UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-01027
| Name of Registrant: | Vanguard World Fund | |
| Address of Registrant: | P.O. Box 2600 | |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | John E. Schadl, Esquire | |
| P.O. Box 876 | ||
| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: August 31
Date of reporting period: September 1, 2024—August 31, 2025
Item 1: Reports to Shareholders.
Vanguard Extended Duration Treasury Index Fund
ETF Shares (EDV)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Extended Duration Treasury Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $5 | 0.05% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Treasuries underperformed the broader bond market, and securities with the longest maturities posted negative returns.
-
Because the Fund invests in zero-coupon U.S. Treasuries with maturities ranging from 20 to 30 years and the prices of such securities are very sensitive to interest rate changes, its interest rate risk is extremely high. As a result, the Fund may exhibit substantial short-term volatility and is best used by long-term investors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | -13.16% | -13.72% | -2.11% |
| ETF Shares Market Price | -13.12% | -13.71% | -2.15% |
| Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -13.05% | -13.83% | -2.14% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 3.19% | -0.66% | 1.84% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$4,344 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 15% |
| Total Investment Advisory Fees (in thousands) |
$126 |
| Distribution by Stated Maturity % of Net Asset (as of August 31, 2025) |
|
| 15 - 20 Years | 0.4% |
| 20 - 25 Years | 54.6% |
| 25 - 30 Years | 45.0% |
| Other Assets and Liabilities—Net | 0.0% |
| This table reflects the Fund’s investments, including short-term investments and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR930
Vanguard Extended Duration Treasury Index Fund
Institutional Shares (VEDTX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Extended Duration Treasury Index Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $5 | 0.05% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
Treasuries underperformed the broader bond market, and securities with the longest maturities posted negative returns.
-
Because the Fund invests in zero-coupon U.S. Treasuries with maturities ranging from 20 to 30 years and the prices of such securities are very sensitive to interest rate changes, its interest rate risk is extremely high. As a result, the Fund may exhibit substantial short-term volatility and is best used by long-term investors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: August 31, 2015, Through August 31, 2025
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Institutional Shares | -13.56% | -13.81% | -2.16% |
| Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index | -13.05% | -13.83% | -2.14% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 3.19% | -0.66% | 1.84% |
Vanguard fund returns are adjusted to reflect the 0.50% fee on purchases of fund shares.
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$4,344 |
| Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 15% |
| Total Investment Advisory Fees (in thousands) |
$126 |
| Distribution by Stated Maturity % of Net Asset (as of August 31, 2025) |
|
| 15 - 20 Years | 0.4% |
| 20 - 25 Years | 54.6% |
| 25 - 30 Years | 45.0% |
| Other Assets and Liabilities—Net | 0.0% |
| This table reflects the Fund’s investments, including short-term investments and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Institutional Share class was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1275
Vanguard ESG U.S. Stock ETF
ETF Shares (ESGV)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard ESG U.S. Stock ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $10 | 0.09% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
The Fund’s benchmark index posted modest to stellar gains in eight of the 11 industry sectors. Technology stocks—by far the largest weighting in the index—contributed the most to overall returns, followed by consumer discretionary and financials. Three sectors—consumer staples, health care, and energy—saw modest to steep declines.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: September 18, 2018, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception (9/18/2018) |
|
| ETF Shares Net Asset Value | 16.01% | 13.52% | 14.01% |
| ETF Shares Market Price | 16.08% | 13.50% | 14.02% |
| FTSE US All Cap Choice Index | 16.11% | 13.60% | 14.10% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 15.88% | 14.05% | 13.21% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$11,163 |
| Number of Portfolio Holdings | 1,329 |
| Portfolio Turnover Rate | 3% |
| Total Investment Advisory Fees (in thousands) |
$215 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Basic Materials | 1.2% |
| Consumer Discretionary | 16.4% |
| Consumer Staples | 3.7% |
| Energy | 0.1% |
| Financials | 11.2% |
| Health Care | 9.7% |
| Industrials | 8.6% |
| Real Estate | 2.8% |
| Technology | 43.1% |
| Telecommunications | 2.4% |
| Utilities | 0.5% |
| Other Assets and Liabilities—Net | 0.3% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4393
Vanguard ESG International Stock ETF
ETF Shares (VSGX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard ESG International Stock ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $12 | 0.11% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about the prospect of further deregulation, tax cuts, and robust corporate earnings was at times tempered by market concerns over rising interest rates, stretched equity valuations, and U.S. trade policy announcements. While the Federal Reserve paused short-term rate cuts after December 2024, the European Central Bank and Bank of England continued to ease policy during the period.
-
For the Fund’s benchmark index, nine of the 11 industry sectors posted gains. Financials, by far the largest sector weighting in the index, contributed most to returns, followed by technology and consumer discretionary. Two sectors—energy and health care—posted negative returns.
-
Most countries in the index posted gains, with those in Europe, the Pacific region, and emerging markets outpacing those in North America.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: September 18, 2018, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception (9/18/2018) |
|
| ETF Shares Net Asset Value | 14.92% | 8.08% | 7.01% |
| ETF Shares Market Price | 14.96% | 8.09% | 7.04% |
| FTSE Global All Cap ex US Choice Index | 15.06% | 8.19% | 7.16% |
| FTSE Global All Cap ex US Index | 15.93% | 9.24% | 7.43% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$5,016 |
| Number of Portfolio Holdings | 6,476 |
| Portfolio Turnover Rate | 8% |
| Total Investment Advisory Fees (in thousands) |
$272 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Africa | 1.2% |
| Asia | 48.4% |
| Europe | 36.7% |
| North America | 6.9% |
| Oceania | 5.1% |
| South America | 1.2% |
| Other Assets and Liabilities—Net | 0.5% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, the expense ratio for the Fund was reduced.
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4394
Vanguard Global Wellington™ Fund
Investor Shares (VGWLX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Global Wellington Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $45 | 0.43% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund underperformed its benchmark.
-
Optimism in the U.S. about the prospect of further deregulation, tax cuts, and robust corporate earnings was at times tempered by market concerns over rising interest rates, stretched equity valuations, and U.S. trade policy announcements. While the Federal Reserve paused short-term rate cuts after December 2024, the European Central Bank and Bank of England continued to ease policy during the period.
-
In the Fund’s stock portfolio, security selection in North America was the biggest detractor, although the Fund’s positioning in Europe and emerging markets added value. By industry sector, strong selection in financials was more than offset by drags from multiple sectors, particularly information technology and consumer staples.
-
In the Fund’s bond portfolio, security selection was positive, notably among bonds issued by industrial companies. Credit spread duration—the sensitivity of a portfolio to changes in its credit spread—detracted from relative performance.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 2, 2017, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception (11/2/2017) |
|
| Investor Shares | 7.12% | 8.41% | 7.52% |
| Global Wellington Composite Index | 11.97% | 8.67% | 8.43% |
| Bloomberg Global Aggregate Bond Index | 3.47% | -1.76% | 0.49% |
| FTSE Developed Net Tax Index | 16.12% | 13.11% | 11.55% |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Africa | 0.2% |
| Asia | 13.0% |
| Europe | 27.5% |
| North America | 54.5% |
| Oceania | 0.7% |
| South America | 0.0% |
| Other Assets and Liabilities—Net | 4.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1567
Vanguard Global Wellington™ Fund
Admiral™ Shares (VGWAX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Global Wellington Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $31 | 0.30% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund underperformed its benchmark.
-
Optimism in the U.S. about the prospect of further deregulation, tax cuts, and robust corporate earnings was at times tempered by market concerns over rising interest rates, stretched equity valuations, and U.S. trade policy announcements. While the Federal Reserve paused short-term rate cuts after December 2024, the European Central Bank and Bank of England continued to ease policy during the period.
-
In the Fund’s stock portfolio, security selection in North America was the biggest detractor, although the Fund’s positioning in Europe and emerging markets added value. By industry sector, strong selection in financials was more than offset by drags from multiple sectors, particularly information technology and consumer staples.
-
In the Fund’s bond portfolio, security selection was positive, notably among bonds issued by industrial companies. Credit spread duration—the sensitivity of a portfolio to changes in its credit spread—detracted from relative performance.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 2, 2017, Through August 31, 2025
Initial Investment of $50,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception (11/2/2017) |
|
| Admiral Shares | 7.29% | 8.55% | 7.65% |
| Global Wellington Composite Index | 11.97% | 8.67% | 8.43% |
| Bloomberg Global Aggregate Bond Index | 3.47% | -1.76% | 0.49% |
| FTSE Developed Net Tax Index | 16.12% | 13.11% | 11.55% |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Africa | 0.2% |
| Asia | 13.0% |
| Europe | 27.5% |
| North America | 54.5% |
| Oceania | 0.7% |
| South America | 0.0% |
| Other Assets and Liabilities—Net | 4.1% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1767
Vanguard Global Wellesley® Income Fund
Investor Shares (VGWIX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Global Wellesley Income Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $45 | 0.43% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund underperformed its benchmark.
-
Optimism in the U.S. about the prospect of further deregulation, tax cuts, and robust corporate earnings was at times tempered by market concerns over rising interest rates, stretched equity valuations, and U.S. trade policy announcements. While the Federal Reserve paused short-term rate cuts after December 2024, the European Central Bank and Bank of England continued to ease policy during the period.
-
In the Fund’s stock portfolio, security selection in the United States was the biggest detractor, although an overweight to emerging markets added value. By industry sector, strong selection in consumer staples was more than offset by drags from health care and industrials.
-
In the Fund’s bond portfolio, selection was positive, notably among bonds issued by industrial companies. Credit spread duration—the sensitivity of a portfolio to changes in its credit spread—detracted from relative performance.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 2, 2017, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception (11/2/2017) |
|
| Investor Shares | 7.20% | 5.21% | 4.60% |
| Global Wellesley Income Composite Index | 8.21% | 5.12% | 4.70% |
| Bloomberg Global Aggregate Bond Index | 3.47% | -1.76% | 0.49% |
| FTSE Developed Net Tax Index | 16.12% | 13.11% | 11.55% |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Africa | 0.3% |
| Asia | 7.8% |
| Europe | 31.7% |
| North America | 53.4% |
| Oceania | 1.2% |
| South America | 0.1% |
| Other Assets and Liabilities—Net | 5.5% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1496
Vanguard Global Wellesley® Income Fund
Admiral™ Shares (VGYAX)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Global Wellesley Income Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $31 | 0.30% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund underperformed its benchmark.
-
Optimism in the U.S. about the prospect of further deregulation, tax cuts, and robust corporate earnings was at times tempered by market concerns over rising interest rates, stretched equity valuations, and U.S. trade policy announcements. While the Federal Reserve paused short-term rate cuts after December 2024, the European Central Bank and Bank of England continued to ease policy during the period.
-
In the Fund’s stock portfolio, security selection in the United States was the biggest detractor, although an overweight to emerging markets added value. By industry sector, strong selection in consumer staples was more than offset by drags from health care and industrials.
-
In the Fund’s bond portfolio, selection was positive, notably among bonds issued by industrial companies. Credit spread duration—the sensitivity of a portfolio to changes in its credit spread—detracted from relative performance.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 2, 2017, Through August 31, 2025
Initial Investment of $50,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception (11/2/2017) |
|
| Admiral Shares | 7.28% | 5.34% | 4.72% |
| Global Wellesley Income Composite Index | 8.21% | 5.12% | 4.70% |
| Bloomberg Global Aggregate Bond Index | 3.47% | -1.76% | 0.49% |
| FTSE Developed Net Tax Index | 16.12% | 13.11% | 11.55% |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Africa | 0.3% |
| Asia | 7.8% |
| Europe | 31.7% |
| North America | 53.4% |
| Oceania | 1.2% |
| South America | 0.1% |
| Other Assets and Liabilities—Net | 5.5% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1896
Vanguard ESG U.S. Corporate Bond ETF
ETF Shares (VCEB)
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard ESG U.S. Corporate Bond ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $12 | 0.12% |
How did the Fund perform during the reporting period?
-
For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.
-
Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.
-
With yield spreads narrowing for corporate bonds, they outperformed both Treasuries and mortgage-backed securities.
-
In the Fund’s benchmark index, bonds issued by financial institutions returned more than those issued by industrial companies and utilities.
-
By maturity, bonds maturing in less than 10 years posted the strongest gains, and bonds maturing in 20 years or more finished in negative territory. By credit quality, corporate bonds on the bottom rung of the investment-grade ladder performed better than higher-rated bonds.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: September 22, 2020, Through August 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | ||
| 1 Year | Since Inception (9/22/2020) |
|
| ETF Shares Net Asset Value | 4.01% | -0.17% |
| ETF Shares Market Price | 3.91% | -0.17% |
| Bloomberg MSCI US Corporate SRI Select Index | 4.01% | -0.11% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.71% |
| Fund Statistics (as of August 31, 2025) |
|
| Fund Net Assets (in millions) |
$903 |
| Number of Portfolio Holdings | 2,784 |
| Portfolio Turnover Rate | 33% |
| Total Investment Advisory Fees (in thousands) |
$23 |
| Portfolio Composition % of Net Assets (as of August 31, 2025) |
|
| Communications | 11.0% |
| Consumer Discretionary | 6.7% |
| Consumer Staples | 3.7% |
| Financials | 44.1% |
| Health Care | 15.1% |
| Industrials | 1.9% |
| Materials | 1.2% |
| Real Estate | 1.9% |
| Technology | 11.9% |
| Utilities | 0.2% |
| U.S. Government and Agency Obligations | 0.7% |
| Other Assets and Liabilities—Net | 1.6% |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4158
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit and Risk Committee have been determined by the Registrant’s Board of Trustees to be Audit and Risk Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
Item 4: Principal Accountant Fees and Services.
Includes fees billed in connection with services to the Registrant only.
| Fiscal
Year Ended August 31, 2025 | Fiscal
Year Ended August 31, 2024 | |||||||
| (a) Audit Fees. | $ | 662,000 | $ | 779,000 | ||||
| (b) Audit-Related Fees. | 0 | 0 | ||||||
| (c) Tax Fees. | 0 | 0 | ||||||
| (d) All Other Fees. | 0 | 0 | ||||||
| Total. | $ | 662,000 | $ | 779,000 | ||||
(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
| Fiscal
Year Ended August 31, 2025 | Fiscal
Year Ended August 31, 2024 | |||||||
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $ | 0 | $ | 0 | ||||
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. | ||||||||
| Audit-Related Fees. | $ | 3,710,837 | $ | 3,508,505 | ||||
| Tax Fees. | $ | 1,775,524 | $ | 1,912,843 | ||||
| All Other Fees. | $ | 50,000 | $ | 268,000 | ||||
| Total. | $ | 5,536,360 | $ | 5,689,348 | ||||
(h) For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Financial Statements
For the year ended August 31,
2025
Vanguard Extended Duration Treasury Index
Fund
Contents
Financial Statements | 1 |
Report of Independent Registered Public Accounting Firm | 13 |
Tax information | 14 |
Extended Duration Treasury Index Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| U.S. Government and Agency Obligations (100.0%) | ||||||
| U.S. Government Securities (100.0%) | ||||||
| United States Treasury Strip Coupon | 0.000% | 8/15/2045 | 41,944 | 14,975 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2045 | 213,970 | 75,500 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2046 | 254,767 | 88,850 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2046 | 202,404 | 69,782 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2046 | 197,997 | 67,420 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2046 | 169,682 | 56,910 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2047 | 204,979 | 67,835 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2047 | 190,048 | 62,100 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2047 | 140,344 | 45,239 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2047 | 167,063 | 53,193 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2048 | 160,346 | 50,346 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2048 | 154,474 | 47,845 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2048 | 221,308 | 67,629 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2048 | 219,271 | 66,124 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2049 | 189,865 | 56,514 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2049 | 204,927 | 60,173 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2049 | 186,909 | 54,262 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2049 | 185,594 | 53,184 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2050 | 183,685 | 51,999 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2050 | 192,951 | 54,041 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2050 | 178,582 | 49,250 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2050 | 197,959 | 53,797 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2051 | 195,681 | 52,436 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2051 | 186,951 | 49,505 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2051 | 198,242 | 51,829 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2051 | 191,539 | 49,583 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2052 | 227,207 | 58,213 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2052 | 200,492 | 50,452 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2052 | 194,828 | 48,669 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2052 | 198,787 | 49,044 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2053 | 187,094 | 45,992 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2053 | 194,393 | 47,307 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2053 | 178,897 | 43,061 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2053 | 198,185 | 47,309 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2054 | 203,741 | 47,927 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2054 | 181,751 | 42,498 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2054 | 81,984 | 19,039 | ||
| United States Treasury Strip Coupon | 0.000% | 11/15/2054 | 67,842 | 15,612 | ||
| United States Treasury Strip Coupon | 0.000% | 2/15/2055 | 48,164 | 11,029 | ||
| United States Treasury Strip Coupon | 0.000% | 5/15/2055 | 59,582 | 13,492 | ||
| United States Treasury Strip Coupon | 0.000% | 8/15/2055 | 22,865 | 5,110 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2045 | 173,135 | 62,809 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2046 | 169,732 | 60,633 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2046 | 239,424 | 84,481 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2046 | 201,838 | 70,241 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2046 | 198,267 | 67,984 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2047 | 183,729 | 62,131 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2047 | 196,685 | 65,605 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2047 | 165,031 | 54,299 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2047 | 176,679 | 57,386 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2048 | 169,407 | 54,171 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2048 | 169,768 | 53,556 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2048 | 167,940 | 52,304 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2048 | 185,238 | 56,946 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2049 | 185,496 | 56,301 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2049 | 151,859 | 45,528 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2049 | 196,391 | 58,235 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2049 | 170,794 | 49,984 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2050 | 182,950 | 52,948 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2050 | 190,217 | 55,222 | ||
1
Extended Duration Treasury Index Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| United States Treasury Strip Principal | 0.000% | 8/15/2050 | 189,051 | 53,518 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2050 | 187,499 | 52,243 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2051 | 187,422 | 51,556 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2051 | 177,655 | 48,251 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2051 | 226,514 | 60,796 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2051 | 231,079 | 61,380 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2052 | 208,970 | 54,773 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2052 | 213,449 | 55,272 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2052 | 207,173 | 53,040 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2052 | 202,427 | 51,461 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2053 | 197,736 | 49,612 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2053 | 208,675 | 51,712 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2053 | 189,915 | 46,655 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2053 | 220,601 | 53,720 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2054 | 233,016 | 56,051 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2054 | 265,800 | 63,283 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2054 | 340,263 | 80,028 | ||
| United States Treasury Strip Principal | 0.000% | 11/15/2054 | 359,036 | 83,574 | ||
| United States Treasury Strip Principal | 0.000% | 2/15/2055 | 339,839 | 78,415 | ||
| United States Treasury Strip Principal | 0.000% | 5/15/2055 | 248,589 | 56,700 | ||
| United States Treasury Strip Principal | 0.000% | 8/15/2055 | 202,980 | 45,789 | ||
| Total U.S. Government and Agency Obligations (Cost $5,496,182) | 4,343,668 | |||||
| Shares | ||||||
| Temporary Cash Investments (0.0%) | ||||||
| Money Market Fund (0.0%) | ||||||
| 1 | Vanguard Market Liquidity Fund (Cost $412) | 4.362% | 4,118 | 412 | ||
| Total Investments (100.0%) (Cost $5,496,594) | 4,344,080 | |||||
| Other Assets and Liabilities—Net (0.0%) | 45 | |||||
| Net Assets (100%) | 4,344,125 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| 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. |
See accompanying Notes,
which are an integral part of the Financial Statements.
2
Extended Duration Treasury Index Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $5,496,182) | 4,343,668 |
| Affiliated Issuers (Cost $412) | 412 |
| Total Investments in Securities | 4,344,080 |
| Investment in Vanguard | 107 |
| Cash | 1 |
| Cash Collateral Received for ETF Capital Activity | 31,760 |
| Receivables for Investment Securities Sold | 125,774 |
| Receivables for Accrued Income | 1 |
| Receivables for Capital Shares Issued | 8,037 |
| Total Assets | 4,509,760 |
| Liabilities | |
| Payables for Investment Securities Purchased | 125,055 |
| Collateral for ETF Capital Activity | 31,760 |
| Payables for Capital Shares Redeemed | 8,727 |
| Payables to Vanguard | 93 |
| Total Liabilities | 165,635 |
| Net Assets | 4,344,125 |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 6,523,008 |
| Total Distributable Earnings (Loss) | (2,178,883) |
| Net Assets | 4,344,125 |
| ETF Shares—Net Assets | |
| Applicable to 57,375,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,682,187 |
| Net Asset Value Per Share—ETF Shares | $64.18 |
| Institutional Shares—Net Assets | |
| Applicable to 34,140,200 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 661,938 |
| Net Asset Value Per Share—Institutional Shares | $19.39 |
See accompanying Notes,
which are an integral part of the Financial Statements.
3
Extended Duration Treasury Index Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest1 | 211,964 |
| Total Income | 211,964 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 126 |
| Management and Administrative—ETF Shares | 1,474 |
| Management and Administrative—Institutional Shares | 344 |
| Management and Administrative—Institutional Plus Shares | 5 |
| Marketing and Distribution—ETF Shares | 181 |
| Marketing and Distribution—Institutional Shares | 25 |
| Marketing and Distribution—Institutional Plus Shares | — |
| Custodian Fees | 16 |
| Auditing Fees | 31 |
| Shareholders’ Reports and Proxy Fees—ETF Shares | 208 |
| Shareholders’ Reports and Proxy Fees—Institutional Shares | 2 |
| Shareholders’ Reports and Proxy Fees—Institutional Plus Shares | — |
| Trustees’ Fees and Expenses | 3 |
| Other Expenses | 26 |
| Total Expenses | 2,441 |
| Net Investment Income | 209,523 |
| Realized Net Gain (Loss) on Investment Securities Sold1,2 | (386,289) |
| Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | (447,582) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (624,348) |
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $65, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes ($35,167) of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
4
Extended Duration Treasury Index Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 209,523 | 168,455 |
| Realized Net Gain (Loss) | (386,289) | (252,241) |
| Change in Unrealized Appreciation (Depreciation) | (447,582) | 306,630 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (624,348) | 222,844 |
| Distributions | ||
| ETF Shares | (171,938) | (121,506) |
| Institutional Shares | (33,855) | (24,665) |
| Institutional Plus Shares | (1,473) | (8,699) |
| Total Distributions | (207,266) | (154,870) |
| Capital Share Transactions | ||
| ETF Shares | 414,121 | 1,530,783 |
| Institutional Shares | (84,479) | 307,480 |
| Institutional Plus Shares | (148,191) | (74,183) |
| Net Increase (Decrease) from Capital Share Transactions | 181,451 | 1,764,080 |
| Total Increase (Decrease) | (650,163) | 1,832,054 |
| Net Assets | ||
| Beginning of Period | 4,994,288 | 3,162,234 |
| End of Period | 4,344,125 | 4,994,288 |
See accompanying Notes,
which are an integral part of the Financial Statements.
5
Extended Duration Treasury Index Fund
Financial Highlights
| ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $77.32 | $78.52 | $96.31 | $140.69 | $163.11 |
| Investment Operations | |||||
| Net Investment Income1 | 3.235 | 3.203 | 3.033 | 2.769 | 2.795 |
| Net Realized and Unrealized Gain (Loss) on Investments2 | (13.166) | (1.385) | (18.048) | (44.418) | (17.061) |
| Total from Investment Operations | (9.931) | 1.818 | (15.015) | (41.649) | (14.266) |
| Distributions | |||||
| Dividends from Net Investment Income | (3.209) | (3.018) | (2.775) | (2.731) | (2.820) |
| Distributions from Realized Capital Gains | — | — | — | — | (5.334) |
| Total Distributions | (3.209) | (3.018) | (2.775) | (2.731) | (8.154) |
| Net Asset Value, End of Period | $64.18 | $77.32 | $78.52 | $96.31 | $140.69 |
| Total Return | -13.16% | 2.64% | -15.83% | -30.00% | -8.94% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,682 | $3,961 | $2,356 | $1,312 | $1,277 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.06%3 | 0.06%3 | 0.06% |
| Ratio of Net Investment Income to Average Net Assets | 4.68% | 4.34% | 3.56% | 2.33% | 1.93% |
| Portfolio Turnover Rate4 | 15% | 22% | 24% | 15% | 23% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase fees of $.00, $.03, $.03, $.03, and $.07. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes,
which are an integral part of the Financial Statements.
6
Extended Duration Treasury Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $23.36 | $23.72 | $29.09 | $42.50 | $49.27 |
| Investment Operations | |||||
| Net Investment Income1 | .977 | .967 | .911 | .835 | .842 |
| Net Realized and Unrealized Gain (Loss) on Investments2 | (3.978) | (.415) | (5.444) | (13.425) | (5.143) |
| Total from Investment Operations | (3.001) | .552 | (4.533) | (12.590) | (4.301) |
| Distributions | |||||
| Dividends from Net Investment Income | (.969) | (.912) | (.837) | (.820) | (.857) |
| Distributions from Realized Capital Gains | — | — | — | — | (1.612) |
| Total Distributions | (.969) | (.912) | (.837) | (.820) | (2.469) |
| Net Asset Value, End of Period | $19.39 | $23.36 | $23.72 | $29.09 | $42.50 |
| Total Return3 | -13.13% | 2.56% | -15.83% | -30.01% | -8.95% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $662 | $886 | $585 | $623 | $789 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.06% | 0.06%4 | 0.06%4 | 0.06% |
| Ratio of Net Investment Income to Average Net Assets | 4.67% | 4.35% | 3.52% | 2.29% | 1.96% |
| Portfolio Turnover Rate5 | 15% | 22% | 24% | 15% | 23% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Includes increases from purchase fees of $.00, $.00, $.00, $.00, and $.02. |
| 3 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes,
which are an integral part of the Financial Statements.
7
Extended Duration Treasury Index Fund
Financial Highlights
| Institutional Plus Shares | |||||
| For a Share Outstanding Throughout Each Period | Sep.1, 2024 to Oct. 3, 20241 | Year Ended August 31, | |||
| 2024 | 2023 | 2022 | 2021 | ||
| Net Asset Value, Beginning of Period | $58.64 | $59.55 | $73.04 | $106.68 | $123.70 |
| Investment Operations | |||||
| Net Investment Income2 | .221 | 2.438 | 2.297 | 2.114 | 2.140 |
| Net Realized and Unrealized Gain (Loss) on Investments3 | .325 | (1.049) | (13.672) | (33.676) | (12.941) |
| Total from Investment Operations | .546 | 1.389 | (11.375) | (31.562) | (10.801) |
| Distributions | |||||
| Dividends from Net Investment Income | (.586) | (2.299) | (2.115) | (2.078) | (2.173) |
| Distributions from Realized Capital Gains | — | — | — | — | (4.046) |
| Total Distributions | (.586) | (2.299) | (2.115) | (2.078) | (6.219) |
| Net Asset Value, End of Period | $58.601 | $58.64 | $59.55 | $73.04 | $106.68 |
| Total Return4 | 0.92% | 2.57% | -15.82% | -29.98% | -8.95% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $— | $147 | $222 | $264 | $505 |
| Ratio of Total Expenses to Average Net Assets | 0.04%5 | 0.04% | 0.04%6 | 0.04%6 | 0.04% |
| Ratio of Net Investment Income to Average Net Assets | 4.02%5 | 4.37% | 3.54% | 2.29% | 1.96% |
| Portfolio Turnover Rate7 | 15%8 | 22% | 24% | 15% | 23% |
| 1 | Net asset value as of October 3, 2024, on which date all shares were redeemed. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Includes increases from purchase fees of $.00, $.02, $.02, $.02, and $.05. |
| 4 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
| 5 | Annualized. |
| 6 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 7 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
| 8 | Reflects the fund's portfolio turnover for the year ended August 31, 2025. |
See accompanying Notes, which are an integral
part of the Financial Statements.
8
Extended Duration Treasury Index Fund
Notes to Financial Statements
Vanguard Extended Duration
Treasury Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: ETF Shares, Institutional Shares, and
Institutional Plus Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they
can be purchased and sold through a broker. On October 3, 2024, all outstanding shares of the Institutional Plus class were redeemed. The fund has not issued any additional Institutional Plus Shares as of August 31,
2025.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments 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. Investments in Vanguard Market
Liquidity Fund are valued at that fund's net asset value. 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 by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
3. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
4. Collateral for ETF
Capital Activity: When an authorized participant fails to deliver one or more of the securities within a designated basket (in the case of a subscription), fails to deliver the fund ETF Shares (in the case of a
redemption), or is required by the fund, prior to settlement, to accommodate the trading of foreign securities in local markets (in the case of redemption for an international equity ETF), the fund may require the
authorized participant to deliver and maintain cash collateral in accordance with the authorized participant agreement. The fund may invest the collateral in short-term debt instruments or U.S. Treasury securities, or
maintain the balance as cash. Daily market fluctuations could cause the value of the missing securities or fund ETF Shares to be more or less than the value of the collateral received; when this occurs the
collateral is adjusted. The fund earns interest income from investments and/or custody fee offsets from the cash balance. The fund records an asset (cash or investment, as applicable) and a corresponding liability for
the return of the collateral in the Statement Assets and Liabilities. Interest income and custody fee offsets earned on the investment of collateral are included in the Statement of Operations.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest
income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the
lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or
sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold. Fees assessed on capital share transactions are credited to paid-in capital.
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses),
shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and
gains and losses on investments are allocated to each class of shares based on its relative net assets.
9
Extended Duration Treasury Index Fund
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $107,000, representing less than 0.01% of the fund’s
net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or
methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable
inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| U.S. Government and Agency Obligations | — | 4,343,668 | — | 4,343,668 |
| Temporary Cash Investments | 412 | — | — | 412 |
| Total | 412 | 4,343,668 | — | 4,344,080 |
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, in-kind redemptions, swap agreements, and distributions in connection
with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | (35,205) |
| Total Distributable Earnings (Loss) | 35,205 |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. As of period end,
the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 35,712 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | (1,159,899) |
| Capital Loss Carryforwards | (1,054,696) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | (2,178,883) |
10
Extended Duration Treasury Index Fund
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 207,266 | 154,870 |
| Long-Term Capital Gains | — | — |
| Total | 207,266 | 154,870 |
| * | Includes short-term capital gains, if any. |
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 5,503,979 |
| Gross Unrealized Appreciation | 3,154 |
| Gross Unrealized Depreciation | (1,163,053) |
| Net Unrealized Appreciation (Depreciation) | (1,159,899) |
E. During the year ended August 31, 2025, the fund purchased $662,381,000 of investment securities and sold $1,018,735,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $2,267,291,000 and $1,938,335,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| ETF Shares | |||||
| Issued1 | 2,357,857 | 34,200 | 2,041,777 | 27,950 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (1,943,736) | (28,050) | (510,994) | (6,725) | |
| Net Increase (Decrease)—ETF Shares | 414,121 | 6,150 | 1,530,783 | 21,225 | |
| Institutional Shares | |||||
| Issued1 | 61,884 | 2,959 | 362,634 | 15,717 | |
| Issued in Lieu of Cash Distributions | 33,121 | 1,565 | 24,444 | 1,094 | |
| Redeemed | (179,484) | (8,311) | (79,598) | (3,535) | |
| Net Increase (Decrease)—Institutional Shares | (84,479) | (3,787) | 307,480 | 13,276 | |
| Institutional Plus Shares2 | |||||
| Issued1 | — | — | — | — | |
| Issued in Lieu of Cash Distributions | 1,473 | 25 | 8,699 | 155 | |
| Redeemed | (149,664) | (2,538) | (82,882) | (1,368) | |
| Net Increase (Decrease)—Institutional Plus Shares | (148,191) | (2,513) | (74,183) | (1,213) | |
| 1 | Includes purchase fees for fiscal 2025 and 2024 of $360 and $1,344, respectively (fund totals). |
| 2 | All outstanding shares were redeemed on October 3, 2024. |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer
11
Extended Duration Treasury Index Fund
collectively act as the CODM. Vanguard has
established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single
investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on
the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets,
liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
12
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard World
Fund and Shareholders of Vanguard Extended Duration Treasury Index Fund
Opinion on the Financial
Statements
We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Extended Duration Treasury Index Fund (one of the funds constituting Vanguard World Fund, referred to hereafter as
the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025,
including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in
all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended
August 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are
the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
13
Tax information (unaudited)
The fund hereby designates for
the fiscal year $209,236,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income
tax.
The fund hereby designates
100%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the
regulations thereunder for the fiscal year.
The fund hereby designates
100%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.
Q12750 102025
14
Financial Statements
For the year ended August 31,
2025
Vanguard ESG U.S. Stock ETF
Contents
Financial Statements | 1 |
Report of Independent Registered Public Accounting Firm | 29 |
Tax information | 30 |
ESG U.S. Stock ETF
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares | Market Value• ($000) | |||||
| Common Stocks (99.7%) | ||||||
| Basic Materials (1.2%) | ||||||
| Linde plc | 102,551 | 49,049 | ||||
| Newmont Corp. | 243,071 | 18,085 | ||||
| Fastenal Co. | 250,585 | 12,444 | ||||
| Nucor Corp. | 50,146 | 7,458 | ||||
| International Paper Co. | 114,558 | 5,691 | ||||
| Steel Dynamics Inc. | 30,637 | 4,011 | ||||
| International Flavors & Fragrances Inc. | 55,920 | 3,775 | ||||
| CF Industries Holdings Inc. | 36,249 | 3,140 | ||||
| Avery Dennison Corp. | 16,961 | 2,911 | ||||
| Royal Gold Inc. | 14,377 | 2,582 | ||||
| Mosaic Co. | 69,140 | 2,309 | ||||
| * | MP Materials Corp. | 28,227 | 2,008 | |||
| * | Coeur Mining Inc. | 138,634 | 1,823 | |||
| UFP Industries Inc. | 13,019 | 1,315 | ||||
| Element Solutions Inc. | 49,118 | 1,263 | ||||
| Balchem Corp. | 7,053 | 1,143 | ||||
| * | Cleveland-Cliffs Inc. | 106,131 | 1,141 | |||
| Hecla Mining Co. | 131,183 | 1,116 | ||||
| FMC Corp. | 27,339 | 1,069 | ||||
| Sensient Technologies Corp. | 9,130 | 1,036 | ||||
| Cabot Corp. | 11,663 | 951 | ||||
| Avient Corp. | 19,618 | 734 | ||||
| Westlake Corp. | 7,388 | 649 | ||||
| Ashland Inc. | 10,368 | 582 | ||||
| Scotts Miracle-Gro Co. | 9,496 | 581 | ||||
| Minerals Technologies Inc. | 6,980 | 457 | ||||
| * | Constellium SE | 30,560 | 443 | |||
| Quaker Chemical Corp. | 2,981 | 433 | ||||
| Huntsman Corp. | 35,628 | 398 | ||||
| Sylvamo Corp. | 7,597 | 351 | ||||
| Kaiser Aluminum Corp. | 3,436 | 268 | ||||
| * | Century Aluminum Co. | 11,199 | 250 | |||
| Worthington Steel Inc. | 7,010 | 233 | ||||
| Tronox Holdings plc | 25,297 | 108 | ||||
| * | Sigma Lithium Corp. | 11,984 | 80 | |||
| 129,887 | ||||||
| Consumer Discretionary (16.4%) | ||||||
| * | Amazon.com Inc. | 2,094,647 | 479,674 | |||
| * | Tesla Inc. | 614,205 | 205,065 | |||
| * | Netflix Inc. | 92,548 | 111,821 | |||
| Costco Wholesale Corp. | 96,927 | 91,433 | ||||
| Home Depot Inc. | 217,423 | 88,441 | ||||
| McDonald's Corp. | 156,107 | 48,946 | ||||
| Walt Disney Co. | 395,040 | 46,765 | ||||
| * | Uber Technologies Inc. | 439,622 | 41,215 | |||
| Booking Holdings Inc. | 7,104 | 39,776 | ||||
| TJX Cos. Inc. | 244,257 | 33,368 | ||||
| Lowe's Cos. Inc. | 122,381 | 31,582 | ||||
| * | MercadoLibre Inc. | 10,286 | 25,436 | |||
| * | Spotify Technology SA | 33,587 | 22,902 | |||
| Starbucks Corp. | 248,365 | 21,903 | ||||
| Royal Caribbean Cruises Ltd. | 55,320 | 20,093 | ||||
| NIKE Inc. Class B | 252,424 | 19,530 | ||||
| * | O'Reilly Automotive Inc. | 186,084 | 19,293 | |||
| * | ROBLOX Corp. Class A | 123,027 | 15,328 | |||
| * | AutoZone Inc. | 3,647 | 15,312 | |||
| Hilton Worldwide Holdings Inc. | 50,931 | 14,060 | ||||
| Marriott International Inc. Class A | 49,704 | 13,314 | ||||
| * | Chipotle Mexican Grill Inc. | 292,903 | 12,343 | |||
1
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Airbnb Inc. Class A | 92,857 | 12,121 | |||
| * | Carvana Co. | 28,036 | 10,427 | |||
| Ross Stores Inc. | 70,334 | 10,350 | ||||
| Ford Motor Co. | 852,338 | 10,032 | ||||
| Electronic Arts Inc. | 56,956 | 9,794 | ||||
| Target Corp. | 99,160 | 9,517 | ||||
| * | Copart Inc. | 193,055 | 9,423 | |||
| * | Take-Two Interactive Software Inc. | 39,077 | 9,115 | |||
| eBay Inc. | 100,529 | 9,109 | ||||
| Yum! Brands Inc. | 60,862 | 8,945 | ||||
| Garmin Ltd. | 35,577 | 8,603 | ||||
| * | Coupang Inc. | 271,006 | 7,745 | |||
| * | Carnival Corp. | 235,969 | 7,525 | |||
| Tractor Supply Co. | 115,991 | 7,164 | ||||
| Lennar Corp. Class A | 51,780 | 6,894 | ||||
| * | Live Nation Entertainment Inc. | 34,575 | 5,756 | |||
| PulteGroup Inc. | 43,580 | 5,753 | ||||
| Expedia Group Inc. | 26,403 | 5,671 | ||||
| * | Warner Bros Discovery Inc. | 486,959 | 5,668 | |||
| * | Trade Desk Inc. Class A | 97,452 | 5,327 | |||
| Dollar General Corp. | 47,951 | 5,215 | ||||
| * | NVR Inc. | 611 | 4,960 | |||
| * | Ulta Beauty Inc. | 9,870 | 4,863 | |||
| Williams-Sonoma Inc. | 25,841 | 4,863 | ||||
| * | Dollar Tree Inc. | 44,345 | 4,841 | |||
| Estee Lauder Cos. Inc. Class A | 51,000 | 4,678 | ||||
| * | Lululemon Athletica Inc. | 22,969 | 4,644 | |||
| Tapestry Inc. | 45,126 | 4,595 | ||||
| Genuine Parts Co. | 30,263 | 4,217 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class C | 41,377 | 4,134 | |||
| * | Burlington Stores Inc. | 13,722 | 3,989 | |||
| * | Aptiv plc | 49,924 | 3,970 | |||
| * | Deckers Outdoor Corp. | 32,991 | 3,947 | |||
| Somnigroup International Inc. | 44,102 | 3,702 | ||||
| Fox Corp. Class A | 60,556 | 3,615 | ||||
| Rollins Inc. | 61,175 | 3,459 | ||||
| Omnicom Group Inc. | 42,316 | 3,315 | ||||
| Domino's Pizza Inc. | 6,940 | 3,181 | ||||
| Best Buy Co. Inc. | 42,170 | 3,105 | ||||
| News Corp. Class A | 104,236 | 3,066 | ||||
| Toll Brothers Inc. | 21,563 | 2,997 | ||||
| TKO Group Holdings Inc. Class A | 15,022 | 2,848 | ||||
| * | Viking Holdings Ltd. | 44,325 | 2,820 | |||
| * | Grab Holdings Ltd. Class A | 560,096 | 2,795 | |||
| * | BJ's Wholesale Club Holdings Inc. | 28,523 | 2,786 | |||
| Ralph Lauren Corp. | 8,528 | 2,532 | ||||
| * | Duolingo Inc. Class A | 8,204 | 2,444 | |||
| Pool Corp. | 7,839 | 2,436 | ||||
| Service Corp. International | 30,427 | 2,411 | ||||
| * | Norwegian Cruise Line Holdings Ltd. | 96,525 | 2,398 | |||
| Hasbro Inc. | 28,889 | 2,345 | ||||
| * | Rivian Automotive Inc. Class A | 169,204 | 2,296 | |||
| Aramark | 57,616 | 2,253 | ||||
| * | On Holding AG Class A | 48,264 | 2,176 | |||
| Interpublic Group of Cos. Inc. | 80,765 | 2,168 | ||||
| New York Times Co. Class A | 35,156 | 2,104 | ||||
| Autoliv Inc. | 16,936 | 2,101 | ||||
| * | CarMax Inc. | 33,273 | 2,041 | |||
| BorgWarner Inc. | 47,333 | 2,024 | ||||
| * | GameStop Corp. Class A | 89,372 | 2,003 | |||
| Wingstop Inc. | 6,071 | 1,992 | ||||
| * | SharkNinja Inc. | 16,566 | 1,938 | |||
| * | Planet Fitness Inc. Class A | 18,311 | 1,919 | |||
| * | Floor & Decor Holdings Inc. Class A | 23,382 | 1,915 | |||
| * | United Airlines Holdings Inc. | 18,015 | 1,892 | |||
| Lithia Motors Inc. Class A | 5,576 | 1,877 | ||||
| * | Chewy Inc. Class A | 45,623 | 1,869 | |||
| LKQ Corp. | 56,769 | 1,852 | ||||
| * | Dutch Bros Inc. Class A | 25,223 | 1,812 | |||
| * | Skechers USA Inc. Class A | 28,499 | 1,798 | |||
2
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Five Below Inc. | 11,745 | 1,704 | |||
| * | Ollie's Bargain Outlet Holdings Inc. | 13,436 | 1,704 | |||
| * | Wayfair Inc. Class A | 20,475 | 1,527 | |||
| * | Stride Inc. | 9,220 | 1,505 | |||
| * | elf Beauty Inc. | 11,954 | 1,494 | |||
| * | Cava Group Inc. | 21,769 | 1,471 | |||
| * | Bright Horizons Family Solutions Inc. | 12,386 | 1,462 | |||
| H&R Block Inc. | 28,968 | 1,459 | ||||
| * | Taylor Morrison Home Corp. Class A | 21,293 | 1,435 | |||
| Wyndham Hotels & Resorts Inc. | 16,549 | 1,433 | ||||
| * | MakeMyTrip Ltd. | 14,460 | 1,428 | |||
| * | Lyft Inc. Class A | 86,807 | 1,408 | |||
| Gentex Corp. | 49,857 | 1,397 | ||||
| * | SiteOne Landscape Supply Inc. | 9,751 | 1,397 | |||
| Bath & Body Works Inc. | 46,463 | 1,357 | ||||
| * | AutoNation Inc. | 6,000 | 1,314 | |||
| Lear Corp. | 11,732 | 1,291 | ||||
| Vail Resorts Inc. | 7,827 | 1,282 | ||||
| * | Amer Sports Inc. | 32,511 | 1,278 | |||
| Hyatt Hotels Corp. Class A | 8,780 | 1,267 | ||||
| Group 1 Automotive Inc. | 2,726 | 1,267 | ||||
| Nexstar Media Group Inc. Class A | 6,163 | 1,261 | ||||
| * | Grand Canyon Education Inc. | 6,097 | 1,229 | |||
| Thor Industries Inc. | 11,168 | 1,224 | ||||
| * | Etsy Inc. | 22,535 | 1,195 | |||
| Meritage Homes Corp. | 15,270 | 1,186 | ||||
| * | Boot Barn Holdings Inc. | 6,658 | 1,184 | |||
| VF Corp. | 77,080 | 1,166 | ||||
| U-Haul Holding Co. | 21,472 | 1,122 | ||||
| Gap Inc. | 50,172 | 1,104 | ||||
| 1 | Whirlpool Corp. | 11,813 | 1,100 | |||
| * | Valvoline Inc. | 27,637 | 1,072 | |||
| * | Asbury Automotive Group Inc. | 4,255 | 1,070 | |||
| * | Adtalem Global Education Inc. | 7,917 | 1,037 | |||
| * | Crocs Inc. | 11,860 | 1,034 | |||
| Southwest Airlines Co. | 31,110 | 1,024 | ||||
| Sirius XM Holdings Inc. | 41,505 | 981 | ||||
| * | Frontdoor Inc. | 16,110 | 979 | |||
| * | Dorman Products Inc. | 5,972 | 966 | |||
| PVH Corp. | 11,422 | 963 | ||||
| KB Home | 15,144 | 962 | ||||
| * | Abercrombie & Fitch Co. Class A | 10,194 | 953 | |||
| Kontoor Brands Inc. | 12,103 | 935 | ||||
| * | Urban Outfitters Inc. | 13,838 | 928 | |||
| * | Liberty Media Corp.-Liberty Formula One Class A | 10,050 | 906 | |||
| * | Cavco Industries Inc. | 1,664 | 883 | |||
| * | Champion Homes Inc. | 11,661 | 880 | |||
| Travel + Leisure Co. | 13,775 | 871 | ||||
| * | M/I Homes Inc. | 5,843 | 860 | |||
| * | Life Time Group Holdings Inc. | 29,252 | 817 | |||
| Macy's Inc. | 61,451 | 813 | ||||
| Signet Jewelers Ltd. | 9,080 | 800 | ||||
| Advance Auto Parts Inc. | 13,099 | 799 | ||||
| Fox Corp. Class B | 14,374 | 784 | ||||
| Rush Enterprises Inc. Class A | 13,648 | 783 | ||||
| * | Laureate Education Inc. | 27,621 | 759 | |||
| * | RH | 3,333 | 752 | |||
| * | Liberty Media Corp.-Liberty Live Class A | 7,947 | 752 | |||
| Visteon Corp. | 6,037 | 748 | ||||
| Penske Automotive Group Inc. | 4,021 | 742 | ||||
| TEGNA Inc. | 34,830 | 738 | ||||
| * | QuantumScape Corp. Class A | 90,093 | 714 | |||
| Choice Hotels International Inc. | 5,880 | 703 | ||||
| Harley-Davidson Inc. | 24,086 | 701 | ||||
| * | Madison Square Garden Sports Corp. | 3,542 | 701 | |||
| * | Tri Pointe Homes Inc. | 19,733 | 697 | |||
| * | OPENLANE Inc. | 22,933 | 663 | |||
| * | Liberty Media Corp.-Liberty Live Class C | 6,527 | 636 | |||
| * | YETI Holdings Inc. | 17,938 | 631 | |||
| * | Hilton Grand Vacations Inc. | 13,257 | 630 | |||
3
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Peloton Interactive Inc. Class A | 79,478 | 604 | |||
| * | Birkenstock Holding plc | 11,575 | 603 | |||
| PriceSmart Inc. | 5,552 | 596 | ||||
| Cinemark Holdings Inc. | 23,049 | 595 | ||||
| * | Avis Budget Group Inc. | 3,724 | 589 | |||
| Dana Inc. | 28,395 | 572 | ||||
| LCI Industries | 5,396 | 569 | ||||
| Marriott Vacations Worldwide Corp. | 6,951 | 543 | ||||
| Newell Brands Inc. | 91,314 | 541 | ||||
| *,1 | Lucid Group Inc. Class A | 271,575 | 538 | |||
| * | Capri Holdings Ltd. | 25,016 | 515 | |||
| Phinia Inc. | 8,486 | 496 | ||||
| * | Green Brick Partners Inc. | 6,958 | 486 | |||
| * | American Airlines Group Inc. | 36,302 | 485 | |||
| * | Goodyear Tire & Rubber Co. | 56,496 | 479 | |||
| Acushnet Holdings Corp. | 6,184 | 474 | ||||
| * | Six Flags Entertainment Corp. | 20,646 | 468 | |||
| * | Foot Locker Inc. | 18,580 | 459 | |||
| * | Hanesbrands Inc. | 72,766 | 459 | |||
| Interparfums Inc. | 3,946 | 454 | ||||
| American Eagle Outfitters Inc. | 34,956 | 452 | ||||
| Steven Madden Ltd. | 15,469 | 449 | ||||
| * | Adient plc | 18,013 | 447 | |||
| HNI Corp. | 9,956 | 447 | ||||
| * | TripAdvisor Inc. | 25,602 | 446 | |||
