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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY


Investment Company Act file number: 811-5972

Name of Registrant: Vanguard International Equity Index Funds

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

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

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


Date of fiscal year end: October 31

Date of reporting period: July 31, 2007

Item 1: Schedule of Investments


Vanguard Pacific Stock Index Fund
Schedule of Investments
July 31, 2007

Shares Market
Value
($000)



   Common Stocks (99.4%)    



   Australia (19.8%)
   BHP Billiton Ltd. 12,729,882  405,469 
   Commonwealth Bank of Australia 4,698,279  215,523 
   National Australia Bank Ltd. 5,921,846  192,660 
   Australia & New Zealand Bank Group Ltd. 6,715,823  161,012 
   Westpac Banking Corp., Ltd. 6,738,313  149,008 
   Woolworths Ltd. 4,383,926  101,043 
   Westfield Group 5,869,637  94,456 
^ Rio Tinto Ltd. 1,041,025  81,149 
   QBE Insurance Group Ltd. 3,032,508  76,580 
   Macquarie Bank Ltd. 924,576  63,820 
   Woodside Petroleum Ltd. 1,699,281  61,796 
   AMP Ltd. 6,826,907  57,987 
   Suncorp-Metway Ltd. 3,349,911  54,760 
   Brambles Ltd. 5,589,954  52,333 
   Coles Group Ltd. 4,134,769  50,804 
   CSL Ltd. 669,730  50,181 
^ Wesfarmers Ltd. 1,380,867  45,604 
   Telstra Corp. Ltd. 10,454,276  40,798 
   Foster's Group Ltd. 7,392,570  36,806 
   Stockland 5,222,578  34,001 
   Insurance Australia Group Ltd. 6,390,726  30,756 
   Zinifex Ltd. 1,773,929  29,341 
   GPT Group 7,439,548  28,257 
   Macquarie Infrastructure Group 9,673,812  26,712 
   Orica Ltd. 1,133,218  26,616 
   Macquarie Goodman Group 5,175,751  26,413 
   Tabcorp Holdings Ltd. 1,913,278  26,309 
   Origin Energy Ltd. 3,169,947  26,241 
   Australian Stock Exchange Ltd. 622,773  25,718 
   Newcrest Mining Ltd. 1,219,882  25,490 
   Alumina Ltd. 4,113,247  25,443 
   Publishing & Broadcasting Ltd. 1,627,715  25,364 
   BlueScope Steel Ltd. 2,649,873  24,489 
   Santos Ltd. 2,181,058  24,458 
   Toll Holdings Ltd. 1,960,599  23,459 
   Transurban Group 3,781,887  22,935 
   Alinta Ltd. 1,797,715  22,552 
   AGL Energy Ltd. 1,579,122  20,682 
   Lend Lease Corp. 1,312,372  20,672 
   Centro Properties Group 3,084,108  20,668 
   AXA Asia Pacific Holdings Ltd. 3,175,514  19,676 
   Babcock & Brown Ltd. 829,916  19,651 
   Amcor Ltd. 3,288,646  19,145 
   John Fairfax Holdings Ltd. 4,348,568  17,792 
   Qantas Airways Ltd. 3,547,775  17,216 
   Leighton Holdings Ltd. 507,486  16,699 
   Tattersall's Ltd. 3,923,662  16,276 
   Mirvac Group 3,671,501  15,921 
   DB RREEF Trust 10,382,418  15,905 
* Asciano Group 1,960,245  15,904 
   Computershare Ltd. 1,856,531  15,570 
   WorleyParsons Ltd. 539,350  15,438 
   Coca-Cola Amatil Ltd. 1,918,873  14,834 
^ Aristocrat Leisure Ltd. 1,281,126  14,756 
   Telstra Corp. Installment Receipt Exp. 3/31/08 5,412,482  14,215 
   Boral Ltd. 2,170,452  14,176 
   Investa Property Group 5,559,048  13,772 
   Sonic Healthcare Ltd. 1,038,490  13,489 
*^ Fortescue Metals Group Ltd. 458,903  12,792 
*^ Paladin Resources Ltd. 2,029,770  12,012 
   OneSteel Ltd. 2,096,749  11,865 
   James Hardie Industries NV 1,703,927  10,796 
   Cochlear Ltd. 200,733  10,478 
   Caltex Australia Ltd. 493,436  10,399 
   Multiplex Group 2,293,044  9,618 
   Macquarie Office Trust 7,245,231  9,363 
   Macquarie Airports Group 2,513,319  9,229 
   CFS Gandel Retail Trust 5,040,911  9,121 
   CSR Ltd. 3,209,290  9,052 
^ Perpetual Trustees Australia Ltd. 135,602  8,899 
   Harvey Norman Holdings Ltd. 1,931,758  8,619 
   Goodman Fielder Ltd. 3,857,287  8,315 
   Billabong International Ltd. 604,775  8,281 
   Symbion Health Ltd. 2,291,832  8,045 
^ ABC Learning Centres Ltd. 1,363,913  8,001 
* Westfield Group 492,887  7,780 
   Lion Nathan Ltd. 1,071,440  7,681 
   ING Industrial Fund 3,418,564  7,194 
   Commonwealth Property Office Fund 5,196,380  7,022 
^ Macquarie Communications Infrastructure Group 1,378,206  6,943 
   Downer EDI Ltd. 1,057,972  6,266 
   Challenger Financial Services Group Ltd. 1,311,551  6,142 
   Pacific Brands Ltd. 1,764,169  5,367 
   Ansell Ltd. 513,487  5,140 
   APN News & Media Ltd. 1,012,185  4,923 
   Paperlinx Ltd. 1,573,468  4,244 
   Iluka Resources Ltd. 827,289  4,162 
   Futuris Corp., Ltd. 2,036,654  4,161 

        3,060,710 

   Hong Kong (6.0%)
   Hutchison Whampoa Ltd. 7,761,885  82,510 
   Cheung Kong Holdings Ltd. 5,481,938  76,924 
   Sun Hung Kai Properties Ltd. 4,989,804  63,458 
   Hong Kong Exchanges & Clearing Ltd. 3,883,000  63,363 
   Esprit Holdings Ltd. 3,807,678  50,885 
   Hang Seng Bank Ltd. 2,784,366  43,877 
   Boc Hong Kong Holdings Ltd. 13,480,800  34,570 
   Swire Pacific Ltd. A Shares 3,050,500  34,528 
   CLP Holdings Ltd. 4,822,353  32,367 
   Hong Kong & China Gas Co., Ltd. 13,233,438  30,694 
   Bank of East Asia Ltd. 5,079,473  30,331 
   Li & Fung Ltd. 8,067,450  27,954 
   Hang Lung Properties Ltd. 7,537,720  27,726 
   Hong Kong Electric Holdings Ltd. 5,050,350  25,052 
   Henderson Land Development Co. Ltd. 3,184,324  22,938 
* Foxconn International Holdings Ltd. 7,636,238  21,863 
   New World Development Co., Ltd. 8,673,146  21,187 
   Wharf Holdings Ltd. 4,455,914  18,395 
   Link REIT 7,790,000  16,164 
   Tencent Holdings Ltd. 3,223,600  14,699 
   Kerry Properties Ltd. 2,030,493  14,632 
   Cathay Pacific Airways Ltd. 5,015,500  13,069 
   MTR Corp. 5,060,700  12,640 
   Kingboard Chemical Holdings Ltd. 2,124,500  11,694 
   Sino Land Co. 5,015,400  11,169 
   Shangri-La Asia Ltd. 4,203,962  9,954 
   Hopewell Holdings Ltd. 2,292,800  9,900 
   Orient Overseas International Ltd. 798,224  9,502 
   PCCW Ltd. 14,784,769  9,053 
* Belle International Holdings Ltd. 7,510,000  8,732 
   Wing Hang Bank Ltd. 643,009  8,063 
   Tingyi Holding Corp. 6,109,350  7,195 
   Television Broadcasts Ltd. 1,040,844  7,099 
   Shui On Land Ltd. 6,841,243  7,077 
   Yue Yuen Industrial (Holdings) Ltd. 2,124,900  6,619 
   ASM Pacific Technology Ltd. 709,500  6,502 
   Hutchison Telecommunications International Ltd. 5,199,673  6,433 
   Hysan Development Co., Ltd. 2,296,811  5,919 
   Cheung Kong Infrastructure Holdings Ltd. 1,649,600  5,869 
   Shun Tak Holdings Ltd. 3,181,382  4,912 
   Techtronic Industries Co., Ltd. 4,016,500  4,713 
   Melco International Development Corp. 2,695,000  3,867 
   Johnson Electric Holdings Ltd. 5,354,600  2,834 
   Giordano International Ltd. 5,141,600  2,248 

        929,180 

   Japan (69.5%)
   Toyota Motor Corp. 9,859,022  599,356 
   Mitsubishi UFJ Financial Group 29,391  313,659 
   Mizuho Financial Group, Inc. 34,584  243,579 
   Sumitomo Mitsui Financial Group, Inc. 23,935  216,306 
   Honda Motor Co., Ltd. 5,678,804  206,194 
   Canon, Inc. 3,884,149  205,294 
   Takeda Pharmaceutical Co. Ltd. 3,076,247  200,391 
   Sony Corp. 3,649,364  194,842 
   Nintendo Co. 361,075  174,085 
   Nippon Steel Corp. 21,069,343  158,478 
   Mitsubishi Corp. 4,920,700  145,313 
   JFE Holdings, Inc. 2,054,400  140,891 
   Mitsui & Co., Ltd. 5,666,600  133,168 
   Matsushita Electric Industrial Co., Ltd. 7,147,563  130,681 
   Nomura Holdings Inc. 6,442,400  122,285 
   Tokyo Electric Power Co. 4,433,410  118,353 
   Millea Holdings, Inc. 2,917,700  116,063 
   Shin-Etsu Chemical Co., Ltd. 1,494,700  110,368 
   Mitsubishi Estate Co., Ltd. 4,279,000  108,857 
   Toshiba Corp. 11,135,000  104,432 
   Komatsu Ltd. 3,272,768  103,292 
   East Japan Railway Co. 12,380  91,822 
   Nissan Motor Co., Ltd. 8,230,220  88,957 
   Hitachi Ltd. 12,264,000  88,202 
   Sumitomo Metal Industries Ltd. 14,874,000  85,653 
   Seven and I Holdings Co., Ltd. 2,995,240  84,115 
   Japan Tobacco, Inc. 16,386  83,276 
   NTT DoCoMo, Inc. 59,657  82,835 
   Nippon Telegraph and Telephone Corp. 18,915  82,264 
   Mitsubishi Heavy Industries Ltd. 11,669,000  81,982 
   Astellas Pharma Inc. 1,950,998  80,153 
   Mitsui Fudosan Co., Ltd. 3,048,785  79,603 
   Orix Corp. 330,456  79,315 
   Fuji Photo Film Co., Ltd. 1,780,266  77,937 
   Fanuc Co., Ltd. 697,600  75,510 
   Sumitomo Corp. 3,871,000  74,969 
   Mitsubishi Electric Corp. 7,036,000  74,812 
   Daiichi Sankyo Co., Ltd. 2,542,536  70,253 
   Itochu Corp. 5,483,000  68,781 
   Denso Corp. 1,770,600  66,696 
   Sharp Corp. 3,641,000  62,748 
   Kansai Electric Power Co., Inc. 2,804,200  62,226 
   Mitsui OSK Lines Ltd. 3,950,000  61,666 
   Chubu Electric Power Co. 2,420,500  60,709 
   KDDI Corp. 8,981  59,577 
   Central Japan Railway Co. 5,711  59,056 
   Murata Manufacturing Co., Ltd. 779,455  58,236 
   Kyocera Corp. 592,200  57,562 
^ Softbank Corp. 2,690,818  56,586 
   Marubeni Corp. 5,800,000  55,615 
   Ricoh Co. 2,440,386  52,899 
   Kao Corp. 1,900,661  52,419 
   Daiwa Securities Group Inc. 4,860,850  51,569 
   Mitsui Sumitomo Insurance Co. 4,408,552  50,882 
   Sumitomo Metal Mining Co. 1,984,000  48,131 
   Hoya Corp. 1,504,994  47,592 
   T & D Holdings, Inc. 717,660  46,933 
   Bridgestone Corp. 2,220,859  46,868 
   Asahi Glass Co., Ltd. 3,455,200  46,261 
   Tokyo Electron Ltd. 624,730  45,023 
   Fujitsu Ltd. 6,787,000  44,797 
   Resona Holdings Inc. 20,760  44,682 
   Sumitomo Electric Industries Ltd. 2,731,800  44,551 
   Sumitomo Chemical Co. 5,727,000  42,714 
   Sumitomo Realty & Development Co. 1,387,772  41,234 
   Kirin Brewery Co., Ltd. 2,868,048  40,752 
   Nippon Yusen Kabushiki Kaisha Co. 4,032,000  40,649 
   Nippon Oil Corp. 4,535,479  40,381 
   TDK Corp. 461,000  39,298 
   Mitsubishi Chemical Holdings Corp. 4,275,000  38,859 
   Eisai Co., Ltd. 918,100  38,732 
   Toray Industries, Inc. 4,847,740  38,653 
   Sumitomo Trust & Banking Co., Ltd. 4,572,959  38,608 
   Kobe Steel Ltd. 9,644,095  37,431 
   Aeon Co., Ltd. 2,331,100  37,234 
   Daikin Industries Ltd. 948,189  37,045 
   NEC Corp. 7,393,812  36,159 
   Tokyo Gas Co., Ltd. 8,188,000  35,565 
   Sompo Japan Insurance Inc. 3,056,000  35,483 
   Nikon Corp. 1,094,542  34,664 
   Tohoku Electric Power Co. 1,557,300  34,568 
   Olympus Corp. 839,800  34,423 
   Ibiden Co., Ltd. 463,339  33,970 
   Secom Co., Ltd. 765,000  33,719 
   Kubota Corp. 4,025,000  33,422 
   Dai-Nippon Printing Co., Ltd. 2,260,741  33,173 
   Kyushu Electric Power Co., Inc. 1,382,000  32,826 
   Nippon Mining Holdings Inc. 3,213,000  32,300 
   Nitto Denko Corp. 601,600  31,563 
   Rohm Co., Ltd. 368,100  31,124 
   Asahi Kasei Corp. 4,344,000  31,034 
   Yamada Denki Co., Ltd. 310,326  30,835 
   Inpex Holdings, Inc. 3,007  30,341 
   Bank of Yokohama Ltd. 4,356,000  30,291 
   NGK Insulators Ltd. 975,151  29,804 
   Toyoda Automatic Loom Works Ltd. 653,500  29,608 
   West Japan Railway Co. 6,197  28,044 
   SMC Corp. 209,677  27,766 
   Keyence Corp. 128,209  27,542 
   Aisin Seiki Co., Ltd. 698,738  27,459 
   Ajinomoto Co., Inc. 2,251,000  27,261 
   Kawasaki Kisen Kaisha Ltd. 1,952,000  26,718 
   Shiseido Co., Ltd. 1,238,024  26,401 
   Mitsubishi Materials Corp. 4,109,000  26,282 
   Nidec Corp. 396,000  26,213 
   Terumo Corp. 615,359  26,157 
   Konica Minolta Holdings, Inc. 1,744,500  25,792 
   Sumitomo Heavy Industries Ltd. 2,098,000  25,675 
   Osaka Gas Co., Ltd. 7,338,000  25,306 
   Daiwa House Industry Co., Ltd. 1,857,000  24,355 
   Tokyu Corp. 3,897,000  24,208 
   Mitsui Trust Holding Inc. 2,642,400  23,357 
   Chiba Bank Ltd. 2,775,000  23,355 
   Advantest Corp. 582,236  22,524 
   Sekisui House Ltd. 1,811,858  22,482 
   Hankyu Corp. 4,396,958  22,181 
   Toppan Printing Co., Ltd. 2,037,000  22,068 
   Office Building Fund of Japan Inc. 1,665  22,029 
   Kawasaki Heavy Industries Ltd. 4,889,000  21,594 
   Sumco Corp. 417,716  21,446 
   Asahi Breweries Ltd. 1,499,700  21,349 
   Shizuoka Bank Ltd. 2,098,000  21,109 
   Yamato Holdings Co., Ltd. 1,416,000  21,077 
   Japan Steel Works Ltd. 1,286,832  20,482 
   Omron Corp. 771,100  20,436 
   Toyota Tsusho Corp. 774,004  20,233 
   Makita Corp. 420,300  19,421 
   NTT Data Corp. 4,599  19,259 
   Nikko Securities Co., Ltd. 1,424,253  19,109 
   Yamaha Motor Co., Ltd. 678,000  19,079 
   Nippon Electric Glass Co., Ltd. 1,223,097  19,070 
   Shinsei Bank, Ltd. 5,097,046  19,040 
   Electric Power Development Co., Ltd. 546,140  18,642 
   Ishikawajima-Harima Heavy Industries Co. 4,818,000  18,388 
   JS Group Corp. 970,508  18,294 
   Dentsu Inc. 7,101  18,160 
   Mitsui Chemicals, Inc. 2,307,000  17,898 
   Sojitz Holdings Corp. 3,544,200  17,697 
   Chugai Pharmaceutical Co., Ltd. 1,018,900  17,580 
   Kintetsu Corp. 5,928,150  17,550 
   Shionogi & Co., Ltd. 1,088,393  17,370 
   Matsushita Electric Works, Ltd. 1,370,000  17,181 
   Yahoo Japan Corp. 55,077  17,079 
   Teijin Ltd. 3,043,000  16,527 
   JSR Corp. 652,500  16,368 
   Japan Real Estate Investment Corp. 1,421  16,159 
   Nippon Express Co., Ltd. 2,905,000  15,738 
* Elpida Memory Inc. 353,200  15,598 
   Amada Co., Ltd. 1,335,000  15,586 
   JGC Corp. 755,000  15,536 
   NSK Ltd. 1,609,000  15,415 
   Kuraray Co., Ltd. 1,328,000  15,269 
   OJI Paper Co., Ltd. 3,107,740  14,945 
   Daito Trust Construction Co., Ltd. 300,484  14,918 
   Mitsui Engineering & Shipbuilding Co., Ltd. 2,727,000  14,854 
   Mitsubishi Rayon Co., Ltd. 1,969,000  14,730 
   Leopalace21 Corp. 465,400  14,713 
   Tokyu Land Corp. 1,556,000  14,612 
   Credit Saison Co., Ltd. 593,852  14,527 
   Hirose Electric Co., Ltd. 116,800  14,444 
* Fukuoka Financial Group, Inc. 2,246,000  14,428 
   Showa Denko K.K. 4,075,000  14,298 
   Joyo Bank Ltd. 2,442,000  14,193 
   Hitachi Construction Machinery Co. 357,178  14,167 
   Taiheiyo Cement Corp. 3,294,000  14,013 
   Yamaha Corp. 639,500  13,946 
   Bank of Kyoto Ltd. 1,029,000  13,880 
   Hokkaido Electric Power Co., Ltd. 666,861  13,798 
   Hokuhoku Financial Group, Inc. 4,315,400  13,703 
   Seiko Epson Corp. 465,400  13,579 
   Kajima Corp. 3,276,000  13,398 
   Odakyu Electric Railway Co. 2,278,000  13,373 
   Keio Electric Railway Co., Ltd. 2,113,000  13,317 
   Casio Computer Co. 863,900  13,166 
   Sekisui Chemical Co. 1,673,000  13,053 
   Stanley Electric Co. 550,300  13,029 
   Kurita Water Industries Ltd. 410,800  13,024 
   Tobu Railway Co., Ltd. 2,977,000  13,014 
   Nomura Research Institute, Ltd. 409,880  12,985 
   Shimizu Corp. 2,160,000  12,871 
   Furukawa Electric Co. 2,320,000  12,828 
   Nisshin Steel Co. 2,899,000  12,674 
   Tokyo Tatemono Co., Ltd. 1,042,000  12,571 
   Takefuji Corp. 403,240  12,554 
   Taisei Corp. 3,491,000  12,324 
   Mitsubishi Gas Chemical Co. 1,414,000  12,294 
   Marui Co., Ltd. 1,076,200  12,150 
   Takashimaya Co. 1,075,972  12,118 
   JTEKT Corp. 699,923  12,091 
   Kyowa Hakko Kogyo Co. 1,187,000  11,964 
   Dowa Mining Co. Ltd. 999,000  11,927 
   Namco Bandai Holdings Inc. 761,100  11,926 
   NTN Corp. 1,439,000  11,873 
   Ohbayashi Corp. 2,236,000  11,843 
   Tokuyama Corp. 804,000  11,677 
   Sapporo Hokuyo Holdings, Inc. 1,093  11,610 
   Nippon Sheet Glass Co., Ltd. 2,199,000  11,551 
   Citizen Watch Co., Ltd. 1,249,000  11,548 
   Trend Micro Inc. 375,000  11,521 
   NGK Spark Plug Co. 626,682  11,373 
   Isetan Co. 697,000  11,120 
   Fast Retailing Co., Ltd. 193,600  10,978 
   THK Co., Inc. 460,200  10,854 
   The Hachijuni Bank Ltd. 1,463,550  10,675 
   Yokogawa Electric Corp. 785,497  10,655 
   Ube Industries Ltd. 3,501,000  10,519 
   Nippon Paper Group, Inc. 3,233  10,513 
   Chiyoda Corp. 528,000  10,432 
   Tosoh Corp. 1,754,000  10,408 
   Toyo Seikan Kaisha Ltd. 592,900  10,389 
   Sega Sammy Holdings Inc. 721,732  10,386 
   SBI Holdings, Inc. 33,812  10,368 
^ TonenGeneral Sekiyu K.K. 1,061,000  10,346 
   The Hiroshima Bank, Ltd. 1,820,650  10,306 
   Japan Retail Fund Investment Corp. 1,270  10,260 
   Taisho Pharmaceutical Co. 527,000  10,240 
   Mitsui Mining & Smelting Co., Ltd. 2,092,000  10,049 
   Mitsubishi Securities Co., Ltd. 928,000  10,008 
* Haseko Corp. 3,769,655  10,007 
   Nissin Food Products Co., Ltd. 326,300  9,989 
   Mitsumi Electric Co., Ltd. 254,800  9,931 
   Oriental Land Co., Ltd. 182,700  9,524 
^ Keihin Electric Express Railway Co., Ltd. 1,548,000  9,418 
   Shinko Securities Co., Ltd. 1,921,000  9,322 
   Yaskawa Electric Corp. 764,380  9,262 
   Nippon Sanso Corp. 1,026,000  9,216 
   Gunma Bank Ltd. 1,385,000  9,209 
   Tanabe Seiyaku Co., Ltd. 780,000  9,136 
^ Yakult Honsha Co., Ltd. 384,900  9,079 
   Dai-Nippon Ink & Chemicals, Inc. 2,318,000  9,056 
   Kaneka Corp. 1,108,982  9,047 
   The Suruga Bank, Ltd. 725,000  9,013 
*^ Sanyo Electric Co., Ltd. 5,812,000  9,003 
   Daimaru, Inc. 790,000  8,890 
^ All Nippon Airways Co., Ltd. 2,348,000  8,865 
   Idemitsu Kosan Co. Ltd. 72,947  8,671 
^ Toto Ltd. 1,019,000  8,654 
^ Daido Steel Co., Ltd. 1,193,000  8,617 
   Okuma Corp. 523,711  8,516 
   Showa Shell Sekiyu K.K. 687,200  8,514 
   Denki Kagaku Kogyo K.K. 1,701,000  8,463 
   Fuji Electric Holdings Co., Ltd. 2,047,000  8,448 
   77 Bank Ltd. 1,262,000  8,340 
   NOK Corp. 411,200  8,327 
   Acom Co., Ltd. 232,420  8,300 
   The Nishi-Nippon City Bank, Ltd. 2,464,307  8,253 
   Uni-Charm Corp. 151,100  8,225 
   Kamigumi Co., Ltd. 948,000  8,192 
   Fujikura Ltd. 1,303,000  8,079 
   Taiyo Yuden Co., Ltd. 373,000  8,049 
   Nomura Real Estate Office Fund, Inc. 874  8,042 
   Hitachi Chemical Co., Ltd. 378,100  7,985 
   Asics Corp. 583,139  7,958 
   Shimano, Inc. 249,000  7,912 
   Lawson Inc. 229,700  7,898 
   MEDICEO Holdings Co., Ltd. 532,961  7,839 
   Benesse Corp. 253,057  7,820 
   Sankyo Co., Ltd. 195,400  7,816 
   Japan Prime Realty Investment Corp. 2,029  7,795 
   Ushio Inc. 408,300  7,787 
   Konami Corp. 341,149  7,738 
   Shimamura Co., Ltd. 79,800  7,715 
   NTT Urban Development Corp. 4,214  7,627 
   Toho Co., Ltd. 414,700  7,620 
   Pioneer Corp. 560,600  7,539 
   Toyoda Gosei Co., Ltd. 237,100  7,527 
   Susuken Co., Ltd. 239,620  7,458 
   Sumitomo Rubber Industries Ltd. 622,000  7,429 
   CSK Corp. 229,300  7,403 
^ Kikkoman Corp. 540,000  7,315 
^ Promise Co., Ltd. 270,750  7,310 
   Rakuten, Inc. 23,824  7,290 
   Nippon Meat Packers, Inc. 668,000  7,246 
^ Mitsukoshi, Ltd. 1,506,000  7,204 
   Aiful Corp. 285,700  7,167 
   Minebea Co., Ltd. 1,308,000  7,096 
^ Japan Petroleum Exploration Co., Ltd. 104,085  7,045 
   Alfresa Holdings Corp. 102,700  7,025 
   Nitori Co., Ltd. 134,218  6,921 
   Uny Co., Ltd. 654,000  6,908 
   Kansai Paint Co., Ltd. 793,000  6,839 
   Nisshinbo Industries, Inc. 552,000  6,822 
   Nissan Chemical Industries, Ltd. 548,000  6,821 
   Daicel Chemical Industries Ltd. 998,000  6,649 
   Hino Motors, Ltd. 944,000  6,644 
   Ebara Corp. 1,390,000  6,640 
^ Ito En, Ltd. 216,100  6,569 
   Nisshin Seifun Group Inc. 702,100  6,552 
   ZEON Corp. 619,527  6,538 
   Diamond Lease Co., Ltd. 146,600  6,514 
   Tokyo Steel Manufacturing Co. 396,900  6,487 
*^ Japan Airlines System Co. 3,298,000  6,422 
   Santen Pharmaceutical Co., Ltd. 268,800  6,342 
   Alps Electric Co., Ltd. 631,900  6,263 
   Mabuchi Motor Co. 103,200  6,256 
   Toyota Boshoku Corp. 240,700  6,237 
* Jupiter Telecommunications Co., Ltd. 8,166  6,207 
^ Oracle Corp. Japan 139,300  6,190 
^ Toyobo Ltd. 2,293,000  6,170 
   Mitsubishi Logistics Corp. 418,000  6,158 
   Hitachi High-Technologies Corp. 251,575  6,092 
   Aoyama Trading Co., Ltd. 209,100  6,019 
   Onward Kashiyama Co., Ltd. 503,000  6,005 
   USS Co., Ltd. 89,330  5,966 
   Shinko Electric Industries Co., Ltd. 246,353  5,932 
   Glory Ltd. 221,600  5,924 
^ AEON Mall Co., Ltd. 197,600  5,911 
^ Sumitomo Titanium Corp. 67,226  5,794 
   Nomura Real Estate Holdings Inc. 191,100  5,793 
   Dai-Nippon Screen Manufacturing Co., Ltd. 786,000  5,763 
   Meiji Dairies Corp. 965,000  5,697 
^ SBI E*Trade Securities Co., Ltd. 5,215  5,629 
   FamilyMart Co., Ltd. 213,600  5,550 
   Hakuhodo DY Holdings Inc. 85,300  5,507 
   Keisei Electric Railway Co., Ltd. 1,073,000  5,489 
^ Sapporo Holdings Ltd. 910,000  5,477 
   Otsuka Corp. 57,564  5,416 
   Toyo Suisan Kaisha, Ltd. 324,000  5,353 
   JAFCO Co., Ltd. 114,600  5,217 
   Meiji Seika Kaisha Ltd. 1,170,000  5,177 
   Sumitomo Bakelite Co. Ltd. 725,000  5,171 
   Ryohin Keikaku Co., Ltd. 85,700  5,126 
   Tokai Rika Co., Ltd. 189,424  5,037 
   Obic Co., Ltd. 25,450  5,019 
   Canon Sales Co. Inc. 275,000  4,977 
   Seino Transportation Co., Ltd. 507,000  4,914 
   NHK Spring Co. 535,000  4,820 
   Hankyu Department Stores, Inc. 494,000  4,778 
   Nippon Kayaku Co., Ltd. 545,000  4,744 
   Komori Corp. 203,000  4,652 
   Comsys Holdings Corp. 410,000  4,545 
   Sanwa Shutter Corp. 760,000  4,513 
   Aeon Credit Service Co. Ltd. 315,890  4,480 
   Shimachu Co. 155,336  4,411 
^ Tokyo Seimitsu Co., Ltd. 126,966  4,284 
   Nichirei Corp. 892,000  4,277 
^ Coca-Cola West Japan Co., Ltd. 203,900  4,254 
   Nippon Light Metal Co. 1,641,000  4,232 
*^ Oki Electric Industry Co. Ltd. 2,163,000  4,162 
   Itochu Techno-Science Corp. 113,100  4,091 
   Nippon Shokubai Co., Ltd. 463,000  4,080 
   Wacoal Corp. 329,000  4,055 
   Toda Corp. 737,000  4,019 
   Rinnai Corp. 133,300  3,958 
^ OSG Corp. 278,011  3,908 
   Kinden Corp. 439,000  3,899 
*^ NEC Electronics Corp. 135,300  3,870 
   House Foods Industry Corp. 256,900  3,822 
   Hitachi Cable Ltd. 619,000  3,816 
   Hikari Tsushin, Inc. 95,400  3,793 
   Takara Holdings Inc. 612,000  3,790 
^ Tokyo Broadcasting System, Inc. 139,600  3,773 
   Asatsu-DK Inc. 117,700  3,706 
   Daifuku Co., Ltd. 299,427  3,702 
^ Toho Titanium Co., Ltd. 99,642  3,691 
^ Matsui Securities Co., Ltd. 442,400  3,662 
^ Park24 Co., Ltd. 351,274  3,527 
^ Meitec Corp. 122,900  3,518 
   Fuji Television Network, Inc. 1,735  3,512 
   Gunze Ltd. 640,000  3,484 
   Sumitomo Osaka Cement Co., Ltd. 1,351,000  3,436 
   Q.P. Corp. 349,200  3,388 
   Central Glass Co., Ltd. 604,000  3,364 
   Kokuyo Co., Ltd. 293,900  3,252 
^ Nishimatsu Construction Co. 937,000  3,233 
   Yamazaki Baking Co., Ltd. 403,000  3,220 
   Kose Corp. 114,770  3,190 
   Autobacs Seven Co., Ltd. 105,300  3,164 
* K.K. DaVinci Advisors 3,851  3,134 
   EDION Corp. 277,045  3,018 
^ Okumura Corp. 561,000  2,991 
   Matsumotokiyoshi Co., Ltd. 131,700  2,940 
   TIS Inc. 127,400  2,883 
   Circle K Sunkus Co., Ltd. 166,500  2,836 
   Sanken Electric Co., Ltd. 375,000  2,830 
   Round One Corp. 1,184  2,655 
^ eAccess Ltd. 4,498  2,443 
   Fuji Soft ABC Inc. 105,500  2,396 
*^ Access Co., Ltd. 825  2,273 
   Hitachi Capital Corp. 160,400  2,250 
   Aderans Co. Ltd. 117,200  2,194 
*^ The Goodwill Group, Inc. 4,472  1,094 
* Dowa Mining Co., Ltd. Rights Exp. 1/29/10 805,000  488 

