.08%Centene Corp. 16,583 1,019,815 0.08%Phillips 66 14,083 1,019,144 0.08%Allstate Corp. 9,151 1,006,541 0.07%IHS Markit Ltd. 10,583 1,005,381 0.07%Aptiv plc 7,575 1,004,954 0.07%Electronic Arts, Inc. 8,263 1,002,165 0.07%General Mills, Inc. 19,465 1,000,086 0.07%Baxter International, Inc. 14,721 999,275 0.07%Sysco Corp. 15,230 998,510 0.07%Alexion Pharmaceuticals, Inc. 6,429 995,928 0.07%Synopsys, Inc. 4,277 994,649 0.07%Chipotle Mexican Grill, Inc. Class A 750 980,483 0.07%

Travelers Cos, Inc. 7,744 977,616 0.07%Constellation Brands, Inc. Class A 4,942 974,690 0.07%

Cummins, Inc. 4,703 966,893 0.07%PPG Industries, Inc. 6,677 955,860 0.07%Pinterest, Inc. Class A 14,332 954,137 0.07%Teledyne Technologies, Inc. 2,686 948,628 0.07%Walgreens Boots Alliance, Inc. 21,340 946,705 0.07%Match Group, Inc. 6,957 945,962 0.07%HP, Inc. 36,989 941,646 0.07%Lululemon Athletica, Inc. 3,050 938,661 0.07%O'Reilly Automotive, Inc. 1,959 935,328 0.07%Williams Cos, Inc. 41,642 932,284 0.07%Veeva Systems, Inc. Class A 3,549 930,569 0.07%Crowdstrike Holdings, Inc. Class A 4,359 923,737 0.07%

Stanley Black & Decker, Inc. 5,341 923,224 0.07%Dexcom, Inc. 2,564 923,204 0.07%MSCI, Inc. Class A 2,009 903,076 0.07%Microchip Technology, Inc. 7,104 897,001 0.07%Xcel Energy, Inc. 16,127 895,899 0.07%Cognizant Technology Solutions Corp. Class A 15,295 893,272 0.07%

Corteva, Inc. 23,776 889,169 0.07%Pioneer Natural Resources Co. 6,424 880,368 0.06%Monster Beverage Corp. 11,275 868,514 0.06%Cadence Design Systems, Inc. 7,490 864,138 0.06%International Flavors & Fragrances, Inc. 6,834 860,949 0.06%

Motorola Solutions, Inc. 4,689 857,416 0.06%Welltower, Inc. REIT 12,203 855,105 0.06%Zimmer Biomet Holdings, Inc. 6,296 853,801 0.06%Discover Financial Services 8,535 851,341 0.06%Marriott International, Inc. Class A 7,385 850,156 0.06%

Spotify Technology SA 3,646 847,290 0.06%First Republic Bank 5,282 833,655 0.06%Valero Energy Corp. 12,510 823,662 0.06%Mettler-Toledo International, Inc. 699 816,555 0.06%

Paychex, Inc. 8,980 812,509 0.06%PACCAR, Inc. 10,703 805,500 0.06%SBA Communications Corp. REIT Class A 2,984 801,923 0.06%

AMETEK, Inc. 7,118 801,293 0.06%Rockwell Automation, Inc. 3,320 800,731 0.06%Hershey Co. 5,438 798,711 0.06%AvalonBay Communities, Inc. REIT 4,532 797,523 0.06%

.Number of

SharesFair Value


Net AssetsXilinx, Inc. 6,509 793,880 0.06%Palo Alto Networks, Inc. 2,534 792,850 0.06%ResMed, Inc. 3,759 781,405 0.06%Nucor Corp. 9,606 777,050 0.06%Yum! Brands, Inc. 7,995 775,499 0.06%Corning, Inc. 22,397 772,441 0.06%CoStar Group, Inc. 11,040 771,003 0.06%Atlassian Corp. plc Class A 3,558 770,645 0.06%AutoZone, Inc. 611 768,822 0.06%Equity Residential REIT 11,828 767,987 0.06%KKR & Co., Inc. 15,232 760,894 0.06%Public Service Enterprise Group, Inc. 14,997 755,478 0.06%

Cintas Corp. 2,338 753,112 0.06%Ameriprise Financial, Inc. 3,574 750,061 0.06%Kraft Heinz Co. 21,722 746,963 0.05%McKesson Corp. 4,619 744,867 0.05%DR Horton, Inc. 9,726 741,157 0.05%State Street Corp. 10,668 740,166 0.05%Hilton Worldwide Holdings, Inc. 7,256 738,021 0.05%

Fastenal Co. 16,799 736,612 0.05%Trade Desk, Inc. Class A 11,270 735,178 0.05%Old Dominion Freight Line, Inc. 3,430 734,070 0.05%American Water Works Co., Inc. 5,639 732,894 0.05%

SVB Financial Group 1,559 731,490 0.05%Skyworks Solutions, Inc. 4,505 728,420 0.05%Fortinet, Inc. 3,620 727,083 0.05%Dell Technologies, Inc. Class C 8,452 710,356 0.05%WEC Energy Group, Inc. 9,457 709,335 0.05%Peloton Interactive, Inc. Class A 6,773 708,312 0.05%

ANSYS, Inc. 2,407 704,421 0.05%Willis Towers Watson plc 3,595 697,295 0.05%Keurig Dr Pepper, Inc. 23,437 696,450 0.05%Okta, Inc. Class A 3,370 695,313 0.05%Kroger Co. 21,439 692,578 0.05%Best Buy Co., Inc. 7,108 689,163 0.05%Verisk Analytics, Inc. Class A 4,663 687,005 0.05%Dover Corp. 5,388 684,234 0.05%LyondellBasell Industries NV Class A 7,817 678,080 0.05%

Alexandria Real Estate Equities, Inc. REIT 4,419 677,960 0.05%

CBRE Group, Inc. Class A 9,373 677,584 0.05%ONEOK, Inc. 14,383 674,821 0.05%Garmin Ltd. 5,520 673,255 0.05%Equifax, Inc. 3,312 668,907 0.05%Fifth Third Bancorp 20,707 667,534 0.05%VF Corp. 9,647 667,375 0.05%Keysight Technologies, Inc. 5,112 665,607 0.05%Eversource Energy 9,812 663,897 0.05%Zebra Technologies Corp. Class A 1,479 660,356 0.05%

EPAM Systems, Inc. 1,514 652,326 0.05%McCormick & Co., Inc. 8,706 648,380 0.05%Laboratory Corp. of America Holdings 2,769 644,092 0.05%

Arthur J Gallagher & Co. 5,448 643,525 0.05%Copart, Inc. 5,758 640,085 0.05%Xylem, Inc. 6,327 640,009 0.05%Consolidated Edison, Inc. 10,543 637,612 0.05%Weyerhaeuser Co. REIT 21,912 635,982 0.05%Yum China Holdings, Inc. 11,365 634,903 0.05%Occidental Petroleum Corp. 23,899 630,173 0.05%Northern Trust Corp. 6,463 630,114 0.05%Hess Corp. 8,499 625,797 0.05%Synchrony Financial 15,291 625,617 0.05%Realty Income Corp. REIT 11,100 624,685 0.05%Lennar Corp. Class A 7,453 624,383 0.05%International Paper Co. 12,058 623,388 0.05%

52


.Number of

SharesFair Value


Net AssetsDTE Energy Co. 5,674 620,078 0.05%Liberty Broadband Corp. Class C 4,229 619,283 0.05%

Maxim Integrated Products, Inc. 6,940 616,577 0.05%

Kansas City Southern 2,563 612,427 0.05%Republic Services, Inc. Class A 6,406 594,253 0.04%ViacomCBS, Inc. Class B 15,568 593,367 0.04%Tyson Foods, Inc. Class A 9,538 593,240 0.04%Fortive Corp. 10,030 589,841 0.04%Etsy, Inc. 3,379 586,503 0.04%West Pharmaceutical Services, Inc. 1,909 578,060 0.04%