| Strategic Education Inc. | 5,224 | 425 | ||||
| * | Atlanta Braves Holdings Inc. Class C | 9,316 | 419 | |||
| * | Alaska Air Group Inc. | 6,570 | 412 | |||
| Buckle Inc. | 6,722 | 380 | ||||
| Wendy's Co. | 35,472 | 376 | ||||
| Century Communities Inc. | 5,652 | 372 | ||||
| * | Central Garden & Pet Co. Class A | 11,114 | 367 | |||
| John Wiley & Sons Inc. Class A | 8,890 | 361 | ||||
| * | Sonos Inc. | 25,867 | 360 | |||
| Papa John's International Inc. | 7,236 | 352 | ||||
| * | Madison Square Garden Entertainment Corp. Class A | 8,615 | 351 | |||
| * | Coursera Inc. | 29,806 | 343 | |||
| * | Victoria's Secret & Co. | 14,704 | 338 | |||
| Kohl's Corp. | 22,227 | 335 | ||||
| La-Z-Boy Inc. | 8,814 | 326 | ||||
| * | Coty Inc. Class A | 75,818 | 325 | |||
| Steelcase Inc. Class A | 19,105 | 320 | ||||
| MillerKnoll Inc. | 15,033 | 317 | ||||
| Columbia Sportswear Co. | 5,655 | 315 | ||||
| * | United Parks & Resorts Inc. | 5,862 | 308 | |||
| PROG Holdings Inc. | 8,606 | 303 | ||||
| * | Sally Beauty Holdings Inc. | 21,673 | 300 | |||
| Cracker Barrel Old Country Store Inc. | 4,792 | 287 | ||||
| * | Under Armour Inc. Class C | 58,388 | 287 | |||
| Upbound Group Inc. | 11,087 | 282 | ||||
| * | Topgolf Callaway Brands Corp. | 28,653 | 274 | |||
| * | LGI Homes Inc. | 4,423 | 274 | |||
| * | Sphere Entertainment Co. | 6,011 | 272 | |||
| Leggett & Platt Inc. | 28,091 | 270 | ||||
| * | AMC Entertainment Holdings Inc. Class A | 95,316 | 268 | |||
| * | IMAX Corp. | 9,255 | 264 | |||
| * | Fox Factory Holding Corp. | 8,807 | 255 | |||
| * | Gentherm Inc. | 6,659 | 245 | |||
| * | Driven Brands Holdings Inc. | 12,572 | 232 | |||
| * | G-III Apparel Group Ltd. | 8,473 | 229 | |||
| Carter's Inc. | 7,839 | 224 | ||||
| Winnebago Industries Inc. | 5,863 | 211 | ||||
| News Corp. Class B | 4,690 | 159 | ||||
| * | Hertz Global Holdings Inc. | 26,408 | 151 | |||
| * | U-Haul Holding Co. (XNYS) | 2,476 | 143 | |||
| Oxford Industries Inc. | 3,137 | 138 | ||||
| * | Sabre Corp. | 75,075 | 134 | |||
| * | Under Armour Inc. Class A | 25,374 | 127 | |||
| * | Helen of Troy Ltd. | 4,938 | 121 | |||
| * | Mister Car Wash Inc. | 20,973 | 120 | |||
4
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| * | JetBlue Airways Corp. | 21,024 | 112 | |||
| * | Atlanta Braves Holdings Inc. Class A | 2,287 | 109 | |||
| Krispy Kreme Inc. | 18,251 | 65 | ||||
| 1,831,782 | ||||||
| Consumer Staples (3.7%) | ||||||
| Procter & Gamble Co. | 512,973 | 80,557 | ||||
| Coca-Cola Co. | 849,442 | 58,603 | ||||
| PepsiCo Inc. | 298,906 | 44,432 | ||||
| CVS Health Corp. | 273,204 | 19,985 | ||||
| McKesson Corp. | 27,414 | 18,824 | ||||
| Mondelez International Inc. Class A | 282,671 | 17,367 | ||||
| Colgate-Palmolive Co. | 175,518 | 14,756 | ||||
| Cencora Inc. | 40,009 | 11,667 | ||||
| Corteva Inc. | 149,331 | 11,079 | ||||
| * | Monster Beverage Corp. | 152,380 | 9,510 | |||
| Kimberly-Clark Corp. | 72,537 | 9,367 | ||||
| Kroger Co. | 132,405 | 8,982 | ||||
| Kenvue Inc. | 415,067 | 8,596 | ||||
| Sysco Corp. | 105,915 | 8,523 | ||||
| Keurig Dr Pepper Inc. | 282,993 | 8,232 | ||||
| Archer-Daniels-Midland Co. | 104,410 | 6,540 | ||||
| General Mills Inc. | 119,663 | 5,903 | ||||
| Hershey Co. | 31,808 | 5,845 | ||||
| Kraft Heinz Co. | 186,421 | 5,214 | ||||
| Church & Dwight Co. Inc. | 53,807 | 5,013 | ||||
| Kellanova | 60,694 | 4,825 | ||||
| McCormick & Co. Inc. (Non-Voting) | 55,256 | 3,888 | ||||
| * | US Foods Holding Corp. | 50,091 | 3,887 | |||
| Tyson Foods Inc. Class A | 61,135 | 3,471 | ||||
| Clorox Co. | 26,901 | 3,180 | ||||
| * | Sprouts Farmers Market Inc. | 21,359 | 3,002 | |||
| J M Smucker Co. | 22,610 | 2,499 | ||||
| Bunge Global SA | 29,030 | 2,445 | ||||
| * | Celsius Holdings Inc. | 35,999 | 2,264 | |||
| Conagra Brands Inc. | 104,129 | 1,992 | ||||
| Ingredion Inc. | 13,937 | 1,805 | ||||
| Albertsons Cos. Inc. Class A | 90,331 | 1,758 | ||||
| Lamb Weston Holdings Inc. | 29,751 | 1,712 | ||||
| Hormel Foods Corp. | 63,481 | 1,615 | ||||
| Primo Brands Corp. Class A | 56,011 | 1,406 | ||||
| Campbell's Co. | 42,336 | 1,352 | ||||
| Coca-Cola Consolidated Inc. | 11,307 | 1,326 | ||||
| * | Post Holdings Inc. | 11,044 | 1,250 | |||
| * | Darling Ingredients Inc. | 34,345 | 1,166 | |||
| Cal-Maine Foods Inc. | 9,904 | 1,145 | ||||
| * | BellRing Brands Inc. | 27,701 | 1,137 | |||
| Marzetti Co. | 4,328 | 790 | ||||
| WD-40 Co. | 2,978 | 643 | ||||
| Flowers Foods Inc. | 41,168 | 619 | ||||
| * | Freshpet Inc. | 10,545 | 589 | |||
| * | Simply Good Foods Co. | 20,150 | 577 | |||
| Nomad Foods Ltd. | 28,701 | 446 | ||||
| Energizer Holdings Inc. | 14,332 | 395 | ||||
| * | Grocery Outlet Holding Corp. | 20,476 | 371 | |||
| J & J Snack Foods Corp. | 3,317 | 370 | ||||
| Spectrum Brands Holdings Inc. | 5,414 | 309 | ||||
| WK Kellogg Co. | 13,220 | 303 | ||||
| Reynolds Consumer Products Inc. | 11,726 | 272 | ||||
| Weis Markets Inc. | 3,696 | 265 | ||||
| Edgewell Personal Care Co. | 10,142 | 244 | ||||
| * | National Beverage Corp. | 5,070 | 213 | |||
| * | TreeHouse Foods Inc. | 10,907 | 200 | |||
| 412,726 | ||||||
| Energy (0.1%) | ||||||
| * | First Solar Inc. | 22,149 | 4,323 | |||
| * | NEXTracker Inc. Class A | 30,628 | 2,060 | |||
| * | Enphase Energy Inc. | 27,771 | 1,047 | |||
| *,1 | Plug Power Inc. | 200,892 | 316 | |||
5
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| *,1 | Fluence Energy Inc. | 17,183 | 127 | |||
| 7,873 | ||||||
| Financials (11.2%) | ||||||
| JPMorgan Chase & Co. | 606,463 | 182,800 | ||||
| Bank of America Corp. | 1,497,749 | 75,996 | ||||
| Goldman Sachs Group Inc. | 66,491 | 49,552 | ||||
| Citigroup Inc. | 404,494 | 39,062 | ||||
| Morgan Stanley | 251,497 | 37,845 | ||||
| S&P Global Inc. | 68,633 | 37,641 | ||||
| Blackrock Inc. | 33,316 | 37,552 | ||||
| Charles Schwab Corp. | 372,681 | 35,718 | ||||
| Progressive Corp. | 127,983 | 31,619 | ||||
| Blackstone Inc. | 159,822 | 27,393 | ||||
| Chubb Ltd. | 81,302 | 22,364 | ||||
| Marsh & McLennan Cos. Inc. | 107,799 | 22,186 | ||||
| Intercontinental Exchange Inc. | 124,588 | 22,002 | ||||
| CME Group Inc. | 78,545 | 20,933 | ||||
| PNC Financial Services Group Inc. | 86,271 | 17,896 | ||||
| Moody's Corp. | 33,941 | 17,302 | ||||
| Aon plc Class A | 45,875 | 16,836 | ||||
| * | Robinhood Markets Inc. Class A | 161,589 | 16,810 | |||
| Arthur J Gallagher & Co. | 55,380 | 16,766 | ||||
| US Bancorp | 341,002 | 16,651 | ||||
| Bank of New York Mellon Corp. | 156,302 | 16,505 | ||||
| * | Coinbase Global Inc. Class A | 45,042 | 13,717 | |||
| Travelers Cos. Inc. | 49,374 | 13,406 | ||||
| Truist Financial Corp. | 285,777 | 13,380 | ||||
| Apollo Global Management Inc. | 90,002 | 12,261 | ||||
| Allstate Corp. | 57,623 | 11,723 | ||||
| Aflac Inc. | 106,367 | 11,366 | ||||
| Ameriprise Financial Inc. | 20,857 | 10,737 | ||||
| American International Group Inc. | 127,434 | 10,363 | ||||
| * | NU Holdings Ltd. Class A | 697,116 | 10,317 | |||
| MetLife Inc. | 122,835 | 9,994 | ||||
| MSCI Inc. | 16,420 | 9,322 | ||||
| Nasdaq Inc. | 90,017 | 8,528 | ||||
| Prudential Financial Inc. | 77,425 | 8,490 | ||||
| Hartford Insurance Group Inc. | 61,957 | 8,198 | ||||
| Ares Management Corp. Class A | 41,071 | 7,360 | ||||
| Arch Capital Group Ltd. | 79,673 | 7,292 | ||||
| State Street Corp. | 62,849 | 7,226 | ||||
| M&T Bank Corp. | 35,464 | 7,152 | ||||
| Willis Towers Watson plc | 21,636 | 7,070 | ||||
| Raymond James Financial Inc. | 39,909 | 6,762 | ||||
| Fifth Third Bancorp | 145,191 | 6,645 | ||||
| Broadridge Financial Solutions Inc. | 25,436 | 6,502 | ||||
| LPL Financial Holdings Inc. | 17,396 | 6,340 | ||||
| * | SoFi Technologies Inc. | 246,991 | 6,308 | |||
| Brown & Brown Inc. | 60,181 | 5,835 | ||||
| Interactive Brokers Group Inc. Class A | 92,450 | 5,754 | ||||
| Huntington Bancshares Inc. | 316,105 | 5,630 | ||||
| Northern Trust Corp. | 42,206 | 5,541 | ||||
| Cboe Global Markets Inc. | 22,876 | 5,398 | ||||
| Regions Financial Corp. | 195,868 | 5,365 | ||||
| * | Markel Group Inc. | 2,725 | 5,338 | |||
| Cincinnati Financial Corp. | 33,635 | 5,166 | ||||
| T. Rowe Price Group Inc. | 47,746 | 5,138 | ||||
| Citizens Financial Group Inc. | 94,873 | 4,960 | ||||
| W R Berkley Corp. | 66,260 | 4,750 | ||||
| First Citizens BancShares Inc. Class A | 2,159 | 4,283 | ||||
| KeyCorp | 206,069 | 3,989 | ||||
| Principal Financial Group Inc. | 48,444 | 3,900 | ||||
| Credicorp Ltd. | 15,068 | 3,875 | ||||
| Equitable Holdings Inc. | 66,710 | 3,553 | ||||
| Fidelity National Financial Inc. | 56,796 | 3,400 | ||||
| Tradeweb Markets Inc. Class A | 25,450 | 3,140 | ||||
| Everest Group Ltd. | 9,170 | 3,135 | ||||
| East West Bancorp Inc. | 29,781 | 3,131 | ||||
| FactSet Research Systems Inc. | 8,291 | 3,095 | ||||
6
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| Reinsurance Group of America Inc. | 14,388 | 2,803 | ||||
| Annaly Capital Management Inc. | 130,661 | 2,769 | ||||
| Unum Group | 37,780 | 2,639 | ||||
| * | Mr. Cooper Group Inc. | 13,783 | 2,599 | |||
| Evercore Inc. Class A | 8,047 | 2,588 | ||||
| RenaissanceRe Holdings Ltd. | 10,427 | 2,534 | ||||
| Globe Life Inc. | 18,087 | 2,531 | ||||
| Stifel Financial Corp. | 21,771 | 2,510 | ||||
| First Horizon Corp. | 109,611 | 2,477 | ||||
| Ally Financial Inc. | 60,232 | 2,473 | ||||
| Blue Owl Capital Inc. Class A | 133,164 | 2,466 | ||||
| Assurant Inc. | 11,066 | 2,386 | ||||
| Houlihan Lokey Inc. Class A | 11,803 | 2,352 | ||||
| Webster Financial Corp. | 36,492 | 2,271 | ||||
| SouthState Corp. | 21,846 | 2,230 | ||||
| Kinsale Capital Group Inc. | 4,826 | 2,208 | ||||
| Western Alliance Bancorp | 23,487 | 2,103 | ||||
| AGNC Investment Corp. | 207,316 | 2,023 | ||||
| Comerica Inc. | 28,438 | 2,007 | ||||
| Corebridge Financial Inc. | 57,584 | 2,002 | ||||
| SEI Investments Co. | 22,671 | 2,001 | ||||
| Old Republic International Corp. | 49,788 | 1,990 | ||||
| Wintrust Financial Corp. | 14,389 | 1,975 | ||||
| American Financial Group Inc. | 14,439 | 1,962 | ||||
| Primerica Inc. | 7,180 | 1,934 | ||||
| UMB Financial Corp. | 15,681 | 1,912 | ||||
| Popular Inc. | 14,740 | 1,852 | ||||
| Zions Bancorp NA | 31,630 | 1,835 | ||||
| Invesco Ltd. | 79,850 | 1,748 | ||||
| Franklin Resources Inc. | 67,583 | 1,734 | ||||
| TPG Inc. Class A | 28,242 | 1,704 | ||||
| Cullen/Frost Bankers Inc. | 13,083 | 1,688 | ||||
| Commerce Bancshares Inc. | 26,714 | 1,655 | ||||
| Axis Capital Holdings Ltd. | 16,536 | 1,630 | ||||
| Pinnacle Financial Partners Inc. | 16,682 | 1,622 | ||||
| OneMain Holdings Inc. | 25,993 | 1,608 | ||||
| Lincoln National Corp. | 37,388 | 1,605 | ||||
| XP Inc. Class A | 88,449 | 1,604 | ||||
| Old National Bancorp | 69,314 | 1,587 | ||||
| Voya Financial Inc. | 21,030 | 1,579 | ||||
| Synovus Financial Corp. | 30,185 | 1,558 | ||||
| Jackson Financial Inc. Class A | 15,477 | 1,529 | ||||
| Starwood Property Trust Inc. | 73,938 | 1,499 | ||||
| MarketAxess Holdings Inc. | 7,950 | 1,462 | ||||
| SLM Corp. | 45,983 | 1,438 | ||||
| Rithm Capital Corp. | 115,736 | 1,433 | ||||
| Cadence Bank | 37,869 | 1,425 | ||||
| MGIC Investment Corp. | 51,126 | 1,423 | ||||
| First American Financial Corp. | 21,397 | 1,412 | ||||
| Prosperity Bancshares Inc. | 20,052 | 1,386 | ||||
| Affiliated Managers Group Inc. | 6,111 | 1,374 | ||||
| Lazard Inc. | 24,029 | 1,373 | ||||
| Hanover Insurance Group Inc. | 7,791 | 1,352 | ||||
| Essent Group Ltd. | 21,455 | 1,346 | ||||
| Hamilton Lane Inc. Class A | 8,707 | 1,344 | ||||
| * | Upstart Holdings Inc. | 18,187 | 1,333 | |||
| FNB Corp. | 77,893 | 1,300 | ||||
| Ryan Specialty Holdings Inc. Class A | 22,928 | 1,296 | ||||
| Piper Sandler Cos. | 3,749 | 1,251 | ||||
| Bank OZK | 23,417 | 1,229 | ||||
| Glacier Bancorp Inc. | 24,967 | 1,227 | ||||
| Columbia Banking System Inc. | 45,544 | 1,219 | ||||
| Home BancShares Inc. | 40,684 | 1,211 | ||||
| Janus Henderson Group plc | 27,273 | 1,209 | ||||
| * | MARA Holdings Inc. | 75,626 | 1,209 | |||
| RLI Corp. | 17,795 | 1,205 | ||||
| Hancock Whitney Corp. | 18,817 | 1,184 | ||||
| United Bankshares Inc. | 30,539 | 1,171 | ||||
| Moelis & Co. Class A | 16,090 | 1,160 | ||||
| Atlantic Union Bankshares Corp. | 30,961 | 1,106 | ||||
7
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Clearwater Analytics Holdings Inc. Class A | 53,251 | 1,101 | |||
| Valley National Bancorp | 104,166 | 1,090 | ||||
| First Financial Bankshares Inc. | 29,106 | 1,082 | ||||
| Radian Group Inc. | 30,553 | 1,066 | ||||
| Ameris Bancorp | 14,332 | 1,050 | ||||
| Selective Insurance Group Inc. | 13,250 | 1,037 | ||||
| ServisFirst Bancshares Inc. | 11,345 | 1,000 | ||||
| White Mountains Insurance Group Ltd. | 542 | 992 | ||||
| * | Riot Platforms Inc. | 71,450 | 983 | |||
| Associated Banc-Corp | 36,291 | 979 | ||||
| PJT Partners Inc. Class A | 4,942 | 885 | ||||
| United Community Banks Inc. | 26,105 | 872 | ||||
| StepStone Group Inc. Class A | 13,662 | 848 | ||||
| CNO Financial Group Inc. | 21,453 | 847 | ||||
| * | Texas Capital Bancshares Inc. | 9,732 | 843 | |||
| Flagstar Financial Inc. | 65,719 | 843 | ||||
| International Bancshares Corp. | 11,728 | 839 | ||||
| Assured Guaranty Ltd. | 10,207 | 839 | ||||
| First Bancorp | 35,315 | 785 | ||||
| Renasant Corp. | 20,054 | 785 | ||||
| * | Genworth Financial Inc. Class A | 90,889 | 779 | |||
| Fulton Financial Corp. | 39,594 | 778 | ||||
| * | Credit Acceptance Corp. | 1,491 | 767 | |||
| BGC Group Inc. Class A | 77,290 | 758 | ||||
| Independent Bank Corp. | 10,523 | 753 | ||||
| WSFS Financial Corp. | 12,755 | 743 | ||||
| Cathay General Bancorp | 14,828 | 740 | ||||
| Virtu Financial Inc. Class A | 17,397 | 729 | ||||
| First Hawaiian Inc. | 28,011 | 727 | ||||
| Eastern Bankshares Inc. | 42,126 | 721 | ||||
| Kemper Corp. | 13,198 | 708 | ||||
| * | Palomar Holdings Inc. | 5,685 | 699 | |||
| PennyMac Financial Services Inc. | 6,323 | 696 | ||||
| Blackstone Mortgage Trust Inc. Class A | 35,419 | 693 | ||||
| Community Financial System Inc. | 11,403 | 683 | ||||
| Victory Capital Holdings Inc. Class A | 9,515 | 678 | ||||
| WesBanco Inc. | 20,564 | 675 | ||||
| * | NMI Holdings Inc. Class A | 17,120 | 674 | |||
| * | Freedom Holding Corp. | 3,900 | 667 | |||
| Bread Financial Holdings Inc. | 10,024 | 663 | ||||
| Simmons First National Corp. Class A | 30,918 | 642 | ||||
| Artisan Partners Asset Management Inc. Class A | 13,659 | 639 | ||||
| * | Lemonade Inc. | 12,001 | 635 | |||
| BankUnited Inc. | 16,015 | 628 | ||||
| Walker & Dunlop Inc. | 7,317 | 622 | ||||
| First Interstate BancSystem Inc. Class A | 18,898 | 618 | ||||
| BancFirst Corp. | 4,474 | 595 | ||||
| * | Brighthouse Financial Inc. | 12,468 | 589 | |||
| Bank of Hawaii Corp. | 8,609 | 586 | ||||
| CVB Financial Corp. | 27,963 | 563 | ||||
| First Financial Bancorp | 21,216 | 562 | ||||
| Seacoast Banking Corp. of Florida | 18,075 | 562 | ||||
| Towne Bank | 15,329 | 562 | ||||
| WaFd Inc. | 17,574 | 553 | ||||
| Provident Financial Services Inc. | 27,717 | 550 | ||||
| Park National Corp. | 3,196 | 549 | ||||
| First Merchants Corp. | 12,756 | 530 | ||||
| BOK Financial Corp. | 4,752 | 529 | ||||
| Pacific Premier Bancorp Inc. | 20,196 | 495 | ||||
| Trustmark Corp. | 12,216 | 492 | ||||
| Arbor Realty Trust Inc. | 40,995 | 489 | ||||
| NBT Bancorp Inc. | 10,975 | 486 | ||||
| Banner Corp. | 7,185 | 482 | ||||
| Stock Yards Bancorp Inc. | 5,772 | 466 | ||||
| Cohen & Steers Inc. | 5,981 | 442 | ||||
| Bank of NT Butterfield & Son Ltd. | 9,555 | 431 | ||||
| * | SiriusPoint Ltd. | 22,028 | 412 | |||
| Horace Mann Educators Corp. | 8,790 | 404 | ||||
| First Commonwealth Financial Corp. | 22,501 | 399 | ||||
| City Holding Co. | 3,036 | 390 | ||||
8
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| Nelnet Inc. Class A | 2,945 | 379 | ||||
| * | Trupanion Inc. | 7,966 | 369 | |||
| Northwest Bancshares Inc. | 28,116 | 356 | ||||
| WisdomTree Inc. | 26,073 | 355 | ||||
| Hilltop Holdings Inc. | 9,938 | 349 | ||||
| S&T Bancorp Inc. | 8,474 | 335 | ||||
| ARMOUR Residential REIT Inc. | 20,421 | 313 | ||||
| Hope Bancorp Inc. | 26,300 | 293 | ||||
| * | Triumph Financial Inc. | 4,739 | 291 | |||
| Virtus Investment Partners Inc. | 1,445 | 291 | ||||
| Live Oak Bancshares Inc. | 7,461 | 289 | ||||
| Ladder Capital Corp. | 24,465 | 284 | ||||
| Westamerica Bancorp | 5,352 | 268 | ||||
| Berkshire Hills Bancorp Inc. | 10,037 | 262 | ||||
| 1st Source Corp. | 3,936 | 254 | ||||
| Safety Insurance Group Inc. | 3,331 | 247 | ||||
| Chimera Investment Corp. | 17,333 | 246 | ||||
| Two Harbors Investment Corp. | 22,850 | 229 | ||||
| MFA Financial Inc. | 22,131 | 226 | ||||
| PennyMac Mortgage Investment Trust | 18,186 | 224 | ||||
| CNA Financial Corp. | 4,418 | 219 | ||||
| Employers Holdings Inc. | 4,945 | 214 | ||||
| * | Encore Capital Group Inc. | 5,050 | 211 | |||
| Navient Corp. | 14,917 | 205 | ||||
| Safehold Inc. | 11,776 | 194 | ||||
| F&G Annuities & Life Inc. | 4,900 | 169 | ||||
| TFS Financial Corp. | 11,229 | 158 | ||||
| Republic Bancorp Inc. Class A | 1,648 | 126 | ||||
| * | Columbia Financial Inc. | 5,504 | 83 | |||
| 1,255,562 | ||||||
| Health Care (9.7%) | ||||||
| Eli Lilly & Co. | 174,937 | 128,155 | ||||
| AbbVie Inc. | 386,846 | 81,392 | ||||
| UnitedHealth Group Inc. | 198,503 | 61,510 | ||||
| Abbott Laboratories | 378,155 | 50,166 | ||||
| Merck & Co. Inc. | 549,645 | 46,236 | ||||
| Thermo Fisher Scientific Inc. | 82,372 | 40,586 | ||||
| * | Intuitive Surgical Inc. | 77,933 | 36,885 | |||
| * | Boston Scientific Corp. | 322,375 | 34,011 | |||
| Amgen Inc. | 117,451 | 33,792 | ||||
| Pfizer Inc. | 1,240,876 | 30,724 | ||||
| Gilead Sciences Inc. | 271,944 | 30,722 | ||||
| Stryker Corp. | 75,177 | 29,425 | ||||
| Danaher Corp. | 139,170 | 28,644 | ||||
| Medtronic plc | 280,089 | 25,995 | ||||
| * | Vertex Pharmaceuticals Inc. | 56,154 | 21,957 | |||
| Bristol-Myers Squibb Co. | 445,111 | 21,000 | ||||
| Cigna Group | 58,444 | 17,584 | ||||
| Elevance Health Inc. | 49,333 | 15,720 | ||||
| HCA Healthcare Inc. | 38,195 | 15,429 | ||||
| Zoetis Inc. | 97,371 | 15,229 | ||||
| Regeneron Pharmaceuticals Inc. | 22,772 | 13,224 | ||||
| * | Alnylam Pharmaceuticals Inc. | 27,247 | 12,166 | |||
| Becton Dickinson & Co. | 62,407 | 12,043 | ||||
| * | IDEXX Laboratories Inc. | 17,624 | 11,404 | |||
| * | Edwards Lifesciences Corp. | 125,560 | 10,213 | |||
| ResMed Inc. | 31,878 | 8,751 | ||||
| * | Veeva Systems Inc. Class A | 32,228 | 8,676 | |||
| Humana Inc. | 26,360 | 8,004 | ||||
| Cardinal Health Inc. | 52,764 | 7,850 | ||||
| Agilent Technologies Inc. | 62,320 | 7,831 | ||||
| GE HealthCare Technologies Inc. | 99,936 | 7,368 | ||||
| * | IQVIA Holdings Inc. | 38,231 | 7,295 | |||
| * | Dexcom Inc. | 85,405 | 6,434 | |||
| * | Insmed Inc. | 38,967 | 5,303 | |||
| STERIS plc | 21,429 | 5,251 | ||||
| * | Insulet Corp. | 15,309 | 5,203 | |||
| Labcorp Holdings Inc. | 18,251 | 5,074 | ||||
| * | Natera Inc. | 28,345 | 4,769 | |||
9
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| Zimmer Biomet Holdings Inc. | 43,248 | 4,589 | ||||
| Quest Diagnostics Inc. | 24,357 | 4,424 | ||||
| * | Biogen Inc. | 31,888 | 4,216 | |||
| * | Waters Corp. | 13,020 | 3,929 | |||
| West Pharmaceutical Services Inc. | 15,647 | 3,864 | ||||
| * | Tenet Healthcare Corp. | 20,041 | 3,694 | |||
| * | Illumina Inc. | 34,528 | 3,451 | |||
| * | Hologic Inc. | 48,717 | 3,270 | |||
| * | ICON plc | 17,987 | 3,201 | |||
| * | Centene Corp. | 108,495 | 3,151 | |||
| Royalty Pharma plc Class A | 85,196 | 3,065 | ||||
| * | United Therapeutics Corp. | 9,708 | 2,959 | |||
| * | Neurocrine Biosciences Inc. | 21,157 | 2,954 | |||
| * | Cooper Cos. Inc. | 43,455 | 2,929 | |||
| * | Incyte Corp. | 34,520 | 2,921 | |||
| Baxter International Inc. | 112,196 | 2,770 | ||||
| Viatris Inc. | 258,826 | 2,731 | ||||
| Encompass Health Corp. | 21,775 | 2,651 | ||||
| * | BioMarin Pharmaceutical Inc. | 41,477 | 2,417 | |||
| * | Medpace Holdings Inc. | 4,998 | 2,377 | |||
| Revvity Inc. | 26,296 | 2,370 | ||||
| * | Solventum Corp. | 31,662 | 2,314 | |||
| * | Penumbra Inc. | 8,158 | 2,224 | |||
| * | Exelixis Inc. | 59,029 | 2,209 | |||
| Universal Health Services Inc. Class B | 12,031 | 2,185 | ||||
| * | Align Technology Inc. | 14,960 | 2,124 | |||
| * | Molina Healthcare Inc. | 11,716 | 2,119 | |||
| Ensign Group Inc. | 12,173 | 2,091 | ||||
| * | Elanco Animal Health Inc. | 107,931 | 1,981 | |||
| * | Halozyme Therapeutics Inc. | 26,737 | 1,956 | |||
| * | Avantor Inc. | 144,154 | 1,942 | |||
| * | Doximity Inc. Class A | 28,504 | 1,937 | |||
| * | Exact Sciences Corp. | 40,662 | 1,928 | |||
| Bio-Techne Corp. | 34,346 | 1,876 | ||||
| * | Moderna Inc. | 77,469 | 1,866 | |||
| * | Bridgebio Pharma Inc. | 33,793 | 1,749 | |||
| * | Hims & Hers Health Inc. | 41,147 | 1,743 | |||
| * | Guardant Health Inc. | 25,836 | 1,742 | |||
| * | Charles River Laboratories International Inc. | 10,653 | 1,740 | |||
| * | Henry Schein Inc. | 23,919 | 1,664 | |||
| * | Jazz Pharmaceuticals plc | 12,963 | 1,656 | |||
| * | HealthEquity Inc. | 18,443 | 1,647 | |||
| * | Madrigal Pharmaceuticals Inc. | 3,649 | 1,598 | |||
| * | Globus Medical Inc. Class A | 24,586 | 1,506 | |||
| * | Ionis Pharmaceuticals Inc. | 34,191 | 1,458 | |||
| * | Revolution Medicines Inc. | 37,902 | 1,439 | |||
| Chemed Corp. | 3,135 | 1,436 | ||||
| * | Corcept Therapeutics Inc. | 20,492 | 1,429 | |||
| * | Repligen Corp. | 11,492 | 1,406 | |||
| * | Masimo Corp. | 9,849 | 1,376 | |||
| * | Bio-Rad Laboratories Inc. Class A | 4,240 | 1,263 | |||
| Teleflex Inc. | 9,758 | 1,233 | ||||
| * | iRhythm Technologies Inc. | 6,955 | 1,182 | |||
| * | Glaukos Corp. | 12,080 | 1,157 | |||
| * | DaVita Inc. | 8,344 | 1,149 | |||
| * | Avidity Biosciences Inc. | 24,622 | 1,147 | |||
| * | Merit Medical Systems Inc. | 12,612 | 1,142 | |||
| * | Axsome Therapeutics Inc. | 8,757 | 1,062 | |||
| * | RadNet Inc. | 14,580 | 1,046 | |||
| * | Option Care Health Inc. | 35,604 | 1,021 | |||
| * | Alkermes plc | 34,973 | 1,013 | |||
| * | Merus NV | 14,975 | 986 | |||
| * | CRISPR Therapeutics AG | 17,826 | 924 | |||
| * | TG Therapeutics Inc. | 31,367 | 920 | |||
| * | Cytokinetics Inc. | 25,123 | 888 | |||
| * | ADMA Biologics Inc. | 49,884 | 861 | |||
| * | Vaxcyte Inc. | 27,109 | 835 | |||
| * | PTC Therapeutics Inc. | 16,751 | 826 | |||
| * | TransMedics Group Inc. | 7,158 | 823 | |||
| * | Integer Holdings Corp. | 7,473 | 806 | |||
10
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Lantheus Holdings Inc. | 14,575 | 800 | |||
| * | Krystal Biotech Inc. | 5,351 | 790 | |||
| * | Envista Holdings Corp. | 36,717 | 778 | |||
| Bruker Corp. | 22,594 | 768 | ||||
| * | Waystar Holding Corp. | 19,708 | 747 | |||
| * | Prestige Consumer Healthcare Inc. | 10,753 | 732 | |||
| * | Nuvalent Inc. Class A | 9,330 | 714 | |||
| * | Akero Therapeutics Inc. | 15,130 | 707 | |||
| Perrigo Co. plc | 29,659 | 704 | ||||
| * | ACADIA Pharmaceuticals Inc. | 26,861 | 698 | |||
| * | ICU Medical Inc. | 5,241 | 669 | |||
| * | LivaNova plc | 11,810 | 666 | |||
| * | Ligand Pharmaceuticals Inc. | 4,107 | 664 | |||
| * | Xenon Pharmaceuticals Inc. | 16,686 | 646 | |||
| * | Viking Therapeutics Inc. | 23,764 | 643 | |||
| * | Apellis Pharmaceuticals Inc. | 23,252 | 641 | |||
| * | Indivior plc | 26,156 | 635 | |||
| DENTSPLY SIRONA Inc. | 43,401 | 621 | ||||
| * | Crinetics Pharmaceuticals Inc. | 19,486 | 604 | |||
| *,1 | Summit Therapeutics Inc. | 25,411 | 602 | |||
| * | Ultragenyx Pharmaceutical Inc. | 19,902 | 596 | |||
| * | Haemonetics Corp. | 10,865 | 593 | |||
| * | Inspire Medical Systems Inc. | 6,223 | 583 | |||
| * | Arrowhead Pharmaceuticals Inc. | 26,397 | 582 | |||
| * | Scholar Rock Holding Corp. | 17,434 | 569 | |||
| * | Privia Health Group Inc. | 24,671 | 568 | |||
| * | CorVel Corp. | 6,293 | 560 | |||
| * | Arcellx Inc. | 7,952 | 552 | |||
| * | Sotera Health Co. | 33,663 | 551 | |||
| Organon & Co. | 57,080 | 538 | ||||
| * | Supernus Pharmaceuticals Inc. | 11,790 | 532 | |||
| * | Veracyte Inc. | 16,938 | 514 | |||
| Premier Inc. Class A | 19,595 | 507 | ||||
| * | Agios Pharmaceuticals Inc. | 12,368 | 466 | |||
| * | Amicus Therapeutics Inc. | 60,407 | 458 | |||
| * | PROCEPT BioRobotics Corp. | 11,355 | 456 | |||
| * | Alignment Healthcare Inc. | 27,371 | 448 | |||
| * | Denali Therapeutics Inc. | 28,591 | 437 | |||
| * | QuidelOrtho Corp. | 14,389 | 413 | |||
| * | Kymera Therapeutics Inc. | 9,965 | 411 | |||
| * | MoonLake Immunotherapeutics Class A | 7,257 | 405 | |||
| * | Phreesia Inc. | 12,384 | 392 | |||
| * | Surgery Partners Inc. | 17,051 | 387 | |||
| * | AtriCure Inc. | 10,353 | 383 | |||
| * | Enovis Corp. | 12,383 | 383 | |||
| * | BioCryst Pharmaceuticals Inc. | 44,949 | 374 | |||
| * | Sarepta Therapeutics Inc. | 20,190 | 367 | |||
| CONMED Corp. | 6,683 | 363 | ||||
| * | Twist Bioscience Corp. | 12,972 | 350 | |||
| * | Progyny Inc. | 14,757 | 349 | |||
| * | Harmony Biosciences Holdings Inc. | 9,396 | 347 | |||
| * | Beam Therapeutics Inc. | 21,055 | 344 | |||
| *,1 | Recursion Pharmaceuticals Inc. Class A | 73,076 | 343 | |||
| * | Omnicell Inc. | 10,058 | 328 | |||
| * | 10X Genomics Inc. Class A | 22,937 | 321 | |||
| Select Medical Holdings Corp. | 24,343 | 317 | ||||
| * | Biohaven Ltd. | 19,363 | 298 | |||
| * | STAAR Surgical Co. | 10,781 | 295 | |||
| * | Teladoc Health Inc. | 37,695 | 291 | |||
| * | Certara Inc. | 26,277 | 285 | |||
| * | Innoviva Inc. | 13,615 | 278 | |||
| * | Dyne Therapeutics Inc. | 20,256 | 273 | |||
| * | Neogen Corp. | 47,308 | 272 | |||
| * | Azenta Inc. | 8,807 | 269 | |||
| * | Novocure Ltd. | 21,543 | 266 | |||
| * | Evolent Health Inc. Class A | 26,141 | 252 | |||
| * | Intellia Therapeutics Inc. | 22,181 | 252 | |||
| * | NeoGenomics Inc. | 28,621 | 251 | |||
| * | Amphastar Pharmaceuticals Inc. | 7,988 | 245 | |||
| * | Integra LifeSciences Holdings Corp. | 15,142 | 229 | |||
11
ESG U.S. Stock ETF
12
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| Carlisle Cos. Inc. | 9,363 | 3,613 | ||||
| Expeditors International of Washington Inc. | 29,909 | 3,605 | ||||
| Fortive Corp. | 74,063 | 3,545 | ||||
| * | Zebra Technologies Corp. Class A | 11,097 | 3,519 | |||
| RPM International Inc. | 27,720 | 3,474 | ||||
| Masco Corp. | 46,073 | 3,381 | ||||
| * | Builders FirstSource Inc. | 24,365 | 3,379 | |||
| CH Robinson Worldwide Inc. | 25,679 | 3,305 | ||||
| * | XPO Inc. | 25,027 | 3,246 | |||
| Ball Corp. | 61,614 | 3,243 | ||||
| nVent Electric plc | 35,573 | 3,215 | ||||
| Allegion plc | 18,765 | 3,186 | ||||
| Graco Inc. | 36,232 | 3,094 | ||||
| Watsco Inc. | 7,590 | 3,054 | ||||
| Owens Corning | 18,517 | 2,781 | ||||
| * | Core & Main Inc. Class A | 41,467 | 2,684 | |||
| * | TopBuild Corp. | 6,356 | 2,674 | |||
| Nordson Corp. | 11,767 | 2,649 | ||||
| Jack Henry & Associates Inc. | 15,886 | 2,594 | ||||
| JB Hunt Transport Services Inc. | 17,385 | 2,521 | ||||
| Crown Holdings Inc. | 25,239 | 2,508 | ||||
| Stanley Black & Decker Inc. | 33,726 | 2,505 | ||||
| * | Generac Holdings Inc. | 12,737 | 2,360 | |||
| * | Bloom Energy Corp. Class A | 44,205 | 2,340 | |||
| Advanced Drainage Systems Inc. | 15,417 | 2,220 | ||||
| Applied Industrial Technologies Inc. | 8,356 | 2,202 | ||||
| Acuity Inc. | 6,732 | 2,198 | ||||
| CNH Industrial NV | 191,485 | 2,192 | ||||
| Donaldson Co. Inc. | 25,899 | 2,063 | ||||
| AptarGroup Inc. | 14,271 | 1,988 | ||||
| * | SPX Technologies Inc. | 10,154 | 1,900 | |||
| Armstrong World Industries Inc. | 9,363 | 1,833 | ||||
| * | Sterling Infrastructure Inc. | 6,504 | 1,812 | |||
| A O Smith Corp. | 25,189 | 1,796 | ||||
| * | Paylocity Holding Corp. | 9,845 | 1,765 | |||
| Toro Co. | 21,752 | 1,763 | ||||
| Simpson Manufacturing Co. Inc. | 9,121 | 1,743 | ||||
| * | Saia Inc. | 5,813 | 1,723 | |||
| Eagle Materials Inc. | 7,182 | 1,658 | ||||
| Watts Water Technologies Inc. Class A | 5,941 | 1,645 | ||||
| Ryder System Inc. | 8,748 | 1,640 | ||||
| JBT Marel Corp. | 11,292 | 1,618 | ||||
| Cognex Corp. | 36,700 | 1,613 | ||||
| Federal Signal Corp. | 13,047 | 1,605 | ||||
| Genpact Ltd. | 35,108 | 1,592 | ||||
| Valmont Industries Inc. | 4,332 | 1,590 | ||||
| Fortune Brands Innovations Inc. | 26,384 | 1,544 | ||||
| * | Modine Manufacturing Co. | 11,284 | 1,536 | |||
| * | Dycom Industries Inc. | 6,062 | 1,530 | |||
| MKS Inc. | 14,752 | 1,524 | ||||
| * | ExlService Holdings Inc. | 34,586 | 1,514 | |||
| Knight-Swift Transportation Holdings Inc. Class A | 34,338 | 1,507 | ||||
| * | Middleby Corp. | 11,008 | 1,506 | |||
| * | Axalta Coating Systems Ltd. | 47,604 | 1,488 | |||
| * | Mohawk Industries Inc. | 11,191 | 1,485 | |||
| Zurn Elkay Water Solutions Corp. | 32,480 | 1,473 | ||||
| AGCO Corp. | 13,515 | 1,462 | ||||
| Graphic Packaging Holding Co. | 64,925 | 1,446 | ||||
| * | Trex Co. Inc. | 23,355 | 1,439 | |||
| * | Gates Industrial Corp. plc | 55,381 | 1,416 | |||
| Littelfuse Inc. | 5,344 | 1,389 | ||||
| Vontier Corp. | 32,338 | 1,388 | ||||
| MSA Safety Inc. | 8,104 | 1,383 | ||||
| Air Lease Corp. Class A | 22,668 | 1,365 | ||||
| * | GXO Logistics Inc. | 25,101 | 1,322 | |||
| Installed Building Products Inc. | 5,047 | 1,321 | ||||
| * | Shift4 Payments Inc. Class A | 14,491 | 1,310 | |||
| Louisiana-Pacific Corp. | 13,697 | 1,303 | ||||
| *,1 | WEX Inc. | 7,422 | 1,272 | |||
| * | FTI Consulting Inc. | 7,308 | 1,232 | |||
13
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| AAON Inc. | 14,741 | 1,223 | ||||
| * | Construction Partners Inc. Class A | 10,104 | 1,211 | |||
| * | Aurora Innovation Inc. Class A | 214,897 | 1,210 | |||
| * | Itron Inc. | 9,812 | 1,206 | |||
| Badger Meter Inc. | 6,404 | 1,171 | ||||
| * | ACI Worldwide Inc. | 23,000 | 1,135 | |||
| Belden Inc. | 8,481 | 1,104 | ||||
| * | Resideo Technologies Inc. | 32,291 | 1,100 | |||
| Maximus Inc. | 12,404 | 1,091 | ||||
| Brink's Co. | 9,441 | 1,058 | ||||
| Sealed Air Corp. | 32,060 | 1,041 | ||||
| Arcosa Inc. | 10,514 | 1,040 | ||||
| Sensata Technologies Holding plc | 31,727 | 1,032 | ||||
| * | Ralliant Corp. | 24,661 | 1,031 | |||
| Granite Construction Inc. | 9,420 | 1,015 | ||||
| Sonoco Products Co. | 21,412 | 1,012 | ||||
| * | Knife River Corp. | 12,343 | 1,000 | |||
| Landstar System Inc. | 7,523 | 996 | ||||
| WillScot Holdings Corp. | 38,745 | 939 | ||||
| * | BILL Holdings Inc. | 20,155 | 936 | |||
| Herc Holdings Inc. | 7,023 | 919 | ||||
| * | GMS Inc. | 8,283 | 911 | |||
| Silgan Holdings Inc. | 19,283 | 905 | ||||
| Brunswick Corp. | 14,188 | 902 | ||||
| * | Everus Construction Group Inc. | 11,085 | 870 | |||
| EnerSys | 8,442 | 867 | ||||
| MSC Industrial Direct Co. Inc. Class A | 9,603 | 866 | ||||
| * | StoneCo Ltd. Class A | 52,465 | 864 | |||
| * | Verra Mobility Corp. Class A | 34,622 | 860 | |||
| Franklin Electric Co. Inc. | 8,708 | 852 | ||||
| Korn Ferry | 11,159 | 827 | ||||
| * | Euronet Worldwide Inc. | 8,827 | 823 | |||
| Kadant Inc. | 2,537 | 820 | ||||
| Robert Half Inc. | 21,624 | 807 | ||||
| * | OSI Systems Inc. | 3,449 | 793 | |||
| ADT Inc. | 86,891 | 757 | ||||
| * | CBIZ Inc. | 11,367 | 734 | |||
| Boise Cascade Co. | 8,330 | 725 | ||||
| HB Fuller Co. | 11,863 | 724 | ||||
| AZZ Inc. | 6,350 | 717 | ||||
| Terex Corp. | 14,153 | 707 | ||||
| * | Hayward Holdings Inc. | 43,062 | 692 | |||
| * | IES Holdings Inc. | 1,957 | 684 | |||
| ABM Industries Inc. | 13,380 | 658 | ||||
| Griffon Corp. | 8,528 | 649 | ||||
| McGrath RentCorp | 5,249 | 638 | ||||
| Crane NXT Co. | 10,656 | 636 | ||||
| * | Remitly Global Inc. | 33,766 | 626 | |||
| Western Union Co. | 72,071 | 625 | ||||
| * | NCR Atleos Corp. | 15,693 | 622 | |||
| * | Joby Aviation Inc. | 43,161 | 611 | |||
| UniFirst Corp. | 3,313 | 589 | ||||
| * | RXO Inc. | 35,355 | 577 | |||
| * | Marqeta Inc. Class A | 82,713 | 526 | |||
| * | ASGN Inc. | 9,275 | 503 | |||
| * | Huron Consulting Group Inc. | 3,648 | 500 | |||
| EVERTEC Inc. | 13,915 | 496 | ||||
| Hub Group Inc. Class A | 12,953 | 485 | ||||
| TriNet Group Inc. | 6,513 | 472 | ||||
| * | O-I Glass Inc. | 33,912 | 441 | |||
| Atkore Inc. | 7,452 | 434 | ||||
| Insperity Inc. | 7,784 | 430 | ||||
| ManpowerGroup Inc. | 10,104 | 428 | ||||
| * | Payoneer Global Inc. | 59,632 | 414 | |||
| * | Upwork Inc. | 26,855 | 413 | |||
| * | Gibraltar Industries Inc. | 6,342 | 397 | |||
| Helios Technologies Inc. | 7,211 | 391 | ||||
| Werner Enterprises Inc. | 13,402 | 387 | ||||
| Hillenbrand Inc. | 14,975 | 380 | ||||
| Tecnoglass Inc. | 5,218 | 379 | ||||
14
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| ArcBest Corp. | 4,918 | 363 | ||||
| Alight Inc. Class A | 92,693 | 360 | ||||
| * | Masterbrand Inc. | 27,973 | 356 | |||
| Greif Inc. Class A | 5,432 | 355 | ||||
| 1 | ZIM Integrated Shipping Services Ltd. | 26,110 | 355 | |||
| * | Enovix Corp. | 35,377 | 340 | |||
| Tennant Co. | 4,104 | 337 | ||||
| * | Flywire Corp. | 25,594 | 337 | |||
| Pagseguro Digital Ltd. Class A | 36,991 | 331 | ||||
| Lindsay Corp. | 2,355 | 323 | ||||
| Greenbrier Cos. Inc. | 6,573 | 306 | ||||
| United States Lime & Minerals Inc. | 2,271 | 286 | ||||
| Schneider National Inc. Class B | 11,195 | 277 | ||||
| TriMas Corp. | 7,145 | 276 | ||||
| * | Legalzoom.com Inc. | 23,833 | 264 | |||
| * | Cimpress plc | 3,507 | 221 | |||
| * | American Woodmark Corp. | 3,335 | 215 | |||
| Apogee Enterprises Inc. | 4,764 | 209 | ||||
| Dlocal Ltd. Class A | 13,307 | 192 | ||||
| Deluxe Corp. | 9,311 | 183 | ||||
| Matson Inc. | 1,637 | 170 | ||||
| Vestis Corp. | 24,953 | 117 | ||||
| Ardagh Metal Packaging SA | 29,325 | 108 | ||||
| 965,015 | ||||||
| Real Estate (2.8%) | ||||||
| Welltower Inc. | 143,066 | 24,075 | ||||
| Prologis Inc. | 202,549 | 23,046 | ||||
| American Tower Corp. | 102,145 | 20,822 | ||||
| Equinix Inc. | 21,339 | 16,777 | ||||
| Simon Property Group Inc. | 70,738 | 12,780 | ||||
| Digital Realty Trust Inc. | 73,641 | 12,345 | ||||
| Realty Income Corp. | 195,094 | 11,464 | ||||
| * | CBRE Group Inc. Class A | 64,866 | 10,516 | |||
| Public Storage | 34,485 | 10,159 | ||||
| Crown Castle Inc. | 94,673 | 9,386 | ||||
| * | CoStar Group Inc. | 91,219 | 8,163 | |||
| Extra Space Storage Inc. | 45,978 | 6,602 | ||||
| Ventas Inc. | 95,241 | 6,484 | ||||
| AvalonBay Communities Inc. | 31,062 | 6,083 | ||||
| Iron Mountain Inc. | 64,013 | 5,910 | ||||
| Equity Residential | 82,715 | 5,469 | ||||
| SBA Communications Corp. | 23,434 | 4,800 | ||||
| Invitation Homes Inc. | 133,470 | 4,176 | ||||
| Essex Property Trust Inc. | 13,908 | 3,758 | ||||
| Mid-America Apartment Communities Inc. | 25,434 | 3,709 | ||||
| Sun Communities Inc. | 27,574 | 3,498 | ||||
| Kimco Realty Corp. | 145,711 | 3,277 | ||||
| WP Carey Inc. | 47,376 | 3,179 | ||||
| * | Jones Lang LaSalle Inc. | 10,330 | 3,157 | |||
| Alexandria Real Estate Equities Inc. | 37,477 | 3,090 | ||||
| Regency Centers Corp. | 39,378 | 2,855 | ||||
| UDR Inc. | 72,041 | 2,851 | ||||
| Healthpeak Properties Inc. | 151,411 | 2,716 | ||||
| American Homes 4 Rent Class A | 74,593 | 2,672 | ||||
| Omega Healthcare Investors Inc. | 62,689 | 2,669 | ||||
| Camden Property Trust | 23,445 | 2,625 | ||||
| * | Zillow Group Inc. Class C | 31,069 | 2,619 | |||
| Host Hotels & Resorts Inc. | 149,535 | 2,573 | ||||
| BXP Inc. | 34,698 | 2,516 | ||||
| Equity LifeStyle Properties Inc. | 41,337 | 2,492 | ||||
| Lamar Advertising Co. Class A | 19,105 | 2,431 | ||||
| Rexford Industrial Realty Inc. | 51,699 | 2,141 | ||||
| CubeSmart | 49,502 | 2,026 | ||||
| EastGroup Properties Inc. | 11,372 | 1,928 | ||||
| Brixmor Property Group Inc. | 66,661 | 1,866 | ||||
| Federal Realty Investment Trust | 18,524 | 1,863 | ||||
| NNN REIT Inc. | 40,714 | 1,747 | ||||
| Agree Realty Corp. | 23,625 | 1,718 | ||||
| CareTrust REIT Inc. | 45,172 | 1,554 | ||||
15
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| STAG Industrial Inc. | 40,697 | 1,500 | ||||
| American Healthcare REIT Inc. | 34,333 | 1,469 | ||||
| First Industrial Realty Trust Inc. | 27,914 | 1,468 | ||||
| Vornado Realty Trust | 38,408 | 1,461 | ||||
| Essential Properties Realty Trust Inc. | 42,852 | 1,342 | ||||
| Terreno Realty Corp. | 22,090 | 1,276 | ||||
| * | Zillow Group Inc. Class A | 15,500 | 1,263 | |||
| Ryman Hospitality Properties Inc. | 12,734 | 1,258 | ||||
| Healthcare Realty Trust Inc. Class A | 71,779 | 1,248 | ||||
| Kite Realty Group Trust | 48,212 | 1,100 | ||||
| Kilroy Realty Corp. | 25,857 | 1,075 | ||||
| Cousins Properties Inc. | 36,119 | 1,065 | ||||
| Macerich Co. | 55,734 | 1,026 | ||||
| Sabra Health Care REIT Inc. | 51,178 | 978 | ||||
| Phillips Edison & Co. Inc. | 27,409 | 965 | ||||
| Millrose Properties Inc. | 26,160 | 924 | ||||
| Independence Realty Trust Inc. | 50,609 | 917 | ||||
| Americold Realty Trust Inc. | 62,463 | 902 | ||||
| Rayonier Inc. | 34,069 | 895 | ||||
| EPR Properties | 16,376 | 888 | ||||
| SL Green Realty Corp. | 15,537 | 884 | ||||
| Tanger Inc. | 24,457 | 836 | ||||
| * | Cushman & Wakefield plc | 50,528 | 797 | |||
| National Health Investors Inc. | 10,003 | 783 | ||||
| Broadstone Net Lease Inc. | 40,805 | 759 | ||||
| HA Sustainable Infrastructure Capital Inc. | 26,468 | 747 | ||||
| Highwoods Properties Inc. | 23,240 | 733 | ||||
| PotlatchDeltic Corp. | 17,122 | 720 | ||||
| COPT Defense Properties | 24,848 | 715 | ||||
| Apple Hospitality REIT Inc. | 49,525 | 647 | ||||
| Lineage Inc. | 15,337 | 643 | ||||
| *,1 | Opendoor Technologies Inc. | 135,990 | 605 | |||
| Urban Edge Properties | 27,859 | 576 | ||||
| LXP Industrial Trust | 62,594 | 568 | ||||
| Acadia Realty Trust | 28,367 | 568 | ||||
| Douglas Emmett Inc. | 34,587 | 561 | ||||
| Outfront Media Inc. | 29,910 | 559 | ||||
| Four Corners Property Trust Inc. | 21,236 | 550 | ||||
| Newmark Group Inc. Class A | 29,761 | 542 | ||||
| * | Howard Hughes Holdings Inc. | 6,703 | 511 | |||
| Park Hotels & Resorts Inc. | 43,113 | 507 | ||||
| 1 | Medical Properties Trust Inc. | 109,446 | 493 | |||
| National Storage Affiliates Trust | 15,137 | 488 | ||||
| Curbline Properties Corp. | 20,802 | 469 | ||||
| DigitalBridge Group Inc. | 37,717 | 430 | ||||
| St. Joe Co. | 8,344 | 421 | ||||
| DiamondRock Hospitality Co. | 46,198 | 395 | ||||
| Sunstone Hotel Investors Inc. | 41,002 | 389 | ||||
| LTC Properties Inc. | 9,545 | 348 | ||||
| Innovative Industrial Properties Inc. | 6,129 | 347 | ||||
| JBG SMITH Properties | 15,943 | 342 | ||||
| Global Net Lease Inc. | 41,977 | 330 | ||||
| Getty Realty Corp. | 11,521 | 329 | ||||
| Elme Communities | 18,455 | 315 | ||||
| Alexander & Baldwin Inc. | 16,284 | 315 | ||||
| Xenia Hotels & Resorts Inc. | 21,895 | 309 | ||||
| Pebblebrook Hotel Trust | 25,390 | 283 | ||||
| * | Paramount Group Inc. | 39,216 | 282 | |||
| Veris Residential Inc. | 17,576 | 276 | ||||
| RLJ Lodging Trust | 32,338 | 249 | ||||
| Piedmont Realty Trust Inc. | 28,040 | 238 | ||||
| American Assets Trust Inc. | 11,220 | 235 | ||||
| Kennedy-Wilson Holdings Inc. | 25,442 | 224 | ||||
| Empire State Realty Trust Inc. Class A | 29,194 | 223 | ||||
| Apartment Investment & Management Co. Class A | 27,523 | 216 | ||||
| Centerspace | 3,501 | 208 | ||||
| eXp World Holdings Inc. | 16,956 | 184 | ||||
| Marcus & Millichap Inc. | 4,977 | 162 | ||||
| 311,918 | ||||||
16
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| Technology (43.1%) | ||||||
| NVIDIA Corp. | 5,110,543 | 890,154 | ||||
| Microsoft Corp. | 1,619,471 | 820,570 | ||||
| Apple Inc. | 3,218,861 | 747,226 | ||||
| Meta Platforms Inc. Class A | 476,766 | 352,187 | ||||
| Broadcom Inc. | 1,008,452 | 299,904 | ||||
| Alphabet Inc. Class A | 1,253,728 | 266,931 | ||||
| Alphabet Inc. Class C | 1,049,011 | 223,995 | ||||
| Oracle Corp. | 361,570 | 81,762 | ||||
| * | Palantir Technologies Inc. Class A | 476,971 | 74,746 | |||
| * | Advanced Micro Devices Inc. | 351,663 | 57,191 | |||
| Salesforce Inc. | 203,885 | 52,246 | ||||
| * | ServiceNow Inc. | 45,132 | 41,407 | |||
| Texas Instruments Inc. | 198,470 | 40,186 | ||||
| Intuit Inc. | 59,625 | 39,770 | ||||
| QUALCOMM Inc. | 239,793 | 38,542 | ||||
| * | Adobe Inc. | 92,840 | 33,116 | |||
| Micron Technology Inc. | 243,987 | 29,037 | ||||
| Applied Materials Inc. | 177,327 | 28,507 | ||||
| Lam Research Corp. | 279,227 | 27,965 | ||||
| * | Palo Alto Networks Inc. | 143,442 | 27,329 | |||
| KLA Corp. | 29,061 | 25,341 | ||||
| * | AppLovin Corp. Class A | 52,059 | 24,915 | |||
| * | Synopsys Inc. | 40,295 | 24,319 | |||
| * | Intel Corp. | 954,224 | 23,235 | |||
| * | Crowdstrike Holdings Inc. Class A | 53,331 | 22,596 | |||
| * | Cadence Design Systems Inc. | 59,580 | 20,879 | |||
| * | DoorDash Inc. Class A | 78,341 | 19,213 | |||
| * | Strategy Inc. | 54,540 | 18,239 | |||
| * | Snowflake Inc. Class A | 68,247 | 16,288 | |||
| * | Autodesk Inc. | 46,527 | 14,642 | |||
| * | Cloudflare Inc. Class A | 67,374 | 14,062 | |||
| NXP Semiconductors NV | 55,884 | 13,124 | ||||
| Roper Technologies Inc. | 23,447 | 12,340 | ||||
| Marvell Technology Inc. | 188,759 | 11,866 | ||||
| Corning Inc. | 170,448 | 11,425 | ||||
| * | Fortinet Inc. | 138,944 | 10,945 | |||
| * | Workday Inc. Class A | 46,986 | 10,845 | |||
| Vertiv Holdings Co. Class A | 83,063 | 10,595 | ||||
| * | Datadog Inc. Class A | 67,363 | 9,207 | |||
| Monolithic Power Systems Inc. | 10,106 | 8,446 | ||||
| Cognizant Technology Solutions Corp. Class A | 107,795 | 7,788 | ||||
| Seagate Technology Holdings plc | 45,758 | 7,660 | ||||
| Microchip Technology Inc. | 115,231 | 7,490 | ||||
| Hewlett Packard Enterprise Co. | 286,329 | 6,462 | ||||
| * | Atlassian Corp. Class A | 35,337 | 6,282 | |||
| Western Digital Corp. | 75,573 | 6,072 | ||||
| * | Zscaler Inc. | 21,317 | 5,906 | |||
| HP Inc. | 205,974 | 5,879 | ||||
| * | Reddit Inc. Class A | 25,451 | 5,729 | |||
| * | Astera Labs Inc. | 31,281 | 5,699 | |||
| * | PTC Inc. | 26,079 | 5,568 | |||
| * | MongoDB Inc. | 17,223 | 5,436 | |||
| * | HubSpot Inc. | 11,098 | 5,362 | |||
| * | Tyler Technologies Inc. | 9,396 | 5,289 | |||
| * | Pure Storage Inc. Class A | 67,823 | 5,264 | |||
| VeriSign Inc. | 18,413 | 5,034 | ||||
| NetApp Inc. | 44,368 | 5,004 | ||||
| * | CyberArk Software Ltd. | 10,516 | 4,766 | |||
| CDW Corp. | 28,723 | 4,732 | ||||
| * | Pinterest Inc. Class A | 128,937 | 4,723 | |||
| Jabil Inc. | 23,035 | 4,718 | ||||
| * | Zoom Communications Inc. | 57,306 | 4,666 | |||
| * | Super Micro Computer Inc. | 112,111 | 4,657 | |||
| * | ON Semiconductor Corp. | 92,070 | 4,566 | |||
| * | Flex Ltd. | 83,287 | 4,466 | |||
| * | GoDaddy Inc. Class A | 30,001 | 4,449 | |||
| * | Toast Inc. Class A | 98,558 | 4,445 | |||
| Teradyne Inc. | 35,097 | 4,150 | ||||
| * | Gartner Inc. | 16,358 | 4,109 | |||
17
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| SS&C Technologies Holdings Inc. | 46,142 | 4,091 | ||||
| * | Guidewire Software Inc. | 18,274 | 3,966 | |||
| * | F5 Inc. | 12,559 | 3,933 | |||
| * | Credo Technology Group Holding Ltd. | 31,638 | 3,893 | |||
| * | Nutanix Inc. Class A | 55,717 | 3,745 | |||
| Gen Digital Inc. | 120,016 | 3,624 | ||||
| * | Check Point Software Technologies Ltd. | 18,543 | 3,581 | |||
| * | Docusign Inc. | 43,893 | 3,365 | |||
| * | Okta Inc. | 35,931 | 3,333 | |||
| * | Twilio Inc. Class A | 30,852 | 3,258 | |||
| * | Dynatrace Inc. | 64,137 | 3,245 | |||
| * | Manhattan Associates Inc. | 13,097 | 2,822 | |||
| Entegris Inc. | 32,724 | 2,740 | ||||
| * | Unity Software Inc. | 69,099 | 2,723 | |||
| * | Fabrinet | 7,799 | 2,584 | |||
| TD SYNNEX Corp. | 17,191 | 2,545 | ||||
| Paycom Software Inc. | 11,201 | 2,544 | ||||
| Skyworks Solutions Inc. | 33,434 | 2,506 | ||||
| * | Akamai Technologies Inc. | 31,310 | 2,478 | |||
| * | Dayforce Inc. | 33,464 | 2,335 | |||
| * | IonQ Inc. | 51,197 | 2,188 | |||
| * | Samsara Inc. Class A | 58,519 | 2,115 | |||
| * | EPAM Systems Inc. | 11,962 | 2,110 | |||
| Amdocs Ltd. | 24,107 | 2,063 | ||||
| Match Group Inc. | 53,371 | 1,993 | ||||
| * | Lattice Semiconductor Corp. | 29,756 | 1,975 | |||
| * | Qorvo Inc. | 20,378 | 1,848 | |||
| * | Monday.com Ltd. | 9,298 | 1,795 | |||
| * | Commvault Systems Inc. | 9,551 | 1,783 | |||
| * | Procore Technologies Inc. | 25,021 | 1,739 | |||
| * | Rambus Inc. | 23,270 | 1,717 | |||
| * | Elastic NV | 19,796 | 1,684 | |||
| * | Wix.com Ltd. | 11,607 | 1,638 | |||
| * | Maplebear Inc. | 37,592 | 1,630 | |||
| * | Kyndryl Holdings Inc. | 50,481 | 1,605 | |||
| * | Sandisk Corp. | 29,424 | 1,544 | |||
| * | Life360 Inc. | 16,298 | 1,474 | |||
| * | Arrow Electronics Inc. | 11,264 | 1,423 | |||
| * | Varonis Systems Inc. | 24,068 | 1,421 | |||
| * | Gitlab Inc. Class A | 28,702 | 1,378 | |||
| Universal Display Corp. | 9,601 | 1,331 | ||||
| * | Appfolio Inc. Class A | 4,793 | 1,329 | |||
| * | Cirrus Logic Inc. | 11,584 | 1,323 | |||
| * | Dropbox Inc. Class A | 44,155 | 1,283 | |||
| Advanced Energy Industries Inc. | 8,257 | 1,236 | ||||
| * | SentinelOne Inc. Class A | 63,664 | 1,201 | |||
| * | Confluent Inc. Class A | 60,443 | 1,200 | |||
| * | CCC Intelligent Solutions Holdings Inc. | 117,694 | 1,165 | |||
| * | Onto Innovation Inc. | 10,611 | 1,125 | |||
| * | SiTime Corp. | 4,554 | 1,101 | |||
| * | Semtech Corp. | 18,838 | 1,094 | |||
| * | Qualys Inc. | 7,894 | 1,072 | |||
| * | Q2 Holdings Inc. | 13,457 | 1,059 | |||
| * | UiPath Inc. Class A | 94,946 | 1,056 | |||
| * | Impinj Inc. | 5,625 | 1,055 | |||
| * | SoundHound AI Inc. Class A | 79,096 | 1,030 | |||
| Pegasystems Inc. | 18,920 | 1,026 | ||||
| Avnet Inc. | 18,756 | 1,024 | ||||
| * | JFrog Ltd. | 20,647 | 1,019 | |||
| * | Box Inc. Class A | 30,582 | 998 | |||
| Dolby Laboratories Inc. Class A | 13,155 | 943 | ||||
| * | Silicon Laboratories Inc. | 6,964 | 936 | |||
| * | Novanta Inc. | 7,795 | 907 | |||
| * | SPS Commerce Inc. | 8,222 | 907 | |||
| * | Workiva Inc. Class A | 10,824 | 890 | |||
| * | Core Scientific Inc. | 59,606 | 855 | |||
| * | Allegro MicroSystems Inc. | 26,884 | 829 | |||
| * | Zeta Global Holdings Corp. Class A | 41,098 | 807 | |||
| * | Tenable Holdings Inc. | 25,751 | 796 | |||
| * | Magnite Inc. | 30,229 | 784 | |||
18
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Insight Enterprises Inc. | 5,993 | 780 | |||
| * | Global-e Online Ltd. | 22,733 | 761 | |||
| * | GLOBALFOUNDRIES Inc. | 22,458 | 750 | |||
| * | nCino Inc. | 23,338 | 749 | |||
| * | Ambarella Inc. | 8,827 | 728 | |||
| * | ZoomInfo Technologies Inc. Class A | 64,706 | 705 | |||
| Clear Secure Inc. Class A | 18,088 | 657 | ||||
| * | Globant SA | 9,445 | 635 | |||
| * | BlackLine Inc. | 11,449 | 622 | |||
| * | Cargurus Inc. Class A | 17,691 | 612 | |||
| * | Alarm.com Holdings Inc. | 10,419 | 611 | |||
| Amkor Technology Inc. | 24,744 | 599 | ||||
| * | Freshworks Inc. Class A | 43,825 | 590 | |||
| * | Synaptics Inc. | 8,392 | 586 | |||
| * | Cleanspark Inc. | 60,163 | 570 | |||
| * | Informatica Inc. Class A | 22,788 | 568 | |||
| * | DXC Technology Co. | 39,221 | 567 | |||
| * | Axcelis Technologies Inc. | 7,010 | 561 | |||
| * | Intapp Inc. | 12,065 | 555 | |||
| Power Integrations Inc. | 12,256 | 553 | ||||
| * | Blackbaud Inc. | 8,223 | 549 | |||
| * | IAC Inc. | 14,824 | 543 | |||
| * | Diodes Inc. | 9,909 | 539 | |||
| * | RingCentral Inc. Class A | 17,413 | 531 | |||
| Concentrix Corp. | 9,884 | 521 | ||||
| * | FormFactor Inc. | 16,994 | 496 | |||
| * | DoubleVerify Holdings Inc. | 29,425 | 479 | |||
| * | Braze Inc. Class A | 16,435 | 455 | |||
| * | DigitalOcean Holdings Inc. | 13,889 | 453 | |||
| * | C3.ai Inc. Class A | 26,233 | 444 | |||
| * | Five9 Inc. | 16,436 | 442 | |||
| * | Teradata Corp. | 20,894 | 438 | |||
| * | Progress Software Corp. | 9,355 | 433 | |||
| Kulicke & Soffa Industries Inc. | 11,326 | 425 | ||||
| * | Yelp Inc. Class A | 13,258 | 419 | |||
| Vishay Intertechnology Inc. | 26,769 | 414 | ||||
| * | Trump Media & Technology Group Corp. | 22,491 | 394 | |||
| * | NCR Voyix Corp. | 29,821 | 393 | |||
| * | LiveRamp Holdings Inc. | 13,839 | 386 | |||
| * | NetScout Systems Inc. | 15,401 | 383 | |||
| CSG Systems International Inc. | 5,963 | 383 | ||||
| * | Alkami Technology Inc. | 14,700 | 376 | |||
| Adeia Inc. | 23,236 | 349 | ||||
| * | Ziff Davis Inc. | 9,073 | 347 | |||
| * | Clarivate plc | 76,984 | 335 | |||
| * | Rogers Corp. | 3,952 | 310 | |||
| * | PagerDuty Inc. | 17,982 | 301 | |||
| * | Asana Inc. Class A | 20,083 | 293 | |||
| * | Rapid7 Inc. | 13,636 | 282 | |||
| * | MaxLinear Inc. Class A | 17,517 | 275 | |||
| * | Verint Systems Inc. | 13,324 | 272 | |||
| CTS Corp. | 6,375 | 271 | ||||
| * | Appian Corp. Class A | 8,393 | 258 | |||
| * | Schrodinger Inc. | 11,951 | 233 | |||
| * | Fastly Inc. Class A | 29,288 | 223 | |||
| * | ScanSource Inc. | 4,874 | 213 | |||
| * | Sprout Social Inc. Class A | 11,004 | 174 | |||
| * | Angi Inc. Class A | 9,245 | 164 | |||
| * | PROS Holdings Inc. | 9,913 | 154 | |||
| * | Fiverr International Ltd. | 6,470 | 152 | |||
| * | Jamf Holding Corp. | 14,550 | 136 | |||
| * | N-able Inc. | 14,875 | 120 | |||
| Shutterstock Inc. | 5,339 | 112 | ||||
| Xerox Holdings Corp. | 25,296 | 101 | ||||
| * | Bumble Inc. Class A | 15,202 | 94 | |||
| 4,809,303 | ||||||
| Telecommunications (2.4%) | ||||||
| Cisco Systems Inc. | 869,149 | 60,050 | ||||
| AT&T Inc. | 1,531,905 | 44,869 | ||||
19
ESG U.S. Stock ETF
| Shares | Market Value• ($000) | |||||
| Verizon Communications Inc. | 922,423 | 40,799 | ||||
| * | Arista Networks Inc. | 225,241 | 30,757 | |||
| Comcast Corp. Class A | 807,894 | 27,444 | ||||
| T-Mobile US Inc. | 99,155 | 24,986 | ||||
| Motorola Solutions Inc. | 36,382 | 17,189 | ||||
| * | Charter Communications Inc. Class A | 19,780 | 5,253 | |||
| * | Ciena Corp. | 30,860 | 2,900 | |||
| * | Roku Inc. | 28,118 | 2,715 | |||
| * | Lumentum Holdings Inc. | 15,026 | 1,996 | |||
| * | Frontier Communications Parent Inc. | 51,187 | 1,898 | |||
| InterDigital Inc. | 5,607 | 1,523 | ||||
| * | Lumen Technologies Inc. | 206,245 | 1,025 | |||
| Telephone & Data Systems Inc. | 21,356 | 856 | ||||
| * | Calix Inc. | 12,909 | 767 | |||
| * | Extreme Networks Inc. | 28,729 | 614 | |||
| * | Viavi Solutions Inc. | 47,222 | 533 | |||
| Ubiquiti Inc. | 930 | 491 | ||||
| * | Liberty Global Ltd. Class C | 39,658 | 474 | |||
| Cogent Communications Holdings Inc. | 9,592 | 367 | ||||
| * | Globalstar Inc. | 10,762 | 322 | |||
| * | Liberty Global Ltd. Class A | 27,316 | 321 | |||
| * | Liberty Latin America Ltd. Class C | 26,882 | 222 | |||
| Cable One Inc. | 1,073 | 173 | ||||
| 268,544 | ||||||
| Utilities (0.5%) | ||||||
| Waste Management Inc. | 80,785 | 18,289 | ||||
| Republic Services Inc. | 44,225 | 10,347 | ||||
| Exelon Corp. | 220,865 | 9,647 | ||||
| American Water Works Co. Inc. | 42,534 | 6,104 | ||||
| Essential Utilities Inc. | 60,171 | 2,377 | ||||
| * | Casella Waste Systems Inc. Class A | 13,565 | 1,337 | |||
| Ormat Technologies Inc. | 13,207 | 1,214 | ||||
| * | Sunrun Inc. | 45,137 | 721 | |||
| California Water Service Group | 13,052 | 613 | ||||
| H2O America | 6,816 | 343 | ||||
| 50,992 | ||||||
| Total Common Stocks (Cost $7,363,096) | 11,132,074 | |||||
| Temporary Cash Investments (0.3%) | ||||||
| Money Market Fund (0.3%) | ||||||
| 3,4 | Vanguard Market Liquidity Fund, 4.362% (Cost $26,595) | 265,997 | 26,597 | |||
| Total Investments (100.0%) (Cost $7,389,691) | 11,158,671 | |||||
| Other Assets and Liabilities—Net (0.0%) | 4,552 | |||||
| Net Assets (100%) | 11,163,223 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,845. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $3,300 was received for securities on loan. |
| REIT—Real Estate Investment Trust. |
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| E-mini NASDAQ 100 Index | September 2025 | 14 | 6,569 | 213 |
| E-mini S&P 500 Index | September 2025 | 76 | 24,597 | 819 |
| 1,032 | ||||
See accompanying Notes, which
are an integral part of the Financial Statements.