        10,720,712 

   New Zealand (0.5%)
   Telecom Corp. of New Zealand Ltd. 7,273,930  25,170 
   Fletcher Building Ltd. 1,814,023  17,202 
   Auckland International Airport Ltd. 3,571,990  9,019 
   Contact Energy Ltd. 1,052,672  7,389 
   Sky City Entertainment Group Ltd. 1,610,995  5,963 
   Fisher & Paykel Healthcare Corp. Ltd. 1,813,136  4,657 
   Kiwi Income Property Trust 2,507,899  2,883 
   Sky Network Television Ltd. 670,915  2,816 
   Fisher & Paykel Appliances Holdings Ltd. 945,805  2,560 
   Vector Ltd. 853,124  1,701 

        79,360 

   Singapore (3.6%)
   Singapore Telecommunications Ltd. 28,941,290  65,779 
   United Overseas Bank Ltd. 4,437,567  64,898 
   DBS Group Holdings Ltd. 4,130,161  61,775 
   Oversea-Chinese Banking Corp., Ltd. 9,107,068  53,882 
   Keppel Corp., Ltd. 4,022,500  35,105 
   Capitaland Ltd. 5,583,895  27,047 
   Singapore Airlines Ltd. 2,044,362  25,832 
   Singapore Exchange Ltd. 2,899,000  18,305 
   City Developments Ltd. 1,822,412  17,867 
   Singapore Press Holdings Ltd. 5,494,833  16,163 
   Sembcorp Industries Ltd. 3,231,393  12,044 
   Singapore Technologies Engineering Ltd. 4,859,407  11,697 
   Fraser & Neave Ltd. 3,022,500  10,294 
   Cosco Corp. Singapore Ltd. 2,830,000  9,399 
   ComfortDelGro Corp. Ltd. 6,812,586  9,159 
   CapitaMall Trust 3,701,148  9,081 
   Venture Corp. Ltd. 848,250  8,434 
   SembCorp Marine Ltd. 2,136,000  7,919 
   Keppel Land Ltd. 1,309,000  7,093 
   United Overseas Land Ltd. 1,893,556  6,606 
   Ascendas REIT 3,623,000  6,407 
   Capitacommercial Trust 3,536,365  6,139 
   Neptune Orient Lines Ltd. 1,596,000  5,798 
   Parkway Holdings Ltd. 2,247,072  5,671 
   Jardine Cycle N Carriage Ltd. 497,128  5,202 
   Suntec REIT 3,654,142  4,532 
   Olam International Ltd. 2,276,000  4,444 
   Singapore Post Ltd. 5,052,800  4,119 
   Noble Group Ltd. 3,540,000  3,904 
   Wing Tai Holdings Ltd. 1,608,000  3,903 
   Want Want Holdings Ltd. 1,643,160  3,780 
   Singapore Land Ltd. 454,000  3,101 
   Allgreen Properties Ltd. 2,626,500  3,070 
   SMRT Corp. Ltd. 2,390,000  2,787 
* Chartered Semiconductor Manufacturing Ltd. 3,719,000  2,704 
   Singapore Petroleum Co. Ltd. 635,000  2,699 
   Haw Par Brothers International Ltd. 358,193  1,883 

        548,522 




   Total Common Stocks
   (Cost $11,977,907)    15,338,484 






   Temporary Cash Investments (1.8%)



   Money Market Fund (1.8%)
1 Vanguard Market Liquidity Fund, 5.302% 280,321,583  280,322 
    
Face
     Amount
     ($000)

   U.S. Agency Obligation (0.0%)
2 Federal Home Loan Mortgage Corp.
3 5.206%, 8/20/07 5,000  4,987 



   Total Temporary Cash Investments
   (Cost $285,309)    285,309 



   Total Investments (101.2%)
   (Cost $12,263,216)    15,623,793 



   Other Assets and Liabilities—Net (-1.2%)    (189,583)



   Net Assets (100%)    15,434,210 




* Non-income-producing security.
^ Part of security position is on loan to broker-dealers.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
2 The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line of credit) would require congressional action.
3 Securities with a value of $4,987,000 have been segregated as initial margin for open futures contracts.
REIT - Real Estate Investment Trust.

Investment Securities: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.

At July 31, 2007, the cost of investment securities for tax purposes was $12,367,389,000. Net unrealized appreciation of investment securities for tax purposes was $3,256,404,000, consisting of unrealized gains of $3,742,565,000 on securities that had risen in value since their purchase and $486,161,000 in unrealized losses on securities that had fallen in value since their purchase.

Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

Futures Contracts: The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.9% and 1.3%, respectively, of net assets. Futures contracts are valued at their quoted daily settlement prices.

At July 31, 2007, the aggregate settlement value of open futures contracts expiring in September 2007 and the related unrealized appreciation (depreciation) were:


($000)

Futures Contracts Number
of Long
Contracts
Aggregate
Settlement
Value
Unrealized
Appreciation
(Depreciation)

Topix Index 442  63,350  (2,738)
ASX 200 Index 150  19,673  (800)

Forward Currency Contracts: The fund enters into forward currency contracts to provide the appropriate currency exposure related to open futures contracts. Forward currency contracts are valued at their quoted daily settlement prices. At July 31, 2007, the fund had open forward currency contracts to receive and deliver currencies as follows:

Contract Amount (000)
Unrealized
Appreciation
Contract Settlement Date Receive Deliver (Depreciation)
($000)

9/19/2007 JPY  8,037,130  USD  67,951  2,226 
9/26/2007 AUD  24,280  USD  20,766  285 

AUD-Australian dollar.
JPY-Japanese yen.
USD-U.S. dollars.

Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.


Vanguard European Stock Index Fund
Schedule of Investments
July 31, 2007

Shares Market
Value
($000)



   Common Stocks (99.4%)    



   Austria (0.9%)
   Erste Bank der Oesterreichischen Sparkassen AG 668,487  50,293 
   OMV AG 583,183  36,233 
   Voestalpine AG 390,986  32,528 
   Telekom Austria AG 1,324,044  32,256 
* Meinl European Land Ltd. 1,057,543  24,571 
* Immofinanz Immobilien Anlagen AG 1,577,325  19,825 
* IMMOEAST Immobilien Anlagen AG 1,473,663  19,136 
   Raiffeisen International Bank-Holding AG 126,131  18,867 
   Wienerberger AG 248,335  17,154 
   Oesterreichische Elektrizitaetswirtschafts AG Class A 272,346  13,279 
   Andritz AG 137,804  9,350 
   Wiener Staedtische Allgemeine Versicherung AG 110,620  7,760 
* RHI AG 90,884  4,692 
   Flughafen Wien AG 36,796  3,834 
   Mayr-Melnhof Karton AG 29,672  3,292 
* BETandWIN.com Interactive Entertainment AG 94,608  2,465 

        295,535 

   Belgium (1.7%)
   Fortis 4,371,026  172,276 
   KBC Bank & Verzekerings Holding 641,014  83,393 
   Dexia 1,848,328  52,848 
   InBev 647,857  52,171 
   Groupe Bruxelles Lambert SA 285,403  34,667 
   Solvay SA 224,136  33,997 
   Delhaize Group 273,799  25,460 
   Belgacom SA 575,509  23,299 
   UCB SA 388,404  21,818 
   Umicore 87,344  19,810 
   Colruyt NV 58,798  12,477 
   Agfa Gevaert NV 454,384  9,594 
   Mobistar SA 111,564  8,752 
   Bekaert NV 44,434  6,358 
   Omega Pharma SA 66,839  5,732 
   Cofinimmo 29,794  5,331 
   D'Ieteren SA 9,829  3,952 
   Barco NV 39,392  3,943 
   Compagnie Maritime Belge SA 49,884  3,458 
   Euronav SA 82,461  2,949 

        582,285 

   Denmark (1.3%)
   Novo Nordisk A/S B Shares 849,998  89,182 
   Danske Bank A/S 1,603,741  67,543 
   AP Moller-Maersk A/S B Shares 3,882  51,195 
* Vestas Wind Systems A/S 653,688  43,331 
   Novozymes A/S 163,063  19,224 
   FLS Industries A/S B Shares 188,127  16,571 
* Jyske Bank A/S 207,554  16,386 
   DSV A/S 710,635  15,921 
   Carlsberg A/S B Shares 120,570  15,468 
   Danisco A/S 172,288  12,810 
   Sydbank A/S 223,087  11,325 
* Topdanmark A/S 62,206  10,535 
   NKT Holding A/S 83,223  8,849 
* William Demant A/S 89,295  8,848 
* GN Store Nord A/S 715,517  8,474 
^ Coloplast A/S B Shares 93,722  7,769 
   Trygvesta A/S 95,660  7,639 
   H. Lundbeck A/S 186,284  4,792 
^ Bang & Olufsen A/S B Shares 36,845  4,272 
   Dampskibsselskabet Torm A/S 101,952  4,060 
   East Asiatic Co. A/S 59,400  3,433 

        427,627 

   Finland (2.4%)
   Nokia Oyj 14,458,703  413,037 
   Fortum Oyj 1,569,306  50,626 
   Sampo Oyj A Shares 1,524,691  45,741 
   UPM-Kymmene Oyj 1,846,073  41,020 
   Stora Enso Oyj R Shares 2,051,235  35,260 
   Metso Oyj 450,818  28,536 
   Rautaruuki Oyj 297,323  19,481 
   Kone Oyj 269,059  18,007 
   Neste Oil Oyj 451,279  16,145 
   Wartsila Oyj B Shares 228,905  15,953 
   Elisa Oyj Class A 527,281  14,905 
   YIT Oyj 446,180  14,031 
   Outokumpu Oyj A Shares 415,172  12,859 
   Kesko Oyj 232,988  12,339 
   Nokian Renkaat Oyj 368,945  12,160 
   SanomaWSOY Oyj 290,907  9,303 
   KCI Konecranes Oyj 212,396  8,596 
   Orion Oyj 302,816  7,931 
   Uponor Oyj 193,131  7,042 
   Cargotec Corp. 134,018  6,954 
   TietoEnator Oyj B Shares 259,834  6,317 
^ Amer Sports Oyj A Shares 256,449  6,263 
   OKO Bank (Osuuspankkien Keskuspankki Oyj) 338,969  5,893 

        808,399 

   France (13.9%)
   Total SA 7,603,494  598,789 
   BNP Paribas SA 2,964,412  325,864 
   Sanofi-Aventis 3,599,902  301,537 
   Societe Generale Class A 1,303,352  224,020 
   AXA 5,542,151  216,282 
   Suez SA 3,608,303  189,736 
   Vivendi SA 4,085,235  173,527 
   France Telecom SA 5,974,045  160,608 
   Carrefour SA 2,115,530  150,024 
   Cie. de St. Gobain SA 1,171,035  129,233 
   Groupe Danone 1,565,797  113,824 
   Air Liquide SA 856,527  110,783 
   Schneider Electric SA 765,691  102,168 
   L'Oreal SA 884,218  100,921 
   Vinci SA 1,406,355  100,741 
   LVMH Louis Vuitton Moet Hennessy 864,931  96,663 
   Renault SA 653,933  94,507 
   Veolia Environnement 1,223,801  90,931 
   Lafarge SA 528,971  89,599 
   Credit Agricole SA 2,326,157  88,881 
   Alcatel-Lucent 7,100,876  82,853 
   Compagnie Generale des Etablissements Michelin SA 507,205  66,966 
   Pernod Ricard SA 318,826  66,948 
   Alstom 366,122  65,835 
   Bouygues SA 768,318  61,540 
   Accor SA 636,704  54,229 
   Pinault-Printemps-Redoute SA 272,106  47,428 
   PSA Peugeot Citroen 538,851  45,336 
   Vallourec SA 168,265  43,526 
   Essilor International SA 696,029  42,456 
   STMicroelectronics NV 2,407,682  41,326 
   Unibail Co. 166,482  39,283 
   Lagardere S.C.A. 428,468  33,846 
   Gaz de France 694,058  32,234 
   Cap Gemini SA 482,705  31,727 
   Technip SA 355,003  28,973 
   Hermes International 245,224  24,743 
   Unibail-Rodamco 96,079  23,005 
   Sodexho Alliance SA 336,677  22,230 
   Publicis Groupe SA 491,650  21,024 
   CNP Assurances 157,405  20,635 
   Air France 428,526  19,288 
   Thales SA 312,511  17,878 
   Neopost SA 113,568  16,415 
   SCOR SA 622,369  15,928 
* Business Objects SA 341,087  15,368 
   Etablissements Economiques du Casino Guichard-Perrachon SA 153,963  14,993 
   Safran SA 587,396  14,631 
* Atos Origin SA 243,735  14,313 
   Thomson SA 869,355  14,257 
   Societe Television Francaise 1 416,350  13,894 
   Aeroports de Paris (ADP) 121,934  13,615 
   Valeo SA 246,401  12,633 
   Klepierre 81,340  12,475 
   Alcatel-Lucent ADR 1,052,907  12,214 
   Dassault Systemes SA 203,455  12,196 
   Imerys SA 111,731  10,949 
   Zodiac SA 137,040  9,718 
   PagesJaunes SA 444,583  8,939 
   Societe des Autoroutes Paris-Rhin-Rhone 79,810  7,867 
   Icade 115,623  7,716 
   Gecina SA 44,276  7,189 
   M6 Metropole Television 234,202  7,133 
   Societe BIC SA 96,297  6,953 

        4,641,343 

   Germany (11.8%)
   Siemens AG 3,005,411  380,382 
   E.On AG 2,198,972  346,025 
   Allianz AG 1,597,737  339,751 
   DaimlerChrysler AG (Registered) 2,943,110  266,566 
   Deutsche Bank AG 1,833,917  248,408 
   BASF AG 1,769,240  228,828 
   Bayer AG 2,563,789  181,483 
   Deutsche Telekom AG 10,008,741  172,677 
   SAP AG 3,131,412  169,546 
   RWE AG 1,570,825  166,856 
   Muenchener Rueckversicherungs-Gesellschaft AG (Registered) 770,068  132,626 
   Volkswagen AG 601,987  108,535 
   Commerzbank AG 2,204,304  94,828 
   Deutsche Boerse AG 720,280  83,781 
   Deutsche Post AG 2,739,713  80,053 
   ThyssenKrupp AG 1,271,584  70,362 
   Continental AG 463,515  66,792 
   Man AG 398,350  57,556 
   Porsche AG 30,906  56,083 
   Linde AG 415,890  49,297 
   Metro AG 572,740  44,468 
   Adidas AG 718,083  43,672 
* Infineon Technologies AG 2,637,714  43,445 
   Volkswagen AG Pfd. 371,675  41,943 
   Henkel KGaA 629,200  33,954 
   Fresenius Medical Care AG 667,203  31,443 
   DaimlerChrysler AG 327,337  29,706 
   Salzgitter AG 145,087  29,505 
   Hypo Real Estate Holding AG 472,720  28,849 
   Merck KGaA 228,063  28,455 
   Depfa Bank PLC 1,185,508  24,141 
   Deutsche Lufthansa AG 808,474  22,685 
   Deutsche Postbank AG 289,986  22,498 
   Beiersdorf AG 310,870  21,615 
* TUI AG 751,589  21,234 
   Celesio AG 300,993  18,079 
   Hochtief AG 148,182  14,938 
   Solarworld AG 295,653  14,162 
   RWE AG Pfd. 137,395  13,089 
   IVG Immobilien AG 328,178  11,946 
   Rheinmetall AG 127,337  11,302 
   Bilfinger Berger AG 131,174  11,232 
*^ Qiagen NV 629,818  10,937 
   ProSieben Sat.1 Media AG 290,117  10,465 
   Heidelberger Druckmaschinen AG 205,116  9,997 
   Wincor Nixdorf AG 111,014  9,828 
   Puma AG 22,576  9,034 
* Premier AG 294,528  7,462 
* Arcandor AG 223,418  6,876 
   Douglas Holding AG 110,236  6,875 
   Altana AG 248,708  5,840 
   Suedzucker AG 231,967  4,431 
   MLP AG 192,758  3,404 

        3,947,945 

   Greece (1.0%)
   National Bank of Greece SA 1,199,819  70,168 
   Alpha Credit Bank SA 1,368,610  45,945 
   EFG Eurobank Ergasias 974,666  34,621 
   Bank of Piraeus 907,006  32,160 
   Hellenic Telecommunication Organization SA 909,207  27,273 
   Greek Organization of Football Prognostics 786,668  26,970 
   Coca-Cola Hellenic Bottling Co. SA 384,080  17,110 
   National Bank of Greece SA ADR 1,132,984  13,403 
   Cosmote Mobile Communications SA 414,606  12,413 
   Titan Cement Co. SA 217,820  11,097 
   Public Power Corp. 368,550  10,974 
   Hellenic Telecommunications Organization SA ADR 431,069  6,483 
   Hellenic Exchanges SA 208,950  5,779 
   Hellenic Technodomiki Tev SA 419,814  5,672 
   Hellenic Petroleum SA 379,650  5,533 
   Viohalco, Hellenic Copper & Aluminum Industry SA 315,478  4,962 
   Motor Oil (Hellas) Corinth Refineries SA 155,107  3,856 
   Folli-Follie SA 59,190  2,405 

        336,824 

   Ireland (1.1%)
   CRH PLC 1,916,660  85,066 
   Allied Irish Banks PLC 3,092,013  80,273 
   Bank of Ireland 3,459,178  64,605 
   Irish Life & Permanent PLC 974,240  23,400 
* Elan Corp. PLC 1,140,620  21,026 
   Kerry Group PLC A Shares 493,075  13,074 
* Grafton Group PLC 804,278  11,064 
   Kingspan Group PLC 448,525  10,740 
   C&C Group PLC 1,163,757  9,467 
   IAWS Group PLC 450,382  9,393 
   DCC PLC 287,135  8,469 
   Independent News & Media PLC 1,894,998  8,350 
* Ryanair Holdings PLC 874,950  6,272 
   Paddy Power PLC 173,700  5,542 
* Ryanair Holdings PLC ADR 94,703  3,929 
   Greencore Group PLC 565,582  3,863 

        364,533 

   Italy (5.4%)
   Eni SpA 9,192,334  321,701 
   Unicredito Italiano SpA 27,590,788  234,053 
   Intesa Sanpaolo SpA 27,193,831  205,715 
   Enel SpA 15,275,594  157,690 
^ Assicurazioni Generali SpA 3,723,170  146,244 
   Telecom Italia SpA 37,795,579  101,177 
   Fiat SpA 2,506,718  73,722 
* Banco Popolare SpA 2,361,188  58,310 
   Capitalia SpA 5,961,034  56,177 
   Unione Di Banche Italiane ScpA 2,144,987  52,993 
   Telecom Italia SpA RNC 21,295,613  45,954 
   Mediobanca Banca di Credito Finanziaria SpA 1,732,585  36,355 
   Finmeccanica SpA 1,050,279  31,524 
   Atlantia SpA 908,674  30,650 
   Mediaset SpA 2,707,786  28,187 
^ Banca Monte dei Paschi di Siena SpA 3,897,493  24,800 
   Intesa Sanpaolo SpA Non Convertible Risp. 3,291,116  23,466 
   Banca Popolare di Milano SpA 1,467,967  21,054 
   Parmalat SpA 5,512,766  19,586 
   Alleanza Assicurazioni SpA 1,490,334  18,820 
   Luxottica Group SpA 486,542  17,679 
   Snam Rete Gas SpA 3,101,412  17,081 
   Terna SpA 4,224,225  14,351 
   Fondiaria - Sai SpA 261,130  12,464 
* Pirelli & C. Accomandita per Azioni SpA 10,184,483  11,494 
   Compagnia Assicuratrice Unipol SpA 3,163,626  10,041 
   Lottomatica SpA 239,692  8,846 
   Seat Pagine Gialle SpA 14,396,314  7,978 
   Bulgari SpA 530,677  7,704 
   Autogrill SpA 360,331  7,508 
   Italcementi SpA 251,440  6,897 
   Mediolanum SpA 901,673  6,774 
   Mondadori (Arnoldo) Editore SpA 412,276  3,843 
* Parmalat Finanziaria SpA 569,830 

        1,820,838 

   Netherlands (5.8%)
   ABN-AMRO Holding NV 6,405,728  316,055 
   ING Groep NV 6,617,636  279,361 
   Arcelor Mittal 3,204,337  196,503 
   Unilever NV 6,054,331  182,982 
   Koninklijke (Royal) Philips Electronics NV 4,035,073  163,112 
   Koninklijke KPN NV 6,809,296  105,354 
   Aegon NV 4,984,396  90,250 
   Akzo Nobel NV 959,808  79,048 
* Koninklijke Ahold NV 5,571,866  70,530 
   TNT NV 1,541,475  66,153 
   Heineken NV 865,477  54,849 
* ASML Holding NV 1,590,269  46,844 
   Reed Elsevier NV 2,513,054  46,152 
   Koninklijke Numico NV 605,647  44,061 
   European Aeronautic Defence and Space Co. 1,152,524  34,555 
   Wolters Kluwer NV 1,036,716  30,369 
   Koninklijke DSM NV 516,011  26,658 
   SBM Offshore NV 495,932  20,388 
   Vedior NV 605,081  15,670 
   Fugro NV 204,577  13,614 
   Randstad Holding NV 183,709  11,895 
   Corio NV 142,559  10,164 
   Hagemeyer NV 1,827,332  9,559 
   Wereldhave NV 73,181  9,297 
   Corporate Express 507,240  6,868 
   Oce NV 275,559  6,377 
   Aegon NV (New York) ARS 172,787  3,124 
* ASML Holding (New York) 38,580  1,140 

        1,940,932 

   Norway (1.5%)
   Norsk Hydro ASA 2,498,210  96,156 
   Statoil ASA 2,294,429  67,810 
   Orkla ASA 2,941,630  55,292 
   Telenor ASA 2,966,967  54,256 
   DnB NOR ASA 2,596,075  34,189 
* Renewable Energy Corp. AS 611,600  24,053 
   Acergy SA 687,229  18,268 
* SeaDrill Ltd. 876,609  17,574 
   Yara International ASA 642,283  17,076 
   Aker Kvaerner ASA 581,655  14,861 
   Petroleum Geo-Services ASA 603,800  14,343 
   Storebrand ASA 795,909  11,914 
* Marine Harvest 9,184,343  11,396 
   Prosafe ASA 646,250  10,011 
   Tandberg ASA 404,850  9,170 
   Frontline Ltd. 185,684  8,585 
   Norske Skogindustrier ASA 571,552  7,950 
* TGS Nopec Geophysical Co. ASA 377,708  7,372 
   Schibsted ASA 164,302  7,213 
* Det Norske Oljeselskap (DNO) ASA 2,693,693  5,002 
   Stolt-Nielsen SA 128,605  4,412 
   Tomra Systems ASA 549,333  4,282 
*^ Ocean Rig ASA 601,821  4,227 

        505,412 

   Portugal (0.6%)
   Electricidade de Portugal SA 7,100,930  40,231 
   Portugal Telecom SGPS SA 2,789,886  39,017 
   Banco Comercial Portugues SA 7,652,684  38,976 
   Banco Espirito Santo SA 792,661  18,600 
   Brisa-Auto Estradas de Portugal SA 1,055,593  14,320 
   Sonae SGPS SA 2,819,179  8,224 
   Banco BPI SA 804,750  7,419 
   Cimpor-Cimento de Portugal SA 711,946  7,017 
   PT Multimedia-Servicos de Telecomunicacoes e Multimedia, SGPS, SA 389,152  6,266 
   Jeronimo Martins, SGPS, SA 662,533  3,947 
* Sonae Industria - SGPS SA 226,176  3,189 

        187,206 

   Spain (6.0%)
   Banco Santander Central Hispano SA 22,082,564  420,557 
   Telefonica SA 15,486,437  362,436 
   Banco Bilbao Vizcaya Argentaria SA 12,541,232  307,016 
   Iberdrola SA 3,305,966  183,894 
   Endesa SA 2,242,934  121,404 
   Repsol YPF SA 2,801,893  105,627 
   Altadis SA 904,653  58,843 
   Banco Popular Espanol SA 3,000,754  53,702 
* Industria de Diseno Textil SA 769,523  46,031 
   ACS, Actividades de Contruccion y Servisios, SA 746,704  44,233 
   Gas Natural SDG SA 552,419  31,703 
   Acciona SA 101,086  25,934 
   Gamesa Corporacion Tecnologica, SA 599,817  24,047 
   Abertis Infraestructuras SA 847,691  24,818 
   Union Fenosa SA 377,000  20,613 
   Grupo Ferrovial, SA 223,141  19,893 
   Fomento de Construc y Contra SA 160,967  14,489 
   Acerinox SA 550,223  14,238 
   Sacyr Vallehermoso SA 302,215  13,745 
   Zardoya Otis SA 408,095  12,492 
   Cintra Concesiones de Infraestructuras de Transport SA 728,324  11,072 
   Indra Sistemas, SA 405,846  10,541 
   Gestevision Telecinco SA 346,979  9,434 
   Corporacion Mapfre SA 2,000,603  9,260 
   Iberia (Linea Aerea Espana) 1,669,313  7,805 
   Sociedad General de Aguas de Barcelona SA 211,277  7,617 
   Ebro Puleva SA 299,776  6,642 
* Sogecable SA 169,812  6,586 
   Zeltia SA 574,256  6,418 
   Telefonica SA ADR 87,308  6,132 
   Promotora de Informaciones SA 271,961  5,950 
* Antena 3 Television 299,374  5,707 

        1,998,879 

   Sweden (3.7%)
   Telefonaktiebolaget LM Ericsson AB Class B 52,338,494  195,961 
   Nordea Bank AB 7,327,293  118,060 
   Hennes & Mauritz AB B Shares 1,676,146  96,315 
   Volvo AB B Shares 3,841,850  70,627 
   Sandvik AB 3,350,823  67,363 
   TeliaSonera AB 7,927,644  59,937 
   Skandinaviska Enskilda Banken AB A Shares 1,639,052  56,023 
   Svenska Handelsbanken AB A Shares 1,800,327  51,625 
   Atlas Copco AB - A Shares 2,369,308  40,769 
   Svenska Cellulosa AB-B 1,986,411  35,067 
   Volvo AB A Shares 1,673,085  30,942 
   Scania AB - B Shares 1,272,217  30,317 
   SKF AB - B Shares 1,430,830  29,820 
   Skanska AB B Shares 1,326,711  28,339 
   Assa Abloy AB 1,099,852  23,756 
   Atlas Copco AB - B Shares 1,477,659  23,641 
   Boliden AB 1,021,943  23,342 
   Electrolux AB Series B 897,465  22,443 
   Alfa Laval AB 334,876  21,032 
   Swedish Match AB 990,205  19,297 
   SSAB Svenskt Stal AB Series A 533,165  19,132 
   Tele2 AB B Shares 1,075,487  18,699 
   Securitas AB B Shares 1,105,097  16,810 
   Husqvarna AB B Shares 991,089  13,654 
   Getinge AB B Shares 599,367  13,208 
   Modern Times Group AB B Shares 181,353  11,103 
   OMX AB 297,843  9,083 
* Lundin Petroleum AB 833,454  8,820 
   SSAB Svenskt Stal AB Series B 235,309  8,022 
   Eniro AB 642,845  7,920 
   Holmen AB 187,438  7,869 
   Trelleborg AB B Shares 286,444  7,249 
   Oriflame Cosmetics SA 142,708  7,243 
   Castellum AB 545,604  6,603 
   Nobia AB 523,190  6,245 
* SAS AB 262,733  6,187 
   Kungsleden AB 484,818  6,186 
   Fabege AB 494,804  5,246 
   Elekta AB B Shares 303,355  5,016 
   D. Carnegie & Co. AB 252,940  4,923 
   Securitas Systems AB B Shares 1,101,965  3,842 
   Axfood AB 105,214  3,640 
* Securitas Direct AB B Shares 1,116,304  3,021 
   Hoganas AB B Shares 83,974  2,403 
   Billerud Aktiebolag 149,902  2,269 
* SSAB Svenskt Stal Series A Rights Exp. 8/23/07 533,165  1,830 
   Wihlborgs Fastigheter AB 102,954  1,734 
* SSAB Svenskt Stal AB Series B Rights Exp. 8/23/07 235,309  694 

        1,253,327 

   Switzerland (9.5%)
   Nestle SA (Registered) 1,414,911  543,577 
   Novartis AG (Registered) 8,190,094  441,772 
   Roche Holdings AG 2,480,596  439,329 
   UBS AG 6,990,364  386,996 
   Credit Suisse Group (Registered) 3,857,908  251,659 
   ABB Ltd. 7,338,268  176,476 
   Zurich Financial Services AG 510,718  148,819 
   Cie. Financiere Richemont AG 1,843,069  115,512 
   Swiss Re (Registered) 1,255,854  107,755 
   Holcim Ltd. (Registered) 708,495  75,055 
   Syngenta AG 367,355  69,309 
   Swatch Group AG (Bearer) 114,424  34,520 
   Adecco SA (Registered) 465,997  32,409 
   Swiss Life Holding 119,337  29,408 
   Swisscom AG 79,953  27,212 
   Nobel Biocare Holding AG 83,824  25,209 
   Synthes, Inc. 209,645  24,449 
   Geberit AG 139,740  22,782 
   Givaudan SA 22,827  21,364 
   SGS Societe Generale de Surveillance Holding SA (Registered) 16,549  19,959 
   Kuehne & Nagel International AG 190,169  18,602 
   Phonak Holding AG 164,351  15,776 
* Logitech International SA 578,783  15,559 
   CIBA Specialty Chemicals AG (Registered) 249,381  15,159 
   Lonza AG (Registered) 160,773  15,144 
   Sulzer AG (Registered) 10,307  13,609 
   Clariant AG 809,737  12,555 
   Schindler Holding AG 181,890  11,566 
   Swatch Group AG (Registered) 185,639  10,829 
*^ OC Oerlikon Corp AG 22,364  9,920 
   PSP Swiss Property AG 157,736  8,349 
   Rieter Holding AG 15,752  8,305 
   Straumann Holding AG 27,226  7,534 
   Kuoni Reisen Holding AG (Registered) 10,076  5,961 
   Kudelski SA 124,950  4,227 
   UBS AG (New York Shares) 70,740  3,896 