Church & Dwight Co., Inc. 8,022 576,469 0.04%DoorDash, Inc. Class A 3,783 568,870 0.04%Cloudflare, Inc. Class A 6,372 568,693 0.04%CDW Corp. 3,843 565,967 0.04%Hewlett Packard Enterprise Co. 45,951 564,943 0.04%HubSpot, Inc. 1,137 558,692 0.04%Catalent, Inc. 6,121 558,059 0.04%PPL Corp. 23,608 556,806 0.04%Waters Corp. 1,901 554,014 0.04%Invitation Homes, Inc. REIT 17,607 553,643 0.04%Ventas, Inc. REIT 11,432 550,440 0.04%Extra Space Storage, Inc. REIT 3,981 549,935 0.04%United Rentals, Inc. 2,034 547,151 0.04%Datadog, Inc. Class A 6,223 546,159 0.04%Wayfair, Inc. Class A 2,048 545,218 0.04%Teladoc Health, Inc. 3,866 542,101 0.04%Splunk, Inc. 4,445 541,916 0.04%Mid-America Apartment Communities, Inc. REIT 3,807 540,665 0.04%

Edison International 11,052 538,854 0.04%Dollar Tree, Inc. 6,388 535,969 0.04%Enphase Energy, Inc. 3,460 535,762 0.04%Conagra Brands, Inc. 17,464 535,745 0.04%Carvana Co. Class A 2,083 530,138 0.04%Clorox Co. 3,475 527,184 0.04%KeyCorp 30,217 526,167 0.04%Western Digital Corp. 8,753 525,298 0.04%Entergy Corp. 6,245 525,024 0.04%IDEX Corp. 2,822 523,637 0.04%Duke Realty Corp. REIT 13,051 521,094 0.04%Cheniere Energy, Inc. 7,100 519,314 0.04%VeriSign, Inc. 2,699 518,202 0.04%M&T Bank Corp. 4,226 517,818 0.04%Hartford Financial Services Group, Inc. 9,890 516,809 0.04%

Arista Networks, Inc. 1,686 515,098 0.04%Vulcan Materials Co. 3,505 514,475 0.04%Teradyne, Inc. 4,546 513,519 0.04%Kellogg Co. 9,451 512,676 0.04%TransUnion 5,533 512,336 0.04%Regions Financial Corp. 30,038 511,145 0.04%RingCentral, Inc. Class A 2,085 510,886 0.04%Trimble, Inc. 7,385 509,583 0.04%Novocure Ltd. 2,723 509,331 0.04%Sun Communities, Inc. REIT 3,515 508,029 0.04%Carnival Corp. 22,813 507,084 0.04%Seagen, Inc. 3,775 502,569 0.04%Huntington Bancshares, Inc. 41,659 501,285 0.04%Burlington Stores, Inc. 1,844 500,674 0.04%FleetCor Technologies, Inc. 2,317 500,288 0.04%Citizens Financial Group, Inc. 12,924 499,894 0.04%Tractor Supply Co. 3,173 497,823 0.04%Essex Property Trust, Inc. REIT 1,967 497,613 0.04%Expedia Group, Inc. 3,578 493,932 0.04%Viatris, Inc. 40,866 492,432 0.04%Exact Sciences Corp. 4,686 491,202 0.04%WW Grainger, Inc. 1,326 489,745 0.04%CarMax, Inc. 4,486 488,546 0.04%Avantor, Inc. 16,250 486,582 0.04%

.Number of

SharesFair Value


Net AssetsCerner Corp. 7,368 485,608 0.04%Martin Marietta Materials, Inc. 1,628 482,964 0.04%Qorvo, Inc. 2,902 478,772 0.04%Elanco Animal Health, Inc. 16,298 476,750 0.03%Boston Properties, Inc. REIT 4,929 476,275 0.03%Horizon Therapeutics plc 5,987 472,740 0.03%Ameren Corp. 6,998 472,316 0.03%Slack Technologies, Inc. Class A 12,643 472,287 0.03%

Expeditors International of Washington, Inc. 4,420 471,854 0.03%

Healthpeak Properties, Inc. REIT 16,534 464,134 0.03%

Genuine Parts Co. 4,351 464,011 0.03%Gartner, Inc. 2,268 463,201 0.03%Southwest Airlines Co. 10,330 462,450 0.03%FirstEnergy Corp. 14,666 460,175 0.03%Ingersoll Rand, Inc. 11,137 458,383 0.03%Albemarle Corp. 3,219 457,267 0.03%Principal Financial Group, Inc. 8,573 456,807 0.03%Take-Two Interactive Software, Inc. 3,026 451,693 0.03%

Delta Air Lines, Inc. 12,334 449,927 0.03%MongoDB, Inc. Class A 1,472 448,737 0.03%Halliburton Co. 22,955 447,525 0.03%Caesars Entertainment, Inc. 5,105 446,618 0.03%Quest Diagnostics, Inc. 4,008 446,021 0.03%Las Vegas Sands Corp. 9,948 441,994 0.03%Raymond James Financial, Inc. 4,017 440,010 0.03%Steel Dynamics, Inc. 8,623 433,368 0.03%PerkinElmer, Inc. 3,322 432,541 0.03%Akamai Technologies, Inc. 4,392 431,830 0.03%Cincinnati Financial Corp. 4,376 430,331 0.03%Zillow Group, Inc. Class C 4,169 429,661 0.03%Loews Corp. 9,319 429,449 0.03%Ulta Beauty, Inc. 1,468 428,021 0.03%Avery Dennison Corp. 2,411 427,429 0.03%WP Carey, Inc. REIT 6,783 426,805 0.03%Brown-Forman Corp. Class B 6,753 426,739 0.03%Cooper Cos, Inc. 1,277 426,711 0.03%Alnylam Pharmaceuticals, Inc. 2,984 426,552 0.03%Royal Caribbean Cruises Ltd. 5,919 425,645 0.03%Cardinal Health, Inc. 8,825 424,841 0.03%Broadridge Financial Solutions, Inc. 3,086 420,340 0.03%

Coupa Software, Inc. 1,896 419,058 0.03%Insulet Corp. 1,803 417,355 0.03%Celanese Corp. Class A 3,263 417,127 0.03%Darden Restaurants, Inc. 3,374 415,356 0.03%J M Smucker Co. 3,793 414,419 0.03%Seagate Technology Holdings plc 5,584 414,032 0.03%

NetApp, Inc. 5,965 411,549 0.03%Tyler Technologies, Inc. 1,074 409,685 0.03%BioMarin Pharmaceutical, Inc. 5,815 409,144 0.03%STERIS plc 2,349 408,634 0.03%Hormel Foods Corp. 10,129 407,842 0.03%Ally Financial, Inc. 9,698 407,579 0.03%Markel Corp. 406 406,277 0.03%CMS Energy Corp. 8,149 405,973 0.03%Teleflex, Inc. 1,197 405,551 0.03%Omnicom Group, Inc. 5,972 402,817 0.03%Pool Corp. 1,040 402,232 0.03%AmerisourceBergen Corp. Class A 4,156 401,232 0.03%

JB Hunt Transport Services, Inc. 2,894 397,654 0.03%

Lyft, Inc. Class A 7,791 397,335 0.03%Arch Capital Group Ltd. 12,051 395,704 0.03%Diamondback Energy, Inc. 4,992 395,226 0.03%MGM Resorts International 10,988 395,175 0.03%Yandex NV Class A 6,607 394,169 0.03%

53


.Number of

SharesFair Value


Net AssetsBio-Rad Laboratories, Inc. Class A 723 392,800 0.03%

MarketAxess Holdings, Inc. 1,003 392,091 0.03%Royalty Pharma plc Class A 11,278 389,818 0.03%Baker Hughes Co. Class A 20,198 389,517 0.03%Plug Power, Inc. 13,498 389,153 0.03%Zendesk, Inc. 3,168 385,588 0.03%Nasdaq, Inc. 2,598 385,132 0.03%Paycom Software, Inc. 1,247 382,197 0.03%Annaly Capital Management, Inc. REIT 50,998 381,872 0.03%