20
ESG U.S. Stock ETF
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $7,363,096) | 11,132,074 |
| Affiliated Issuers (Cost $26,595) | 26,597 |
| Total Investments in Securities | 11,158,671 |
| Investment in Vanguard | 278 |
| Cash Collateral Pledged—Futures Contracts | 2,023 |
| Receivables for Accrued Income | 6,376 |
| Total Assets | 11,167,348 |
| Liabilities | |
| Due to Custodian | 57 |
| Payables for Investment Securities Purchased | 73 |
| Collateral for Securities on Loan | 3,300 |
| Payables to Vanguard | 439 |
| Variation Margin Payable—Futures Contracts | 256 |
| Total Liabilities | 4,125 |
| Net Assets | 11,163,223 |
| 1 Includes $2,845 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 7,684,460 |
| Total Distributable Earnings (Loss) | 3,478,763 |
| Net Assets | 11,163,223 |
| Net Assets | |
| Applicable to 97,500,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,163,223 |
| Net Asset Value Per Share | $114.49 |
See accompanying Notes,
which are an integral part of the Financial Statements.
21
ESG U.S. Stock ETF
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 113,390 |
| Interest2 | 1,516 |
| Securities Lending—Net | 200 |
| Total Income | 115,106 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 215 |
| Management and Administrative | 8,209 |
| Marketing and Distribution | 292 |
| Custodian Fees | 26 |
| Auditing Fees | 31 |
| Shareholders’ Reports and Proxy Fees | 274 |
| Trustees’ Fees and Expenses | 6 |
| Other Expenses | 20 |
| Total Expenses | 9,073 |
| Net Investment Income | 106,033 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 180,282 |
| Futures Contracts | 3,102 |
| Realized Net Gain (Loss) | 183,384 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 1,227,749 |
| Futures Contracts | 247 |
| Change in Unrealized Appreciation (Depreciation) | 1,227,996 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,517,413 |
| 1 | Dividends are net of foreign withholding taxes of $85. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,409, $4, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $258,827 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
22
ESG U.S. Stock ETF
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 106,033 | 91,984 |
| Realized Net Gain (Loss) | 183,384 | 14,677 |
| Change in Unrealized Appreciation (Depreciation) | 1,227,996 | 1,805,948 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,517,413 | 1,912,609 |
| Distributions | ||
| Total Distributions | (105,993) | (98,585) |
| Capital Share Transactions | ||
| Issued | 961,299 | 895,654 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (530,955) | (187,563) |
| Net Increase (Decrease) from Capital Share Transactions | 430,344 | 708,091 |
| Total Increase (Decrease) | 1,841,764 | 2,522,115 |
| Net Assets | ||
| Beginning of Period | 9,321,459 | 6,799,344 |
| End of Period | 11,163,223 | 9,321,459 |
See accompanying Notes,
which are an integral part of the Financial Statements.
23
ESG U.S. Stock ETF
Financial Highlights
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $99.75 | $79.52 | $69.60 | $84.42 | $64.47 |
| Investment Operations | |||||
| Net Investment Income1 | 1.100 | 1.031 | .983 | .921 | .873 |
| Net Realized and Unrealized Gain (Loss) on Investments | 14.738 | 20.310 | 9.884 | (14.856) | 19.844 |
| Total from Investment Operations | 15.838 | 21.341 | 10.867 | (13.935) | 20.717 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.098) | (1.111) | (.947) | (.885) | (.767) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.098) | (1.111) | (.947) | (.885) | (.767) |
| Net Asset Value, End of Period | $114.49 | $99.75 | $79.52 | $69.60 | $84.42 |
| Total Return | 16.01% | 27.05% | 15.82% | -16.61% | 32.41% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $11,163 | $9,321 | $6,799 | $5,900 | $5,259 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.05% | 1.17% | 1.38% | 1.18% | 1.18% |
| Portfolio Turnover Rate2 | 3% | 2% | 3% | 7% | 6% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral
part of the Financial Statements.
24
ESG U.S. Stock ETF
Notes to Financial Statements
Vanguard ESG U.S. Stock ETF is
registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund
are valued at that fund's net asset value.
2. Futures Contracts:
The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures
contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for
liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility
of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades
futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin
requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open
contracts are noted in the Schedule of Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the year ended August
31, 2025, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during
the period.
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
5. Securities Lending:
To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by
collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When
this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only
with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements
provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net
amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the
securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period
the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income
earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on
25
ESG U.S. Stock ETF
one business day’s notice. The interest
rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from
Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $278,000, representing less than 0.01% of the fund’s
net assets and 0.11% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The
inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 11,132,074 | — | — | 11,132,074 |
| Temporary Cash Investments | 26,597 | — | — | 26,597 |
| Total | 11,158,671 | — | — | 11,158,671 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 1,032 | — | — | 1,032 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. | |||
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 258,805 |
| Total Distributable Earnings (Loss) | (258,805) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of
unrealized
26
ESG U.S. Stock ETF
gains or losses from certain derivative
contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 16,988 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 3,766,215 |
| Capital Loss Carryforwards | (304,440) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 3,478,763 |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 105,993 | 98,585 |
| Long-Term Capital Gains | — | — |
| Total | 105,993 | 98,585 |
| * | Includes short-term capital gains, if any. |
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 7,392,456 |
| Gross Unrealized Appreciation | 4,286,473 |
| Gross Unrealized Depreciation | (520,258) |
| Net Unrealized Appreciation (Depreciation) | 3,766,215 |
E. During the year ended August 31, 2025, the fund purchased $284,303,000 of investment securities and sold $263,339,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $959,732,000 and $525,411,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities
from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment
Company Act of 1940. For the year ended August 31, 2025, such purchases were $94,931,000 and sales were $54,810,000, resulting in net realized loss of $22,083,000; these amounts, other than temporary cash investments,
are included in the purchases and sales of investment securities noted above.
F. Capital shares issued and redeemed were:
| Year Ended August 31, | ||
| 2025 Shares (000) | 2024 Shares (000) | |
| Issued | 9,225 | 10,100 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (5,175) | (2,150) |
| Net Increase (Decrease) in Shares Outstanding | 4,050 | 7,950 |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger
27
ESG U.S. Stock ETF
impact on derivatives than on standard
securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant
accounting policies.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
28
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard World
Fund and Shareholders of Vanguard ESG U.S. Stock ETF
Opinion on the Financial
Statements
We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard ESG U.S. Stock ETF (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund") as of
August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related
notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in
all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended
August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are
the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
29
Tax information (unaudited)
For corporate shareholders,
92.6%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the
dividends-received deduction.
The fund hereby designates
$97,570,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024.
Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for
the fiscal year $755,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income
tax.
The fund hereby designates
$4,727,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via
IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
Q43930 102025
30
Financial Statements
For the year ended August 31,
2025
Vanguard ESG International Stock ETF
Contents
Financial Statements | 1 |
Report of Independent Registered Public Accounting Firm | 106 |
Tax information | 107 |
ESG International Stock ETF
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
1
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Ansell Ltd. | 27,041 | 599 | ||||
| Eagers Automotive Ltd. | 29,576 | 534 | ||||
| Challenger Ltd. | 95,675 | 521 | ||||
| AMP Ltd. | 461,778 | 515 | ||||
| Netwealth Group Ltd. | 22,680 | 509 | ||||
| * | Telix Pharmaceuticals Ltd. | 53,064 | 505 | |||
| Lendlease Corp. Ltd. | 137,034 | 496 | ||||
| AUB Group Ltd. | 21,904 | 480 | ||||
| * | Capricorn Metals Ltd. | 67,797 | 459 | |||
| Pinnacle Investment Management Group Ltd. | 32,599 | 455 | ||||
| Harvey Norman Holdings Ltd. | 96,180 | 433 | ||||
| nib holdings Ltd. | 84,781 | 425 | ||||
| 1 | Breville Group Ltd. | 19,265 | 424 | |||
| * | Regis Resources Ltd. | 138,628 | 418 | |||
| Gold Road Resources Ltd. | 188,119 | 415 | ||||
| Reliance Worldwide Corp. Ltd. | 152,041 | 415 | ||||
| IGO Ltd. | 118,822 | 404 | ||||
| *,2 | West African Resources Ltd. | 189,988 | 390 | |||
| Brickworks Ltd. | 16,150 | 377 | ||||
| National Storage REIT | 237,298 | 373 | ||||
| * | Westgold Resources Ltd. | 160,992 | 367 | |||
| Super Retail Group Ltd. | 28,935 | 355 | ||||
| ARB Corp. Ltd. | 13,141 | 343 | ||||
| Region Group | 202,921 | 324 | ||||
| Iluka Resources Ltd. | 74,990 | 309 | ||||
| Lovisa Holdings Ltd. | 10,801 | 304 | ||||
| Orora Ltd. | 223,348 | 303 | ||||
| 1 | Reece Ltd. | 41,626 | 303 | |||
| * | DroneShield Ltd. | 139,588 | 300 | |||
| * | Megaport Ltd. | 27,044 | 290 | |||
| Perpetual Ltd. | 20,323 | 288 | ||||
| Flight Centre Travel Group Ltd. | 33,656 | 286 | ||||
| * | Temple & Webster Group Ltd. | 17,644 | 275 | |||
| * | Insignia Financial Ltd. | 93,243 | 274 | |||
| Nine Entertainment Co. Holdings Ltd. | 244,376 | 266 | ||||
| Premier Investments Ltd. | 18,220 | 265 | ||||
| Ingenia Communities Group | 67,718 | 261 | ||||
| Sims Ltd. | 27,907 | 259 | ||||
| Generation Development Group Ltd. | 56,619 | 255 | ||||
| * | Neuren Pharmaceuticals Ltd. | 19,550 | 242 | |||
| * | Mesoblast Ltd. | 167,076 | 237 | |||
| * | PEXA Group Ltd. | 23,233 | 233 | |||
| 2 | Corporate Travel Management Ltd. | 21,314 | 225 | |||
| TPG Telecom Ltd. | 64,488 | 223 | ||||
| Centuria Capital Group | 135,674 | 220 | ||||
| Deterra Royalties Ltd. | 77,933 | 213 | ||||
| Waypoint REIT Ltd. | 122,265 | 212 | ||||
| Magellan Financial Group Ltd. | 31,342 | 209 | ||||
| *,1 | Liontown Resources Ltd. | 340,939 | 209 | |||
| Champion Iron Ltd. | 69,443 | 204 | ||||
| Nick Scali Ltd. | 12,848 | 204 | ||||
| * | IperionX Ltd. | 45,362 | 196 | |||
| * | SiteMinder Ltd. | 43,096 | 194 | |||
| Bega Cheese Ltd. | 50,775 | 193 | ||||
| EVT Ltd. | 21,129 | 193 | ||||
| * | Judo Capital Holdings Ltd. | 173,415 | 193 | |||
| GrainCorp Ltd. Class A | 36,766 | 192 | ||||
| * | WEB Travel Group Ltd. | 63,155 | 182 | |||
| IDP Education Ltd. | 49,279 | 181 | ||||
| IRESS Ltd. | 31,279 | 178 | ||||
| Imdex Ltd. | 88,459 | 174 | ||||
| Data#3 Ltd. | 28,225 | 170 | ||||
| * | Tuas Ltd. | 32,774 | 168 | |||
| Helia Group Ltd. | 44,810 | 162 | ||||
| Arena REIT | 60,490 | 160 | ||||
| Amotiv Ltd. | 24,771 | 158 | ||||
| * | Resolute Mining Ltd. | 365,628 | 156 | |||
| * | Superloop Ltd. | 82,635 | 156 | |||
| GQG Partners Inc. | 135,914 | 155 | ||||
| Nickel Industries Ltd. | 334,671 | 153 | ||||
2
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Bapcor Ltd. | 57,893 | 151 | ||||
| Elders Ltd. | 30,681 | 149 | ||||
| Aussie Broadband Ltd. | 43,340 | 146 | ||||
| * | Bellevue Gold Ltd. | 254,802 | 145 | |||
| * | Catapult Sports Ltd. | 34,282 | 139 | |||
| HMC Capital Ltd. | 52,528 | 132 | ||||
| * | Nanosonics Ltd. | 44,114 | 129 | |||
| McMillan Shakespeare Ltd. | 9,997 | 128 | ||||
| DigiCo Infrastructure REIT | 62,898 | 127 | ||||
| Service Stream Ltd. | 91,961 | 125 | ||||
| Regis Healthcare Ltd. | 24,325 | 125 | ||||
| SmartGroup Corp. Ltd. | 20,928 | 124 | ||||
| Credit Corp. Group Ltd. | 11,234 | 121 | ||||
| IPH Ltd. | 40,336 | 120 | ||||
| Domino's Pizza Enterprises Ltd. | 11,575 | 114 | ||||
| Collins Foods Ltd. | 17,767 | 113 | ||||
| Hansen Technologies Ltd. | 28,987 | 113 | ||||
| Integral Diagnostics Ltd. | 59,376 | 113 | ||||
| SRG Global Ltd. | 86,973 | 112 | ||||
| Kelsian Group Ltd. | 33,739 | 110 | ||||
| Inghams Group Ltd. | 60,750 | 108 | ||||
| * | Macquarie Technology Group Ltd. | 2,625 | 105 | |||
| * | Nufarm Ltd. | 64,720 | 103 | |||
| Myer Holdings Ltd. | 235,996 | 102 | ||||
| * | PolyNovo Ltd. | 112,097 | 96 | |||
| * | Alpha HPA Ltd. | 153,263 | 96 | |||
| oOh!media Ltd. | 87,015 | 95 | ||||
| Johns Lyng Group Ltd. | 37,156 | 95 | ||||
| 1 | Maas Group Holdings Ltd. | 30,682 | 90 | |||
| Ridley Corp. Ltd. | 44,046 | 89 | ||||
| Abacus Storage King | 94,924 | 88 | ||||
| Dicker Data Ltd. | 14,345 | 86 | ||||
| Australian Ethical Investment Ltd. | 16,735 | 82 | ||||
| *,2 | Opthea Ltd. | 206,684 | 81 | |||
| Bravura Solutions Ltd. | 53,055 | 78 | ||||
| * | Clarity Pharmaceuticals Ltd. | 40,337 | 78 | |||
| MyState Ltd. | 27,556 | 77 | ||||
| * | Vulcan Energy Resources Ltd. | 28,237 | 76 | |||
| G8 Education Ltd. | 134,206 | 75 | ||||
| * | Chalice Mining Ltd. | 62,487 | 73 | |||
| PWR Holdings Ltd. | 14,246 | 72 | ||||
| Infomedia Ltd. | 64,751 | 71 | ||||
| 1 | Lifestyle Communities Ltd. | 18,871 | 70 | |||
| * | Weebit Nano Ltd. | 36,213 | 67 | |||
| Cromwell Property Group | 226,840 | 66 | ||||
| * | Nuix Ltd. | 38,378 | 66 | |||
| * | Tyro Payments Ltd. | 78,187 | 63 | |||
| * | Select Harvests Ltd. | 24,798 | 62 | |||
| GWA Group Ltd. | 36,940 | 61 | ||||
| Healius Ltd. | 107,388 | 60 | ||||
| * | Fineos Corp. Ltd. | 30,713 | 60 | |||
| Australian Finance Group Ltd. | 31,599 | 58 | ||||
| * | FleetPartners Group Ltd. | 30,424 | 56 | |||
| Australian Clinical Labs Ltd. | 29,328 | 55 | ||||
| Vulcan Steel Ltd. (XASX) | 12,863 | 55 | ||||
| Clinuvel Pharmaceuticals Ltd. | 7,811 | 54 | ||||
| Accent Group Ltd. | 58,376 | 54 | ||||
| * | Alkane Resources Ltd. | 76,694 | 53 | |||
| Abacus Group | 66,117 | 53 | ||||
| GDI Property Group Partnership | 115,508 | 52 | ||||
| Redox Ltd. | 32,916 | 52 | ||||
| Growthpoint Properties Australia Ltd. | 31,461 | 51 | ||||
| * | Baby Bunting Group Ltd. | 28,637 | 50 | |||
| Navigator Global Investments Ltd. | 35,333 | 49 | ||||
| * | EML Payments Ltd. | 64,729 | 48 | |||
| Regal Partners Ltd. | 26,613 | 47 | ||||
| * | St. Barbara Ltd. | 197,269 | 46 | |||
| Cedar Woods Properties Ltd. | 8,900 | 44 | ||||
| Praemium Ltd. | 84,974 | 44 | ||||
| * | Emeco Holdings Ltd. | 62,100 | 43 | |||
3
ESG International Stock ETF
4
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Fagron | 10,260 | 249 | ||||
| Xior Student Housing NV | 7,032 | 249 | ||||
| VGP NV | 2,173 | 248 | ||||
| Colruyt Group NV | 5,457 | 240 | ||||
| Gimv NV | 4,646 | 240 | ||||
| Shurgard Self Storage Ltd. | 5,325 | 209 | ||||
| Proximus SADP | 23,331 | 202 | ||||
| Barco NV | 11,041 | 181 | ||||
| Retail Estates NV | 1,805 | 147 | ||||
| Kinepolis Group NV | 2,277 | 91 | ||||
| * | Ontex Group NV | 8,272 | 63 | |||
| * | bpost SA | 16,624 | 42 | |||
| 35,536 | ||||||
| Brazil (0.6%) | ||||||
| B3 SA - Brasil Bolsa Balcao | 1,009,949 | 2,418 | ||||
| Banco BTG Pactual SA | 240,192 | 1,987 | ||||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 87,682 | 1,981 | ||||
| 3 | Rede D'Or Sao Luiz SA | 195,700 | 1,421 | |||
| Equatorial Energia SA | 203,061 | 1,370 | ||||
| Banco do Brasil SA | 331,631 | 1,308 | ||||
| Suzano SA | 131,472 | 1,272 | ||||
| Localiza Rent a Car SA | 162,470 | 1,074 | ||||
| Telefonica Brasil SA | 147,536 | 922 | ||||
| Raia Drogasil SA | 245,727 | 795 | ||||
| Itau Unibanco Holding SA | 123,640 | 785 | ||||
| TOTVS SA | 98,335 | 782 | ||||
| Banco Bradesco SA | 282,835 | 753 | ||||
| BB Seguridade Participacoes SA | 116,500 | 705 | ||||
| TIM SA | 148,400 | 623 | ||||
| Rumo SA | 225,799 | 606 | ||||
| Motiva Infraestrutura de Mobilidade SA | 222,658 | 591 | ||||
| Lojas Renner SA | 196,286 | 589 | ||||
| Klabin SA | 170,506 | 582 | ||||
| BRF SA | 150,663 | 573 | ||||
| Energisa SA | 60,132 | 541 | ||||
| Sendas Distribuidora SA | 253,789 | 492 | ||||
| *,3 | Hapvida Participacoes e Investimentos SA | 55,684 | 428 | |||
| Smartfit Escola de Ginastica e Danca SA | 88,424 | 398 | ||||
| * | Ambipar Participacoes e Empreendimentos SA Class B | 161,000 | 396 | |||
| Banco Santander Brasil SA | 68,132 | 355 | ||||
| * | Multiplan Empreendimentos Imobiliarios SA | 68,415 | 351 | |||
| Allos SA | 78,724 | 348 | ||||
| Cia De Sanena Do Parana | 53,000 | 337 | ||||
| Santos Brasil Participacoes SA | 120,281 | 315 | ||||
| Porto Seguro SA | 32,200 | 307 | ||||
| Alupar Investimento SA | 50,566 | 278 | ||||
| * | Natura Cosmeticos SA | 160,987 | 268 | |||
| Caixa Seguridade Participacoes SA | 102,400 | 266 | ||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 49,100 | 255 | ||||
| Hypera SA | 54,600 | 246 | ||||
| 3 | GPS Participacoes e Empreendimentos SA | 77,300 | 246 | |||
| Marfrig Global Foods SA | 47,241 | 217 | ||||
| Transmissora Alianca de Energia Eletrica SA | 33,100 | 213 | ||||
| Iguatemi SA | 47,682 | 207 | ||||
| Cia de Saneamento de Minas Gerais Copasa MG | 36,200 | 200 | ||||
| Direcional Engenharia SA | 65,631 | 187 | ||||
| * | Serena Energia SA | 83,053 | 186 | |||
| Cogna Educacao SA | 328,900 | 177 | ||||
| Cia Siderurgica Nacional SA | 107,634 | 151 | ||||
| Azzas 2154 SA | 23,182 | 148 | ||||
| Cury Construtora e Incorporadora SA | 22,200 | 140 | ||||
| Fleury SA | 49,499 | 136 | ||||
| Auren Energia SA | 58,032 | 116 | ||||
| M Dias Branco SA | 20,900 | 114 | ||||
| Vivara Participacoes SA | 20,700 | 111 | ||||
| Odontoprev SA | 44,610 | 108 | ||||
| SLC Agricola SA | 33,220 | 107 | ||||
| YDUQS Participacoes SA | 43,200 | 105 | ||||
| Grupo Mateus SA | 78,300 | 105 | ||||
5
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Orizon Valorizacao de Residuos SA | 9,900 | 100 | |||
| Magazine Luiza SA | 65,751 | 99 | ||||
| * | IRB-Brasil Resseguros SA | 10,336 | 91 | |||
| Sao Martinho SA | 26,300 | 88 | ||||
| Fras-Le SA | 20,300 | 87 | ||||
| * | Minerva SA | 77,215 | 86 | |||
| EcoRodovias Infraestrutura e Logistica SA | 56,200 | 84 | ||||
| * | MRV Engenharia e Participacoes SA | 58,600 | 82 | |||
| Vulcabras SA | 20,200 | 81 | ||||
| Cia Energetica de Minas Gerais | 29,161 | 80 | ||||
| * | Hidrovias do Brasil SA | 123,387 | 80 | |||
| CSN Mineracao SA | 81,400 | 78 | ||||
| Dexco SA | 65,618 | 70 | ||||
| JHSF Participacoes SA | 60,400 | 64 | ||||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 75,893 | 61 | ||||
| Tres Tentos Agroindustrial SA | 22,400 | 60 | ||||
| Mills Locacao Servicos e Logistica SA | 26,000 | 60 | ||||
| SIMPAR SA | 58,300 | 56 | ||||
| Grendene SA | 53,800 | 54 | ||||
| Mahle Metal Leve SA | 10,300 | 53 | ||||
| Fundo De Investimento Imobiliario VBI Prime Properties | 3,775 | 53 | ||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 12,100 | 48 | ||||
| Iochpe Maxion SA | 16,900 | 44 | ||||
| Pet Center Comercio e Participacoes SA | 57,300 | 43 | ||||
| Tupy SA | 15,400 | 41 | ||||
| 3 | LWSA SA | 54,200 | 41 | |||
| LOG Commercial Properties e Participacoes SA | 10,167 | 40 | ||||
| * | Cia Brasileira de Distribuicao | 59,679 | 40 | |||
| Ez Tec Empreendimentos e Participacoes SA | 14,200 | 39 | ||||
| Grupo SBF SA | 18,500 | 39 | ||||
| * | CVC Brasil Operadora e Agencia de Viagens SA | 94,110 | 37 | |||
| Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 15,600 | 36 | ||||
| * | Log-in Logistica Intermodal SA | 5,800 | 26 | |||
| Camil Alimentos SA | 27,500 | 25 | ||||
| * | Cia Brasileira de Aluminio | 33,669 | 22 | |||
| * | Usinas Siderurgicas de Minas Gerais SA Usiminas | 24,500 | 20 | |||
| * | Oncoclinicas do Brasil Servicos Medicos SA | 38,000 | 19 | |||
| Armac Locacao Logistica E Servicos SA | 24,500 | 18 | ||||
| * | Diagnosticos da America SA | 36,400 | 9 | |||
| 31,846 | ||||||
| Canada (6.3%) | ||||||
| Royal Bank of Canada | 268,943 | 39,084 | ||||
| * | Shopify Inc. Class A (XNYS) | 225,530 | 31,855 | |||
| Bank of Montreal | 138,099 | 16,711 | ||||
| Bank of Nova Scotia | 236,395 | 14,764 | ||||
| Canadian Imperial Bank of Commerce | 178,422 | 13,783 | ||||
| Agnico Eagle Mines Ltd. | 95,091 | 13,710 | ||||
| Manulife Financial Corp. | 329,035 | 10,122 | ||||
| Waste Connections Inc. | 48,532 | 8,969 | ||||
| Wheaton Precious Metals Corp. | 86,068 | 8,643 | ||||
| National Bank of Canada | 74,051 | 7,784 | ||||
| Dollarama Inc. | 50,904 | 6,941 | ||||
| Fairfax Financial Holdings Ltd. | 3,990 | 6,869 | ||||
| Intact Financial Corp. | 33,699 | 6,749 | ||||
| Sun Life Financial Inc. | 108,773 | 6,354 | ||||
| Nutrien Ltd. | 93,869 | 5,410 | ||||
| Kinross Gold Corp. | 234,163 | 4,895 | ||||
| Thomson Reuters Corp. | 25,803 | 4,583 | ||||
| Brookfield Asset Management Ltd. Class A | 72,928 | 4,389 | ||||
| Loblaw Cos. Ltd. | 106,986 | 4,369 | ||||
| Power Corp. of Canada | 102,687 | 4,346 | ||||
| * | Celestica Inc. | 22,066 | 4,298 | |||
| RB Global Inc. | 35,126 | 4,023 | ||||
| CGI Inc. | 39,981 | 3,882 | ||||
| Restaurant Brands International Inc. | 61,264 | 3,880 | ||||
| Teck Resources Ltd. Class B | 94,561 | 3,233 | ||||
| Metro Inc. Class A | 38,127 | 2,733 | ||||
| Alamos Gold Inc. Class A | 80,146 | 2,442 | ||||
| GFL Environmental Inc. (XTSE) | 48,480 | 2,425 | ||||
6
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Magna International Inc. | 50,947 | 2,339 | ||||
| * | First Quantum Minerals Ltd. | 129,801 | 2,275 | |||
| 3 | Hydro One Ltd. | 59,096 | 2,152 | |||
| TMX Group Ltd. | 52,078 | 2,080 | ||||
| George Weston Ltd. | 31,750 | 2,045 | ||||
| Element Fleet Management Corp. | 76,082 | 2,028 | ||||
| Great-West Lifeco Inc. | 51,124 | 2,025 | ||||
| iA Financial Corp. Inc. | 17,789 | 1,914 | ||||
| Toromont Industries Ltd. | 15,956 | 1,668 | ||||
| * | Descartes Systems Group Inc. | 16,655 | 1,664 | |||
| Open Text Corp. | 49,761 | 1,646 | ||||
| Gildan Activewear Inc. | 29,203 | 1,594 | ||||
| TELUS Corp. | 94,778 | 1,562 | ||||
| FirstService Corp. | 7,683 | 1,547 | ||||
| Lundin Mining Corp. | 132,063 | 1,528 | ||||
| BCE Inc. | 58,203 | 1,452 | ||||
| TFI International Inc. | 15,278 | 1,448 | ||||
| Colliers International Group Inc. | 8,382 | 1,384 | ||||
| * | Ivanhoe Mines Ltd. Class A | 144,003 | 1,273 | |||
| Saputo Inc. | 48,049 | 1,203 | ||||
| Lundin Gold Inc. | 19,102 | 1,175 | ||||
| OR Royalties Inc. | 34,711 | 1,115 | ||||
| * | Equinox Gold Corp. | 127,385 | 1,114 | |||
| * | Aritzia Inc. | 18,263 | 1,093 | |||
| Canadian Apartment Properties REIT | 33,931 | 1,050 | ||||
| B2Gold Corp. | 248,484 | 1,026 | ||||
| Onex Corp. | 11,920 | 1,020 | ||||
| * | IAMGOLD Corp. | 105,625 | 984 | |||
| * | Eldorado Gold Corp. | 39,607 | 982 | |||
| Hudbay Minerals Inc. | 77,592 | 931 | ||||
| Definity Financial Corp. | 17,902 | 925 | ||||
| Brookfield Renewable Corp. | 26,701 | 900 | ||||
| OceanaGold Corp. | 45,250 | 827 | ||||
| RioCan REIT | 58,875 | 792 | ||||
| Granite REIT | 13,643 | 777 | ||||
| West Fraser Timber Co. Ltd. | 10,566 | 770 | ||||
| First Majestic Silver Corp. | 83,500 | 764 | ||||
| * | Kinaxis Inc. | 5,510 | 761 | |||
| * | Capstone Copper Corp. | 106,501 | 761 | |||
| Chartwell Retirement Residences | 56,383 | 760 | ||||
| * | SSR Mining Inc. | 36,821 | 710 | |||
| * | Shopify Inc. Class A (XTSE) | 4,886 | 690 | |||
| Boyd Group Inc. | 4,134 | 679 | ||||
| IGM Financial Inc. | 18,878 | 677 | ||||
| Stella-Jones Inc. | 10,528 | 600 | ||||
| First Capital REIT | 40,764 | 574 | ||||
| Choice Properties REIT | 53,535 | 566 | ||||
| Premium Brands Holdings Corp. Class A | 8,189 | 563 | ||||
| * | Torex Gold Resources Inc. | 16,034 | 535 | |||
| SmartCentres REIT | 27,228 | 534 | ||||
| Dream Industrial REIT | 54,427 | 486 | ||||
| Methanex Corp. | 12,971 | 461 | ||||
| H&R REIT | 51,400 | 455 | ||||
| * | Air Canada | 30,384 | 431 | |||
| Boralex Inc. Class A | 19,348 | 407 | ||||
| Boardwalk REIT | 7,814 | 401 | ||||
| Linamar Corp. | 7,317 | 399 | ||||
| * | BlackBerry Ltd. | 104,115 | 399 | |||
| * | Bausch Health Cos. Inc. | 53,205 | 394 | |||
| BRP Inc. | 5,712 | 359 | ||||
| Maple Leaf Foods Inc. | 13,215 | 348 | ||||
| North West Co. Inc. | 9,340 | 343 | ||||
| Centerra Gold Inc. | 37,316 | 305 | ||||
| * | Lightspeed Commerce Inc. | 24,425 | 302 | |||
| * | Novagold Resources Inc. | 43,961 | 301 | |||
| Quebecor Inc. Class B | 9,751 | 296 | ||||
| Allied Properties REIT | 20,971 | 284 | ||||
| Primaris REIT | 20,999 | 230 | ||||
| Transcontinental Inc. Class A | 12,652 | 188 | ||||
| GFL Environmental Inc. | 3,333 | 167 | ||||
7
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Winpak Ltd. | 4,658 | 142 | ||||
| Enghouse Systems Ltd. | 7,004 | 117 | ||||
| Cargojet Inc. | 1,584 | 116 | ||||
| OR Royalties Inc. (XNYS) | 2,950 | 95 | ||||
| * | Canfor Corp. | 9,348 | 89 | |||
| Cogeco Communications Inc. | 1,769 | 83 | ||||
| First National Financial Corp. | 1,991 | 70 | ||||
| 314,396 | ||||||
| Chile (0.2%) | ||||||
| Banco de Chile | 8,691,704 | 1,245 | ||||
| Latam Airlines Group SA | 43,936,694 | 1,106 | ||||
| Falabella SA | 152,590 | 869 | ||||
| Cencosud SA | 268,262 | 850 | ||||
| Banco Santander Chile | 11,062,728 | 665 | ||||
| Banco de Credito e Inversiones SA | 15,307 | 619 | ||||
| Empresas CMPC SA | 210,252 | 330 | ||||
| Plaza SA | 120,825 | 284 | ||||
| Parque Arauco SA | 122,761 | 283 | ||||
| *,1 | Sociedad Quimica y Minera de Chile SA ADR | 5,244 | 239 | |||
| Quinenco SA | 45,867 | 189 | ||||
| Banco Itau Chile SA | 12,125 | 173 | ||||
| Aguas Andinas SA Class A | 454,340 | 161 | ||||
| Cencosud Shopping SA | 79,579 | 161 | ||||
| Latam Airlines Group SA ADR | 2,671 | 134 | ||||
| Cia Sud Americana de Vapores SA | 2,396,137 | 120 | ||||
| SMU SA | 586,387 | 100 | ||||
| Empresa Nacional de Telecomunicaciones SA | 25,073 | 87 | ||||
| Inversiones La Construccion SA | 6,433 | 85 | ||||
| Inversiones Aguas Metropolitanas SA | 92,974 | 82 | ||||
| Ripley Corp. SA | 158,688 | 76 | ||||
| * | CAP SA | 12,470 | 67 | |||
| SONDA SA | 95,307 | 34 | ||||
| 7,959 | ||||||
| China (9.0%) | ||||||
| Alibaba Group Holding Ltd. | 3,416,700 | 56,572 | ||||
| *,3 | Xiaomi Corp. Class B | 3,283,200 | 22,407 | |||
| China Construction Bank Corp. Class H | 18,280,000 | 17,691 | ||||
| * | PDD Holdings Inc. ADR | 144,761 | 17,403 | |||
| *,3 | Meituan Class B | 1,014,955 | 13,518 | |||
| Industrial & Commercial Bank of China Ltd. Class H | 15,193,000 | 11,302 | ||||
| BYD Co. Ltd. Class H | 700,000 | 9,875 | ||||
| NetEase Inc. | 346,315 | 9,496 | ||||
| Ping An Insurance Group Co. of China Ltd. Class H | 1,226,000 | 8,926 | ||||
| Trip.com Group Ltd. | 118,798 | 8,794 | ||||
| Bank of China Ltd. Class H | 13,858,000 | 7,606 | ||||
| JD.com Inc. Class A | 480,753 | 7,449 | ||||
| 3 | Pop Mart International Group Ltd. | 127,600 | 5,304 | |||
| *,3 | Kuaishou Technology | 529,800 | 5,193 | |||
| China Merchants Bank Co. Ltd. Class H | 718,500 | 4,466 | ||||
| China Life Insurance Co. Ltd. Class H | 1,425,000 | 4,433 | ||||
| * | BeOne Medicines Ltd. Class H | 165,600 | 3,939 | |||
| Agricultural Bank of China Ltd. Class H | 5,765,000 | 3,898 | ||||
| *,3 | Innovent Biologics Inc. | 295,000 | 3,687 | |||
| 1 | Yum China Holdings Inc. (XHKG) | 66,500 | 2,997 | |||
| ANTA Sports Products Ltd. | 240,200 | 2,989 | ||||
| *,3 | Wuxi Biologics Cayman Inc. | 668,737 | 2,877 | |||
| Geely Automobile Holdings Ltd. Class A | 1,119,900 | 2,825 | ||||
| * | XPeng Inc. Class A | 266,500 | 2,814 | |||
| * | Li Auto Inc. Class A | 228,236 | 2,674 | |||
| *,1,3 | Akeso Inc. | 128,000 | 2,578 | |||
| Contemporary Amperex Technology Co. Ltd. Class A | 57,729 | 2,477 | ||||
| China Pacific Insurance Group Co. Ltd. Class H | 488,600 | 2,243 | ||||
| KE Holdings Inc. ADR | 126,890 | 2,231 | ||||
| 3 | Nongfu Spring Co. Ltd. Class H | 344,400 | 2,228 | |||
| China Resources Land Ltd. | 555,000 | 2,195 | ||||
| Full Truck Alliance Co. Ltd. ADR | 153,223 | 2,000 | ||||
| * | NIO Inc. Class A | 312,125 | 1,999 | |||
| Sino Biopharmaceutical Ltd. | 1,884,000 | 1,976 | ||||
| CSPC Pharmaceutical Group Ltd. | 1,517,280 | 1,972 | ||||
8
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| China Hongqiao Group Ltd. | 526,500 | 1,733 | ||||
| China Merchants Bank Co. Ltd. Class A | 278,781 | 1,677 | ||||
| *,3 | JD Health International Inc. | 200,950 | 1,638 | |||
| People's Insurance Co. Group of China Ltd. Class H | 1,719,000 | 1,546 | ||||
| ZTO Express Cayman Inc. | 84,750 | 1,537 | ||||
| * | J&T Global Express Ltd. | 1,135,600 | 1,525 | |||
| China CITIC Bank Corp. Ltd. Class H | 1,683,000 | 1,505 | ||||
| * | Kanzhun Ltd. ADR | 62,908 | 1,486 | |||
| Haier Smart Home Co. Ltd. Class H | 425,200 | 1,444 | ||||
| Sunny Optical Technology Group Co. Ltd. | 130,300 | 1,403 | ||||
| H World Group Ltd. | 374,630 | 1,401 | ||||
| 3 | Postal Savings Bank of China Co. Ltd. Class H | 2,006,000 | 1,397 | |||
| New Oriental Education & Technology Group Inc. | 291,990 | 1,397 | ||||
| 3 | China Tower Corp. Ltd. Class H | 889,400 | 1,344 | |||
| Ping An Insurance Group Co. of China Ltd. Class A | 157,470 | 1,323 | ||||
| *,1,3 | SenseTime Group Inc. Class B | 4,774,000 | 1,322 | |||
| China Yangtze Power Co. Ltd. Class A | 330,190 | 1,301 | ||||
| China Overseas Land & Investment Ltd. | 718,500 | 1,295 | ||||
| * | Bilibili Inc. | 55,523 | 1,294 | |||
| 3 | 3SBio Inc. | 334,500 | 1,258 | |||
| 3 | Guotai Haitong Securities Co. Ltd. Class H | 575,504 | 1,209 | |||
| BYD Co. Ltd. Class A | 73,200 | 1,169 | ||||
| Agricultural Bank of China Ltd. Class A | 1,187,400 | 1,169 | ||||
| * | Cambricon Technologies Corp. Ltd. Class A | 5,580 | 1,167 | |||
| * | Kingdee International Software Group Co. Ltd. | 552,000 | 1,166 | |||
| New China Life Insurance Co. Ltd. Class H | 186,000 | 1,157 | ||||
| CITIC Securities Co. Ltd. Class H | 307,537 | 1,139 | ||||
| China Mengniu Dairy Co. Ltd. | 575,120 | 1,132 | ||||
| Bank of Communications Co. Ltd. Class H | 1,298,000 | 1,125 | ||||
| Foxconn Industrial Internet Co. Ltd. Class A | 147,300 | 1,110 | ||||
| 3 | Fuyao Glass Industry Group Co. Ltd. Class H | 123,600 | 1,091 | |||
| Yangzijiang Shipbuilding Holdings Ltd. | 481,200 | 1,090 | ||||
| Industrial & Commercial Bank of China Ltd. Class A | 1,040,675 | 1,084 | ||||
| *,3 | Zhejiang Leapmotor Technology Co. Ltd. Class H | 129,300 | 1,079 | |||
| Li Ning Co. Ltd. | 439,678 | 1,077 | ||||
| CMOC Group Ltd. Class H | 699,000 | 1,075 | ||||
| Great Wall Motor Co. Ltd. Class H | 421,000 | 1,009 | ||||
| Vipshop Holdings Ltd. ADR | 59,906 | 1,003 | ||||
| 3 | Hansoh Pharmaceutical Group Co. Ltd. | 214,000 | 994 | |||
| China Galaxy Securities Co. Ltd. Class H | 685,000 | 989 | ||||
| Zhaojin Mining Industry Co. Ltd. Class H | 314,500 | 988 | ||||
| COSCO SHIPPING Holdings Co. Ltd. Class H | 558,400 | 973 | ||||
| 3 | WuXi AppTec Co. Ltd. Class H | 68,936 | 961 | |||
| 3 | Meitu Inc. | 587,000 | 894 | |||
| *,3 | Hua Hong Semiconductor Ltd. Class H | 126,757 | 878 | |||
| * | TAL Education Group ADR | 79,324 | 842 | |||
| Industrial Bank Co. Ltd. Class A | 267,900 | 842 | ||||
| Hygon Information Technology Co. Ltd. Class A | 30,342 | 827 | ||||
| East Money Information Co. Ltd. Class A | 202,800 | 822 | ||||
| 3 | China International Capital Corp. Ltd. Class H | 295,600 | 811 | |||
| BYD Electronic International Co. Ltd. | 146,500 | 779 | ||||
| Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A | 83,510 | 775 | ||||
| Zhongji Innolight Co. Ltd. Class A | 15,500 | 768 | ||||
| *,1 | China Ruyi Holdings Ltd. | 1,996,000 | 739 | |||
| Shanghai Pudong Development Bank Co. Ltd. Class A | 380,100 | 727 | ||||
| Kingsoft Corp. Ltd. | 161,800 | 713 | ||||
| *,1 | Alibaba Health Information Technology Ltd. | 992,000 | 703 | |||
| 1 | ZTE Corp. Class H | 153,600 | 694 | |||
| CITIC Securities Co. Ltd. Class A | 154,251 | 681 | ||||
| Weichai Power Co. Ltd. Class H | 321,000 | 675 | ||||
| China Minsheng Banking Corp. Ltd. Class H | 1,177,500 | 671 | ||||
| * | GCL Technology Holdings Ltd. | 4,169,000 | 671 | |||
| Tongcheng Travel Holdings Ltd. | 236,400 | 669 | ||||
| * | Zai Lab Ltd. | 199,970 | 666 | |||
| China Gold International Resources Corp. Ltd. | 44,900 | 636 | ||||
| * | GDS Holdings Ltd. Class A | 144,641 | 627 | |||
| Guotai Haitong Securities Co. Ltd. | 212,886 | 626 | ||||
| Eoptolink Technology Inc. Ltd. Class A | 12,472 | 620 | ||||
| Sinopharm Group Co. Ltd. Class H | 256,900 | 619 | ||||
| Luxshare Precision Industry Co. Ltd. Class A | 95,614 | 616 | ||||
9
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| 3 | Huatai Securities Co. Ltd. Class H | 237,600 | 606 | |||
| *,3 | JD Logistics Inc. | 364,700 | 606 | |||
| China Taiping Insurance Holdings Co. Ltd. | 286,800 | 599 | ||||
| Minth Group Ltd. | 138,000 | 586 | ||||
| Bank of Communications Co. Ltd. Class A | 569,700 | 581 | ||||
| 3 | China Resources Mixc Lifestyle Services Ltd. | 115,000 | 577 | |||
| 3 | Shandong Gold Mining Co. Ltd. Class H | 149,850 | 572 | |||
| XD Inc. | 53,400 | 557 | ||||
| CRRC Corp. Ltd. Class H | 687,000 | 554 | ||||
| *,1,3 | China CITIC Financial Asset Management Co. Ltd. Class H | 3,699,000 | 548 | |||
| Muyuan Foods Co. Ltd. Class A | 70,512 | 544 | ||||
| Jiangxi Copper Co. Ltd. Class H | 184,000 | 542 | ||||
| Tingyi Cayman Islands Holding Corp. | 380,000 | 540 | ||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 15,587 | 531 | ||||
| WuXi AppTec Co. Ltd. Class A | 36,664 | 530 | ||||
| China Pacific Insurance Group Co. Ltd. Class A | 93,500 | 529 | ||||
| 3 | Longfor Group Holdings Ltd. | 382,800 | 525 | |||
| 3 | Ping An Healthcare & Technology Co. Ltd. | 193,930 | 518 | |||
| Atour Lifestyle Holdings Ltd. ADR | 13,025 | 507 | ||||
| Bosideng International Holdings Ltd. | 870,000 | 504 | ||||
| *,3 | Ascentage Pharma Group International | 46,900 | 502 | |||
| Hengan International Group Co. Ltd. | 157,000 | 501 | ||||
| *,3 | NetEase Cloud Music Inc. | 13,850 | 499 | |||
| NAURA Technology Group Co. Ltd. Class A | 9,458 | 494 | ||||
| Kingboard Holdings Ltd. | 134,000 | 493 | ||||
| Zhuzhou CRRC Times Electric Co. Ltd. Class H | 94,600 | 484 | ||||
| 1 | MINISO Group Holding Ltd. | 79,352 | 484 | |||
| *,1 | Genscript Biotech Corp. | 216,000 | 480 | |||
| CMOC Group Ltd. Class A | 274,000 | 475 | ||||
| China National Building Material Co. Ltd. Class H | 631,332 | 459 | ||||
| Fosun International Ltd. | 668,500 | 455 | ||||
| 3 | China Feihe Ltd. | 786,000 | 445 | |||
| * | WuXi XDC Cayman Inc. | 61,000 | 445 | |||
| CRRC Corp. Ltd. Class A | 403,115 | 434 | ||||
| GF Securities Co. Ltd. Class H | 179,200 | 428 | ||||
| Bank of China Ltd. Class A | 548,200 | 424 | ||||
| Ping An Bank Co. Ltd. Class A | 248,300 | 420 | ||||
| China Everbright Bank Co. Ltd. Class H | 892,000 | 401 | ||||
| Dongyue Group Ltd. | 239,000 | 399 | ||||
| *,1 | Kingsoft Cloud Holdings Ltd. | 401,310 | 399 | |||
| SF Holding Co. Ltd. Class A | 63,400 | 396 | ||||
| Seres Group Co. Ltd. Class A | 20,500 | 393 | ||||
| China Railway Group Ltd. Class H | 754,000 | 384 | ||||
| *,3 | InnoCare Pharma Ltd. Class H | 176,000 | 383 | |||
| Xinyi Solar Holdings Ltd. | 860,000 | 375 | ||||
| China Everbright Environment Group Ltd. | 659,000 | 372 | ||||
| *,1,3 | Remegen Co. Ltd. Class H | 29,000 | 367 | |||
| China Medical System Holdings Ltd. | 218,000 | 366 | ||||
| Haier Smart Home Co. Ltd. Class A | 99,000 | 365 | ||||
| China Merchants Securities Co. Ltd. Class A | 136,420 | 363 | ||||
| Sungrow Power Supply Co. Ltd. Class A | 25,785 | 361 | ||||
| Shenzhen Inovance Technology Co. Ltd. Class A | 34,095 | 359 | ||||
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | 61,660 | 359 | ||||
| 3 | Yadea Group Holdings Ltd. | 206,000 | 359 | |||
| Sinotruk Hong Kong Ltd. | 119,500 | 348 | ||||
| China Cinda Asset Management Co. Ltd. Class H | 1,633,000 | 344 | ||||
| Autohome Inc. ADR | 11,835 | 342 | ||||
| Shenwan Hongyuan Group Co. Ltd. Class A | 443,920 | 340 | ||||
| Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 445,600 | 337 | ||||
| Chinasoft International Ltd. | 398,000 | 337 | ||||
| Country Garden Services Holdings Co. Ltd. | 399,646 | 335 | ||||
| OmniVision Integrated Circuits Group Inc. | 16,645 | 334 | ||||
| Yangzijiang Financial Holding Ltd. | 408,700 | 334 | ||||
| China Minsheng Banking Corp. Ltd. Class A | 515,900 | 333 | ||||
| China United Network Communications Ltd. Class A | 417,100 | 333 | ||||
| Guangdong Fenghua Advanced Technology Holding Co. Ltd. Class A | 154,900 | 333 | ||||
| China Tourism Group Duty Free Corp. Ltd. Class A | 34,123 | 332 | ||||
| COSCO SHIPPING Holdings Co. Ltd. Class A | 153,080 | 328 | ||||
| *,1,3 | ZhongAn Online P&C Insurance Co. Ltd. Class H | 127,300 | 325 | |||
| * | Damai Entertainment Holdings Ltd. | 2,150,000 | 322 | |||
10
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 79,500 | 319 | ||||
| Haitian International Holdings Ltd. | 111,000 | 315 | ||||
| 3 | CSC Financial Co. Ltd. Class H | 166,000 | 314 | |||
| Postal Savings Bank of China Co. Ltd. Class A | 367,700 | 312 | ||||
| ZTE Corp. Class A | 48,835 | 311 | ||||
| 1,3 | Ganfeng Lithium Group Co. Ltd. Class H | 76,000 | 307 | |||
| China Nonferrous Mining Corp. Ltd. | 227,000 | 304 | ||||
| GF Securities Co. Ltd. Class A | 98,755 | 303 | ||||
| C&D International Investment Group Ltd. | 127,000 | 303 | ||||
| Weichai Power Co. Ltd. Class A | 142,265 | 302 | ||||
| China Everbright Bank Co. Ltd. Class A | 568,200 | 301 | ||||
| SAIC Motor Corp. Ltd. Class A | 113,900 | 300 | ||||
| BOE Technology Group Co. Ltd. Class A | 504,059 | 299 | ||||
| Huatai Securities Co. Ltd. Class A | 96,530 | 293 | ||||
| Chongqing Rural Commercial Bank Co. Ltd. Class H | 386,000 | 286 | ||||
| Fufeng Group Ltd. | 238,000 | 285 | ||||