        3,170,562 

   United Kingdom (32.8%)
   HSBC Holdings PLC 40,907,584  758,026 
   BP PLC 64,908,091  751,927 
   Vodafone Group PLC 176,240,893  529,810 
   GlaxoSmithKline PLC 20,307,943  513,959 
   Royal Bank of Scotland Group PLC 33,396,027  397,609 
   Royal Dutch Shell PLC Class B 9,742,701  385,255 
   Royal Dutch Shell PLC Class A (Amsterdam Shares) 8,492,604  329,798 
   Barclays PLC 23,090,736  324,335 
   AstraZeneca Group PLC 5,389,444  278,543 
   Anglo American PLC 4,774,336  277,192 
   HBOS PLC 13,294,880  258,889 
   Rio Tinto PLC 3,573,796  257,837 
   BHP Billiton PLC 8,387,523  246,095 
   Tesco PLC 28,050,878  230,400 
   Lloyds TSB Group PLC 19,909,304  223,952 
   BG Group PLC 12,040,012  195,849 
   Diageo PLC 9,521,517  194,488 
   BT Group PLC 29,267,003  185,488 
   British American Tobacco PLC 5,461,355  176,489 
   Royal Dutch Shell PLC Class A 4,506,185  175,490 
   Unilever PLC 4,625,878  144,276 
   Xstrata PLC 2,173,719  138,553 
   National Grid Transco PLC 9,563,418  135,580 
   Aviva PLC 9,062,513  125,941 
   Prudential PLC 8,630,730  118,692 
   Reckitt Benckiser PLC 2,153,208  115,210 
   Imperial Tobacco Group PLC 2,392,049  104,857 
   BAE Systems PLC 11,904,541  100,922 
   Centrica PLC 12,934,341  93,751 
   Cadbury Schweppes PLC 7,403,772  91,772 
   Scottish & Southern Energy PLC 3,043,203  88,919 
   SABMiller PLC 3,182,141  81,612 
   Marks & Spencer Group PLC 5,997,657  76,340 
   Man Group PLC 6,315,719  71,827 
   Rolls-Royce Group PLC 6,365,705  65,320 
   Legal & General Group PLC 23,064,365  65,018 
   J. Sainsbury PLC 5,485,657  63,461 
   Old Mutual PLC 18,451,345  60,468 
   Land Securities Group PLC 1,660,713  56,552 
   Reuters Group PLC 4,509,270  56,483 
   Reed Elsevier PLC 4,490,993  55,338 
   Hanson Building Materials PLC 2,511,781  55,246 
   British Sky Broadcasting Group PLC 4,022,789  54,099 
   WPP Group PLC 3,764,661  53,950 
   Imperial Chemical Industries PLC 4,214,647  53,259 
   Wolseley PLC 2,329,162  50,789 
   Compass Group PLC 7,144,669  48,199 
   Standard Life PLC 7,441,900  46,142 
   British Land Co., PLC 1,842,333  45,931 
   Pearson PLC 2,849,608  45,669 
   International Power PLC 5,275,551  43,856 
   United Utilities PLC 3,103,910  42,179 
   Experian Group Ltd. 3,612,981  41,478 
   BP PLC ADR 575,360  39,930 
   Smith & Nephew PLC 3,335,928  39,705 
   British Energy Group PLC 3,631,820  36,413 
   Kingfisher PLC 8,257,938  35,425 
   Amvescap PLC 2,795,412  34,947 
   Scottish & Newcastle PLC 2,828,668  33,840 
   Resolution PLC 2,423,629  32,239 
   Capita Group PLC 2,182,479  31,625 
   Vodafone Group PLC ADR 1,030,225  31,267 
   Next PLC 802,401  30,639 
   Royal & Sun Alliance Insurance Group PLC 11,220,271  30,079 
   3i Group PLC 1,386,323  30,022 
   Cable and Wireless PLC 8,424,258  28,733 
   Smiths Group PLC 1,350,633  28,425 
   Enterprise Inns PLC 1,970,264  26,883 
   Taylor Wimpey PLC 4,052,288  26,696 
   Johnson Matthey PLC 774,639  26,567 
   Carnival PLC 604,705  26,378 
   Home Retail Group 3,100,765  25,752 
   Yell Group PLC 2,759,175  25,738 
   Hammerson PLC 1,010,820  24,368 
   Friends Provident PLC 6,434,745  24,168 
   InterContinental Hotels Group PLC 1,052,634  23,955 
   Persimmon PLC 1,004,087  23,484 
   Whitbread PLC 697,050  23,400 
   Rexam PLC 2,272,263  23,018 
   Mitchells & Butlers PLC 1,429,132  22,338 
   Punch Taverns PLC 939,037  21,769 
   The Sage Group PLC 4,611,051  21,450 
   Severn Trent PLC 825,475  21,425 
   DSG International PLC 6,511,643  20,523 
   Rentokil Initial PLC 6,432,432  20,137 
   Burberry Group PLC 1,557,125  19,892 
   Tate & Lyle PLC 1,733,249  19,844 
   FirstGroup PLC 1,538,471  19,652 
   Barratt Developments PLC 1,035,762  19,402 
   GKN PLC 2,486,417  19,309 
   Liberty International PLC 898,838  18,735 
   Ladbrokes PLC 2,222,537  18,253 
   Segro PLC 1,673,651  18,171 
* Invensys PLC 2,359,020  17,839 
   Group 4 Securicor PLC 4,083,327  17,808 
   ICAP PLC 1,828,804  17,601 
   ITV PLC 8,382,110  17,224 
   LogicaCMG PLC 5,451,848  16,985 
   Hays PLC 5,149,805  16,678 
   Kelda Group PLC 978,433  16,567 
* British Airways PLC 2,041,948  16,289 
   Bunzl PLC 1,201,286  15,844 
   Investec PLC 1,273,203  15,769 
   Travis Perkins PLC 409,796  15,589 
   Cobham PLC 4,009,892  15,430 
   Amec PLC 1,191,017  15,251 
   William Hill PLC 1,247,996  15,184 
   Daily Mail and General Trust PLC 1,046,703  15,147 
   London Stock Exchange PLC 558,689  15,126 
   Serco Group PLC 1,692,691  14,938 
   EMI Group PLC 2,843,298  14,563 
   Inchcape PLC 1,565,037  14,503 
   Tomkins PLC 3,040,238  14,451 
   Meggitt PLC 2,325,303  14,374 
   ARM Holdings PLC 4,770,845  14,206 
   IMI PLC 1,196,369  14,080 
   United Business Media PLC 896,364  13,734 
* Charter PLC 588,630  13,663 
   Balfour Beatty PLC 1,526,414  13,202 
   Michael Page International PLC 1,184,049  12,987 
   EMAP PLC 767,244  12,977 
   Kesa Electricals PLC 1,880,528  12,153 
   Signet Group PLC 6,058,486  11,959 
* Mondi PLC 1,321,157  11,586 
   Arriva PLC 702,954  11,154 
   First Choice Holidays PLC 1,786,253  11,097 
   Intertek Testing Services PLC 554,330  10,999 
* Thomas Cook Group PLC 1,731,554  10,867 
   Trinity Mirror PLC 1,040,861  10,635 
   National Express Group PLC 456,288  10,523 
   Carphone Warehouse PLC 1,433,452  10,241 
   Bellway PLC 406,976  10,159 
   Aggreko PLC 904,799  9,940 
   Schroders PLC 400,169  9,904 
* The Berkeley Group Holdings PLC 299,063  9,851 
   Cookson Group PLC 688,324  9,591 
   Cattles PLC 1,282,607  9,526 
   Misys PLC 1,780,172  8,555 
   Stagecoach Group PLC 1,893,209  8,046 
   De La Rue PLC Group 529,162  7,952 
   Electrocomponents PLC 1,541,543  7,787 
   Aegis Group PLC 3,051,960  7,783 
   Great Portland Estates PLC 589,128  7,702 
   Close Brothers Group PLC 470,416  7,650 
   Brixton PLC 957,686  7,259 
   BBA Aviation PLC 1,470,378  7,238 
   The Davis Service Group PLC 605,576  7,157 
* CSR PLC 463,615  6,729 
   Bovis Homes Group PLC 432,010  6,724 
   SSL International PLC 675,586  6,326 
   Biffa PLC 1,250,270  6,247 
* Galiform PLC 2,141,013  5,623 
   WPP Group PLC ADR 78,406  5,610 
   Tullett Prebon PLC 641,276  5,274 
   Premier Farnell PLC 1,290,202  4,897 
   Rank Group PLC 1,380,206  4,745 
   FKI PLC 2,118,172  4,721 
* PartyGaming PLC 4,281,789  2,442 

        10,962,377 




   Total Common Stocks
   (Cost $23,097,235)    33,244,024 



   Temporary Cash Investments (0.5%)



   Money Market Fund (0.5%)
1 Vanguard Market Liquidity Fund, 5.302% 186,392,050  186,392 
    
Face
     Amount
     ($000)
    
   U.S. Agency Obligations (0.0%)
2 Federal Home Loan Mortgage Corp.
3 5.208%, 10/9/07 5,000  4,951 
2 Federal National Mortgage Assn.
3 5.325%, 10/24/07 2,000  1,976 

    6,927



   Total Temporary Cash Investments
   (Cost $193,318)    193,319 



   Total Investments (99.9%)
   (Cost $23,290,553)    33,437,343 



   Other Assets and Liabilities—Net (0.1%)    19,049 



   Net Assets (100%)    33,456,392 




* Non-income-producing security.
^ Part of security position is on loan to broker-dealers.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
2 The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line of credit) would require congressional action.
3 Securities with a value of $6,927,000 have been segregated as initial margin for open futures contracts.
ADR - American Depositary Receipt.

Investment Securities: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.

At July 31 2007, the cost of investment securities for tax purposes was $23,307,679,000. Net unrealized appreciation of investment securities for tax purposes was $10,129,664,000, consisting of unrealized gains of $10,361,302,000 on securities that had risen in value since their purchase and $231,638,000 in unrealized losses on securities that had fallen in value since their purchase.

Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

Futures Contracts: The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 99.8% and 0.1%, respectively, of net assets. Futures contracts are valued at their quoted daily settlement prices.

At July 31, 2007, the aggregate settlement value of open futures contracts expiring in September 2007 and the related unrealized appreciation (depreciation) were:


($000)

Futures Contracts Number
of Long
Contracts
Aggregate
Settlement
Value
Unrealized
Appreciation
(Depreciation)

MSCI Pan-Euro Index 4,425  153,488  (4,967)

Forward Currency Contracts: The fund enters into forward currency contracts to provide the appropriate currency exposure related to open futures contracts. Forward currency contracts are valued at their quoted daily settlement prices. At July 31, 2007, the fund had open forward currency contracts to receive and deliver currencies as follows:

Contract Amount (000)
Unrealized
Appreciation
Contract Settlement Date Receive Deliver (Depreciation)
($000)

9/26/2007 EUR  115,758  USD  158,751  4,143 

EUR-Euro.
USD-U.S. dollars.

Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.


Vanguard Emerging Markets Stock Index Fund
Schedule of Investments
July 31, 2007

Shares Market
Value
($000)



   Common Stocks (99.6%)    



   Argentina (0.7%)
   Tenaris SA ADR 805,725  38,812 
   Tenaris SA 1,531,436  37,802 
   Banco Macro Bansud SA ADR 234,657  6,653 
* Telecom Argentina SA 1,507,786  6,637 
* Petrobras Energia Participaciones SA ADR 555,456  6,104 
   Siderar SA Class A 883,933  5,900 
* Telecom Argentina SA ADR 238,964  5,152 
* Grupo Financiero Galicia SA ADR 539,312  4,886 
* Petrobras Energia Participaciones SA 3,164,909  3,465 
* IRSA Inversiones y Representaciones SA GDR 150,745  2,766 
   Cresud SA ADR 99,315  1,970 
   BBVA Banco Frances SA ADR 152,987  1,533 
*^ Transportadora de Gas del SA ADR 198,510  1,449 
   BBVA Banco Frances SA 424,248  1,440 
* Transportadora de Gas Sur SA 953,920  1,405 
* IRSA Inversiones y Representaciones SA 563,918  1,083 
   Solvay Indupa S.A.I.C. 782,532  1,045 
   Cresud SA 209,663  430 

        128,532 

   Brazil (11.3%)
   Petroleo Brasileiro SA Pfd. 8,290,256  233,085 
   Companhia Vale do Rio Doce Pfd. Class A 5,135,609  216,108 
   Petroleo Brasileiro SA 6,007,648  195,417 
   Companhia Vale do Rio Doce 3,557,485  173,974 
   Banco Bradesco SA 5,130,800  133,957 
   Banco Itau Holding Financeira SA 2,647,800  120,925 
   Companhia de Bebidas das Americas Pfd. 108,501,054  75,184 
   Unibanco-Uniao de Bancos Brasileiros SA 5,709,183  66,480 
   Petroleo Brasileiro Series A ADR 838,142  46,810 
   Usiminas-Usinas Siderugicas de Minas Gerais SA Pfd. 708,407  43,634 
   Gerdau SA Pfd. 1,674,700  42,550 
   Companhia Vale do Rio Doce ADR 989,815  41,899 
   Petroleo Brasileiro SA ADR 596,376  38,705 
   Companhia Siderurgica Nacional SA 649,920  37,615 
   Cia Vale do Rio Doce ADR 707,295  34,665 
   Tele Norte Leste Participacoes SA Pfd. 1,518,763  32,387 
   Companhia Energetica de Minas Gerais Pfd. 1,583,941  32,296 
   All America Latina Logistica 2,185,213  29,936 
   Banco Bradesco SA ADR 923,950  24,060 
   Empresa Brasileira de Aeronautica SA 2,089,249  22,553 
   Banco Itau Holding Financeira SA ADR 483,061  22,095 
* CESP - Companhia Energetica de Sao Paulo 1,037,026,530  18,557 
   Centrais Electricas Brasileiras SA 686,819,939  18,143 
   Companhia de Concessoes Rodoviarias 888,165  15,968 
   Brasil Telecom Participacoes SA Pfd. 1,203,126  15,818 
* Redecard SA 919,593  15,679 
   Votorantim Celulose e Papel SA Pfd. 654,295  15,634 
   Aracruz Celulose SA Pfd. B Shares 2,404,505  15,308 
   Centrais Electricas Brasileiras SA Pfd. B Shares 583,424,326  15,149 
   Lojas Americanas SA Pfd. 162,305,020  14,542 
   Companhia de Saneamento Basico do Estado de Sao Paulo 608,882  14,461 
   Companhia de Bebidas das Americas ADR 206,826  14,168 
   Lojas Renner SA 747,624  14,013 
   Uniao de Bancos Brasileiros SA GDR 118,922  13,871 
   Vivo Participacoes SA Pfd. 3,105,723  13,836 
   Klabin SA 3,964,270  13,556 
   Tele Norte Leste Participacoes SA 380,371  12,787 
   Duratex SA Pfd. 427,250  12,523 
   Cyrela Brazil Realty SA 1,055,019  12,476 
   Submarino SA 292,619  12,338 
   Souza Cruz SA 503,563  11,703 
   Tam SA 424,805  11,504 
   Tractebel Energia SA 913,791  11,029 
   Perdigao SA 530,279  10,131 
* Net Servicos de Comunicacao SA 623,641  10,000 
   Sadia SA Pfd. 2,044,877  9,772 
   Braskem SA 1,052,560  9,652 
   Electropaulo Metropolitana SA 140,784,437  9,187 
   Companhia Paranaense de Energia-COPEL 544,074,850  8,941 
   Tim Participacoes SA 2,456,132  8,477 
   Gerdau SA 392,810  8,303 
   Natura Cosmeticos SA 686,771  8,241 
   Gol - Linhas Aereas Inteligentes SA Pfd. 326,967  8,134 
   Brasil Telecom Participacoes S.A. 356,194  7,995 
   Gerdau SA ADR 278,489  7,037 
^ Companhia Siderurgica Nacional SA ADR 120,506  6,948 
   Diagnosticos da America 286,853  6,906 
   Embraer-Empresa Brasileira de Aeronautica SA ADR 157,173  6,795 
   Energias do Brasil SA 330,337  6,016 
   Aracruz Celulose SA ADR 90,647  5,731 
   Companhia Energetica de Minas Gerais ADR 281,046  5,725 
   Cosan SA Industria e Comercio 335,477  5,668 
   Gafisa SA 332,379  5,277 
   Companhia Brasileira de Distribuicao Grupo Pao de Acucar 136,834,648  5,231 
   Tele Norte Leste Participacoes ADR 204,738  4,347 
^ Companhia de Saneamento Basico do Estado de Sao Paulo ADR 79,398  3,797 
^ Sadia SA ADR 73,757  3,539 
   Brasil Telecom Participacoes ADR 53,305  3,526 
   Banco Nossa Caixa SA 197,932  3,358 
   Companhia Brasileira de Distribuicao Grupo Pao de 80,587  2,996 
   Companhia de Tecidos Norte de Minas Pfd. 18,652,868  2,388 
^ Companhia Paranaense de Energia-COPEL ADR 141,419  2,319 
   Tim Participacoes SA ADR 61,119  2,113 
   Votorantim Celulose e Papel SA ADR 2,038  48 
* Vivo Participacoes SA ADR 9,939  45 
   Braskem SA ADR 2,279  41 

        2,166,082 

   Chile (1.5%)
   Empresas Copec SA 2,726,991  43,398 
   Empresa Nacional de Electricidad SA 16,133,357  23,571 
   Empresas CMPC SA 612,991  23,271 
   Enersis SA 63,212,479  22,543 
   Cencosud SA 4,929,351  20,311 
   CAP SA 509,643  12,390 
   Sociedad Quimica y Minera de Chile SA 698,457  11,383 
   Empresa Nacional de Telecomunicaciones SA 600,385  10,038 
   Banco Santander Chile SA 188,559,981  8,731 
   Lan Airlines SA 504,621  8,127 
   Colburn SA 35,198,558  7,626 
   Empresa Nacional de Electricidad SA ADR 168,636  7,395 
   Enersis SA ADR 410,353  7,271 
   Masisa SA 26,254,204  7,198 
   Distribucion y Servicio D&S SA 13,430,607  7,154 
   Banco de Credito e Inversiones 201,511  6,607 
   Compania de Telecomunicaciones de Chile SA 2,727,941  6,329 
   Compania Cervecerias Unidas SA 813,054  6,017 
   Vina Concha y Toro SA 2,350,008  5,677 
   Parque Arauco SA 4,034,218  5,415 
   Banco Santander Chile SA ADR 109,013  5,198 
   Corpbanca 766,056,424  4,774 
* Compania SudAmericana de Vapores SA 2,164,887  4,607 
   Cristalerias de Chile 322,687  4,424 
   Embotelladora Andina SA 1,423,273  4,366 
   Inversiones Aguas Metropolitanas SA 3,125,425  3,757 
   Embotelladora Andina SA Pfd. Class B 1,102,579  3,594 
* Madeco SA 16,916,912  2,436 
   Sociedad Quimica y Minera de Chile ADR 12,440  2,035 
   Compania de Telecomunicaciones de Chile SA ADR 192,548  1,802 
^ Distribucion y Servicio SA ADR 45,745  1,457 
   Empresas Iansa SA 7,756,599  837 
   S.A.C.I. Falabella, SA 11,000  56 

        289,795 

   China (13.1%)
   China Mobile (Hong Kong) Ltd. 31,394,522  360,731 
   China Life Insurance Co., Ltd. 45,510,330  196,303 
   PetroChina Co. Ltd. 120,697,189  177,937 
   China Construction Bank 159,144,263  118,010 
   CNOOC Ltd. 99,043,352  117,857 
   Industrial and Commercial Bank of China 190,365,967  116,033 
   China Petroleum & Chemical Corp. 107,582,500  114,156 
   Ping An Insurance (Group) Co. of China Ltd. 9,113,130  77,809 
   China Shenhua Energy Co. Ltd. H-Shares 17,931,500  70,386 
   China Communications Construction Co., Ltd. 28,191,544  63,259 
   Bank of China 105,558,340  55,496 
   China Telecom Corp. Ltd. 90,572,067  52,430 
   China Overseas Land & Investment Ltd. 22,607,450  47,884 
   Bank of Communications Ltd. Class H 37,423,570  40,681 
   Aluminum Corp. of China Ltd. 20,095,800  40,472 
   CITIC Pacific Ltd. 7,107,630  36,529 
   China Merchants Holdings International Co. Ltd. 6,704,170  32,545 
   China Resources Enterprise Ltd. 7,697,654  30,474 
   Guangzhou R&F Properties Co. Ltd. 6,435,600  23,378 
   Yanzhou Coal Mining Co. Ltd. H Shares 12,581,170  22,614 
   China Resources Power Holdings Co., Ltd. 8,785,900  22,426 
   Huaneng Power International, Inc. H Shares 19,736,170  22,279 
* China Citic Bank 27,940,100  21,563 
   China Shipping Development Co. 8,313,413  21,493 
   Nine Dragons Paper Holdings Ltd. 6,908,000  20,276 
   China Mengniu Dairy Co., Ltd. 5,650,676  19,914 
   China COSCO Holdings Co., Ltd. 11,105,000  19,559 
   Fujian Zijin Mining Industry Co., Ltd. 25,586,120  19,558 
* PICC Property and Casualty Co., Ltd. 15,405,551  19,488 
   Agile Property Holdings, Inc. 10,731,670  18,738 
   Cosco Pacific Ltd. 7,140,084  18,644 
   China Resources Land Ltd. 10,070,000  18,297 
   Anhui Conch Cement Co. Ltd. 2,802,280  17,823 
   Shimao Property Holdings Ltd. 6,456,044  17,023 
   Jiangxi Copper Co. Ltd. 8,922,295  16,693 
   Beijing Datang Power Generation Co., Ltd. 18,604,100  15,938 
   Angang Steel Co., Ltd. 5,748,785  15,859 
   Hopson Development Holdings Ltd. 4,126,211  14,708 
   Denway Motors Ltd. 31,760,308  14,628 
   Lenovo Group Ltd. 22,079,645  14,620 
   Beijing Capital International Airport Co., Ltd. 8,342,090  13,996 
   Air China Ltd. 15,570,778  13,717 
   China Travel International 18,822,073  12,514 
   Li Ning Co., Ltd. 5,226,965  12,388 
   China International Marine Containers (Group) Co.,Ltd. 4,765,172  11,657 
   Shanghai Industrial Holding Ltd. 2,631,546  11,379 
   GOME Electrical Appliances Holdings Ltd. 6,986,550  11,223 
   Zhejiang Expressway Co., Ltd. 9,318,480  10,562 
* China Everbright Ltd. 4,555,950  10,540 
   Guangdong Investment Ltd. 16,077,640  10,522 
   China Shipping Container Lines Co. Ltd. 12,293,312  10,167 
   Hengan International Group Co. Ltd. 3,014,000  10,131 
* Semiconductor Manufacturing International Corp. 77,215,650  9,954 
   Sinopec Shanghai Petrochemical Co. Ltd. 15,014,380  9,304 
   Dongfeng Motor Corp. 15,503,180  9,030 
   Maanshan Iron and Steel Co. Ltd. 10,310,270  9,002 
   TPV Technology Ltd. 11,630,965  8,909 
   Xinao Gas Holdings Ltd. 6,264,695  8,805 
   Shenzhen Investment Ltd. 10,209,784  8,727 
   Shanghai Electric Group Co., Ltd. Class H 18,401,813  8,618 
   Chaoda Modern Agriculture Holdings Ltd. 11,549,812  8,595 
   Beijing Enterprises Holdings Ltd. 1,868,000  7,978 
   BYD Co. Ltd. 1,079,241  7,769 
   Jiangsu Expressway Co. Ltd. H Shares 7,704,475  7,689 
   The Guangshen Railway Co., Ltd. 9,357,893  7,232 
   Sinochem Hong Kong Holdings Ltd. 10,438,000  7,200 
* China Southern Airlines Co. Ltd. 8,351,333  7,086 
   Zhejiang Southeast Electric Power Co., Ltd. 4,511,791  6,182 
   Weiqiao Textile Co. Ltd. 2,824,653  5,996 
   Guangzhou Investment Co. Ltd. 18,846,000  5,890 
   Weichai Power Co., Ltd. Class H 833,920  5,758 
   ZTE Corp. 1,111,630  5,185 
   Tsingtao Brewery Co., Ltd. 2,248,130  5,181 
   Global Bio-chem Technology Group Co. Ltd. 10,678,185  5,162 
   Hunan Non-Ferrous Metal Corp., Ltd. 7,788,000  5,091 
   Sinotrans Ltd. 10,196,355  4,775 
* China Eastern Airlines Corp. Ltd. 9,696,936  4,622 
   Huadian Power International Corp. Ltd. 9,740,630  4,605 
* Brilliance China Automotive Holdings Ltd. 17,265,545  4,533 
   Shenzhen Expressway Co. Ltd. 4,817,105  4,485 
   Shanghai Forte Land Co., Ltd. 6,318,000  4,326 
   FU JI Food & Catering Services 1,506,000  4,296 
   Guangdong Electric Power Development Co., Ltd. 3,850,167  3,845 
   TravelSky Technology Ltd. 3,770,680  3,556 
   China Foods Ltd. 5,116,750  3,373 
* Sinopec Yizheng Chemical Fibre Co., Ltd. 8,298,000  3,360 
* China Agri-Industries Holdings Ltd. 5,184,000  3,113 

        2,522,539 

   Colombia (0.2%)
   Bancolombia SA ADR 952,118  33,886 

   Czech Republic (0.8%)
   Ceske Energeticke Zavody a.s. 1,417,791  73,689 
   Komercni Banka a.s. 117,002  23,155 
* Central European Media Enterprises Ltd. 239,280  22,088 
   Cesky Telecom a.s. 751,959  21,280 
   Zentiva NV 138,386  7,999 
* Unipetrol a.s. 283,127  4,020 
   Philip Morris CR a.s. 110  54 

        152,285 

   Egypt (0.6%)
   Orascom Telecom Holding SAE GDR 847,837  56,455 
   Orascom Construction Industries GDR 384,146  54,032 

        110,487 

   Hungary (1.2%)
   OTP Bank Rt. 2,000,035  111,615 
   MOL Hungarian Oil and Gas Nyrt. 477,899  73,575 
   Richter Gedeon Rt. 101,842  20,556 
   Magyar Tavkozlesi Rt. 2,964,415  15,195 

        220,941 

   India (6.6%)
   Reliance Industries Ltd. 4,102,889  190,478 
   Infosys Technologies Ltd. 2,887,895  139,864 
   ICICI Bank Ltd. 3,310,427  74,714 
   Housing Development Finance Corp. Ltd. 1,201,071  59,060 
   Reliance Communication Ventures 3,999,430  54,669 
   Larsen & Toubro Ltd. 671,423  42,828 
   Oil and Natural Gas Corp. Ltd. 1,721,603  38,615 
   ICICI Bank Ltd. ADR 865,972  38,380 
   HDFC Bank Ltd. 1,178,683  34,599 
   Bharat Heavy Electricals Ltd. 752,216  31,859 
   ITC Ltd. 7,287,925  30,538 
   Satyam Computer Services Ltd. 2,552,050  29,965 
   Hindustan Lever Ltd. 5,155,773  26,266 
   Tata Consultancy Services Ltd. 824,393  23,349 
   Reliance Capital Ltd. 754,326  22,176 
   Tata Motors Ltd. 1,232,554  21,093 
   Grasim Industries Ltd. 230,362  16,728 
   Mahindra & Mahindra Ltd. 915,095  16,330 
   Wipro Ltd. 1,138,276  13,867 
* Indiabulls Real Estate Ltd. 993,215  13,537 
   Hindalco Industries Ltd. 3,203,347  13,326 
   Reliance Energy Ltd. 679,782  13,189 
   Tata Iron and Steel Co. Ltd. 821,049  13,186 
   Kotak Mahindra Bank 716,031  12,931 
   Gail India Ltd. 1,538,531  12,721 
   Bajaj Auto Ltd. 199,843  11,519 
   Unitech, Ltd. 846,393  11,475 
   Gujarat Ambuja Cements Ltd. 3,535,540  11,376 
   Indiabulls Financial Services Ltd. 775,438  11,242 
   UTI Bank Ltd. 696,124  10,632 
   Ranbaxy Laboratories Ltd. 1,070,292  10,222 
   Dr. Reddy's Laboratories Ltd. 654,403  10,187 
   Cipla Ltd. 2,155,231  10,075 
   Zee Entertainment Enterprises 1,217,439  9,688 
   Maruti Udyog Ltd. 447,562  9,249 
   Asea Brown Boveri India Ltd. 315,157  8,858 
   State Bank of India 222,602  8,849 
   Hero Honda Motors Ltd. 527,893  8,693 
   Associated Cement Cos. Ltd. 327,931  8,542 
   Infrastructure Development Finance Co., Ltd. 2,460,154  8,137 
   Siemens India Ltd. 254,607  7,980 
   Sun Pharmaceutical Industries Ltd. 349,437  7,966 
   Jindal Steel & Power Ltd. 75,710  7,735 
   Tata Power Co. Ltd. 399,267  7,186 
   Jaiprakash Associates Ltd. 335,736  6,842 
   Indian Hotels Co. Ltd. 1,988,922  6,774 
   HDFC Bank Ltd. ADR 74,805  6,479 
   Satyam Computer Services Ltd. ADR 239,545  6,386 
   Glenmark Pharmaceuticals Ltd. 312,731  5,266 
   Nestle India Ltd. 178,673  5,232 
   GlaxoSmithKline Pharmaceuticals (India) Ltd. 182,562  5,161 
   Indian Petrochemicals Corp., Ltd. 512,813  4,694 
   Bharat Forge Ltd. 666,309  4,653 
   State Bank of India GDR 49,983  4,570 
   Bharat Petroleum Corp. Ltd. 571,609  4,501 
   Ultratech Cemco Ltd. 195,762  4,424 
   Asian Paints (India) Ltd. 195,179  4,236 
   Bharat Electronics Ltd. 97,680  4,219 
   Tata Tea Ltd. 213,345  4,006 
   Mahanagar Telephone Nigam Ltd. 1,079,976  3,972 
   Hindustan Petroleum Corp., Ltd. 592,794  3,751 
   Videsh Sanchar Nigam Ltd. 308,905  3,460 
^ Wipro Ltd. ADR 175,688  2,565 
*^ Dr. Reddy's Laboratories Ltd. ADR 140,405  2,200 
   Ashok Leyland Ltd. 2,312,368  2,097 
* Dish TV India Ltd. 956,653  2,024 
   Aditya Birla Nuvo Ltd. 40,588  1,489 
^ Videsh Sanchar Nigam Ltd. ADR 43,394  998 
   Mahanagar Telephone Nigam Ltd. ADR 58,134  425 
   Infosys Technologies Ltd. ADR 5,765  286 
   Videocon Industries Ltd. 30,000  282 
   Reliance Industries Ltd. GDR 865  81 