Westrock Co. 8,451 379,258 0.03%Eastman Chemical Co. 3,838 377,845 0.03%NVR, Inc. 90 377,432 0.03%StoneCo Ltd. Class A 6,657 376,439 0.03%Incyte Corp. 5,280 374,573 0.03%UDR, Inc. REIT 9,063 374,320 0.03%Whirlpool Corp. 2,029 373,018 0.03%AES Corp. 16,932 372,221 0.03%Westinghouse Air Brake Technologies Corp. 5,350 371,283 0.03%

Equity LifeStyle Properties, Inc. REIT 5,915 370,641 0.03%

Wix.com Ltd. 1,510 369,612 0.03%SS&C Technologies Holdings, Inc. 6,069 368,777 0.03%

Unity Software, Inc. 3,958 366,563 0.03%VMware, Inc. Class A 2,710 365,561 0.03%LKQ Corp. 8,803 365,363 0.03%Masco Corp. 7,355 365,362 0.03%Fortune Brands Home & Security, Inc. 4,343 364,791 0.03%

Packaging Corp. of America 3,186 363,815 0.03%Monolithic Power Systems, Inc. 1,148 361,515 0.03%

Zscaler, Inc. 1,964 357,823 0.03%Lumen Technologies, Inc. 31,199 357,530 0.03%Jazz Pharmaceuticals plc 2,354 352,614 0.03%DraftKings, Inc. Class A 7,996 351,759 0.03%Farfetch Ltd. Class A 8,215 348,855 0.03%GoDaddy, Inc. Class A 4,744 347,869 0.03%Citrix Systems, Inc. 3,476 343,731 0.03%Hologic, Inc. 6,087 342,461 0.03%NortonLifeLock, Inc. 14,747 338,488 0.02%Pentair plc 5,945 338,332 0.02%FMC Corp. 3,697 337,310 0.02%PTC, Inc. 2,819 335,789 0.02%PulteGroup, Inc. 7,208 331,681 0.02%Domino's Pizza, Inc. 840 330,425 0.02%Equitable Holdings, Inc. 12,836 329,586 0.02%Alliant Energy Corp. 6,995 328,899 0.02%SolarEdge Technologies, Inc. 1,402 326,731 0.02%Liberty Global plc Class C 14,127 322,113 0.02%CenterPoint Energy, Inc. 15,472 319,903 0.02%Newell Brands, Inc. 13,740 318,271 0.02%Bunge Ltd. 4,806 316,712 0.02%Coca-Cola Europacific Partners plc 6,276 313,932 0.02%

Snap-on, Inc. 1,662 313,130 0.02%Lincoln National Corp. 5,850 309,987 0.02%DENTSPLY SIRONA, Inc. 5,770 307,792 0.02%Lamb Weston Holdings, Inc. 4,491 305,459 0.02%Perrigo Co. plc 7,876 304,507 0.02%Live Nation Entertainment, Inc. 4,098 302,676 0.02%ABIOMED, Inc. 1,148 302,135 0.02%Check Point Software Technologies Ltd. 3,055 299,163 0.02%

Fox Corp. Class A 9,461 296,220 0.02%Advance Auto Parts, Inc. 1,697 293,551 0.02%Fidelity National Financial, Inc. 7,994 292,958 0.02%Evergy, Inc. 5,746 292,799 0.02%

.Number of

SharesFair Value


Net AssetsUniversal Health Services, Inc. Class B 2,359 291,280 0.02%

F5 Networks, Inc. 1,832 288,356 0.02%Host Hotels & Resorts, Inc. REIT 20,009 288,350 0.02%

Mohawk Industries, Inc. 1,778 288,147 0.02%CH Robinson Worldwide, Inc. 3,629 286,642 0.02%Fair Isaac Corp. 676 286,543 0.02%BorgWarner, Inc. 6,980 285,698 0.02%Atmos Energy Corp. 3,522 285,437 0.02%Allegion plc 2,424 284,732 0.02%Brown & Brown, Inc. 6,332 283,736 0.02%Ceridian HCM Holding, Inc. 3,440 278,240 0.02%Jack Henry & Associates, Inc. 2,015 277,825 0.02%Wynn Resorts Ltd. 2,672 275,559 0.02%Clarivate plc 11,786 273,605 0.02%Campbell Soup Co. 6,993 268,835 0.02%Globe Life, Inc. 3,343 268,506 0.02%DISH Network Corp. Class A 7,534 265,555 0.02%W R Berkley Corp. 4,204 263,853 0.02%Iron Mountain, Inc. REIT 7,389 263,684 0.02%News Corp. Class A 12,127 263,524 0.02%Henry Schein, Inc. 4,173 261,063 0.02%FactSet Research Systems, Inc. 919 260,077 0.02%

VEREIT, Inc. REIT 6,644 257,323 0.02%Interpublic Group of Cos, Inc. 9,318 255,284 0.02%Molson Coors Beverage Co. Class B 5,632 254,981 0.02%

Comerica, Inc. 4,219 253,802 0.02%XPO Logistics, Inc. 2,140 252,437 0.02%Lear Corp. 1,699 251,118 0.02%AGNC Investment Corp. REIT 17,593 250,566 0.02%Regency Centers Corp. REIT 4,610 249,062 0.02%Cboe Global Markets, Inc. 2,458 246,753 0.02%Vail Resorts, Inc. 918 245,017 0.02%Western Union Co. 12,612 244,285 0.02%DaVita, Inc. 2,400 243,724 0.02%Organon & Co. 9,494 242,254 0.02%Autoliv, Inc. 2,891 238,320 0.02%Flex Ltd. 15,807 238,191 0.02%Amdocs Ltd. 3,633 236,992 0.02%Robert Half International, Inc. 3,129 234,748 0.02%CF Industries Holdings, Inc. 5,406 234,538 0.02%IAC/InterActiveCorp 1,787 232,315 0.02%Franklin Resources, Inc. 8,508 229,506 0.02%Commerce Bancshares, Inc. 3,603 226,528 0.02%Alleghany Corp. 401 225,563 0.02%Sensata Technologies Holding plc 4,605 225,105 0.02%

Arrow Electronics, Inc. 2,310 221,728 0.02%Kimco Realty Corp. REIT 12,360 217,308 0.02%Gentex Corp. 7,755 216,387 0.02%NiSource, Inc. 10,427 215,416 0.02%Masimo Corp. 1,050 214,666 0.02%Everest Re Group Ltd. 1,006 213,780 0.02%Vistra Corp. 13,663 213,718 0.02%Hasbro, Inc. 2,654 211,532 0.02%Liberty Global plc Class A 9,101 208,435 0.02%Zions Bancorp NA 4,553 202,944 0.01%Vornado Realty Trust REIT 5,129 201,847 0.01%Federal Realty Investment Trust REIT 2,018 199,384 0.01%

Discovery, Inc. Class C 8,150 199,163 0.01%Juniper Networks, Inc. 8,590 198,108 0.01%Liberty Media Corp.-Liberty SiriusXM Class C 5,063 198,054 0.01%

Credicorp Ltd. 1,920 196,080 0.01%Nielsen Holdings plc 9,279 193,029 0.01%United Airlines Holdings, Inc. 4,369 192,643 0.01%Voya Financial, Inc. 3,655 189,546 0.01%NRG Energy, Inc. 5,559 188,909 0.01%

54


.Number of

SharesFair Value


Net AssetsPinnacle West Capital Corp. 2,719 187,939 0.01%IPG Photonics Corp. 1,057 187,861 0.01%Assurant, Inc. 1,407 185,298 0.01%Rollins, Inc. 6,371 183,732 0.01%Cabot Oil & Gas Corp. 10,985 161,732 0.01%Aramark 5,085 159,724 0.01%SEI Investments Co. 3,011 157,342 0.01%Altice USA, Inc. Class A 5,363 154,391 0.01%RenaissanceRe Holdings Ltd. 1,215 152,472 0.01%Sirius XM Holdings, Inc. 26,178 144,366 0.01%Zillow Group, Inc. Class A 1,361 140,622 0.01%Fox Corp. Class B 4,586 136,122 0.01%Sarepta Therapeutics, Inc. 1,920 125,863 0.01%Liberty Broadband Corp. Class A 843 119,544 0.01%