| 1 | Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 61,000 | 284 | |||
| *,3 | Keymed Biosciences Inc. | 32,000 | 284 | |||
| *,1 | Sunac China Holdings Ltd. | 1,434,000 | 283 | |||
| Far East Horizon Ltd. | 295,000 | 282 | ||||
| Zhejiang Expressway Co. Ltd. Class H | 314,560 | 278 | ||||
| Shandong Gold Mining Co. Ltd. Class A | 58,160 | 275 | ||||
| * | HUTCHMED China Ltd. | 90,000 | 275 | |||
| *,1 | Microport Scientific Corp. | 175,300 | 274 | |||
| *,1,3 | East Buy Holding Ltd. | 78,500 | 274 | |||
| Lens Technology Co. Ltd. Class A | 62,835 | 273 | ||||
| * | China Vanke Co. Ltd. Class H | 396,200 | 272 | |||
| Suzhou TFC Optical Communication Co. Ltd. Class A | 9,800 | 272 | ||||
| Brilliance China Automotive Holdings Ltd. | 522,000 | 267 | ||||
| JOYY Inc. ADR | 4,930 | 267 | ||||
| Beijing Kingsoft Office Software Inc. Class A | 5,686 | 267 | ||||
| * | LONGi Green Energy Technology Co. Ltd. Class A | 109,232 | 263 | |||
| New China Life Insurance Co. Ltd. Class A | 27,400 | 262 | ||||
| Jiangsu Expressway Co. Ltd. Class H | 220,000 | 260 | ||||
| 1 | Zhongsheng Group Holdings Ltd. | 123,500 | 256 | |||
| China Reinsurance Group Corp. Class H | 1,162,000 | 256 | ||||
| Zhongtai Securities Co. Ltd. Class A | 253,598 | 256 | ||||
| Kingboard Laminates Holdings Ltd. | 149,500 | 255 | ||||
| China Communications Services Corp. Ltd. Class H | 428,000 | 255 | ||||
| Shenzhen International Holdings Ltd. | 252,000 | 254 | ||||
| Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H | 300,400 | 250 | ||||
| TCL Electronics Holdings Ltd. | 180,000 | 249 | ||||
| Montage Technology Co. Ltd. Class A | 14,425 | 248 | ||||
| Uni-President China Holdings Ltd. | 207,000 | 247 | ||||
| BOE Technology Group Co. Ltd. Class B | 649,100 | 246 | ||||
| Greentown China Holdings Ltd. | 194,500 | 246 | ||||
| Xtep International Holdings Ltd. | 283,500 | 242 | ||||
| TravelSky Technology Ltd. Class H | 172,000 | 241 | ||||
| Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 86,000 | 241 | ||||
| Fuyao Glass Industry Group Co. Ltd. Class A | 26,200 | 241 | ||||
| Eastroc Beverage Group Co. Ltd. Class A | 5,559 | 241 | ||||
| Shengyi Technology Co. Ltd. Class A | 32,100 | 239 | ||||
| Avary Holding Shenzhen Co. Ltd. Class A | 28,599 | 239 | ||||
| *,3 | Mobvista Inc. | 131,000 | 238 | |||
| Beijing Enterprises Water Group Ltd. | 704,000 | 235 | ||||
| Bank of Shanghai Co. Ltd. Class A | 174,900 | 234 | ||||
| Shennan Circuits Co. Ltd. Class A | 8,360 | 232 | ||||
| Advanced Micro-Fabrication Equipment Inc. China Class A | 7,688 | 231 | ||||
| WUS Printed Circuit Kunshan Co. Ltd. Class A | 23,840 | 229 | ||||
| China Jinmao Holdings Group Ltd. | 1,210,000 | 228 | ||||
| 1 | Grand Pharmaceutical Group Ltd. | 188,500 | 228 | |||
| China Railway Group Ltd. Class A | 286,500 | 228 | ||||
| Iflytek Co. Ltd. Class A | 30,100 | 225 | ||||
| 3 | Simcere Pharmaceutical Group Ltd. | 123,000 | 223 | |||
| Great Wall Motor Co. Ltd. Class A | 61,200 | 222 | ||||
| China Galaxy Securities Co. Ltd. Class A | 85,200 | 221 | ||||
| Aier Eye Hospital Group Co. Ltd. Class A | 117,048 | 220 | ||||
| GoerTek Inc. Class A | 42,800 | 220 | ||||
| Bank of Beijing Co. Ltd. Class A | 260,400 | 219 | ||||
| Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 137,500 | 218 | ||||
11
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | 7,400 | 217 | ||||
| CSC Financial Co. Ltd. Class A | 54,200 | 216 | ||||
| Bank of Nanjing Co. Ltd. Class A | 137,100 | 214 | ||||
| China Three Gorges Renewables Group Co. Ltd. Class A | 358,800 | 214 | ||||
| 3 | China Resources Pharmaceutical Group Ltd. | 338,000 | 212 | |||
| Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A | 23,000 | 212 | ||||
| *,1,3 | Weimob Inc. | 621,000 | 211 | |||
| Wens Foodstuff Group Co. Ltd. Class A | 82,300 | 210 | ||||
| Eve Energy Co. Ltd. Class A | 25,900 | 208 | ||||
| Focus Media Information Technology Co. Ltd. Class A | 177,700 | 207 | ||||
| China CITIC Bank Corp. Ltd. Class A | 185,600 | 206 | ||||
| Shanghai United Imaging Healthcare Co. Ltd. Class A | 10,270 | 204 | ||||
| Huaxia Bank Co. Ltd. Class A | 191,000 | 203 | ||||
| * | Air China Ltd. Class H | 302,000 | 201 | |||
| * | Daqo New Energy Corp. ADR | 7,849 | 199 | |||
| 3 | Topsports International Holdings Ltd. | 475,000 | 198 | |||
| * | Nine Dragons Paper Holdings Ltd. | 271,000 | 197 | |||
| 1,3 | China Merchants Securities Co. Ltd. Class H | 90,060 | 196 | |||
| GigaDevice Semiconductor Inc. Class A | 8,800 | 196 | ||||
| China International Capital Corp. Ltd. Class A | 36,299 | 196 | ||||
| * | China Southern Airlines Co. Ltd. Class A | 225,900 | 191 | |||
| 3 | Orient Securities Co. Ltd. Class H | 191,200 | 188 | |||
| Guangzhou Automobile Group Co. Ltd. Class H | 412,000 | 187 | ||||
| Chaozhou Three-Circle Group Co. Ltd. Class A | 30,094 | 186 | ||||
| * | CanSino Biologics Inc. Class A | 16,023 | 185 | |||
| 1 | Hisense Home Appliances Group Co. Ltd. Class H | 59,000 | 183 | |||
| Shanghai Conant Optical Co. Ltd. Class H | 29,500 | 183 | ||||
| *,1,3 | Luye Pharma Group Ltd. | 393,000 | 182 | |||
| Lingyi iTech Guangdong Co. Class A | 83,100 | 181 | ||||
| Yunnan Baiyao Group Co. Ltd. Class A | 22,200 | 179 | ||||
| * | Tongwei Co. Ltd. Class A | 57,908 | 179 | |||
| Zhejiang Juhua Co. Ltd. Class A | 32,400 | 176 | ||||
| Hello Group Inc. Class A ADR | 21,158 | 176 | ||||
| Guangdong Haid Group Co. Ltd. Class A | 20,300 | 175 | ||||
| Suzhou Anjie Technology Co. Ltd. Class A | 84,000 | 175 | ||||
| Sany Heavy Equipment International Holdings Co. Ltd. | 197,000 | 174 | ||||
| Chongqing Changan Automobile Co. Ltd. Class A | 98,618 | 174 | ||||
| Shenzhen Transsion Holdings Co. Ltd. Class A | 13,779 | 174 | ||||
| *,1,3 | Jinxin Fertility Group Ltd. | 461,500 | 172 | |||
| COSCO SHIPPING Ports Ltd. | 236,000 | 171 | ||||
| 1 | China Everbright Ltd. | 148,000 | 170 | |||
| China Traditional Chinese Medicine Holdings Co. Ltd. | 596,000 | 168 | ||||
| IEIT Systems Co. Ltd. Class A | 17,800 | 168 | ||||
| State Grid Yingda Co. Ltd. Class A | 203,400 | 168 | ||||
| * | BeOne Medicines Ltd. Class A | 4,282 | 167 | |||
| Yuexiu Property Co. Ltd. | 260,280 | 166 | ||||
| China Zheshang Bank Co. Ltd. Class H | 483,000 | 166 | ||||
| * | Lifetech Scientific Corp. | 656,000 | 165 | |||
| FinVolution Group ADR | 19,865 | 164 | ||||
| Shanghai Baosight Software Co. Ltd. Class B | 145,400 | 163 | ||||
| Caitong Securities Co. Ltd. Class A | 134,155 | 163 | ||||
| China Construction Bank Corp. Class A | 129,500 | 163 | ||||
| Sinolink Securities Co. Ltd. Class A | 113,085 | 163 | ||||
| * | Air China Ltd. Class A | 154,300 | 163 | |||
| 3 | Shenwan Hongyuan Group Co. Ltd. Class H | 381,600 | 163 | |||
| 1 | SF Holding Co. Ltd. Class H | 31,600 | 163 | |||
| Poly Developments & Holdings Group Co. Ltd. Class A | 145,100 | 162 | ||||
| * | Newborn Town Inc. | 102,000 | 162 | |||
| China Water Affairs Group Ltd. | 202,000 | 161 | ||||
| * | Lufax Holding Ltd. ADR | 54,732 | 161 | |||
| Sinotrans Ltd. Class H | 270,000 | 159 | ||||
| Yihai International Holding Ltd. | 90,000 | 159 | ||||
| Consun Pharmaceutical Group Ltd. | 83,000 | 159 | ||||
| * | Beijing Compass Technology Development Co. Ltd. Class A | 7,525 | 158 | |||
| Sihuan Pharmaceutical Holdings Group Ltd. | 837,000 | 157 | ||||
| Greentown Service Group Co. Ltd. | 246,000 | 157 | ||||
| Q Technology Group Co. Ltd. | 76,000 | 157 | ||||
| * | Minmetals New Energy Materials Hunan Co. Ltd. | 178,000 | 156 | |||
| Chongqing Changan Automobile Co. Ltd. Class B | 275,392 | 155 | ||||
| TCL Technology Group Corp. Class A | 233,120 | 152 | ||||
12
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| 3 | Genertec Universal Medical Group Co. Ltd. | 194,000 | 151 | |||
| China Overseas Property Holdings Ltd. | 220,000 | 151 | ||||
| Henan Shuanghui Investment & Development Co. Ltd. Class A | 42,300 | 150 | ||||
| Goldwind Science & Technology Co. Ltd. Class H | 130,000 | 148 | ||||
| * | China Eastern Airlines Corp. Ltd. Class A | 259,200 | 148 | |||
| * | Shanghai MicroPort MedBot Group Co. Ltd. Class H | 56,000 | 147 | |||
| Shanghai Rural Commercial Bank Co. Ltd. Class A | 118,800 | 145 | ||||
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 112,300 | 144 | ||||
| Guosen Securities Co. Ltd. Class A | 69,500 | 144 | ||||
| * | DPC Dash Ltd. | 12,600 | 144 | |||
| Fu Shou Yuan International Group Ltd. | 333,000 | 143 | ||||
| Onewo Inc. Class H | 44,100 | 143 | ||||
| Lonking Holdings Ltd. | 408,000 | 142 | ||||
| Goldwind Science & Technology Co. Ltd. Class A | 88,900 | 142 | ||||
| * | Seazen Group Ltd. | 444,567 | 142 | |||
| Unisplendour Corp. Ltd. Class A | 35,960 | 141 | ||||
| Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 34,926 | 141 | ||||
| 3 | China Railway Signal & Communication Corp. Ltd. Class H | 317,000 | 141 | |||
| People's Insurance Co. Group of China Ltd. Class A | 111,800 | 141 | ||||
| Jiangxi Copper Co. Ltd. Class A | 35,700 | 140 | ||||
| * | EHang Holdings Ltd. ADR | 8,844 | 140 | |||
| 1,3 | China Tourism Group Duty Free Corp. Ltd. Class H | 17,300 | 140 | |||
| * | China Southern Airlines Co. Ltd. Class H | 278,000 | 138 | |||
| * | COFCO Joycome Foods Ltd. | 598,000 | 138 | |||
| 3 | Pharmaron Beijing Co. Ltd. Class H | 51,450 | 138 | |||
| Hangzhou Tigermed Consulting Co. Ltd. Class A | 15,400 | 137 | ||||
| JCET Group Co. Ltd. Class A | 24,500 | 137 | ||||
| Orient Securities Co. Ltd. Class A | 85,214 | 137 | ||||
| 360 Security Technology Inc. Class A | 83,700 | 136 | ||||
| Zhejiang Huayou Cobalt Co. Ltd. Class A | 20,200 | 136 | ||||
| Zhejiang Chint Electrics Co. Ltd. Class A | 35,305 | 136 | ||||
| 1 | Shoucheng Holdings Ltd. | 559,600 | 136 | |||
| China Datang Corp. Renewable Power Co. Ltd. Class H | 444,000 | 136 | ||||
| Zhejiang NHU Co. Ltd. Class A | 38,756 | 135 | ||||
| Zhongjin Gold Corp. Ltd. Class A | 59,700 | 135 | ||||
| Ganfeng Lithium Group Co. Ltd. Class A | 23,894 | 134 | ||||
| * | China Vanke Co. Ltd. Class A | 140,400 | 134 | |||
| Huadong Medicine Co. Ltd. Class A | 21,400 | 133 | ||||
| Livzon Pharmaceutical Group Inc. Class H | 28,700 | 131 | ||||
| Everbright Securities Co. Ltd. Class A | 46,500 | 131 | ||||
| * | ANE Cayman Inc. | 121,000 | 131 | |||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H | 56,000 | 130 | ||||
| LexinFintech Holdings Ltd. ADR | 20,621 | 130 | ||||
| Han's Laser Technology Industry Group Co. Ltd. Class A | 24,700 | 130 | ||||
| *,2 | Verisilicon Microelectronics Shanghai Co. Ltd. Class A | 6,046 | 130 | |||
| * | Sunshine Lake Pharma Co. Ltd. | 19,454 | 130 | |||
| China Zheshang Bank Co. Ltd. Class A | 284,140 | 129 | ||||
| Anker Innovations Technology Co. Ltd. Class A | 6,570 | 129 | ||||
| * | China Eastern Airlines Corp. Ltd. Class H | 324,000 | 127 | |||
| JinkoSolar Holding Co. Ltd. ADR | 5,472 | 126 | ||||
| Industrial Securities Co. Ltd. Class A | 132,122 | 126 | ||||
| China Great Wall Securities Co. Ltd. Class A | 73,525 | 126 | ||||
| Yihai Kerry Arawana Holdings Co. Ltd. Class A | 26,800 | 126 | ||||
| Sieyuan Electric Co. Ltd. Class A | 10,100 | 124 | ||||
| Shenzhen Envicool Technology Co. Ltd. Class A | 11,076 | 124 | ||||
| Tianneng Power International Ltd. | 118,000 | 123 | ||||
| China Merchants Expressway Network & Technology Holdings Co. Ltd. Class A | 84,300 | 123 | ||||
| Huizhou Desay Sv Automotive Co. Ltd. Class A | 6,900 | 123 | ||||
| Huagong Tech Co. Ltd. Class A | 12,800 | 123 | ||||
| Wasion Holdings Ltd. | 82,000 | 122 | ||||
| * | Beijing Capital International Airport Co. Ltd. Class H | 318,000 | 121 | |||
| Poly Property Services Co. Ltd. Class H | 26,800 | 121 | ||||
| SDIC Capital Co. Ltd. Class A | 101,700 | 119 | ||||
| Hundsun Technologies Inc. Class A | 22,480 | 118 | ||||
| CSPC Innovation Pharmaceutical Co. Ltd. Class A | 15,700 | 118 | ||||
| * | Tianqi Lithium Corp. Class A | 19,021 | 117 | |||
| *,1 | Tianqi Lithium Corp. Class H | 22,400 | 117 | |||
| * | XXF Group Holdings Ltd. | 130,000 | 117 | |||
| Gotion High-tech Co. Ltd. Class A | 22,600 | 116 | ||||
| Anhui Expressway Co. Ltd. Class H | 76,000 | 115 | ||||
13
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| West China Cement Ltd. | 336,000 | 115 | ||||
| Unigroup Guoxin Microelectronics Co. Ltd. Class A | 10,059 | 115 | ||||
| *,1,3 | Shanghai Junshi Biosciences Co. Ltd. Class H | 29,000 | 115 | |||
| *,1,3 | Hygeia Healthcare Holdings Co. Ltd. | 59,745 | 115 | |||
| China Resources Microelectronics Ltd. Class A | 15,709 | 115 | ||||
| Empyrean Technology Co. Ltd. Class A | 6,700 | 115 | ||||
| Yunnan Aluminium Co. Ltd. Class A | 42,000 | 114 | ||||
| Gushengtang Holdings Ltd. | 27,200 | 114 | ||||
| Guoyuan Securities Co. Ltd. Class A | 86,895 | 113 | ||||
| Changshu Fengfan Power Equipment Co. Ltd. Class A | 166,200 | 112 | ||||
| *,3 | CALB Group Co. Ltd. Class H | 38,500 | 112 | |||
| Yum China Holdings Inc. | 2,493 | 111 | ||||
| * | China Rare Earth Resources & Technology Co. Ltd. Class A | 13,400 | 110 | |||
| Yutong Bus Co. Ltd. Class A | 28,500 | 110 | ||||
| Satellite Chemical Co. Ltd. Class A | 39,200 | 110 | ||||
| Tianli International Holdings Ltd. | 225,000 | 110 | ||||
| Changchun Faway Automobile Components Co. Ltd. Class A | 73,200 | 109 | ||||
| Guolian Minsheng Securities Co. Ltd. Class A | 63,500 | 109 | ||||
| Pharmaron Beijing Co. Ltd. Class A | 25,420 | 108 | ||||
| Zangge Mining Co. Ltd. Class A | 14,100 | 107 | ||||
| *,3 | BAIC Motor Corp. Ltd. Class H | 398,500 | 105 | |||
| China Jushi Co. Ltd. Class A | 47,844 | 105 | ||||
| Shenzhen Kinwong Electronic Co. Ltd. Class A | 11,500 | 103 | ||||
| * | National Silicon Industry Group Co. Ltd. Class A | 35,595 | 103 | |||
| GEM Co. Ltd. Class A | 97,500 | 102 | ||||
| * | Tianma Microelectronics Co. Ltd. Class A | 71,600 | 102 | |||
| Huayu Automotive Systems Co. Ltd. Class A | 38,100 | 102 | ||||
| *,3 | Alphamab Oncology | 86,000 | 102 | |||
| Imeik Technology Development Co. Ltd. Class A | 3,760 | 102 | ||||
| *,2,3 | New Horizon Health Ltd. | 56,500 | 102 | |||
| PAX Global Technology Ltd. | 121,000 | 101 | ||||
| YTO Express Group Co. Ltd. Class A | 42,300 | 101 | ||||
| * | Hopson Development Holdings Ltd. | 222,221 | 101 | |||
| Isoftstone Information Technology Group Co. Ltd. Class A | 12,000 | 101 | ||||
| *,2 | Dosilicon Co. Ltd. Class A | 6,095 | 101 | |||
| Shenghe Resources Holding Co. Ltd. Class A | 26,300 | 100 | ||||
| Accelink Technologies Co. Ltd. Class A | 10,400 | 100 | ||||
| Huaneng Lancang River Hydropower Inc. Class A | 78,000 | 100 | ||||
| * | Remegen Co. Ltd. Class A | 7,873 | 100 | |||
| Guangshen Railway Co. Ltd. Class H | 338,000 | 99 | ||||
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 18,600 | 99 | ||||
| Chongqing Rural Commercial Bank Co. Ltd. Class A | 112,700 | 99 | ||||
| China Lesso Group Holdings Ltd. | 157,000 | 98 | ||||
| Jiangsu Zhongtian Technology Co. Ltd. Class A | 42,900 | 98 | ||||
| * | Jinko Solar Co. Ltd. Class A | 123,769 | 98 | |||
| Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 345,100 | 97 | ||||
| Tongling Nonferrous Metals Group Co. Ltd. Class A | 153,500 | 97 | ||||
| JNBY Design Ltd. | 37,500 | 97 | ||||
| * | Vnet Group Inc. ADR | 11,094 | 96 | |||
| Sichuan Kelun Pharmaceutical Co. Ltd. Class A | 18,800 | 96 | ||||
| 1,3 | Hangzhou Tigermed Consulting Co. Ltd. Class H | 16,100 | 96 | |||
| Beijing Roborock Technology Co. Ltd. Class A | 3,200 | 96 | ||||
| * | Jiangsu Hoperun Software Co. Ltd. Class A | 10,400 | 95 | |||
| Shanghai International Port Group Co. Ltd. Class A | 120,200 | 95 | ||||
| * | FIH Mobile Ltd. | 48,200 | 95 | |||
| Sangfor Technologies Inc. Class A | 5,200 | 94 | ||||
| 3 | China East Education Holdings Ltd. | 90,500 | 94 | |||
| Shanghai Baosight Software Co. Ltd. Class A | 26,500 | 94 | ||||
| Sinofert Holdings Ltd. | 512,000 | 93 | ||||
| * | Gaotu Techedu Inc. ADR | 23,720 | 93 | |||
| 3 | Blue Moon Group Holdings Ltd. | 217,000 | 93 | |||
| Piotech Inc. Class A | 3,511 | 93 | ||||
| Shanghai Allist Pharmaceuticals Co. Ltd. Class A | 5,782 | 92 | ||||
| Sun Art Retail Group Ltd. | 348,500 | 91 | ||||
| Bank of Chongqing Co. Ltd. Class H | 95,000 | 91 | ||||
| Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 34,600 | 91 | ||||
| * | Yonyou Network Technology Co. Ltd. Class A | 39,600 | 91 | |||
| *,1,3 | CanSino Biologics Inc. Class H | 14,400 | 91 | |||
| Shengyi Electronics Co. Ltd. Class A | 8,339 | 91 | ||||
| Chongqing Zhifei Biological Products Co. Ltd. Class A | 28,600 | 90 | ||||
14
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Shenzhen Megmeet Electrical Co. Ltd. Class A | 7,200 | 90 | ||||
| Sichuan Expressway Co. Ltd. Class H | 144,000 | 89 | ||||
| Shanghai Putailai New Energy Technology Co. Ltd. Class A | 28,300 | 89 | ||||
| 1 | Central China Securities Co. Ltd. Class H | 246,000 | 89 | |||
| * | Talkweb Information System Co. Ltd. Class A | 15,400 | 89 | |||
| * | Wingtech Technology Co. Ltd. Class A | 14,700 | 89 | |||
| China BlueChemical Ltd. Class H | 280,000 | 88 | ||||
| Xiamen Tungsten Co. Ltd. Class A | 20,400 | 88 | ||||
| * | Shanghai Stonehill Technology Co. Ltd. Class A | 73,700 | 88 | |||
| Sichuan Changhong Electric Co. Ltd. Class A | 55,100 | 88 | ||||
| 3 | AsiaInfo Technologies Ltd. | 66,000 | 88 | |||
| Yunnan Yuntianhua Co. Ltd. Class A | 23,200 | 88 | ||||
| SSY Group Ltd. | 238,000 | 87 | ||||
| Ecovacs Robotics Co. Ltd. Class A | 6,400 | 87 | ||||
| Beijing Tong Ren Tang Co. Ltd. Class A | 17,300 | 87 | ||||
| 1 | Flat Glass Group Co. Ltd. Class H | 64,000 | 87 | |||
| * | Canadian Solar Inc. | 8,772 | 86 | |||
| First Tractor Co. Ltd. Class H | 90,000 | 86 | ||||
| GRG Banking Equipment Co. Ltd. Class A | 42,800 | 86 | ||||
| Kingfa Sci & Tech Co. Ltd. Class A | 38,500 | 86 | ||||
| Lee & Man Paper Manufacturing Ltd. | 225,000 | 85 | ||||
| * | Skyworth Group Ltd. | 191,111 | 85 | |||
| China National Chemical Engineering Co. Ltd. Class A | 76,700 | 85 | ||||
| Huaan Securities Co. Ltd. Class A | 93,600 | 85 | ||||
| * | Tianfeng Securities Co. Ltd. Class A | 103,500 | 85 | |||
| Ming Yuan Cloud Group Holdings Ltd. | 166,000 | 85 | ||||
| Shenzhen New Industries Biomedical Engineering Co. Ltd. Class A | 9,699 | 85 | ||||
| Jade Bird Fire Co. Ltd. Class A | 55,828 | 85 | ||||
| China Resources Building Materials Technology Holdings Ltd. | 354,000 | 84 | ||||
| Shandong Nanshan Aluminum Co. Ltd. Class A | 147,300 | 84 | ||||
| Citic Pacific Special Steel Group Co. Ltd. Class A | 45,900 | 84 | ||||
| 3 | Linklogis Inc. Class B | 251,000 | 84 | |||
| China Overseas Grand Oceans Group Ltd. | 285,000 | 83 | ||||
| Shandong Himile Mechanical Science & Technology Co. Ltd. Class A | 9,900 | 83 | ||||
| Yealink Network Technology Corp. Ltd. Class A | 15,600 | 83 | ||||
| * | Yonghui Superstores Co. Ltd. Class A | 114,500 | 83 | |||
| Beijing New Building Materials plc Class A | 22,000 | 82 | ||||
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | 19,318 | 82 | ||||
| JL Mag Rare-Earth Co. Ltd. Class A | 14,200 | 82 | ||||
| SG Micro Corp. Class A | 7,540 | 82 | ||||
| *,3 | Bairong Inc. Class B | 51,500 | 82 | |||
| Huaxin Cement Co. Ltd. Class H | 48,700 | 82 | ||||
| Bestechnic Shanghai Co. Ltd. Class A | 2,067 | 82 | ||||
| Kingnet Network Co. Ltd. Class A | 24,800 | 81 | ||||
| * | OFILM Group Co. Ltd. Class A | 43,800 | 81 | |||
| * | Hebei Changshan Biochemical Pharmaceutical Co. Ltd. Class A | 11,500 | 81 | |||
| Sailun Group Co. Ltd. Class A | 40,500 | 80 | ||||
| *,3 | Yidu Tech Inc. | 101,800 | 80 | |||
| New Hope Liuhe Co. Ltd. Class A | 56,800 | 79 | ||||
| Sinotrans Ltd. Class A | 99,400 | 79 | ||||
| Maxscend Microelectronics Co. Ltd. Class A | 6,840 | 79 | ||||
| Shanghai Fudan Microelectronics Group Co. Ltd. Class A | 8,838 | 79 | ||||
| Hwatsing Technology Co. Ltd. Class A | 4,450 | 79 | ||||
| * | Yanlord Land Group Ltd. | 141,100 | 78 | |||
| 3 | Maoyan Entertainment | 78,200 | 78 | |||
| Chifeng Jilong Gold Mining Co. Ltd. Class A | 21,200 | 78 | ||||
| Goneo Group Co. Ltd. Class A | 11,788 | 78 | ||||
| 3 | Angelalign Technology Inc. | 8,400 | 78 | |||
| Sunshine Insurance Group Co. Ltd. Class H | 145,000 | 78 | ||||
| Shenzhen Expressway Corp. Ltd. Class H | 84,000 | 77 | ||||
| Wuchan Zhongda Group Co. Ltd. Class A | 93,000 | 77 | ||||
| Shanghai BOCHU Electronic Technology Corp. Ltd. Class A | 3,596 | 77 | ||||
| * | Fenbi Ltd. | 191,500 | 77 | |||
| 3 | Everbright Securities Co. Ltd. Class H | 53,832 | 76 | |||
| China Foods Ltd. | 146,000 | 75 | ||||
| Changchun High-Tech Industry Group Co. Ltd. Class A | 5,200 | 75 | ||||
| Mango Excellent Media Co. Ltd. Class A | 20,600 | 75 | ||||
| Jinduicheng Molybdenum Co. Ltd. Class A | 35,400 | 75 | ||||
| * | Sichuan Huafeng Technology Co. Ltd. Class A | 5,725 | 75 | |||
| 37 Interactive Entertainment Network Technology Group Co. Ltd. Class A | 26,800 | 74 | ||||
15
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Flat Glass Group Co. Ltd. Class A | 29,600 | 74 | ||||
| * | Amlogic Shanghai Co. Ltd. Class A | 5,249 | 74 | |||
| SUPCON Technology Co. Ltd. Class A | 10,088 | 74 | ||||
| Xinhua Winshare Publishing & Media Co. Ltd. Class H | 48,000 | 73 | ||||
| Tiangong International Co. Ltd. | 226,000 | 73 | ||||
| Hunan Valin Steel Co. Ltd. Class A | 87,900 | 73 | ||||
| SooChow Securities Co. Ltd. Class A | 51,300 | 73 | ||||
| Zhejiang Cfmoto Power Co. Ltd. Class A | 1,945 | 73 | ||||
| *,1,3 | Haichang Ocean Park Holdings Ltd. | 769,000 | 73 | |||
| ACM Research Shanghai Inc. Class A | 3,381 | 73 | ||||
| GalaxyCore Inc. Class A | 30,082 | 73 | ||||
| China Tungsten & Hightech Materials Co. Ltd. Class A | 24,830 | 72 | ||||
| Ningbo Joyson Electronic Corp. Class A | 24,200 | 72 | ||||
| Zhejiang Wanfeng Auto Wheel Co. Ltd. Class A | 26,700 | 71 | ||||
| Changjiang Securities Co. Ltd. Class A | 59,000 | 71 | ||||
| Guangzhou Automobile Group Co. Ltd. Class A | 64,600 | 71 | ||||
| BrightGene Bio-Medical Technology Co. Ltd. Class A | 5,252 | 71 | ||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. Class A | 7,300 | 70 | ||||
| Universal Scientific Industrial Shanghai Co. Ltd. Class A | 26,100 | 70 | ||||
| RoboTechnik Intelligent Technology Co. Ltd. Class A | 1,900 | 70 | ||||
| Poly Property Group Co. Ltd. | 334,000 | 69 | ||||
| LB Group Co. Ltd. Class A | 26,500 | 69 | ||||
| Zhejiang Huahai Pharmaceutical Co. Ltd. Class A | 20,400 | 69 | ||||
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A | 16,400 | 69 | ||||
| Shenzhen H&T Intelligent Control Co. Ltd. Class A | 12,000 | 69 | ||||
| Hangzhou First Applied Material Co. Ltd. Class A | 32,700 | 69 | ||||
| 3 | AK Medical Holdings Ltd. | 96,000 | 69 | |||
| JCHX Mining Management Co. Ltd. Class A | 7,700 | 69 | ||||
| *,3 | China Bohai Bank Co. Ltd. Class H | 528,500 | 69 | |||
| Yuexiu REIT | 563,206 | 68 | ||||
| Shandong Sun Paper Industry JSC Ltd. Class A | 31,500 | 68 | ||||
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. Class A | 22,500 | 68 | ||||
| Health & Happiness H&H International Holdings Ltd. | 36,000 | 68 | ||||
| * | Quzhou Xin'an Development Co. Ltd. Class A | 100,100 | 68 | |||
| * | Founder Technology Group Corp. Class A | 55,800 | 68 | |||
| * | JA Solar Technology Co. Ltd. Class A | 38,439 | 68 | |||
| Chervon Holdings Ltd. | 23,600 | 68 | ||||
| China Yongda Automobiles Services Holdings Ltd. | 241,000 | 67 | ||||
| Guangzhou Tinci Materials Technology Co. Ltd. Class A | 22,300 | 67 | ||||
| Beijing Tiantan Biological Products Corp. Ltd. Class A | 23,880 | 67 | ||||
| 1 | Kangji Medical Holdings Ltd. | 60,000 | 67 | |||
| * | Trina Solar Co. Ltd. Class A | 28,931 | 67 | |||
| Yuexiu Transport Infrastructure Ltd. | 120,000 | 66 | ||||
| * | Angang Steel Co. Ltd. Class H | 236,000 | 65 | |||
| NetDragon Websoft Holdings Ltd. | 48,500 | 65 | ||||
| Yunnan Tin Co. Ltd. Class A | 21,100 | 65 | ||||
| Glarun Technology Co. Ltd. Class A | 15,700 | 65 | ||||
| Zhuzhou CRRC Times Electric Co. Ltd. Class A | 9,628 | 65 | ||||
| Cathay Biotech Inc. Class A | 8,726 | 65 | ||||
| Thunder Software Technology Co. Ltd. Class A | 5,800 | 64 | ||||
| Oriental Pearl Group Co. Ltd. Class A | 51,500 | 64 | ||||
| Bank of Changsha Co. Ltd. Class A | 47,500 | 64 | ||||
| Ingenic Semiconductor Co. Ltd. Class A | 6,100 | 64 | ||||
| Shanghai Sinyang Semiconductor Materials Co. Ltd. Class A | 8,100 | 64 | ||||
| * | Shanghai DZH Ltd. Class A | 27,000 | 64 | |||
| Anji Microelectronics Technology Shanghai Co. Ltd. Class A | 2,616 | 64 | ||||
| China Railway Signal & Communication Corp. Ltd. Class A | 81,745 | 64 | ||||
| Raytron Technology Co. Ltd. Class A | 5,941 | 64 | ||||
| *,1,3 | Ocumension Therapeutics | 55,500 | 64 | |||
| Guangdong Provincial Expressway Development Co. Ltd. Class B | 56,600 | 63 | ||||
| China Shineway Pharmaceutical Group Ltd. | 57,000 | 63 | ||||
| 1 | China Modern Dairy Holdings Ltd. | 376,000 | 63 | |||
| Anhui Zhongding Sealing Parts Co. Ltd. Class A | 19,500 | 63 | ||||
| Chengdu Kanghong Pharmaceutical Group Co. Ltd. Class A | 11,200 | 63 | ||||
| * | TCL Zhonghuan Renewable Energy Technology Co. Ltd. Class A | 53,550 | 63 | |||
| 3 | Zhou Hei Ya International Holdings Co. Ltd. | 201,000 | 63 | |||
| Geovis Technology Co. Ltd. Class A | 9,492 | 63 | ||||
| *,2 | Hua Hong Semiconductor Ltd. Class A | 5,492 | 63 | |||
| Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 93,400 | 62 | ||||
| Shaanxi International Trust Co. Ltd. Class A | 118,700 | 62 | ||||
16
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Lepu Medical Technology Beijing Co. Ltd. Class A | 23,400 | 62 | ||||
| Jiangsu Expressway Co. Ltd. Class A | 33,100 | 62 | ||||
| * | Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A | 27,100 | 62 | |||
| * | Shanghai Electric Wind Power Group Co. Ltd. Class A | 18,168 | 62 | |||
| * | Dizal Jiangsu Pharmaceutical Co. Ltd. Class A | 5,728 | 62 | |||
| Shenzhen Everwin Precision Technology Co. Ltd. Class A | 16,700 | 61 | ||||
| Bank of Suzhou Co. Ltd. Class A | 54,000 | 61 | ||||
| * | Shenzhen Intellifusion Technologies Co. Ltd. Class A | 4,347 | 61 | |||
| Dong-E-E-Jiao Co. Ltd. Class A | 8,300 | 60 | ||||
| Zhejiang Hailiang Co. Ltd. Class A | 35,700 | 60 | ||||
| Asymchem Laboratories Tianjin Co. Ltd. Class A | 4,000 | 60 | ||||
| Skshu Paint Co. Ltd. Class A | 8,724 | 60 | ||||
| Ningbo Orient Wires & Cables Co. Ltd. Class A | 8,100 | 60 | ||||
| 3 | Medlive Technology Co. Ltd. | 33,000 | 60 | |||
| Tong Ren Tang Technologies Co. Ltd. Class H | 93,000 | 59 | ||||
| Sinoma International Engineering Co. Class A | 46,000 | 59 | ||||
| Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A | 16,000 | 59 | ||||
| China Risun Group Ltd. | 189,000 | 59 | ||||
| * | Hangzhou Iron & Steel Co. Class A | 41,300 | 59 | |||
| Capital Securities Co. Ltd. Class A | 19,600 | 59 | ||||
| Sharetronic Data Technology Co. Ltd. Class A | 4,200 | 59 | ||||
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A | 3,402 | 58 | ||||
| China Resources Medical Holdings Co. Ltd. | 124,500 | 58 | ||||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A | 11,000 | 58 | ||||
| Zhejiang Sanmei Chemical Industry Co. Ltd. Class A | 6,700 | 58 | ||||
| Espressif Systems Shanghai Co. Ltd. Class A | 1,909 | 58 | ||||
| * | Biwin Storage Technology Co. Ltd. Class A | 5,842 | 58 | |||
| Guangzhou Haige Communications Group Inc. Co. Class A | 27,800 | 57 | ||||
| DHC Software Co. Ltd. Class A | 35,800 | 57 | ||||
| HLA Group Corp. Ltd. Class A | 58,213 | 57 | ||||
| Hangcha Group Co. Ltd. Class A | 17,640 | 57 | ||||
| CNGR Advanced Material Co. Ltd. Class A | 10,920 | 57 | ||||
| Minmetals Capital Co. Ltd. Class A | 63,200 | 57 | ||||
| * | QuantumCTek Co. Ltd. Class A | 1,222 | 57 | |||
| Shui On Land Ltd. | 569,500 | 56 | ||||
| Zhejiang Longsheng Group Co. Ltd. Class A | 37,800 | 56 | ||||
| Yunnan Copper Co. Ltd. Class A | 27,100 | 56 | ||||
| Yunnan Chihong Zinc&Germanium Co. Ltd. Class A | 66,400 | 56 | ||||
| * | Xinte Energy Co. Ltd. Class H | 64,400 | 56 | |||
| Ganzhou Teng Yuan Cobalt New Material Co. Ltd. Class A | 5,900 | 56 | ||||
| * | Skyverse Technology Co. Ltd. Class A | 3,985 | 56 | |||
| China Education Group Holdings Ltd. | 151,000 | 55 | ||||
| First Capital Securities Co. Ltd. Class A | 48,000 | 55 | ||||
| Shenzhen SED Industry Co. Ltd. Class A | 14,600 | 55 | ||||
| Meihua Holdings Group Co. Ltd. Class A | 35,700 | 55 | ||||
| Xiamen Amoytop Biotech Co. Ltd. Class A | 4,762 | 55 | ||||
| * | Sohu.com Ltd. ADR | 3,365 | 54 | |||
| Perfect World Co. Ltd. Class A | 23,000 | 54 | ||||
| Jiangsu Yangnong Chemical Co. Ltd. Class A | 5,200 | 54 | ||||
| Nanjing Iron & Steel Co. Ltd. Class A | 81,000 | 54 | ||||
| Shenzhen Kaifa Technology Co. Ltd. Class A | 17,500 | 54 | ||||
| Zhejiang Weiming Environment Protection Co. Ltd. Class A | 19,813 | 54 | ||||
| Shenzhen FRD Science & Technology Co. Ltd. Class A | 11,700 | 54 | ||||
| Shenzhen Fastprint Circuit Tech Co. Ltd. Class A | 18,200 | 54 | ||||
| Jiangsu Jiejie Microelectronics Co. Ltd. Class A | 11,000 | 54 | ||||
| Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A | 9,000 | 53 | ||||
| Jiangsu Financial Leasing Co. Ltd. Class A | 66,600 | 53 | ||||
| Xinyi Energy Holdings Ltd. | 324,800 | 53 | ||||
| * | Shanghai Aiko Solar Energy Co. Ltd. Class A | 24,700 | 53 | |||
| Hisense Home Appliances Group Co. Ltd. Class A | 14,700 | 52 | ||||
| * | Yunnan Energy New Material Co. Ltd. Class A | 11,500 | 52 | |||
| Oppein Home Group Inc. Class A | 6,699 | 52 | ||||
| 3 | A-Living Smart City Services Co. Ltd. Class H | 131,000 | 52 | |||
| G-bits Network Technology Xiamen Co. Ltd. Class A | 800 | 52 | ||||
| Shanghai Belling Co. Ltd. Class A | 9,600 | 52 | ||||
| 1,3 | Jiumaojiu International Holdings Ltd. | 167,000 | 52 | |||
| 3 | Sunac Services Holdings Ltd. | 244,000 | 52 | |||
| Ginlong Technologies Co. Ltd. Class A | 5,500 | 52 | ||||
| Zhejiang Yinlun Machinery Co. Ltd. Class A | 9,400 | 52 | ||||
| * | MGI Tech Co. Ltd. Class A | 5,139 | 52 | |||
17
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| BBMG Corp. Class H | 473,000 | 51 | ||||
| Fiberhome Telecommunication Technologies Co. Ltd. Class A | 13,200 | 51 | ||||
| * | Seazen Holdings Co. Ltd. Class A | 24,500 | 51 | |||
| YGSOFT Inc. Class A | 55,440 | 51 | ||||
| * | Aerospace Hi-Tech Holdings Group Ltd. Class A | 18,400 | 51 | |||
| Longshine Technology Group Co. Ltd. Class A | 14,500 | 51 | ||||
| *,1 | Yeahka Ltd. | 33,200 | 51 | |||
| * | Shanghai Junshi Biosciences Co. Ltd. Class A | 8,006 | 51 | |||
| * | Canaan Inc. ADR | 68,343 | 51 | |||
| Shenzhen Topband Co. Ltd. Class A | 24,000 | 51 | ||||
| * | Rising Nonferrous Metals Share Co. Ltd. Class A | 5,000 | 51 | |||
| * | Siasun Robot & Automation Co. Ltd. Class A | 17,900 | 50 | |||
| Xiamen Intretech Inc. Class A | 19,000 | 50 | ||||
| Hisense Visual Technology Co. Ltd. Class A | 16,100 | 50 | ||||
| Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 57,800 | 50 | ||||
| Chongqing Zongshen Power Machinery Co. Ltd. Class A | 13,900 | 50 | ||||
| Hubei Dinglong Co. Ltd. Class A | 11,300 | 50 | ||||
| Betta Pharmaceuticals Co. Ltd. Class A | 5,100 | 50 | ||||
| Quectel Wireless Solutions Co. Ltd. Class A | 3,269 | 50 | ||||
| 3 | Joinn Laboratories China Co. Ltd. Class H | 18,132 | 50 | |||
| Ningbo Zhenyu Technology Co. Ltd. Class A | 2,520 | 50 | ||||
| *,3 | AInnovation Technology Group Co. Ltd. Class H | 47,200 | 50 | |||
| STO Express Co. Ltd. Class A | 19,900 | 49 | ||||
| Xiamen C & D Inc. Class A | 29,900 | 49 | ||||
| Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 18,600 | 49 | ||||
| Sunresin New Materials Co. Ltd. Class A | 6,400 | 49 | ||||
| Sinomine Resource Group Co. Ltd. Class A | 8,500 | 49 | ||||
| Hainan Jinpan Smart Technology Co. Ltd. Class A | 5,818 | 49 | ||||
| Olympic Circuit Technology Co. Ltd. Class A | 8,800 | 49 | ||||
| Guangzhou Yuexiu Capital Holdings Group Co. Ltd. Class A | 42,300 | 48 | ||||
| Transfar Zhilian Co. Ltd. Class A | 54,900 | 48 | ||||
| Sealand Securities Co. Ltd. Class A | 73,800 | 48 | ||||
| Livzon Pharmaceutical Group Inc. Class A | 8,500 | 48 | ||||
| Beijing Shougang Co. Ltd. Class A | 81,900 | 48 | ||||
| Hongta Securities Co. Ltd. Class A | 36,200 | 48 | ||||
| COFCO Capital Holdings Co. Ltd. Class A | 23,700 | 48 | ||||
| Joinn Laboratories China Co. Ltd. Class A | 10,897 | 48 | ||||
| Digital China Group Co. Ltd. Class A | 7,700 | 48 | ||||
| Shanghai Huace Navigation Technology Ltd. Class A | 9,020 | 48 | ||||
| Shenzhen Zhaowei Machinery & Electronic Co. Ltd. Class A | 2,800 | 48 | ||||
| Shanghai M&G Stationery Inc. Class A | 11,100 | 47 | ||||
| Luxi Chemical Group Co. Ltd. Class A | 23,200 | 47 | ||||
| Zhejiang Dingli Machinery Co. Ltd. Class A | 6,200 | 47 | ||||
| People.cn Co. Ltd. Class A | 15,200 | 47 | ||||
| Youngor Fashion Co. Ltd. Class A | 44,999 | 47 | ||||
| *,3 | JS Global Lifestyle Co. Ltd. | 166,500 | 47 | |||
| * | Hainan Meilan International Airport Co. Ltd. Class H | 35,000 | 47 | |||
| Chongyi Zhangyuan Tungsten Industry Co. Ltd. Class A | 22,490 | 47 | ||||
| * | ApicHope Pharmaceutical Group Co. Ltd. | 5,000 | 47 | |||
| * | Suzhou Novosense Microelectronics Co. Ltd. Class A | 1,804 | 47 | |||
| * | Suzhou Zelgen Biopharmaceutical Co. Ltd. Class A | 3,274 | 47 | |||
| XTC New Energy Materials Xiamen Co. Ltd. Class A | 5,719 | 47 | ||||
| CSG Holding Co. Ltd. Class B | 192,800 | 46 | ||||
| China Oriental Group Co. Ltd. | 214,000 | 46 | ||||
| China Lilang Ltd. | 95,000 | 46 | ||||
| Sunward Intelligent Equipment Co. Ltd. Class A | 20,700 | 46 | ||||
| BOE Varitronix Ltd. | 59,000 | 46 | ||||
| * | Tsinghua Tongfang Co. Ltd. Class A | 40,400 | 46 | |||
| Beijing Sinnet Technology Co. Ltd. Class A | 20,400 | 46 | ||||
| Yifeng Pharmacy Chain Co. Ltd. Class A | 13,900 | 46 | ||||
| Jiangsu Azure Corp. Class A | 18,100 | 46 | ||||
| Bloomage Biotechnology Corp. Ltd. Class A | 5,791 | 46 | ||||
| Leader Harmonious Drive Systems Co. Ltd. Class A | 2,185 | 46 | ||||
| * | Kangmei Pharmaceutical Co. Ltd. Class A | 160,600 | 46 | |||
| * | SOHO China Ltd. | 576,000 | 45 | |||
| China Zhenhua Group Science & Technology Co. Ltd. Class A | 6,300 | 45 | ||||
| Shenzhen Sunway Communication Co. Ltd. Class A | 11,600 | 45 | ||||
| Wuxi Taiji Industry Ltd. Co. Class A | 45,600 | 45 | ||||
| Xuji Electric Co. Ltd. Class A | 13,900 | 45 | ||||
| Weihai Guangwei Composites Co. Ltd. Class A | 10,120 | 45 | ||||
18
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Fulin Precision Co. Ltd. Class A | 20,930 | 45 | ||||
| Bank of Chongqing Co. Ltd. Class A | 32,400 | 45 | ||||
| China Railway Construction Heavy Industry Corp. Ltd. Class A | 55,832 | 45 | ||||
| * | Angang Steel Co. Ltd. Class A | 118,000 | 44 | |||
| Yantai Dongcheng Pharmaceutical Co. Ltd. Class A | 18,700 | 44 | ||||
| Heilongjiang Agriculture Co. Ltd. Class A | 20,900 | 44 | ||||
| Jointown Pharmaceutical Group Co. Ltd. Class A | 61,366 | 44 | ||||
| Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | 42,700 | 44 | ||||
| Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A | 12,800 | 44 | ||||
| MLS Co. Ltd. Class A | 34,200 | 44 | ||||
| Grinm Advanced Materials Co. Ltd. Class A | 13,800 | 44 | ||||
| Lakala Payment Co. Ltd. Class A | 11,000 | 44 | ||||
| Nantong Jianghai Capacitor Co. Ltd. Class A | 9,500 | 44 | ||||
| Huali Industrial Group Co. Ltd. Class A | 5,900 | 44 | ||||
| Shanghai Zhonggu Logistics Co. Ltd. Class A | 30,192 | 44 | ||||
| Jinan Shengquan Group Share Holding Co. Ltd. Class A | 9,400 | 44 | ||||
| Qilu Bank Co. Ltd. Class A | 56,600 | 44 | ||||
| Chengdu Hi-tech Development Co. Ltd. Class A | 5,400 | 44 | ||||
| * | Hytera Communications Corp. Ltd. Class A | 23,100 | 43 | |||
| Huaxi Securities Co. Ltd. Class A | 28,500 | 43 | ||||
| Xiamen International Airport Co. Ltd. Class A | 20,700 | 43 | ||||
| Henan Yuguang Gold & Lead Co. Ltd. Class A | 34,100 | 43 | ||||
| Intco Medical Technology Co. Ltd. Class A | 8,400 | 43 | ||||
| Haohua Chemical Science & Technology Co. Ltd. Class A | 10,200 | 43 | ||||
| Jiangsu Nata Opto-electronic Material Co. Ltd. Class A | 8,472 | 43 | ||||
| Arcsoft Corp. Ltd. Class A | 5,407 | 43 | ||||
| Liaoning Chengda Biotechnology Co. Ltd. Class A | 10,939 | 43 | ||||
| China Hainan Rubber Industry Group Co. Ltd. Class A | 58,500 | 43 | ||||
| * | Vantone Neo Development Group Co. Ltd. Class A | 25,100 | 43 | |||
| * | Zhihu Inc. ADR | 9,012 | 43 | |||
| North Copper Co. Ltd. Class A | 24,000 | 43 | ||||
| Hesteel Co. Ltd. Class A | 121,900 | 42 | ||||
| Concord New Energy Group Ltd. | 820,000 | 42 | ||||
| DBG Technology Co. Ltd. Class A | 9,800 | 42 | ||||
| Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A | 95,900 | 42 | ||||
| Nanjing Gaoke Co. Ltd. Class A | 36,400 | 42 | ||||
| Chongqing Sanfeng Environment Group Corp. Ltd. Class A | 35,200 | 42 | ||||
| Sichuan Development Lomon Co. Ltd. Class A | 25,800 | 42 | ||||
| Autel Intelligent Technology Corp. Ltd. Class A | 7,014 | 42 | ||||
| AIMA Technology Group Co. Ltd. Class A | 8,250 | 42 | ||||
| * | 3peak Inc. Class A | 1,817 | 42 | |||
| * | Adicon Holdings Ltd. | 45,500 | 42 | |||
| * | Shenzhen Investment Ltd. | 376,000 | 41 | |||
| * | Bluefocus Intelligent Communications Group Co. Ltd. Class A | 41,160 | 41 | |||
| Jiangsu Jiangyin Rural Commercial Bank Co. Ltd. Class A | 61,200 | 41 | ||||
| Guangzhou Baiyun International Airport Co. Ltd. Class A | 29,000 | 41 | ||||
| Ming Yang Smart Energy Group Ltd. Class A | 23,800 | 41 | ||||
| * | Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A | 103,900 | 41 | |||
| Shanghai Pudong Construction Co. Ltd. Class A | 31,700 | 41 | ||||
| Huaxin Cement Co. Ltd. Class A | 18,500 | 41 | ||||
| Anjoy Foods Group Co. Ltd. Class A | 3,900 | 41 | ||||
| Beijing Huafeng Test & Control Technology Co. Ltd. Class A | 1,702 | 41 | ||||
| Hebei Sinopack Electronic Technology Co. Ltd. Class A | 4,788 | 41 | ||||
| Kingsemi Co. Ltd. Class A | 2,331 | 41 | ||||
| * | Sinocelltech Group Ltd. Class A | 4,651 | 41 | |||
| * | Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd. Class A | 12,200 | 41 | |||
| Shanghai Highly Group Co. Ltd. Class A | 12,300 | 41 | ||||
| Zhejiang Supor Co. Ltd. Class A | 5,600 | 40 | ||||
| Beijing Easpring Material Technology Co. Ltd. Class A | 5,900 | 40 | ||||
| Hubei Jumpcan Pharmaceutical Co. Ltd. Class A | 11,000 | 40 | ||||
| Fibocom Wireless Inc. Class A | 8,820 | 40 | ||||
| City Development Environment Co. Ltd. Class A | 18,700 | 40 | ||||
| Winner Medical Co. Ltd. Class A | 6,800 | 40 | ||||
| * | DingDong Cayman Ltd. ADR | 19,553 | 40 | |||
| * | Antong Holdings Co. Ltd. Class A | 82,200 | 40 | |||
| Zhuhai CosMX Battery Co. Ltd. Class A | 12,702 | 40 | ||||
| * | Qi An Xin Technology Group Inc. Class A | 7,104 | 40 | |||
| Yili Chuanning Biotechnology Co. Ltd. Class A | 24,200 | 40 | ||||
| Tasly Pharmaceutical Group Co. Ltd. Class A | 16,900 | 39 | ||||
| * | Ningbo Shanshan Co. Ltd. Class A | 24,200 | 39 | |||
19
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Shandong Linglong Tyre Co. Ltd. Class A | 17,700 | 39 | ||||
| CQ Pharmaceutical Holding Co. Ltd. Class A | 52,800 | 39 | ||||
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 26,300 | 39 | ||||
| Wuhan DR Laser Technology Corp. Ltd. Class A | 3,584 | 39 | ||||