        1,264,952 

   Indonesia (1.6%)
   PT Telekomunikasi Indonesia Tbk 62,226,179  73,973 
   PT Bumi Resources Tbk 111,368,050  31,996 
   PT Astra International Tbk 13,599,782  27,093 
   PT Bank Central Asia Tbk 39,326,390  26,365 
   PT Bank Rakyat Indonesia Tbk 35,114,820  23,423 
   PT Bank Mandiri Tbk 38,038,350  14,149 
   PT Indonesian Satellite Corp. Tbk 15,630,838  12,188 
   PT Perusahaan Gas Negara Tbk 11,902,565  11,686 
   PT Bank Danamon Tbk 11,046,362  9,894 
   PT Unilever Indonesia Tbk 10,346,475  8,326 
   PT United Tractors Tbk 8,083,501  7,385 
   PT International Nickel Indonesia Tbk 1,060,750  6,443 
   PT Indofood Sukses Makmur Tbk 29,982,712  6,376 
   PT Kalbe Farma Tbk 36,873,891  5,856 
   PT Aneka Tambang Tbk 20,114,075  5,728 
   PT Semen Gresik Tbk 924,232  5,194 
   PT Gudang Garam Tbk 4,419,100  4,711 
   PT Indocement Tunggal Prakarsa Tbk (Local) 6,261,715  4,333 
* PT Bank Indonesia Tbk 51,071,595  3,989 
   PT Astra Agro Lestari Tbk 2,320,180  3,792 
* PT Energi Mega Persada Tbk 36,251,905  3,713 
   PT Berlian Laju Tanker Tbk 12,934,574  2,612 
   PT Bank International Indonesia Tbk 109,260,500  2,221 
   PT Ramayana Lestari Sentosa Tbk 18,126,620  1,897 
* PT Bank Pan Indonesia Tbk Warrants Exp. 7/10/09 7,066,431  260 

        303,603 

   Israel (2.4%)
   Teva Pharmaceutical Industries Ltd. 4,557,576  191,880 
   Bank Hapoalim Ltd. 7,021,109  33,014 
   Israel Chemicals Ltd. 3,280,826  26,721 
   Bank Leumi Le-Israel 6,670,027  24,523 
* Check Point Software Technologies Ltd. 625,476  15,237 
   Bezeq Israeli Telecommunication Corp., Ltd. 7,739,586  12,550 
* NICE Systems Ltd. 330,581  10,943 
* Alvarion Ltd. 1,048,859  10,761 
   United Mizrahi Bank Ltd. 1,406,109  9,760 
* Israel Discount Bank Ltd. 4,670,368  9,573 
   Makhteshim-Agan Industries Ltd. 1,203,995  8,726 
   Africa-Israel Investments Ltd. 97,445  8,570 
*^ Given Imaging Ltd. 304,979  8,564 
   Discount Investment Corp. Ltd. 273,712  8,260 
   The Israel Corp. Ltd. 10,194  7,249 
   Elbit Systems Ltd. 173,741  7,004 
   Partner Communications Co. Ltd. 417,896  6,869 
   IDB Development Corp. Ltd. 191,699  6,785 
* Clal Insurance Enterprise Holdings Ltd. 274,425  6,552 
* Aladdin Knowledge Systems 292,521  6,441 
* ECI Telecom Ltd. 671,599  6,266 
   Migdal Insurance Holdings Ltd. 3,574,461  5,266 
   Harel Insurance Investments Ltd. 102,218  5,071 
* Super Sol Ltd. 1,102,116  4,267 
* Koor Industries Ltd. 54,213  3,546 
* Syneron Medical Ltd. 145,043  3,436 
* Orbotech Ltd. 155,403  3,349 
* Radware Ltd. 190,013  2,710 
* Retalix Ltd. 136,463  2,590 
   Clal Industries and Investments Ltd. 383,946  2,125 
*^ Audiocodes Ltd. 207,568  1,154 
   Strauss Group Ltd. 91,542  1,033 

        460,795 

   Malaysia (2.7%)
   Bumiputra-Commerce Holdings Bhd. 14,340,800  48,304 
   Malayan Banking Bhd. 12,651,100  44,535 
   IOI Corp. Bhd. 23,418,300  35,551 
   Sime Darby Bhd. 9,830,800  28,627 
   Genting Bhd. 11,708,500  26,710 
   Malaysia International Shipping Corp., Bhd. (Foreign) 7,535,800  22,082 
   Tenaga Nasional Bhd. 7,003,700  22,054 
   Public Bank Bhd. 6,705,000  20,235 
   Resorts World Bhd. 16,502,300  19,677 
   Telekom Malaysia Bhd. 5,547,600  16,260 
   AMMB Holdings Bhd. 8,966,400  12,091 
   British American Tobacco Bhd. 1,046,200  12,062 
   Petronas Gas Bhd. 3,350,400  10,542 
   Kuala Lumpur Kepong Bhd. 2,794,450  10,392 
   PLUS Expressways Bhd. 10,315,300  9,681 
   YTL Corp., Bhd. 4,266,300  9,288 
   PPB Group Bhd. 4,050,600  8,663 
   IJM Corp. Bhd. 3,356,050  8,364 
   Golden Hope Plantations Bhd. 3,415,000  8,276 
   Tanjong Public Ltd. Co. 1,568,300  7,971 
   Gamuda Bhd. 3,520,100  7,889 
   SP Setia Bhd. 3,096,800  7,644 
   Berjaya Sports Toto Bhd. 4,686,300  6,722 
   UMW Holdings Malaysia Bhd. 1,539,500  6,700 
   RHB Capital Bhd. 3,805,200  6,678 
   Bursa Malaysia Bhd. 1,964,500  6,425 
   Petronas Dagangan Bhd. 2,331,200  6,007 
   Hong Leong Bank Bhd. 3,182,500  5,707 
   Magnum Corp., Bhd. 5,598,600  4,801 
   Shell Refining Co. Malaysia Bhd. 1,357,700  4,340 
   Highlands & Lowlands Bhd. 1,950,100  4,248 
   Astro All Asia Networks PLC 3,668,500  4,107 
   Star Publications Bhd. 4,070,900  4,106 
   UEM World Bhd. 3,311,983  4,040 
   Malaysia Mining Corp., Bhd. 1,848,400  3,964 
   Lafarge Malayan Cement Bhd. 7,991,600  3,916 
* Malaysian Resources Corp., Bhd. 4,357,800  3,850 
* Airasia Bhd. 6,046,400  3,408 
   Media Prima Bhd. 4,003,100  3,304 
   IGB Corp., Bhd. 4,061,400  3,104 
   Proton Holdings Bhd. 1,855,300  3,001 
   Scomi Group Bhd. 5,757,600  2,996 
   IOI Properties Bhd. 713,700  2,848 
* Pos Malaysia & Services Holding Bhd. 2,007,000  2,760 
   KLCC Property Holdings Bhd. 2,546,000  2,630 
   Guinness Anchor Bhd. 1,525,000  2,581 
   DRB-Hicom Bhd. 4,225,900  2,489 
   Hong Leong Financial Group Bhd. 1,307,500  2,308 
* Malaysian Airline System Bhd. 1,474,500  2,278 
   Multi-Purpose Holdings Bhd. 3,623,800  2,204 
   Malaysian Bulk Carriers Bhd. 1,732,775  2,136 
   TA Enterprise Bhd. 4,437,900  2,123 
* Mulpha International Bhd. 4,446,800  2,033 
   Malaysian Pacific Industries Bhd. 550,000  1,457 
   Transmile Group Bhd. 811,400  1,192 

        517,361 

   Mexico (5.6%)
   America Movil SA de CV 118,068,161  351,693 
   Cemex SA CPO 47,076,645  152,061 
   Telefonos de Mexico SA 52,295,980  89,770 
   Grupo Televisa SA CPO 15,450,589  78,173 
   Wal-Mart de Mexico SA 21,021,542  76,439 
   Fomento Economico Mexicano UBD 14,556,012  53,830 
   Grupo Mexico SA de CV 7,193,727  50,626 
   Grupo Financerio Banorte SA de CV 9,263,391  41,875 
   Grupo Modelo SA 3,763,052  20,376 
   Grupo Carso SA de CV Series A1 4,317,742  17,556 
   Alfa SA de CV Series A 2,434,615  16,739 
* Empresas ICA SA de CV 2,582,019  16,360 
* Corporacion GEO, SA de CV 2,766,511  15,171 
   Kimberly Clark de Mexico SA de CV Series A 3,493,801  13,846 
   Grupo Bimbo SA 2,284,016  12,767 
   Coca-Cola Femsa SA de CV 2,193,029  9,985 
   Industrias Penoles SA Series CP 746,634  9,791 
   Grupo Aeroportuario del Pacifico SA ADR 200,593  9,753 
* Desarrolladora Homex SA de CV 948,980  8,984 
   Consorcio ARA SA de CV 5,528,308  8,135 
   Controladora Comercial Mexicana SA de CV (Units) 2,837,215  7,787 
* URBI Desarrollos Urbanos SA de CV 1,668,908  7,055 
* Carso Infraestructura y Construccion, SA 5,526,792  6,407 
   Grupo Aeroportuario del Pacifico SA 1,007,607  4,893 
   Grupo Aeroportuario del Sureste SA de CV 367,451  1,928 
* Cemex SAB de CV ADR 12,499  404 

        1,082,404 

   Peru (0.7%)
   Southern Peru Copper Corp. (U.S. Shares) 319,204  35,977 
   Southern Peru Copper Corp. 263,069  30,121 
   Credicorp Ltd. 353,213  22,923 
   Compania de Minas Buenaventura S.A.u 460,747  18,354 
   Volcan Compania Minera SA 2,183,243  11,612 
   Minsur SA 2,834,077  10,492 
   Compania de Minas Buenaventura S.A.u. ADR 131,062  5,231 

        134,710 

   Philippines (0.6%)
   Philippine Long Distance Telephone Co. 362,424  20,612 
   Ayala Land, Inc. 34,748,209  12,799 
   Bank of Philippine Islands 7,649,118  10,919 
   Ayala Corp. 879,972  10,172 
   SM Investments Corp. 1,117,883  9,935 
   SM Prime Holdings, Inc. 38,024,124  9,480 
   San Miguel Corp. Class B 4,134,830  6,580 
   Megaworld Corp. 68,782,573  5,731 
   Globe Telecom, Inc. 193,789  5,580 
   Metropolitan Bank & Trust Co. 3,993,341  5,332 
   Manila Electric Co. 2,084,393  4,576 
   Jollibee Foods Corp. 3,902,843  4,179 
   Banco De Oro 2,856,491  4,142 
   Petron Corp. 24,632,950  3,232 
   First Philippine Holdings Corp. 1,733,003  3,196 
* Filinvest Land, Inc. 33,810,058  1,396 

        117,861 

   Poland (1.8%)
   Powszechna Kasa Oszczednosci Bank Polski SA 3,080,829  65,044 
   Bank Polska Kasa Opieki Grupa Pekao SA 502,605  46,294 
* Polski Koncern Naftowy SA 1,953,114  38,344 
   Telekomunikacja Polska SA 4,420,667  34,832 
   KGHM Polska Miedz SA 697,675  31,020 
   Bank Przemyslowo Handlowy PBK SA 56,306  19,551 
   Bank Zachodni WBK SA 174,725  17,399 
   Polish Oil & Gas 7,398,060  12,970 
* Bank Rozwoju Eksportu SA 67,208  12,130 
* Globe Trade Centre SA 874,298  12,059 
   TVN SA 802,515  6,730 
   Grupa Kety SA 85,811  6,157 
   Asseco Poland SA 172,230  5,133 
   Orbis SA 182,975  4,747 
   Polska Grupa Farmaceutyczna 115,299  4,634 
* Budimex SA 114,953  4,386 
   Mondi Packaging Paper Swieci SA 114,206  4,006 
   Prokom Software SA 70,168  3,914 
* PBG S.A. 28,416  3,389 
   Agora SA 189,189  2,969 
* Echo Investment S.A. 86,968  2,935 
   Debica SA 61,449  2,669 
* Bioton S.A. 3,180,742  1,809 
   Computerland SA 49,782  1,341 
* Boryszew SA 26,662  230 

        344,692 

   Russia (9.1%)
* OAO Gazprom ADR 15,373,586  657,818 
   Lukoil Sponsored ADR 3,186,183  252,115 
   Mining and Metallurgical Co. Norilsk Nickel ADR 626,660  148,518 
* RAO Unified Energy System GDR 650,508  89,933 
* Mobile TeleSystems ADR 1,342,163  85,831 
   OAO Vimpel-Communications Sponsored ADR 735,149  77,852 
* VTB Bank OJSC - GDR 6,375,064  67,894 
   Surgutneftegaz OJSC ADR 1,116,698  62,317 
   Tatneft GDR 509,703  49,923 
   NovaTek OAO GDR 692,681  36,886 
   Cherepovets MK Severstal GDR 2,056,412  36,296 
*^ Rostelecom ADR 616,778  35,156 
   Novolipetsk Steel GDR 1,101,395  34,255 
   Polyus Gold ADR 774,369  30,975 
* Sistema JSFC GDR 854,549  26,480 
* Mechel OAO ADR 578,803  24,043 
   Wimm-Bill-Dann Foods ADR 206,941  19,452 
   Comstar United Telesystems GDR 1,522,450  16,352 

        1,752,096 

   South Africa (7.1%)
   Sasol Ltd. 3,449,109  130,159 
   MTN Group Ltd. 8,627,147  121,054 
   Standard Bank Group Ltd. 8,322,231  117,825 
   Impala Platinum Holdings Ltd. 3,114,862  90,374 
   FirstRand Ltd. 19,891,204  63,680 
   Anglo Platinum Ltd. 445,438  61,073 
   Gold Fields Ltd. 3,325,882  54,372 
   Sanlan Ltd. 16,573,676  52,571 
   Naspers Ltd. 1,954,529  48,524 
   Telkom South Africa Ltd. 2,059,784  48,278 
   AngloGold Ltd. 849,413  35,599 
   Nedbank Group Ltd. 1,756,932  32,623 
* Harmony Gold Mining Co., Ltd. 2,220,946  30,496 
   Bidvest Group Ltd. 1,440,788  29,017 
   Sappi Ltd. 1,637,274  26,150 
   Mittal Steel South Africa Ltd. 1,505,672  25,984 
   Murray & Roberts Holdings Ltd. 2,376,713  25,211 
   Barloworld Ltd. 1,433,653  25,192 
   Pretoria Portland Cement Co. Ltd. 3,716,228  21,964 
   Aveng Ltd. 2,942,028  21,951 
   Imperial Holdings Ltd. 1,109,246  21,507 
   African Bank Investments Ltd. 4,494,197  20,552 
   Steinhoff International Holdings Ltd. 6,180,520  19,550 
   Tiger Brands Ltd. 719,738  18,631 
   Investec Ltd. 1,421,550  17,563 
   Network Healthcare Holdings Ltd. 9,996,772  17,368 
   Reunert Ltd. 1,722,065  17,228 
   Massmart Holdings Ltd. 1,250,666  14,594 
   Truworths International Ltd. 2,773,107  13,993 
   Kumba Iron Ore Ltd. 513,083  13,617 
   JD Group Ltd. 1,296,805  13,188 
   Shoprite Holdings Ltd. 2,928,729  12,858 
   Liberty Group Ltd. 1,023,596  12,834 
   Woolworths Holdings Ltd. 4,320,442  11,781 
   Nampak Ltd. 3,481,057  9,812 
   Foschini Ltd. 1,088,141  9,088 
   Aspen Pharmacare Holdings Ltd. 1,716,203  8,000 
   Spar Group Ltd. 1,039,902  7,773 
   Metropolitan Holdings Ltd. 3,545,284  7,310 
   AVI Ltd. 2,643,793  6,921 
   Grindrod Ltd. 1,894,450  6,261 
   Fountainhead Property Trust 6,511,803  5,881 
   Lewis Group Ltd. 593,954  5,102 
   Pick'n Pay Stores Ltd. 1,039,130  4,916 
* Mondi Ltd. 529,155  4,512 
   Ellerine Holdings Ltd. 420,575  3,783 
   Super Group Ltd. 2,112,745  3,679 

        1,370,399 

   South Korea (16.7%)
   Samsung Electronics Co., Ltd. 604,686  399,195 
   POSCO 364,733  210,915 
   Kookmin Bank 1,861,481  162,477 
   Hyundai Heavy Industries Co., Inc. 272,534  105,147 
   Shinhan Financial Group Ltd. 1,507,069  101,989 
   Hyundai Motor Co. Ltd. 1,012,312  88,818 
1 Samsung Electronics Co., Ltd. GDR 227,160  74,826 
* SK Energy Co., Ltd. 436,057  74,475 
   Korea Electric Power Corp. 1,481,461  71,030 
   Samsung Electronics Co., Ltd. Pfd. 142,061  70,365 
* POSCO ADR 480,757  68,484 
   Shinsegae Co., Ltd. 93,871  61,284 
   Samsung Heavy Industries Co., Ltd. 1,122,290  61,004 
   Samsung Corp. 855,790  56,845 
   KT & G Corp. 755,662  56,613 
   LG Electronics Inc. 624,777  52,398 
   Samsung Fire & Marine Insurance Co. 237,141  48,678 
* NHN Corp. 243,479  44,459 
   SK Telecom Co., Ltd. 182,278  40,810 
   Hana Financial Group Inc. 751,242  40,535 
   Daewoo Shipbuilding & Marine Engineering Co., Ltd. 617,950  40,202 
   Hyundai Mobis 367,020  39,543 
   KT Corp. 751,304  35,921 
   Hyundai Development Co. 413,680  34,327 
   SK Holdings Co Ltd 178,108  33,451 
   GS Engineering & Construction Corp. 223,471  33,174 
   Samsung Securities Co. Ltd. 330,403  30,698 
   LG Chem Ltd. 303,832  30,344 
   Daewoo Engineering & Construction Co., Ltd. 985,435  29,375 
   Daelim Industrial Co. 169,758  28,950 
* LG. Philips LCD Co., Ltd. 612,564  28,509 
   S-Oil Corp. 306,368  26,848 
* Kookmin Bank Sponsored ADR 311,839  26,753 
   Hanjin Heavy Industries Co. Ltd. 300,120  24,937 
   Daewoo Securities Co., Ltd. 680,780  24,670 
* Hyundai Engineering & Construction Co., Ltd. 283,098  24,537 
   Samsung Engineering Co., Ltd. 204,600  24,001 
   Hyundai Mipo Dockyard Co., Ltd. 75,514  23,806 
   Lotte Shopping Co., Ltd. 58,641  22,881 
   Samsung Electro-Mechanics Co. 393,740  20,864 
   Hanjin Shipping Co., Ltd. 329,000  20,794 
* Kia Motors 1,308,280  19,856 
   Korea Telecom Freetel 628,503  19,718 
   Hyundai Securities Co. 550,679  18,283 
   Korean Air Co. Ltd. 228,178  18,275 
   Samsung Techwin Co., Ltd. 292,234  18,043 
   CJ Corp. 127,894  17,588 
   Korea Zinc Co., Ltd. 79,530  17,513 
   Cheil Industrial, Inc. 295,980  17,114 
* Shinhan Financial Group Co., Ltd. ADR 125,048  16,983 
   Woori Investment & Securities Co., Ltd. 516,279  16,812 
   Korea Investment Holdings Co., Ltd. 242,610  16,541 
   Kangwon Land Inc. 727,738  16,347 
   Hankook Tire Co. Ltd. 713,050  16,282 
   Samsung SDI Co. Ltd. 228,837  15,846 
   Daegu Bank 805,435  15,771 
* SK Telecom Co. Ltd. ADR 554,226  15,596 
   Pusan Bank 804,485  15,403 
   Doosan Infracore Co., Ltd. 365,840  14,509 
   Daewoo International Corp. 279,337  13,918 
   Kumkang Korea Chemical Co., Ltd. 29,637  13,578 
* Korea Electric Power Corp. ADR 548,002  13,004 
   Hyundai Motor Co., Ltd. 264,437  12,857 
   Honam Petrochemical Corp. 93,860  12,829 
   Tong Yang Investment Bank 588,228  12,819 
   Yuhan Corp. 56,935  12,020 
   Hyundai Department Store Co., Ltd. 101,368  10,904 
   Hite Brewery Co., Ltd. 82,555  10,854 
   LS Cable Ltd. 117,770  10,652 
   Daishin Securities Co. 260,557  10,424 
   Dongkuk Steel Mill Co., Ltd. 266,560  10,278 
   Doosan Heavy Industries and Construction Co., Ltd. 97,262  10,185 
   Lotte Confectionery Co., Ltd. 5,785  10,096 
   Mirae Asset Securities Co., Ltd. 103,011  9,861 
   Dongbu Insurance Co., Ltd. 231,815  9,692 
   Hyosung Corp. 153,283  9,655 
   LG Household & Health Care Ltd. 72,210  9,571 
   Amorepacific Corp. 13,340  9,571 
   Hanwha Chemical Corp. 385,690  9,415 
   Woongjin Coway Co., Ltd. 287,459  9,315 
   Hyundai Marine & Fire Insurance Co., Ltd. 474,456  9,054 
   Korea Exchange Bank 574,110  8,907 
   Hanwha Corp. 141,664  8,868 
   LG Petrochemical Co., Ltd. 175,250  8,289 
* NCsoft Corp. 98,821  8,123 
   Hyundai Steel Co. 110,015  7,918 
   Cheil Communications Inc. 25,248  7,909 
   ORION Corp. 23,070  7,703 
   Hanmi Pharm Co., Ltd. 46,893  7,550 
   Lotte Chilsung Beverage Co., Ltd. 4,596  7,495 
   LG International Corp. 193,716  7,059 
   Samsung Fine Chemicals Co., Ltd. 120,790  6,982 
   S1 Corp. 119,660  6,896 
   Korean Reinsurance Co. 459,411  6,866 
   Nong Shim Co. Ltd. 24,027  6,534 
* KT Corp. ADR 273,243  6,427 
   Asiana Airlines 576,765  6,314 
   Hyundai Autonet Co., Ltd. 683,282  6,235 
   LG Electronics Inc. 128,211  6,078 
   Pacific Corp. 27,076  5,397 
   Poongsan Corp. 154,780  5,161 
* Daum Communications Corp. 65,880  4,969 
   LG Fashion Corp. 142,623  4,856 
   Hyundai Merchant Marine Co., Ltd. 80,450  3,990 

        3,198,490 

   Taiwan (12.0%)
   Taiwan Semiconductor Manufacturing Co., Ltd. 116,274,650  228,315 
   Hon Hai Precision Industry Co., Ltd. 26,347,053  216,633 
   MediaTek Inc. 5,181,502  92,371 
   Cathay Financial Holding Co. 34,559,431  89,715 
   China Steel Corp. 54,105,126  70,599 
   Nan Ya Plastic Corp. 32,007,291  70,298 
   Formosa Plastic Corp. 25,959,289  63,707 
   AU Optronics Corp. 34,659,403  58,709 
   United Microelectronics Corp. 97,407,485  54,224 
   Chunghwa Telecom Co., Ltd. 30,244,212  52,033 
* Innolux Display Corp. 11,431,000  51,093 
   Asustek Computer Inc. 16,274,663  46,218 
   Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4,089,846  41,512 
   Formosa Chemicals & Fibre Corp. 17,907,276  41,493 
* High Tech Computer Corp. 2,056,720  37,447 
* Mega Financial Holding Co. Ltd. 53,031,224  37,195 
   Delta Electronics Inc. 9,279,937  36,355 
   Formosa Petrochemical Corp. 12,396,000  34,213 
   Acer Inc. 14,197,270  31,101 
* Chinatrust Financial Holding 38,234,185  30,099 
   Siliconware Precision Industries Co. 14,203,228  27,143 
   Chi Mei Optoelectronics Corp. 23,631,666  26,296 
* Advanced Semiconductor Engineering Inc. 18,644,670  24,242 
   China Development Financial Holding Corp. 56,650,274  23,948 
   Compal Electronics Inc. 20,277,743  23,038 
   Foxconn Technology Co., Ltd. 2,059,090  22,806 
* Fuhwa Financial Holdings Co., Ltd. 33,874,773  22,067 
   Shin Kong Financial Holdings Co. 17,651,856  21,322 
   Fubon Financial Holding Co., Ltd. 22,261,100  20,592 
   Taiwan Cement Corp. 16,792,627  20,205 
   Powerchip Semiconductor Corp. 31,380,000  20,130 
   First Financial Holding Co., Ltd. 26,554,707  19,624 
   Catcher Technology Co., Ltd. 2,090,806  19,019 
   Taiwan Cellular Corp. 15,018,360  17,782 
   Uni-President Enterprises Co. 16,374,590  17,560 
* Inotera Memories, Inc. 14,143,000  17,396 
   Quanta Computer Inc. 10,586,180  17,188 
   Far Eastern Textile Ltd. 15,084,173  17,185 
   Lite-On Technology Corp. 10,276,407  16,922 
   SinoPac Holdings 33,533,214  16,918 
   Chang Hwa Commercial Bank 24,484,094  15,659 
* Taishin Financial Holdings 28,905,678  15,435 
   Hau Nan Financial Holdings Co., Ltd. 20,541,695  14,045 
   Pou Chen Corp. 11,744,733  13,181 
   Novatek Microelectronics Corp., Ltd. 2,787,185  12,830 
   Realtek Semiconductor Corp. 2,184,051  12,540 
* Tatung Co., Ltd. 21,993,000  11,681 
* Macronix International Co., Ltd. 17,976,486  11,553 
   Mosel Vitelic Inc. 6,151,000  11,239 
   Asia Cement Corp. 8,622,533  11,047 
* Chunghwa Picture Tubes, Ltd. 38,687,331  10,972 
   D-Link Corp. 4,122,458  10,206 
   Taiwan Fertilizer Co., Ltd. 4,454,000  10,038 
^ United Microelectronics Corp. ADR 3,045,751  9,838 
* Wistron Corp. 4,846,000  9,823 
   ProMOS Technologies Inc. 25,310,000  9,761 
   E.Sun Financial Holding Co., Ltd. 17,348,637  9,692 
* Synnex Technology International Corp. 4,495,028  9,418 
* CMC Magnetics Corp. 17,114,700  9,366 
* HannStar Display Corp. 31,772,132  9,100 
* President Chain Store Corp. 3,174,985  8,786 
* Epistar Corp. 1,715,000  8,785 
* Powertech Technology Inc. 1,860,000  8,683 
   Walsin Lihwa Corp. 15,787,970  8,601 
   AU Optronics Corp. ADR 494,144  8,361 
   Mitac International Corp. 6,785,772  8,231 
   Winbond Electronics Corp. 20,847,000  8,076 
   Largan Precision Co., Ltd. 633,538  7,867 
   Wintek Corp. 5,826,607  7,678 
   Tripod Technology Corp. 1,707,179  7,452 
   Cheng Shin Rubber Industry Co., Ltd. 4,192,555  7,358 
   Nan Ya Printed Circuit Board Corp. 1,150,000  7,331 
   Yageo Corp. 15,094,520  7,010 
* BENQ Corp. 14,041,692  6,933 
* U-Ming Marine Transport Corp. 2,616,600  6,900 
   Formosa Taffeta Co., Ltd. 5,333,868  6,503 
   Chunghwa Telecom Co., Ltd. ADR 390,747  6,479 
   Inventec Co., Ltd. 9,315,711  6,457 
   Nanya Technology Corp. 7,877,397  6,380 
   Unimicron Technology Corp. 4,408,440  6,349 
* Yulon Motor Co., Ltd. 4,850,676  6,143 
* Via Technologies Inc. 6,281,379  6,024 
* Polaris Securities Co., Ltd. 10,296,502  5,922 
   Teco Electric & Machinery Co., Ltd. 9,655,000  5,134 
   Asia Optical Co., Inc. 1,164,853  5,111 
   Advantech Co., Ltd. 1,581,622  4,995 
   Phoenix Precision Technology Corp. 3,916,900  4,993 
* Ritek Corp. 13,816,194  4,951 
   Wan Hai Lines Ltd. 6,258,370  4,888 
   Zyxel Communications Corp. 2,436,554  4,846 
   Eternal Chemical Co., Ltd. 3,281,815  4,746 
   Yang Ming Marine Transport 6,120,985  4,490 
   Cheng Uei Precision Industry Co., Ltd. 1,449,814  4,429 
   Kinsus Interconnect Technology Corp. 1,106,600  4,403 
   Evergreen Marine Corp. 6,105,879  4,117 
   Micro-Star International Co., Ltd. 4,321,797  3,999 
   China Motor Co., Ltd. 4,227,028  3,821 
   Taiwan Glass Industrial Corp. 4,228,594  3,679 
   Motech Industries Inc. 290,000  3,600 
* Compal Communications, Inc. 1,277,800  3,595 
   Yuen Foong Yu Paper Manufacturing Co., Ltd. 7,033,172  3,446 
   Cathay Construction Corp. 5,734,779  3,327 
* China Airlines 7,006,082  3,235 
   Compeq Manufacturing Co., Ltd. 6,031,750  3,108 
* Gigabyte Technology Co., Ltd. 3,659,626  3,075 
   Waterland Financial Holdings 8,688,000  3,052 
*^ Advanced Semiconductor Engineering Inc. ADR 463,762  3,042 
   Siliconware Precision Industries Co. ADR 313,327  3,020 
   Inventec Appliances Corp. 1,527,645  2,999 
   Vanguard International Semiconductor Corp. 3,495,265  2,983 
* EVA Airways Corp. 7,143,879  2,895 
   Kinpo Electronics, Inc. 6,647,506  2,886 
   Oriental Union Chemical Corp. 3,173,576  2,883 
   Yieh Phui Enterprise 5,531,487  2,630 
   Taiwan Secom Corp., Ltd. 1,454,846  2,284 
   Ya Hsin Industrial Co., Ltd. 5,306,018  964 