.Number of

SharesFair Value


Net AssetsCNA Financial Corp. 3,105 119,105 0.01%Liberty Media Corp.-Liberty SiriusXM Class A 3,008 118,149 0.01%

Avangrid, Inc. 2,561 111,065 0.01%American Airlines Group, Inc. 6,154 110,065 0.01%Discovery, Inc. Class A 4,188 108,346 0.01%Westlake Chemical Corp. 1,395 105,975 0.01%News Corp. Class B 4,828 99,133 0.01%Vimeo, Inc. 1,878 77,597 0.01%Ubiquiti, Inc. 258 67,919 0.00%Santander Consumer USA Holdings, Inc. 2,012 61,621 0.00%

Lennar Corp. Class B 601 41,278 0.00%test test 869,676,105 64.15%Financial Assets at Fair Value Through Profit or Loss 1,348,856,071 99.49%


Notional Amount



Net AssetsFinancial Derivative Instruments (0.00%) (2020: 0.93%)Futures 0.00% (2020: 0.02%)S&P 500 E-mini 17 September 2021 29 $6,153,936 54,296 0.00 %Topix Index 9 September 2021 7 ¥137,331,284 (10,038 ) (0.00 %)FTSE 100 Index 17 September 2021 10 £706,892 (10,301 ) (0.00 %)Euro Stoxx Index 50 17 September 2021 42 €1,728,290 (24,980 ) (0.00 %)Net Unrealised Gain/(Loss) on Futures Contracts test test 8,977 0.00 %

CurrencyBuy



Date



Net AssetsForward Foreign Currency Exchange Contracts (0.00%) (2020: 0.00%)USD 488,360 CHF (437,625) Standard Chartered Bank 15/9/21 11,745 0.00 %USD 49,179 EUR (41,410) Goldman Sachs International 15/9/21 (6 ) (0.00 %)JPY 2,732,382 USD (24,943) Bank of America 15/9/21 (260 ) (0.00 %)EUR 81,880 USD (97,590) Citibank NA 15/9/21 (282 ) (0.00 %)EUR 81,620 USD (99,023) JPMorgan Chase Bank 15/9/21 (1,748 ) (0.00 %)GBP 70,090 USD (99,005) JPMorgan Chase Bank 15/9/21 (1,821 ) (0.00 %)EUR 481,240 USD (574,175) JPMorgan Chase Bank 15/9/21 (2,164 ) (0.00 %)EUR 82,000 USD (99,990) JPMorgan Chase Bank 15/9/21 (2,183 ) (0.00 %)GBP 319,970 USD (451,500) State Street Bank & Trust Co. 15/9/21 (7,916 ) (0.00 %)EUR 978,885 USD (1,191,174) Standard Chartered Bank 15/9/21 (23,977 ) (0.00 %)Net Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts (28,612 ) (0.00 %) Hedge Share Class Forward Foreign Currency Exchange Contracts (1.38%) (2020: 0.91%)KRW 24,333,525,186 EUR (18,056,561) BNP Paribas 2/7/21 163,957 0.01 %KRW 24,286,271,983 EUR (18,131,201) BNP Paribas 2/7/21 53,935 0.00 %EUR 613,778,019 USD (728,355,031) Morgan Stanley 3/8/21 14,482 0.00 %EUR 901,230 NZD (1,515,271) Morgan Stanley 2/7/21 8,410 0.00 %EUR 871,690 PLN (3,910,243) Morgan Stanley 2/7/21 5,581 0.00 %EUR 2,031,113 NOK (20,684,840) Morgan Stanley 2/7/21 4,163 0.00 %EUR 27,376,888 CAD (40,228,749) Toronto-Dominion Bank 3/8/21 1,323 0.00 %EUR 10,747,460 SEK (108,987,292) Morgan Stanley 2/7/21 1,320 0.00 %EUR 43,518,501 GBP (37,379,224) Morgan Stanley 3/8/21 1,155 0.00 %EUR 10,418,951 HKD (96,003,136) Morgan Stanley 3/8/21 945 0.00 %EUR 71,784,804 JPY (9,452,251,145) Morgan Stanley 3/8/21 801 0.00 %GBP 347,825 EUR (404,628) Citibank NA 2/7/21 552 0.00 %EUR 21,842,104 AUD (34,520,222) Morgan Stanley 4/8/21 263 0.00 %EUR 29,180 PLN (130,899) Citibank NA 2/7/21 186 0.00 %EUR 10,759,135 SEK (109,158,153) Morgan Stanley 3/8/21 117 0.00 %KRW 47,253,203 EUR (35,277) BNP Paribas 2/7/21 105 0.00 %EUR 7,428,327 USD (8,815,098) Morgan Stanley 3/8/21 101 0.00 %CHF 28,592,625 EUR (26,083,640) Morgan Stanley 2/7/21 71 0.00 %EUR 3,508,231 SGD (5,596,596) Morgan Stanley 3/8/21 37 0.00 %EUR 2,017,675 NOK (20,600,533) Morgan Stanley 3/8/21 20 0.00 %DKK 698,439 EUR (93,906) Citibank NA 2/7/21 18 0.00 %EUR 894,656 PLN (4,041,141) Morgan Stanley 3/8/21 17 0.00 %EUR 864,364 NZD (1,468,032) Morgan Stanley 3/8/21 13 0.00 %EUR 230,401 JPY (30,337,618) Morgan Stanley 3/8/21 6 0.00 %EUR 270,871 CHF (296,923) Citibank NA 2/7/21 2 0.00 %EUR 16,849 SEK (170,861) Citibank NA 2/7/21 2 0.00 %EUR 86,530 AUD (136,756) Morgan Stanley 4/8/21 1 0.00 %