| Jiangsu Xinquan Automotive Trim Co. Ltd. Class A | 5,600 | 39 | ||||
| CIG Shanghai Co. Ltd. Class A | 3,000 | 39 | ||||
| * | TRS Information Technology Corp. Ltd. Class A | 11,900 | 39 | |||
| Ningbo Huaxiang Electronic Co. Ltd. Class A | 10,000 | 38 | ||||
| YUNDA Holding Group Co. Ltd. Class A | 34,200 | 38 | ||||
| Shanghai Jahwa United Co. Ltd. Class A | 9,800 | 38 | ||||
| Shanghai Jinjiang International Hotels Co. Ltd. Class A | 11,800 | 38 | ||||
| PhiChem Corp. Class A | 11,200 | 38 | ||||
| Sinofibers Technology Co. Ltd. Class A | 6,900 | 38 | ||||
| Shanghai Liangxin Electrical Co. Ltd. Class A | 23,700 | 38 | ||||
| Shandong Dongyue Silicone Material Co. Ltd. Class A | 27,800 | 38 | ||||
| * | Youdao Inc. ADR | 4,261 | 38 | |||
| Guangdong Aofei Data Technology Co. Ltd. Class A | 11,507 | 38 | ||||
| Yunnan Botanee Bio-Technology Group Co. Ltd. Class A | 5,800 | 38 | ||||
| Eastern Air Logistics Co. Ltd. Class A | 17,700 | 38 | ||||
| Caida Securities Co. Ltd. Class A | 34,900 | 38 | ||||
| * | Farasis Energy Gan Zhou Co. Ltd. Class A | 14,630 | 38 | |||
| * | Xiangtan Electric Manufacturing Co. Ltd. Class A | 15,900 | 38 | |||
| Fujian Sunner Development Co. Ltd. Class A | 14,900 | 37 | ||||
| Keda Industrial Group Co. Ltd. Class A | 22,300 | 37 | ||||
| Advanced Technology & Materials Co. Ltd. Class A | 18,300 | 37 | ||||
| Guangdong Zhongsheng Pharmaceutical Co. Ltd. Class A | 12,300 | 37 | ||||
| Sinotruk Jinan Truck Co. Ltd. Class A | 14,420 | 37 | ||||
| Konfoong Materials International Co. Ltd. Class A | 3,300 | 37 | ||||
| Shanghai AtHub Co. Ltd. Class A | 8,001 | 37 | ||||
| Yankershop Food Co. Ltd. Class A | 3,530 | 37 | ||||
| * | Sichuan Hongda Co. Ltd. Class A | 23,900 | 37 | |||
| Zhejiang Haikong Nanke Huatie Digital Intelligence & Technology Co. Ltd. | 24,600 | 37 | ||||
| * | CICT Mobile Communication Technology Co. Ltd. Class A | 37,436 | 37 | |||
| POCO Holding Co. Ltd. Class A | 3,600 | 37 | ||||
| Southchip Semiconductor Technology Shanghai Co. Ltd. Class A | 5,409 | 37 | ||||
| Shenzhen Techwinsemi Technology Co. Ltd. Class A | 2,800 | 37 | ||||
| Tibet Huayu Mining Co. Ltd. Class A | 10,400 | 37 | ||||
| Digital China Holdings Ltd. | 87,000 | 36 | ||||
| Guangdong Provincial Expressway Development Co. Ltd. Class A | 21,500 | 36 | ||||
| * | China TransInfo Technology Co. Ltd. Class A | 22,600 | 36 | |||
| * | Shenzhen Ysstech Info-tech Co. Ltd. Class A | 9,800 | 36 | |||
| Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | 45,300 | 36 | ||||
| * | BGI Genomics Co. Ltd. Class A | 4,800 | 36 | |||
| Guangzhou Restaurant Group Co. Ltd. Class A | 15,300 | 36 | ||||
| Shandong Hi-speed Co. Ltd. Class A | 28,300 | 36 | ||||
| Tianjin Capital Environmental Protection Group Co. Ltd. Class A | 42,700 | 36 | ||||
| Jason Furniture Hangzhou Co. Ltd. Class A | 8,700 | 36 | ||||
| Guangdong Dongfang Precision Science & Technology Co. Ltd. Class A | 13,700 | 36 | ||||
| Zhejiang Orient Financial Holdings Group Co. Ltd. Class A | 39,400 | 36 | ||||
| Sichuan EM Technology Co. Ltd. Class A | 12,900 | 36 | ||||
| Changzheng Engineering Technology Co. Ltd. Class A | 14,000 | 36 | ||||
| Xiamen Xiangyu Co. Ltd. Class A | 36,100 | 36 | ||||
| * | Bestway Marine & Energy Technology Co. Ltd. Class A | 34,700 | 36 | |||
| Tongling Jingda Special Magnet Wire Co. Ltd. Class A | 28,100 | 36 | ||||
| Xi'an Bright Laser Technologies Co. Ltd. Class A | 3,206 | 36 | ||||
| * | COL Group Co. Ltd. Class A | 8,500 | 36 | |||
| Shenzhen Agricultural Power Group Co. Ltd. Class A | 28,200 | 35 | ||||
| * | Beiqi Foton Motor Co. Ltd. Class A | 89,300 | 35 | |||
| * | Guangdong Create Century Intelligent Equipment Group Corp. Ltd. Class A | 23,800 | 35 | |||
| Anhui Truchum Advanced Materials & Technology Co. Ltd. Class A | 25,500 | 35 | ||||
| Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. Class A | 8,400 | 35 | ||||
| Sichuan Jiuzhou Electric Co. Ltd. Class A | 13,800 | 35 | ||||
| GCL Energy Technology Co. Ltd. Class A | 19,800 | 35 | ||||
| Jiangsu Cnano Technology Co. Ltd. Class A | 4,821 | 35 | ||||
| China Southern Power Grid Energy Storage Co. Ltd. Class A | 24,100 | 35 | ||||
| Jiangsu Suzhou Rural Commercial Bank Co. Ltd. Class A | 47,740 | 35 | ||||
| CETC Potevio Science & Technology Co. Ltd. Class A | 9,000 | 34 | ||||
| FAWER Automotive Parts Co. Ltd. Class A | 42,100 | 34 | ||||
| IKD Co. Ltd. Class A | 12,400 | 34 | ||||
| Beijing Zhong Ke San Huan High-Tech Co. Ltd. Class A | 15,300 | 34 | ||||
20
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| CNNC Hua Yuan Titanium Dioxide Co. Ltd. Class A | 47,400 | 34 | ||||
| * | Nanfang Zhongjin Environment Co. Ltd. Class A | 48,400 | 34 | |||
| * | Bohai Leasing Co. Ltd. Class A | 68,400 | 34 | |||
| Shandong Dawn Polymer Co. Ltd. Class A | 9,000 | 34 | ||||
| * | Merit Interactive Co. Ltd. Class A | 5,500 | 34 | |||
| Pacific Shuanglin Bio-pharmacy Co. Ltd. Class A | 13,624 | 34 | ||||
| DeHua TB New Decoration Materials Co. Ltd. Class A | 22,500 | 34 | ||||
| * | Yibin Tianyuan Group Co. Ltd. Class A | 47,940 | 34 | |||
| * | Hangzhou Lion Microelectronics Co. Ltd. Class A | 9,200 | 34 | |||
| Yuanjie Semiconductor Technology Co. Ltd. Class A | 821 | 34 | ||||
| China Railway Special Cargo Logistics Co. Ltd. Class A | 57,600 | 34 | ||||
| Hand Enterprise Solutions Co. Ltd. Class A | 11,800 | 33 | ||||
| Chengdu Xingrong Environment Co. Ltd. Class A | 34,300 | 33 | ||||
| Hainan Strait Shipping Co. Ltd. Class A | 27,750 | 33 | ||||
| Leyard Optoelectronic Co. Ltd. Class A | 32,400 | 33 | ||||
| * | Gemdale Corp. Class A | 58,000 | 33 | |||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | 8,900 | 33 | ||||
| Joincare Pharmaceutical Group Industry Co. Ltd. Class A | 18,700 | 33 | ||||
| China Film Group Co. Ltd. Class A | 16,828 | 33 | ||||
| Do-Fluoride New Materials Co. Ltd. Class A | 17,700 | 33 | ||||
| * | Zhejiang Jinke Tom Culture Industry Co. Ltd. Class A | 41,200 | 33 | |||
| Innuovo Technology Co. Ltd. Class A | 19,400 | 33 | ||||
| Zhejiang Daily Digital Culture Group Co. Ltd. Class A | 15,600 | 33 | ||||
| By-health Co. Ltd. Class A | 19,400 | 33 | ||||
| Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H | 17,500 | 33 | ||||
| * | Shanghai Milkground Food Tech Co. Ltd. Class A | 8,600 | 33 | |||
| Qingdao Sentury Tire Co. Ltd. Class A | 12,040 | 33 | ||||
| Shijiazhuang Shangtai Technology Co. Ltd. Class A | 3,900 | 33 | ||||
| * | CETC Chips Technology Inc. Class A | 16,200 | 33 | |||
| Nanjing Pharmaceutical Co. Ltd. Class A | 46,300 | 33 | ||||
| Citic Offshore Helicopter Co. Ltd. Class A | 9,504 | 33 | ||||
| Andon Health Co. Ltd. Class A | 6,000 | 33 | ||||
| Shenyang Fortune Precision Equipment Co. Ltd. Class A | 3,425 | 33 | ||||
| * | Mabwell Shanghai Bioscience Co. Ltd. Class A | 4,960 | 33 | |||
| * | Guangxi Huaxi Nonferrous Metal Co. Ltd. Class A | 7,400 | 33 | |||
| *,1 | Gemdale Properties & Investment Corp. Ltd. | 960,000 | 32 | |||
| * | Beijing BDStar Navigation Co. Ltd. Class A | 6,976 | 32 | |||
| Sino-Platinum Metals Co. Ltd. Class A | 13,363 | 32 | ||||
| Beijing United Information Technology Co. Ltd. Class A | 7,830 | 32 | ||||
| State Grid Information & Communication Co. Ltd. Class A | 12,700 | 32 | ||||
| * | Xinzhi Group Co. Ltd. Class A | 8,300 | 32 | |||
| Foryou Corp. Class A | 7,200 | 32 | ||||
| Xinxiang Richful Lube Additive Co. Ltd. Class A | 3,670 | 32 | ||||
| Shandong Weifang Rainbow Chemical Co. Ltd. Class A | 2,900 | 32 | ||||
| Nantong Jiangshan Agrochemical & Chemical LLC Class A | 8,900 | 32 | ||||
| Shenzhen CECport Technologies Co. Ltd. Class A | 10,100 | 32 | ||||
| *,2 | China Dili Group | 378,000 | 32 | |||
| * | Guangzhou R&F Properties Co. Ltd. Class H | 323,600 | 31 | |||
| Huafon Microfibre Shanghai Technology Co. Ltd. Class A | 24,700 | 31 | ||||
| Red Avenue New Materials Group Co. Ltd. Class A | 6,100 | 31 | ||||
| Grandblue Environment Co. Ltd. Class A | 8,500 | 31 | ||||
| Zhongshan Broad Ocean Motor Co. Ltd. Class A | 27,000 | 31 | ||||
| Taiji Computer Corp. Ltd. Class A | 7,400 | 31 | ||||
| CSSC Science & Technology Co. Ltd. Class A | 17,200 | 31 | ||||
| Electric Connector Technology Co. Ltd. Class A | 4,400 | 31 | ||||
| Beijing Aosaikang Pharmaceutical Co. Ltd. Class A | 9,200 | 31 | ||||
| Shenzhen Expressway Corp. Ltd. Class A | 21,000 | 31 | ||||
| Shenzhen Batian Ecotypic Engineering Co. Ltd. Class A | 20,200 | 31 | ||||
| Lingyun Industrial Corp. Ltd. Class A | 15,990 | 31 | ||||
| * | Offcn Education Technology Co. Ltd. Class A | 74,000 | 31 | |||
| Shenyang Xingqi Pharmaceutical Co. Ltd. Class A | 3,292 | 31 | ||||
| Jinko Power Technology Co. Ltd. Class A | 50,100 | 31 | ||||
| Shenzhen Kstar Science & Technology Co. Ltd. Class A | 6,000 | 31 | ||||
| * | Guangdong Topstar Technology Co. Ltd. Class A | 6,100 | 31 | |||
| China Automotive Engineering Research Institute Co. Ltd. Class A | 12,000 | 31 | ||||
| Chongqing Fuling Electric Power Industrial Co. Ltd. Class A | 22,048 | 31 | ||||
| Dongfang Electronics Co. Ltd. Class A | 19,200 | 31 | ||||
| * | Sinodata Co. Ltd. Class A | 4,800 | 31 | |||
| * | Jushri Technologies Inc. Class A | 8,000 | 31 | |||
| Walvax Biotechnology Co. Ltd. Class A | 17,000 | 30 | ||||
21
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A | 6,900 | 30 | ||||
| Shenzhen Kangtai Biological Products Co. Ltd. Class A | 11,435 | 30 | ||||
| Chongqing Water Group Co. Ltd. Class A | 45,700 | 30 | ||||
| China Resources Double Crane Pharmaceutical Co. Ltd. Class A | 11,000 | 30 | ||||
| China National Medicines Corp. Ltd. Class A | 7,300 | 30 | ||||
| Wangfujing Group Co. Ltd. Class A | 14,800 | 30 | ||||
| Zhejiang Jingu Co. Ltd. Class A | 15,900 | 30 | ||||
| Xinhua Winshare Publishing & Media Co. Ltd. Class A | 13,300 | 30 | ||||
| * | Sunstone Development Co. Ltd. Class A | 8,200 | 30 | |||
| * | Tibet Tianlu Co. Ltd. Class A | 14,800 | 30 | |||
| China Meidong Auto Holdings Ltd. | 108,000 | 30 | ||||
| * | AECC Aero Science & Technology Co. Ltd. Class A | 6,700 | 30 | |||
| Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd. Class A | 24,000 | 30 | ||||
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A | 11,800 | 30 | ||||
| Hubei Yihua Chemical Industry Co. Ltd. Class A | 15,100 | 30 | ||||
| Wuxi NCE Power Co. Ltd. Class A | 6,124 | 30 | ||||
| Xiamen Bank Co. Ltd. Class A | 31,800 | 30 | ||||
| Primarius Technologies Co. Ltd. Class A | 5,955 | 30 | ||||
| * | Inner Mongolia Furui Medical Science Co. Ltd. Class A | 3,300 | 30 | |||
| Zhejiang Provincial New Energy Investment Group Co. Ltd. Class A | 28,400 | 30 | ||||
| Shanghai Jinjiang International Hotels Co. Ltd. Class B | 21,100 | 29 | ||||
| Chengdu CORPRO Technology Co. Ltd. Class A | 7,900 | 29 | ||||
| Hefei Meiya Optoelectronic Technology Inc. Class A | 10,400 | 29 | ||||
| Beijing Dabeinong Technology Group Co. Ltd. Class A | 49,400 | 29 | ||||
| * | Shenzhen Overseas Chinese Town Co. Ltd. Class A | 92,900 | 29 | |||
| * | Estun Automation Co. Ltd. Class A | 8,500 | 29 | |||
| * | Sichuan Hexie Shuangma Co. Ltd. Class A | 10,400 | 29 | |||
| Valiant Co. Ltd. Class A | 15,000 | 29 | ||||
| DaShenLin Pharmaceutical Group Co. Ltd. Class A | 12,400 | 29 | ||||
| Guangdong Great River Smarter Logistics Co. Ltd. Class A | 17,600 | 29 | ||||
| Gaona Aero Material Co. Ltd. Class A | 11,680 | 29 | ||||
| Yusys Technologies Co. Ltd. Class A | 7,680 | 29 | ||||
| * | Jinke Smart Services Group Co. Ltd. Class H | 35,700 | 29 | |||
| Eastcompeace Technology Co. Ltd. Class A | 7,200 | 29 | ||||
| Dazhong Mining Co. Ltd. | 17,100 | 29 | ||||
| Chengdu RML Technology Co. Ltd. Class A | 3,640 | 29 | ||||
| * | Shenzhen Special Economic Zone Real Estate & Properties Group Co. Ltd. Class A | 7,300 | 29 | |||
| Beijing Balance Medical Technology Co. Ltd. Class A | 1,771 | 29 | ||||
| * | Ningbo Jifeng Auto Parts Co. Ltd. Class A | 16,600 | 29 | |||
| Castech Inc. Class A | 4,500 | 29 | ||||
| Hangzhou Robam Appliances Co. Ltd. Class A | 9,800 | 28 | ||||
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | 38,400 | 28 | ||||
| Weaver Network Technology Co. Ltd. Class A | 3,270 | 28 | ||||
| Wuhan Raycus Fiber Laser Technologies Co. Ltd. Class A | 6,115 | 28 | ||||
| Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | 23,500 | 28 | ||||
| Xiamen ITG Group Corp. Ltd. Class A | 32,000 | 28 | ||||
| BTG Hotels Group Co. Ltd. Class A | 13,000 | 28 | ||||
| Topchoice Medical Corp. Class A | 4,207 | 28 | ||||
| * | TianShan Material Co. Ltd. Class A | 30,100 | 28 | |||
| China Tianying Inc. Class A | 45,200 | 28 | ||||
| * | Hangjin Technology Co. Ltd. Class A | 7,800 | 28 | |||
| Chengdu Fusen Noble-House Industrial Co. Ltd. Class A | 15,900 | 28 | ||||
| Guangdong Dowstone Technology Co. Ltd. Class A | 9,200 | 28 | ||||
| * | BOE HC SemiTek Corp. | 21,700 | 28 | |||
| * | Red Star Macalline Group Corp. Ltd. Class A | 67,700 | 28 | |||
| Shanghai Shyndec Pharmaceutical Co. Ltd. Class A | 17,900 | 28 | ||||
| Sino Wealth Electronic Ltd. Class A | 7,469 | 28 | ||||
| Anhui Heli Co. Ltd. Class A | 10,500 | 28 | ||||
| * | Vcanbio Cell & Gene Engineering Corp. Ltd. Class A | 7,700 | 28 | |||
| Shanghai Pret Composites Co. Ltd. Class A | 13,700 | 28 | ||||
| * | Hwa Create Co. Ltd. Class A | 7,600 | 28 | |||
| Chengdu Leejun Industrial Co. Ltd. Class A | 13,500 | 28 | ||||
| Sichuan New Energy Power Co. Ltd. Class A | 19,600 | 28 | ||||
| * | Easyhome New Retail Group Co. Ltd. Class A | 67,100 | 28 | |||
| Henan Mingtai Al Industrial Co. Ltd. Class A | 14,900 | 28 | ||||
| Henan Liliang Diamond Co. Ltd. Class A | 6,600 | 28 | ||||
| Jiangsu Haili Wind Power Equipment Technology Co. Ltd. Class A | 2,600 | 28 | ||||
| Hoymiles Power Electronics Inc. Class A | 1,805 | 28 | ||||
| Digiwin Co. Ltd. | 3,800 | 28 | ||||
| Servyou Software Group Co. Ltd. Class A | 3,600 | 28 | ||||
22
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Ningbo Boway Alloy Material Co. Ltd. Class A | 7,700 | 28 | ||||
| * | Greatoo Intelligent Equipment Inc. Class A | 24,400 | 28 | |||
| * | Shanghai STEP Electric Corp. Class A | 12,000 | 28 | |||
| * | Shenzhen Baoming Technology Co. Ltd. Class A | 3,200 | 28 | |||
| Shannon Semiconductor Technology Co. Ltd. Class A | 4,700 | 28 | ||||
| Bank of Qingdao Co. Ltd. Class A | 39,700 | 27 | ||||
| 3 | Shanghai Haohai Biological Technology Co. Ltd. Class H | 7,660 | 27 | |||
| China Merchants Port Group Co. Ltd. Class A | 9,500 | 27 | ||||
| Cheng De Lolo Co. Ltd. Class A | 22,500 | 27 | ||||
| Jilin Electric Power Co. Ltd. Class A | 37,000 | 27 | ||||
| * | Beijing Watertek Information Technology Co. Ltd. Class A | 29,600 | 27 | |||
| Shengda Resources Co. Ltd. Class A | 11,100 | 27 | ||||
| Shanghai Chinafortune Co. Ltd. Class A | 10,600 | 27 | ||||
| Hunan TV & Broadcast Intermediary Co. Ltd. Class A | 24,300 | 27 | ||||
| Baowu Magnesium Technology Co. Ltd. Class A | 13,820 | 27 | ||||
| CETC Digital Technology Co. Ltd. Class A | 6,240 | 27 | ||||
| Anhui Jiangnan Chemical Industry Co. Ltd. Class A | 30,200 | 27 | ||||
| China Kings Resources Group Co. Ltd. Class A | 11,088 | 27 | ||||
| * | Nations Technologies Inc. Class A | 7,100 | 27 | |||
| XGD Inc. Class A | 6,000 | 27 | ||||
| Willfar Information Technology Co. Ltd. Class A | 4,990 | 27 | ||||
| FAW Jiefang Group Co. Ltd. Class A | 26,200 | 26 | ||||
| * | GCL System Integration Technology Co. Ltd. Class A | 69,800 | 26 | |||
| * | Chongqing Iron & Steel Co. Ltd. Class A | 126,900 | 26 | |||
| * | Zhejiang Narada Power Source Co. Ltd. Class A | 10,900 | 26 | |||
| Beijing Fengjing Automotive Parts Co. Ltd. | 50,300 | 26 | ||||
| * | Sai Micro Electronics Inc. Class A | 7,600 | 26 | |||
| * | Shenzhen Gongjin Electronics Co. Ltd. Class A | 13,900 | 26 | |||
| * | Guizhou Broadcasting & TV Information Network Co. Ltd. Class A | 21,800 | 26 | |||
| Wellhope Foods Co. Ltd. Class A | 21,300 | 26 | ||||
| * | Jihua Group Corp. Ltd. Class A | 46,400 | 26 | |||
| COSCO SHIPPING Specialized Carriers Co. Ltd. Class A | 27,500 | 26 | ||||
| Zhejiang HangKe Technology Inc. Co. Class A | 7,252 | 26 | ||||
| Canmax Technologies Co. Ltd. Class A | 9,000 | 26 | ||||
| * | GoodWe Technologies Co. Ltd. Class A | 3,758 | 26 | |||
| Shantui Construction Machinery Co. Ltd. Class A | 19,400 | 26 | ||||
| Shanghai Huafon Aluminium Corp. Class A | 10,400 | 26 | ||||
| * | Zhejiang Dun'An Artificial Environment Co. Ltd. Class A | 14,300 | 26 | |||
| Rianlon Corp. Class A | 5,125 | 26 | ||||
| Kidswant Children Products Co. Ltd. Class A | 14,900 | 26 | ||||
| Innovation New Material Technology Co. Ltd. Class A | 40,700 | 26 | ||||
| Hubei Chutian Smart Communication Co. Ltd. Class A | 44,300 | 26 | ||||
| Jiangzhong Pharmaceutical Co. Ltd. Class A | 8,600 | 26 | ||||
| Jiayou International Logistics Co. Ltd. Class A | 15,400 | 26 | ||||
| * | JoulWatt Technology Co. Ltd. Class A | 5,164 | 26 | |||
| Huada Automotive Technology Corp. Ltd. Class A | 4,200 | 26 | ||||
| Beijing Originwater Technology Co. Ltd. Class A | 38,905 | 25 | ||||
| Zhejiang Weixing New Building Materials Co. Ltd. Class A | 16,600 | 25 | ||||
| Chongqing Fuling Zhacai Group Co. Ltd. Class A | 13,600 | 25 | ||||
| Zhejiang Meida Industrial Co. Ltd. Class A | 25,900 | 25 | ||||
| Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. Class A | 9,300 | 25 | ||||
| Dlg Exhibitions & Events Corp. Ltd. Class A | 15,120 | 25 | ||||
| *,3 | Red Star Macalline Group Corp. Ltd. Class H | 123,800 | 25 | |||
| Laobaixing Pharmacy Chain JSC Class A | 9,826 | 25 | ||||
| * | Digital China Information Service Group Co. Ltd. Class A | 11,800 | 25 | |||
| Zhejiang Jingxin Pharmaceutical Co. Ltd. Class A | 9,300 | 25 | ||||
| Skyworth Digital Co. Ltd. Class A | 14,200 | 25 | ||||
| Ningbo Yunsheng Co. Ltd. Class A | 10,100 | 25 | ||||
| CCCC Design & Consulting Group Co. Ltd. Class A | 23,300 | 25 | ||||
| Fangda Special Steel Technology Co. Ltd. Class A | 31,800 | 25 | ||||
| Jiangsu Etern Co. Ltd. Class A | 15,800 | 25 | ||||
| * | Porton Pharma Solutions Ltd. Class A | 7,300 | 25 | |||
| * | Polaris Bay Group Co. Ltd. Class A | 23,100 | 25 | |||
| Jiangsu Lihua Foods Group Co. Ltd. | 9,180 | 25 | ||||
| Shanghai Bailian Group Co. Ltd. Class A | 18,000 | 25 | ||||
| Zhuzhou Times New Material Technology Co. Ltd. Class A | 12,300 | 25 | ||||
| Shanghai Tongji Science & Technology Industrial Co. Ltd. Class A | 15,600 | 25 | ||||
| Zhejiang Jiecang Linear Motion Technology Co. Ltd. Class A | 4,200 | 25 | ||||
| * | Wondershare Technology Group Co. Ltd. Class A | 2,237 | 25 | |||
| Shanghai Hanbell Precise Machinery Co. Ltd. Class A | 7,600 | 25 | ||||
23
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Zhejiang Qianjiang Motorcycle Co. Ltd. Class A | 10,400 | 25 | ||||
| * | Anhui Tatfook Technology Co. Ltd. Class A | 13,000 | 25 | |||
| Chinalin Securities Co. Ltd. Class A | 10,400 | 25 | ||||
| Shaanxi Construction Engineering Group Corp. Ltd. Class A | 45,600 | 25 | ||||
| Lizhong Sitong Light Alloys Group Co. Ltd. Class A | 8,500 | 25 | ||||
| Lihuayi Weiyuan Chemical Co. Ltd. Class A | 12,100 | 25 | ||||
| * | Shenzhen Chipscreen Biosciences Co. Ltd. Class A | 4,848 | 25 | |||
| Eyebright Medical Technology Beijing Co. Ltd. Class A | 2,287 | 25 | ||||
| Shenzhen Hopewind Electric Co. Ltd. Class A | 4,800 | 25 | ||||
| OPT Machine Vision Tech Co. Ltd. Class A | 1,238 | 25 | ||||
| * | Insigma Technology Co. Ltd. Class A | 15,600 | 25 | |||
| DongFeng Automobile Co. Ltd. Class A | 23,400 | 25 | ||||
| Guizhou Zhenhua Fengguang Semiconductor Co. Ltd. Class A | 3,021 | 25 | ||||
| Shenzhen Rongda Photosensitive & Technology Co. Ltd. Class A | 4,400 | 25 | ||||
| Fujian Star-net Communication Co. Ltd. Class A | 5,100 | 24 | ||||
| Northeast Securities Co. Ltd. Class A | 19,200 | 24 | ||||
| JSTI Group Class A | 18,000 | 24 | ||||
| Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A | 5,400 | 24 | ||||
| Anhui Expressway Co. Ltd. Class A | 11,500 | 24 | ||||
| Wuhu Token Science Co. Ltd. Class A | 24,700 | 24 | ||||
| China Resources Boya Bio-pharmaceutical Group Co. Ltd. Class A | 6,500 | 24 | ||||
| Shenzhen Sunline Tech Co. Ltd. Class A | 10,300 | 24 | ||||
| * | B-Soft Co. Ltd. Class A | 32,160 | 24 | |||
| * | China Aluminum International Engineering Corp. Ltd. Class A | 33,900 | 24 | |||
| * | Wuhan P&S Information Technology Co. Ltd. Class A | 14,600 | 24 | |||
| * | Hunan Er-Kang Pharmaceutical Co. Ltd. Class A | 44,800 | 24 | |||
| * | Minmetals Development Co. Ltd. Class A | 17,300 | 24 | |||
| Ningbo Ronbay New Energy Technology Co. Ltd. Class A | 7,016 | 24 | ||||
| Wuxi Paike New Materials Technology Co. Ltd. Class A | 2,300 | 24 | ||||
| * | Shandong Iron & Steel Co. Ltd. Class A | 111,100 | 24 | |||
| * | Shanghai Yizhong Pharmaceutical Co. Ltd. Class A | 2,516 | 24 | |||
| Huaming Power Equipment Co. Ltd. Class A | 8,700 | 24 | ||||
| Jiangsu Yunyi Electric Co. Ltd. Class A | 12,800 | 24 | ||||
| Shenzhen Urban Transport Planning Center Co. Ltd. Class A | 5,000 | 24 | ||||
| Eastern Communications Co. Ltd. Class B | 56,000 | 23 | ||||
| * | China Reform Health Management & Services Group Co. Ltd. Class A | 15,300 | 23 | |||
| * | Visionox Technology Inc. Class A | 15,600 | 23 | |||
| Topsec Technologies Group Inc. Class A | 13,800 | 23 | ||||
| Chow Tai Seng Jewellery Co. Ltd. Class A | 12,100 | 23 | ||||
| * | Liuzhou Iron & Steel Co. Ltd. Class A | 28,700 | 23 | |||
| BBMG Corp. Class A | 100,200 | 23 | ||||
| Anhui Construction Engineering Group Co. Ltd. Class A | 35,000 | 23 | ||||
| * | Grandjoy Holdings Group Co. Ltd. Class A | 50,100 | 23 | |||
| ORG Technology Co. Ltd. Class A | 30,000 | 23 | ||||
| * | China Enterprise Co. Ltd. Class A | 55,401 | 23 | |||
| Xinhuanet Co. Ltd. Class A | 7,670 | 23 | ||||
| * | Beijing eGOVA Co. Ltd. Class A | 8,880 | 23 | |||
| Yantai Zhenghai Magnetic Material Co. Ltd. Class A | 8,500 | 23 | ||||
| Xinjiang Communications Construction Group Co. Ltd. Class A | 10,400 | 23 | ||||
| Eastern Communications Co. Ltd. Class A | 13,600 | 23 | ||||
| * | YaGuang Technology Group Co. Ltd. Class A | 24,200 | 23 | |||
| Shenzhen Senior Technology Material Co. Ltd. Class A | 13,000 | 23 | ||||
| Edan Instruments Inc. Class A | 13,000 | 23 | ||||
| * | Roshow Technology Co. Ltd. Class A | 20,400 | 23 | |||
| Tibet Rhodiola Pharmaceutical Holding Co. Class A | 3,510 | 23 | ||||
| Qingdao East Steel Tower Stock Co. Ltd. Class A | 16,000 | 23 | ||||
| * | Hainan Haide Capital Management Co. Ltd. Class A | 25,389 | 23 | |||
| Sineng Electric Co. Ltd. Class A | 6,501 | 23 | ||||
| China National Gold Group Gold Jewellery Co. Ltd. Class A | 19,800 | 23 | ||||
| Fujian Boss Software Development Co. Ltd. Class A | 10,300 | 23 | ||||
| Kunshan Kinglai Hygienic Materials Co. Ltd. Class A | 4,200 | 23 | ||||
| Focus Technology Co. Ltd. Class A | 3,200 | 23 | ||||
| Zhongmin Energy Co. Ltd. Class A | 31,200 | 23 | ||||
| Hangzhou Honghua Digital Technology Stock Co. Ltd. Class A | 2,176 | 23 | ||||
| Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co. Ltd. Class A | 28,900 | 23 | ||||
| FESCO Group Co. Ltd. Class A | 7,800 | 23 | ||||
| * | Pengxin International Mining Co. Ltd. Class A | 27,900 | 23 | |||
| Zhejiang Jolly Pharmaceutical Co. Ltd. Class A | 8,700 | 23 | ||||
| Shenzhen Das Intellitech Co. Ltd. Class A | 42,600 | 22 | ||||
| CETC Cyberspace Security Technology Co. Ltd. Class A | 8,300 | 22 | ||||
24
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Youzu Interactive Co. Ltd. Class A | 9,200 | 22 | ||||
| Jiangsu Guotai International Group Co. Ltd. Class A | 19,400 | 22 | ||||
| Guangdong Tapai Group Co. Ltd. Class A | 17,800 | 22 | ||||
| Deppon Logistics Co. Ltd. Class A | 9,600 | 22 | ||||
| Zhejiang Jiemei Electronic & Technology Co. Ltd. Class A | 5,000 | 22 | ||||
| Bluestar Adisseo Co. Class A | 14,900 | 22 | ||||
| Dian Diagnostics Group Co. Ltd. Class A | 8,465 | 22 | ||||
| Zhuzhou Hongda Electronics Corp. Ltd. Class A | 4,000 | 22 | ||||
| Mayinglong Pharmaceutical Group Co. Ltd. Class A | 5,500 | 22 | ||||
| Shanghai Foreign Service Holding Group Co. Ltd. Class A | 28,800 | 22 | ||||
| Lianhe Chemical Technology Co. Ltd. Class A | 14,000 | 22 | ||||
| Shanghai Yaoji Technology Co. Ltd. Class A | 5,600 | 22 | ||||
| Zibo Qixiang Tengda Chemical Co. Ltd. Class A | 30,300 | 22 | ||||
| Three's Co. Media Group Co. Ltd. Class A | 4,663 | 22 | ||||
| Guangdong Advertising Group Co. Ltd. Class A | 18,900 | 22 | ||||
| EIT Environmental Development Group Co. Ltd. Class A | 5,800 | 22 | ||||
| Shanghai Fullhan Microelectronics Co. Ltd. Class A | 2,900 | 22 | ||||
| Shanghai Daimay Automotive Interior Co. Ltd. Class A | 26,777 | 22 | ||||
| * | Chengdu ALD Aviation Manufacturing Corp. Class A | 5,300 | 22 | |||
| Central China Land Media Co. Ltd. Class A | 12,000 | 22 | ||||
| * | Qinchuan Machine Tool & Tool Group Share Co. Ltd. Class A | 12,200 | 22 | |||
| Ningbo Yongxin Optics Co. Ltd. Class A | 1,500 | 22 | ||||
| Giantec Semiconductor Corp. Class A | 1,729 | 22 | ||||
| Semitronix Corp. Class A | 1,700 | 22 | ||||
| Solareast Holdings Co. Ltd. Class A | 14,200 | 22 | ||||
| Shandong Huatai Paper Industry Shareholding Co. Ltd. Class A | 43,100 | 22 | ||||
| Linktel Technologies Co. Ltd. Class A | 1,400 | 22 | ||||
| Zhejiang Asia-Pacific Mechanical & Electronic Co. Ltd. Class A | 13,100 | 22 | ||||
| Hangzhou EZVIZ Network Co. Ltd. Class A | 4,265 | 22 | ||||
| * | Bio-Thera Solutions Ltd. Class A | 4,984 | 22 | |||
| Sumec Corp. Ltd. Class A | 14,800 | 22 | ||||
| Hefei Chipmore Technology Co. Ltd. Class A | 12,429 | 22 | ||||
| Henan Lingrui Pharmaceutical Co. Class A | 6,800 | 22 | ||||
| * | Agile Group Holdings Ltd. | 358,000 | 21 | |||
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 27,000 | 21 | ||||
| * | Gosuncn Technology Group Co. Ltd. Class A | 24,100 | 21 | |||
| Guomai Technologies Inc. Class A | 11,900 | 21 | ||||
| Zhejiang Communications Technology Co. Ltd. Class A | 36,960 | 21 | ||||
| China Meheco Group Co. Ltd. Class A | 13,800 | 21 | ||||
| * | Sun Create Electronics Co. Ltd. Class A | 4,600 | 21 | |||
| Shanghai Zijiang Enterprise Group Co. Ltd. Class A | 21,400 | 21 | ||||
| Zhewen Interactive Group Co. Ltd. Class A | 15,700 | 21 | ||||
| Changzhou Qianhong Biopharma Co. Ltd. Class A | 14,200 | 21 | ||||
| Tofflon Science & Technology Group Co. Ltd. Class A | 10,300 | 21 | ||||
| China CAMC Engineering Co. Ltd. Class A | 17,200 | 21 | ||||
| Amoy Diagnostics Co. Ltd. Class A | 6,420 | 21 | ||||
| Zhejiang Hisun Pharmaceutical Co. Ltd. Class A | 13,600 | 21 | ||||
| Tibet Urban Development & Investment Co. Ltd. Class A | 13,600 | 21 | ||||
| Anhui Wanwei Updated High-Tech Material Industry Co. Ltd. Class A | 28,400 | 21 | ||||
| Hangzhou Dptech Technologies Co. Ltd. Class A | 7,950 | 21 | ||||
| * | Chengxin Lithium Group Co. Ltd. Class A | 8,700 | 21 | |||
| Shandong WIT Dyne Health Co. Ltd. Class A | 4,600 | 21 | ||||
| Tibet Mineral Development Co. Ltd. Class A | 6,700 | 21 | ||||
| Zhejiang Tiantie Science & Technology Co. Ltd. Class A | 18,300 | 21 | ||||
| Guangdong Construction Engineering Group Co. Ltd. Class A | 42,000 | 21 | ||||
| Suzhou Nanomicro Technology Co. Ltd. Class A | 5,169 | 21 | ||||
| BMC Medical Co. Ltd. Class A | 1,680 | 21 | ||||
| ZhongYeDa Electric Co. Ltd. Class A | 15,600 | 21 | ||||
| East China Engineering Science & Technology Co. Ltd. Class A | 15,100 | 21 | ||||
| * | Sanwei Holding Group Co. Ltd. Class A | 12,900 | 21 | |||
| Hongrun Construction Group Co. Ltd. Class A | 18,800 | 21 | ||||
| Center International Group Co. Ltd. Class A | 10,700 | 21 | ||||
| * | Shenyang Machine Tool Co. Ltd. Class A | 20,900 | 21 | |||
| * | Shenzhen Mason Technologies Co. Ltd. Class A | 11,560 | 21 | |||
| Jiangxi Hongcheng Environment Co. Ltd. Class A | 16,500 | 21 | ||||
| Huatu Cendes Co. Ltd. Class A | 2,200 | 21 | ||||
| Zhongshan Public Utilities Group Co. Ltd. Class A | 13,800 | 20 | ||||
| Zhejiang Semir Garment Co. Ltd. Class A | 26,100 | 20 | ||||
| Beijing Strong Biotechnologies Inc. Class A | 9,900 | 20 | ||||
| Anhui Jinhe Industrial Co. Ltd. Class A | 6,000 | 20 | ||||
25
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| IReader Technology Co. Ltd. Class A | 6,455 | 20 | ||||
| Greattown Holdings Ltd. Class A | 42,300 | 20 | ||||
| Hexing Electrical Co. Ltd. Class A | 5,300 | 20 | ||||
| Sichuan Yahua Industrial Group Co. Ltd. Class A | 10,000 | 20 | ||||
| Sonoscape Medical Corp. Class A | 4,400 | 20 | ||||
| * | Bright Real Estate Group Co. Ltd. Class A | 39,200 | 20 | |||
| Zhejiang Medicine Co. Ltd. Class A | 9,000 | 20 | ||||
| Shanghai Runda Medical Technology Co. Ltd. Class A | 8,200 | 20 | ||||
| Wuhan Fingu Electronic Technology Co. Ltd. Class A | 9,500 | 20 | ||||
| Beijing Sifang Automation Co. Ltd. Class A | 7,750 | 20 | ||||
| Black Peony Group Co. Ltd. Class A | 19,800 | 20 | ||||
| Dongfeng Electronic Technology Co. Ltd. Class A | 10,500 | 20 | ||||
| Milkyway Intelligent Supply Chain Service Group Co. Ltd. Class A | 2,100 | 20 | ||||
| Shanghai Wanye Enterprises Co. Ltd. Class A | 9,200 | 20 | ||||
| Zhejiang Weixing Industrial Development Co. Ltd. Class A | 13,300 | 20 | ||||
| Nanjing Vazyme Biotech Co. Ltd. Class A | 5,937 | 20 | ||||
| Hangzhou Weiguang Electronic Co. Ltd. Class A | 3,800 | 20 | ||||
| NYOCOR Co. Ltd. Class A | 24,700 | 20 | ||||
| Xinjiang Xuefeng Sci-Tech Group Co. Ltd. Class A | 15,100 | 20 | ||||
| * | Suzhou Everbright Photonics Co. Ltd. Class A | 1,831 | 20 | |||
| * | MCC Meili Cloud Computing Industry Investment Co. Ltd. Class A | 9,700 | 20 | |||
| * | Konka Group Co. Ltd. Class A | 23,700 | 19 | |||
| Bank of Zhengzhou Co. Ltd. Class A | 63,900 | 19 | ||||
| * | Zhejiang Hisoar Pharmaceutical Co. Ltd. Class A | 23,000 | 19 | |||
| Norinco International Cooperation Ltd. Class A | 11,800 | 19 | ||||
| Xiamen Kingdomway Group Co. Class A | 6,600 | 19 | ||||
| * | Kingsignal Technology Co. Ltd. Class A | 9,500 | 19 | |||
| Jiangsu Linyang Energy Co. Ltd. Class A | 23,300 | 19 | ||||
| Wuhan Yangtze Communications Industry Group Co. Ltd. Class A | 4,100 | 19 | ||||
| Guangdong Marubi Biotechnology Co. Ltd. Class A | 3,300 | 19 | ||||
| YanTai Shuangta Food Co. Ltd. Class A | 24,500 | 19 | ||||
| * | INKON Life Technology Co. Ltd. Class A | 12,700 | 19 | |||
| * | Hainan Development Holdings Nanhai Co. Ltd. Class A | 13,500 | 19 | |||
| * | Guangdong Guanghua Sci-Tech Co. Ltd. Class A | 6,500 | 19 | |||
| Beyondsoft Corp. Class A | 8,800 | 19 | ||||
| Shanghai Haoyuan Chemexpress Co. Ltd. Class A | 2,025 | 19 | ||||
| Kunshan Dongwei Technology Co. Ltd. Class A | 3,116 | 19 | ||||
| * | Guizhou Zhenhua E-chem Inc. Class A | 8,631 | 19 | |||
| Jiangsu Asia-Pacific Light Alloy Technology Co. Ltd. Class A | 20,700 | 19 | ||||
| Micro-Tech Nanjing Co. Ltd. Class A | 1,459 | 19 | ||||
| * | GuangYuYuan Chinese Herbal Medicine Co. Ltd. Class A | 6,800 | 19 | |||
| Sichuan Injet Electric Co. Ltd. Class A | 2,700 | 19 | ||||
| * | Shenzhen Minglida Precision Technology Co. Ltd. Class A | 5,600 | 19 | |||
| Zhejiang Jinggong Integration Technology Co. Ltd. Class A | 7,500 | 19 | ||||
| Guodian Nanjing Automation Co. Ltd. Class A | 13,080 | 19 | ||||
| Motic Xiamen Electric Group Co. Ltd. Class A | 7,800 | 19 | ||||
| Toread Holdings Group Co. Ltd. Class A | 14,500 | 19 | ||||
| Mehow Innovative Ltd. Class A | 5,740 | 19 | ||||
| Explosive Co. Ltd. Class A | 9,900 | 19 | ||||
| * | Chongqing Genrix Biopharmaceutical Co. Ltd. Class A | 4,185 | 19 | |||
| Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd. Class A | 19,300 | 18 | ||||
| Shandong Hi-Speed Road & Bridge Group Co. Ltd. Class A | 21,400 | 18 | ||||
| Zhuhai Huafa Properties Co. Ltd. Class A | 24,300 | 18 | ||||
| Gansu Shangfeng Cement Co. Ltd. Class A | 14,720 | 18 | ||||
| * | Risen Energy Co. Ltd. Class A | 11,800 | 18 | |||
| China Kepei Education Group Ltd. | 88,000 | 18 | ||||
| Wuxi Boton Technology Co. Ltd. Class A | 4,900 | 18 | ||||
| Guangdong Goworld Co. Ltd. Class A | 8,900 | 18 | ||||
| Chengdu Kanghua Biological Products Co. Ltd. Class A | 1,750 | 18 | ||||
| Xinxiang Chemical Fiber Co. Ltd. Class A | 31,700 | 18 | ||||
| China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd. Class A | 26,800 | 18 | ||||
| Ningbo Xusheng Group Co. Ltd. Class A | 9,100 | 18 | ||||
| Guizhou Chanhen Chemical Corp. Class A | 4,900 | 18 | ||||
| * | Guangdong Jia Yuan Technology Shares Co. Ltd. Class A | 4,293 | 18 | |||
| Sichuan Anning Iron & Titanium Co. Ltd. Class A | 3,900 | 18 | ||||
| Sino Biological Inc. Class A | 1,700 | 18 | ||||
| Pylon Technologies Co. Ltd. Class A | 2,415 | 18 | ||||
| Guangdong Hongtu Technology Holdings Co. Ltd. Class A | 10,000 | 18 | ||||
| Leshan Giantstar Farming & Husbandry Corp. Ltd. Class A | 6,000 | 18 | ||||
| * | Fujian Kuncai Material Technology Co. Ltd. Class A | 6,440 | 18 | |||
26
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| TDG Holdings Co. Ltd. Class A | 13,600 | 18 | ||||
| Stanley Agricultural Group Co. Ltd. Class A | 13,300 | 18 | ||||
| Shaanxi Fenghuo Electronics Co. Ltd. Class A | 10,000 | 18 | ||||
| * | Shanghai Ganglian E-Commerce Holdings Co. Ltd. Class A | 4,200 | 17 | |||
| Suofeiya Home Collection Co. Ltd. Class A | 8,600 | 17 | ||||
| * | Beijing UniStrong Science & Technology Co. Ltd. Class A | 11,000 | 17 | |||
| Jinyu Bio-Technology Co. Ltd. Class A | 14,500 | 17 | ||||
| Sinocare Inc. Class A | 5,700 | 17 | ||||
| Shanghai Environment Group Co. Ltd. Class A | 14,400 | 17 | ||||
| * | Baosheng Science & Technology Innovation Co. Ltd. Class A | 21,900 | 17 | |||
| Guangdong Ellington Electronics Technology Co. Ltd. Class A | 10,300 | 17 | ||||
| * | Tianjin Benefo Tejing Electric Co. Ltd. Class A | 18,800 | 17 | |||
| Triumph Science & Technology Co. Ltd. Class A | 9,500 | 17 | ||||
| Edifier Technology Co. Ltd. Class A | 8,600 | 17 | ||||
| Jiangnan Mould & Plastic Technology Co. Ltd. Class A | 13,000 | 17 | ||||
| * | Client Service International Inc. Class A | 6,250 | 17 | |||
| Chengdu Wintrue Holding Co. Ltd. Class A | 10,800 | 17 | ||||
| Changshu Tianyin Electromechanical Co. Ltd. Class A | 6,000 | 17 | ||||
| Luoyang Xinqianglian Slewing Bearing Co. Ltd. Class A | 3,400 | 17 | ||||
| Hangzhou Haoyue Personal Care Co. Ltd. Class A | 3,080 | 17 | ||||
| * | KBC Corp. Ltd. Class A | 3,722 | 17 | |||
| Jiangsu ToLand Alloy Co. Ltd. Class A | 4,030 | 17 | ||||
| * | Nuode New Materials Co. Ltd. Class A | 17,200 | 17 | |||
| China Southern Power Grid Technology Co. Ltd. Class A | 3,341 | 17 | ||||
| Chengdu Guoguang Electric Co. Ltd. Class A | 1,440 | 17 | ||||
| Huaxia Eye Hospital Group Co. Ltd. Class A | 5,800 | 17 | ||||
| Appotronics Corp. Ltd. Class A | 5,638 | 17 | ||||
| Jiangsu Dingsheng New Energy Materials Co. Ltd. Class A | 11,700 | 17 | ||||
| CIMC Vehicles Group Co. Ltd. Class A | 13,600 | 17 | ||||
| Fujian Qingshan Paper Industry Co. Ltd. Class A | 52,100 | 17 | ||||
| Shenma Industry Co. Ltd. Class A | 11,950 | 17 | ||||
| Arctech Solar Holding Co. Ltd. Class A | 2,565 | 17 | ||||
| ABA Chemicals Corp. Class A | 15,400 | 17 | ||||
| Guizhou Guihang Automotive Components Co. Ltd. Class A | 7,700 | 17 | ||||
| Mesnac Co. Ltd. Class A | 14,000 | 17 | ||||
| Guangdong Guangzhou Daily Media Co. Ltd. Class A | 17,200 | 17 | ||||
| Qiming Information Technology Co. Ltd. Class A | 5,100 | 17 | ||||
| * | Suzhou Jinfu Technology Co. Ltd. Class A | 22,000 | 17 | |||
| Suzhou Secote Precision Electronic Co. Ltd. Class A | 2,940 | 17 | ||||
| Qingdao Baheal Pharmaceutical Co. Ltd. Class A | 4,500 | 17 | ||||
| Hunan Jiudian Pharmaceutical Co. Ltd. Class A | 6,500 | 17 | ||||
| * | Dongjiang Environmental Co. Ltd. Class A | 23,400 | 16 | |||
| Tayho Advanced Materials Group Co. Ltd. Class A | 11,200 | 16 | ||||
| Wushang Group Co. Ltd. Class A | 10,850 | 16 | ||||
| Xinyu Iron & Steel Co. Ltd. Class A | 27,300 | 16 | ||||
| Hengdian Entertainment Co. Ltd. Class A | 7,000 | 16 | ||||
| Aisino Corp. Class A | 12,400 | 16 | ||||
| Shenzhen Desay Battery Technology Co. Class A | 4,680 | 16 | ||||
| Telling Telecommunication Holding Co. Ltd. Class A | 10,900 | 16 | ||||
| * | Financial Street Holdings Co. Ltd. Class A | 37,300 | 16 | |||
| Titan Wind Energy Suzhou Co. Ltd. Class A | 16,700 | 16 | ||||
| China Bester Group Telecom Co. Ltd. Class A | 4,800 | 16 | ||||
| Zhejiang Xinan Chemical Industrial Group Co. Ltd. Class A | 11,060 | 16 | ||||
| * | Zhuhai Zhumian Group Co. Ltd. | 19,500 | 16 | |||
| CSG Holding Co. Ltd. Class A | 24,600 | 16 | ||||
| Sanquan Food Co. Ltd. Class A | 9,630 | 16 | ||||
| * | Wutong Holding Group Co. Ltd. Class A | 21,600 | 16 | |||
| China Publishing & Media Co. Ltd. Class A | 16,700 | 16 | ||||
| Sichuan Jiuyuan Yinhai Software Co. Ltd. Class A | 5,800 | 16 | ||||
| Yueyang Forest & Paper Co. Ltd. Class A | 23,300 | 16 | ||||
| New Guomai Digital Culture Co. Ltd. Class A | 9,100 | 16 | ||||
| Huadian Heavy Industries Co. Ltd. Class A | 16,700 | 16 | ||||
| * | COFCO Biotechnology Co. Ltd. Class A | 19,000 | 16 | |||
| Jiangsu Provincial Agricultural Reclamation & Development Corp. Class A | 11,400 | 16 | ||||
| * | Xian International Medical Investment Co. Ltd. Class A | 21,700 | 16 | |||
| * | Archermind Technology Nanjing Co. Ltd. Class A | 2,080 | 16 | |||
| * | Shanghai Medicilon Inc. Class A | 1,783 | 16 | |||
| Moon Environment Technology Co. Ltd. Class A | 8,580 | 16 | ||||
| Windey Energy Technology Group Co. Ltd. Class A | 7,150 | 16 | ||||
| Jiangsu Guomao Reducer Co. Ltd. Class A | 6,700 | 16 | ||||
27
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| PNC Process Systems Co. Ltd. Class A | 4,320 | 16 | ||||
| ZWSOFT Co. Ltd. Guangzhou Class A | 1,463 | 16 | ||||
| * | Shanghai Anlogic Infotech Co. Ltd. Class A | 3,535 | 16 | |||
| Southern Publishing & Media Co. Ltd. Class A | 7,800 | 16 | ||||
| Hualan Biological Vaccine Inc. Class A | 6,300 | 16 | ||||
| Jinhong Gas Co. Ltd. Class A | 5,923 | 16 | ||||
| Suzhou Oriental Semiconductor Co. Ltd. Class A | 1,463 | 16 | ||||
| * | C*Core Technology Co. Ltd. Class A | 3,891 | 16 | |||
| * | Hymson Laser Technology Group Co. Ltd. Class A | 3,360 | 16 | |||
| Jiangsu Ruitai New Energy Materials Co. Ltd. Class A | 6,000 | 16 | ||||
| Fujian Apex Software Co. Ltd. Class A | 2,400 | 16 | ||||
| Chongqing Port Co. Ltd. Class A | 20,200 | 16 | ||||
| Anhui Sierte Fertilizer Industry Ltd. Co. Class A | 19,900 | 16 | ||||
| Huludao Zinc Industry Co. Class A | 32,100 | 16 | ||||
| Shenzhen YHLO Biotech Co. Ltd. Class A | 7,687 | 16 | ||||
| Duolun Technology Corp. Ltd. Class A | 12,100 | 16 | ||||
| Wuhan East Lake High Technology Group Co. Ltd. Class A | 12,900 | 16 | ||||
| Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | 29,800 | 15 | ||||
| Yixintang Pharmaceutical Group Co. Ltd. Class A | 7,300 | 15 | ||||
| * | PCI Technology Group Co. Ltd. Class A | 14,900 | 15 | |||
| * | China Fortune Land Development Co. Ltd. Class A | 48,900 | 15 | |||
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class A | 9,300 | 15 | ||||
| * | ADAMA Ltd. Class A | 14,800 | 15 | |||
| Shenzhen Hepalink Pharmaceutical Group Co. Ltd. Class A | 8,200 | 15 | ||||
| Zhejiang Xianju Pharmaceutical Co. Ltd. Class A | 9,900 | 15 | ||||