        2,312,072 

   Thailand (1.6%)
   PTT Public Co., Ltd. (Foreign) 5,643,137  52,463 
   PTT Exploration & Production Public Co. Ltd. (Foreign) 7,883,173  29,876 
   Kasikornbank Public Co. Ltd. (Foreign) 10,131,001  25,538 
   Bangkok Bank Public Co., Ltd. (Foreign) 6,247,097  23,318 
   Siam Cement Public Co. Ltd. (Foreign) 2,351,890  18,789 
   Advanced Info Service Public Co. Ltd. (Foreign) 5,737,782  16,537 
   Siam Commercial Bank Public Co. Ltd. (Foreign) 5,476,617  13,296 
   IRPC Public Co. Ltd. (Foreign) 59,769,460  12,387 
   Bangkok Bank Public Co. Ltd. (Local) 2,431,344  9,092 
   Banpu Public Co. Ltd. (Foreign) 876,443  7,279 
   Rayong Refinery Public Co. Ltd. (Foreign) 9,709,490  6,928 
   Krung Thai Bank Public Co. Ltd. (Foreign) 18,612,301  6,472 
   PTT Chemical Public Co. Ltd. (Foreign) 1,951,913  6,415 
   C.P. 7-Eleven Public Co. Ltd. (Foreign) 17,143,200  6,091 
   Airports of Thailand Public Co. Ltd. (Foreign) 2,923,371  5,583 
   Charoen Pokphand Foods Public Co., Ltd. (Foreign) 33,441,699  5,198 
   Land and Houses Public Co. Ltd. (Foreign) 19,005,185  4,791 
   Thai Airways International Public Co. Ltd. 3,347,388  4,757 
   BEC World Public Co. Ltd. (Foreign) 6,321,430  4,548 
   Siam Cement Public Co. Ltd. (Local) 532,430  4,251 
   Central Pattana Public Co. Ltd. (Foreign) 4,039,400  4,066 
   Siam City Cement Public Co. Ltd. (Foreign) 471,744  4,023 
   The Aromatics (Thailand) Public Co. Ltd. (Foreign) 1,782,125  3,878 
   Kasikornbank Public Co., Ltd. (Local) 1,607,170  3,865 
   Precious Shipping Public Co. Ltd. (Foreign) 3,446,964  3,802 
   Land and Houses Public Co. Ltd. (Local) 15,423,400  3,326 
* True Corp. Public Co. Ltd. (Foreign) 13,355,915  3,262 
   Ratchaburi Electricity Generating Holding Public C 2,361,900  3,252 
   Glow Energy Public Co. Ltd. (Foreign) 3,187,400  2,973 
   Electricity Generating Public Co. Ltd. (Foreign) 767,548  2,835 
   Hana Microelectronics Public Co. Ltd. (Foreign) 3,233,800  2,465 
   Thanachart Capital Public Co. Ltd. (Foreign) 4,415,421  2,170 
   Siam Makro Public Co. Ltd. (Foreign) 677,200  1,764 
   Bangkok Expressway Public Co. Ltd. (Foreign) 2,216,300  1,621 
   Banpu Public Co. Ltd. (Local) 130,988  1,082 
   Electricity Generating Public Co. Ltd. (Local) 290,600  1,007 
   PTT Public Co., Ltd. (Local) 34,810  320 
   Advanced Info Service Public Co., Ltd. (Local) 105,173  303 
   PTT Exploration and Production Public Co. Ltd. (Local) 50,742  190 
   The Aromatics (Thailand) Public Co. Ltd. (Local) 84,330  181 
   Siam Commercial Bank Public Co. Ltd. (Local) 48,344  116 
   Siam City Cement Public Co. Ltd. (Local) 12,232  103 
   Thanachart Capital Public Co. Ltd. (Local) 159,554  77 
   Siam Makro Public Co. Ltd. 28,100  73 
   C.P. 7-Eleven Public Co. Ltd. (Local) 205,500  73 
   Rayong Refinery Public Co. Ltd. (Local) 99,100  70 
   Precious Shipping Public Co., Ltd. (Local) 26,064  28 
   Krung Thai Bank Public Co. Ltd. (Local) 77,514  27 
   Charoen Pokphand Foods Public Co. Ltd. (Local) 168,078  26 
   Airports of Thailand Public Co. Ltd. (Local) 12,774  24 
* True Corp. Public Co. Ltd. (Local) 100,710  24 
   PTT Chemical Public Co. Ltd. (Local) 6,012  20 
   Thai Airways International Public Co. Ltd. (Local) 12,072  17 
   True Corp. Public Co. Ltd. Warrants Exp. 4/30/10 1,020,789 

        310,672 

   Turkey (1.7%)
   Akbank T.A.S. 7,557,167  50,524 
   Turkiye Garanti Bankasi A.S. 6,683,109  45,374 
   Turkiye Is Bankasi A.S. C Shares 6,737,025  36,166 
   Haci Omer Sabanci Holding A.S. 3,698,759  20,463 
   Turkcell Iletisim Hizmetleri A.S. 2,906,776  20,443 
   Tupras-Turkiye Petrol Rafinerileri A.S. 770,686  18,777 
   Anadolu Efes Biracilik ve Malt Sanayii A.S. 400,979  15,853 
   Turkiye Vakiflar Bankasi TAO 4,751,534  15,101 
   Migros Turk A.S. 904,845  14,753 
* Yapi ve Kredi Bankasi A.S. 4,092,694  12,126 
   Eregli Demir ve Celik Fabrikalari A.S. 1,582,748  11,415 
   Aksigorta A.S. 1,311,844  8,983 
* Dogan Sirketler Grubu Holding A.S. 3,508,171  7,520 
   Arcelik A.S. 795,763  6,634 
* KOC Holding A.S. 1,446,322  6,558 
   Tofas Turk Otomobil Fabrikasi A.S. 1,181,382  5,623 
* Hurriyet Azteccilik ve Matbaacillik A.S. 1,335,830  4,050 
   Is Gayrimenkul Yatirim Ortakligi A.S. 2,381,339  4,048 
   Adana Cimento Sanayii T.A.S. 546,139  4,014 
* Dogan Yayin Holding A.S. 849,972  3,701 
   Cimsa Cemento Sanayi ve Ticaret A.S. 461,536  3,514 
   Akcansa Cimento A.S. 426,497  3,178 
   Trakya Cam Sanayii A.S. 580,579  2,162 
   Ulker Gida Sanayi ve Ticaret A.S. 447,092  1,857 
   Aygaz A.S. 288,507  1,254 
* Petkim Petrokimya Holding A.S. 136,644  1,092 
   Ford Otomotiv Sanayi A.S. 107,647  1,054 
* Turk Hava Yollari Anonim Ortakligi 69,254  514 
   Turk Sise ve Cam Fabrikalari A.S. 93,971  417 
* Vestel Elektronik Sanayi ve Ticaret A.S. 18,000  45 

        327,213 




   Total Common Stocks
   (Cost $11,435,470)    19,121,867 



   Temporary Cash Investment (0.6%)



2 Vanguard Market Liquidity Fund, 5.302%
   (Cost $117,500) 117,499,830  117,500 



   Total Investments (100.2%)
   (Cost $11,552,970)    19,239,367 



   Other Assets and Liabilities - Net (-0.2%)    (43,996)



   Net Assets (100%)    19,195,371 




* Non-income-producing security.
^ Part of security position is on loan to broker-dealers.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2007, the value of this security represented 0.4% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt.

Investment Securities: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

At July 31, 2007, the cost of investment securities for tax purposes was $11,558,734,000. Net unrealized appreciation of investment securities for tax purposes was $7,680,633,000, consisting of unrealized gains of $7,843,986,000 on securities that had risen in value since their purchase and $163,353,000 in unrealized losses on securities that had fallen in value since their purchase.

Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

Swap Contracts: The fund invests a portion of its cash reserves in equity markets through the use of equity swap contracts. Investments in swap contracts increased the fund's equity investment in China to 13.2%. After giving effect to swap investments, the fund's effective common stock and temporary cash investment positions represent 99.7% and 0.5%, respectively, of net assets.

At July 31, 2007, the fund had the following open swap contracts with Merrill Lynch as counterparty:

Country/Referenced Entity Termination
Date
Notional
Amount
($000)
Floating
Interest Rate
Received
(Paid) 1
Market
Value
($000)
Unrealized
Appreciation
(Depreciation)
($000)

China          
    Bank of China 8/14/07  19,481  (1.36%) 23,255  3,774 

              3,774 

1 Based on three-month London Inter-Bank Offer-Rate (LIBOR). Each contract provides for the payment of interest based on LIBOR less a fixed interest rate spread. If the spread is greater than LIBOR, the result is net interest received by the fund.


Vanguard FTSE All-World ex-US Index Fund
Schedule of Investments
July 31, 2007

Shares Market
Value
($000)



   Common Stocks (99.9%)    



   Argentina (0.1%)
   Tenaris SA ADR 9,770  471 
* Petrobras Energia Participaciones SA ADR 7,593  83 
   Banco Macro Bansud SA ADR 2,416  68 
* Telecom Argentina SA ADR 200 
   BBVA Banco Frances SA ADR 300 

        629 

   Australia (4.8%)
   BHP Billiton Ltd. 118,746  3,782 
   Commonwealth Bank of Australia 43,720  2,006 
   National Australia Bank Ltd. 55,623  1,810 
   Australia & New Zealand Bank Group Ltd. 61,611  1,477 
   Westpac Banking Corp., Ltd. 61,829  1,367 
   Woolworths Ltd. 41,157  949 
   Westfield Group 58,392  940 
   Rio Tinto Ltd. 11,495  896 
   QBE Insurance Group Ltd. 29,498  745 
   Woodside Petroleum Ltd. 16,920  615 
   Macquarie Bank Ltd. 8,727  602 
   Telstra Corp. Ltd. 147,163  574 
   AMP Ltd. 61,785  525 
   St. George Bank Ltd. 17,493  511 
   Suncorp-Metway Ltd. 30,876  505 
   Coles Group Ltd. 39,110  481 
   Brambles Ltd. 48,549  455 
   CSL Ltd. 6,064  454 
   Wesfarmers Ltd. 12,520  413 
   Stockland 53,951  351 
   Foster's Group Ltd. 69,668  347 
   Tabcorp Holdings Ltd. 21,384  294 
   WorleyParsons Ltd. 10,219  293 
   Origin Energy Ltd. 35,158  291 
   Insurance Australia Group Ltd. 59,346  286 
   Macquarie Goodman Group 55,333  282 
   Zinifex Ltd. 17,034  282 
   Lend Lease Corp. 16,812  265 
   GPT Group 67,625  257 
   Toll Holdings Ltd. 21,084  252 
   Orica Ltd. 10,659  250 
   Alumina Ltd. 39,999  247 
   AXA Asia Pacific Holdings Ltd. 39,887  247 
   Aristocrat Leisure Ltd. 21,180  244 
   Australian Stock Exchange Ltd. 5,840  241 
   Newcrest Mining Ltd. 11,320  237 
   BlueScope Steel Ltd. 25,430  235 
   Macquarie Infrastructure Group 82,277  227 
   Santos Ltd. 20,254  227 
   Computershare Ltd. 27,000  226 
* Asciano Group 27,462  223 
   Tattersall's Ltd. 53,636  222 
   Oxiana Ltd. 69,062  215 
   Transurban Group 35,220  214 
   Leighton Holdings Ltd. 6,426  211 
   Mirvac Group 48,595  211 
   Coca-Cola Amatil Ltd. 27,060  209 
   Alinta Ltd. 16,480  207 
   Harvey Norman Holdings Ltd. 44,981  201 
   Centro Properties Group 27,994  188 
   Goodman Fielder Ltd. 86,130  186 
* Fortescue Metals Group Ltd. 6,563  183 
   Sonic Healthcare Ltd. 13,980  182 
   AGL Energy Ltd. 13,755  180 
   Qantas Airways Ltd. 36,570  177 
   Multiplex Group 42,298  177 
   Babcock & Brown Ltd. 7,315  173 
   Cochlear Ltd. 3,315  173 
   Metcash Ltd. 45,151  170 
   Lion Nathan Ltd. 23,670  170 
   Amcor Ltd. 29,147  170 
   Oil Search Ltd. 51,393  168 
   DB RREEF Trust 99,006  152 
   Boral Ltd. 21,570  141 
   Perpetual Trustees Australia Ltd. 1,969  129 
   Investa Property Group 51,331  127 
* Paladin Resources Ltd. 20,537  122 
   James Hardie Industries NV 18,904  120 
   CSR Ltd. 39,030  110 
   OneSteel Ltd. 13,991  79 
   CFS Gandel Retail Trust 38,831  70 
   Sims Group Ltd. 3,060  70 
   Caltex Australia Ltd. 3,294  69 
   Macquarie Office Trust 48,014  62 
   Publishing & Broadcasting Ltd. 3,728  58 
   ABC Learning Centres Ltd. 9,860  58 
   Macquarie Airports Group 15,568  57 
   Allco Finance Group Ltd. 6,318  57 
* Westfield Group 3,599  57 
   Commonwealth Property Office Fund 39,736  54 
   Macquarie CountryWide Trust 32,075  53 
   Bendigo Bank Ltd. 3,783  52 
   John Fairfax Holdings Ltd. 12,239  50 
   Minara Resources Ltd. 9,492  50 
   Symbion Health Ltd. 13,481  47 
   Billabong International Ltd. 3,196  44 
   Nufarm Ltd. 3,763  42 
   Downer EDI Ltd. 5,872  35 
   Adelaide Bank Ltd. 2,631  34 
   Challenger Financial Services Group Ltd. 7,224  34 
   Futuris Corp., Ltd. 15,109  31 
   Ansell Ltd. 3,035  30 
   Bank of Queensland Ltd. 2,010  30 
   Smorgon Steel Group Ltd. 11,979  28 
   Flight Centre Ltd. 1,718  26 
   Centro Retail Trust 18,364  26 
   Southern Cross Broadcasting (Australia) Ltd. 1,770  26 
   Australand Property Group 12,713  25 
   GWA International Ltd. 6,794  25 
   Paperlinx Ltd. 9,212  25 
   Gunns Ltd. 8,651  25 
   Australian Wealth Management Ltd. 10,413  23 
   Sigma Pharmaceuticals Ltd. 14,348  22 
   Spotless Group Ltd. 5,764  22 
   AWB Ltd. 7,165  22 
   Ten Network Holdings Ltd. 9,665  22 
   SP Ausnet 18,645  21 
   West Australian Newspaper Holdings Ltd. 1,731  21 
   Energy Resources of Australia Ltd. 1,228  21 
   Iluka Resources Ltd. 4,106  21 
   Adelaide Brighton Ltd. 3,140 
   Envestra Ltd. 8,973 
   Corporate Express Australia Limited 1,345 
   Australian Pharmaceutical Industries Ltd. 2,798 
   Austereo Group Ltd. 2,615 
   APN News & Media Ltd. 217 
* Tower Australia Group Ltd. 477 

        31,459 

   Austria (0.4%)
   Erste Bank der Oesterreichischen Sparkassen AG 8,370  630 
   Voestalpine AG 4,889  407 
   OMV AG 4,687  291 
   Telekom Austria AG 11,884  290 
* IMMOEAST Immobilien Anlagen AG 21,134  274 
   Raiffeisen International Bank-Holding AG 1,556  233 
* Immofinanz Immobilien Anlagen AG 11,883  149 
   Wiener Staedtische Allgemeine Versicherung AG 2,040  143 
   Wienerberger AG 1,830  126 
   Oesterreichische Elektrizitaetswirtschafts AG Class A 1,740  85 
   EVN AG 178  20 

        2,648 

   Belgium (0.9%)
   Fortis 22,595  891 
   Dexia 30,932  884 
   Fortis (Amsterdam Shares) 22,391  883 
   KBC Bank & Verzekerings Holding 6,364  828 
   InBev 5,836  470 
   UCB SA 6,480  364 
   Delhaize Group 3,325  309 
   Groupe Bruxelles Lambert SA 2,243  272 
   Solvay SA 1,775  269 
   Belgacom SA 4,702  190 
   Colruyt NV 870  185 
   Umicore 635  144 
   Agfa Gevaert NV 3,046  64 
   Compagnie Nationale a Portefeuille 878  62 
   KBC Ancora 396  43 
   Mobistar SA 274  21 

        5,879 

   Brazil (2.3%)
   Petroleo Brasileiro Series A ADR 27,666  1,545 
   Companhia Vale do Rio Doce ADR 31,059  1,315 
   Cia Vale do Rio Doce ADR 24,650  1,208 
   Petroleo Brasileiro SA ADR 15,104  980 
   Banco Bradesco SA ADR 34,458  897 
   Banco Itau Holding Financeira SA ADR 18,587  850 
   Companhia Siderurgica Nacional SA ADR 9,000  519 
   Itausa-Investimentos Itau SA 71,655  450 
   Petroleo Brasileiro SA 12,800  416 
   Banco do Brasil SA 24,623  388 
   Companhia de Bebidas das Americas Pfd. 535,000  371 
   Embraer-Empresa Brasileira de Aeronautica SA ADR 8,250  357 
   Gerdau SA ADR 12,750  322 
   Petroleo Brasileiro SA Pfd. 10,873  306 
   Tele Norte Leste Participacoes ADR 12,000  255 
   Usiminas-Usinas Siderugicas de Minas Gerais SA Pfd. 3,735  230 
   Brasil Telecom Participacoes ADR 3,450  228 
   Companhia Energetica de Minas Gerais ADR 10,251  209 
* Redecard SA 11,037  188 
   Aracruz Celulose SA ADR 2,953  187 
   Companhia de Concessoes Rodoviarias 10,376  187 
   Companhia de Bebidas das Americas ADR 2,715  186 
   All America Latina Logistica 13,290  182 
   Natura Cosmeticos SA 14,523  174 
   Votorantim Celulose e Papel SA ADR 5,942  141 
^ Braskem SA ADR 7,500  136 
   Tim Participacoes SA Pfd. 37,658  130 
* Net Servicos de Comunicacao SA 7,679  123 
   Bradespar SA Pfd. 2,770  117 
   Sadia SA ADR 2,308  111 
   Companhia Vale do Rio Doce Pfd. Class A 2,500  105 
   Metalurgica Gerdau SA 3,044  102 
   Banco Itau Holding Financeira SA 2,000  91 
   Centrais Electricas Brasileiras SA 3,367,481  89 
   Lojas Americanas SA Pfd. 950,000  85 
   Weg SA 7,535  84 
* Vivo Participacoes SA ADR 18,000  81 
   Tractebel Energia SA 6,370  77 
   Cyrela Brazil Realty SA 6,486  77 
   Suzano Papel e Celulose SA 5,004  70 
* CESP - Companhia Energetica de Sao Paulo 3,879,848  69 
   Companhia Vale do Rio Doce 1,400  68 
   Usinas Siderurgicas de Minas Gerais SA 960  68 
   Companhia de Bebidas das Americas 93,388  65 
   Perdigao SA 3,300  63 
   Tam SA 2,215  60 
   Companhia Brasileira de Distribuicao Grupo Pao de Acucar Pfd. 1,555,000  59 
   Souza Cruz SA 2,500  58 
   Tim Participacoes SA ADR 1,605  55 
   Brasil Telecom SA 6,390  55 
   Duratex SA Pfd. 1,858  54 
   Tele Norte Leste Participacoes SA 1,594  54 
   Companhia Brasileira de Distribuicao Grupo Pao de Acucar Sponsored ADR 1,366  51 
   Tim Participacoes SA 9,168  50 
   Klabin SA 14,700  50 
   Gol - Linhas Aereas Inteligentes SA Pfd. 2,000  50 
   Companhia de Saneamento Basico do Estado de Sao Paulo 1,992  47 
   Companhia Paranaense de Energia-COPEL ADR 2,700  44 
   Brasil Telecom Participacoes SA 1,970  44 
   Electropaulo Metropolitana SA 674,000  44 
   Telemig Celular Participacoes ADR 595  33 
   Companhia Paranaense de Energia-COPEL 1,940,000  32 
   Porto Seguro SA 750  29 
   Localiza Rent a Car SA 2,461  25 
   Gerdau SA 1,000  21 
   Companhia Energetica de Minas Gerais Pfd. 1,000  20 
   Telmar Norte Leste SA 600  20 
   Acesita SA 500  19 
   Telesp - Telecomunicacoes de Sao Paulo SA Pfd. 600  19 
   Cosan SA Industria e Comercio 1,100  19 
   AES Tiete SA 500,000  18 
   Energias do Brasil SA 1,000  18 
   Telesp - Telecomunicacoes de Sao Paulo S.A. 500  15 
   CPFL Energia SA 800  15 
   Bradespar SA 300  13 
   Confeccoes Guararapes SA 200  11 
   Companhia Energetica de Minas Gerais 412 
   Banco Nossa Caixa SA 500 
   Telemig Celular Participacoes SA 964,000 

        15,027 

   Canada (5.2%)
   Royal Bank of Canada 43,526  2,207 
   Manulife Financial Corp. 53,191  1,940 
   Bank of Nova Scotia, Halifax 34,409  1,595 
   EnCana Corp. 25,880  1,584 
   Toronto-Dominion Bank 24,597  1,574 
   Suncor Energy, Inc. 15,421  1,394 
* Research in Motion Ltd. 6,489  1,393 
   Canadian Natural Resources Ltd. 18,197  1,249 
   Alcan Inc. 12,564  1,220 
   Bank of Montreal, Quebec 17,100  1,067 
   Canadian Imperial Bank of Commerce 12,043  1,044 
   Barrick Gold Corp. 29,035  954 
   Sun Life Financial Services of Canada 20,042  947 
   Petro-Canada 16,467  898 
   Canadian National Railway Co. 17,214  896 
   Potash Corp. of Saskatchewan, Inc. 10,369  833 
   Rogers Communications, Inc. Class B 16,984  768 
   Brookfield Asset Management Inc. 20,157  706 
   TransCanada Corp. 18,059  652 
   Talisman Energy, Inc. 35,011  640 
   Teck Cominco Ltd. Class B 14,372  637 
   Imperial Oil Ltd. 13,135  612 
   Goldcorp Inc. 23,243  590 
   Nexen Inc. 18,638  578 
   Power Corp. of Canada 15,000  546 
   Cameco Corp. 11,510  467 
   Enbridge Inc. 12,800  454 
   Power Financial Corp. 12,000  450 
   Canadian Pacific Railway Ltd. 6,000  442 
   Shoppers Drug Mart Corp. 9,000  441 
   National Bank of Canada 6,643  379 
   BCE Inc. 9,205  348 
   Magna International 3,733  327 
   Husky Energy Inc. 8,242  326 
   Shaw Communications Inc. 13,400  318 
   Nortel Networks Corp. 14,253  309 
   Bombardier Inc. Class B 46,415  281 
   Thomson Corp. 6,623  275 
   Great-West Lifeco Inc. 7,948  261 
   Agrium, Inc. 6,000  252 
   Brookfield Properties Corp. 10,250  233 
   George Weston Ltd. 3,000  217 
   Loblaw Cos., Ltd. 4,497  209 
   Canadian Tire Corp. Class A 2,502  194 
   TransAlta Corp. 5,543  158 
   IGM Financial, Inc. 2,866  144 
   Finning International Inc. 4,760  125 
   Biovail Corp. 6,000  114 
* Cognos Inc. 2,200  88 
   Telus Corp. 1,437  80 
   Nova Chemicals Corp. 2,008  77 
   MDS Inc. 4,000  76 
* CGI Group Inc. 7,178  74 
   Canadian Utilities Ltd. 1,621  73 
   Telus Corp. Non Voting Shares 1,283  70 
   Saputo Inc. 1,395  67 
* Celestica, Inc. 3,900  23 
   Bombardier Inc. Class A 900 

        33,881 

   Chile (0.2%)
   Empresa Nacional de Electricidad SA ADR 5,333  234 
   Empresas Copec SA 13,886  221 
   Enersis SA ADR 10,770  191 
   Compania de Telecomunicaciones de Chile SA ADR 15,390  144 
   Banco Santander Chile SA ADR 2,984  142 
   S.A.C.I. Falabella, SA 23,452  120 
   Sociedad Quimica y Minera de Chile ADR 725  119 
   Distribucion y Servicio SA ADR 3,411  109 
   CAP SA 2,800  68 
   Cencosud SA 14,700  61 
   Lan Airlines SA 2,500  40 
   Banco de Credito e Inversiones 1,188  39 
   Empresa Nacional de Telecomunicaciones SA 2,000  33 
   Colburn SA 86,300  19 
   Compania Cervecerias Unidas SA 1,800  13 
   Banco de Chile 132,979  11 
   Corpbanca 1,319,400 
   Embotelladora Andina SA Pfd. Class B 2,200 

        1,579 

   China (2.3%)
   China Mobile (Hong Kong) Ltd. 199,500  2,292 
   China Life Insurance Co., Ltd. 253,000  1,091 
   PetroChina Co. Ltd. 732,000  1,079 
   China Construction Bank 900,000  667 
   China Petroleum & Chemical Corp. 572,000  607 
   Ping An Insurance (Group) Co. of China Ltd. 66,500  568 
   Bank of China 1,010,000  531 
   China Shenhua Energy Co. Ltd. H-Shares 128,000  502 
   China Communications Construction Co., Ltd. 181,000  406 
   China Overseas Land & Investment Ltd. 180,000  381 
   China Merchants Bank Co., Ltd. Class H 105,500  378 
   CITIC Pacific Ltd. 72,000  370 
   China Resources Enterprise Ltd. 84,000  333 
   China Merchants Holdings International Co. Ltd. 66,000  320 
* PICC Property and Casualty Co., Ltd. 240,000  304 
   China Telecom Corp. Ltd. 524,000  303 
* China Coal Energy Co. 149,000  276 
   Bank of Communications Ltd. Class H 223,000  242 
   Fujian Zijin Mining Industry Co., Ltd. 300,000  229 
   Air China Ltd. 244,000  215 
   Cosco Pacific Ltd. 82,000  214 
   Huaneng Power International, Inc. H Shares 184,000  208 
   Beijing Datang Power Generation Co., Ltd. 220,000  188 
   China Unicom Ltd. 104,000  186 
   Denway Motors Ltd. 354,000  163 
   Aluminum Corp. of China Ltd. 80,000  161 
   Shanghai Electric Group Co., Ltd. Class H 268,000  126 
   Yanzhou Coal Mining Co. Ltd. H Shares 54,000  97 
   China Shipping Development Co. 36,000  93 
   China COSCO Holdings Co., Ltd. 52,300  92 
   China Mengniu Dairy Co., Ltd. 26,000  92 
   Nine Dragons Paper Holdings Ltd. 31,000  91 
   China International Marine Containers (Group) Co.,Ltd. 35,237  86 
   Guangzhou R&F Properties Co. Ltd. 23,600  86 
   China Resources Power Holdings Co., Ltd. 32,000  82 
   Shanghai Zhenhua Port Machinery Co., Ltd. Class B 33,100  70 
   China Resources Land Ltd. 38,000  69 
   Beijing Capital International Airport Co., Ltd. 40,000  67 
   Jiangxi Copper Co. Ltd. 34,000  64 
   Anhui Conch Cement Co. Ltd. 10,000  64 
   China Shipping Container Lines Co. Ltd. 74,000  61 
   Angang Steel Co., Ltd. 22,000  61 
   China Vanke Co., Ltd. 20,200  58 
   China Oilfield Services Ltd. 40,000  58 
   Lenovo Group Ltd. 84,000  56 
* China Molybdenum Co. Ltd. 23,000  49 
   Zhejiang Expressway Co., Ltd. 42,000  48 
* China Everbright Ltd. 20,000  46 
   China Travel International 68,000  45 
   Shanghai Industrial Holding Ltd. 9,000  39 
   Maanshan Iron and Steel Co. Ltd. 42,000  37 
   Dongfeng Motor Corp. 62,000  36 
   Sinopec Shanghai Petrochemical Co. Ltd. 56,000  35 
   Beijing Enterprises Holdings Ltd. 8,000  34 
   Parkson Retail Group Ltd. 4,500  34 
   BYD Co. Ltd. 4,500  32 
   Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B 13,000  32 
   Shenzhen Investment Ltd. 36,808  31 
   Weiqiao Textile Co. Ltd. 14,500  31 
   Jiangsu Expressway Co. Ltd. H Shares 30,000  30 
   TPV Technology Ltd. 38,000  29 
   Guangdong Investment Ltd. 44,000  29 
   The Guangshen Railway Co., Ltd. 36,000  28 
* China Southern Airlines Co. Ltd. 32,000  27 
   Global Bio-chem Technology Group Co. Ltd. 48,000  23 
   Sinotrans Ltd. 46,000  22 
   Chaoda Modern Agriculture Holdings Ltd. 28,000  21 
   ZTE Corp. 4,400  21 
* Semiconductor Manufacturing International Corp. 152,000  20 
   Zhejiang Southeast Electric Power Co., Ltd. 14,100  19 
   Huadian Power International Corp. Ltd. 40,000  19 
   Tsingtao Brewery Co., Ltd. 8,000  18 
   Yantai Changyu Pioneer Wine Co. Ltd. 3,100  17 
   Guangdong Electric Power Development Co., Ltd. 16,400  16 
   China Merchants Property Development Co., Ltd. 3,000  16 
* Dazhong Transportation Group Co., Ltd. B-Shares 6,200  13 
   Guangzhou Investment Co. Ltd. 40,000  13 
   Inner Mongolia Eerduosi Cashmere Products Co. Ltd. 10,300  11 
   China Foods Ltd. 16,000  11 
* Brilliance China Automotive Holdings Ltd. 40,000  11 
* China Eastern Airlines Corp. Ltd. 22,000  10 
   CSG Holding Co. Ltd. 7,900 
   Travelsky Technology Ltd. 10,000 
   Shenzhen Expressway Co. Ltd. 10,000 
   Chongqing Changan Automobile Co., Ltd. 8,880 
   Shandong Chenming Paper Holdings Ltd. Class B 9,800 
   Bengang Steel Plates Co., Ltd. 7,000 
   Great Wall Motor Co., Ltd. 5,500 
   Shanghai Haixan Group Co. Ltd. Class B 8,200 
   Shenzhen Chiwan Wharf Holdings Ltd. Class B 3,200 
* Sinopec Yizheng Chemical Fibre Co., Ltd. 20,000 
   Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B 4,300 
* BOE Technology Group Co. Ltd. Class B 19,500 
   Anhui Expressway Co., Ltd. 8,000 
   Shanghai Mechanical and Electrical Industry Co. Ltd. ClassB 3,200 
   Huadian Energy Co. Ltd. 7,600 
   Guangdong Provincial Expressway Development Co., Ltd. 6,100 
* Shanghai Chlor-Alkali Chemical Co. Ltd. Class B 7,100 
   Shanghai Friendship Group Inc. Co. Class B 2,900 
   Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B 2,800 
   Shanghai Jinjiang International Hotels Development Co., Ltd. Class B 2,700 
   Double Coin Holdings, Ltd. Class B 4,300 
* Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B 3,500 
   Weifu High-Technology Co., Ltd. 2,000 
   Guangzhou Pharmaceutical Co., Ltd. 4,000 
* Jinzhou Port Co., Ltd. 3,300 
   Jiangling Motors Corp. Ltd. 1,800 
   Tianjin Capital Environmental Protection Co., Ltd. 4,000 
* Shenzhen Special Economic Zone Real Estate Group Co. Ltd. Class B 2,100 

        14,811 

   Colombia (0.0%)
   Bancolombia SA ADR 6,386  227 

   Czech Republic (0.1%)
   Ceske Energeticke Zavody a.s. 5,979  311 
   Komercni Banka a.s. 1,273  252 
   Cesky Telecom a.s. 7,257  205 
   Zentiva NV 500  29 
* Unipetrol a.s. 1,804  26 

        823 

   Denmark (0.7%)
   Danske Bank A/S 24,102  1,015 
   Novo Nordisk A/S B Shares 9,650  1,012 
   AP Moller-Maersk A/S A Shares 51  665 
   AP Moller-Maersk A/S B Shares 46  607 
* Vestas Wind Systems A/S 6,400  424 
   Novozymes A/S 1,300  153 
* Jyske Bank A/S 1,722  136 
   Carlsberg A/S B Shares 1,039  133 
   Danisco A/S 1,300  97 
   Coloplast A/S B Shares 812  67 
* William Demant A/S 600  59 
   H. Lundbeck A/S 900  23 

        4,391 

   Egypt (0.1%)
   Orascom Telecom Holding SAE GDR 3,930  262 
   Orascom Construction Industries GDR 1,297  182 