55


CurrencyBuy



Date



Net AssetsAUD 34,520,222 EUR (21,853,497) Morgan Stanley 2/7/21 — 0.00 %DKK 50,209,294 EUR (6,751,969) Morgan Stanley 2/7/21 — 0.00 %USD 728,355,031 EUR (614,179,130) Morgan Stanley 2/7/21 — 0.00 %EUR 6,512 PLN (29,415) Morgan Stanley 3/8/21 — 0.00 %EUR 17,622 NZD (29,930) Morgan Stanley 3/8/21 — 0.00 %EUR 30,673 NOK (313,173) Morgan Stanley 3/8/21 — 0.00 %ILS 6,395,630 EUR (1,655,075) Morgan Stanley 2/7/21 — 0.00 %SGD 5,596,596 EUR (3,510,847) Morgan Stanley 2/7/21 — 0.00 %NOK 20,600,533 EUR (2,018,689) Morgan Stanley 2/7/21 — 0.00 %PLN 4,041,141 EUR (895,103) Morgan Stanley 2/7/21 — 0.00 %NZD 1,468,032 EUR (864,986) Morgan Stanley 2/7/21 — 0.00 %CAD 40,228,749 EUR (27,394,449) Toronto-Dominion Bank 2/7/21 — 0.00 %ILS 143,376 EUR (37,089) Morgan Stanley 3/8/21 (1 ) (0.00 %)JPY 9,452,251,145 EUR (71,813,044) Morgan Stanley 2/7/21 (2 ) (0.00 %)EUR 198,333 DKK (1,474,960) Morgan Stanley 3/8/21 (3 ) (0.00 %)GBP 141,988 EUR (165,308) Morgan Stanley 3/8/21 (4 ) (0.00 %)SEK 1,424,586 EUR (140,417) Morgan Stanley 3/8/21 (4 ) (0.00 %)CAD 205,870 EUR (140,099) Morgan Stanley 3/8/21 (5 ) (0.00 %)SEK 109,158,153 EUR (10,762,992) Morgan Stanley 2/7/21 (5 ) (0.00 %)SGD 237,645 EUR (148,974) Morgan Stanley 3/8/21 (8 ) (0.00 %)EUR 1,654,405 ILS (6,395,630) Morgan Stanley 3/8/21 (12 ) (0.00 %)NOK 84,308 EUR (8,278) Citibank NA 2/7/21 (17 ) (0.00 %)EUR 993,106 CHF (1,088,446) Morgan Stanley 3/8/21 (24 ) (0.00 %)EUR 6,751,533 DKK (50,209,294) Morgan Stanley 3/8/21 (49 ) (0.00 %)HKD 4,879,171 EUR (529,535) Morgan Stanley 3/8/21 (61 ) (0.00 %)EUR 111,085 AUD (175,601) JPMorgan Chase Bank 2/7/21 (81 ) (0.00 %)EUR 25,812,758 CHF (28,295,702) Morgan Stanley 2/7/21 (85 ) (0.00 %)EUR 26,088,574 CHF (28,592,625) Morgan Stanley 3/8/21 (183 ) (0.00 %)EUR 9,551 ILS (37,822) Citibank NA 2/7/21 (237 ) (0.00 %)GBP 37,379,224 EUR (43,543,149) Morgan Stanley 2/7/21 (254 ) (0.00 %)NZD 47,239 EUR (28,096) Citibank NA 2/7/21 (262 ) (0.00 %)EUR 27,518 JPY (3,687,708) Citibank NA 2/7/21 (500 ) (0.00 %)EUR 48,596 SGD (78,384) Citibank NA 2/7/21 (575 ) (0.00 %)EUR 34,781 KRW (47,253,203) BNP Paribas 2/7/21 (602 ) (0.00 %)HKD 96,003,136 EUR (10,424,335) Morgan Stanley 6/7/21 (787 ) (0.00 %)EUR 302,519 CAD (445,461) Citibank NA 2/7/21 (825 ) (0.00 %)EUR 275,487 KRW (369,581,288) BNP Paribas 3/8/21 (1,011 ) (0.00 %)EUR 36,785 USD (44,836) JPMorgan Chase Bank 2/7/21 (1,022 ) (0.00 %)EUR 6,844,499 DKK (50,907,733) Morgan Stanley 2/7/21 (1,393 ) (0.00 %)EUR 272,642 HKD (2,579,301) Citibank NA 6/7/21 (7,406 ) (0.00 %)EUR 21,725,771 AUD (34,344,621) Morgan Stanley 2/7/21 (16,560 ) (0.00 %)EUR 1,605,478 ILS (6,357,808) Morgan Stanley 2/7/21 (39,809 ) (0.00 %)EUR 3,421,133 SGD (5,518,212) Morgan Stanley 2/7/21 (40,543 ) (0.00 %)EUR 18,166,478 KRW (24,333,525,186) BNP Paribas 2/7/21 (54,040 ) (0.00 %)EUR 43,888,192 GBP (37,727,049) Morgan Stanley 2/7/21 (59,883 ) (0.00 %)EUR 27,017,623 CAD (39,783,288) Morgan Stanley 2/7/21 (73,482 ) (0.01 %)EUR 18,040,422 KRW (24,333,525,186) BNP Paribas 3/8/21 (164,424 ) (0.01 %)EUR 9,875,268 HKD (93,423,835) Morgan Stanley 6/7/21 (268,232 ) (0.02 %)EUR 17,805,482 KRW (24,286,271,983) BNP Paribas 2/7/21 (379,653 ) (0.03 %)EUR 70,504,407 JPY (9,448,563,437) Morgan Stanley 2/7/21 (1,280,619 ) (0.09 %)EUR 597,524,117 USD (728,310,195) State Street Bank & Trust Co. 2/7/21 (16,617,207 ) (1.23 %)Net Unrealised Gain/(Loss) on Hedge Share Class Forward Foreign Currency Exchange Contracts (18,752,287 ) (1.38 %)Total Forward Foreign Currency Exchange Contracts (18,780,899 ) (1.38 %)Total Financial Derivative Instruments (18,771,922 ) (1.38 %)



Other Assets and Liabilities 25,657,950 1.89 %Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 1,355,742,099 100.00 %


Net Assets(a) Transferable securities admitted to an official stock exchange listing 1,344,689,100 99.18 (b) Transferable securities dealt in on another regulated market 3,947,335 0.29 (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated

market 219,636 0.02 (d) Financial derivative instruments (18,771,922 ) (1.38 )(e) Other assets and liabilities 25,657,950 1.89 Total Net Assets 1,355,742,099 100.00


56




Current AssetsFinancial Assets at Fair Value Through Profit or Loss 1,348,856,071 1,055,164,530 Financial Derivative Instruments 323,624 13,904,557 Cash 1,551,935 11,791,484 Unrealised Appreciation on Spot Currency Contracts 2,914 — Receivables:

Futures Margin Cash 1,435,504 — Cash Collateral 16,063,749 1,002,820 Interest and Dividends 2,134,231 1,532,719 Capital Units Issued 131,000 497,000 Investment Sold 13,938,889 1,142,626 Other Receivables 1,683 —

Total Current Assets 1,384,439,600 1,085,035,736

Current LiabilitiesFinancial Derivative Instruments 19,095,546 3,856,422 Bank Overdraft 9,185,923 168,922 Payables and Other Liabilities:

Cash Collateral — 1,659,107 Investments Purchased 16,136 1,036,157 Management Fees Payable 399,896 326,561 Capital Units Redeemed — 2,400

Total Current Liabilities 28,697,501 7,049,569

Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 1,355,742,099 1,077,986,167


As at 30 June 2021



Institutional B EUR Accumulation Units - NL PensionNet Asset Attributable to Holders of Redeemable Units €154,938,023 €157,738,995 €147,582,724 Number of Units Outstanding 978,913 1,161,858 1,158,433 Net Assets Value Per Unit1 €158.28 €135.76 €127.40

Institutional B EUR Accumulation Units - NL FBINet Assets Attributable to Holders of Redeemable Units €244,169,087 €198,366,179 €167,136,462 Number of Units Outstanding 1,532,405 1,450,415 1,300,258 Net Asset Value Per Unit1 €159.34 €136.77 €128.54

Institutional B EUR Hedged Accumulation - NL PensionNet Assets Attributable to Holders of Redeemable Units €956,634,989 €721,880,993 €594,500,956 Number of Units Outstanding 6,869,350 5,904,025 5,441,668 Net Asset Value Per Unit1 €139.26 €122.27 €109.25


57





30 June 2021 30 June 2020

Investment IncomeDividend Income 12,953,036 10,091,411 Interest Income 337 4,069 Net Gain/(Loss) on Financial Instruments 159,001,993 (58,610,032 )

Total Investment Income/(Loss) 171,955,366 (48,514,552 )

ExpensesManagement Fees 2,199,129 1,535,756 Transaction Fees and Commissions 171,884 38,546

Total Expenses 2,371,013 1,574,302



Net Investment Income/(Loss) 169,569,833 (50,094,816 )

Foreign Withholding Tax (743,936 ) (604,628 )




30 June 2021 30 June 2020



Capital TransactionsSubscriptions 292,716,192 31,961,398 Redemptions (183,786,157 ) (9,014,000 )

Total Capital Transactions 108,930,035 22,947,398

Total Increase/(Decrease) for the Period 277,755,932 (27,752,046 )

Net Assets

Beginning of Period 1,077,986,167 909,220,142

End of Period 1,355,742,099 881,468,096


Notes to the Financial Statements

58


1. General Information. Vanguard Investments II Common Contractual Fund (the “Fund”) is a common contractual fund constituted by a Deed of Constitution governed by the laws of Ireland. The Fund is constituted as an umbrella fund insofar as the units of the Fund (the “Units”) will be divided into different series of Units with each series of Units representing a separate investment portfolio of assets which will constitute a separate sub-fund (each a “Sub-Fund”, collectively “Sub-Funds”). Units of any particular series may be divided into different classes to accommodate different subscription and redemption provisions, other charges, dividends and fee arrangements, including different total ongoing charges figures.

The Fund was authorised by the Central Bank of Ireland (the “Central Bank”) on 1 September 2015 as an Undertaking for Collective Investment in Transferable Securities (UCITS) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”).