| Tongyu Communication Inc. Class A | 5,980 | 15 | ||||
| * | JC Finance & Tax Interconnect Holdings Ltd. Class A | 9,000 | 15 | |||
| * | Changzhou Tronly New Electronic Materials Co. Ltd. Class A | 7,800 | 15 | |||
| * | Guangxi Wuzhou Zhongheng Group Co. Ltd. Class A | 39,300 | 15 | |||
| Cangzhou Dahua Co. Ltd. Class A | 7,900 | 15 | ||||
| Shanghai Kaibao Pharmaceutical Co. Ltd. Class A | 17,400 | 15 | ||||
| 263 Network Communications Co. Ltd. Class A | 17,400 | 15 | ||||
| * | Hubei Broadcasting & Television Information Network Co. Ltd. Class A | 17,000 | 15 | |||
| Sunyard Technology Co. Ltd. Class A | 5,700 | 15 | ||||
| Shenzhen Leaguer Co. Ltd. Class A | 12,000 | 15 | ||||
| Lushang Freda Pharmaceutical Co. Ltd. Class A | 13,600 | 15 | ||||
| Streamax Technology Co. Ltd. Class A | 2,200 | 15 | ||||
| Shanghai Haohai Biological Technology Co. Ltd. Class A | 1,981 | 15 | ||||
| * | Toyou Feiji Electronics Co. Ltd. Class A | 6,700 | 15 | |||
| Hubei Jiuzhiyang Infrared System Co. Ltd. Class A | 2,700 | 15 | ||||
| Hangzhou Onechance Tech Corp. Class A | 3,700 | 15 | ||||
| * | Shenzhen Dynanonic Co. Ltd. Class A | 2,880 | 15 | |||
| Shanghai MicroPort Endovascular MedTech Group Co. Ltd. Class A | 999 | 15 | ||||
| CNSIG Inner Mongolia Chemical Industry Co. Ltd. Class A | 12,870 | 15 | ||||
| Yunnan Energy Investment Co. Ltd. Class A | 7,100 | 15 | ||||
| * | New Journey Health Technology Group Co. Ltd. Class A | 48,400 | 15 | |||
| Guotai Epoint Software Co. Ltd. Class A | 3,530 | 15 | ||||
| Anhui Huaheng Biotechnology Co. Ltd. Class A | 2,915 | 15 | ||||
| Wuxi Rural Commercial Bank Co. Ltd. Class A | 17,100 | 15 | ||||
| * | Shanghai Aerospace Automobile Electromechanical Co. Ltd. Class A | 12,100 | 15 | |||
| Tianneng Battery Group Co. Ltd. Class A | 3,458 | 15 | ||||
| Jiangsu Rainbow Heavy Industries Co. Ltd. Class A | 16,500 | 15 | ||||
| Beijing CTJ Information Technology Co. Ltd. Class A | 3,960 | 15 | ||||
| Sinomach Automobile Co. Ltd. Class A | 16,900 | 15 | ||||
| * | Beijing Electronic Zone High-tech Group Co. Ltd. Class A | 17,300 | 15 | |||
| Yechiu Metal Recycling China Ltd. Class A | 41,800 | 15 | ||||
| Asian Star Anchor Chain Co. Ltd. Jiangsu Class A | 10,500 | 15 | ||||
| Xiamen King Long Motor Group Co. Ltd. Class A | 8,300 | 15 | ||||
| * | Beijing Thunisoft Corp. Ltd. Class A | 11,500 | 14 | |||
| * | Beijing Haixin Energy Technology Co. Ltd. Class A | 25,400 | 14 | |||
| * | Daan Gene Co. Ltd. Class A | 14,600 | 14 | |||
| * | China Zhonghua Geotechnical Engineering Group Co. Ltd. Class A | 26,100 | 14 | |||
| * | Guocheng Mining Co. Ltd. Class A | 7,100 | 14 | |||
| Jiangling Motors Corp. Ltd. Class A | 4,800 | 14 | ||||
| * | Lingyuan Iron & Steel Co. Ltd. Class A | 48,300 | 14 | |||
| Tangshan Sanyou Chemical Industries Co. Ltd. Class A | 15,700 | 14 | ||||
| * | Shanying International Holding Co. Ltd. Class A | 55,000 | 14 | |||
| Changjiang Publishing & Media Co. Ltd. Class A | 10,900 | 14 | ||||
| * | Zhuhai Aerospace Microchips Science & Technology Co. Ltd. Class A | 6,500 | 14 | |||
| Foshan Electrical & Lighting Co. Ltd. Class A | 14,400 | 14 | ||||
28
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Sichuan Haite High-tech Co. Ltd. Class A | 7,900 | 14 | |||
| * | China Union Holdings Ltd. Class A | 24,600 | 14 | |||
| Xizang Zhufeng Resources Co. Ltd. Class A | 8,000 | 14 | ||||
| Jiaze Renewables Co. Ltd. | 25,800 | 14 | ||||
| Northeast Pharmaceutical Group Co. Ltd. Class A | 17,200 | 14 | ||||
| * | Jiangsu Kanion Pharmaceutical Co. Ltd. Class A | 6,000 | 14 | |||
| Henan Zhongyuan Expressway Co. Ltd. Class A | 22,700 | 14 | ||||
| CTS International Logistics Corp. Ltd. Class A | 16,205 | 14 | ||||
| Beijing GeoEnviron Engineering & Technology Inc. Class A | 14,600 | 14 | ||||
| Guiyang Longmaster Information & Technology Co. Ltd. Class A | 6,500 | 14 | ||||
| China Merchants Property Operation & Service Co. Ltd. Class A | 8,000 | 14 | ||||
| Shenzhen Jieshun Science & Technology Industry Co. Ltd. Class A | 9,300 | 14 | ||||
| China Television Media Ltd. Class A | 5,400 | 14 | ||||
| Suzhou New District Hi-Tech Industrial Co. Ltd. Class A | 17,700 | 14 | ||||
| Shanghai Shibei Hi-Tech Co. Ltd. Class A | 17,400 | 14 | ||||
| Bestore Co. Ltd. Class A | 7,300 | 14 | ||||
| * | Hainan Drinda New Energy Technology Co. Ltd. Class A | 2,200 | 14 | |||
| China Science Publishing & Media Ltd. Class A | 4,700 | 14 | ||||
| Shaanxi Beiyuan Chemical Industry Group Co. Ltd. Class A | 24,100 | 14 | ||||
| Zhejiang Construction Investment Group Co. Ltd. Class A | 10,300 | 14 | ||||
| * | Beijing Join-Cheer Software Co. Ltd. Class A | 13,400 | 14 | |||
| * | Hiconics Eco-energy Technology Co. Ltd. Class A | 15,200 | 14 | |||
| Bank of Lanzhou Co. Ltd. Class A | 41,400 | 14 | ||||
| Shandong Lukang Pharma Class A | 10,300 | 14 | ||||
| Jiang Su Suyan Jingshen Co. Ltd. Class A | 8,700 | 14 | ||||
| Hainan Expressway Co. Ltd. Class A | 15,900 | 14 | ||||
| HeiLongJiang ZBD Pharmaceutical Co. Ltd. Class A | 8,300 | 14 | ||||
| * | Guoguang Electric Co. Ltd. Class A | 5,900 | 14 | |||
| Ningbo Cixing Co. Ltd. Class A | 13,600 | 14 | ||||
| Shenzhen Textile Holdings Co. Ltd. Class A | 9,000 | 14 | ||||
| Shanghai Baolong Automotive Corp. Class A | 2,600 | 14 | ||||
| Changzhou Fusion New Material Co. Ltd. Class A | 1,907 | 14 | ||||
| Shenzhen Tagen Group Co. Ltd. Class A | 25,900 | 13 | ||||
| M-Grass Ecology & Environment Group Co. Ltd. Class A | 19,800 | 13 | ||||
| Guangdong Vanward New Electric Co. Ltd. Class A | 7,500 | 13 | ||||
| Hongli Zhihui Group Co. Ltd. Class A | 12,800 | 13 | ||||
| Dashang Co. Ltd. Class A | 4,961 | 13 | ||||
| Hangzhou Jiebai Group Co. Ltd. Class A | 11,900 | 13 | ||||
| Suning Universal Co. Ltd. Class A | 43,100 | 13 | ||||
| Maccura Biotechnology Co. Ltd. Class A | 7,700 | 13 | ||||
| Shandong Xinhua Pharmaceutical Co. Ltd. Class A | 5,700 | 13 | ||||
| * | Tangrenshen Group Co. Ltd. Class A | 18,660 | 13 | |||
| KPC Pharmaceuticals Inc. Class A | 6,400 | 13 | ||||
| Shanghai Bright Meat Group Co. Ltd. Class A | 12,000 | 13 | ||||
| * | Cinda Real Estate Co. Ltd. Class A | 23,500 | 13 | |||
| Zhongyuan Environment-Protection Co. Ltd. Class A | 10,300 | 13 | ||||
| Neusoft Corp. Class A | 8,600 | 13 | ||||
| Gansu Yasheng Industrial Group Co. Ltd. Class A | 30,100 | 13 | ||||
| * | Shuangliang Eco-Energy Systems Co. Ltd. Class A | 15,800 | 13 | |||
| Orient International Enterprise Ltd. Class A | 12,000 | 13 | ||||
| Changjiang & Jinggong Steel Building Group Co. Ltd. Class A | 26,000 | 13 | ||||
| Ningxia Building Materials Group Co. Ltd. Class A | 6,900 | 13 | ||||
| Aotecar New Energy Technology Co. Ltd. Class A | 30,000 | 13 | ||||
| Shenzhen Microgate Technology Co. Ltd. Class A | 7,000 | 13 | ||||
| Longhua Technology Group Luoyang Co. Ltd. Class A | 10,000 | 13 | ||||
| * | CMGE Technology Group Ltd. | 218,000 | 13 | |||
| Levima Advanced Materials Corp. Class A | 4,700 | 13 | ||||
| * | Beijing Relpow Technology Co. Ltd. Class A | 4,550 | 13 | |||
| Zhejiang Ausun Pharmaceutical Co. Ltd. Class A | 8,117 | 13 | ||||
| Guobang Pharma Ltd. Class A | 3,800 | 13 | ||||
| Kuangda Technology Group Co. Ltd. Class A | 16,800 | 13 | ||||
| * | Hainan Haiqi Transportation Group Co. Ltd. Class A | 4,500 | 13 | |||
| Beijing Wandong Medical Technology Co. Ltd. Class A | 5,400 | 13 | ||||
| * | Henan Ancai Hi-Tech Co. Ltd. Class A | 18,600 | 13 | |||
| Beijing Sanyuan Foods Co. Ltd. Class A | 19,700 | 13 | ||||
| Shenzhen Topraysolar Co. Ltd. Class A | 24,900 | 13 | ||||
| Xiangyu Medical Co. Ltd. Class A | 1,656 | 13 | ||||
| Hangzhou Sunrise Technology Co. Ltd. Class A | 5,700 | 13 | ||||
| Shanghai Chlor-Alkali Chemical Co. Ltd. Class A | 8,900 | 13 | ||||
| * | Anyang Iron & Steel Inc. Class A | 40,900 | 13 | |||
29
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Shanghai Baosteel Packaging Co. Ltd. Class A | 17,300 | 13 | ||||
| Zhejiang Vie Science & Technology Co. Ltd. Class A | 6,500 | 13 | ||||
| Guangzhou Guangri Stock Co. Ltd. Class A | 9,200 | 13 | ||||
| HBIS Resources Co. Ltd. Class A | 6,200 | 13 | ||||
| Shenzhen Airport Co. Ltd. Class A | 11,600 | 12 | ||||
| * | RiseSun Real Estate Development Co. Ltd. Class A | 61,300 | 12 | |||
| NanJi E-Commerce Co. Ltd. Class A | 23,700 | 12 | ||||
| * | Beijing Global Safety Technology Co. Ltd. Class A | 3,500 | 12 | |||
| Tianjin Port Co. Ltd. Class A | 17,000 | 12 | ||||
| * | Long Yuan Construction Group Co. Ltd. Class A | 25,300 | 12 | |||
| Focused Photonics Hangzhou Inc. Class A | 4,200 | 12 | ||||
| Lier Chemical Co. Ltd. Class A | 6,800 | 12 | ||||
| Chongqing Pharscin Pharmaceutical Co. Ltd. Class A | 4,900 | 12 | ||||
| Jiangsu Zijin Rural Commercial Bank Co. Ltd. Class A | 27,600 | 12 | ||||
| Zhejiang Garden Biopharmaceutical Co. Ltd. Class A | 5,500 | 12 | ||||
| * | Beijing Baination Pictures Co. Ltd. Class A | 13,300 | 12 | |||
| Shenzhen Center Power Tech Co. Ltd. Class A | 3,900 | 12 | ||||
| China Animal Husbandry Industry Co. Ltd. Class A | 11,100 | 12 | ||||
| Zhejiang China Light & Textile Industrial City Group Co. Ltd. Class A | 21,400 | 12 | ||||
| Keshun Waterproof Technologies Co. Ltd. Class A | 16,460 | 12 | ||||
| * | Luoxin Pharmaceuticals Group Stock Co. Ltd. Class A | 15,800 | 12 | |||
| Nanjing Xinjiekou Department Store Co. Ltd. Class A | 10,700 | 12 | ||||
| Jiangsu Gian Technology Co. Ltd. Class A | 1,565 | 12 | ||||
| * | China Express Airlines Co. Ltd. Class A | 9,600 | 12 | |||
| Qingdao Haier Biomedical Co. Ltd. Class A | 2,543 | 12 | ||||
| Zhende Medical Co. Ltd. Class A | 3,500 | 12 | ||||
| * | Beijing Bohui Innovation Biotechnology Group Co. Ltd. Class A | 14,500 | 12 | |||
| Anhui Huilong Agricultural Means of Production Co. Ltd. Class A | 15,300 | 12 | ||||
| Weihai Guangtai Airport Equipment Co. Ltd. Class A | 7,800 | 12 | ||||
| Winall Hi-Tech Seed Co. Ltd. Class A | 8,960 | 12 | ||||
| * | Shenzhen Fine Made Electronics Group Co. Ltd. Class A | 2,200 | 12 | |||
| Sansure Biotech Inc. Class A | 4,179 | 12 | ||||
| Beijing Dahao Technology Corp. Ltd. Class A | 4,920 | 12 | ||||
| * | Jiangsu Lopal Tech Group Co. Ltd. Class A | 6,000 | 12 | |||
| * | Shenzhen Clou Electronics Co. Ltd. Class A | 12,800 | 12 | |||
| Zhongtong Bus Holding Co. Ltd. Class A | 7,200 | 12 | ||||
| * | Jiangsu Transimage Technology Co. Ltd. Class A | 4,700 | 12 | |||
| Zhejiang Yonggui Electric Equipment Co. Ltd. Class A | 4,800 | 12 | ||||
| Shenzhen Topway Video Communication Co. Ltd. Class A | 9,500 | 12 | ||||
| Nanjing Cosmos Chemical Co. Ltd. Class A | 5,880 | 12 | ||||
| Ningxia Western Venture Industrial Co. Ltd. Class A | 16,100 | 12 | ||||
| Chongqing Road & Bridge Co. Ltd. Class A | 11,900 | 12 | ||||
| * | Hanwang Technology Co. Ltd. Class A | 3,500 | 12 | |||
| * | Hainan Haiyao Co. Ltd. Class A | 14,300 | 12 | |||
| Shenzhen Invt Electric Co. Ltd. Class A | 9,100 | 12 | ||||
| * | Hunan New Wellful Co. Ltd. Class A | 12,900 | 12 | |||
| Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A | 8,700 | 11 | ||||
| Rainbow Digital Commercial Co. Ltd. Class A | 13,700 | 11 | ||||
| Sunflower Pharmaceutical Group Co. Ltd. Class A | 4,700 | 11 | ||||
| Vatti Corp. Ltd. Class A | 11,700 | 11 | ||||
| * | C&S Paper Co. Ltd. Class A | 9,200 | 11 | |||
| Guangshen Railway Co. Ltd. Class A | 24,400 | 11 | ||||
| China Railway Tielong Container Logistics Co. Ltd. Class A | 12,700 | 11 | ||||
| Hangxiao Steel Structure Co. Ltd. Class A | 28,100 | 11 | ||||
| Ningbo Peacebird Fashion Co. Ltd. Class A | 5,400 | 11 | ||||
| * | China Wuyi Co. Ltd. Class A | 28,200 | 11 | |||
| * | Shunfa Hengneng Corp. Class A | 26,200 | 11 | |||
| * | Shenzhen New Nanshan Holding Group Co. Ltd. Class A | 28,400 | 11 | |||
| PharmaBlock Sciences Nanjing Inc. Class A | 1,800 | 11 | ||||
| Unilumin Group Co. Ltd. Class A | 9,400 | 11 | ||||
| Shenzhen Heungkong Holding Co. Ltd. Class A | 47,600 | 11 | ||||
| Time Publishing & Media Co. Ltd. Class A | 9,100 | 11 | ||||
| Fujian Expressway Development Co. Ltd. Class A | 22,000 | 11 | ||||
| Tianjin TEDA Resources Recycling Group Co. Ltd. Class A | 17,600 | 11 | ||||
| CITIC Press Corp. Class A | 2,400 | 11 | ||||
| Era Co. Ltd. Class A | 18,600 | 11 | ||||
| * | Shenzhen Properties & Resources Development Group Ltd. Class A | 8,800 | 11 | |||
| * | Shandong Longda Meishi Co. Ltd. Class A | 14,700 | 11 | |||
| Xiamen Jihong Technology Co. Ltd. Class A | 4,500 | 11 | ||||
| Zhejiang Hailide New Material Co. Ltd. Class A | 12,000 | 11 | ||||
30
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Beijing Sanlian Hope Shin-Gosen Technical Service Co. Ltd. Class A | 4,400 | 11 | ||||
| * | Hubei Century Network Technology Co. Ltd. Class A | 5,200 | 11 | |||
| Zhejiang Tony Electronic Co. Ltd. Class A | 3,300 | 11 | ||||
| Jiangsu Lianyungang Port Co. Ltd. Class A | 13,200 | 11 | ||||
| Shanghai Hile Bio-Technology Co. Ltd. Class A | 11,300 | 11 | ||||
| * | JinJian Cereals Industry Co. Ltd. Class A | 11,300 | 11 | |||
| * | Zhongnongfa Seed Industry Group Co. Ltd. Class A | 12,600 | 11 | |||
| Huangshan Novel Co. Ltd. Class A | 7,200 | 11 | ||||
| Tianjin Tianyao Pharmaceutical Co. Ltd. Class A | 18,900 | 11 | ||||
| * | Transwarp Technology Shanghai Co. Ltd. Class A | 1,328 | 11 | |||
| * | Shenzhen Silver Basis Technology Co. Ltd. Class A | 8,100 | 11 | |||
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 13,000 | 10 | ||||
| * | Beijing SuperMap Software Co. Ltd. Class A | 4,000 | 10 | |||
| Qingdao Eastsoft Communication Technology Co. Ltd. Class A | 4,000 | 10 | ||||
| * | Guangdong Zhongnan Iron & Steel Co. Ltd. Class A | 25,700 | 10 | |||
| Hunan Aihua Group Co. Ltd. Class A | 3,800 | 10 | ||||
| * | Beijing VRV Software Corp. Ltd. Class A | 10,400 | 10 | |||
| Sumavision Technologies Co. Ltd. Class A | 11,000 | 10 | ||||
| Jiangsu Huaxicun Co. Ltd. Class A | 9,500 | 10 | ||||
| China West Construction Group Co. Ltd. Class A | 10,000 | 10 | ||||
| * | Guangdong Shenglu Telecommunication Tech Co. Ltd. Class A | 7,700 | 10 | |||
| Jiangsu Shuangxing Color Plastic New Materials Co. Ltd. Class A | 12,600 | 10 | ||||
| Biem.L.Fdlkk Garment Co. Ltd. Class A | 4,100 | 10 | ||||
| Canny Elevator Co. Ltd. Class A | 9,500 | 10 | ||||
| Zhejiang Tianyu Pharmaceutical Co. Ltd. Class A | 2,660 | 10 | ||||
| Shandong Jinjing Science & Technology Co. Ltd. Class A | 14,500 | 10 | ||||
| Bros Eastern Co. Ltd. Class A | 12,800 | 10 | ||||
| Jiangsu Hongdou Industrial Co. Ltd. Class A | 29,400 | 10 | ||||
| Shenzhen Changhong Technology Co. Ltd. Class A | 5,000 | 10 | ||||
| Hangzhou Electronic Soul Network Technology Co. Ltd. Class A | 3,100 | 10 | ||||
| Jinlei Technology Co. Ltd. Class A | 2,700 | 10 | ||||
| Anhui Guangxin Agrochemical Co. Ltd. Class A | 5,740 | 10 | ||||
| Wuhan Keqian Biology Co. Ltd. Class A | 3,714 | 10 | ||||
| Qingdao Gaoce Technology Co. Ltd. Class A | 6,407 | 10 | ||||
| Zhejiang Jiahua Energy Chemical Industry Co. Ltd. Class A | 8,300 | 10 | ||||
| * | Piesat Information Technology Co. Ltd. Class A | 1,895 | 10 | |||
| * | Guangdong Yowant Technology Group Co. Ltd. Class A | 11,000 | 10 | |||
| Yuneng Technology Co. Ltd. Class A | 1,493 | 10 | ||||
| Qingdao Citymedia Co. Ltd. Class A | 9,900 | 10 | ||||
| Luolai Lifestyle Technology Co. Ltd. Class A | 7,200 | 9 | ||||
| 5I5J Holding Group Co. Ltd. Class A | 20,800 | 9 | ||||
| Sinosteel Engineering & Technology Co. Ltd. Class A | 10,200 | 9 | ||||
| * | Rongan Property Co. Ltd. Class A | 33,000 | 9 | |||
| Jinneng Science & Technology Co. Ltd. Class A | 8,500 | 9 | ||||
| Shinva Medical Instrument Co. Ltd. Class A | 3,900 | 9 | ||||
| Guangxi LiuYao Group Co. Ltd. Class A | 3,500 | 9 | ||||
| Shanghai Kelai Mechatronics Engineering Co. Ltd. Class A | 3,200 | 9 | ||||
| Shanghai Bright Power Semiconductor Co. Ltd. Class A | 593 | 9 | ||||
| Xilinmen Furniture Co. Ltd. Class A | 3,600 | 9 | ||||
| * | Marssenger Kitchenware Co. Ltd. Class A | 4,800 | 9 | |||
| JS Corrugating Machinery Co. Ltd. Class A | 5,100 | 9 | ||||
| Zhejiang Gongdong Medical Technology Co. Ltd. Class A | 3,136 | 9 | ||||
| Guizhou Tyre Co. Ltd. Class A | 14,300 | 9 | ||||
| * | Zhejiang Huatong Meat Products Co. Ltd. Class A | 5,900 | 9 | |||
| * | Bright Eye Hospital Group Co. Ltd. Class A | 1,600 | 9 | |||
| * | Jiangsu General Science Technology Co. Ltd. Class A | 13,800 | 9 | |||
| Joyoung Co. Ltd. Class A | 5,800 | 8 | ||||
| * | Beijing North Star Co. Ltd. Class A | 31,900 | 8 | |||
| Shandong Jincheng Pharmaceutical Group Co. Ltd. Class A | 2,800 | 8 | ||||
| Bear Electric Appliance Co. Ltd. Class A | 1,100 | 8 | ||||
| Ligao Foods Co. Ltd. Class A | 1,200 | 8 | ||||
| Jingjin Equipment Inc. Class A | 3,760 | 8 | ||||
| * | Triumph New Energy Co. Ltd. Class A | 5,200 | 8 | |||
| Jinghua Pharmaceutical Group Co. Ltd. Class A | 7,900 | 8 | ||||
| Wencan Group Co. Ltd. Class A | 2,800 | 8 | ||||
| * | Cybrid Technologies Inc. Class A | 5,100 | 8 | |||
| Shenzhen Hello Tech Energy Co. Ltd. Class A | 861 | 8 | ||||
| Tangshan Sunfar Silicon Industry Co. Ltd. Class A | 3,900 | 8 | ||||
| * | Inner Mongolia OJing Science & Technology Co. Ltd. Class A | 1,900 | 8 | |||
| Changchun BCHT Biotechnology Co. Ltd. Class A | 2,431 | 8 | ||||
31
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Shenzhen Xinyichang Technology Co. Ltd. Class A | 798 | 8 | ||||
| Shenzhen Fuanna Bedding & Furnishing Co. Ltd. Class A | 6,700 | 7 | ||||
| Luoniushan Co. Ltd. Class A | 7,800 | 7 | ||||
| Renhe Pharmacy Co. Ltd. Class A | 8,300 | 7 | ||||
| Guangdong Shirongzhaoye Co. Ltd. Class A | 9,600 | 7 | ||||
| Shandong Xiantan Co. Ltd. Class A | 7,300 | 7 | ||||
| Guangzhou Zhiguang Electric Co. Ltd. Class A | 7,900 | 7 | ||||
| Luyang Energy-Saving Materials Co. Ltd. | 4,400 | 7 | ||||
| * | Jolywood Suzhou Sunwatt Co. Ltd. Class A | 7,800 | 7 | |||
| Lancy Co. Ltd. Class A | 2,300 | 6 | ||||
| * | Zhejiang Orient Gene Biotech Co. Ltd. Class A | 1,543 | 6 | |||
| * | Truking Technology Ltd. Class A | 4,900 | 6 | |||
| * | Beijing Sinohytec Co. Ltd. Class A | 1,911 | 6 | |||
| Baoxiniao Holding Co. Ltd. Class A | 10,800 | 6 | ||||
| * | Beijing North Star Co. Ltd. Class H | 44,000 | 5 | |||
| Chengzhi Co. Ltd. Class A | 4,900 | 5 | ||||
| *,2 | China Grand Automotive Services Group Co. Ltd. | 47,600 | 5 | |||
| *,2 | Pengdu Agriculture & Animal Husbandry Co. Ltd. | 95,300 | 5 | |||
| Shandong Head Group Co. Ltd. Class A | 2,000 | 4 | ||||
| *,2 | Orient Group Inc. | 32,200 | 2 | |||
| *,2 | Yango Group Co. Ltd. Class A | 15,800 | — | |||
| *,2 | Jiangsu Zhongnan Construction Group Co. Ltd. | 41,700 | — | |||
| *,2 | Blivex Energy Technology Co. Ltd. | 49,300 | — | |||
| *,2 | Zhejiang Akcome New Energy Technology Co. Ltd. | 67,800 | — | |||
| *,2 | Ningxia Zhongyin Cashmere Co. Ltd. | 10,700 | — | |||
| 451,149 | ||||||
| Colombia (0.0%) | ||||||
| Grupo Cibest SA ADR | 7,461 | 377 | ||||
| Cementos Argos SA | 106,005 | 263 | ||||
| 640 | ||||||
| Czech Republic (0.0%) | ||||||
| Komercni Banka A/S | 15,629 | 764 | ||||
| 3 | Moneta Money Bank A/S | 60,074 | 440 | |||
| 1,204 | ||||||
| Denmark (1.5%) | ||||||
| Novo Nordisk A/S Class B | 608,230 | 34,371 | ||||
| DSV A/S | 36,207 | 8,027 | ||||
| Danske Bank A/S | 122,114 | 5,026 | ||||
| Novonesis Novozymes B | 65,604 | 4,173 | ||||
| Vestas Wind Systems A/S | 191,796 | 3,818 | ||||
| * | Genmab A/S | 12,287 | 3,067 | |||
| Coloplast A/S Class B | 23,203 | 2,232 | ||||
| Pandora A/S | 14,863 | 2,055 | ||||
| AP Moller - Maersk A/S Class B | 893 | 1,840 | ||||
| Tryg A/S | 57,233 | 1,504 | ||||
| Ringkjoebing Landbobank A/S | 4,994 | 1,128 | ||||
| * | NKT A/S | 10,435 | 994 | |||
| * | Zealand Pharma A/S | 13,792 | 948 | |||
| Jyske Bank A/S (Registered) | 8,223 | 883 | ||||
| * | ALK-Abello A/S Class B | 25,544 | 806 | |||
| AP Moller - Maersk A/S Class A | 385 | 791 | ||||
| Sydbank A/S | 10,373 | 789 | ||||
| FLSmidth & Co. A/S | 9,548 | 652 | ||||
| * | Demant A/S | 15,986 | 612 | |||
| ROCKWOOL A/S Class B | 15,788 | 597 | ||||
| * | Bavarian Nordic A/S | 14,074 | 522 | |||
| * | GN Store Nord A/S | 24,931 | 452 | |||
| Alm Brand A/S | 135,109 | 377 | ||||
| Ambu A/S Class B | 24,837 | 376 | ||||
| *,3 | Netcompany Group A/S | 8,326 | 317 | |||
| H Lundbeck A/S | 39,735 | 251 | ||||
| Chemometec A/S | 2,949 | 241 | ||||
| Schouw & Co. A/S | 2,154 | 200 | ||||
| UIE plc | 2,116 | 94 | ||||
| * | Dfds A/S | 5,508 | 86 | |||
| H Lundbeck A/S Class A | 15,796 | 83 | ||||
| * | NTG Nordic Transport Group A/S | 2,817 | 81 | |||
32
ESG International Stock ETF
33
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Elis SA | 33,360 | 914 | ||||
| Arkema SA | 11,917 | 845 | ||||
| Teleperformance SE | 10,384 | 801 | ||||
| 3 | Amundi SA | 10,503 | 776 | |||
| Covivio SA | 10,486 | 687 | ||||
| 3 | Ayvens SA | 47,498 | 526 | |||
| Wendel SE | 5,194 | 501 | ||||
| Sopra Steria Group | 2,692 | 500 | ||||
| SES SA Class A ADR | 68,525 | 479 | ||||
| Valeo SE | 39,293 | 477 | ||||
| Vivendi SE | 124,049 | 444 | ||||
| Eurazeo SE Loyalty Shares | 5,773 | 378 | ||||
| * | Forvia SE (XPAR) | 27,639 | 369 | |||
| * | Air France-KLM | 23,061 | 363 | |||
| Coface SA | 18,992 | 358 | ||||
| Virbac SACA | 836 | 328 | ||||
| Pluxee NV | 15,299 | 312 | ||||
| Sodexo SA Loyalty Shares | 5,165 | 310 | ||||
| VusionGroup | 1,231 | 309 | ||||
| IPSOS SA | 7,121 | 296 | ||||
| Sodexo SA | 4,637 | 278 | ||||
| Trigano SA | 1,550 | 273 | ||||
| Mercialys SA | 20,700 | 263 | ||||
| * | ID Logistics Group SACA | 529 | 254 | |||
| SEB SA Loyalty Shares | 3,202 | 233 | ||||
| Societe BIC SA | 3,714 | 232 | ||||
| Argan SA | 2,948 | 223 | ||||
| Sodexo SA Loyalty Shares 2025 | 3,622 | 217 | ||||
| JCDecaux SE | 12,464 | 215 | ||||
| Carmila SA | 9,992 | 201 | ||||
| * | SOITEC | 4,542 | 189 | |||
| ICADE | 7,703 | 187 | ||||
| Vicat SACA | 2,631 | 184 | ||||
| * | Ubisoft Entertainment SA | 16,514 | 181 | |||
| Metropole Television SA | 10,126 | 156 | ||||
| Opmobility | 9,613 | 155 | ||||
| Imerys SA | 5,907 | 151 | ||||
| *,1,3 | Worldline SA | 43,212 | 144 | |||
| Interparfums SA | 3,836 | 142 | ||||
| Television Francaise 1 SA | 13,973 | 138 | ||||
| Altarea SCA | 1,106 | 131 | ||||
| Sodexo SA Loyalty Shares 2026 | 2,080 | 125 | ||||
| SEB SA | 1,684 | 123 | ||||
| Antin Infrastructure Partners SA | 9,127 | 122 | ||||
| Eurazeo SE Loyalty Shares 2026 | 1,826 | 119 | ||||
| 1 | Eramet SA | 1,821 | 109 | |||
| Derichebourg SA | 15,041 | 105 | ||||
| Quadient SA | 5,174 | 97 | ||||
| 1,3 | Verallia SA | 3,347 | 96 | |||
| Peugeot Invest SA | 1,006 | 91 | ||||
| * | Nexity SA | 8,384 | 85 | |||
| Wavestone | 1,467 | 84 | ||||
| GL Events SACA | 2,266 | 81 | ||||
| *,3 | X-Fab Silicon Foundries SE | 8,193 | 67 | |||
| *,3 | Elior Group SA | 22,577 | 66 | |||
| Planisware SA | 3,032 | 65 | ||||
| *,1 | Eutelsat Communications SACA | 16,879 | 61 | |||
| LISI SA | 1,143 | 61 | ||||
| * | Voltalia SA (Registered) | 7,203 | 57 | |||
| Manitou BF SA | 2,452 | 54 | ||||
| Equasens | 986 | 53 | ||||
| Fnac Darty SA | 1,500 | 52 | ||||
| Beneteau SACA | 5,186 | 51 | ||||
| LISI SA Loyalty Shares 2026 | 928 | 49 | ||||
| * | Forvia SE (MTAA) | 2,833 | 37 | |||
| * | OVH Groupe SA | 2,981 | 36 | |||
| LISI SA Loyalty Shares | 611 | 32 | ||||
| Eurazeo SA | 422 | 28 | ||||
34
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| *,3 | Aramis Group SAS | 2,503 | 16 | |||
| 195,279 | ||||||
| Germany (5.2%) | ||||||
| SAP SE | 196,313 | 53,436 | ||||
| Allianz SE (Registered) | 73,548 | 31,095 | ||||
| Deutsche Telekom AG (Registered) | 627,791 | 22,974 | ||||
| Deutsche Bank AG (Registered) | 345,258 | 12,131 | ||||
| Deutsche Boerse AG | 34,895 | 10,271 | ||||
| Infineon Technologies AG | 247,409 | 10,127 | ||||
| BASF SE | 169,880 | 9,024 | ||||
| Mercedes-Benz Group AG | 143,512 | 8,982 | ||||
| Deutsche Post AG | 180,146 | 8,211 | ||||
| adidas AG | 31,765 | 6,180 | ||||
| Bayer AG (Registered) | 187,041 | 6,154 | ||||
| Commerzbank AG | 159,904 | 6,103 | ||||
| 1 | Bayerische Motoren Werke AG | 54,608 | 5,713 | |||
| Daimler Truck Holding AG | 95,239 | 4,480 | ||||
| Vonovia SE | 133,363 | 4,319 | ||||
| Fresenius SE & Co. KGaA | 78,520 | 4,269 | ||||
| Hannover Rueck SE | 11,337 | 3,301 | ||||
| 3 | Siemens Healthineers AG | 56,181 | 3,111 | |||
| Merck KGaA | 24,471 | 3,107 | ||||
| Symrise AG Class A | 25,185 | 2,439 | ||||
| * | Covestro AG (XETR) | 31,472 | 2,187 | |||
| GEA Group AG | 28,996 | 2,111 | ||||
| Beiersdorf AG | 18,235 | 2,100 | ||||
| Fresenius Medical Care AG | 40,124 | 2,068 | ||||
| QIAGEN NV | 40,850 | 1,903 | ||||
| Henkel AG & Co. KGaA | 23,623 | 1,816 | ||||
| Continental AG | 20,622 | 1,808 | ||||
| 3 | Scout24 SE | 13,694 | 1,774 | |||
| Talanx AG | 11,350 | 1,565 | ||||
| Nemetschek SE | 10,820 | 1,495 | ||||
| Knorr-Bremse AG | 12,780 | 1,335 | ||||
| *,3 | Zalando SE | 45,021 | 1,255 | |||
| LEG Immobilien SE | 14,212 | 1,191 | ||||
| *,3 | Delivery Hero SE Class A | 42,083 | 1,116 | |||
| Deutsche Lufthansa AG (Registered) | 119,070 | 1,110 | ||||
| Evonik Industries AG | 49,396 | 953 | ||||
| KION Group AG | 13,856 | 902 | ||||
| * | TUI AG | 86,074 | 883 | |||
| Freenet AG | 24,225 | 809 | ||||
| Bechtle AG | 16,653 | 757 | ||||
| Rational AG | 978 | 729 | ||||
| *,3 | Auto1 Group SE | 21,447 | 726 | |||
| 1 | Aurubis AG | 5,805 | 659 | |||
| * | Nordex SE | 23,973 | 587 | |||
| * | Fraport AG Frankfurt Airport Services Worldwide | 6,696 | 574 | |||
| TAG Immobilien AG | 30,997 | 555 | ||||
| * | Aroundtown SA | 133,064 | 528 | |||
| Puma SE | 18,971 | 478 | ||||
| flatexDEGIRO AG | 14,413 | 477 | ||||
| K+S AG (Registered) | 33,842 | 457 | ||||
| Krones AG | 2,858 | 440 | ||||
| LANXESS AG | 14,949 | 424 | ||||
| United Internet AG (Registered) | 12,766 | 408 | ||||
| * | IONOS Group SE | 8,964 | 400 | |||
| HUGO BOSS AG | 7,596 | 374 | ||||
| 3 | DWS Group GmbH & Co. KGaA | 5,781 | 359 | |||
| AIXTRON SE | 22,461 | 330 | ||||
| FUCHS SE | 8,824 | 328 | ||||
| Carl Zeiss Meditec AG | 6,294 | 318 | ||||
| Gerresheimer AG | 6,147 | 310 | ||||
| RTL Group SA | 6,974 | 288 | ||||
| Stroeer SE & Co. KGaA | 5,772 | 280 | ||||
| *,3 | Redcare Pharmacy NV | 2,761 | 263 | |||
| Fielmann Group AG | 4,293 | 261 | ||||
| Schaeffler AG | 37,317 | 258 | ||||
| *,3 | TeamViewer SE | 23,522 | 250 | |||
35
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Wacker Chemie AG | 3,213 | 245 | ||||
| * | HelloFresh SE | 27,112 | 240 | |||
| *,3 | Covestro AG | 3,406 | 239 | |||
| Deutz AG | 22,787 | 237 | ||||
| Deutsche Wohnen SE | 9,029 | 236 | ||||
| Hornbach Holding AG & Co. KGaA | 1,913 | 233 | ||||
| 3 | Befesa SA | 7,081 | 228 | |||
| Duerr AG | 8,588 | 213 | ||||
| Kontron AG | 7,086 | 203 | ||||
| Sixt SE | 1,992 | 197 | ||||
| Atoss Software SE | 1,549 | 186 | ||||
| Jenoptik AG | 9,233 | 184 | ||||
| * | Evotec SE | 25,989 | 183 | |||
| Vossloh AG | 1,722 | 170 | ||||
| *,1 | ProSiebenSat.1 Media SE (XETR) | 16,773 | 167 | |||
| Schott Pharma AG & Co. KGaA | 6,188 | 165 | ||||
| * | Grand City Properties SA | 12,215 | 158 | |||
| Eckert & Ziegler SE | 7,590 | 153 | ||||
| KWS Saat SE & Co. KGaA | 1,927 | 146 | ||||
| 1 | Suedzucker AG | 12,081 | 142 | |||
| 3 | Deutsche Pfandbriefbank AG | 22,278 | 138 | |||
| * | Hypoport SE | 802 | 134 | |||
| Wacker Neuson SE | 4,504 | 132 | ||||
| * | CECONOMY AG | 24,711 | 129 | |||
| CANCOM SE | 4,617 | 124 | ||||
| Stabilus SE | 4,470 | 124 | ||||
| 1&1 AG | 4,932 | 118 | ||||
| 1 | PNE AG | 7,253 | 118 | |||
| Elmos Semiconductor SE | 1,145 | 109 | ||||
| Salzgitter AG | 4,002 | 104 | ||||
| Dermapharm Holding SE | 2,689 | 103 | ||||
| Pfeiffer Vacuum Technology AG | 548 | 101 | ||||
| GRENKE AG | 4,838 | 96 | ||||
| Norma Group SE | 5,006 | 93 | ||||
| * | Douglas AG | 6,141 | 87 | |||
| 1 | Adtran Networks SE | 3,418 | 84 | |||
| Siltronic AG | 2,004 | 83 | ||||
| Nagarro SE | 1,263 | 78 | ||||
| Wuestenrot & Wuerttembergische AG | 4,084 | 67 | ||||
| * | SMA Solar Technology AG | 2,524 | 67 | |||
| Energiekontor AG | 1,282 | 65 | ||||
| Adesso SE | 614 | 63 | ||||
| GFT Technologies SE | 2,871 | 59 | ||||
| Secunet Security Networks AG | 256 | 58 | ||||
| *,1,3 | Thyssenkrupp Nucera AG & Co. KGaA | 5,235 | 56 | |||
| 1 | ProSiebenSat.1 Media SE | 5,592 | 55 | |||
| Deutsche Beteiligungs AG | 1,809 | 53 | ||||
| Deutsche EuroShop AG | 2,227 | 49 | ||||
| PATRIZIA SE | 5,313 | 46 | ||||
| STRATEC SE | 1,330 | 42 | ||||
| Verbio SE | 3,048 | 38 | ||||
| *,1 | BayWa AG | 3,109 | 35 | |||
| Takkt AG | 4,126 | 23 | ||||
| Draegerwerk AG & Co. KGaA | 311 | 20 | ||||
| 262,302 | ||||||
| Greece (0.2%) | ||||||
| National Bank of Greece SA | 159,692 | 2,212 | ||||
| Eurobank Ergasias Services & Holdings SA | 507,120 | 1,864 | ||||
| Piraeus Financial Holdings SA | 208,562 | 1,614 | ||||
| Alpha Bank SA | 405,254 | 1,608 | ||||
| JUMBO SA | 22,091 | 788 | ||||
| Hellenic Telecommunications Organization SA | 29,243 | 544 | ||||
| Titan SA | 6,398 | 278 | ||||
| Athens International Airport SA | 11,913 | 148 | ||||
| Aegean Airlines SA | 8,428 | 141 | ||||
| Hellenic Exchanges - Athens Stock Exchange SA | 14,324 | 117 | ||||
| * | LAMDA Development SA | 11,159 | 97 | |||
| Sarantis SA | 4,643 | 79 | ||||
| * | Aktor SA Holding Co. Technical & Energy Projects | 8,539 | 78 | |||
36
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Holding Co. ADMIE IPTO SA | 18,833 | 75 | ||||
| Fourlis Holdings SA | 12,102 | 70 | ||||
| Piraeus Port Authority SA | 1,156 | 61 | ||||
| Viohalco SA | 6,060 | 46 | ||||
| Autohellas Tourist & Trading SA | 2,922 | 39 | ||||
| Quest Holdings SA | 3,842 | 34 | ||||
| Ellaktor SA | 13,171 | 21 | ||||
| Ideal Holdings SA | 2,821 | 20 | ||||
| 9,934 | ||||||
| Hong Kong (1.5%) | ||||||
| AIA Group Ltd. | 2,033,400 | 19,326 | ||||
| Hong Kong Exchanges & Clearing Ltd. | 227,300 | 13,317 | ||||
| Techtronic Industries Co. Ltd. | 275,500 | 3,563 | ||||
| Sun Hung Kai Properties Ltd. | 277,000 | 3,272 | ||||
| BOC Hong Kong Holdings Ltd. | 680,000 | 3,087 | ||||
| Link REIT | 487,820 | 2,605 | ||||
| Lenovo Group Ltd. | 1,470,000 | 2,110 | ||||
| Hang Seng Bank Ltd. | 137,800 | 1,976 | ||||
| 3 | WH Group Ltd. | 1,494,592 | 1,606 | |||
| Hongkong Land Holdings Ltd. | 196,500 | 1,218 | ||||
| Shenzhou International Group Holdings Ltd. | 150,684 | 1,199 | ||||
| MTR Corp. Ltd. | 295,500 | 1,002 | ||||
| Wharf Real Estate Investment Co. Ltd. | 343,000 | 1,002 | ||||
| SITC International Holdings Co. Ltd. | 250,000 | 883 | ||||
| Sino Land Co. Ltd. | 740,000 | 882 | ||||
| Henderson Land Development Co. Ltd. | 250,400 | 869 | ||||
| AAC Technologies Holdings Inc. | 141,000 | 786 | ||||
| Chow Tai Fook Jewellery Group Ltd. | 342,200 | 643 | ||||
| Swire Pacific Ltd. Class B | 392,500 | 587 | ||||
| Want Want China Holdings Ltd. | 839,000 | 583 | ||||
| Swire Properties Ltd. | 209,200 | 568 | ||||
| PRADA SpA | 96,100 | 567 | ||||
| PCCW Ltd. | 825,590 | 557 | ||||
| 3 | Samsonite Group SA | 248,400 | 541 | |||
| Wharf Holdings Ltd. | 188,000 | 540 | ||||
| ASMPT Ltd. | 59,200 | 537 | ||||
| * | MMG Ltd. | 703,200 | 470 | |||
| Orient Overseas International Ltd. | 23,000 | 403 | ||||
| 1 | Guotai Junan International Holdings Ltd. | 482,000 | 368 | |||
| Swire Pacific Ltd. Class A | 40,000 | 343 | ||||
| United Laboratories International Holdings Ltd. | 174,000 | 343 | ||||
| Hang Lung Properties Ltd. | 328,000 | 335 | ||||
| Xinyi Glass Holdings Ltd. | 298,000 | 327 | ||||
| 3 | BOC Aviation Ltd. | 35,200 | 316 | |||
| *,3 | Everest Medicines Ltd. | 38,500 | 315 | |||
| Bank of East Asia Ltd. | 186,800 | 308 | ||||
| Kerry Properties Ltd. | 108,500 | 281 | ||||
| Yue Yuen Industrial Holdings Ltd. | 136,000 | 240 | ||||
| Hang Lung Group Ltd. | 135,000 | 237 | ||||
| Johnson Electric Holdings Ltd. | 64,500 | 237 | ||||
| * | Vobile Group Ltd. | 275,000 | 235 | |||
| Cathay Pacific Airways Ltd. | 164,181 | 226 | ||||
| VTech Holdings Ltd. | 27,700 | 224 | ||||
| Stella International Holdings Ltd. | 103,500 | 224 | ||||
| Hysan Development Co. Ltd. | 116,000 | 218 | ||||
| * | New World Development Co. Ltd. | 243,533 | 209 | |||
| *,3 | FIT Hon Teng Ltd. | 307,000 | 188 | |||
| *,3 | CARsgen Therapeutics Holdings Ltd. | 63,000 | 188 | |||
| Luk Fook Holdings International Ltd. | 55,180 | 172 | ||||
| DFI Retail Group Holdings Ltd. | 52,400 | 167 | ||||
| Man Wah Holdings Ltd. | 263,600 | 160 | ||||
| CTF Services Ltd. | 152,000 | 152 | ||||
| VSTECS Holdings Ltd. | 108,000 | 151 | ||||
| Fortune REIT | 242,000 | 150 | ||||
| Vitasoy International Holdings Ltd. | 120,000 | 141 | ||||
| Nexteer Automotive Group Ltd. | 157,000 | 139 | ||||
| Dah Sing Financial Holdings Ltd. | 29,600 | 135 | ||||
| HKBN Ltd. | 186,500 | 121 | ||||
| Shangri-La Asia Ltd. | 186,000 | 109 | ||||
37
ESG International Stock ETF
38
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Asian Paints Ltd. | 85,229 | 2,435 | ||||
| 3 | InterGlobe Aviation Ltd. | 36,220 | 2,322 | |||
| Jio Financial Services Ltd. | 620,788 | 2,196 | ||||
| Trent Ltd. | 35,334 | 2,124 | ||||
| Cipla Ltd. | 104,876 | 1,890 | ||||
| Max Healthcare Institute Ltd. | 143,632 | 1,881 | ||||
| Nestle India Ltd. | 135,516 | 1,777 | ||||
| TVS Motor Co. Ltd. (XNSE) | 46,942 | 1,744 | ||||
| Dr Reddy's Laboratories Ltd. | 121,530 | 1,738 | ||||
| Eicher Motors Ltd. | 24,938 | 1,726 | ||||
| 3 | SBI Life Insurance Co. Ltd. | 83,183 | 1,703 | |||
| Apollo Hospitals Enterprise Ltd. | 19,380 | 1,674 | ||||
| Divi's Laboratories Ltd. | 23,923 | 1,663 | ||||
| Bajaj Finserv Ltd. | 75,177 | 1,632 | ||||
| Shriram Finance Ltd. | 246,842 | 1,626 | ||||
| Wipro Ltd. | 571,177 | 1,615 | ||||
| 3 | HDFC Life Insurance Co. Ltd. | 176,655 | 1,547 | |||
| Tata Consumer Products Ltd. | 127,864 | 1,545 | ||||
| *,3 | Avenue Supermarts Ltd. | 28,592 | 1,542 | |||
| Britannia Industries Ltd. | 22,417 | 1,480 | ||||
| Varun Beverages Ltd. | 265,470 | 1,467 | ||||
| Indian Hotels Co. Ltd. Class A | 170,019 | 1,463 | ||||
| Hero MotoCorp Ltd. | 24,438 | 1,409 | ||||
| Cholamandalam Investment & Finance Co. Ltd. | 84,718 | 1,367 | ||||
| Bajaj Auto Ltd. | 13,539 | 1,325 | ||||
| * | Suzlon Energy Ltd. | 2,026,334 | 1,299 | |||
| Coforge Ltd. | 64,602 | 1,262 | ||||
| Persistent Systems Ltd. | 20,989 | 1,261 | ||||
| * | PB Fintech Ltd. | 62,175 | 1,249 | |||
| Dixon Technologies India Ltd. | 6,176 | 1,170 | ||||
| 3 | HDFC Asset Management Co. Ltd. | 18,341 | 1,136 | |||
| Info Edge India Ltd. | 72,974 | 1,124 | ||||
| Bharti Airtel Ltd. | 68,326 | 1,120 | ||||
| Godrej Consumer Products Ltd. | 74,338 | 1,048 | ||||
| Pidilite Industries Ltd. | 29,025 | 1,004 | ||||
| DLF Ltd. | 117,829 | 988 | ||||
| Lupin Ltd. | 44,990 | 968 | ||||
| * | Indus Towers Ltd. | 247,527 | 951 | |||
| Fortis Healthcare Ltd. | 91,031 | 941 | ||||
| 3 | ICICI Lombard General Insurance Co. Ltd. | 44,299 | 925 | |||
| REC Ltd. | 231,157 | 918 | ||||
| * | Max Financial Services Ltd. | 49,019 | 890 | |||
| * | One 97 Communications Ltd. | 64,703 | 886 | |||
| BSE Ltd. | 36,784 | 875 | ||||
| SRF Ltd. | 27,118 | 872 | ||||
| Samvardhana Motherson International Ltd. | 823,903 | 866 | ||||
| UPL Ltd. | 106,373 | 864 | ||||
| Marico Ltd. | 97,777 | 804 | ||||
| Torrent Pharmaceuticals Ltd. | 19,773 | 798 | ||||
| 3 | Laurus Labs Ltd. | 80,510 | 782 | |||
| Ashok Leyland Ltd. | 542,174 | 780 | ||||
| * | Yes Bank Ltd. | 3,535,646 | 766 | |||
| Havells India Ltd. | 43,924 | 761 | ||||
| Federal Bank Ltd. | 339,696 | 739 | ||||
| Aurobindo Pharma Ltd. | 61,409 | 715 | ||||
| Bajaj Holdings & Investment Ltd. | 4,923 | 713 | ||||
| Bosch Ltd. | 1,562 | 708 | ||||
| Embassy Office Parks REIT | 160,719 | 707 | ||||
| 3 | Lodha Developers Ltd. | 51,725 | 700 | |||
| Glenmark Pharmaceuticals Ltd. | 31,976 | 697 | ||||
| Coromandel International Ltd. | 26,000 | 681 | ||||
| Tube Investments of India Ltd. | 20,186 | 678 | ||||
| Voltas Ltd. | 43,394 | 676 | ||||
| Mphasis Ltd. | 20,963 | 661 | ||||
| Dabur India Ltd. | 110,911 | 655 | ||||
| Colgate-Palmolive India Ltd. | 24,670 | 653 | ||||
| Sundaram Finance Ltd. | 12,792 | 652 | ||||
| Zydus Lifesciences Ltd. | 58,331 | 650 | ||||
| * | FSN E-Commerce Ventures Ltd. | 248,625 | 649 | |||
| PI Industries Ltd. | 15,235 | 639 | ||||
39
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| IDFC First Bank Ltd. | 826,809 | 637 | ||||
| * | Delhivery Ltd. | 114,361 | 607 | |||
| Bank of Baroda | 228,646 | 604 | ||||
| * | Phoenix Mills Ltd. | 34,932 | 596 | |||
| Muthoot Finance Ltd. | 19,654 | 589 | ||||
| * | Godrej Properties Ltd. | 26,513 | 586 | |||
| Supreme Industries Ltd. | 11,512 | 584 | ||||
| Page Industries Ltd. | 1,136 | 571 | ||||
| Indian Railway Catering & Tourism Corp. Ltd. | 72,497 | 569 | ||||
| 3 | AU Small Finance Bank Ltd. | 68,743 | 560 | |||
| Punjab National Bank | 487,745 | 558 | ||||
| Blue Star Ltd. | 25,229 | 539 | ||||
| Hitachi Energy India Ltd. | 2,435 | 528 | ||||
| Prestige Estates Projects Ltd. | 29,602 | 525 | ||||
| NHPC Ltd. | 594,903 | 521 | ||||
| UNO Minda Ltd. | 35,202 | 510 | ||||
| SBI Cards & Payment Services Ltd. | 55,604 | 507 | ||||
| 360 ONE WAM Ltd. | 43,688 | 505 | ||||
| Jubilant Foodworks Ltd. | 70,851 | 504 | ||||
| * | Adani Green Energy Ltd. | 48,499 | 503 | |||
| Oracle Financial Services Software Ltd. | 5,252 | 494 | ||||
| Astral Ltd. | 31,771 | 490 | ||||
| Oberoi Realty Ltd. | 26,593 | 486 | ||||
| * | Adani Energy Solutions Ltd. | 55,279 | 480 | |||
| KEI Industries Ltd. | 11,017 | 477 | ||||
| * | GMR Airports Ltd. | 481,630 | 471 | |||
| Crompton Greaves Consumer Electricals Ltd. | 125,006 | 468 | ||||
| Patanjali Foods Ltd. | 23,136 | 467 | ||||
| 3 | ICICI Prudential Life Insurance Co. Ltd. | 68,125 | 463 | |||
| 3 | Indian Railway Finance Corp. Ltd. | 342,905 | 459 | |||
| Balkrishna Industries Ltd. | 17,054 | 443 | ||||
| LIC Housing Finance Ltd. | 69,417 | 437 | ||||
| Alkem Laboratories Ltd. | 7,274 | 437 | ||||
| 3 | Sona Blw Precision Forgings Ltd. | 85,030 | 427 | |||
| * | Vodafone Idea Ltd. | 5,767,054 | 425 | |||
| Ipca Laboratories Ltd. | 26,637 | 418 | ||||
| Union Bank of India Ltd. | 289,632 | 410 | ||||
| Canara Bank | 344,228 | 405 | ||||
| * | Kalyan Jewellers India Ltd. | 70,213 | 402 | |||
| Tata Elxsi Ltd. | 6,520 | 387 | ||||
| KPIT Technologies Ltd. | 28,466 | 384 | ||||
| Computer Age Management Services Ltd. | 9,109 | 383 | ||||
| Multi Commodity Exchange of India Ltd. | 4,529 | 380 | ||||
| Cholamandalam Financial Holdings Ltd. | 19,397 | 380 | ||||
| Tata Communications Ltd. | 21,519 | 378 | ||||
| Dalmia Bharat Ltd. | 13,862 | 378 | ||||
| Rail Vikas Nigam Ltd. | 109,587 | 376 | ||||
| * | Aditya Birla Capital Ltd. | 117,485 | 370 | |||
| 3 | Brookfield India Real Estate Trust | 101,748 | 369 | |||
| Hindustan Zinc Ltd. | 76,606 | 365 | ||||
| Indian Bank | 48,500 | 359 | ||||
| Exide Industries Ltd. | 78,078 | 351 | ||||
| Mahindra & Mahindra Financial Services Ltd. | 120,229 | 346 | ||||
| *,3 | Krishna Institute of Medical Sciences Ltd. | 41,082 | 337 | |||
| * | Kaynes Technology India Ltd. | 4,745 | 329 | |||
| Navin Fluorine International Ltd. | 6,129 | 326 | ||||
| Biocon Ltd. | 80,128 | 317 | ||||
| Apollo Tyres Ltd. | 59,914 | 314 | ||||
| Schaeffler India Ltd. | 6,954 | 305 | ||||
| Central Depository Services India Ltd. | 18,380 | 297 | ||||