        444 

   Finland (1.0%)
   Nokia Oyj 133,917  3,826 
   Fortum Oyj 15,298  494 
   Sampo Oyj A Shares 16,380  491 
   UPM-Kymmene Oyj 15,782  351 
   Stora Enso Oyj R Shares 18,318  315 
   Neste Oil Oyj 7,970  285 
   Metso Oyj 4,056  257 
   Kone Oyj 3,598  241 
   Outokumpu Oyj A Shares 3,717  115 
   TietoEnator Oyj B Shares 1,808  44 
   SanomaWSOY Oyj 1,207  39 

        6,458 

   France (8.1%)
   Total SA 81,812  6,443 
   BNP Paribas SA 31,715  3,486 
   Sanofi-Aventis 34,450  2,886 
   AXA 71,344  2,784 
   Societe Generale Class A 15,757  2,708 
   Suez SA 43,636  2,295 
   France Telecom SA 66,278  1,782 
   Carrefour SA 24,166  1,714 
   Vivendi SA 39,030  1,658 
   Cie. de St. Gobain SA 12,533  1,383 
   LVMH Louis Vuitton Moet Hennessy 12,349  1,380 
   Groupe Danone 17,911  1,302 
   L'Oreal SA 10,494  1,198 
   Vinci SA 16,245  1,164 
   Veolia Environnement 15,557  1,156 
   Schneider Electric SA 8,157  1,088 
   Air Liquide SA 8,355  1,081 
   Lafarge SA 6,045  1,024 
   Renault SA 6,927  1,001 
   Alcatel-Lucent 75,482  881 
   Electricite de France 8,668  878 
   Credit Agricole SA 21,918  837 
   Alstom 4,630  833 
   Pernod Ricard SA 3,837  806 
   Bouygues SA 8,776  703 
   Accor SA 7,985  680 
   Unibail Co. 2,694  636 
   Pinault-Printemps-Redoute SA 3,570  622 
   PSA Peugeot Citroen 5,777  486 
   Compagnie Generale des Etablissements Michelin SA 3,677  485 
   Essilor International SA 7,814  477 
   STMicroelectronics NV 22,580  388 
   Lagardere S.C.A. 4,863  384 
   Vallourec SA 1,372  355 
   Christian Dior SA 2,730  336 
   Eiffage SA 2,476  331 
   Technip SA 4,050  331 
   Cap Gemini SA 4,842  318 
   Gaz de France 6,670  310 
   Natixis 12,725  282 
   Hermes International 2,654  268 
   CNP Assurances 2,040  267 
   Sodexho Alliance SA 3,951  261 
   Air France 5,623  253 
   Publicis Groupe SA 5,186  222 
   Thales SA 3,720  213 
   Unibail-Rodamco 856  205 
   Societe Television Francaise 1 5,340  178 
   Etablissements Economiques du Casino Guichard-Perr 1,800  175 
   Safran SA 6,780  169 
   Wendel Investissement 919  165 
   Klepierre 1,014  156 
   Thomson SA 9,240  152 
   Valeo SA 2,638  135 
* Atos Origin SA 2,195  129 
   Dassault Systemes SA 1,889  113 
* Arkema 1,684  109 
   Eurazeo 747  105 
   Imerys SA 1,056  103 
   Legrand SA 2,958  102 
   Aeroports de Paris (ADP) 821  92 
   PagesJaunes SA 3,883  78 
   Societe BIC SA 995  72 
   Ciments Francais SA 310  70 
   Societe des Autoroutes Paris-Rhin-Rhone 552  54 
   JCDecaux SA 1,626  50 
   Gecina SA 304  49 
   Euler Hermes SA 333  49 

        52,886 

   Germany (6.2%)
   Siemens AG 30,313  3,837 
   E.On AG 22,359  3,518 
   Allianz AG 15,238  3,240 
   DaimlerChrysler AG (Registered) 35,208  3,189 
   Deutsche Bank AG 17,631  2,388 
   BASF AG 16,624  2,150 
   Deutsche Telekom AG 112,291  1,937 
   Bayer AG 25,547  1,808 
   SAP AG 32,107  1,738 
   RWE AG 12,933  1,374 
   Muenchener Rueckversicherungs-Gesellschaft AG (Registered) 7,483  1,289 
   Volkswagen AG 7,134  1,286 
   Commerzbank AG 21,975  945 
   Deutsche Post AG 30,128  880 
   Deutsche Boerse AG 7,319  851 
   Man AG 4,992  721 
   ThyssenKrupp AG 12,890  713 
   Continental AG 4,913  708 
   Bayerische Motoren Werke AG 10,140  629 
   Linde AG 4,500  533 
   Porsche AG 292  530 
   Adidas AG 7,144  434 
   Metro AG 5,353  416 
   Volkswagen AG Pfd. 3,586  405 
* Infineon Technologies AG 24,300  400 
   Henkel KGaA 6,930  374 
   Salzgitter AG 1,770  360 
* TUI AG 12,044  340 
   Fresenius Medical Care AG 7,218  340 
   Beiersdorf AG 4,590  319 
   Henkel KGaA 5,724  280 
   Hypo Real Estate Holding AG 4,332  264 
   Depfa Bank PLC 12,282  250 
   Deutsche Postbank AG 3,000  233 
   Deutsche Lufthansa AG 7,859  221 
   Celesio AG 3,358  202 
   Fresenius AG PFD 2,117  168 
   Wacker Chemie AG 600  147 
   Hannover Rueckversicherung AG 3,120  139 
   Heidelberger Druckmaschinen AG 2,640  129 
   Lanxess 2,321  125 
   Fraport AG 1,770  120 
   HeidelbergerCement AG 818  120 
* Arcandor AG 3,720  114 
   Fresenius AS 847  61 
   Merck KGaA 473  59 
   Altana AG 1,925  45 
   Puma AG 85  34 
   Suedzucker AG 1,184  23 
   MLP AG 1,230  22 

        40,408 

   Greece (0.5%)
   National Bank of Greece SA ADR 97,818  1,157 
   Hellenic Telecommunications Organization SA ADR 33,637  506 
   Alpha Credit Bank SA 13,445  451 
   EFG Eurobank Ergasias 10,454  371 
   Bank of Piraeus 7,676  272 
   Greek Organization of Football Prognostics 6,307  216 
   Coca-Cola Hellenic Bottling Co. SA 2,639  118 
   Cosmote Mobile Communications SA 3,630  109 
   Public Power Corp. 3,200  95 
   Titan Cement Co. SA 1,408  72 
   Hellenic Petroleum SA 2,990  44 
* Commercial Bank of Greece SA 980  28 
   National Bank of Greece SA 180  11 

        3,450 

   Hong Kong (2.1%)
   Hutchison Whampoa Ltd. 109,000  1,159 
   Cheung Kong Holdings Ltd. 61,000  856 
   Industrial and Commercial Bank of China 1,394,000  850 
   Sun Hung Kai Properties Ltd. 64,409  819 
   Hong Kong Exchanges & Clearing Ltd. 45,000  734 
   CNOOC Ltd. 543,000  646 
   Hang Seng Bank Ltd. 27,100  427 
   CLP Holdings Ltd. 63,000  423 
   Esprit Holdings Ltd. 31,500  421 
   Swire Pacific Ltd. A Shares 36,500  413 
   Hong Kong & China Gas Co., Ltd. 173,500  402 
   Bank of East Asia Ltd. 60,000  358 
   Li & Fung Ltd. 100,000  346 
   Hang Lung Properties Ltd. 87,000  320 
   Hong Kong Electric Holdings Ltd. 60,000  298 
   Hongkong Land Holdings Ltd. 70,000  295 
   Boc Hong Kong Holdings Ltd. 113,500  291 
   Henderson Land Development Co. Ltd. 37,000  267 
* Foxconn International Holdings Ltd. 90,000  258 
   Hang Lung Development Co., Ltd. 52,000  255 
   Wharf Holdings Ltd. 57,000  235 
   Wing Hang Bank Ltd. 15,000  188 
   New World Development Co., Ltd. 75,000  183 
   Kingboard Chemical Holdings Ltd. 30,000  165 
   Tencent Holdings Ltd. 36,000  164 
   Shangri-La Asia Ltd. 68,000  161 
   Tingyi Holding Corp. 120,000  141 
   Sino Land Co. 56,000  125 
   Techtronic Industries Co., Ltd. 105,000  123 
   China Netcom Group Corp. Hong Kong Ltd. 46,000  117 
   Link REIT 52,000  108 
   Hopewell Holdings Ltd. 24,000  104 
   Cathay Pacific Airways Ltd. 39,000  102 
   MTR Corp. 40,000  100 
   Kerry Properties Ltd. 13,000  94 
   Shimao Property Holdings Ltd. 32,094  85 
   PCCW Ltd. 122,000  75 
* Country Garden Holdings Co. 60,000  74 
   Orient Overseas International Ltd. 6,000  71 
* China Citic Bank 90,700  70 
   Hengan International Group Co. Ltd. 19,622  66 
   Agile Property Holdings, Inc. 36,000  63 
   Television Broadcasts Ltd. 8,000  55 
   Henderson Investment Ltd. 33,000  54 
   ASM Pacific Technology Ltd. 5,500  50 
   Wheelock and Co. Ltd. 19,000  49 
   Hysan Development Co., Ltd. 19,000  49 
* China Insurance International Holdings Co., Ltd. 20,000  48 
   CITIC International Financial Holdings Ltd. 56,000  46 
   Guoco Group 3,000  44 
   Lee & Man Paper Manufacturing Ltd. 10,000  43 
   Hutchison Telecommunications International Ltd. 34,000  42 
   Hong Kong Aircraft & Engineering Co., Ltd. 2,400  42 
   First Pacific Co. Ltd. 58,000  42 
   Shun Tak Holdings Ltd. 26,000  40 
   Chinese Estates Holdings 22,000  40 
   Cheung Kong Infrastructure Holdings Ltd. 11,000  39 
   Yue Yuen Industrial (Holdings) Ltd. 12,000  37 
   CNPC Hong Kong Limited 60,000  37 
   Hopson Development Holdings Ltd. 10,000  36 
   Greentown China Holdings Ltd. 14,000  33 
* Galaxy Entertainment Group Ltd. 32,000  32 
   Johnson Electric Holdings Ltd. 44,500  24 
   Dah Sing Financial Group 2,000  18 
   Wing Lung Bank Ltd. 1,700  18 
   Hong Kong and Shanghai Hotels Ltd. 10,500  17 
   Industrial and Commercial Bank of China Ltd. 7,000  17 
   Shenzhen International Holdings Ltd. 135,000  16 
   Great Eagle Holdings Ltd. 4,000  15 
   Melco International Development Corp. 9,000  13 
   Hopewell Highway Infrastructure Ltd. 13,000  12 
   Cafe De Coral Holdings Ltd. 6,000  11 
   Giordano International Ltd. 22,000  10 
   Texwinca Holdings Ltd. 10,000 
   Mandarin Oriental International Ltd. 4,000 
   Beijing North Star Co. Ltd. 10,000 
   Chong Hing Bank Ltd. 3,000 
   Dah Sing Banking Group Ltd. 2,800 
   Lianhua Supermarket Holdings Ltd. Class H 4,000 
   SCMP Group Ltd. 16,000 
   Next Media Ltd. 14,000 
   SmarTone Telecommunications Ltd. 4,000 
   Fubon Bank (Hong Kong) Ltd. 6,000 
   Public Financial Holdings Ltd. 4,000 
   Hutchinson Harbour Ring Ltd. 38,000 
   Oriental Press Group Ltd. 14,000 
   I-Cable Communications Ltd. 9,000 

        13,556 

   Hungary (0.2%)
   OTP Bank Rt. 9,600  536 
   MOL Hungarian Oil and Gas Nyrt. 2,574  396 
   Richter Gedeon Rt. 900  182 
   Magyar Tavkozlesi Rt. 10,260  53 

        1,167 

   India (1.6%)
   Infosys Technologies Ltd. ADR 21,494  1,066 
   Reliance Industries Ltd. GDR 10,450  977 
* Bharti Airtel Ltd. 25,115  556 
   State Bank of India GDR 5,553  508 
   ICICI Bank Ltd. ADR 10,879  482 
   Satyam Computer Services Ltd. ADR 17,497  466 
   Larsen & Toubro Ltd. 6,913  441 
   ITC Ltd. 96,459  404 
   HDFC Bank Ltd. ADR 4,188  363 
   Reliance Communication Ventures 25,369  347 
^ Wipro Ltd. ADR 23,556  344 
   Housing Development Finance Corp. Ltd. 5,097  251 
* Dr. Reddy's Laboratories Ltd. ADR 12,425  195 
   Mahanagar Telephone Nigam Ltd. ADR 26,405  193 
   Oil and Natural Gas Corp. Ltd. 8,212  184 
   Tata Iron and Steel Co. Ltd. 11,144  179 
   Bharat Heavy Electricals Ltd. 4,022  170 
   Videsh Sanchar Nigam Ltd. ADR 7,311  168 
   Hindustan Lever Ltd. 24,217  123 
   Grasim Industries Ltd. 1,681  122 
   Reliance Industries Ltd. 2,541  118 
   Tata Consultancy Services Ltd. 4,047  115 
   Bajaj Auto Ltd. 1,855  107 
* Idea Cellular Ltd. 30,999  99 
   Hindalco Industries Ltd. 22,456  93 
* DLF Ltd. 6,032  91 
   NTPC Ltd. 22,130  90 
   Reliance Capital Ltd. 2,937  86 
   Jaiprakash Associates Ltd. 3,984  81 
   Unitech, Ltd. 5,941  81 
   UTI Bank Ltd. 5,151  79 
   Infrastructure Development Finance Co., Ltd. 20,588  68 
   Cipla Ltd. 14,224  66 
   Suzlon Energy Ltd. 2,105  66 
   Siemens India Ltd. 2,057  64 
* Reliance Petroleum Ltd. 22,010  60 
   Asea Brown Boveri India Ltd. 2,075  58 
   Kotak Mahindra Bank 3,172  57 
   Tata Motors Ltd. 3,278  56 
   Steel Authority of India Ltd. 15,152  56 
   Reliance Energy Ltd. 2,739  53 
   Gail India Ltd. 6,204  51 
   Sterlite Industries (India) Ltd. 2,733  44 
   GlaxoSmithKline Pharmaceuticals (India) Ltd. 1,554  44 
   Maruti Udyog Ltd. 2,120  44 
   Tata Power Co. Ltd. 2,420  44 
   Zee Entertainment Enterprises 5,194  41 
   Mahindra & Mahindra Ltd. 2,084  37 
   HCL Technologies Ltd. 4,869  37 
   Gujarat Ambuja Cements Ltd. 11,129  36 
   Nicholas Piramal India Ltd. 5,112  34 
   Sun Pharmaceutical Industries Ltd. 1,430  33 
   Hero Honda Motors Ltd. 1,953  32 
* Cairn India Ltd. 8,634  31 
   Associated Cement Cos. Ltd. 1,146  30 
   Bharat Forge Ltd. 4,045  28 
   Indian Petrochemicals Corp., Ltd. 3,035  28 
   Ultratech Cemco Ltd. 1,229  28 
   Bank of India 4,262  27 
   Hindustan Petroleum Corp., Ltd. 4,149  26 
   Ranbaxy Laboratories Ltd. 2,721  26 
   Tata Chemicals Ltd. 4,022  26 
   Indian Oil Corporation Ltd. 2,569  25 
   Bharat Electronics Ltd. 587  25 
   Great Eastern Shipping Co. 2,990  25 
   Moser Baer India Ltd. 3,243  24 
   Lupin Ltd. 1,473  23 
   Nestle India Ltd. 764  22 
   Canara Bank Ltd. 3,491  22 
   I-Flex Solutions Ltd. 409  22 
   Bharat Petroleum Corp. Ltd. 2,795  22 
   Colgate-Palmolive (India) Ltd. 2,083  21 
   Dabur India Ltd. 7,815  20 
   Asian Paints (India) Ltd. 896  19 
   Mphasis Ltd. 2,267  16 
* GMR Infrastructure Ltd. 576  12 
   Union Bank of India Ltd. 2,930  11 
   Industrial Development Bank of India Ltd. 3,143 
   Great Offshore Ltd. 414 
   Bank of Baroda 1,056 
   National Aluminium Co., Ltd. 1,121 
   Tech Mahindra Ltd. 221 
   Ashok Leyland Ltd. 7,675 
   Wockhardt Ltd. 500 
   Jet Airways (India) Ltd. 250 
   Shipping Corp. of India Ltd. 819 
   Corporation Bank 416 
   Cadila Healthcare Ltd. 364 
   Castrol (India) Ltd. 358 
   TVS Motor Co. Ltd. 1,378 

        10,289 

   Indonesia (0.2%)
   PT Astra International Tbk 177,500  354 
   PT Telekomunikasi Indonesia Tbk 271,500  323 
   PT Bank Central Asia Tbk 433,500  291 
   PT Bumi Resources Tbk 519,500  149 
   PT Bank Rakyat Indonesia Tbk 148,000  99 
   PT Indonesian Satellite Corp. Tbk 59,000  46 
   PT Perusahaan Gas Negara Tbk 46,000  45 
   PT Bank Mandiri Tbk 100,000  37 
   PT International Nickel Indonesia Tbk 5,000  30 
   PT Unilever Indonesia Tbk 37,500  30 
   PT Semen Gresik Tbk 4,500  25 
   PT Bank Danamon Tbk 27,500  25 
   PT Indofood Sukses Makmur Tbk 99,500  21 
   PT Gudang Garam Tbk 16,500  18 
* PT Bank Indonesia Tbk 145,000  11 
   PT Ramayana Lestari Sentosa Tbk 49,000 

        1,509 

   Ireland (0.6%)
   CRH PLC 18,491  821 
   Allied Irish Banks PLC 30,240  785 
   Bank of Ireland 33,175  620 
   Anglo Irish Bank Corp. PLC 25,973  481 
* Elan Corp. PLC 16,236  299 
   Irish Life & Permanent PLC 9,276  223 
* Ryanair Holdings PLC 25,052  180 
   Kerry Group PLC A Shares 5,003  133 

        3,542 

   Israel (0.3%)
   Teva Pharmaceutical Industries Ltd. 23,110  973 
   Israel Chemicals Ltd. 46,270  377 
   Bank Hapoalim Ltd. 41,020  193 
   Bezeq Israeli Telecommunication Corp., Ltd. 93,150  151 
* NICE Systems Ltd. 4,260  141 
   Bank Leumi Le-Israel 32,400  119 
   Makhteshim-Agan Industries Ltd. 15,450  112 
   Partner Communications Co. Ltd. 1,900  31 
   The Israel Corp. Ltd. 33  23 
   Elbit Systems Ltd. 500  20 
   United Mizrahi Bank Ltd. 2,700  19 
   Africa-Israel Investments Ltd. 200  18 
* Koor Industries Ltd. 100 
   Harel Insurance Investments Ltd. 100 
* Clal Insurance Enterprise Holdings Ltd. 200 
   IDB Development Corp. Ltd. 100 
   Discount Investment Corp. Ltd. 100 
* Israel Discount Bank Ltd. 1,000 
   Osem Investment Ltd. 200 
* Retalix Ltd. 100 
   Delek Group, Ltd.
* Alvarion Ltd. 151 
   IDB Holding Corp., Ltd. 51 
   Blue Square-Israel Ltd. 100 
   Ormat Industries Ltd. 116 
* Given Imaging Ltd. 47 
   Gazit Globe (1982) Ltd. 117 
   The Phoenix Holdings Ltd. 278 
* Super Sol Ltd. 300 
   Clal Industries and Investments Ltd. 200 
   Delek Automotive Systems Ltd. 100 
   Property & Building Corp.
   Migdal Insurance Holdings Ltd. 700 
* First International Bank of Israel Ltd. -ILS .05 Par 82 
* First International Bank of Israel Ltd. -ILS .01 Par 411 

        2,225 

   Italy (3.2%)
   Eni SpA 95,384  3,338 
   Intesa Sanpaolo SpA 298,146  2,255 
   Unicredito Italiano SpA 261,319  2,217 
   Assicurazioni Generali SpA 47,981  1,885 
   Enel SpA 152,841  1,578 
   Telecom Italia SpA 444,637  1,190 
   Fiat SpA 27,579  811 
* Banco Popolare SpA 26,285  649 
   Capitalia SpA 66,200  624 
   Unione Di Banche Italiane ScpA 21,534  532 
   Saipem SpA 12,564  449 
   Telecom Italia SpA RNC 204,231  441 
   Atlantia SpA 11,940  403 
   Finmeccanica SpA 12,840  385 
   Banca Monte dei Paschi di Siena SpA 51,602  328 
   Mediaset SpA 29,346  305 
   Terna SpA 76,283  259 
   Mediobanca Banca di Credito Finanziaria SpA 12,094  254 
   Banca Popolare di Milano SpA 17,130  246 
   Parmalat SpA 62,520  222 
   Fondiaria - Sai SpA 4,620  221 
   Banca Popolare dell'Emilia Romagna Scrl 8,541  207 
* Pirelli & C. Accomandita per Azioni SpA 169,380  191 
   Autogrill SpA 7,740  161 
   AEM SpA 42,427  140 
   IFIL Investments SpA 12,661  133 
   Italcementi SpA 4,844  133 
   Snam Rete Gas SpA 23,850  131 
   Alleanza Assicurazioni SpA 10,325  130 
   Luxottica Group SpA 3,349  122 
   Lottomatica SpA 3,226  119 
   RCS Media Group SpA 13,785  77 
   Compagnia Assicuratrice Unipol SpA 21,950  70 
   Banca Carige SpA 14,812  69 
   Seat Pagine Gialle SpA 100,087  55 
   Saras SpA Raffinerie Sarde 9,281  55 
   Bulgari SpA 3,655  53 
   Italcementi SpA Risp. 1,529  27 
   Mediolanum SpA 3,154  24 
   Compagnia Assicuratrice Unipol SpA 6,354  21 
   Benetton Group SpA 1,053  17 
   Gruppo Editoriale L'Espresso SpA 3,122  16 