Vanguard Group (Ireland) Limited (the “Manager”) acts as manager to the Sub-Funds. The registered office of the Manager is 70 Sir John Rogerson’s Quay, Dublin D02 HD32, Ireland.

At 30 June 2021 three Sub-Funds were in issue:

Commenced OperationsVanguard FTSE Developed World II Common Contractual Fund 25 February 2016Vanguard SRI FTSE Developed Europe II Common Contractual Fund 17 November 2017Vanguard SRI FTSE Developed World II Common Contractual Fund 21 June 2017

2. Basis of Preparation. These unaudited interim financial statements have been prepared in accordance with Financial Reporting Standard (“FRS”) 102 and FRS 104, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the "CBI UCITS Regulations") and the UCITS Regulations. Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council (“FRC”).

The Sub-Funds have availed of the exemption contained in FRS 102, Section 7.1A, Cash Flow Statements, and have presented a Statement of Changes in Equity or Statement of Changes in Net Assets to Holders of Redeemable Units, as applicable, in place of a cash flow statement. In the opinion of the Directors of the Manager (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 Unitholders’ Equity or Net Assets.

Functional and Presentation Currency. Items included in each Sub-Fund’s financial statements are measured using the currency of the primary economic environment in which it operates (“the functional currency”). Each Sub-Fund’s financial statements are presented in euro (€), being both the functional and presentation currency of each Sub-Fund.

These financial statements have been prepared on a going concern basis, subject to the historical cost convention, as modified by the revaluation of financial assets and liabilities at fair value through profit or loss (“FVTPL”).

3. Significant Accounting Policies. These financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and financial liabilities held at FVTPL.

The unaudited financial statements should be read in conjunction with the relevant Sub-Fund’s annual audited financial statements for the year ended 31 December 2020, which have been prepared in accordance with FRS 102.

There have been no changes to the significant accounting policies adopted by the Sub-Fund since the last audited financial statements on 31 December 2020, and the accounting policies have been consistently applied to all periods presented, unless otherwise stated.

4. Fair Value Hierarchy. The Sub-Funds classify financial instruments measured at fair value using a three-level hierarchy. Instruments are categorised in their entirety based on the lowest level input that is significant to the fair value measurement. Assessing the significance and observability of a particular input requires significant judgement specific to an asset or liability. Inputs are considered to be observable when they are readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Manager’s own assumptions used to determine the fair value of investments).

Fair Value Measurement at 30 June 2021:

Vanguard FTSE Developed World II Common Contractual FundLevel 1

Euro (€)Level 2

Euro (€)Level 3

Euro (€)Total

Euro (€)

Financial Assets at Fair Value Through Profit or Loss

Equities 2,228,498,303 7,145,137 183,832 2,235,827,272

Futures 3,184 — — 3,184

Forward Currency Exchange Contracts — 522,255 — 522,255

Financial Liabilities at Fair Value Through Profit or Loss

Futures (45,808) — — (45,808)

Forward Currency Exchange Contracts — (35,757,426) — (35,757,426)

2,228,455,679 (28,090,034) 183,832 2,200,549,477

59


Vanguard SRI FTSE Developed Europe II Common Contractual FundLevel 1

Euro (€)Level 2

Euro (€)Level 3

Euro (€)Total

Euro (€)


Equities 441,820,157 9,194,619 0 451,014,776

Futures 5,303 — — 5,303



Futures (62,994) — — (62,994)

Forward Currency Exchange Contracts — (1,925) — (1,925)

441,762,466 9,194,423 0 450,956,889

Vanguard SRI FTSE Developed World II Common Contractual FundLevel 1

Euro (€)Level 2

Euro (€)Level 3

Euro (€)Total

Euro (€)


Equities 1,344,327,954 4,495,846 32,271 1,348,856,071

Futures 54,296 — — 54,296



Futures (45,319) — — (45,319)


1,344,336,931 (14,285,053) 32,271 1,330,084,149

Fair Value Measurement at 31 December 2020:

Vanguard FTSE Developed World II Common Contractual FundLevel 1

Euro (€)Level 2

Euro (€)Level 3

Euro (€)Total

Euro (€)


Equities 1,795,331,345 4,752,520 80,060 1,800,163,925

Forward Currency Exchange Contracts — 28,049,109 — 28,049,109

Futures 499,984 — — 499,984



Futures (25,167) — — (25,167)

1,795,806,162 25,805,193 80,060 1,821,691,415

Vanguard SRI FTSE Developed Europe II Common Contractual FundLevel 1

Euro (€)Level 2

Euro (€)Level 3

Euro (€)Total

Euro (€)


Equities 442,488,065 6,502,714 — 448,990,779


Futures 87,458 — — 87,458


Forward Currency Exchange Contracts — (18,030) — (18,030)

Futures (20,706) — — (20,706)

442,554,817 6,526,926 — 449,081,743

Vanguard SRI FTSE Developed World II Common Contractual FundLevel 1

Euro (€)Level 2

Euro (€)Level 3

Euro (€)Total

Euro (€)


Equities 1,052,160,510 2,963,012 41,008 1,055,164,530

Forward Currency Exchange Contracts — 13,668,829 — 13,668,829

Futures 235,728 — — 235,728



Futures (8,881) — — (8,881)

1,052,387,357 12,784,300 41,008 1,065,212,665

60


5. Units. The number of units in issue for each class at 30 June 2021 is noted in the Net Asset Value Per Unit table. Units are redeemable at the unitholders’ option and are classified as equity. The movement in capital terms on a unit class basis is broken out in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Units.

The movement of units during the period ended 30 June 2021 is broken out below:


30 June 2021

Institutional B EUR Accumulation

Units - NL FBI

Institutional B EUR Hedged

Accumulation Units - NL FBI

Balance at Beginning of Period 1,874,485 9,015,752Units Issued During Period 338,006 379,616Units Redeemed During Period (1,558) (124,122)Balance at End of Period 2,210,933 9,271,246


30 June 2021


Units - NL Pension


Units - NL FBI Balance at Beginning of Period 2,278,630 1,646,770Units Issued During Period 2,027 8,697Units Redeemed During Period (451,810) (72,607)Balance at End of Period 1,828,847 1,582,860


30 June 2021


Units - NL Pension


Units - NL FBI

Institutional B EUR Hedged

Accumulation Units - NL Pension

Balance at Beginning of Period 1,161,858 1,450,415 5,904,025Units Issued During Period 307,066 109,167 1,816,106Units Redeemed During Period (490,011) (27,177) (850,781)Balance at End of Period 978,913 1,532,405 6,869,350

The movement of units during the year ended 31 December 2020 is broken out below:


31 December 2020

InstitutionalB EUR Accumulation

Units – NL FBI

InstitutionalB EUR Hedged

AccumulationUnits – NL FBI

Balance at Beginning of the Year 1,431,343 8,142,407Units Issued During the Year 480,244 1,165,878Units Redeemed During the Year (37,102) (292,533)Balance at End of Year 1,874,485 9,015,752


31 December 2020

InstitutionalEUR B Accumulation

Units – NL Pension


Units – NL FBIBalance at Beginning of the Year 1,728,213 1,757,923Units Issued During the Year 550,417 37,194Units Redeemed During the Year — (148,347)Balance at End of the Year 2,278,630 1,646,770


31 December 2020

InstitutionalB EUR- Accumulation

Units – NL Pension


Units – NL FBI

InstitutionalB EUR Hedged

Accumulation Units – NLPension

Balance at Beginning of the Year 1,158,433 1,300,258 5,441,668Units Issued During the Year 3,425 262,101 462,357Units Redeemed During the Year — (111,944) —Balance at End of the Year 1,161,858 1,450,415 5,904,025

61


6. Distributions. The Manager did not declare a dividend in respect of participating units in the Sub-Funds (30 June 2020: Nil). Accordingly, income and gains of the Sub-Funds will be reflected in the net asset value per unit.