| 3 | Gland Pharma Ltd. | 13,857 | 294 | |||
| Tata Chemicals Ltd. | 27,875 | 291 | ||||
| * | Amber Enterprises India Ltd. | 3,519 | 290 | |||
| Manappuram Finance Ltd. | 96,977 | 287 | ||||
| 3 | Aster DM Healthcare Ltd. | 42,048 | 287 | |||
| Redington Ltd. | 103,157 | 282 | ||||
| JB Chemicals & Pharmaceuticals Ltd. | 14,279 | 279 | ||||
| 3 | Nippon Life India Asset Management Ltd. | 31,168 | 277 | |||
| Berger Paints India Ltd. | 45,068 | 273 | ||||
| 3 | Bandhan Bank Ltd. | 147,824 | 271 | |||
40
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Bharti Hexacom Ltd. | 13,274 | 267 | ||||
| Piramal Enterprises Ltd. | 20,676 | 263 | ||||
| Motilal Oswal Financial Services Ltd. | 26,606 | 259 | ||||
| Brigade Enterprises Ltd. | 24,310 | 255 | ||||
| Gujarat Fluorochemicals Ltd. | 6,540 | 253 | ||||
| Deepak Nitrite Ltd. | 12,319 | 250 | ||||
| Narayana Hrudayalaya Ltd. | 12,555 | 250 | ||||
| Linde India Ltd. | 3,453 | 250 | ||||
| * | AWL Agri Business Ltd. | 86,880 | 248 | |||
| 3 | Dr Lal PathLabs Ltd. | 6,443 | 242 | |||
| 3 | PNB Housing Finance Ltd. | 28,161 | 241 | |||
| *,3 | RBL Bank Ltd. | 81,059 | 240 | |||
| GlaxoSmithKline Pharmaceuticals Ltd. | 7,548 | 238 | ||||
| 3 | Syngene International Ltd. | 32,973 | 234 | |||
| 3 | General Insurance Corp. of India | 56,826 | 234 | |||
| Sundram Fasteners Ltd. | 19,854 | 230 | ||||
| * | Wockhardt Ltd. | 14,202 | 230 | |||
| Emami Ltd. | 34,857 | 227 | ||||
| Amara Raja Energy & Mobility Ltd. | 20,017 | 225 | ||||
| * | EID Parry India Ltd. | 17,405 | 222 | |||
| * | Poonawalla Fincorp Ltd. | 45,159 | 221 | |||
| Firstsource Solutions Ltd. | 55,301 | 220 | ||||
| Piramal Pharma Ltd. | 105,782 | 220 | ||||
| Neuland Laboratories Ltd. | 1,443 | 220 | ||||
| * | Affle 3i Ltd. | 10,011 | 217 | |||
| Escorts Kubota Ltd. | 5,344 | 216 | ||||
| Karur Vysya Bank Ltd. | 88,797 | 216 | ||||
| KEC International Ltd. | 23,374 | 214 | ||||
| UTI Asset Management Co. Ltd. | 14,665 | 214 | ||||
| Zee Entertainment Enterprises Ltd. | 162,209 | 213 | ||||
| Five-Star Business Finance Ltd. | 34,358 | 212 | ||||
| * | Star Health & Allied Insurance Co. Ltd. | 41,406 | 210 | |||
| LMW Ltd. | 1,304 | 209 | ||||
| Ajanta Pharma Ltd. | 7,402 | 208 | ||||
| * | Inox Wind Ltd. | 132,051 | 207 | |||
| Motherson Sumi Wiring India Ltd. | 435,700 | 206 | ||||
| Atul Ltd. | 2,874 | 205 | ||||
| NBCC India Ltd. | 182,813 | 204 | ||||
| CRISIL Ltd. | 3,614 | 204 | ||||
| SKF India Ltd. | 4,051 | 204 | ||||
| Housing & Urban Development Corp. Ltd. | 87,323 | 203 | ||||
| * | IIFL Finance Ltd. | 41,448 | 201 | |||
| * | AIA Engineering Ltd. | 5,809 | 201 | |||
| Carborundum Universal Ltd. | 19,313 | 200 | ||||
| Thermax Ltd. | 5,464 | 199 | ||||
| Angel One Ltd. | 7,920 | 199 | ||||
| KPR Mill Ltd. | 17,687 | 198 | ||||
| ZF Commercial Vehicle Control Systems India Ltd. | 1,236 | 197 | ||||
| 3 | Endurance Technologies Ltd. | 6,057 | 197 | |||
| Kfin Technologies Ltd. | 16,937 | 196 | ||||
| Kajaria Ceramics Ltd. | 14,110 | 194 | ||||
| Happiest Minds Technologies Ltd. | 30,351 | 194 | ||||
| Sammaan Capital Ltd. | 137,240 | 193 | ||||
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 12,265 | 193 | ||||
| * | Indian Renewable Energy Development Agency Ltd. | 118,935 | 190 | |||
| Anand Rathi Wealth Ltd. | 5,975 | 189 | ||||
| Nuvama Wealth Management Ltd. | 2,578 | 187 | ||||
| Himadri Speciality Chemical Ltd. | 37,070 | 187 | ||||
| 3 | Home First Finance Co. India Ltd. | 13,504 | 187 | |||
| eClerx Services Ltd. | 3,887 | 186 | ||||
| * | Cohance Lifesciences Ltd. | 18,304 | 183 | |||
| 3 | Mindspace Business Parks REIT | 38,203 | 183 | |||
| Aditya Birla Real Estate Ltd. | 9,118 | 181 | ||||
| IRB Infrastructure Developers Ltd. | 371,279 | 181 | ||||
| Acutaas Chemicals Ltd. | 11,270 | 180 | ||||
| Zensar Technologies Ltd. | 20,622 | 179 | ||||
| *,3 | Lemon Tree Hotels Ltd. | 95,313 | 179 | |||
| * | Onesource Specialty Pharma Ltd. | 8,362 | 179 | |||
| Chambal Fertilisers & Chemicals Ltd. | 28,577 | 175 | ||||
| * | IndusInd Bank Ltd. | 20,487 | 172 | |||
41
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Whirlpool of India Ltd. | 11,377 | 168 | ||||
| Craftsman Automation Ltd. | 2,148 | 168 | ||||
| Bank of Maharashtra | 283,968 | 167 | ||||
| Honeywell Automation India Ltd. | 375 | 165 | ||||
| * | CreditAccess Grameen Ltd. | 10,221 | 162 | |||
| EIH Ltd. | 35,540 | 161 | ||||
| 3 | Eris Lifesciences Ltd. | 7,825 | 160 | |||
| * | Devyani International Ltd. | 80,824 | 160 | |||
| * | PVR Inox Ltd. | 12,518 | 159 | |||
| Elgi Equipments Ltd. | 29,769 | 159 | ||||
| Gillette India Ltd. | 1,378 | 158 | ||||
| City Union Bank Ltd. | 70,998 | 158 | ||||
| * | Chalet Hotels Ltd. | 13,805 | 158 | |||
| * | Godrej Industries Ltd. | 11,232 | 157 | |||
| Aarti Industries Ltd. | 36,391 | 155 | ||||
| Natco Pharma Ltd. | 15,901 | 155 | ||||
| Techno Electric & Engineering Co. Ltd. | 8,977 | 154 | ||||
| Intellect Design Arena Ltd. | 13,756 | 152 | ||||
| * | Sapphire Foods India Ltd. | 40,718 | 151 | |||
| PG Electroplast Ltd. | 24,887 | 151 | ||||
| Bata India Ltd. | 12,060 | 150 | ||||
| 3 | Paradeep Phosphates Ltd. | 61,016 | 150 | |||
| Hindustan Copper Ltd. | 57,284 | 149 | ||||
| Sumitomo Chemical India Ltd. | 23,061 | 148 | ||||
| * | Sudarshan Chemical Industries Ltd. | 8,735 | 148 | |||
| 3 | IndiaMart InterMesh Ltd. | 4,968 | 146 | |||
| Poly Medicure Ltd. | 6,152 | 146 | ||||
| TVS Holdings Ltd. | 1,075 | 145 | ||||
| JM Financial Ltd. | 71,695 | 144 | ||||
| Granules India Ltd. | 25,705 | 144 | ||||
| * | Aavas Financiers Ltd. | 8,103 | 140 | |||
| Aptus Value Housing Finance India Ltd. | 38,872 | 140 | ||||
| Rainbow Children's Medicare Ltd. | 8,178 | 139 | ||||
| Ceat Ltd. | 3,877 | 138 | ||||
| Grindwell Norton Ltd. | 7,784 | 138 | ||||
| Bayer CropScience Ltd. | 2,304 | 137 | ||||
| Jubilant Pharmova Ltd. | 11,646 | 135 | ||||
| V-Guard Industries Ltd. | 32,871 | 135 | ||||
| Sobha Ltd. | 8,229 | 134 | ||||
| VA Tech Wabag Ltd. | 8,055 | 133 | ||||
| 3 | PowerGrid Infrastructure Investment Trust | 129,298 | 133 | |||
| Balrampur Chini Mills Ltd. | 21,686 | 132 | ||||
| * | Go Digit General Insurance Ltd. | 32,564 | 132 | |||
| * | Asahi India Glass Ltd. | 13,844 | 131 | |||
| SJVN Ltd. | 123,718 | 131 | ||||
| Swan Energy Ltd. | 26,077 | 131 | ||||
| 3 | Indian Energy Exchange Ltd. | 81,790 | 130 | |||
| * | Nazara Technologies Ltd. | 9,896 | 130 | |||
| JK Lakshmi Cement Ltd. | 12,222 | 128 | ||||
| Can Fin Homes Ltd. | 15,638 | 127 | ||||
| Shyam Metalics & Energy Ltd. | 12,282 | 126 | ||||
| Triveni Turbine Ltd. | 21,220 | 125 | ||||
| CCL Products India Ltd. | 12,568 | 124 | ||||
| Anant Raj Ltd. | 20,748 | 122 | ||||
| Sonata Software Ltd. | 30,435 | 121 | ||||
| Edelweiss Financial Services Ltd. | 99,055 | 120 | ||||
| * | Medplus Health Services Ltd. | 12,612 | 120 | |||
| CMS Info Systems Ltd. | 25,646 | 119 | ||||
| LT Foods Ltd. | 24,621 | 118 | ||||
| * | Embassy Developments Ltd. | 109,715 | 117 | |||
| Olectra Greentech Ltd. | 6,685 | 117 | ||||
| Finolex Industries Ltd. | 48,299 | 116 | ||||
| Godawari Power & Ispat Ltd. | 43,678 | 115 | ||||
| Aditya Birla Sun Life Asset Management Co. Ltd. | 12,005 | 114 | ||||
| * | Jyoti CNC Automation Ltd. | 11,022 | 114 | |||
| ITD Cementation India Ltd. | 14,012 | 113 | ||||
| Finolex Cables Ltd. | 11,998 | 112 | ||||
| *,3 | Metropolis Healthcare Ltd. | 4,469 | 111 | |||
| BASF India Ltd. | 2,087 | 109 | ||||
| Strides Pharma Science Ltd. | 10,999 | 108 | ||||
42
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Transformers & Rectifiers India Ltd. | 19,212 | 107 | ||||
| Alembic Pharmaceuticals Ltd. | 9,875 | 105 | ||||
| 3 | IRCON International Ltd. | 57,566 | 105 | |||
| Supreme Petrochem Ltd. | 12,053 | 104 | ||||
| * | Aadhar Housing Finance Ltd. | 18,236 | 104 | |||
| Jubilant Ingrevia Ltd. | 12,412 | 102 | ||||
| * | Schneider Electric Infrastructure Ltd. | 10,147 | 99 | |||
| Bikaji Foods International Ltd. | 11,094 | 99 | ||||
| IDBI Bank Ltd. | 100,582 | 98 | ||||
| Ramkrishna Forgings Ltd. | 15,246 | 98 | ||||
| Westlife Foodworld Ltd. | 11,967 | 97 | ||||
| 3 | Sansera Engineering Ltd. | 6,714 | 97 | |||
| Elecon Engineering Co. Ltd. | 15,333 | 96 | ||||
| Time Technoplast Ltd. | 18,453 | 96 | ||||
| Procter & Gamble Health Ltd. | 1,315 | 95 | ||||
| Century Plyboards India Ltd. | 11,074 | 94 | ||||
| Safari Industries India Ltd. | 3,864 | 94 | ||||
| * | Ola Electric Mobility Ltd. | 152,944 | 94 | |||
| Newgen Software Technologies Ltd. | 9,279 | 93 | ||||
| * | Concord Biotech Ltd. | 4,855 | 93 | |||
| Vijaya Diagnostic Centre Ltd. | 8,101 | 93 | ||||
| DCM Shriram Ltd. | 6,563 | 92 | ||||
| Gravita India Ltd. | 5,012 | 92 | ||||
| Vardhman Textiles Ltd. | 18,985 | 91 | ||||
| Shakti Pumps India Ltd. | 9,941 | 91 | ||||
| Vesuvius India Ltd. | 15,938 | 91 | ||||
| AstraZeneca Pharma India Ltd. | 940 | 90 | ||||
| RR Kabel Ltd. | 6,800 | 90 | ||||
| 3 | KPI Green Energy Ltd. | 16,531 | 90 | |||
| Prudent Corporate Advisory Services Ltd. | 2,839 | 90 | ||||
| 3 | New India Assurance Co. Ltd. | 41,672 | 89 | |||
| Vinati Organics Ltd. | 4,540 | 88 | ||||
| Voltamp Transformers Ltd. | 989 | 88 | ||||
| Caplin Point Laboratories Ltd. | 3,703 | 88 | ||||
| CIE Automotive India Ltd. | 19,896 | 87 | ||||
| * | Aditya Birla Fashion & Retail Ltd. | 99,633 | 87 | |||
| Arvind Ltd. | 27,116 | 86 | ||||
| 3 | Godrej Agrovet Ltd. | 10,211 | 86 | |||
| South Indian Bank Ltd. | 255,395 | 85 | ||||
| PTC India Ltd. | 42,916 | 85 | ||||
| Gujarat Pipavav Port Ltd. | 50,252 | 85 | ||||
| 3 | Tejas Networks Ltd. | 12,805 | 85 | |||
| Doms Industries Ltd. | 3,075 | 85 | ||||
| Vedant Fashions Ltd. | 9,932 | 84 | ||||
| Action Construction Equipment Ltd. | 7,077 | 84 | ||||
| * | NMDC Steel Ltd. | 192,559 | 83 | |||
| Gujarat State Fertilizers & Chemicals Ltd. | 36,863 | 83 | ||||
| Jyothy Labs Ltd. | 21,474 | 83 | ||||
| Syrma SGS Technology Ltd. | 9,784 | 83 | ||||
| * | Gokaldas Exports Ltd. | 10,847 | 83 | |||
| Mrs Bectors Food Specialities Ltd. | 5,328 | 83 | ||||
| * | SBFC Finance Ltd. | 68,853 | 83 | |||
| Sun TV Network Ltd. | 13,364 | 82 | ||||
| * | Honasa Consumer Ltd. | 24,651 | 82 | |||
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 13,638 | 81 | ||||
| Care Ratings Ltd. | 4,496 | 80 | ||||
| Tanla Platforms Ltd. | 11,484 | 80 | ||||
| Mastek Ltd. | 2,925 | 80 | ||||
| *,3 | Ujjivan Small Finance Bank Ltd. | 165,292 | 80 | |||
| Arvind Fashions Ltd. | 13,438 | 79 | ||||
| * | Shilpa Medicare Ltd. | 8,259 | 79 | |||
| Jammu & Kashmir Bank Ltd. | 69,532 | 78 | ||||
| JK Tyre & Industries Ltd. | 21,499 | 78 | ||||
| Jupiter Wagons Ltd. | 21,508 | 78 | ||||
| BLS International Services Ltd. | 18,726 | 78 | ||||
| * | SignatureGlobal India Ltd. | 6,286 | 78 | |||
| Graphite India Ltd. | 13,217 | 77 | ||||
| * | IFCI Ltd. | 130,566 | 76 | |||
| * | Nuvoco Vistas Corp. Ltd. | 14,469 | 75 | |||
| Archean Chemical Industries Ltd. | 10,131 | 75 | ||||
43
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Eureka Forbes Ltd. | 11,555 | 74 | |||
| PNC Infratech Ltd. | 21,196 | 73 | ||||
| Fine Organic Industries Ltd. | 1,380 | 73 | ||||
| RITES Ltd. | 26,289 | 73 | ||||
| Zydus Wellness Ltd. | 3,126 | 72 | ||||
| Jupiter Life Line Hospitals Ltd. | 4,498 | 72 | ||||
| * | Valor Estate Ltd. | 37,366 | 72 | |||
| Karnataka Bank Ltd. | 36,222 | 70 | ||||
| Marksans Pharma Ltd. | 36,440 | 70 | ||||
| KRBL Ltd. | 14,242 | 70 | ||||
| Akzo Nobel India Ltd. | 1,800 | 70 | ||||
| EPL Ltd. | 27,302 | 70 | ||||
| Garware Technical Fibres Ltd. | 8,057 | 70 | ||||
| Minda Corp. Ltd. | 12,445 | 70 | ||||
| Netweb Technologies India Ltd. | 2,811 | 70 | ||||
| IIFL Capital Services Ltd. | 20,617 | 69 | ||||
| Welspun Living Ltd. | 55,642 | 69 | ||||
| Genus Power Infrastructures Ltd. | 18,537 | 69 | ||||
| Bombay Burmah Trading Co. | 3,378 | 67 | ||||
| Alkyl Amines Chemicals | 2,943 | 67 | ||||
| * | VIP Industries Ltd. | 14,063 | 67 | |||
| *,3 | Equitas Small Finance Bank Ltd. | 117,793 | 67 | |||
| * | Network18 Media & Investments Ltd. | 112,065 | 67 | |||
| Blue Dart Express Ltd. | 1,046 | 66 | ||||
| Mahindra Lifespace Developers Ltd. | 16,565 | 66 | ||||
| AurionPro Solutions Ltd. | 4,415 | 66 | ||||
| Rallis India Ltd. | 16,583 | 65 | ||||
| Clean Science & Technology Ltd. | 4,873 | 65 | ||||
| * | Sterling & Wilson Renewable | 21,526 | 64 | |||
| * | Pricol Ltd. | 12,258 | 64 | |||
| * | Rategain Travel Technologies Ltd. | 10,956 | 64 | |||
| * | V-Mart Retail Ltd. | 7,392 | 62 | |||
| Relaxo Footwears Ltd. | 11,513 | 62 | ||||
| * | Restaurant Brands Asia Ltd. | 68,950 | 62 | |||
| Capri Global Capital Ltd. | 29,503 | 62 | ||||
| Saregama India Ltd. | 11,090 | 61 | ||||
| Cera Sanitaryware Ltd. | 854 | 61 | ||||
| Suprajit Engineering Ltd. | 11,965 | 61 | ||||
| Bajaj Electricals Ltd. | 9,251 | 60 | ||||
| Electrosteel Castings Ltd. | 53,872 | 60 | ||||
| * | Sterlite Technologies Ltd. | 45,252 | 59 | |||
| Trident Ltd. | 187,460 | 58 | ||||
| ION Exchange India Ltd. | 12,312 | 58 | ||||
| * | Raymond Lifestyle Ltd. | 4,580 | 58 | |||
| Orient Electric Ltd. | 23,155 | 56 | ||||
| Triveni Engineering & Industries Ltd. | 13,964 | 56 | ||||
| * | Tata Teleservices Maharashtra Ltd. | 85,777 | 55 | |||
| * | Chemplast Sanmar Ltd. | 11,255 | 55 | |||
| * | Borosil Renewables Ltd. | 8,844 | 55 | |||
| Tamilnad Mercantile Bank Ltd. | 11,483 | 55 | ||||
| Rhi Magnesita India Ltd. | 10,072 | 54 | ||||
| G R Infraprojects Ltd. | 3,796 | 54 | ||||
| Thomas Cook India Ltd. | 26,428 | 53 | ||||
| Gateway Distriparks Ltd. | 72,920 | 53 | ||||
| KNR Constructions Ltd. | 24,359 | 53 | ||||
| Texmaco Rail & Engineering Ltd. | 33,832 | 53 | ||||
| Railtel Corp. of India Ltd. | 14,223 | 53 | ||||
| JBM Auto Ltd. | 7,860 | 53 | ||||
| JK Paper Ltd. | 12,236 | 52 | ||||
| 3 | IRB InvIT Fund | 73,027 | 52 | |||
| Cello World Ltd. | 8,481 | 52 | ||||
| * | Bajaj Consumer Care Ltd. | 18,816 | 50 | |||
| GMM Pfaudler Ltd. | 3,738 | 50 | ||||
| DCB Bank Ltd. | 34,932 | 49 | ||||
| NIIT Learning Systems Ltd. | 13,096 | 49 | ||||
| * | ISGEC Heavy Engineering Ltd. | 4,401 | 49 | |||
| Rain Industries Ltd. | 31,205 | 48 | ||||
| * | Alok Industries Ltd. | 241,996 | 48 | |||
| TTK Prestige Ltd. | 6,400 | 48 | ||||
| Garware Hi-Tech Films Ltd. | 1,568 | 48 | ||||
44
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Infibeam Avenues Ltd. | 261,334 | 46 | |||
| * | Sheela Foam Ltd. | 5,702 | 45 | |||
| * | TVS Supply Chain Solutions Ltd. | 31,467 | 44 | |||
| Anup Engineering Ltd. | 1,748 | 44 | ||||
| Kaveri Seed Co. Ltd. | 3,282 | 43 | ||||
| * | TeamLease Services Ltd. | 2,055 | 42 | |||
| NOCIL Ltd. | 20,920 | 42 | ||||
| * | Raymond Ltd. | 6,055 | 41 | |||
| Orient Cement Ltd. | 16,763 | 41 | ||||
| * | Ashoka Buildcon Ltd. | 20,729 | 41 | |||
| Galaxy Surfactants Ltd. | 1,566 | 40 | ||||
| Balaji Amines Ltd. | 2,333 | 39 | ||||
| * | Jai Balaji Industries Ltd. | 33,135 | 39 | |||
| * | Dhani Services Ltd. | 54,932 | 38 | |||
| Polyplex Corp. Ltd. | 3,353 | 38 | ||||
| Pfizer Ltd. | 627 | 37 | ||||
| Symphony Ltd. | 3,473 | 37 | ||||
| Route Mobile Ltd. | 3,515 | 34 | ||||
| Campus Activewear Ltd. | 11,285 | 34 | ||||
| * | Just Dial Ltd. | 3,559 | 33 | |||
| 3 | Quess Corp. Ltd. | 10,991 | 33 | |||
| Paisalo Digital Ltd. | 91,590 | 31 | ||||
| * | Sun Pharma Advanced Research Co. Ltd. | 18,416 | 29 | |||
| Vaibhav Global Ltd. | 10,869 | 25 | ||||
| NIIT Ltd. | 13,822 | 17 | ||||
| Allcargo Logistics Ltd. | 43,908 | 16 | ||||
| *,2 | STL Networks Ltd. | 45,252 | 13 | |||
| *,2 | Advent Hotels International Pvt Ltd. | 3,736 | 13 | |||
| Vakrangee Ltd. | 86,136 | 8 | ||||
| *,2 | TVS Motor Co. Ltd. | 187,768 | — | |||
| 252,277 | ||||||
| Indonesia (0.4%) | ||||||
| Bank Central Asia Tbk. PT | 9,400,816 | 4,606 | ||||
| Bank Rakyat Indonesia Persero Tbk. PT | 12,687,396 | 3,114 | ||||
| Bank Mandiri Persero Tbk. PT | 8,340,140 | 2,390 | ||||
| Telkom Indonesia Persero Tbk. PT | 8,484,000 | 1,623 | ||||
| * | Amman Mineral Internasional PT | 2,325,500 | 1,108 | |||
| Bank Negara Indonesia Persero Tbk. PT | 2,415,700 | 641 | ||||
| * | GoTo Gojek Tokopedia Tbk. PT Class A | 164,241,500 | 577 | |||
| Sumber Alfaria Trijaya Tbk. PT | 3,936,300 | 525 | ||||
| * | Barito Pacific Tbk. PT | 3,746,161 | 497 | |||
| Indofood Sukses Makmur Tbk. PT | 854,600 | 386 | ||||
| Charoen Pokphand Indonesia Tbk. PT | 1,367,300 | 354 | ||||
| * | Merdeka Copper Gold Tbk. PT | 2,192,700 | 331 | |||
| Kalbe Farma Tbk. PT | 3,724,200 | 275 | ||||
| * | Bumi Resources Minerals Tbk. PT | 9,593,000 | 275 | |||
| Elang Mahkota Teknologi Tbk. PT | 3,000,500 | 221 | ||||
| Indofood CBP Sukses Makmur Tbk. PT | 391,500 | 213 | ||||
| Indah Kiat Pulp & Paper Tbk. PT | 426,100 | 198 | ||||
| Medikaloka Hermina Tbk. PT | 1,529,600 | 154 | ||||
| XLSMART Telecom Sejahtera Tbk. PT | 837,150 | 140 | ||||
| * | Bank Jago Tbk. PT | 916,900 | 126 | |||
| Indosat Tbk. PT | 975,200 | 119 | ||||
| Mitra Keluarga Karyasehat Tbk. PT | 883,900 | 118 | ||||
| Dayamitra Telekomunikasi PT | 3,106,300 | 110 | ||||
| Unilever Indonesia Tbk. PT | 1,013,300 | 104 | ||||
| Bank Syariah Indonesia Tbk. PT | 612,200 | 101 | ||||
| Ciputra Development Tbk. PT | 1,616,400 | 100 | ||||
| Mitra Adiperkasa Tbk. PT | 1,332,000 | 97 | ||||
| Vale Indonesia Tbk. PT | 412,253 | 94 | ||||
| Sarana Menara Nusantara Tbk. PT | 2,422,000 | 90 | ||||
| Cisarua Mountain Dairy PT Tbk. | 279,100 | 85 | ||||
| Indocement Tunggal Prakarsa Tbk. PT | 197,100 | 84 | ||||
| Trimegah Bangun Persada Tbk. PT | 1,337,893 | 84 | ||||
| Mayora Indah Tbk. PT | 570,300 | 73 | ||||
| Japfa Comfeed Indonesia Tbk. PT | 728,500 | 72 | ||||
| Jasa Marga Persero Tbk. PT | 344,300 | 70 | ||||
| Pakuwon Jati Tbk. PT | 2,817,300 | 64 | ||||
| * | Bukalapak.com PT Tbk. | 6,046,400 | 64 | |||
45
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Map Aktif Adiperkasa PT | 1,628,800 | 62 | ||||
| * | Siloam International Hospitals Tbk. PT | 419,600 | 56 | |||
| Summarecon Agung Tbk. PT | 2,027,206 | 55 | ||||
| Avia Avian Tbk. PT | 2,084,900 | 53 | ||||
| Bank Tabungan Negara Persero Tbk. PT | 659,148 | 52 | ||||
| BFI Finance Indonesia Tbk. PT | 1,106,500 | 51 | ||||
| PT Tower Bersama Infrastructure Tbk. | 418,292 | 49 | ||||
| * | MNC Digital Entertainment Tbk. PT | 1,605,000 | 48 | |||
| * | Bumi Serpong Damai Tbk. PT | 717,600 | 47 | |||
| Bank Pan Indonesia Tbk. PT | 624,100 | 44 | ||||
| *,2 | Waskita Karya Persero Tbk. PT | 3,046,719 | 37 | |||
| * | Lippo Karawaci Tbk. PT | 5,486,600 | 35 | |||
| Aspirasi Hidup Indonesia Tbk. PT | 1,279,700 | 35 | ||||
| Surya Citra Media Tbk. PT | 1,799,700 | 35 | ||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 358,500 | 29 | ||||
| * | Bank Neo Commerce Tbk. PT | 1,417,538 | 29 | |||
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 872,600 | 27 | ||||
| Bank BTPN Syariah Tbk. PT | 276,900 | 25 | ||||
| * | Panin Financial Tbk. PT | 1,525,900 | 24 | |||
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 462,726 | 22 | ||||
| Matahari Department Store Tbk. PT | 218,000 | 21 | ||||
| Bank Danamon Indonesia Tbk. PT | 109,100 | 17 | ||||
| * | Media Nusantara Citra Tbk. PT | 608,900 | 9 | |||
| 20,145 | ||||||
| Ireland (0.2%) | ||||||
| AIB Group plc | 389,789 | 3,167 | ||||
| Kerry Group plc Class A | 31,143 | 2,852 | ||||
| Bank of Ireland Group plc | 187,711 | 2,776 | ||||
| Kingspan Group plc | 29,109 | 2,246 | ||||
| Glanbia plc (XDUB) | 32,773 | 545 | ||||
| Cairn Homes plc | 101,784 | 263 | ||||
| Dalata Hotel Group plc | 34,012 | 254 | ||||
| Glanbia plc (XLON) | 28 | — | ||||
| 12,103 | ||||||
| Israel (0.7%) | ||||||
| Bank Leumi Le-Israel BM | 283,406 | 5,446 | ||||
| Bank Hapoalim BM | 252,344 | 4,932 | ||||
| Israel Discount Bank Ltd. Class A | 235,364 | 2,332 | ||||
| Mizrahi Tefahot Bank Ltd. | 28,634 | 1,870 | ||||
| * | Nice Ltd. | 12,063 | 1,700 | |||
| * | Nova Ltd. | 5,661 | 1,505 | |||
| Phoenix Financial Ltd. | 42,394 | 1,499 | ||||
| * | Tower Semiconductor Ltd. | 21,922 | 1,311 | |||
| ICL Group Ltd. | 136,472 | 887 | ||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 453,250 | 833 | ||||
| * | Enlight Renewable Energy Ltd. | 26,514 | 751 | |||
| First International Bank of Israel Ltd. | 10,182 | 722 | ||||
| Harel Insurance Investments & Financial Services Ltd. | 21,538 | 717 | ||||
| Clal Insurance Enterprises Holdings Ltd. | 12,974 | 666 | ||||
| Azrieli Group Ltd. | 6,729 | 645 | ||||
| Next Vision Stabilized Systems Ltd. | 11,176 | 465 | ||||
| * | Camtek Ltd. | 5,371 | 461 | |||
| Menora Mivtachim Holdings Ltd. | 3,984 | 386 | ||||
| Tel Aviv Stock Exchange Ltd. | 14,943 | 347 | ||||
| FIBI Holdings Ltd. | 4,512 | 342 | ||||
| Alony Hetz Properties & Investments Ltd. | 27,583 | 313 | ||||
| Reit 1 Ltd. | 38,836 | 282 | ||||
| Hilan Ltd. | 3,207 | 254 | ||||
| Strauss Group Ltd. | 9,634 | 254 | ||||
| Matrix IT Ltd. | 6,530 | 230 | ||||
| Sapiens International Corp. NV | 5,314 | 227 | ||||
| * | Fattal Holdings 1998 Ltd. | 1,317 | 215 | |||
| Electra Ltd. | 359 | 214 | ||||
| Partner Communications Co. Ltd. | 22,232 | 208 | ||||
| Mega Or Holdings Ltd. | 4,166 | 203 | ||||
| One Software Technologies Ltd. | 7,504 | 183 | ||||
| Ashtrom Group Ltd. | 8,267 | 169 | ||||
| * | Cellcom Israel Ltd. | 18,443 | 167 | |||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,773 | 162 | ||||
46
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| YH Dimri Construction & Development Ltd. | 1,449 | 158 | ||||
| Aura Investments Ltd. | 25,229 | 156 | ||||
| Isracard Ltd. | 33,062 | 133 | ||||
| Danel Adir Yeoshua Ltd. | 931 | 132 | ||||
| * | OY Nofar Energy Ltd. | 4,068 | 129 | |||
| Fox Wizel Ltd. | 1,370 | 128 | ||||
| Summit Real Estate Holdings Ltd. | 6,442 | 125 | ||||
| IDI Insurance Co. Ltd. | 1,744 | 123 | ||||
| Sella Capital Real Estate Ltd. | 38,179 | 117 | ||||
| Israel Canada T.R Ltd. | 26,940 | 116 | ||||
| Delta Galil Ltd. | 1,759 | 92 | ||||
| Elco Ltd. | 1,586 | 85 | ||||
| * | Perion Network Ltd. | 8,853 | 81 | |||
| * | Priortech Ltd. | 1,366 | 69 | |||
| G City Ltd. | 17,504 | 67 | ||||
| AudioCodes Ltd. | 3,913 | 37 | ||||
| 32,646 | ||||||
| Italy (2.0%) | ||||||
| UniCredit SpA | 296,581 | 22,939 | ||||
| Intesa Sanpaolo SpA | 2,989,027 | 18,818 | ||||
| Ferrari NV | 22,622 | 10,766 | ||||
| Generali | 183,042 | 7,145 | ||||
| Banco BPM SpA | 282,111 | 3,870 | ||||
| Stellantis NV | 334,224 | 3,200 | ||||
| BPER Banca SpA | 264,770 | 2,750 | ||||
| Mediobanca Banca di Credito Finanziario SpA | 113,149 | 2,741 | ||||
| Terna - Rete Elettrica Nazionale | 262,690 | 2,641 | ||||
| FinecoBank Banca Fineco SpA | 116,421 | 2,556 | ||||
| Moncler SpA | 43,123 | 2,510 | ||||
| 3 | Poste Italiane SpA | 84,680 | 1,983 | |||
| Banca Monte dei Paschi di Siena SpA | 168,900 | 1,550 | ||||
| * | Telecom Italia SpA | 3,034,621 | 1,540 | |||
| Unipol Assicurazioni SpA | 72,690 | 1,519 | ||||
| Recordati Industria Chimica e Farmaceutica SpA | 21,245 | 1,314 | ||||
| Azimut Holding SpA | 25,596 | 918 | ||||
| Interpump Group SpA | 18,720 | 890 | ||||
| Banca Mediolanum SpA | 41,975 | 849 | ||||
| Buzzi SpA | 15,692 | 797 | ||||
| Brunello Cucinelli SpA | 6,632 | 767 | ||||
| 3 | Infrastrutture Wireless Italiane SpA | 62,431 | 757 | |||
| Stellantis NV (XPAR) | 73,590 | 705 | ||||
| Reply SpA | 4,313 | 621 | ||||
| Banca Generali SpA | 9,917 | 577 | ||||
| 3 | Nexi SpA | 89,705 | 569 | |||
| 3 | Pirelli & C SpA | 67,238 | 461 | |||
| De' Longhi SpA | 12,520 | 438 | ||||
| *,3 | BFF Bank SpA | 33,116 | 434 | |||
| Amplifon SpA | 23,388 | 426 | ||||
| DiaSorin SpA | 4,006 | 404 | ||||
| Webuild SpA | 88,919 | 401 | ||||
| 3 | Technogym SpA | 22,846 | 390 | |||
| Brembo NV | 25,716 | 285 | ||||
| ERG SpA | 10,180 | 246 | ||||
| Banca Popolare di Sondrio SPA | 16,348 | 236 | ||||
| 3 | Carel Industries SpA | 8,565 | 234 | |||
| Danieli & C Officine Meccaniche SpA Saving Shares | 6,669 | 224 | ||||
| 3 | Enav SpA | 45,370 | 223 | |||
| * | Technoprobe SpA | 27,423 | 217 | |||
| Tamburi Investment Partners SpA | 19,274 | 184 | ||||
| Credito Emiliano SpA | 10,310 | 162 | ||||
| Moltiply Group SpA | 2,571 | 139 | ||||
| Cementir Holding NV | 8,192 | 135 | ||||
| Banca IFIS SpA | 4,715 | 127 | ||||
| Intercos SpA | 8,927 | 125 | ||||
| Italmobiliare SpA | 3,648 | 122 | ||||
| Sesa SpA | 1,316 | 114 | ||||
| 3 | RAI Way SpA | 15,922 | 113 | |||
| El.En. SpA | 7,843 | 108 | ||||
| MFE-MediaForEurope NV Class B | 17,878 | 95 | ||||
47
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Danieli & C Officine Meccaniche SpA | 2,005 | 94 | ||||
| Sanlorenzo SpA | 2,336 | 89 | ||||
| Ariston Holding NV | 16,012 | 84 | ||||
| MFE-MediaForEurope NV Class A | 21,487 | 78 | ||||
| 1 | Piaggio & C SpA | 33,025 | 77 | |||
| *,3 | GVS SpA | 14,143 | 75 | |||
| Arnoldo Mondadori Editore SpA | 28,394 | 69 | ||||
| 1 | Tinexta SpA | 3,966 | 68 | |||
| *,1 | Juventus Football Club SpA | 18,594 | 64 | |||
| *,1 | Salvatore Ferragamo SpA | 10,924 | 60 | |||
| MARR SpA | 4,699 | 53 | ||||
| Rizzoli Corriere Della Sera Mediagroup SpA | 37,711 | 44 | ||||
| Zignago Vetro SpA | 4,487 | 43 | ||||
| 3 | Anima Holding SpA | 5,526 | 40 | |||
| Alerion Cleanpower SpA | 693 | 15 | ||||
| 102,288 | ||||||
| Japan (16.6%) | ||||||
| Toyota Motor Corp. | 2,028,100 | 39,269 | ||||
| Mitsubishi UFJ Financial Group Inc. | 2,120,500 | 32,272 | ||||
| Sony Group Corp. | 1,148,100 | 31,379 | ||||
| SoftBank Group Corp. | 187,700 | 20,156 | ||||
| Sumitomo Mitsui Financial Group Inc. | 705,600 | 19,217 | ||||
| Nintendo Co. Ltd. | 192,600 | 17,178 | ||||
| Mizuho Financial Group Inc. | 464,220 | 15,272 | ||||
| Tokio Marine Holdings Inc. | 350,700 | 15,041 | ||||
| Recruit Holdings Co. Ltd. | 259,149 | 14,829 | ||||
| Keyence Corp. | 37,500 | 14,297 | ||||
| Tokyo Electron Ltd. | 84,700 | 11,535 | ||||
| Shin-Etsu Chemical Co. Ltd. | 369,300 | 11,248 | ||||
| Advantest Corp. | 139,500 | 10,667 | ||||
| Fast Retailing Co. Ltd. | 33,900 | 10,596 | ||||
| KDDI Corp. | 545,200 | 9,423 | ||||
| Takeda Pharmaceutical Co. Ltd. | 296,757 | 8,933 | ||||
| Honda Motor Co. Ltd. | 793,200 | 8,793 | ||||
| Daiichi Sankyo Co. Ltd. | 350,500 | 8,381 | ||||
| Hoya Corp. | 64,600 | 8,342 | ||||
| SoftBank Corp. | 5,354,430 | 8,283 | ||||
| Fujitsu Ltd. | 328,300 | 7,900 | ||||
| NEC Corp. | 236,300 | 7,196 | ||||
| Aeon Co. Ltd. | 466,320 | 5,657 | ||||
| Seven & i Holdings Co. Ltd. | 433,800 | 5,615 | ||||
| NTT Inc. | 5,212,600 | 5,513 | ||||
| Sompo Holdings Inc. | 171,800 | 5,491 | ||||
| MS&AD Insurance Group Holdings Inc. | 235,300 | 5,474 | ||||
| Dai-ichi Life Holdings Inc. | 665,800 | 5,463 | ||||
| Chugai Pharmaceutical Co. Ltd. | 122,900 | 5,431 | ||||
| FUJIFILM Holdings Corp. | 224,400 | 5,316 | ||||
| Mitsui Fudosan Co. Ltd. | 497,500 | 5,260 | ||||
| Murata Manufacturing Co. Ltd. | 318,800 | 5,147 | ||||
| Denso Corp. | 352,100 | 5,045 | ||||
| Ajinomoto Co. Inc. | 185,200 | 5,022 | ||||
| FANUC Corp. | 178,700 | 4,968 | ||||
| East Japan Railway Co. | 200,300 | 4,914 | ||||
| Terumo Corp. | 272,900 | 4,893 | ||||
| Canon Inc. | 166,700 | 4,878 | ||||
| Bridgestone Corp. | 107,800 | 4,870 | ||||
| Oriental Land Co. Ltd. | 201,500 | 4,797 | ||||
| TDK Corp. | 362,700 | 4,684 | ||||
| Disco Corp. | 16,700 | 4,569 | ||||
| Mitsubishi Estate Co. Ltd. | 213,500 | 4,548 | ||||
| Fujikura Ltd. | 52,400 | 4,446 | ||||
| Suzuki Motor Corp. | 335,300 | 4,437 | ||||
| Otsuka Holdings Co. Ltd. | 83,200 | 4,366 | ||||
| Central Japan Railway Co. | 162,900 | 4,333 | ||||
| Panasonic Holdings Corp. | 427,000 | 4,322 | ||||
| Japan Post Bank Co. Ltd. | 342,518 | 4,306 | ||||
| Resona Holdings Inc. | 422,450 | 4,237 | ||||
| Sumitomo Electric Industries Ltd. | 142,900 | 4,002 | ||||
| Kao Corp. | 87,500 | 3,976 | ||||
48
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Nomura Holdings Inc. | 558,300 | 3,972 | ||||
| Daiwa House Industry Co. Ltd. | 110,100 | 3,890 | ||||
| Astellas Pharma Inc. | 343,100 | 3,766 | ||||
| Bandai Namco Holdings Inc. | 107,500 | 3,696 | ||||
| Renesas Electronics Corp. | 309,177 | 3,609 | ||||
| Sumitomo Mitsui Trust Group Inc. | 124,600 | 3,546 | ||||
| Toyota Industries Corp. | 31,800 | 3,503 | ||||
| Asics Corp. | 127,100 | 3,417 | ||||
| Kyocera Corp. | 255,300 | 3,395 | ||||
| Japan Post Holdings Co. Ltd. | 329,467 | 3,362 | ||||
| SMC Corp. | 10,700 | 3,275 | ||||
| Nomura Research Institute Ltd. | 78,400 | 3,078 | ||||
| Nitto Denko Corp. | 133,400 | 3,003 | ||||
| Secom Co. Ltd. | 76,900 | 2,839 | ||||
| Pan Pacific International Holdings Corp. | 73,200 | 2,640 | ||||
| Sumitomo Realty & Development Co. Ltd. | 63,200 | 2,596 | ||||
| Sekisui House Ltd. | 114,500 | 2,577 | ||||
| SBI Holdings Inc. | 53,400 | 2,509 | ||||
| Shionogi & Co. Ltd. | 143,900 | 2,489 | ||||
| Olympus Corp. | 207,000 | 2,399 | ||||
| T&D Holdings Inc. | 91,400 | 2,366 | ||||
| Obic Co. Ltd. | 62,900 | 2,224 | ||||
| Kubota Corp. | 189,000 | 2,185 | ||||
| Japan Exchange Group Inc. | 199,600 | 2,086 | ||||
| Daifuku Co. Ltd. | 66,000 | 2,077 | ||||
| Ryohin Keikaku Co. Ltd. | 93,600 | 2,013 | ||||
| Daiwa Securities Group Inc. | 258,200 | 2,002 | ||||
| Asahi Kasei Corp. | 239,000 | 1,950 | ||||
| Toray Industries Inc. | 289,500 | 1,934 | ||||
| West Japan Railway Co. | 83,902 | 1,875 | ||||
| Sanrio Co. Ltd. | 34,900 | 1,806 | ||||
| Capcom Co. Ltd. | 65,100 | 1,757 | ||||
| Nexon Co. Ltd. | 75,800 | 1,715 | ||||
| * | Rakuten Group Inc. | 272,900 | 1,680 | |||
| Aisin Corp. | 101,500 | 1,670 | ||||
| Shimano Inc. | 14,600 | 1,619 | ||||
| Makita Corp. | 47,900 | 1,617 | ||||
| LY Corp. | 505,700 | 1,601 | ||||
| Eisai Co. Ltd. | 51,800 | 1,584 | ||||
| Concordia Financial Group Ltd. | 207,700 | 1,567 | ||||
| Unicharm Corp. | 229,800 | 1,534 | ||||
| Lasertec Corp. | 14,600 | 1,516 | ||||
| BayCurrent Inc. | 25,600 | 1,452 | ||||
| Mitsubishi Chemical Group Corp. | 253,700 | 1,442 | ||||
| Sekisui Chemical Co. Ltd. | 75,800 | 1,439 | ||||
| Nippon Building Fund Inc. | 1,474 | 1,426 | ||||
| Nitori Holdings Co. Ltd. | 15,400 | 1,421 | ||||
| TIS Inc. | 42,600 | 1,418 | ||||
| Isuzu Motors Ltd. | 106,100 | 1,390 | ||||
| MatsukiyoCocokara & Co. | 66,600 | 1,376 | ||||
| Nippon Sanso Holdings Corp. | 37,600 | 1,363 | ||||
| Dai Nippon Printing Co. Ltd. | 80,200 | 1,343 | ||||
| Nippon Paint Holdings Co. Ltd. | 183,213 | 1,326 | ||||
| Toho Co. Ltd. | 20,800 | 1,320 | ||||
| Chiba Bank Ltd. | 127,900 | 1,308 | ||||
| Hankyu Hanshin Holdings Inc. | 43,500 | 1,288 | ||||
| SCREEN Holdings Co. Ltd. | 17,000 | 1,285 | ||||
| Mitsubishi HC Capital Inc. | 156,060 | 1,280 | ||||
| Trend Micro Inc. | 24,100 | 1,277 | ||||
| Seibu Holdings Inc. | 35,200 | 1,277 | ||||
| Yamaha Motor Co. Ltd. | 173,900 | 1,260 | ||||
| Shiseido Co. Ltd. | 76,900 | 1,248 | ||||
| Kikkoman Corp. | 143,200 | 1,229 | ||||
| MINEBEA MITSUMI Inc. | 71,800 | 1,224 | ||||
| Niterra Co. Ltd. | 33,900 | 1,208 | ||||
| Sanwa Holdings Corp. | 37,500 | 1,207 | ||||
| Shimadzu Corp. | 49,200 | 1,205 | ||||
| Tokyu Corp. | 95,300 | 1,203 | ||||
| Square Enix Holdings Co. Ltd. | 17,200 | 1,181 | ||||
| M3 Inc. | 79,200 | 1,162 | ||||
49
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Japan Real Estate Investment Corp. | 1,329 | 1,155 | ||||
| TOPPAN Holdings Inc. | 44,600 | 1,150 | ||||
| Toyo Suisan Kaisha Ltd. | 16,700 | 1,149 | ||||
| Ibiden Co. Ltd. | 23,200 | 1,114 | ||||
| Daito Trust Construction Co. Ltd. | 10,400 | 1,107 | ||||
| Mebuki Financial Group Inc. | 179,800 | 1,105 | ||||
| Sumitomo Forestry Co. Ltd. | 96,500 | 1,094 | ||||
| Sysmex Corp. | 87,000 | 1,093 | ||||
| Shizuoka Financial Group Inc. | 81,900 | 1,087 | ||||
| Fukuoka Financial Group Inc. | 35,400 | 1,061 | ||||
| Isetan Mitsukoshi Holdings Ltd. | 63,000 | 1,048 | ||||
| Japan Post Insurance Co. Ltd. | 36,739 | 1,029 | ||||
| MEIJI Holdings Co. Ltd. | 49,000 | 1,019 | ||||
| Japan Metropolitan Fund Investment Corp. | 1,334 | 1,016 | ||||
| Azbil Corp. | 100,000 | 1,001 | ||||
| Hulic Co. Ltd. | 92,870 | 996 | ||||
| Yaskawa Electric Corp. | 49,900 | 988 | ||||
| CyberAgent Inc. | 81,000 | 979 | ||||
| Omron Corp. | 37,900 | 966 | ||||
| SCSK Corp. | 30,300 | 965 | ||||
| Rohm Co. Ltd. | 65,500 | 959 | ||||
| Amada Co. Ltd. | 75,300 | 957 | ||||
| Yokohama Rubber Co. Ltd. | 25,900 | 953 | ||||
| Yamato Holdings Co. Ltd. | 55,800 | 941 | ||||
| Tokyu Fudosan Holdings Corp. | 117,300 | 941 | ||||
| * | Rakuten Bank Ltd. | 16,700 | 939 | |||
| Resonac Holdings Corp. | 35,967 | 935 | ||||
| Otsuka Corp. | 45,500 | 934 | ||||
| USS Co. Ltd. | 75,900 | 919 | ||||
| Kyoto Financial Group Inc. | 46,200 | 912 | ||||
| Nissan Chemical Corp. | 25,700 | 907 | ||||
| Nomura Real Estate Master Fund Inc. | 813 | 890 | ||||
| Mitsui Chemicals Inc. | 35,900 | 879 | ||||
| KDX Realty Investment Corp. | 761 | 875 | ||||
| Nippon Express Holdings Inc. | 40,000 | 875 | ||||
| * | Nissan Motor Co. Ltd. | 388,772 | 872 | |||
| Tosoh Corp. | 55,200 | 870 | ||||
| SG Holdings Co. Ltd. | 80,034 | 862 | ||||
| Oji Holdings Corp. | 156,300 | 861 | ||||
| Hikari Tsushin Inc. | 3,200 | 852 | ||||
| Haseko Corp. | 51,500 | 851 | ||||
| Ono Pharmaceutical Co. Ltd. | 75,200 | 847 | ||||
| MonotaRO Co. Ltd. | 48,100 | 829 | ||||
| Kyowa Kirin Co. Ltd. | 47,000 | 812 | ||||
| Dentsu Group Inc. | 40,900 | 808 | ||||
| MISUMI Group Inc. | 53,200 | 807 | ||||
| Hachijuni Bank Ltd. | 81,300 | 792 | ||||
| Kurita Water Industries Ltd. | 23,300 | 788 | ||||
| Brother Industries Ltd. | 46,300 | 780 | ||||
| Yakult Honsha Co. Ltd. | 47,676 | 779 | ||||
| Nippon Prologis REIT Inc. | 1,331 | 773 | ||||
| Nissin Foods Holdings Co. Ltd. | 40,900 | 770 | ||||
| Suntory Beverage & Food Ltd. | 24,500 | 758 | ||||
| Seiko Epson Corp. | 59,400 | 755 | ||||
| Hoshizaki Corp. | 19,500 | 750 | ||||
| Furukawa Electric Co. Ltd. | 12,000 | 748 | ||||
| Mazda Motor Corp. | 111,800 | 746 | ||||
| Keisei Electric Railway Co. Ltd. | 80,300 | 739 | ||||
| ZOZO Inc. | 79,100 | 735 | ||||
| Tokyo Tatemono Co. Ltd. | 39,000 | 733 | ||||
| NH Foods Ltd. | 19,300 | 729 | ||||
| Kyushu Railway Co. | 26,300 | 726 | ||||
| Marui Group Co. Ltd. | 33,500 | 720 | ||||
| Gunma Bank Ltd. | 68,800 | 719 | ||||
| Kuraray Co. Ltd. | 60,200 | 717 | ||||
| Kintetsu Group Holdings Co. Ltd. | 35,700 | 716 | ||||
| J Front Retailing Co. Ltd. | 46,200 | 715 | ||||
| Asahi Intecc Co. Ltd. | 41,200 | 705 | ||||
| Persol Holdings Co. Ltd. | 377,000 | 703 | ||||
| Daiwa House REIT Investment Corp. | 816 | 703 | ||||
50
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| McDonald's Holdings Co. Japan Ltd. | 15,700 | 698 | ||||
| TechnoPro Holdings Inc. | 21,200 | 692 | ||||
| Santen Pharmaceutical Co. Ltd. | 65,200 | 691 | ||||
| United Urban Investment Corp. | 570 | 687 | ||||
| Medipal Holdings Corp. | 38,800 | 687 | ||||
| TOTO Ltd. | 26,600 | 687 | ||||
| Rohto Pharmaceutical Co. Ltd. | 40,000 | 681 | ||||
| Socionext Inc. | 35,900 | 680 | ||||
| Open House Group Co. Ltd. | 13,000 | 664 | ||||
| Oracle Corp. Japan | 6,400 | 662 | ||||
| Iyogin Holdings Inc. | 47,900 | 661 | ||||
| Tobu Railway Co. Ltd. | 36,200 | 657 | ||||
| Invincible Investment Corp. | 1,447 | 656 | ||||
| Japan Airlines Co. Ltd. | 30,723 | 653 | ||||
| Orix JREIT Inc. | 976 | 651 | ||||
| Shimamura Co. Ltd. | 8,800 | 650 | ||||
| Hirose Electric Co. Ltd. | 5,000 | 647 | ||||
| COMSYS Holdings Corp. | 25,700 | 644 | ||||
| Nomura Real Estate Holdings Inc. | 103,300 | 638 | ||||
| Tokyo Ohka Kogyo Co. Ltd. | 20,100 | 638 | ||||
| Lixil Corp. | 48,700 | 634 | ||||
| Kokusai Electric Corp. | 33,300 | 633 | ||||
| Odakyu Electric Railway Co. Ltd. | 55,200 | 632 | ||||
| EXEO Group Inc. | 42,400 | 625 | ||||
| Credit Saison Co. Ltd. | 24,600 | 625 | ||||
| BIPROGY Inc. | 14,300 | 616 | ||||
| Hamamatsu Photonics KK | 58,100 | 610 | ||||
| Taiheiyo Cement Corp. | 22,500 | 609 | ||||
| Nikon Corp. | 54,000 | 606 | ||||
| ANA Holdings Inc. | 29,241 | 590 | ||||
| 1 | SUMCO Corp. | 69,700 | 580 | |||
| Takasago Thermal Engineering Co. Ltd. | 9,500 | 576 | ||||
| THK Co. Ltd. | 21,100 | 568 | ||||
| Nisshin Seifun Group Inc. | 45,800 | 557 | ||||
| Toyo Tire Corp. | 21,900 | 556 | ||||
| 77 Bank Ltd. | 14,300 | 549 | ||||
| Japan Hotel REIT Investment Corp. | 929 | 545 | ||||
| Toyo Seikan Group Holdings Ltd. | 22,400 | 544 | ||||
| Air Water Inc. | 31,200 | 542 | ||||
| Kewpie Corp. | 19,200 | 540 | ||||
| Nagase & Co. Ltd. | 24,400 | 522 | ||||
| Hirogin Holdings Inc. | 54,900 | 522 | ||||
| DMG Mori Co. Ltd. | 25,000 | 520 | ||||
| Advance Residence Investment Corp. | 468 | 519 | ||||
| Koito Manufacturing Co. Ltd. | 35,900 | 511 | ||||
| Yamazaki Baking Co. Ltd. | 22,000 | 511 | ||||
| Tsuruha Holdings Inc. | 33,000 | 509 | ||||
| Alfresa Holdings Corp. | 33,600 | 506 | ||||
| Mitsubishi Logistics Corp. | 60,600 | 503 | ||||
| ADEKA Corp. | 22,500 | 501 | ||||
| Keio Corp. | 19,900 | 500 | ||||
| Lion Corp. | 46,500 | 497 | ||||
| Mitsui E&S Co. Ltd. | 16,100 | 496 | ||||
| Sugi Holdings Co. Ltd. | 19,500 | 493 | ||||
| ALSOK Co. Ltd. | 64,300 | 492 | ||||
| Nippon Electric Glass Co. Ltd. | 16,100 | 490 | ||||
| Hokuhoku Financial Group Inc. | 19,400 | 489 | ||||
| Zenkoku Hosho Co. Ltd. | 21,400 | 489 | ||||
| Japan Prime Realty Investment Corp. | 665 | 468 | ||||
| Sankyu Inc. | 8,400 | 467 | ||||
| GMO Payment Gateway Inc. | 8,100 | 464 | ||||
| Rinnai Corp. | 18,700 | 463 | ||||
| Yamaha Corp. | 69,900 | 460 | ||||
| Fujitec Co. Ltd. | 12,000 | 456 | ||||
| Takashimaya Co. Ltd. | 51,600 | 455 | ||||
| Kamigumi Co. Ltd. | 14,900 | 447 | ||||
| Taiyo Yuden Co. Ltd. | 21,700 | 440 | ||||
| Sekisui House REIT Inc. | 799 | 439 | ||||
| Suzuken Co. Ltd. | 11,000 | 435 | ||||
| Nifco Inc. | 15,100 | 433 | ||||
51
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Keikyu Corp. | 41,000 | 431 | ||||
| Iida Group Holdings Co. Ltd. | 27,500 | 431 | ||||
| Nagoya Railroad Co. Ltd. | 37,500 | 428 | ||||
| Nabtesco Corp. | 20,300 | 427 | ||||
| Nichirei Corp. | 36,800 | 424 | ||||
| NSK Ltd. | 80,200 | 421 | ||||
| Kokuyo Co. Ltd. | 67,700 | 420 | ||||
| Stanley Electric Co. Ltd. | 20,700 | 419 | ||||
| Kansai Paint Co. Ltd. | 24,800 | 418 | ||||
| Kyushu Financial Group Inc. | 70,500 | 416 | ||||
| Internet Initiative Japan Inc. | 22,100 | 416 | ||||
| Kanematsu Corp. | 19,700 | 415 | ||||
| Kadokawa Corp. | 18,044 | 415 | ||||
| Kyudenko Corp. | 8,600 | 414 | ||||
| Citizen Watch Co. Ltd. | 59,900 | 410 | ||||
| Nankai Electric Railway Co. Ltd. | 22,900 | 410 | ||||
| Japan Airport Terminal Co. Ltd. | 11,900 | 408 | ||||
| Sundrug Co. Ltd. | 12,900 | 406 | ||||
| Maruwa Co. Ltd. | 1,500 | 405 | ||||
| Chugin Financial Group Inc. | 28,400 | 404 | ||||
| Kakaku.com Inc. | 21,600 | 402 | ||||
| Topcon Corp. | 18,000 | 400 | ||||
| Nikkon Holdings Co. Ltd. | 18,500 | 399 | ||||
| Coca-Cola Bottlers Japan Holdings Inc. | 22,600 | 396 | ||||
| Yamaguchi Financial Group Inc. | 33,100 | 396 | ||||
| Sumitomo Rubber Industries Ltd. | 33,700 | 394 | ||||
| Yamato Kogyo Co. Ltd. | 6,000 | 393 | ||||
| Daishi Hokuetsu Financial Group Inc. | 14,600 | 390 | ||||
| Mitsui-Soko Holdings Co. Ltd. | 13,700 | 388 | ||||
| Alps Alpine Co. Ltd. | 31,600 | 386 | ||||
| Nishi-Nippon Financial Holdings Inc. | 23,000 | 385 | ||||
| Mitsui Fudosan Logistics Park Inc. | 514 | 383 | ||||
| Mitsubishi Materials Corp. | 22,300 | 382 | ||||
| Hazama Ando Corp. | 32,800 | 382 | ||||