        20,543 

   Japan (15.5%)    
   Toyota Motor Corp. 91,500  5,563 
   Mitsubishi UFJ Financial Group 374  3,991 
   Canon, Inc. 45,100  2,384 
   Sumitomo Mitsui Financial Group, Inc. 259  2,341 
   Mizuho Financial Group, Inc. 301  2,120 
   Sony Corp. 33,800  1,805 
   Nintendo Co. 3,500  1,687 
   Honda Motor Co., Ltd. 46,100  1,674 
   Matsushita Electric Industrial Co., Ltd. 90,000  1,645 
   Takeda Pharmaceutical Co. Ltd. 22,600  1,472 
   Nippon Steel Corp. 175,000  1,316 
   Mitsui & Co., Ltd. 54,000  1,269 
   Nomura Holdings Inc. 65,300  1,239 
   Mitsubishi Corp. 41,500  1,226 
   Komatsu Ltd. 34,600  1,092 
   JFE Holdings, Inc. 15,200  1,042 
   Japan Tobacco, Inc. 181  920 
   Tokyo Electric Power Co. 34,100  910 
   Mitsubishi Estate Co., Ltd. 34,000  865 
   NTT DoCoMo, Inc. 612  850 
   Toshiba Corp. 90,000  844 
   Mitsubishi Heavy Industries Ltd. 120,000  843 
   Millea Holdings, Inc. 21,100  839 
   Nissan Motor Co., Ltd. 75,500  816 
   Shin-Etsu Chemical Co., Ltd. 10,900  805 
   Nippon Telegraph and Telephone Corp. 178  774 
   East Japan Railway Co. 103  764 
   Mitsui Fudosan Co., Ltd. 29,000  757 
   KDDI Corp. 113  750 
   Orix Corp. 3,050  732 
   Sumitomo Metal Industries Ltd. 125,000  720 
   Mitsui Sumitomo Insurance Co. 60,000  692 
   Murata Manufacturing Co., Ltd. 9,000  672 
   Fanuc Co., Ltd. 6,200  671 
   Seven and I Holdings Co., Ltd. 23,700  666 
   Hitachi Ltd. 90,000  647 
   Mitsubishi Electric Corp. 60,000  638 
   Kyocera Corp. 6,500  632 
   Central Japan Railway Co. 60  620 
   Sumitomo Corp. 31,000  600 
   Astellas Pharma Inc. 14,500  596 
   Itochu Corp. 47,000  590 
   Fuji Photo Film Co., Ltd. 13,200  578 
   Daiwa Securities Group Inc. 53,000  562 
   Denso Corp. 14,900  561 
   Kansai Electric Power Co., Inc. 24,800  550 
   Daiichi Sankyo Co., Ltd. 19,000  525 
   Sharp Corp. 29,000  500 
   Kao Corp. 18,000  496 
   Chubu Electric Power Co. 19,700  494 
   T & D Holdings, Inc. 7,500  490 
   Sumitomo Metal Mining Co. 20,000  485 
   Nippon Yusen Kabushiki Kaisha Co. 48,000  484 
   Marubeni Corp. 50,000  479 
   Sumitomo Realty & Development Co. 16,000  475 
   Mitsui OSK Lines Ltd. 30,000  468 
   Bridgestone Corp. 21,000  443 
   Tokyo Electron Ltd. 6,000  432 
   Mitsubishi Chemical Holdings Corp. 47,000  427 
   Sumitomo Trust & Banking Co., Ltd. 49,000  414 
   Ricoh Co. 19,000  412 
   Asahi Glass Co., Ltd. 30,000  402 
   Rohm Co., Ltd. 4,700  397 
   Fujitsu Ltd. 60,000  396 
   Suzuki Motor Corp. 13,400  390 
   Softbank Corp. 18,100  381 
   Eisai Co., Ltd. 9,000  380 
   Hoya Corp. 12,000  379 
   Bank of Yokohama Ltd. 53,000  369 
   Yamada Denki Co., Ltd. 3,690  367 
   TDK Corp. 4,300  367 
   Sumitomo Chemical Co. 49,000  365 
   Kirin Brewery Co., Ltd. 25,000  355 
   Daikin Industries Ltd. 9,000  352 
   Toray Industries, Inc. 44,000  351 
   Kobe Steel Ltd. 90,000  349 
   Resona Holdings Inc. 160  344 
   Ibiden Co., Ltd. 4,600  337 
   Aeon Co., Ltd. 21,100  337 
   Isuzu Motors Ltd. 60,000  326 
   Nitto Denko Corp. 6,000  315 
   Asahi Kasei Corp. 44,000  314 
   Sumitomo Electric Industries Ltd. 19,000  310 
   Secom Co., Ltd. 7,000  309 
   Nippon Mining Holdings Inc. 30,500  307 
   Tokyo Gas Co., Ltd. 70,000  304 
   Nippon Oil Corp. 34,000  303 
   Hankyu Corp. 60,000  303 
   West Japan Railway Co. 65  294 
   NEC Corp. 60,000  293 
   NTT Data Corp. 69  289 
   Tohoku Electric Power Co. 13,000  289 
   Kyushu Electric Power Co., Inc. 12,100  287 
   Terumo Corp. 6,600  281 
   Makita Corp. 6,000  277 
   Leopalace21 Corp. 8,600  272 
   Toyoda Automatic Loom Works Ltd. 6,000  272 
   Mitsubishi Materials Corp. 41,000  262 
   Yahoo Japan Corp. 836  259 
   JTEKT Corp. 14,900  257 
   Asahi Breweries Ltd. 18,000  256 
   Kawasaki Heavy Industries Ltd. 58,000  256 
   Tokyu Corp. 41,000  255 
   Nikon Corp. 8,000  253 
   Joyo Bank Ltd. 43,000  250 
   Olympus Corp. 6,000  246 
   Omron Corp. 9,000  239 
   Aisin Seiki Co., Ltd. 6,000  236 
   Shinsei Bank, Ltd. 63,000  235 
   Toyota Tsusho Corp. 8,900  233 
   Sompo Japan Insurance Inc. 20,000  232 
   Advantest Corp. 6,000  232 
   Mitsui Trust Holding Inc. 26,000  230 
* Mitsubishi Motors Corp. 150,000  229 
   Chugoku Electric Power Co., Ltd. 12,000  229 
   JSR Corp. 9,000  226 
   JS Group Corp. 11,900  224 
   Sumco Corp. 4,300  221 
   The Hiroshima Bank, Ltd. 39,000  221 
   Dai-Nippon Printing Co., Ltd. 15,000  220 
   Credit Saison Co., Ltd. 8,900  218 
   Keyence Corp. 1,000  215 
   NGK Insulators Ltd. 7,000  214 
   Stanley Electric Co. 9,000  213 
   Kuraray Co., Ltd. 18,500  213 
   Yakult Honsha Co., Ltd. 9,000  212 
   Osaka Gas Co., Ltd. 60,000  207 
   Ishikawajima-Harima Heavy Industries Co. 54,000  206 
   Nippon Express Co., Ltd. 38,000  206 
   Chugai Pharmaceutical Co., Ltd. 11,900  205 
   Electric Power Development Co., Ltd. 6,000  205 
   Mazda Motor Corp. 36,000  204 
   Daito Trust Construction Co., Ltd. 4,100  204 
   SBI Holdings, Inc. 654  201 
   SMC Corp. 1,500  199 
   Hokuhoku Financial Group, Inc. 62,000  197 
   Yamaha Corp. 9,000  196 
   CSK Corp. 6,000  194 
   Inpex Holdings, Inc. 19  192 
   Namco Bandai Holdings Inc. 12,000  188 
   Hokkaido Electric Power Co., Ltd. 9,000  186 
* Elpida Memory Inc. 4,200  185 
   Nissin Food Products Co., Ltd. 6,000  184 
   Dentsu Inc. 71  182 
   Nikko Securities Co., Ltd. 13,500  181 
   Kawasaki Kisen Kaisha Ltd. 13,000  178 
   MEDICEO Holdings Co., Ltd. 12,000  176 
   Seiko Epson Corp. 6,000  175 
   Kintetsu Corp. 59,000  175 
   NTT Urban Development Corp. 96  174 
   Sekisui House Ltd. 14,000  174 
   Benesse Corp. 5,600  173 
   Shiseido Co., Ltd. 8,000  171 
   Hokuriku Electric Power Co. 9,000  169 
   Yamaha Motor Co., Ltd. 6,000  169 
   Citizen Watch Co., Ltd. 18,000  166 
   Yokogawa Electric Corp. 12,000  163 
   THK Co., Inc. 6,900  163 
   Konica Minolta Holdings, Inc. 11,000  163 
   Nisshin Steel Co. 37,000  162 
* Haseko Corp. 60,000  159 
   Marui Co., Ltd. 14,000  158 
   Toyo Seikan Kaisha Ltd. 9,000  158 
   Ajinomoto Co., Inc. 13,000  157 
   Daiwa House Industry Co., Ltd. 12,000  157 
   Mizuho Trust & Banking Co., Ltd. 82,000  157 
   Nipponkoa Insurance Co., Ltd. 17,000  154 
   Isetan Co. 9,600  153 
   Taiheiyo Cement Corp. 36,000  153 
   Urban Corp. 9,600  152 
   Toppan Printing Co., Ltd. 14,000  152 
   Shizuoka Bank Ltd. 15,000  151 
   Kubota Corp. 18,000  149 
   Tobu Railway Co., Ltd. 34,000  149 
   OJI Paper Co., Ltd. 30,000  144 
   Chiba Bank Ltd. 17,000  143 
   Konami Corp. 6,300  143 
   The Nishi-Nippon City Bank, Ltd. 42,000  141 
   Fuji Heavy Industries Ltd. 30,000  140 
   Showa Denko K.K. 40,000  140 
* Sanyo Electric Co., Ltd. 90,000  139 
   Casio Computer Co. 9,000  137 
   Sumitomo Heavy Industries Ltd. 11,000  135 
   Taisei Corp. 38,000  134 
   Yamato Holdings Co., Ltd. 9,000  134 
   Toho Co., Ltd. 7,100  130 
   Nomura Research Institute, Ltd. 4,100  130 
   Sega Sammy Holdings Inc. 9,000  130 
   Japan Steel Works Ltd. 8,000  127 
   Nippon Paper Group, Inc. 39  127 
   Promise Co., Ltd. 4,500  121 
   Sankyo Co., Ltd. 3,000  120 
   Acom Co., Ltd. 3,290  117 
   Taisho Pharmaceutical Co. 6,000  117 
   Brother Industries Ltd. 8,000  115 
   Ono Pharmaceutical Co., Ltd. 2,200  115 
   Shionogi & Co., Ltd. 7,000  112 
   Takefuji Corp. 3,570  111 
   Mitsui Chemicals, Inc. 14,000  109 
   Tokyu Land Corp. 11,000  103 
   Shikoku Electric Power 4,500  103 
   JGC Corp. 5,000  103 
   Nippon Electric Glass Co., Ltd. 6,500  101 
   NSK Ltd. 10,000  96 
   Bank of Kyoto Ltd. 7,000  94 
   Nidec Corp. 1,400  93 
   Kajima Corp. 22,000  90 
   Shimizu Corp. 15,000  89 
   Aioi Insurance Co., Ltd. 15,000  89 
   Teijin Ltd. 16,000  87 
   Hirose Electric Co., Ltd. 700  87 
   Kurita Water Industries Ltd. 2,700  86 
   Nippon Sheet Glass Co., Ltd. 16,000  84 
   Dowa Mining Co. Ltd. 7,000  84 
* Fukuoka Financial Group, Inc. 13,000  84 
   Furukawa Electric Co. 15,000  83 
   Shinko Securities Co., Ltd. 17,000  82 
   Mitsubishi Rayon Co., Ltd. 11,000  82 
   Odakyu Electric Railway Co. 14,000  82 
   Keio Electric Railway Co., Ltd. 13,000  82 
   Amada Co., Ltd. 7,000  82 
   Mitsui Engineering & Shipbuilding Co., Ltd. 15,000  82 
   Ohbayashi Corp. 15,000  79 
   Chiyoda Corp. 4,000  79 
   Takashimaya Co. 7,000  79 
   Mitsui Mining & Smelting Co., Ltd. 16,000  77 
   Trend Micro Inc. 2,500  77 
   Mitsubishi Securities Co., Ltd. 7,000  75 
   Hitachi Construction Machinery Co. 1,900  75 
   Sapporo Hokuyo Holdings, Inc. 74 
   NTN Corp. 9,000  74 
   The Hachijuni Bank Ltd. 10,000  73 
   Tokuyama Corp. 5,000  73 
   Tokyo Tatemono Co., Ltd. 6,000  72 
   Tosoh Corp. 12,000  71 
   Kyowa Hakko Kogyo Co. 7,000  71 
   Sekisui Chemical Co. 9,000  70 
   Mitsubishi Gas Chemical Co. 8,000  70 
   TonenGeneral Sekiyu K.K. 7,000  68 
   Cosmo Oil Co., Ltd. 12,000  68 
   Fast Retailing Co., Ltd. 1,200  68 
   All Nippon Airways Co., Ltd. 18,000  68 
   Daimaru, Inc. 6,000  68 
   Lawson Inc. 1,900  65 
   Taiyo Yuden Co., Ltd. 3,000  65 
   Shimano, Inc. 2,000  64 
   Nippon Sanso Corp. 7,000  63 
   NOK Corp. 3,100  63 
   Matsushita Electric Works, Ltd. 5,000  63 
   Gunma Bank Ltd. 9,000  60 
   Denki Kagaku Kogyo K.K. 12,000  60 
   Mori Seiki Co. 1,800  59 
   Tanabe Seiyaku Co., Ltd. 5,000  59 
   Fuji Electric Holdings Co., Ltd. 14,000  58 
   Diamond Lease Co., Ltd. 1,260  56 
   Shimadzu Corp. 5,000  56 
   Keihin Electric Express Railway Co., Ltd. 9,000  55 
   Dai-Nippon Ink & Chemicals, Inc. 14,000  55 
   Asics Corp. 4,000  55 
   NGK Spark Plug Co. 3,000  54 
   Kikkoman Corp. 4,000  54 
   The Chugoku Bank, Ltd. 4,000  54 
   Hitachi Chemical Co., Ltd. 2,500  53 
   ZEON Corp. 5,000  53 
   Toto Ltd. 6,000  51 
   Daido Steel Co., Ltd. 7,000  51 
   Yamaguchi Financial Group, Inc. 4,000  50 
   Yokohama Rubber Co. 7,000  50 
   Nissan Chemical Industries, Ltd. 4,000  50 
   The Suruga Bank, Ltd. 4,000  50 
   Fujikura Ltd. 8,000  50 
   Toyota Boshoku Corp. 1,900  49 
   Minebea Co., Ltd. 9,000  49 
   Mabuchi Motor Co. 800  48 
   Yaskawa Electric Corp. 4,000  48 
   Hitachi Metals Ltd. 4,000  48 
   Ube Industries Ltd. 16,000  48 
   Alfresa Holdings Corp. 700  48 
   Ryohin Keikaku Co., Ltd. 800  48 
   Onward Kashiyama Co., Ltd. 4,000  48 
   Ushio Inc. 2,500  48 
   Hamamatsu Photonics Co. 1,500  47 
   Nagoya Railroad Co., Ltd. 16,000  47 
   Oriental Land Co., Ltd. 900  47 
   Keihan Electric Railway Co., Ltd. 13,000  47 
   Daicel Chemical Industries Ltd. 7,000  47 
   Sumitomo Rubber Industries Ltd. 3,900  47 
   Toho Gas Co., Ltd. 10,000  46 
   77 Bank Ltd. 7,000  46 
   Hakuhodo DY Holdings Inc. 710  46 
   Tokyo Steel Manufacturing Co. 2,800  46 
   Yamatake Corp. 1,500  46 
   Maruichi Steel Tube Ltd. 1,700  45 
   NHK Spring Co. 5,000  45 
   Kinden Corp. 5,000  44 
   The Iyo Bank, Ltd. 5,000  44 
   Mitsubishi Logistics Corp. 3,000  44 
   FamilyMart Co., Ltd. 1,700  44 
   Uni-Charm Corp. 800  44 
   Nippon Meat Packers, Inc. 4,000  43 
   Kamigumi Co., Ltd. 5,000  43 
   Kansai Paint Co., Ltd. 5,000  43 
   Mitsukoshi, Ltd. 9,000  43 
   Pioneer Corp. 3,200  43 
* Japan Airlines System Co. 22,000  43 
   Ito En, Ltd. 1,400  43 
   Uny Co., Ltd. 4,000  42 
   Hino Motors, Ltd. 6,000  42 
   Sapporo Holdings Ltd. 7,000  42 
   The Juroku Bank, Ltd. 7,000  42 
   Nisshin Seifun Group Inc. 4,500  42 
   JAFCO Co., Ltd. 900  41 
   Daihatsu Motor Co., Ltd. 4,000  41 
   Japan Petroleum Exploration Co., Ltd. 600  41 
   The Nanto Bank, Ltd. 8,000  40 
   USS Co., Ltd. 590  39 
   Seino Transportation Co., Ltd. 4,000  39 
   Hankyu Department Stores, Inc. 4,000  39 
   Shimamura Co., Ltd. 400  39 
   Shinko Electric Industries Co., Ltd. 1,600  39 
   Dainippon Pharmaceutical Co., Ltd. 4,000  38 
   Toyoda Gosei Co., Ltd. 1,200  38 
   Canon Sales Co. Inc. 2,100  38 
   Nisshinbo Industries, Inc. 3,000  37 
   Santen Pharmaceutical Co., Ltd. 1,500  35 
   Aoyama Trading Co., Ltd. 1,200  35 
   Sumitomo Titanium Corp. 400  34 
   Susuken Co., Ltd. 1,100  34 
   Shimachu Co. 1,200  34 
   Aiful Corp. 1,350  34 
   Nitori Co., Ltd. 650  34 
   Showa Shell Sekiyu K.K. 2,700  33 
   Toyo Suisan Kaisha, Ltd. 2,000  33 
   Toyobo Ltd. 12,000  32 
   Asatsu-DK Inc. 900  28 
   Q.P. Corp. 2,800  27 
   Coca-Cola West Japan Co., Ltd. 1,300  27 
   Aeon Credit Service Co. Ltd. 1,900  27 
   Rinnai Corp. 900  27 
   Park24 Co., Ltd. 2,600  26 
   Nippon Light Metal Co. 10,000  26 
   Kokuyo Co., Ltd. 2,300  25 
   Sumitomo Osaka Cement Co., Ltd. 10,000  25 
* Oki Electric Industry Co. Ltd. 13,000  25 
   Wacoal Corp. 2,000  25 
   Kaneka Corp. 3,000  24 
   Tokyo Broadcasting System, Inc. 900  24 
   Fuji Television Network, Inc. 12  24 
   Tokai Rika Co., Ltd. 900  24 
   Ebara Corp. 5,000  24 
   Meiji Dairies Corp. 4,000  24 
   Matsui Securities Co., Ltd. 2,700  22 
   Matsumotokiyoshi Co., Ltd. 1,000  22 
   Dai-Nippon Screen Manufacturing Co., Ltd. 3,000  22 
   Toda Corp. 4,000  22 
   EDION Corp. 2,000  22 
   SFCG Co., Ltd. 140  21 
   Sumitomo Bakelite Co. Ltd. 3,000  21 
   Nipro Corp. 1,000  21 
   Monex Beans Holdings, Inc. 29  21 
   House Foods Industry Corp. 1,400  21 
   Keisei Electric Railway Co., Ltd. 4,000  20 
   Fuji Soft ABC Inc. 900  20 
   Circle K Sunkus Co., Ltd. 1,200  20 
   ULVAC, Inc. 500  20 
   Higo Bank Ltd. 3,000  20 
   Hisamitsu Pharmaceutical Co. Inc. 700  20 
   Alps Electric Co., Ltd. 2,000  20 
   Ezaki Glico Co., Ltd. 2,000  20 
   The Shiga Bank, Ltd. 3,000  19 
   The Hyakugo Bank Ltd. 3,000  19 
   The Musashino Bank, Ltd. 400  19 
   Otsuka Corp. 200  19 
   Sumitomo Forestry Co. 2,000  18 
   Nissin Co., Ltd. 53,600  18 
   Kissei Pharmaceutical Co. 1,000  18 
   Oracle Corp. Japan 400  18 
   Meiji Seika Kaisha Ltd. 4,000  18 
   Nippon Shokubai Co., Ltd. 2,000  18 
   The San-in Godo Bank, Ltd. 2,000  18 
   Square Enix Co., Ltd. 600  17 
   Nippon Kayaku Co., Ltd. 2,000  17 
   Shima Seiki Manufacturing, Ltd. 400  17 
   The Hokkoku Bank, Ltd. 4,000  17 
   The Daishi Bank, Ltd. 4,000  17 
   Lion Corp. 3,000  16 
   Sagami Railway 5,000  16 
   Komeri Co., Ltd. 600  16 
   Yamazaki Baking Co., Ltd. 2,000  16 
   Don Quijote Co., Ltd. 800  16 
   Bosch Corp. 3,000  16 
   The Hyakujushi Bank Ltd. 3,000  15 
   Nippon Paint Co., Ltd. 3,000  15 
   Sanken Electric Co., Ltd. 2,000  15 
   Ogaki Kyoritsu Bank, Ltd. 3,000  15 
   Toho Titanium Co., Ltd. 400  15 
   The Kagoshima Bank, Ltd. 2,000  15 
   Hitachi High-Technologies Corp. 600  15 
   Nishi-Nippon Railroad Co., Ltd. 4,000  15 
   Itochu Techno-Science Corp. 400  14 
   The Awa Bank, Ltd. 3,000  14 
   Nichirei Corp. 3,000  14 
   IZUMI Co., Ltd. 900  14 
   Meitec Corp. 500  14 
   Obic Co., Ltd. 70  14 
   Tsumura & Co. 800  14 
   Tokyo Seimitsu Co., Ltd. 400  13 
   Okasan Holdings, inc. 2,000  13 
   Nichicon Corp. 800  13 
   The Bank of Nagoya, Ltd. 2,000  13 
   Tokyo Style Co. 1,000  12 
   Takara Holdings Inc. 2,000  12 
   Hitachi Cable Ltd. 2,000  12 
   Autobacs Seven Co., Ltd. 400  12 
   Hikari Tsushin, Inc. 300  12 
   The Tokyo Star Bank, Ltd. 12 
   Lintec Corp. 600  12 
   Koito Manufacturing Co., Ltd. 1,000  12 
   Sohgo Security Services Co. , Ltd. 700  12 
   Toshiba TEC Corp. 2,000  11 
* NEC Electronics Corp. 400  11 
   TIS Inc. 500  11 
   Funai Electric Co., Ltd. 200  11 
   Dowa Fire & Marine Insurance Co. 2,000  11 
   The Keiyo Bank, Ltd. 2,000  11 
   Round One Corp. 11 
   Central Glass Co., Ltd. 2,000  11 
   Kose Corp. 400  11 
   DISCO Corp. 200  11 
   Gunze Ltd. 2,000  11 
   Futaba Corp. 500  11 
   Fukuyama Transporting Co., Ltd. 2,000  10 
   Kobayashi Pharmaceutical Co., Ltd. 300  10 
   Nishimatsu Construction Co. 3,000  10 
   MISUMI Group Inc. 600  10 
   ABC-Mart Inc. 400  10 
   Mizuho Investors Securities Co., Ltd. 5,000  10 
   Nippon Television Network Corp. 70 
   Mochida Pharmaceutical 1,000 
   Tokai Rubber Industries, Ltd. 500 
   AEON Mall Co., Ltd. 300 
   Heiwa Corp. 700 
   The Shikoku Bank, Ltd. 2,000 
* Mitsubishi UFL NiCOS Co., Ltd. 3,000 
   Sumisho Computer Systems Corp. 400 
   Sysmex Corp. 200 
   Fuji Fire & Marine Insurance Co., Ltd. 2,000 
   Kansai Urban Banking Corp. 2,000 
   NIDEC SANKYO Corp. 1,000 
   ASKUL Corp. 300 
   Hitachi Information Systems Ltd. 300 
   PanaHome Corp. 1,000 
   Kandenko Co., Ltd. 1,000 
   TV Asahi Corp.
   NS Solutions Corp. 200 
   Toppan Forms Co., Ltd. 500 
   Aichi Steel Corp. 1,000 
* Seiyu Ltd. 5,000 
   Toyota Auto Body Co., Ltd. 300 
   Koei Co., Ltd. 300 
* Misawa Homes Holdings, Inc. 400 
   Hitachi Maxwell 400 
   Ryoshoku Ltd. 200 
* Orient Corp. 3,000 
   Calsonic Kansei Corp. 1,000 
   Plenus Co. Ltd. 200 
   OBIC Business Consultants Co., Ltd. 50 
* Victor Company of Japan, Ltd. 1,000 
   Hitachi Software Engineering Co., Ltd. 100 
   Yoshinoya D&C Co. Ltd.
   Hitachi Capital Corp. 100 
   kabu.com Securities Co., Ltd.
   Net One Systems Co., Ltd.
   Sanyo Shinpan Finance Co., Ltd. 40 
   Katokichi Co., Ltd. 200 
* Sky Perfect JSAT Corp.
   Tokyu Construction Co., Ltd. 130 
   Sumitomo Real Estate Sales Co., Ltd. 10 
   OMC Card, Inc. 100 
   Gulliver International Co., Ltd. 10 
   Culture Convenience Club Co., Ltd. 100 
* The Goodwill Group, Inc.
* Daiei, Inc. 50 

        100,526 

   Luxembourg (0.0%)
   SES Global FDR 12,466  264 
   RTL Group 520  58 

        322 

   Malaysia (0.6%)    
   Malayan Banking Bhd. 132,200  465 
   Bumiputra-Commerce Holdings Bhd. 115,200  388 
   Public Bank Bhd. 119,300  360 
   Sime Darby Bhd. 86,600  252 
   IOI Corp. Bhd. 162,200  246 
   Genting Bhd. 96,000  219 
   Malaysia International Shipping Corp., Bhd. (Foreign) 52,900  155 
   Tenaga Nasional Bhd. 35,800  113 
   Resorts World Bhd. 94,100  112 
   Telekom Malaysia Bhd. 34,000  100 
   Golden Hope Plantations Bhd. 37,000  90 
   UMW Holdings Malaysia Bhd. 17,300  75 
   AMMB Holdings Bhd. 54,000  73 
   IJM Corp. Bhd. 29,100  73 
   Gamuda Bhd. 31,500  71 
   Kuala Lumpur Kepong Bhd. 18,400  68 
   PLUS Expressways Bhd. 66,200  62 
   Digi.com Bhd. 9,958  62 
   Petronas Gas Bhd. 19,700  62 
   YTL Corp., Bhd. 27,000  59 
   SP Setia Berhad 22,300  55 
   British American Tobacco Bhd. 4,700  54 
   Berjaya Sports Toto Bhd. 34,600  50 
   YTL Power International Bhd. 72,800  49 
   PPB Group Bhd. 22,400  48 
   RHB Capital Bhd. 25,700  45 
   Tanjong Public Ltd. Co. 7,100  36 
   Petronas Dagangan Bhd. 12,300  32 
   Magnum Corp., Bhd. 36,100  31 
   Hong Leong Bank Bhd. 16,600  30 
   Astro All Asia Networks PLC 23,900  27 
   EON Capital Bhd. 8,900  20 
   Lafarge Malayan Cement Bhd. 40,400  20 
* Malaysian Plantations Bhd. 19,100  18 
   Star Publications Bhd. 17,300  17 
   Proton Holdings Bhd. 9,300  15 
   Puncak Niaga Holdings Bhd. 11,400  14 
   Malaysia Airports Holdings Bhd. 13,200  12 
   Carlsberg Brewery Malaysia Bhd. 7,700  11 
   Malaysian Pacific Industries Bhd. 3,800  10 

        3,699 

   Mexico (1.2%)
   America Movil SA de CV 1,029,642  3,067 
* Cemex SAB de CV ADR 27,584  892 
   Telefonos de Mexico SA 382,743  657 
   Grupo Mexico SA de CV 87,600  616 
   Grupo Televisa SA CPO 93,000  471 
   Wal-Mart de Mexico SA 117,700  428 
   Grupo Financerio Banorte SA de CV 75,000  339 
   Fomento Economico Mexicano UBD 81,000  300 
* Carso Global Telecom SAB de CV 51,000  228 
   Grupo Financiero Inbursa, SA de CV 72,000  200 
   Grupo Modelo SA 36,000  195 
* Corporacion GEO, SA de CV 21,449  118 
   Grupo Aeroportuario del Pacifico SA 10,995  53 
   Industrias Penoles SA Series CP 3,879  51 
   Grupo Bimbo SA 8,607  48 
   Alfa SA de CV Series A 6,870  47 
   Kimberly Clark de Mexico SA de CV Series A 10,855  43 
* Desarrolladora Homex SA de CV 4,097  39 
   Consorcio ARA SA de CV 24,021  35 
* Impulsora del Desarrollo y el Empleo en America Latina, SA de CV 13,100  22 
   Organzacion Soriana S.A.B. de C.V. 5,200  18 
* URBI Desarrollos Urbanos SA de CV 3,900  16 
* Carso Infraestructura y Construccion, SA 10,400  12 
   TV Azteca SA CPO 15,700  10 
   Gruma SA 2,100 
   Grupo Continental SA 2,200 
   Grupo Aeroportuario del Pacifico SA ADR 64 

        7,921 

   Netherlands (3.0%)
   ABN-AMRO Holding NV 64,634  3,189 
   ING Groep NV 74,559  3,147 
   Arcelor Mittal 34,686  2,127 
   Unilever NV 56,965  1,722 
   Koninklijke (Royal) Philips Electronics NV 38,931  1,574 
   Koninklijke KPN NV 67,127  1,039 
   Aegon NV 55,060  997 
   Akzo Nobel NV 10,219  842 
* Koninklijke Ahold NV 54,971  696 
   TNT NV 15,700  674 
   Koninklijke Numico NV 8,761  637 
   Heineken NV 7,919  502 
* ASML Holding NV 16,264  479 
   Reed Elsevier NV 24,461  449 
   Koninklijke DSM NV 7,171  370 
   European Aeronautic Defence and Space Co. 10,979  329 
   Wolters Kluwer NV 8,593  252 
   Randstad Holding NV 3,191  207 
   Heineken Holding NV 3,410  184 
   Corio NV 1,905  136 
   SNS Reaal 3,565  79 

        19,631 

   New Zealand (0.1%)
   Telecom Corp. of New Zealand Ltd. 72,210  250 
   Fletcher Building Ltd. 21,747  206 
   Auckland International Airport Ltd. 31,237  79 
   Contact Energy Ltd. 9,569  67 
   Sky City Entertainment Group Ltd. 14,930  55 
   Fisher & Paykel Healthcare Corp. Ltd. 12,506  32 
   Sky Network Television Ltd. 5,649  24 
   Kiwi Income Property Trust 19,740  23 
   The Warehouse Group Ltd. 3,909  18 
   Fisher & Paykel Appliances Holdings Ltd. 5,808  16 
   Vector Ltd. 5,806  12 
   Air New Zealand Ltd. 3,047 
   Port of Tauranga Ltd. 971 

        793 

   Norway (0.7%)
   Norsk Hydro ASA 31,081  1,196 
   Orkla ASA 36,000  677 
   Statoil ASA 21,230  627 
   Telenor ASA 33,000  603 
   DnB NOR ASA 26,886  354 
   Aker Kvaerner ASA 10,500  268 
* SeaDrill Ltd. 12,000  241 
   Yara International ASA 9,000  239 
   Storebrand ASA 12,000  180 
* Renewable Energy Corp. AS 1,717  68 
   Norske Skogindustrier ASA 4,641  65 

        4,518 

   Peru (0.1%)
   Compania de Minas Buenaventura S.A.u. ADR 4,230  169 
   Volcan Compania Minera SA 19,004  101 
   Credicorp Ltd. 1,161  75 
* Sociedad Minera Cerro Verde SA 921  26 

        371 

   Philippines (0.1%)
   Philippine Long Distance Telephone Co. 1,130  64 
   Ayala Land, Inc. 171,800  63 
   SM Investments Corp. 6,170  55 
   Bank of Philippine Islands 36,000  51 
   Ayala Corp. 4,400  51 
   SM Prime Holdings, Inc. 123,750  31 
   Metropolitan Bank & Trust Co. 20,000  27 
   Manila Electric Co. 7,000  15 
   Petron Corp. 104,000  14 
   Jollibee Foods Corp. 11,000  12 

        383 

   Poland (0.3%)
   Powszechna Kasa Oszczednosci Bank Polski SA 16,530  349 
   Bank Polska Kasa Opieki Grupa Pekao SA 3,156  291 
* Polski Koncern Naftowy SA 12,120  238 
   KGHM Polska Miedz SA 4,530  201 
   Telekomunikacja Polska SA 23,310  184 
   Bank Przemyslowo Handlowy PBK SA 450  156 
   Bank Handlowy W Warszawie 1,397  56 
   Bank Zachodni WBK SA 534  53 
   Polish Oil & Gas 28,791  50 
* Getin Holding SA 7,868  41 
* Bank Rozwoju Eksportu SA 216  39 
* Globe Trade Centre SA 2,644  36 
   TVN SA 4,191  35 
   BIG Bank Gdanski SA 3,693  17 

        1,746 

   Portugal (0.3%)
   Electricidade de Portugal SA 103,727  588 
   Portugal Telecom SGPS SA 39,277  549 
   Banco Comercial Portugues SA 89,146  454 
   Brisa-Auto Estradas de Portugal SA 13,372  181 
   Banco Espirito Santo SA 4,275  100 
   Banco BPI SA 9,574  88 
   Cimpor-Cimento de Portugal SA 5,573  55 
   PT Multimedia-Servicos de Telecomunicacoes e Multimedia, SGPS, SA 2,138  34 

        2,049 

   Russia (1.5%)
* OAO Gazprom ADR 81,297  3,479 
   Lukoil Sponsored ADR 21,969  1,738 
   Mining and Metallurgical Co. Norilsk Nickel ADR 2,980  706 
   Surgutneftegaz OJSC ADR 12,406  692 
* RAO Unified Energy System GDR 3,747  518 
   OAO Vimpel-Communications Sponsored ADR 4,644  492 
* Mobile TeleSystems ADR 7,017  449 
* VTB Bank OJSC - GDR 34,985  373 
* Sistema JSFC GDR 10,800  335 
   Rosneft Oil Co. GDR 38,415  316 
   Tatneft GDR 2,868  281 
*^ Rostelecom ADR 3,677  210 
   Polyus Gold ADR 4,943  198 
   Cherepovets MK Severstal GDR 7,501  132 
   Wimm-Bill-Dann Foods ADR 686  64 

        9,983 

   Singapore (0.9%)    
   DBS Group Holdings Ltd. 46,000  688 
   United Overseas Bank Ltd. 47,000  687 
   Oversea-Chinese Banking Corp., Ltd. 104,000  615 
   Singapore Telecommunications Ltd. 240,000  545 
   Singapore Airlines Ltd. 30,000  379 
   Capitaland Ltd. 72,000  349 
   Keppel Corp., Ltd. 32,000  279 
   Singapore Exchange Ltd. 44,000  278 
   Singapore Press Holdings Ltd. 75,000  221 
   Fraser & Neave Ltd. 61,000  208 
   City Developments Ltd. 19,000  186 
   ComfortDelGro Corp. Ltd. 105,000  141 
   Singapore Technologies Engineering Ltd. 36,151  87 
   StarHub Ltd. 44,840  81 
   Sembcorp Industries Ltd. 21,000  78 
   Cosco Corp. Singapore Ltd. 22,000  73 
   CapitaMall Trust 28,000  69 
   Venture Corp. Ltd. 6,000  60 
   Wilmar International Ltd. 26,000  57 
   SembCorp Marine Ltd. 14,000  52 
   Neptune Orient Lines Ltd. 14,000  51 
   United Industrial Corp., Ltd. 25,000  51 
   Keppel Land Ltd. 9,000  49 
   Jardine Cycle N Carriage Ltd. 4,000  42 
   Capitacommercial Trust 22,000  38 
   Parkway Holdings Ltd. 14,000  35 
   Wing Tai Holdings Ltd. 13,000  32 
   United Overseas Land Ltd. 9,000  31 
   Singapore Post Ltd. 34,000  28 
* STATS ChipPAC Ltd. 22,000  24 
   Allgreen Properties Ltd. 19,000  22 
   Noble Group Ltd. 19,000  21 
* Chartered Semiconductor Manufacturing Ltd. 25,000  18 
   SMRT Corp. Ltd. 15,000  17 
   Yanlord Land Group Ltd. 8,000  17 
   Want Want Holdings Ltd. 7,000  16 
   MobileOne Ltd. 9,900  14 
   Singapore Land Ltd. 2,000  14 
   BIL International Ltd. 10,000  11 
   Haw Par Brothers International Ltd. 2,000  11 
* Wheelock Properties (Singapore), Ltd. 5,000  10 
   Hotel Properties Ltd. 3,000  10 
   SIA Engineering Co., Ltd. 3,000 
   Cerebos Pacific Ltd. 1,000 
   People's Food Holdings Ltd. 1,000 
* Pacific Century Regional Developments Ltd. 4,000 
* Fortune Real Estate Investment Trust 1,000 
   Creative Technology Ltd. 150 

        5,711 

   South Africa (1.6%)
   MTN Group Ltd. 62,779  881 
   Sasol Ltd. 21,028  794 
   Standard Bank Group Ltd. 48,520  687 
   Impala Platinum Holdings Ltd. 21,808  633 
   Anglo Platinum Ltd. 3,750  514 
   FirstRand Ltd. 139,424  446 
   Naspers Ltd. 16,256  404 
   Remgro Ltd. 15,765  394 
   Gold Fields Ltd. 22,590  369 
   AngloGold Ltd. 6,928  290 
   Sanlan Ltd. 79,052  251 
   Growthpoint Properties Ltd. 114,254  250 
   Steinhoff International Holdings Ltd. 73,218  232 
   Bidvest Group Ltd. 10,946  220 
   ABSA Group Ltd. 11,045  210 
   Telkom South Africa Ltd. 8,878  208 
   Nedbank Group Ltd. 10,800  201 
* Harmony Gold Mining Co., Ltd. 13,600  187 
   Reunert Ltd. 16,650  167 
   Pretoria Portland Cement Co. Ltd. 25,681  152 
   Tiger Brands Ltd. 5,700  148 
   Sappi Ltd. 8,970  143 
   RMB Holdings Ltd. 30,471  143 
   Imperial Holdings Ltd. 7,100  138 
   Mittal Steel South Africa Ltd. 7,638  132 
   Murray & Roberts Holdings Ltd. 10,498  111 
   Barloworld Ltd. 5,934  104 
   JD Group Ltd. 9,558  97 
   Aspen Pharmacare Holdings Ltd. 19,672  92 
   Sun International Ltd. 4,046  84 
   Aveng Ltd. 11,019  82 
   Investec Ltd. 6,202  77 
   Woolworths Holdings Ltd. 24,922  68 
   Kumba Iron Ore Ltd. 2,350  62 
   Network Healthcare Holdings Ltd. 35,400  62 
   Shoprite Holdings Ltd. 13,247  58 
   Massmart Holdings Ltd. 4,913  57 
   African Bank Investments Ltd. 12,185  56 
   Truworths International Ltd. 10,945  55 
   Foschini Ltd. 5,861  49 
   Liberty Group Ltd. 3,700  46 
   Nampak Ltd. 15,923  45 
* African Rainbow Minerals Ltd. 2,037  36 
   Spar Group Ltd. 4,827  36 
* Mondi Ltd. 4,131  35 
   AECI Ltd. 2,953  34 
   Pick'n Pay Stores Ltd. 7,000  33 
   Johnnic Communications Ltd. 2,548  33 
   Northam Platinum Ltd. 4,328  32 
* Mvelaphanda Resources Ltd. 3,803  29 
* Metorex Ltd. 7,908  29 
   Grindrod Ltd. 8,700  29 
   Ellerine Holdings Ltd. 3,100  28 
   Datatec Ltd. 4,078  24 
   Mr. Price Group Ltd. 5,866  23 
   Fountainhead Property Trust 25,000  23 
   African Oxygen Ltd. 4,576  22 
   AVI Ltd. 8,400  22 
   Lewis Group Ltd. 2,446  21 
   JSE Ltd. 2,082  21 
   Santam Ltd. 1,389  20 
   New Clicks Holdings Ltd. 9,985  20 
   Exxaro Resources Ltd. 2,050  20 
   Discovery Holdings, Ltd. 4,985  20 
   Metropolitan Holdings Ltd. 9,500  20 
   Group Five Ltd. 2,173  19 
   Tongaat-Hulett 1,470  19 
   Super Group Ltd. 10,500  18 
   Medi-Clinic Corp., Ltd. 5,654  18 
   Wilson Bayly Holmes-Ovcon Ltd. 1,211  17 
   ApexHi Properties Ltd. Class B 3,613 
   Illovo Sugar Ltd. 2,529 
   ApexHi Properties Ltd. Class A 3,613 
   Allied Technologies Ltd. 761 
   Primedia Ltd. 2,072 
   Pick'n Pay Holdings Ltd. 3,058 
   Gold Reef Resorts Ltd. 1,280 
   Mvelaphanda Group Ltd. 2,570 