7. Related Party Transactions.

Manager. Vanguard Group (Ireland) Limited is the Manager of the Sub-Funds and acts as a principal in respect of all transactions of units in the Sub-Funds. For its services, the Manager receives a fixed single fee per unit class (the “Management Charge”) calculated on a daily basis and paid monthly. Out of the fees received, the Manager pays for any sub-advisers, as well as the costs of administration including audit, depositary, legal, registration and regulatory fees associated with the Sub-Funds. As a result, the Manager anticipates the ongoing charges figure (“OCF”) of each unit class will closely track the Management Charge. In the event that the costs and expenses of any Sub-Fund exceed the OCF, the Manager will be responsible for discharging any excess out of its own assets. The Manager, in its sole discretion, may voluntarily waive all or part of its fee, and any such waiver could be discontinued at any time and without notice.

Any amounts due from or to the Manager at the end of the period are disclosed in the Statement of Assets and Liabilities. Amounts paid to the Manager in respect to fees for the period are disclosed in the Statement of Operations.

Annual Management Charge per unit class as at 30 June 2021 and 31 December 2020:

Institutional UnitsInstitutional

Hedged UnitsVanguard FTSE Developed World II Common Contractual Fund 0.25% 0.27%Vanguard SRI FTSE Developed Europe II Common Contractual Fund 0.28% —Vanguard SRI FTSE Developed World II Common Contractual Fund 0.35% 0.37%

Directors’ Fees. The aggregate emolument of the Directors paid by the Manager out of the OCF on behalf of the Sub-Funds and other funds managed by the Manager (including expenses) for the period ended 30 June 2021 was €159,886 (30 June 2020: €194,834), with €0 outstanding at 30 June 2021 (30 June 2020: Nil).

The company had seven Directors as at 30 June 2021, three of whom were independent. The interests of the Directors in related parties are as follows:

Mr Sean P. Hagerty is Managing Director of Vanguard Asset Management, Limited; Mr Michael S. Miller retired as a Managing Director of The Vanguard Group, Inc., in 2015; Ms Robyn Laidlaw is Head of Distribution, Europe; Ms Tara Doyle is a partner in the legal advisory firm acting as the Manager’s Secretary and serving the activities of the Manager. Mr Richard Wane, Managing Director, Ireland, resigned as a Director with effect from 31 March 2021 and Ann Stock, Managing Director, Ireland, was appointed as a Director with effect from 1 April 2021.

Investment Manager. Vanguard Global Advisers, LLC, is the Investment Manager of the Fund and is compensated by the Manager. The Investment Manager or the Manager, at their discretion, may appoint other companies from within the Vanguard Group of Companies to provide investment management and advisory services with respect to the Sub-Funds.

Inter-Fund Trading. The table below details the inter-fund trades between the Sub-Funds and other funds, also managed by the Investment Manager during the periods ended 30 June 2021 and 30 June 2020. There were no amounts outstanding between these parties as at 30 June 2021 and 30 June 2020.

During the period ended 30 June 2021:

Sub-Fund Bought Sold Vanguard SRI FTSE Developed World II Common Contractual Fund €8,351,040 €3,467,114

During the period ended 30 June 2020:

Sub-Fund Bought Sold Vanguard SRI FTSE Developed World II Common Contractual Fund €2,281,507 €1,649,260

8. Credit Facility. The Sub-Funds participate in an annually renewable USD $4.3 billion (2020: USD $4.3 billion) committed credit facility. Each participating fund is individually liable for its borrowings under the credit facility, even in default. Borrowings may be utilised for temporary or emergency purposes, and are subject to the Sub-Fund’s regulatory and contractual borrowing restrictions. Participating funds are allocated an annual commitment fee of 0.10% of the undrawn amount of the facility as well as certain administrative fees. Any fees allocated to the Sub-Funds are paid by the Manager. Interest and direct borrowing costs associated with draws on the credit facility borrowings are charged to the Sub-Funds and recorded in the Statement of Operations.

Any borrowings under this facility denominated in euros bear interest at the Euro Interbank Offered Rate plus an applicable margin, while borrowings under this facility in denominations other than euros bear interest at a rate equal to the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

The Sub-Funds did not have any borrowings outstanding at 30 June 2021 or at any time during the period then ended (31 December 2020: Nil).

62


9. Taxation. The Sub-Funds do not have a separate legal personality and are transparent for tax purposes. The Sub-Funds are each a common contractual fund (“CCF”) within the meaning of Section 739(1) of the Taxes Consolidation Act, 1997 (“TCA”), in which the unitholders by contractual arrangement participate and share in the property of the Sub-Fund as co-owners. Therefore, the Sub-Fund is not chargeable to Irish tax on its relevant income or relevant gains (“relevant profits”). Instead, the relevant profits of the Sub-Fund are treated as arising or, as the case may be, accruing to each unitholder of the Sub-Fund in proportion to the value of the units beneficially owned by the unitholder, as if the relevant profits had arisen, or as the case may be, accrued to the unitholders in the CCF without passing through the hands of the CCF. This tax treatment is subject to each of the units of the Sub-Fund being:

(a) a pension fund; or

(b) beneficially owned by a person (other than an individual); or

(c) a custodian or trustee holding units of the Fund or of a Sub-Fund for the benefit of such person(s) as referred to in (a) or (b).

No stamp duty, documentary, transfer or registration tax is payable by the Sub-Fund on the issue, transfer, redemption, repurchase or cancellation of or subscription for units in the Sub-Fund. Where any subscription for or redemption of units is satisfied by in-specie transfer of any Irish situate securities, property or other types of assets, Irish stamp duty may arise on the transfer of such assets.

10. Efficient Portfolio Management. The Sub-Funds may employ investment techniques and use financial derivative instruments (such as futures contracts, forward foreign currency contracts, options and swaps) for efficient portfolio management purposes including hedging against market price movements, and foreign currency, interest rate and liquidity risks. Any such technique or instrument must be one which (alone or in combination with one or more other techniques or instruments) is believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Sub-Fund; i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following:

(a) a reduction in risk,

(b) a reduction in costs,

(c) an increase in capital or income returns to the Sub-Fund.

Futures and forward foreign currency exchange contracts at the period end are disclosed on each Sub-Fund’s Statement of Investments. Realised and unrealised gains or losses arising from financial derivative transactions are accounted for through the Statement of Operations as Net Gain/(Loss) on Financial Instruments.

11. Collateral.

Cash Collateral. Cash collateral pledged or received is disclosed on the Statement of Assets and Liabilities and is valued at its fair value. A corresponding liability to repay cash collateral received (if any) is recorded as a liability on the Statement of Assets and Liabilities and is also valued at its fair value.

The counterparties for Cash Collateral are BNP Paribas, Citibank NA, Morgan Stanley, State Street Bank & Trust Co. and Toronto-Dominion Bank (31 December 2020: Citibank NA, JPMorgan Chase, Morgan Stanley and Toronto-Dominion Bank).

Securities Collateral. The Sub-Funds did not have securities collateral posted for financial derivative instruments as at 30 June 2021.

The table below lists collateral posted for financial derivative instruments as at 31 December 2020 which relate to forward foreign currency exchange contracts.

Collateral Held by the Sub-Funds as at 31 December 2020

Sub-Fund Collateral Name Amount Market Value as at

31 December 2020

FTSE Developed World II Common Contractual Fund U.S. Treasury Bond 15/8/47 $8,482,500 €8,768,570

U.S. Treasury Bond 15/11/49 $8,572,700 €8,256,674

U.S. Treasury Bond 15/8/49 $8,244,000 €7,772,328

U.S. Treasury Bond 15/8/46 $237,000 €222,866

U.S. Treasury Note 31/1/25 $235,000 €201,820

U.S. Treasury Note 15/11/25 $178,000 €159,321

U.S. Treasury Note 15/5/25 $131,000 €115,847

U.S. Treasury Note 30/9/25 $123,000 €100,203

SRI FTSE Developed World II Common Contractual Fund U.S. Treasury Bond 15/8/47 $3,974,000 €4,108,022

U.S. Treasury Bond 15/11/49 $4,080,200 €3,929,786

U.S. Treasury Bond 15/8/49 $3,815,000 €3,596,728

U.S. Treasury Note 15/11/25 $170,000 €152,161

U.S. Treasury Note 31/1/25 $117,000 €100,481

U.S. Treasury Bond 15/8/46 $75,000 €70,527

U.S. Treasury Bond 15/5/46 $53,000 €51,913

U.S. Treasury Note 30/9/25 $61,000 €49,694

U.S. Treasury Note 15/5/25 $19,000 €16,802

The counterparties for securities collateral are BNP Paribas, JPMorgan Chase and Toronto-Dominion Bank.

63


12. Exchange Rates.

The principal exchange rates at 30 June 2021 to one euro used in the preparation of the financial statements were:

CurrencyExchange

Rate to EURCurrency

Exchange Rate to EUR

AUD Australian Dollar 1.5796 KRW South Korean Won 1,335.5013

CAD Canadian Dollar 1.4685 NOK Norwegian Krone 10.2049

CHF Swiss Franc 1.0962 NZD New Zealand Dollar 1.6972

DKK Danish Krone 7.4362 PLN Polish Zloty 4.5147

GBP British Pound 0.8584 SEK Swedish Krona 10.1420

HKD Hong Kong Dollar 9.2095 SGD Singapore Dollar 1.5941

ILS Israeli Shekel 3.8643 USD US Dollar 1.1859

JPY Japanese Yen 131.6230

The principal exchange rates at 31 December 2020 to one euro used in the preparation of the financial statements were:

CurrencyExchange

Rate to EURCurrency

Exchange Rate to EUR

AUD Australian Dollar 1.5856 KRW South Korean Won 1,329.1423

CAD Canadian Dollar 1.5588 NOK Norwegian Krone 10.4760

CHF Swiss Franc 1.0816 NZD New Zealand Dollar 1.6994

DKK Danish Krone 7.4435 PLN Polish Zloty 4.5589

GBP British Pound 0.8951 SEK Swedish Krona 10.0485

HKD Hong Kong Dollar 9.4872 SGD Singapore Dollar 1.6171

ILS Israeli Shekel 3.9286 USD US Dollar 1.2235

JPY Japanese Yen 126.3254

13. Soft Commission Arrangements and Directed Brokerage. There were no soft commission arrangements by the Manager on behalf of the Sub-Funds for the period ended 30 June 2021 or year ended 31 December 2020. There were no directed brokerage services established for the period ended 30 June 2021 or year ended 31 December 2020.

14. Contingent Liabilities. There were no contingent liabilities as at 30 June 2021 or as at 31 December 2020.

15. Segregated Liabilities. Each Sub-Fund is treated as bearing its own liabilities.

16. Unitholder Concentration. Unitholders owning greater than 25% of the net assets of a Sub-Fund may further expose that Sub-Fund to concentration risks that could impact liquidity should one or more of these unitholders submit redemption requests. At 30 June 2021, FTSE Developed World II Common Contractual Fund had 1 unitholder owning 100% of net assets, SRI FTSE Developed Europe II Common Contractual Fund had 2 unitholders with combined ownership of 100% of net assets and SRI FTSE Developed World II Common Contractual Fund had 1 unitholders owning 45% of net assets (2020: FTSE Developed World II Common Contractual Fund had 1 unitholder owning 100% of net assets, SRI FTSE Developed Europe II Common Contractual Fund had 2 unitholders with combined ownership of 100% of net assets and SRI FTSE Developed World II Common Contractual Fund had 1 unitholder owning 58% of net assets).

17. Events During the Period. Richard Wane resigned as a Director with effect from 31 March 2021 and Ann Stock was appointed as a Director with effect from 1 April 2021.

An application was made to the Central Bank seeking the Central Bank’s approval of (i) the change of depositary from State Street Custodial Services (Ireland) Limited to Brown Brothers Harriman Trustee Services (Ireland) Limited; and (ii) the change of administrator from State Street Fund Services (Ireland) Limited to Brown Brothers Harriman Fund Administration Services (Ireland) Limited. The change took place on 10 May 2021.

18. Events Since the Statement of Assets and Liabilities Date. Karin A. Risi was appointed as a Director on 22 July 2021.

19. Approval of Financial Statements. The financial statements were approved by the Directors on 26 August 2021.

Additional Information From the Manager

64

Connected Persons TransactionsTransactions carried out with the Fund by the Investment Manager, Manager, Depositary, Investment Adviser and/or associated or group companies of these (“Connected Persons”) during the period ended 30 June 2021 were carried out as if negotiated at arm’s length and were in the best interests of the Fund’s Unitholders. The Directors of the Fund are satisfied that there are arrangements (evidenced by written procedures) in place to ensure that all transactions entered into by the Fund with Connected Persons are carried out as if negotiated at arm’s length and in the best interests of the Fund’s Unitholders.

Potential Implications of BrexitThe United Kingdom is no longer a member state of the European Union. Despite the negotiation of the UK-EU Trade and Cooperation Agreement in December 2020, the future economic and political relationship between the United Kingdom and the European Union (and between the United Kingdom and other countries) remains uncertain and subject to further negotiation in many respects, and a period of economic and political uncertainty may therefore continue in the United Kingdom and the European Union.

Political and economic uncertainty may lead to speculation and subsequent market volatility, particularly for assets denominated in British pounds. Vanguard continues to encourage investors to follow its core investing principles, including maintaining long-term discipline. The implications of Brexit extend beyond the UK economy and financial markets, affecting multinational organisations globally. The relevant regulatory authorities in the United Kingdom may in the future make changes to their rules which deviate from the standards applicable in the European Union. This could result in changes being made to the rules applicable in the European Union.

The nature and extent of the impact of these factors on the Funds are uncertain, but may be adverse. Vanguard remains committed to safeguarding our investors’ assets and their long-term interests and has devoted significant resources to developing plans to manage the impact of Brexit.

Coronavirus (COVID-19)Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Sub-Funds and thus performance of the Sub-Funds. Vanguard continues to encourage investors to follow its core investment principles, including maintaining long-term discipline. Vanguard is committed to safeguarding the assets of investors and their long-term interests.

Board of Directors1

Peter Blessing2 (Irish)William Slattery2 (Irish)Michael S. Miller (American)Sean P. Hagerty (American)Tara Doyle2 (Irish)Robyn Laidlaw (New Zealander)Ann Stock3 (British)Karin A. Risi4 (American)

ManagerVanguard Group (Ireland) Limited70 Sir John Rogerson’s QuayDublin 2Ireland

DepositaryBrown Brothers HarrimanTrustee Services (Ireland) Limited30 Herbert StreetDublin 2Ireland

DistributorVanguard Asset Management, Limited4th FloorThe Walbrook Building25 WalbrookLondonEC4N 8AFUnited Kingdom

Investment Manager Vanguard Global Advisers, LLC100 Vanguard BoulevardMalvem, PA 19355USA

AdministratorBrown Brothers HarrimanFund Administration Services (Ireland) Limited30 Herbert StreetDublin 2Ireland

Legal Advisers as to Matters of Irish LawMatheson70 Sir John Rogerson’s QuayDublin 2Ireland

Independent AuditorsPricewaterhouseCoopersChartered Accountants & Registered AuditorsOne Spencer DockNorth Wall QuayDublin 1Ireland

Secretary for the Fund and the ManagerMatsack Trust Limited 70 Sir John Rogerson’s QuayDublin 2Ireland

1 Richard Wane resigned as a Director of the Company on 31 March 2021.2 Served in an independent non-executive capacity during the period.3 Ann Stock was appointed as a Director on 1 April 2021. 4 Karin A. Risi was appointed as a Director on 22 July 2021.

Connect with Vanguard® > vanguard.com

Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert StreetDublin 2Ireland

Investor Information and Services (Ireland)Fax: 353-1-612-3067Phone: 353-1-612-3226

World Wide Webhttp://global.vanguard.com

© 2021 Vanguard Group (Ireland) Limited.All rights reserved.

VI2CCF 082021

This report is intended for the funds’ unitholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current fund prospectus.

All comparative mutual fund data are from Lipper, a Thomson Reuters Company, or Morningstar, Inc., unless otherwise noted.

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