        10,153 

   South Korea (3.1%)
1 Samsung Electronics Co., Ltd. GDR 10,262  3,380 
* POSCO ADR 14,044  2,001 
* Kookmin Bank-Sponsored ADR 14,424  1,237 
* Shinhan Financial Group Co., Ltd. ADR 9,004  1,223 
* Korea Electric Power Corp. ADR 36,324  862 
   Hyundai Heavy Industries Co., Inc. 1,891  730 
* SK Telecom Co. Ltd. ADR 20,297  571 
   Hyundai Motor Co. Ltd. 5,439  477 
   Samsung Heavy Industries Co., Ltd. 7,650  416 
* SK Energy Co., Ltd. 2,277  389 
* KT Corp. ADR 16,301  383 
   Samsung Corp. 5,150  342 
   Samsung Fire & Marine Insurance Co. 1,623  333 
* Hynix Semiconductor Inc. 7,600  306 
   Shinsegae Co., Ltd. 469  306 
   LG Electronics Inc. 3,357  282 
* NHN Corp. 1,288  235 
   Hana Financial Group Inc. 4,330  234 
   S-Oil Corp. 2,260  198 
* Hyundai Engineering & Construction Co., Ltd. 2,224  193 
   Hyundai Mobis 1,719  185 
   Hyundai Merchant Marine Co., Ltd. 3,580  178 
   SK Holdings Co Ltd 930  175 
   Hyundai Development Co. 2,020  168 
   Samsung Securities Co. Ltd. 1,800  167 
   Woori Finance Holdings Co., Ltd. 6,480  167 
   Daelim Industrial Co. 930  159 
   GS Engineering & Construction Corp. 1,040  154 
   KT & G Corp. 1,980  148 
   Daewoo Securities Co., Ltd. 3,880  141 
   Daewoo Shipbuilding & Marine Engineering Co., Ltd. 2,100  137 
* LG. Philips LCD Co., Ltd. 2,890  135 
   LG Corp. 2,345  133 
   LG Chem Ltd. 1,320  132 
   Samsung Techwin Co., Ltd. 2,100  130 
   Hyundai Mipo Dockyard Co., Ltd. 410  129 
   Hanwha Corp. 2,040  128 
   Hyundai Securities Co. 3,790  126 
   Doosan Heavy Industries and Construction Co., Ltd. 1,135  119 
   CJ Corp. 830  114 
* Kia Motors 7,090  108 
   Samsung Electronics Co., Ltd. 155  102 
   Korea Investment Holdings Co., Ltd. 1,440  98 
   Kangwon Land Inc. 4,370  98 
   Daewoo International Corp. 1,950  97 
   Lotte Shopping Co., Ltd. 239  93 
   Doosan Infracore Co., Ltd. 2,310  92 
   Woori Investment & Securities Co., Ltd. 2,730  89 
   Amorepacific Corp. 121  87 
   Hyundai Steel Co. 1,190  86 
   Hanjin Shipping Co., Ltd. 1,350  85 
   Korea Exchange Bank 5,400  84 
   Daewoo Engineering & Construction Co., Ltd. 2,810  84 
   Samsung Electro-Mechanics Co. 1,550  82 
   Cheil Industrial, Inc. 1,390  80 
   LS Cable Ltd. 800  72 
   Pusan Bank 3,720  71 
   Korean Air Co. Ltd. 880  70 
   Industrial Bank of Korea 3,000  69 
   Hyundai Department Store Co., Ltd. 630  68 
   Daegu Bank 3,330  65 
* Samsung Card Co. Ltd. 888  65 
   Hankook Tire Co. Ltd. 2,790  64 
   GS Holdings Corp. 1,140  63 
   Kumkang Korea Chemical Co., Ltd. 133  61 
   Korea Telecom Freetel 1,940  61 
   Samsung SDI Co. Ltd. 857  59 
   Woongjin Coway Co., Ltd. 1,810  59 
   Hyosung Corp. 850  54 
   Honam Petrochemical Corp. 390  53 
   Hite Brewery Co., Ltd. 389  51 
   Daishin Securities Co. 1,240  50 
* LG Telecom Ltd. 4,501  49 
   Yuhan Corp. 222  47 
   Lotte Confectionery Co., Ltd. 26  45 
   Dongkuk Steel Mill Co., Ltd. 1,130  44 
   S1 Corp. 700  40 
   LG Petrochemical Co., Ltd. 830  39 
   Pacific Corp. 195  39 
   LG Household & Health Care Ltd. 290  38 
   Lotte Chilsung Beverage Co., Ltd. 23  38 
   Korea Gas Corp. 570  36 
   Samsung Fine Chemicals Co., Ltd. 530  31 
   Nong Shim Co. Ltd. 112  30 
* NCsoft Corp. 370  30 
* Ssangyong Motor Co. 4,000  30 
* LG Card Co., Ltd. 531  30 
   Hanwha Chemical Corp. 1,220  30 
   LG Dacom Corp. 980  28 
   Poongsan Corp. 790  26 
   Cheil Communications Inc. 84  26 
   Hyundai Autonet Co., Ltd. 2,830  26 
   SKC Co. Ltd. 680  25 
* Daum Communications Corp. 308  23 
   Shinhan Financial Group Ltd. 340  23 
   POSCO 39  23 
   Kookmin Bank 220  19 
   Daishin Securities Co. 920  19 
   Glovis Co., Ltd. 250  16 
   Halla Climate Control Corp. 1,330  16 
   Sindo Ricoh Co., Inc. 167  12 
   Hyundai Hysco 810  12 
* Lotte Midopa Co., Ltd. 660  12 
   Dongbu HiTek Co. Ltd. 530  10 

        20,355 

   Spain (3.4%)    
   Banco Santander Central Hispano SA 211,378  4,026 
   Telefonica SA 164,412  3,848 
   Banco Bilbao Vizcaya Argentaria SA 119,587  2,928 
   Iberdrola SA 41,738  2,322 
   Repsol YPF SA 42,355  1,597 
   Endesa SA 21,494  1,163 
   Banco Popular Espanol SA 42,502  761 
   Altadis SA 9,157  596 
* Industria de Diseno Textil SA 8,383  501 
   Gamesa Corporacion Tecnologica, SA 12,328  494 
   ACS, Actividades de Contruccion y Servisios, SA 7,894  468 
   Gas Natural SDG SA 8,099  465 
   Banco De Sabadell SA 39,807  428 
   Abertis Infraestructuras SA 13,192  387 
   Acerinox SA 11,130  288 
   Grupo Ferrovial, SA 3,209  286 
   Union Fenosa SA 5,191  284 
   Acciona SA 701  180 
   Enagas SA 7,290  173 
   Sacyr Vallehermoso SA 2,784  127 
   Bankinter SA 7,160  123 
   Fomento de Construc y Contra SA 1,274  115 
   Corporacion Mapfre SA 18,821  87 
   Cintra Concesiones de Infraestructuras de Transport SA 5,657  86 
   Zardoya Otis SA 2,656  81 
   Gestevision Telecinco SA 2,056  56 
* Sogecable SA 1,339  52 
   Corporacion Financiera Alba SA 683  50 
   Compania Espanola de Petroleos SA 524  48 
* Antena 3 Television 2,328  44 
   Metrovacesa SA 398  43 
   Banco Espanol de Credito, SA 2,050  43 
   Promotora de Informaciones SA 1,785  39 

        22,189 

   Sweden (2.1%)
   Telefonaktiebolaget LM Ericsson AB Class B 501,370  1,877 
   Nordea Bank AB 87,958  1,417 
   Volvo AB B Shares 50,500  928 
   Sandvik AB 40,900  822 
   Skandinaviska Enskilda Banken AB A Shares 22,800  779 
   Svenska Handelsbanken AB A Shares 21,442  615 
   Hennes & Mauritz AB B Shares 10,500  603 
   TeliaSonera AB 78,500  593 
   Swedbank AB A Shares 15,000  545 
   Volvo AB A Shares 25,534  472 
   Investor AB B Shares 18,000  466 
   Atlas Copco AB - A Shares 24,000  413 
   SKF AB - B Shares 18,000  375 
   Investor AB A Shares 13,006  330 
   Scania AB - B Shares 13,660  326 
   Svenska Cellulosa AB-B 17,590  311 
   SSAB Svenskt Stal AB Series A 8,301  298 
   Electrolux AB Series B 11,807  295 
   Atlas Copco AB - B Shares 18,000  288 
   Skanska AB B Shares 11,662  249 
   Boliden AB 9,911  226 
   Assa Abloy AB 9,412  203 
   Industrivarden AB A Shares 9,052  196 
   Tele2 AB B Shares 11,150  194 
   Securitas AB B Shares 12,000  183 
   Swedish Match AB 6,832  133 
   Husqvarna AB B Shares 7,306  101 
   Scania AB - A Shares 3,212  80 
   Industrivarden AB C Shares 2,872  59 
   SSAB Svenskt Stal AB Series B 1,623  55 
   Holmen AB 1,300  55 
   Securitas Systems AB B Shares 8,489  30 
* SSAB Svenskt Stal AB Series A Rights Exp. 8/23/07 8,301  28 
* Securitas Direct AB B Shares 6,500  18 
* SSAB Svenskt Stal AB Series B Rights Exp. 8/23/07 1,623 

        13,568 

   Switzerland (4.9%)
   Nestle SA (Registered) 13,096  5,031 
   Novartis AG (Registered) 80,155  4,324 
   Roche Holdings AG 23,895  4,232 
   UBS AG 71,991  3,986 
   Credit Suisse Group (Registered) 41,707  2,721 
   ABB Ltd. 77,197  1,856 
   Zurich Financial Services AG 4,830  1,407 
   Swiss Re (Registered) 12,663  1,087 
   Cie. Financiere Richemont AG 16,703  1,047 
   Holcim Ltd. (Registered) 6,867  727 
   Syngenta AG 3,496  660 
   Julius Baer Holding, Ltd. 7,395  517 
   Swatch Group AG (Bearer) 1,276  385 
   Nobel Biocare Holding AG 1,104  332 
   Adecco SA (Registered) 4,654  324 
   Swiss Life Holding 1,289  318 
   Swisscom AG 930  317 
   Swatch Group AG (Registered) 4,112  240 
   Givaudan SA 247  231 
   Geberit AG 1,378  225 
   Roche Holdings AG (Bearer) 1,095  217 
   SGS Societe Generale de Surveillance Holding SA (Registered) 171  206 
   Kuehne & Nagel International AG 2,052  201 
   Lonza AG (Registered) 2,123  200 
   Synthes, Inc. 1,542  180 
   Baloise Holdings AG 1,832  172 
   Clariant AG 10,284  159 
   Pargesa Holding SA 936  103 
   CIBA Specialty Chemicals AG (Registered) 1,621  99 
   Straumann Holding AG 192  53 
   Schindler Holding AG (Registered) 780  50 
   Schindler Holding AG (Bearer Participation Certificates) 541  34 

        31,641 

   Taiwan (2.3%)
   Taiwan Semiconductor Manufacturing Co., Ltd. ADR 165,337  1,678 
   Hon Hai Precision Industry Co., Ltd. 177,000  1,455 
   AU Optronics Corp. ADR 46,548  788 
   United Microelectronics Corp. ADR 191,441  618 
   Chunghwa Telecom Co., Ltd. ADR 30,832  511 
   Formosa Plastic Corp. 189,000  464 
   MediaTek Inc. 25,000  446 
   Nan Ya Plastic Corp. 189,000  415 
   Cathay Financial Holding Co. 154,000  400 
   China Steel Corp. 283,250  370 
   Siliconware Precision Industries Co. ADR 38,080  367 
*^ Advanced Semiconductor Engineering Inc. ADR 51,028  335 
   Asustek Computer Inc. 113,000  321 
   Formosa Chemicals & Fibre Corp. 137,000  317 
   Taiwan Semiconductor Manufacturing Co., Ltd. 158,000  310 
* High Tech Computer Corp. 14,000  255 
   Foxconn Technology Co., Ltd. 22,000  244 
* Chinatrust Financial Holding 267,000  210 
   Delta Electronics Inc. 53,000  208 
* Mega Financial Holding Co. Ltd. 277,000  194 
   Acer Inc. 80,000  175 
   Chi Mei Optoelectronics Corp. 154,640  172 
   Fubon Financial Holding Co., Ltd. 176,000  163 
   China Development Financial Holding Corp. 364,000  154 
   Powerchip Semiconductor Corp. 236,000  151 
   Compal Electronics Inc. 124,000  141 
* Fuhwa Financial Holdings Co., Ltd. 169,845  111 
   Shin Kong Financial Holdings Co. 91,000  110 
   Far Eastern Textile Ltd. 90,000  103 
   Uni-President Enterprises Co. 92,000  99 
   SinoPac Holdings 195,000  98 
   Lite-On Technology Corp. 56,000  92 
   First Financial Holding Co., Ltd. 123,000  91 
   Hau Nan Financial Holdings Co., Ltd. 124,000  85 
   Formosa Petrochemical Corp. 29,000  80 
   Pou Chen Corp. 70,370  79 
   Taiwan Cellular Corp. 65,000  77 
   Quanta Computer Inc. 47,000  76 
* Taishin Financial Holdings 137,000  73 
   Catcher Technology Co., Ltd. 8,000  73 
   ProMOS Technologies Inc. 184,000  71 
* Tatung Co., Ltd. 126,000  67 
   Realtek Semiconductor Corp. 11,500  66 
   Taiwan Cooperative Bank 84,000  64 
   Chang Hwa Commercial Bank 91,000  58 
   Far EasTone Telecommunications Co., Ltd. 47,000  54 
* Synnex Technology International Corp. 25,000  52 
   Taiwan Cement Corp. 39,390  47 
   Novatek Microelectronics Corp., Ltd. 10,199  47 
* Wistron Corp. 23,000  47 
* Macronix International Co., Ltd. 72,000  46 
   Walsin Lihwa Corp. 80,000  44 
* Chunghwa Picture Tubes, Ltd. 153,000  43 
* HannStar Display Corp. 148,000  42 
   Hotai Motor Co. Ltd. 15,000  42 
* CMC Magnetics Corp. 75,000  41 
   Nanya Technology Corp. 50,467  41 
   Inventec Co., Ltd. 58,800  41 
   Taiwan Fertilizer Co., Ltd. 18,000  41 
   D-Link Corp. 16,320  40 
   Asia Cement Corp. 31,000  40 
   Nan Ya Printed Circuit Board Corp. 6,000  38 
   Formosa Taffeta Co., Ltd. 31,000  38 
   Unimicron Technology Corp. 25,500  37 
   KGI Securities Co., Ltd. 63,000  34 
   E.Sun Financial Holding Co., Ltd. 61,000  34 
   Wintek Corp. 25,000  33 
* Yulon Motor Co., Ltd. 26,000  33 
* U-Ming Marine Transport Corp. 12,000  32 
   Mitac International Corp. 25,901  31 
   Cheng Shin Rubber Industry Co., Ltd. 17,000  30 
   Chicony Electronics Co., Ltd. 13,200  29 
   Taiwan Glass Industrial Corp. 32,880  29 
   Faraday Technology Corp. 6,118  29 
   Advantech Co., Ltd. 9,000  28 
   Winbond Electronics Corp. 73,000  28 
* Coretronic Corp. 16,000  28 
   Capital Securities Corp. 41,000  28 
   Yageo Corp. 59,000  27 
* BENQ Corp. 55,000  27 
* Inotera Memories, Inc. 22,000  27 
* Polaris Securities Co., Ltd. 47,000  27 
   Asia Optical Co., Inc. 6,059  27 
   Evergreen Marine Corp. 38,000  26 
   Teco Electric & Machinery Co., Ltd. 48,000  26 
* President Chain Store Corp. 9,000  25 
   Largan Precision Co., Ltd. 2,000  25 
* Ritek Corp. 69,000  25 
* Via Technologies Inc. 25,000  24 
   Far Eastern International Bank 51,000  24 
   Sunplus Technology Co., Ltd. 9,500  24 
* Taiwan Business Bank 76,000  24 
   Yuen Foong Yu Paper Manufacturing Co., Ltd. 47,000  23 
   Masterlink Securities Corp. 43,000  23 
   Yang Ming Marine Transport 31,000  23 
   Eternal Chemical Co., Ltd. 15,680  23 
   Wan Hai Lines Ltd. 29,000  23 
* Compal Communications, Inc. 8,000  23 
   Silicon Integrated Systems Corp. 38,000  22 
   Zyxel Communications Corp. 11,000  22 
   Cheng Uei Precision Industry Co., Ltd. 7,000  21 
* President Securities Corp. 28,000  21 
   Cathay Construction Corp. 36,000  21 
   Feng Hsin Iron & Steel Co., Ltd. 16,000  20 
   Yieh Phui Enterprise 42,000  20 
   Kinpo Electronics, Inc. 45,900  20 
   Transcend Information Inc. 4,000  20 
   Compeq Manufacturing Co., Ltd. 38,000  20 
   China Motor Co., Ltd. 21,000  19 
   Waterland Financial Holdings 51,000  18 
* China Airlines 38,000  18 
   Taiwan Secom Corp., Ltd. 11,000  17 
   Vanguard International Semiconductor Corp. 20,198  17 
* Jih Sun Financial Holdings Co., Ltd. 70,000  17 
   Micro-Star International Co., Ltd. 10,000 
* Gigabyte Technology Co., Ltd. 10,000 
   Ton Yi Industrial Corp. 16,000 
* EVA Airways Corp. 19,000 
* Cosmos Bank Taiwan 26,000 
   Oriental Union Chemical Corp. 8,160 
* Phoenixtec Power Co., Ltd. 7,000 
   Giant Manufacturing Co., Ltd. 3,000 
   Elitegroup Computer Systerm Co., Ltd. 9,000 
   Inventec Appliances Corp. 3,150 
   Taiwan Life Insurance Co., Ltd. 3,000 
   Evergreen International Storage & Transport Co. 8,000 
* China Bills Finance Corp. 18,000 
   LITE-ON IT Corp. 3,000 

        14,584 

   Thailand (0.3%)
   PTT Exploration & Production Public Co. Ltd. (Foreign) 83,200  315 
   Bangkok Bank Public Co., Ltd. (Foreign) 68,800  257 
   Siam Cement Public Co. Ltd. (Foreign) 28,100  224 
   Siam Commercial Bank Public Co. Ltd. (Foreign) 81,900  199 
   PTT Public Co., Ltd. (Foreign) 20,400  190 
   Kasikornbank Public Co. Ltd. (Foreign) 59,100  149 
   IRPC PCL (Foreign) 704,800  146 
   Advanced Info Service Public Co. Ltd. (Foreign) 48,800  141 
   Thai Oil PCL (Foreign) 20,000  52 
   PTT Chemical PCL (Foreign) 9,100  30 
   Krung Thai Bank Public Co. Ltd. (Foreign) 72,700  25 
   C.P. 7-Eleven Public Co. Ltd. (Foreign) 67,000  24 
   Central Pattana Public Co. Ltd. (Foreign) 23,600  24 
   Airports of Thailand Public Co. Ltd. (Foreign) 12,200  23 
   Electricity Generating Public Co. Ltd. (Local) 6,700  23 
   Bank of Ayudhya PLC (Foreign) 29,600  23 
   Thai Airways International Public Co. Ltd. 15,600  22 
   Land and Houses Public Co. Ltd. (Foreign) 84,200  21 
   BEC World Public Co. Ltd. (Foreign) 29,300  21 
   Siam City Cement Public Co. Ltd. (Foreign) 2,200  19 
* Thai Military Bank PLC (Foreign) 274,900  19 
   Ratchaburi Electricity Generating Holding Public C 12,800  18 
   Banpu Public Co. Ltd. (Foreign) 1,600  13 
   Banpu Public Co. Ltd. (Local) 1,400  12 
   Thoresen Thai Agencies PCL (Foreign) 4,500 
   Hana Microelectronics Public Co. Ltd. (Foreign) 8,900 
   Charoen Pokphand Foods Public Co., Ltd. (Foreign) 43,600 
* True Corp. Public Co. Ltd. (Foreign) 27,000 
   The Aromatics (Thailand) PLC (Foreign) 2,800 
   Delta Electronics (Thailand) Public Co. Ltd. (Foreign) 7,200 
   Thanachart Capital Public Co. Ltd. (Foreign) 9,300 
   Siam Makro Public Co. Ltd. (Foreign) 1,700 
* Italian-Thai Development Public Co. Ltd. (Foreign) 19,500 
   Bangkok Expressway Public Co. Ltd. (Foreign) 5,500 
   Thai Union Frozen Products Public Co., Ltd. (Foreign) 5,500 
   Siam City Bank Public Co., Ltd. (Foreign) 6,100 
   TISCO Finance Public Co. Ltd. (Foreign) 3,800 
   TPI Polene PLC (Foreign) 5,900 
* Total Access Communications PLC 1,000 

        2,061 

   Turkey (0.2%)
   Akbank T.A.S. 35,956  240 
* KOC Holding A.S. 46,236  210 
   Anadolu Efes Biracilik ve Malt Sanayii A.S. 3,861  153 
   Turkiye Is Bankasi A.S. C Shares 25,234  135 
   Turkiye Garanti Bankasi A.S. 18,870  128 
   Eregli Demir ve Celik Fabrikalari A.S. 13,057  94 
* Yapi ve Kredi Bankasi A.S. 28,145  83 
   Finansbank A.S. 18,036  76 
   Turkcell Iletisim Hizmetleri A.S. 10,161  71 
   Tupras-Turkiye Petrol Rafinerileri A.S. 2,450  60 
   Turkiye Vakiflar Bankasi TAO 18,299  58 
   Enka Insaat ve Sanayi A.S. 4,402  55 
   Haci Omer Sabanci Holding A.S. 9,364  52 
   Migros Turk A.S. 1,764  29 
* Dogan Sirketler Grubu Holding A.S. 12,502  27 
* Dogan Yayin Holding A.S. 3,530  15 
   Arcelik A.S. 1,740  15 
* Denizbank A.S. 1,375  14 
* Fortis Bank AS 5,800  13 
   Tofas Turk Otomobil Fabrikasi A.S. 2,175  10 
   Ford Otomotiv Sanayi A.S. 1,018  10 
   Turk Sise ve Cam Fabrikalari A.S. 1,842 

        1,556 

   United Kingdom (16.6%)
   BP PLC 662,828  7,679 
   HSBC Holdings PLC 405,690  7,518 
   Vodafone Group PLC 1,826,996  5,492 
   GlaxoSmithKline PLC 197,822  5,007 
   Royal Dutch Shell PLC Class A 125,923  4,904 
   Royal Bank of Scotland Group PLC 324,528  3,864 
   Royal Dutch Shell PLC Class B 94,974  3,756 
   Barclays PLC 220,354  3,095 
   Anglo American PLC 49,700  2,886 
   AstraZeneca Group PLC 50,549  2,613 
   HBOS PLC 126,579  2,465 
   Rio Tinto PLC 33,641  2,427 
   BHP Billiton PLC 79,566  2,335 
   Tesco PLC 272,228  2,236 
   Lloyds TSB Group PLC 188,093  2,116 
   BG Group PLC 113,931  1,853 
   Diageo PLC 89,797  1,834 
   BT Group PLC 278,210  1,763 
   British American Tobacco PLC 51,534  1,665 
   Xstrata PLC 24,602  1,568 
   Standard Chartered PLC 46,791  1,530 
   Unilever PLC 43,983  1,372 
   National Grid Transco PLC 91,231  1,293 
   Reckitt Benckiser PLC 24,040  1,286 
   Aviva PLC 86,502  1,202 
   Prudential PLC 81,651  1,123 
   Imperial Tobacco Group PLC 22,693  995 
   SABMiller PLC 37,446  960 
   BAE Systems PLC 111,251  943 
   Centrica PLC 124,653  904 
   Cadbury Schweppes PLC 71,617  888 
   Scottish & Southern Energy PLC 28,970  846 
   Marks & Spencer Group PLC 60,243  767 
   Man Group PLC 65,691  747 
   J. Sainsbury PLC 59,410  687 
   Legal & General Group PLC 222,305  627 
   Rolls-Royce Group PLC 60,900  625 
   Reuters Group PLC 48,860  612 
   WPP Group PLC 42,544  610 
   British Sky Broadcasting Group PLC 44,970  605 
   Old Mutual PLC 180,212  591 
   Reed Elsevier PLC 45,486  560 
   Land Securities Group PLC 16,192  551 
   Hanson Building Materials PLC 24,468  538 
   Pearson PLC 33,117  531 
   Morrison Supermarkets PLC 86,834  529 
   Imperial Chemical Industries PLC 40,747  515 
   British Land Co., PLC 18,873  471 
   Wolseley PLC 21,495  469 
   Compass Group PLC 68,138  460 
   Shire PLC 18,517  454 
   International Power PLC 50,521  420 
   Scottish & Newcastle PLC 34,620  414 
   Experian Group Ltd. 35,979  413 
   United Utilities PLC 29,955  407 
   Smith & Nephew PLC 31,215  372 
   Next PLC 9,720  371 
   3i Group PLC 16,856  365 
   Capita Group PLC 25,069  363 
   Kingfisher PLC 83,340  358 
   Lonmin PLC 5,047  354 
   Amvescap PLC 28,159  352 
   Alliance & Leicester PLC 15,373  321 
   Carnival PLC 7,258  317 
   British Energy Group PLC 31,303  314 
   Friends Provident PLC 74,460  280 
   Smiths Group PLC 13,189  278 
   Rentokil Initial PLC 88,316  276 
   Hammerson PLC 11,398  275 
   Mitchells & Butlers PLC 17,005  266 
   Johnson Matthey PLC 7,740  265 
   ITV PLC 129,039  265 
   Home Retail Group 30,062  250 
   Yell Group PLC 26,581  248 
   ICAP PLC 24,630  237 
   Associated British Foods PLC 13,795  235 
   InterContinental Hotels Group PLC 10,279  234 
   Hays PLC 71,550  232 
   Burberry Group PLC 18,076  231 
   United Business Media PLC 14,987  230 
   Persimmon PLC 9,690  227 
   Severn Trent PLC 8,700  226 
   Bunzl PLC 17,070  225 
   Cable and Wireless PLC 65,790  224 
   Northern Rock PLC 13,437  220 
   Royal & Sun Alliance Insurance Group PLC 81,636  219 
   Antofagasta PLC 14,460  211 
   Liberty International PLC 10,003  209 
   The Alliance Trust PLC 28,086  205 
   Cobham PLC 52,710  203 
   Tate & Lyle PLC 17,430  200 
   Enterprise Inns PLC 14,440  197 
   The Sage Group PLC 42,330  197 
   Foreign and Colonial Investment Trust PLC 32,580  195 
   William Hill PLC 15,410  187 
   GKN PLC 23,533  183 
   Daily Mail and General Trust PLC 12,459  180 
* Cairn Energy PLC 5,070  177 
   Rexam PLC 17,208  174 
* Mondi PLC 19,856  174 
   Kelda Group PLC 10,258  174 
   Schroders PLC 6,990  173 
   EMI Group PLC 33,409  171 
   Kazakhmys PLC 6,540  166 
   LogicaCMG PLC 52,557  164 
   Trinity Mirror PLC 16,008  164 
   EMAP PLC 9,630  163 
   Whitbread PLC 4,804  161 
   Vedanta Resources PLC 4,450  159 
   Signet Group PLC 77,926  154 
   Drax Group PLC 11,090  154 
   Scottish Mortgage Investment Trust PLC 12,745  153 
   Aegis Group PLC 56,452  144 
   Bradford & Bingley PLC 17,008  143 
   DSG International PLC 44,572  140 
   Group 4 Securicor PLC 31,714  138 
   Segro PLC 12,524  136 
   Tomkins PLC 28,500  135 
   Ladbrokes PLC 15,615  128 
* British Airways PLC 15,649  125 
   Travis Perkins PLC 3,031  115 
   Electrocomponents PLC 17,100  86 
   Rank Group PLC 23,174  80 
   Kesa Electricals PLC 11,035  71 
   Misys PLC 12,186  59 
   Johnston Press PLC 7,014  54 
   Carphone Warehouse PLC 7,366  53 
   Witan Investment Trust PLC 5,384  51 
   BBA Aviation PLC 10,046  49 
   Biffa PLC 8,537  43 
   Schroders PLC-Non Voting Shares 980  22 
* PartyGaming PLC 17,901  10 
   Fiberweb PLC 1,759 

        108,086 




   Total Common Stocks
   (Cost $644,858)    649,677 



   Temporary Cash Investment (0.7%)



2 Vanguard Market Liquidity Fund, 5.302%
   (Cost $4,619) 4,618,935  4,619 



   Total Investments (100.6%)
   (Cost $649,477)    654,296 



   Other Assets and Liabilities - Net (-0.6%)    (3,829)



   Net Assets (100%)    650,467 




* Non-income-producing security.
^ Part of security position is on loan to broker-dealers.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2007, the value of this security represented 0.5% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
ADR - American Depositary Receipt.
FDR - Fiduciary Depositary Receipt.
GDR - Global Depositary Receipt.
REIT - Real Estate Investment Trust.

Investment Securities: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

At July 31, 2007, the cost of investment securities for tax purposes was $649,477,000. Net unrealized appreciation of investment securities for tax purposes was $4,819,000, consisting of unrealized gains of $24,448,000 on securities that had risen in value since their purchase and $19,629,000 in unrealized losses on securities that had fallen in value since their purchase.

Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).


s
Item 2: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:

Exhibits.
(a) Certifications.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VANGUARD INTERNATIONAL EQUITY INDEX FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: September 14, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

VANGUARD INTERNATIONAL EQUITY INDEX FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: September 14, 2007

VANGUARD INTERNATIONAL EQUITY INDEX FUNDS

BY: (signature)
(HEIDI STAM)
THOMAS J. HIGGINS*
TREASURER

Date: September 14, 2007

*By Power of Attorney, Filed on August 22, 2007, See File Number 333-145624. Incorporated by Reference.

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