| Tokyo Seimitsu Co. Ltd. | 6,800 | 380 | ||||
| JTEKT Corp. | 38,700 | 378 | ||||
| Daicel Corp. | 40,600 | 374 | ||||
| Keihan Holdings Co. Ltd. | 17,100 | 373 | ||||
| Dexerials Corp. | 27,700 | 373 | ||||
| Taiyo Holdings Co. Ltd. | 7,100 | 371 | ||||
| Yamada Holdings Co. Ltd. | 117,000 | 369 | ||||
| Resorttrust Inc. | 28,300 | 361 | ||||
| Senko Group Holdings Co. Ltd. | 26,300 | 361 | ||||
| GS Yuasa Corp. | 16,000 | 359 | ||||
| DIC Corp. | 15,500 | 358 | ||||
| NHK Spring Co. Ltd. | 28,500 | 356 | ||||
| GMO internet group Inc. | 13,300 | 356 | ||||
| Industrial & Infrastructure Fund Investment Corp. | 403 | 355 | ||||
| INFRONEER Holdings Inc. | 35,408 | 353 | ||||
| MIRAIT ONE Corp. | 18,300 | 352 | ||||
| Ulvac Inc. | 8,700 | 351 | ||||
| Kobayashi Pharmaceutical Co. Ltd. | 9,600 | 347 | ||||
| Organo Corp. | 4,600 | 347 | ||||
| Toho Holdings Co. Ltd. | 9,400 | 347 | ||||
| Hakuhodo DY Holdings Inc. | 43,200 | 346 | ||||
| Sumitomo Bakelite Co. Ltd. | 10,300 | 345 | ||||
| * | Money Forward Inc. | 7,900 | 344 | |||
| Tomy Co. Ltd. | 15,000 | 343 | ||||
| Miura Co. Ltd. | 17,800 | 341 | ||||
| Dowa Holdings Co. Ltd. | 9,600 | 337 | ||||
| * | Mercari Inc. | 20,000 | 337 | |||
| Nihon Kohden Corp. | 30,200 | 336 | ||||
| Tokyo Century Corp. | 26,900 | 336 | ||||
| * | Visional Inc. | 4,200 | 334 | |||
| Kaneka Corp. | 11,400 | 333 | ||||
| Macnica Holdings Inc. | 24,400 | 332 | ||||
| Ezaki Glico Co. Ltd. | 9,900 | 330 | ||||
| Japan Logistics Fund Inc. | 496 | 330 | ||||
| Nissui Corp. | 47,600 | 323 | ||||
| * | Sumitomo Pharma Co. Ltd. | 31,100 | 319 | |||
52
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Seino Holdings Co. Ltd. | 20,400 | 318 | ||||
| Mitsubishi Motors Corp. | 116,400 | 317 | ||||
| Amano Corp. | 11,100 | 317 | ||||
| LaSalle Logiport REIT | 327 | 317 | ||||
| * | Konica Minolta Inc. | 92,600 | 315 | |||
| Canon Marketing Japan Inc. | 8,100 | 314 | ||||
| Teijin Ltd. | 36,700 | 312 | ||||
| Daiwabo Holdings Co. Ltd. | 14,700 | 312 | ||||
| Park24 Co. Ltd. | 22,700 | 311 | ||||
| Shiga Bank Ltd. | 7,000 | 310 | ||||
| ABC-Mart Inc. | 15,500 | 308 | ||||
| Wacoal Holdings Corp. | 8,300 | 307 | ||||
| Taikisha Ltd. | 15,500 | 306 | ||||
| Activia Properties Inc. | 333 | 306 | ||||
| Kagome Co. Ltd. | 15,400 | 301 | ||||
| Hisamitsu Pharmaceutical Co. Inc. | 10,500 | 300 | ||||
| North Pacific Bank Ltd. | 63,800 | 299 | ||||
| Yonex Co. Ltd. | 10,500 | 297 | ||||
| Zeon Corp. | 25,800 | 296 | ||||
| Fuyo General Lease Co. Ltd. | 9,900 | 293 | ||||
| Casio Computer Co. Ltd. | 35,400 | 290 | ||||
| OBIC Business Consultants Co. Ltd. | 5,000 | 289 | ||||
| Makino Milling Machine Co. Ltd. | 3,700 | 289 | ||||
| NSD Co. Ltd. | 12,800 | 288 | ||||
| H.U. Group Holdings Inc. | 11,500 | 286 | ||||
| Tsumura & Co. | 11,900 | 286 | ||||
| MEITEC Group Holdings Inc. | 12,900 | 286 | ||||
| Nippon Kayaku Co. Ltd. | 29,400 | 285 | ||||
| Nihon M&A Center Holdings Inc. | 56,000 | 285 | ||||
| Aozora Bank Ltd. | 18,300 | 284 | ||||
| Goldwin Inc. | 5,800 | 284 | ||||
| PAL GROUP Holdings Co. Ltd. | 8,100 | 284 | ||||
| Nipro Corp. | 27,400 | 280 | ||||
| * | Sharp Corp. | 46,500 | 279 | |||
| Anritsu Corp. | 23,800 | 279 | ||||
| SWCC Corp. | 5,000 | 276 | ||||
| Tokuyama Corp. | 12,100 | 276 | ||||
| Mizuho Leasing Co. Ltd. | 31,900 | 276 | ||||
| Toyoda Gosei Co. Ltd. | 11,300 | 274 | ||||
| Sanki Engineering Co. Ltd. | 8,100 | 274 | ||||
| Toagosei Co. Ltd. | 26,200 | 273 | ||||
| UACJ Corp. | 6,400 | 273 | ||||
| Rakus Co. Ltd. | 15,400 | 273 | ||||
| Morinaga Milk Industry Co. Ltd. | 12,100 | 272 | ||||
| Meidensha Corp. | 6,900 | 271 | ||||
| Mabuchi Motor Co. Ltd. | 15,700 | 269 | ||||
| Pigeon Corp. | 21,900 | 268 | ||||
| Hanwa Co. Ltd. | 6,200 | 266 | ||||
| * | SHIFT Inc. | 25,800 | 266 | |||
| NOK Corp. | 15,200 | 265 | ||||
| Koei Tecmo Holdings Co. Ltd. | 20,080 | 263 | ||||
| Nippon Television Holdings Inc. | 10,000 | 262 | ||||
| Yaoko Co. Ltd. | 4,200 | 262 | ||||
| SBI Sumishin Net Bank Ltd. | 8,000 | 262 | ||||
| Rengo Co. Ltd. | 41,200 | 257 | ||||
| Daiwa Securities Living Investments Corp. | 347 | 254 | ||||
| Hulic REIT Inc. | 225 | 254 | ||||
| Toridoll Holdings Corp. | 7,500 | 252 | ||||
| Suruga Bank Ltd. | 25,000 | 250 | ||||
| SHO-BOND Holdings Co. Ltd. | 7,200 | 249 | ||||
| Comforia Residential REIT Inc. | 117 | 248 | ||||
| K's Holdings Corp. | 24,200 | 247 | ||||
| Daiwa Office Investment Corp. | 98 | 244 | ||||
| Kyoritsu Maintenance Co. Ltd. | 10,700 | 243 | ||||
| Frontier Real Estate Investment Corp. | 407 | 242 | ||||
| Seven Bank Ltd. | 122,900 | 242 | ||||
| Fuji Corp. | 13,000 | 242 | ||||
| Nojima Corp. | 10,800 | 242 | ||||
| Mori Hills REIT Investment Corp. | 249 | 241 | ||||
| Kusuri no Aoki Holdings Co. Ltd. | 9,000 | 239 | ||||
53
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Max Co. Ltd. | 6,200 | 238 | ||||
| Denka Co. Ltd. | 15,700 | 237 | ||||
| SKY Perfect JSAT Holdings Inc. | 24,900 | 236 | ||||
| House Foods Group Inc. | 12,200 | 235 | ||||
| Yoshinoya Holdings Co. Ltd. | 10,900 | 235 | ||||
| Calbee Inc. | 12,900 | 234 | ||||
| San-In Godo Bank Ltd. | 25,700 | 233 | ||||
| Sotetsu Holdings Inc. | 13,200 | 232 | ||||
| Jeol Ltd. | 7,400 | 231 | ||||
| Sawai Group Holdings Co. Ltd. | 18,200 | 231 | ||||
| Seiko Group Corp. | 5,300 | 230 | ||||
| DTS Corp. | 6,500 | 229 | ||||
| Nippon Shokubai Co. Ltd. | 18,100 | 228 | ||||
| Inaba Denki Sangyo Co. Ltd. | 8,100 | 228 | ||||
| H2O Retailing Corp. | 16,000 | 225 | ||||
| Kose Corp. | 5,800 | 224 | ||||
| Aica Kogyo Co. Ltd. | 8,700 | 224 | ||||
| Glory Ltd. | 8,600 | 223 | ||||
| Osaka Soda Co. Ltd. | 17,200 | 221 | ||||
| Ito En Ltd. | 9,500 | 218 | ||||
| Ushio Inc. | 15,000 | 218 | ||||
| Kotobuki Spirits Co. Ltd. | 17,700 | 218 | ||||
| Tokyo Kiraboshi Financial Group Inc. | 4,600 | 218 | ||||
| Rorze Corp. | 17,700 | 216 | ||||
| JVCKenwood Corp. | 25,900 | 216 | ||||
| Mori Trust REIT Inc. | 422 | 215 | ||||
| Kiyo Bank Ltd. | 11,000 | 215 | ||||
| Meiko Electronics Co. Ltd. | 3,300 | 215 | ||||
| Joyful Honda Co. Ltd. | 14,800 | 214 | ||||
| NTT UD REIT Investment Corp. | 231 | 214 | ||||
| OKUMA Corp. | 9,000 | 212 | ||||
| Hyakugo Bank Ltd. | 37,900 | 212 | ||||
| Morinaga & Co. Ltd. | 11,600 | 211 | ||||
| TS Tech Co. Ltd. | 16,800 | 211 | ||||
| Relo Group Inc. | 17,800 | 210 | ||||
| Juroku Financial Group Inc. | 5,700 | 209 | ||||
| Simplex Holdings Inc. | 6,700 | 207 | ||||
| Acom Co. Ltd. | 66,000 | 206 | ||||
| Toyota Boshoku Corp. | 12,600 | 206 | ||||
| Inabata & Co. Ltd. | 8,800 | 206 | ||||
| Tsubakimoto Chain Co. | 13,800 | 206 | ||||
| Duskin Co. Ltd. | 7,700 | 206 | ||||
| Takeuchi Manufacturing Co. Ltd. | 5,900 | 204 | ||||
| Mitsubishi Estate Logistics REIT Investment Corp. | 246 | 204 | ||||
| Sinfonia Technology Co. Ltd. | 3,800 | 202 | ||||
| 1 | DeNA Co. Ltd. | 13,300 | 201 | |||
| Yodogawa Steel Works Ltd. | 21,500 | 200 | ||||
| Dai-Dan Co. Ltd. | 5,100 | 199 | ||||
| Ferrotec Corp. | 7,600 | 199 | ||||
| Lintec Corp. | 8,500 | 198 | ||||
| Musashino Bank Ltd. | 7,600 | 198 | ||||
| AEON Financial Service Co. Ltd. | 19,600 | 197 | ||||
| NTN Corp. | 88,200 | 196 | ||||
| Takuma Co. Ltd. | 12,800 | 196 | ||||
| Daihen Corp. | 3,700 | 195 | ||||
| TBS Holdings Inc. | 5,300 | 194 | ||||
| Senshu Ikeda Holdings Inc. | 44,400 | 194 | ||||
| Maruha Nichiro Corp. | 8,700 | 194 | ||||
| Japan Excellent Inc. | 195 | 194 | ||||
| Nippon Shinyaku Co. Ltd. | 9,100 | 193 | ||||
| Keiyo Bank Ltd. | 23,700 | 193 | ||||
| Toei Animation Co. Ltd. | 9,100 | 193 | ||||
| Ain Holdings Inc. | 4,600 | 190 | ||||
| Nisshinbo Holdings Inc. | 24,300 | 190 | ||||
| JAFCO Group Co. Ltd. | 10,800 | 189 | ||||
| 1 | Bic Camera Inc. | 17,500 | 188 | |||
| Nitto Boseki Co. Ltd. | 5,200 | 187 | ||||
| DCM Holdings Co. Ltd. | 18,700 | 187 | ||||
| Fuji Oil Co. Ltd. | 7,500 | 186 | ||||
| Dentsu Soken Inc. | 4,100 | 184 | ||||
54
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Nanto Bank Ltd. | 5,500 | 184 | ||||
| Nishimatsu Construction Co. Ltd. | 5,325 | 184 | ||||
| Monex Group Inc. | 31,900 | 184 | ||||
| OSG Corp. | 13,400 | 183 | ||||
| Toei Co. Ltd. | 5,300 | 183 | ||||
| Okamura Corp. | 11,200 | 181 | ||||
| * | Sansan Inc. | 14,000 | 181 | |||
| Kureha Corp. | 6,900 | 179 | ||||
| Nisshin Oillio Group Ltd. | 5,100 | 179 | ||||
| Sangetsu Corp. | 8,500 | 178 | ||||
| Harmonic Drive Systems Inc. | 10,300 | 177 | ||||
| Chugoku Marine Paints Ltd. | 7,400 | 177 | ||||
| Micronics Japan Co. Ltd. | 5,700 | 177 | ||||
| Seria Co. Ltd. | 8,600 | 176 | ||||
| Musashi Seimitsu Industry Co. Ltd. | 8,000 | 176 | ||||
| Nippon Soda Co. Ltd. | 7,400 | 176 | ||||
| Starts Corp. Inc. | 5,200 | 176 | ||||
| Nippon REIT Investment Corp. | 263 | 176 | ||||
| Sumitomo Warehouse Co. Ltd. | 8,400 | 175 | ||||
| ARE Holdings Inc. | 12,600 | 175 | ||||
| * | PeptiDream Inc. | 17,200 | 174 | |||
| TKC Corp. | 5,800 | 174 | ||||
| Kissei Pharmaceutical Co. Ltd. | 5,900 | 173 | ||||
| Daiseki Co. Ltd. | 7,180 | 173 | ||||
| Seiren Co. Ltd. | 8,400 | 173 | ||||
| Itoham Yonekyu Holdings Inc. | 4,480 | 172 | ||||
| EDION Corp. | 12,500 | 172 | ||||
| Takasago International Corp. | 3,000 | 172 | ||||
| Nishi-Nippon Railroad Co. Ltd. | 11,300 | 171 | ||||
| Pilot Corp. | 5,600 | 171 | ||||
| Anycolor Inc. | 5,300 | 171 | ||||
| Fuji Media Holdings Inc. | 7,500 | 169 | ||||
| Future Corp. | 10,900 | 169 | ||||
| Bunka Shutter Co. Ltd. | 9,510 | 168 | ||||
| Nakanishi Inc. | 11,800 | 168 | ||||
| Mizuno Corp. | 9,600 | 167 | ||||
| As One Corp. | 9,600 | 164 | ||||
| Bank of Nagoya Ltd. | 2,400 | 164 | ||||
| Furuno Electric Co. Ltd. | 4,300 | 163 | ||||
| Heiwa Real Estate REIT Inc. | 159 | 163 | ||||
| Exedy Corp. | 4,500 | 162 | ||||
| CKD Corp. | 9,900 | 162 | ||||
| Nippn Corp. | 10,500 | 162 | ||||
| Aiful Corp. | 50,800 | 161 | ||||
| * | Sanken Electric Co. Ltd. | 2,900 | 161 | |||
| Financial Partners Group Co. Ltd. | 9,700 | 161 | ||||
| Matsui Securities Co. Ltd. | 30,300 | 160 | ||||
| Kaken Pharmaceutical Co. Ltd. | 6,200 | 160 | ||||
| Katitas Co. Ltd. | 8,700 | 159 | ||||
| Izumi Co. Ltd. | 7,200 | 158 | ||||
| Megmilk Snow Brand Co. Ltd. | 8,200 | 158 | ||||
| PALTAC Corp. | 5,100 | 157 | ||||
| Valor Holdings Co. Ltd. | 8,200 | 157 | ||||
| Global One Real Estate Investment Corp. | 155 | 156 | ||||
| Hyakujushi Bank Ltd. | 4,600 | 155 | ||||
| Raito Kogyo Co. Ltd. | 6,900 | 155 | ||||
| Shibaura Mechatronics Corp. | 2,100 | 155 | ||||
| 1 | Shochiku Co. Ltd. | 1,600 | 154 | |||
| Nippon Kanzai Holdings Co. Ltd. | 8,200 | 154 | ||||
| Gunze Ltd. | 6,000 | 152 | ||||
| Tokai Tokyo Financial Holdings Inc. | 38,100 | 150 | ||||
| Kaga Electronics Co. Ltd. | 6,400 | 150 | ||||
| Kanamoto Co. Ltd. | 6,300 | 150 | ||||
| Oki Electric Industry Co. Ltd. | 14,500 | 150 | ||||
| 1 | Kasumigaseki Capital Co. Ltd. | 2,400 | 149 | |||
| Tamron Co. Ltd. | 21,600 | 148 | ||||
| KOMEDA Holdings Co. Ltd. | 7,200 | 148 | ||||
| Nippon Paper Industries Co. Ltd. | 17,900 | 147 | ||||
| KYB Corp. | 5,700 | 147 | ||||
| JBCC Holdings Inc. | 15,800 | 147 | ||||
55
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Nihon Parkerizing Co. Ltd. | 15,200 | 146 | ||||
| Tadano Ltd. | 20,800 | 146 | ||||
| Toa Corp. | 10,000 | 146 | ||||
| Lifedrink Co. Inc. | 8,200 | 146 | ||||
| Jaccs Co. Ltd. | 5,000 | 145 | ||||
| Systena Corp. | 43,300 | 145 | ||||
| Okasan Securities Group Inc. | 31,600 | 145 | ||||
| Takara Standard Co. Ltd. | 8,100 | 145 | ||||
| Aichi Financial Group Inc. | 7,363 | 145 | ||||
| Leopalace21 Corp. | 30,600 | 144 | ||||
| Awa Bank Ltd. | 6,100 | 143 | ||||
| Tokai Rika Co. Ltd. | 8,000 | 142 | ||||
| GungHo Online Entertainment Inc. | 7,500 | 141 | ||||
| Riken Keiki Co. Ltd. | 6,400 | 141 | ||||
| U-Next Holdings Co. Ltd. | 10,000 | 141 | ||||
| Hokkoku Financial Holdings Inc. | 3,400 | 141 | ||||
| Workman Co. Ltd. | 3,900 | 141 | ||||
| Fujimi Inc. | 10,000 | 140 | ||||
| Paramount Bed Holdings Co. Ltd. | 7,900 | 140 | ||||
| Toho Bank Ltd. | 51,900 | 139 | ||||
| SRA Holdings | 4,400 | 139 | ||||
| Daiei Kankyo Co. Ltd. | 6,100 | 139 | ||||
| 1 | Hokuetsu Corp. | 19,900 | 138 | |||
| Ogaki Kyoritsu Bank Ltd. | 6,500 | 138 | ||||
| TOMONY Holdings Inc. | 32,200 | 138 | ||||
| Sumitomo Osaka Cement Co. Ltd. | 5,100 | 136 | ||||
| Towa Corp. | 11,600 | 135 | ||||
| Aichi Steel Corp. | 6,800 | 133 | ||||
| Hogy Medical Co. Ltd. | 3,700 | 133 | ||||
| Yellow Hat Ltd. | 11,800 | 133 | ||||
| Appier Group Inc. | 12,700 | 132 | ||||
| Daiichikosho Co. Ltd. | 11,400 | 131 | ||||
| * | Hino Motors Ltd. | 50,200 | 130 | |||
| Heiwa Real Estate Co. Ltd. | 8,400 | 129 | ||||
| JMDC Inc. | 4,600 | 129 | ||||
| FP Corp. | 7,200 | 128 | ||||
| Ariake Japan Co. Ltd. | 3,100 | 127 | ||||
| Mitsuboshi Belting Ltd. | 5,000 | 127 | ||||
| Tocalo Co. Ltd. | 8,900 | 127 | ||||
| Sumitomo Densetsu Co. Ltd. | 2,800 | 127 | ||||
| Nippon Light Metal Holdings Co. Ltd. | 9,090 | 127 | ||||
| C Uyemura & Co. Ltd. | 1,800 | 127 | ||||
| Japan Aviation Electronics Industry Ltd. | 7,400 | 126 | ||||
| Elecom Co. Ltd. | 10,100 | 126 | ||||
| Fuji Seal International Inc. | 6,400 | 125 | ||||
| Toyo Construction Co. Ltd. | 10,600 | 125 | ||||
| Aoyama Trading Co. Ltd. | 7,500 | 124 | ||||
| Digital Garage Inc. | 5,000 | 124 | ||||
| Heiwado Co. Ltd. | 6,400 | 124 | ||||
| Kurabo Industries Ltd. | 2,400 | 124 | ||||
| JINS Holdings Inc. | 2,300 | 124 | ||||
| Chudenko Corp. | 4,700 | 123 | ||||
| Pola Orbis Holdings Inc. | 13,900 | 122 | ||||
| San-A Co. Ltd. | 6,300 | 122 | ||||
| Itoki Corp. | 7,700 | 122 | ||||
| Artience Co. Ltd. | 5,900 | 122 | ||||
| Hosiden Corp. | 7,800 | 121 | ||||
| Nextage Co. Ltd. | 8,200 | 121 | ||||
| Maxell Ltd. | 8,600 | 120 | ||||
| Nissin Corp. | 2,200 | 120 | ||||
| SMS Co. Ltd. | 11,200 | 120 | ||||
| Japan Material Co. Ltd. | 12,000 | 120 | ||||
| Fujita Kanko Inc. | 1,500 | 119 | ||||
| Pacific Industrial Co. Ltd. | 7,700 | 119 | ||||
| Maruzen Showa Unyu Co. Ltd. | 2,400 | 118 | ||||
| Trusco Nakayama Corp. | 7,200 | 118 | ||||
| Open Up Group Inc. | 9,500 | 118 | ||||
| Happinet Corp. | 2,500 | 117 | ||||
| Kurimoto Ltd. | 2,200 | 117 | ||||
| Mitsui High-Tec Inc. | 20,500 | 117 | ||||
56
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Sakata Seed Corp. | 4,800 | 117 | ||||
| Kitz Corp. | 11,400 | 116 | ||||
| Ichigo Inc. | 38,900 | 115 | ||||
| Noritsu Koki Co. Ltd. | 10,200 | 115 | ||||
| Prima Meat Packers Ltd. | 7,200 | 115 | ||||
| Yokogawa Bridge Holdings Corp. | 6,100 | 115 | ||||
| Hankyu Hanshin REIT Inc. | 99 | 115 | ||||
| Fukuda Denshi Co. Ltd. | 2,500 | 114 | ||||
| Key Coffee Inc. | 8,400 | 113 | ||||
| VT Holdings Co. Ltd. | 33,800 | 111 | ||||
| FCC Co. Ltd. | 5,200 | 111 | ||||
| Sanyo Electric Railway Co. Ltd. | 7,600 | 111 | ||||
| Yurtec Corp. | 6,200 | 111 | ||||
| Tsugami Corp. | 7,700 | 111 | ||||
| Konoike Transport Co. Ltd. | 4,800 | 111 | ||||
| Nittetsu Mining Co. Ltd. | 1,900 | 109 | ||||
| Uchida Yoko Co. Ltd. | 1,500 | 109 | ||||
| Okinawa Cellular Telephone Co. | 3,200 | 109 | ||||
| Ryoyo Ryosan Holdings Inc. | 5,424 | 109 | ||||
| MOS Food Services Inc. | 4,000 | 108 | ||||
| Nichicon Corp. | 11,600 | 108 | ||||
| Yamanashi Chuo Bank Ltd. | 5,200 | 108 | ||||
| Mochida Pharmaceutical Co. Ltd. | 5,100 | 107 | ||||
| Sakata INX Corp. | 7,000 | 107 | ||||
| Totetsu Kogyo Co. Ltd. | 3,600 | 107 | ||||
| San ju San Financial Group Inc. | 4,400 | 107 | ||||
| Tri Chemical Laboratories Inc. | 4,900 | 107 | ||||
| Cybozu Inc. | 4,100 | 106 | ||||
| Mitsubishi Pencil Co. Ltd. | 7,900 | 106 | ||||
| Noritake Co. Ltd. | 3,400 | 104 | ||||
| Totech Corp. | 4,800 | 104 | ||||
| Sumitomo Riko Co. Ltd. | 6,900 | 103 | ||||
| Rigaku Holdings Corp. | 18,400 | 103 | ||||
| Galilei Co. Ltd. | 4,100 | 102 | ||||
| MCJ Co. Ltd. | 10,600 | 102 | ||||
| Fuso Chemical Co. Ltd. | 3,200 | 101 | ||||
| Japan Wool Textile Co. Ltd. | 9,300 | 101 | ||||
| Wacom Co. Ltd. | 20,700 | 101 | ||||
| Sanyo Denki Co. Ltd. | 1,500 | 101 | ||||
| Yamazen Corp. | 10,900 | 101 | ||||
| Ai Holdings Corp. | 5,800 | 101 | ||||
| Imperial Hotel Ltd. | 14,800 | 101 | ||||
| Belc Co. Ltd. | 2,000 | 100 | ||||
| Wellneo Sugar Co. Ltd. | 6,000 | 100 | ||||
| KH Neochem Co. Ltd. | 5,200 | 99 | ||||
| Megachips Corp. | 2,500 | 97 | ||||
| Mani Inc. | 11,600 | 97 | ||||
| Kumiai Chemical Industry Co. Ltd. | 17,000 | 97 | ||||
| Nissan Shatai Co. Ltd. | 12,600 | 97 | ||||
| Sinko Industries Ltd. | 11,400 | 97 | ||||
| T Hasegawa Co. Ltd. | 4,800 | 97 | ||||
| Tsukishima Holdings Co. Ltd. | 4,700 | 97 | ||||
| YAMABIKO Corp. | 6,200 | 97 | ||||
| Funai Soken Holdings Inc. | 5,600 | 96 | ||||
| Nohmi Bosai Ltd. | 3,500 | 96 | ||||
| Shibaura Machine Co. Ltd. | 3,400 | 96 | ||||
| Token Corp. | 1,000 | 96 | ||||
| Mirai Corp. | 296 | 96 | ||||
| ARCLANDS Corp. | 7,700 | 95 | ||||
| Tokyu Construction Co. Ltd. | 12,400 | 95 | ||||
| Tosei Corp. | 4,400 | 95 | ||||
| JCU Corp. | 3,300 | 95 | ||||
| Digital Arts Inc. | 1,800 | 94 | ||||
| Softcreate Holdings Corp. | 6,000 | 94 | ||||
| NTT Data Group Corp. | 3,500 | 93 | ||||
| Fuji Kyuko Co. Ltd. | 6,400 | 93 | ||||
| Kameda Seika Co. Ltd. | 3,300 | 93 | ||||
| Life Corp. | 5,600 | 93 | ||||
| Arata Corp. | 4,500 | 93 | ||||
| Topre Corp. | 6,300 | 93 | ||||
57
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| CRE Logistics REIT Inc. | 88 | 93 | ||||
| Premium Group Co. Ltd. | 6,100 | 93 | ||||
| and ST HD Co. Ltd. | 4,500 | 92 | ||||
| Shibuya Corp. | 3,800 | 92 | ||||
| Ichigo Office REIT Investment Corp. | 140 | 92 | ||||
| Nippon Seiki Co. Ltd. | 7,600 | 91 | ||||
| Yushin Co. | 21,700 | 91 | ||||
| Hibiya Engineering Ltd. | 2,900 | 90 | ||||
| 1 | OSAKA Titanium Technologies Co. Ltd. | 5,200 | 90 | |||
| Ishihara Sangyo Kaisha Ltd. | 5,400 | 90 | ||||
| Komeri Co. Ltd. | 4,000 | 90 | ||||
| Sumitomo Mitsui Construction Co. Ltd. | 22,100 | 90 | ||||
| * | Nxera Pharma Co. Ltd. | 14,400 | 90 | |||
| BML Inc. | 3,700 | 89 | ||||
| Furukawa Co. Ltd. | 4,700 | 89 | ||||
| Showa Sangyo Co. Ltd. | 4,381 | 89 | ||||
| Daio Paper Corp. | 15,100 | 89 | ||||
| Autobacs Seven Co. Ltd. | 8,300 | 88 | ||||
| Alconix Corp. | 6,000 | 88 | ||||
| Infomart Corp. | 35,200 | 88 | ||||
| TechMatrix Corp. | 6,500 | 88 | ||||
| Central Automotive Products Ltd. | 6,900 | 88 | ||||
| Bando Chemical Industries Ltd. | 6,400 | 87 | ||||
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 4,700 | 87 | ||||
| Nomura Co. Ltd. | 12,400 | 87 | ||||
| Sekisui Jushi Corp. | 5,900 | 87 | ||||
| JAC Recruitment Co. Ltd. | 11,700 | 87 | ||||
| m-up Holdings Inc. | 5,200 | 87 | ||||
| HIS Co. Ltd. | 8,500 | 86 | ||||
| Eizo Corp. | 5,700 | 86 | ||||
| Japan Pulp & Paper Co. Ltd. | 18,200 | 86 | ||||
| Create SD Holdings Co. Ltd. | 3,700 | 86 | ||||
| World Co. Ltd. | 4,200 | 86 | ||||
| Genky DrugStores Co. Ltd. | 2,800 | 86 | ||||
| Nippon Densetsu Kogyo Co. Ltd. | 4,600 | 85 | ||||
| Transcosmos Inc. | 3,500 | 85 | ||||
| 1 | Union Tool Co. | 1,400 | 85 | |||
| Menicon Co. Ltd. | 10,500 | 85 | ||||
| Axial Retailing Inc. | 10,700 | 84 | ||||
| Hosokawa Micron Corp. | 2,200 | 84 | ||||
| Zuken Inc. | 2,500 | 84 | ||||
| PILLAR Corp. | 3,100 | 84 | ||||
| NPR-RIKEN Corp. | 4,200 | 84 | ||||
| Nitto Kogyo Corp. | 3,500 | 83 | ||||
| Oita Bank Ltd. | 2,500 | 83 | ||||
| dip Corp. | 5,200 | 83 | ||||
| Ryobi Ltd. | 4,600 | 83 | ||||
| Zacros Corp. | 2,900 | 82 | ||||
| Kyokuyo Co. Ltd. | 2,600 | 82 | ||||
| Towa Pharmaceutical Co. Ltd. | 4,200 | 82 | ||||
| Tsurumi Manufacturing Co. Ltd. | 3,100 | 82 | ||||
| Raksul Inc. | 8,900 | 82 | ||||
| SOSiLA Logistics REIT Inc. | 100 | 82 | ||||
| Aisan Industry Co. Ltd. | 6,100 | 81 | ||||
| Hamakyorex Co. Ltd. | 7,900 | 81 | ||||
| Yokorei Co. Ltd. | 10,200 | 81 | ||||
| Onward Holdings Co. Ltd. | 18,300 | 80 | ||||
| Konishi Co. Ltd. | 9,100 | 80 | ||||
| Ricoh Leasing Co. Ltd. | 2,100 | 80 | ||||
| Wakita & Co. Ltd. | 6,400 | 80 | ||||
| Eiken Chemical Co. Ltd. | 4,800 | 79 | ||||
| Nichiha Corp. | 4,000 | 79 | ||||
| UT Group Co. Ltd. | 4,300 | 79 | ||||
| 1 | Sakura Internet Inc. | 3,900 | 79 | |||
| Bank of Iwate Ltd. | 3,100 | 78 | ||||
| Kohnan Shoji Co. Ltd. | 2,900 | 78 | ||||
| Yondoshi Holdings Inc. | 6,700 | 78 | ||||
| Kyorin Pharmaceutical Co. Ltd. | 7,600 | 78 | ||||
| Toyobo Co. Ltd. | 10,400 | 77 | ||||
| Ichibanya Co. Ltd. | 11,700 | 77 | ||||
58
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Daiichi Jitsugyo Co. Ltd. | 4,200 | 77 | ||||
| Doutor Nichires Holdings Co. Ltd. | 4,400 | 77 | ||||
| Milbon Co. Ltd. | 4,500 | 76 | ||||
| Nishio Holdings Co. Ltd. | 2,700 | 76 | ||||
| Toshiba TEC Corp. | 3,900 | 76 | ||||
| Yahagi Construction Co. Ltd. | 5,100 | 76 | ||||
| Japan Transcity Corp. | 9,500 | 76 | ||||
| Anicom Holdings Inc. | 12,500 | 76 | ||||
| Japan Lifeline Co. Ltd. | 7,700 | 75 | ||||
| Central Glass Co. Ltd. | 3,300 | 75 | ||||
| Krosaki Harima Corp. | 2,700 | 75 | ||||
| *,1 | euglena Co. Ltd. | 24,500 | 75 | |||
| Mitsubishi Logisnext Co. Ltd. | 5,900 | 74 | ||||
| Towa Bank Ltd. | 11,700 | 74 | ||||
| Earth Corp. | 2,100 | 74 | ||||
| First Bank of Toyama Ltd. | 8,500 | 74 | ||||
| Fujibo Holdings Inc. | 1,700 | 73 | ||||
| SIGMAXYZ Holdings Inc. | 11,100 | 73 | ||||
| Plus Alpha Consulting Co. Ltd. | 4,400 | 73 | ||||
| Komori Corp. | 6,900 | 72 | ||||
| Shikoku Kasei Holdings Corp. | 4,900 | 72 | ||||
| Noevir Holdings Co. Ltd. | 2,300 | 72 | ||||
| TSI Holdings Co. Ltd. | 9,900 | 72 | ||||
| DKS Co. Ltd. | 1,900 | 72 | ||||
| CTI Engineering Co. Ltd. | 3,600 | 72 | ||||
| Toyo Corp. | 6,600 | 71 | ||||
| AZ-COM MARUWA Holdings Inc. | 8,800 | 71 | ||||
| Argo Graphics Inc. | 2,200 | 70 | ||||
| Tomoku Co. Ltd. | 3,100 | 70 | ||||
| Nagawa Co. Ltd. | 1,600 | 70 | ||||
| Optex Group Co. Ltd. | 5,300 | 69 | ||||
| Shikoku Bank Ltd. | 7,200 | 69 | ||||
| ESPEC Corp. | 3,000 | 69 | ||||
| KAWADA TECHNOLOGIES Inc. | 2,500 | 69 | ||||
| TRE Holdings Corp. | 6,600 | 69 | ||||
| Nippon Parking Development Co. Ltd. | 34,400 | 68 | ||||
| Nichireki Group Co. Ltd. | 3,600 | 68 | ||||
| Weathernews Inc. | 2,200 | 67 | ||||
| Godo Steel Ltd. | 2,400 | 67 | ||||
| ES-Con Japan Ltd. | 9,700 | 67 | ||||
| JSP Corp. | 5,100 | 67 | ||||
| Yuasa Trading Co. Ltd. | 2,000 | 67 | ||||
| Kyosan Electric Manufacturing Co. Ltd. | 18,300 | 66 | ||||
| Studio Alice Co. Ltd. | 4,600 | 66 | ||||
| Tekken Corp. | 2,900 | 66 | ||||
| Starzen Co. Ltd. | 8,100 | 66 | ||||
| Zojirushi Corp. | 5,800 | 66 | ||||
| TOA Road Corp. | 6,000 | 66 | ||||
| Riso Kyoiku Group Corp. | 44,800 | 65 | ||||
| 1 | Ministop Co. Ltd. | 4,800 | 65 | |||
| Okamoto Industries Inc. | 1,900 | 65 | ||||
| Tosei REIT Investment Corp. | 65 | 65 | ||||
| Yamaichi Electronics Co. Ltd. | 3,000 | 65 | ||||
| * | Medley Inc. | 3,900 | 65 | |||
| IDOM Inc. | 9,400 | 64 | ||||
| Idec Corp. | 3,900 | 64 | ||||
| Oiles Corp. | 4,200 | 64 | ||||
| Toho Titanium Co. Ltd. | 5,300 | 64 | ||||
| One REIT Inc. | 105 | 64 | ||||
| Shin-Etsu Polymer Co. Ltd. | 5,000 | 63 | ||||
| METAWATER Co. Ltd. | 3,100 | 63 | ||||
| WingArc1st Inc. | 2,800 | 63 | ||||
| CAC Holdings Corp. | 4,300 | 62 | ||||
| Ehime Bank Ltd. | 7,600 | 62 | ||||
| Hokuto Corp. | 4,900 | 62 | ||||
| Computer Engineering & Consulting Ltd. | 3,900 | 61 | ||||
| Hioki EE Corp. | 1,500 | 61 | ||||
| Nitta Corp. | 2,200 | 61 | ||||
| Okabe Co. Ltd. | 9,500 | 61 | ||||
| Tamura Corp. | 17,600 | 61 | ||||
59
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Topy Industries Ltd. | 3,100 | 61 | ||||
| Senshu Electric Co. Ltd. | 2,000 | 61 | ||||
| Fuji Co. Ltd. | 4,400 | 60 | ||||
| Matsuda Sangyo Co. Ltd. | 2,300 | 60 | ||||
| Matsuya Co. Ltd. | 7,400 | 60 | ||||
| SBS Holdings Inc. | 2,500 | 60 | ||||
| Riso Kagaku Corp. | 7,400 | 60 | ||||
| Toenec Corp. | 6,200 | 60 | ||||
| Feed One Co. Ltd. | 7,780 | 60 | ||||
| A&D HOLON Holdings Co. Ltd. | 4,500 | 60 | ||||
| TV Asahi Holdings Corp. | 2,800 | 59 | ||||
| Miyazaki Bank Ltd. | 2,000 | 59 | ||||
| Tachibana Eletech Co. Ltd. | 3,000 | 59 | ||||
| Tanseisha Co. Ltd. | 6,300 | 59 | ||||
| Tochigi Bank Ltd. | 18,400 | 59 | ||||
| Hoosiers Holdings Co. Ltd. | 6,800 | 59 | ||||
| 1 | Tama Home Co. Ltd. | 2,400 | 59 | |||
| Canon Electronics Inc. | 3,300 | 58 | ||||
| Central Sports Co. Ltd. | 3,300 | 58 | ||||
| Hochiki Corp. | 2,400 | 58 | ||||
| Noritz Corp. | 4,400 | 58 | ||||
| Torishima Pump Manufacturing Co. Ltd. | 4,300 | 58 | ||||
| Oriental Shiraishi Corp. | 20,700 | 58 | ||||
| Santec Holdings Corp. | 1,100 | 58 | ||||
| Teikoku Electric Manufacturing Co. Ltd. | 2,500 | 57 | ||||
| Siix Corp. | 6,500 | 57 | ||||
| Chuo Spring Co. Ltd. | 2,600 | 57 | ||||
| ASKUL Corp. | 5,600 | 57 | ||||
| Amuse Inc. | 4,200 | 57 | ||||
| Nissei ASB Machine Co. Ltd. | 1,200 | 57 | ||||
| Teikoku Sen-I Co. Ltd. | 2,800 | 57 | ||||
| eGuarantee Inc. | 5,700 | 57 | ||||
| Broadleaf Co. Ltd. | 11,200 | 57 | ||||
| Osaka Organic Chemical Industry Ltd. | 2,800 | 57 | ||||
| Procrea Holdings Inc. | 4,900 | 57 | ||||
| Dai Nippon Toryo Co. Ltd. | 6,500 | 56 | ||||
| Fukui Bank Ltd. | 4,200 | 56 | ||||
| * | Net Protections Holdings Inc. | 9,600 | 56 | |||
| United Arrows Ltd. | 3,900 | 55 | ||||
| Mandom Corp. | 5,700 | 55 | ||||
| Tokyo Electron Device Ltd. | 2,800 | 55 | ||||
| Nagaileben Co. Ltd. | 4,000 | 55 | ||||
| Nichiden Corp. | 2,900 | 55 | ||||
| Sakai Moving Service Co. Ltd. | 2,800 | 55 | ||||
| Pasona Group Inc. | 3,900 | 55 | ||||
| Restar Corp. | 3,100 | 55 | ||||
| Optorun Co. Ltd. | 4,900 | 55 | ||||
| Insource Co. Ltd. | 8,600 | 55 | ||||
| 1 | Ise Chemicals Corp. | 300 | 55 | |||
| Asahi Yukizai Corp. | 1,800 | 54 | ||||
| Kanaden Corp. | 4,100 | 54 | ||||
| Gecoss Corp. | 5,800 | 54 | ||||
| Fixstars Corp. | 4,200 | 54 | ||||
| Okura Industrial Co. Ltd. | 1,600 | 53 | ||||
| Star Micronics Co. Ltd. | 4,600 | 53 | ||||
| Nihon Chouzai Co. Ltd. | 2,000 | 53 | ||||
| Change Holdings Inc. | 6,700 | 53 | ||||
| Vision Inc. | 6,300 | 53 | ||||
| Aeon Hokkaido Corp. | 8,600 | 53 | ||||
| Asanuma Corp. | 9,100 | 53 | ||||
| Shofu Inc. | 4,000 | 53 | ||||
| Akita Bank Ltd. | 2,200 | 52 | ||||
| AOKI Holdings Inc. | 4,300 | 52 | ||||
| Asahi Diamond Industrial Co. Ltd. | 9,400 | 52 | ||||
| FULLCAST Holdings Co. Ltd. | 4,300 | 52 | ||||
| Prestige International Inc. | 11,200 | 52 | ||||
| Halows Co. Ltd. | 1,500 | 52 | ||||
| Miroku Jyoho Service Co. Ltd. | 4,200 | 52 | ||||
| 1 | Shoei Foods Corp. | 1,900 | 52 | |||
| Hirata Corp. | 4,200 | 52 | ||||
60
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Curves Holdings Co. Ltd. | 9,200 | 52 | ||||
| Takamatsu Construction Group Co. Ltd. | 2,300 | 51 | ||||
| JCR Pharmaceuticals Co. Ltd. | 12,100 | 51 | ||||
| Marusan Securities Co. Ltd. | 7,800 | 51 | ||||
| Nippon Carbon Co. Ltd. | 1,800 | 51 | ||||
| Nippon Road Co. Ltd. | 3,000 | 51 | ||||
| Nippon Ceramic Co. Ltd. | 2,300 | 51 | ||||
| Seikagaku Corp. | 11,300 | 51 | ||||
| * | RENOVA Inc. | 8,900 | 51 | |||
| Futaba Industrial Co. Ltd. | 7,800 | 50 | ||||
| Hokkan Holdings Ltd. | 3,500 | 50 | ||||
| Kanagawa Chuo Kotsu Co. Ltd. | 2,000 | 50 | ||||
| Koa Corp. | 6,400 | 50 | ||||
| Nihon Tokushu Toryo Co. Ltd. | 3,400 | 50 | ||||
| * | Nippon Sheet Glass Co. Ltd. | 14,000 | 50 | |||
| Nissha Co. Ltd. | 5,500 | 50 | ||||
| Sato Corp. | 3,300 | 50 | ||||
| Ki-Star Real Estate Co. Ltd. | 1,400 | 50 | ||||
| Bank of the Ryukyus Ltd. | 5,500 | 49 | ||||
| Daido Metal Co. Ltd. | 8,000 | 49 | ||||
| Iriso Electronics Co. Ltd. | 2,500 | 49 | ||||
| Anest Iwata Corp. | 4,600 | 49 | ||||
| G-Tekt Corp. | 3,700 | 49 | ||||
| Mie Kotsu Group Holdings Inc. | 13,600 | 49 | ||||
| RS Technologies Co. Ltd. | 2,000 | 49 | ||||
| PHC Holdings Corp. | 7,400 | 49 | ||||
| Altech Corp. | 2,500 | 49 | ||||
| Septeni Holdings Co. Ltd. | 17,600 | 49 | ||||
| Mirai Industry Co. Ltd. | 1,900 | 49 | ||||
| Orient Corp. | 7,100 | 48 | ||||
| Goldcrest Co. Ltd. | 2,100 | 48 | ||||
| Riken Vitamin Co. Ltd. | 2,400 | 48 | ||||
| Sintokogio Ltd. | 7,200 | 48 | ||||
| Tokai Corp. | 3,300 | 48 | ||||
| Vital KSK Holdings Inc. | 5,600 | 48 | ||||
| Bell System24 Holdings Inc. | 5,300 | 48 | ||||
| ASKA Pharmaceutical Holdings Co. Ltd. | 2,900 | 48 | ||||
| Takara Bio Inc. | 7,600 | 47 | ||||
| en Japan Inc. | 3,900 | 47 | ||||
| Kyodo Printing Co. Ltd. | 4,500 | 47 | ||||
| Onoken Co. Ltd. | 4,900 | 47 | ||||
| *,1 | Remixpoint Inc. | 17,900 | 47 | |||
| FIDEA Holdings Co. Ltd. | 4,400 | 47 | ||||
| Miyaji Engineering Group Inc. | 3,400 | 47 | ||||
| Daiwa Industries Ltd. | 4,000 | 46 | ||||
| Fujicco Co. Ltd. | 4,200 | 46 | ||||
| ST Corp. | 4,300 | 46 | ||||
| Sanyo Chemical Industries Ltd. | 1,600 | 46 | ||||
| Pack Corp. | 5,700 | 46 | ||||
| KeePer Technical Laboratory Co. Ltd. | 2,000 | 46 | ||||
| KPP Group Holdings Co. Ltd. | 8,300 | 46 | ||||
| Seikitokyu Kogyo Co. Ltd. | 4,400 | 46 | ||||
| Transaction Co. Ltd. | 5,400 | 46 | ||||
| GLOBERIDE Inc. | 2,800 | 45 | ||||
| Fujiya Co. Ltd. | 2,600 | 45 | ||||
| Katakura Industries Co. Ltd. | 2,400 | 45 | ||||
| Retail Partners Co. Ltd. | 4,700 | 45 | ||||
| Tachi-S Co. Ltd. | 3,400 | 45 | ||||
| TPR Co. Ltd. | 2,800 | 45 | ||||
| Mitsubishi Research Institute Inc. | 1,400 | 45 | ||||
| Istyle Inc. | 10,800 | 45 | ||||
| Furuya Metal Co. Ltd. | 2,700 | 45 | ||||
| TDC Soft Inc. | 4,800 | 45 | ||||
| Aiphone Co. Ltd. | 2,300 | 44 | ||||
| Chofu Seisakusho Co. Ltd. | 3,500 | 44 | ||||
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 1,700 | 44 | ||||
| Nachi-Fujikoshi Corp. | 1,900 | 44 | ||||
| Nippon Sharyo Ltd. | 2,400 | 44 | ||||
| Nippon Signal Co. Ltd. | 5,300 | 44 | ||||
| Unipres Corp. | 5,500 | 44 | ||||
61
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Qol Holdings Co. Ltd. | 3,200 | 44 | ||||
| MEC Co. Ltd. | 2,200 | 44 | ||||
| 1 | Osaka Steel Co. Ltd. | 2,400 | 43 | |||
| * | Oisix ra daichi Inc. | 3,900 | 43 | |||
| Airman Corp. | 3,000 | 43 | ||||
| Aida Engineering Ltd. | 6,800 | 42 | ||||
| Chubu Shiryo Co. Ltd. | 3,600 | 42 | ||||
| Intage Holdings Inc. | 3,500 | 42 | ||||
| Ichiyoshi Securities Co. Ltd. | 7,700 | 42 | ||||
| Mitsui DM Sugar Co. Ltd. | 1,900 | 42 | ||||
| Riken Technos Corp. | 5,300 | 42 | ||||
| Shinnihon Corp. | 3,300 | 42 | ||||
| Shibusawa Logistics Corp. | 1,400 | 42 | ||||
| Sodick Co. Ltd. | 7,200 | 42 | ||||
| Toa Corp. (XTKS) | 5,300 | 42 | ||||
| Yamagata Bank Ltd. | 3,900 | 42 | ||||
| Kyoei Steel Ltd. | 2,700 | 42 | ||||
| 1 | Toyo Gosei Co. Ltd. | 1,200 | 42 | |||
| Base Co. Ltd. | 1,700 | 42 | ||||
| J Trust Co. Ltd. | 13,800 | 41 | ||||
| Avex Inc. | 4,800 | 41 | ||||
| Joshin Denki Co. Ltd. | 2,400 | 41 | ||||
| Kanto Denka Kogyo Co. Ltd. | 7,100 | 41 | ||||
| Piolax Inc. | 3,300 | 41 | ||||
| J-Oil Mills Inc. | 3,000 | 41 | ||||
| Chubu Steel Plate Co. Ltd. | 2,700 | 41 | ||||
| *,1 | M&A Research Institute Holdings Inc. | 4,500 | 41 | |||
| 1 | DyDo Group Holdings Inc. | 2,400 | 40 | |||
| Mirarth Holdings Inc. | 15,000 | 40 | ||||
| Nippon Denko Co. Ltd. | 17,700 | 40 | ||||
| Sakai Chemical Industry Co. Ltd. | 2,000 | 40 | ||||
| Shimojima Co. Ltd. | 4,600 | 40 | ||||
| Artnature Inc. | 7,300 | 40 | ||||
| Roland Corp. | 1,800 | 40 | ||||
| Kosaido Holdings Co. Ltd. | 13,400 | 40 | ||||
| JSB Co. Ltd. | 1,500 | 40 | ||||
| Software Service Inc. | 400 | 40 | ||||
| Corona Corp. Class A | 6,200 | 39 | ||||
| Chori Co. Ltd. | 1,500 | 39 | ||||
| Geo Holdings Corp. | 3,500 | 39 | ||||
| Ines Corp. | 3,200 | 39 | ||||
| JP-Holdings Inc. | 9,400 | 39 | ||||
| Mitsuba Corp. | 6,100 | 39 | ||||
| Press Kogyo Co. Ltd. | 8,800 | 39 | ||||
| Yamashin-Filter Corp. | 8,800 | 39 | ||||
| Arisawa Manufacturing Co. Ltd. | 3,600 | 39 | ||||
| Chiyoda Integre Co. Ltd. | 1,800 | 38 | ||||
| Cleanup Corp. | 7,400 | 38 | ||||
| Enplas Corp. | 1,100 | 38 | ||||
| Shin Nippon Biomedical Laboratories Ltd. | 3,300 | 38 | ||||
| TOC Co. Ltd. | 7,000 | 38 | ||||
| WATAMI Co. Ltd. | 5,700 | 38 | ||||
| Warabeya Nichiyo Holdings Co. Ltd. | 2,000 | 38 | ||||
| MARUKA FURUSATO Corp. | 2,500 | 38 | ||||
| Hakuto Co. Ltd. | 1,400 | 37 | ||||
| * | KNT-CT Holdings Co. Ltd. | 3,600 | 37 | |||
| Rock Field Co. Ltd. | 3,500 | 37 | ||||
| EM Systems Co. Ltd. | 7,300 | 37 | ||||
| Daiki Aluminium Industry Co. Ltd. | 4,800 | 37 | ||||
| Health Care & Medical Investment Corp. | 45 | 37 | ||||
| West Holdings Corp. | 3,400 | 37 | ||||
| Shinwa Co. Ltd. | 1,600 | 36 | ||||
| Cawachi Ltd. | 1,900 | 36 | ||||
| Fudo Tetra Corp. | 2,000 | 36 | ||||
| eRex Co. Ltd. | 7,500 | 36 | ||||
| Nippon Fine Chemical Co. Ltd. | 2,000 | 36 | ||||
| Arakawa Chemical Industries Ltd. | 4,600 | 35 | ||||
| Koatsu Gas Kogyo Co. Ltd. | 4,900 | 35 | ||||
| Vector Inc. | 4,500 | 35 | ||||
| LITALICO Inc. | 3,800 | 35 | ||||
62
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| CMK Corp. | 14,100 | 34 | ||||
| Nihon Nohyaku Co. Ltd. | 5,200 | 34 | ||||
| Nichiban Co. Ltd. | 2,600 | 34 | ||||
| Nippon Thompson Co. Ltd. | 8,000 | 34 | ||||
| Pacific Metals Co. Ltd. | 2,400 | 34 | ||||
| Sumida Corp. | 4,800 | 34 | ||||
| Zenrin Co. Ltd. | 4,800 | 34 | ||||
| Takaoka Toko Co. Ltd. | 1,600 | 34 | ||||
| Daikyonishikawa Corp. | 6,600 | 34 | ||||
| Komehyo Holdings Co. Ltd. | 1,700 | 34 | ||||
| * | Aeon Fantasy Co. Ltd. | 1,300 | 33 | |||
| Yokowo Co. Ltd. | 3,500 | 33 | ||||
| St. Marc Holdings Co. Ltd. | 1,900 | 33 | ||||
| 1 | Inui Global Logistics Co. Ltd. | 3,000 | 33 | |||
| Avant Group Corp. | 3,200 | 33 | ||||
| GMO Financial Holdings Inc. | 4,900 | 33 | ||||
| Shinagawa Refractories Co. Ltd. | 2,500 | 33 | ||||
| Cosel Co. Ltd. | 3,800 | 32 | ||||
| V Technology Co. Ltd. | 1,600 | 32 | ||||
| Kojima Co. Ltd. | 4,200 | 32 | ||||
| * | Nippon Chemi-Con Corp. | 3,400 | 32 | |||
| Sparx Group Co. Ltd. | 3,100 | 32 | ||||
| JDC Corp. | 9,600 | 32 | ||||
| Nittoku Co. Ltd. | 2,100 | 32 | ||||
| Nippon Rietec Co. Ltd. | 2,400 | 32 | ||||
| Aizawa Securities Group Co. Ltd. | 3,400 | 32 | ||||
| Futaba Corp. | 7,000 | 31 | ||||
| giftee Inc. | 3,300 | 31 | ||||
| Daiho Corp. | 5,300 | 30 | ||||
| Achilles Corp. | 4,000 | 30 | ||||
| Digital Holdings Inc. | 2,400 | 30 | ||||
| Midac Holdings Co. Ltd. | 2,200 | 30 | ||||
| Pronexus Inc. | 3,900 | 29 | ||||
| Obara Group Inc. | 1,000 | 29 | ||||
| Tokyo Individualized Educational Institute Inc. | 12,190 | 29 | ||||
| Fukui Computer Holdings Inc. | 1,300 | 29 | ||||
| Komatsu Matere Co. Ltd. | 5,600 | 29 | ||||
| Ryoden Corp. | 1,400 | 29 | ||||
| Link & Motivation Inc. | 7,600 | 29 | ||||
| Daito Pharmaceutical Co. Ltd. | 3,540 | 29 | ||||
| Sankyo Tateyama Inc. | 6,800 | 29 | ||||
| Fukuda Corp. | 700 | 28 | ||||
| GREE Holdings Inc. | 9,300 | 28 | ||||
| Tv Tokyo Holdings Corp. | 900 | 28 | ||||
| ZIGExN Co. Ltd. | 7,800 | 28 | ||||
| Akatsuki Inc. | 1,400 | 28 | ||||
| Ebase Co. Ltd. | 8,300 | 28 | ||||
| Gakken Holdings Co. Ltd. | 3,900 | 27 | ||||
| France Bed Holdings Co. Ltd. | 3,200 | 27 | ||||
| LIFULL Co. Ltd. | 18,100 | 27 | ||||
| Solasto Corp. | 8,200 | 27 | ||||
| Elan Corp. | 4,800 | 27 | ||||
| 1 | Nafco Co. Ltd. | 2,000 | 27 | |||
| Iwaki Co. Ltd. | 1,600 | 27 | ||||
| Iseki & Co. Ltd. | 1,900 | 26 | ||||
| Nippon Beet Sugar Manufacturing Co. Ltd. | 1,400 | 26 | ||||
| Rheon Automatic Machinery Co. Ltd. | 2,700 | 26 | ||||
| NEC Capital Solutions Ltd. | 1,000 | 26 | ||||
| YAKUODO Holdings Co. Ltd. | 1,700 | 26 | ||||
| Oro Co. Ltd. | 1,400 | 26 | ||||
| Amvis Holdings Inc. | 6,100 | 26 | ||||
| 1 | FP Partner Inc. | 1,800 | 26 | |||
| Ichikoh Industries Ltd. | 8,300 | 25 | ||||
| Kenko Mayonnaise Co. Ltd. | 2,000 | 25 | ||||
| Sumitomo Seika Chemicals Co. Ltd. | 800 | 25 | ||||
| Shima Seiki Manufacturing Ltd. | 3,400 | 25 | ||||
| COLOPL Inc. | 7,100 | 25 | ||||
| Aichi Corp. | 2,700 | 24 | ||||
| Taiho Kogyo Co. Ltd. | 5,100 | 24 | ||||
| Chiyoda Co. Ltd. | 3,000 | 24 | ||||
63
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Giken Ltd. | 2,400 | 24 | ||||
| Shinko Shoji Co. Ltd. | 3,600 | 24 | ||||
| Taki Chemical Co. Ltd. | 1,000 | 24 | ||||
| Xebio Holdings Co. Ltd. | 3,200 | 24 | ||||
| Tokushu Tokai Paper Co. Ltd. | 800 | 23 | ||||
| 1 | Kitanotatsujin Corp. | 22,900 | 23 | |||
| Pharma Foods International Co. Ltd. | 3,600 | 23 | ||||
| MTI Ltd. | 4,000 | 22 | ||||
| Neturen Co. Ltd. | 2,700 | 22 | ||||
| Shindengen Electric Manufacturing Co. Ltd. | 1,000 | 22 | ||||
| Tayca Corp. | 2,500 | 22 | ||||
| ValueCommerce Co. Ltd. | 4,000 | 22 | ||||
| Moriroku Co. Ltd. | 1,300 | 22 | ||||
| Nisso Holdings Co. Ltd. | 5,000 | 22 | ||||
| Yukiguni Factory Co. Ltd. | 2,900 | 21 | ||||
| Advan Group Co. Ltd. | 3,200 | 20 | ||||
| * | Sourcenext Corp. | 17,100 | 20 | |||
| Airport Facilities Co. Ltd. | 2,700 | 19 | ||||
| Central Security Patrols Co. Ltd. | 1,100 | 19 | ||||
| Fuji Pharma Co. Ltd. | 1,900 | 19 | ||||
| Hodogaya Chemical Co. Ltd. | 1,800 | 19 | ||||
| Asahi Co. Ltd. | 2,000 | 19 | ||||
| Fuso Pharmaceutical Industries Ltd. | 1,200 | 18 | ||||
| 1 | Kintetsu Department Store Co. Ltd. | 1,400 | 18 | |||
| Sanoh Industrial Co. Ltd. | 3,300 | 18 | ||||
| Yorozu Corp. | 2,700 | 18 | ||||
| S-Pool Inc. | 8,300 | 18 | ||||
| Maxvalu Tokai Co. Ltd. | 800 | 18 | ||||
| Maezawa Kyuso Industries Co. Ltd. | 1,700 | 17 | ||||
| Okuwa Co. Ltd. | 2,700 | 17 | ||||
| G-7 Holdings Inc. | 1,900 | 17 | ||||
| Nitto Kohki Co. Ltd. | 1,300 | 16 | ||||
| * | Furukawa Battery Co. Ltd. | 1,700 | 16 | |||
| *,1 | TerraSky Co. Ltd. | 1,100 | 16 | |||
| Carta Holdings Inc. | 1,100 | 16 | ||||
| Tess Holdings Co. Ltd. | 6,600 | 16 | ||||
| Media Do Co. Ltd. | 1,200 | 15 | ||||
| Shinsho Corp. | 1,000 | 15 | ||||
| Nakayama Steel Works Ltd. | 3,100 | 14 | ||||
| Honeys Holdings Co. Ltd. | 1,400 | 14 | ||||
| 1 | YA-MAN Ltd. | 2,600 | 14 | |||
| Tsubaki Nakashima Co. Ltd. | 5,700 | 14 | ||||
| Alpha Systems Inc. | 500 | 13 | ||||
| Nihon Trim Co. Ltd. | 400 | 13 | ||||
| Sanshin Electronics Co. Ltd. | 700 | 13 | ||||
| Fibergate Inc. | 2,700 | 13 | ||||
| Tsutsumi Jewelry Co. Ltd. | 800 | 12 | ||||
| Ohara Inc. | 1,400 | 12 | ||||
| GMO GlobalSign Holdings KK | 800 | 12 | ||||
| * | Demae-Can Co. Ltd. | 10,400 | 12 | |||
| World Holdings Co. Ltd. | 600 | 11 | ||||
| Atrae Inc. | 2,100 | 11 | ||||
| Takamiya Co. Ltd. | 4,200 | 10 | ||||
| Alpen Co. Ltd. | 600 | 10 | ||||
| *,1 | Japan Display Inc. | 75,200 | 10 | |||
| *,1 | Open Door Inc. | 3,000 | 10 | |||
| 1 | Airtrip Corp. | 1,400 | 9 | |||
| *,1 | Miyakoshi Holdings Inc. | 1,300 | 9 | |||
| * | FDK Corp. | 2,700 | 7 | |||
| Marvelous Inc. | 1,400 | 5 | ||||
| 830,680 | ||||||
| Kuwait (0.3%) | ||||||
| Kuwait Finance House KSCP | 2,334,005 | 5,889 | ||||
| National Bank of Kuwait SAKP | 1,560,625 | 5,216 | ||||
| Boubyan Bank KSCP | 319,087 | 721 | ||||
| Mobile Telecommunications Co. KSCP | 412,542 | 691 | ||||
| * | Warba Bank KSCP | 524,311 | 481 | |||
| Gulf Bank KSCP | 413,825 | 462 | ||||
| Mabanee Co. KPSC | 127,205 | 399 | ||||
64
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| National Industries Group Holding SAK | 412,064 | 344 | ||||
| Al Ahli Bank of Kuwait KSCP | 309,452 | 294 | ||||
| Kuwait International Bank KSCP | 262,531 | 226 | ||||
| Boursa Kuwait Securities Co. KPSC | 18,430 | 205 | ||||
| Commercial Real Estate Co. KSC | 242,151 | 154 | ||||
| Burgan Bank SAK | 182,777 | 145 | ||||
| Kuwait Telecommunications Co. | 76,998 | 145 | ||||
| Gulf Cables & Electrical Industries Group Co. KSCP | 19,802 | 132 | ||||
| Salhia Real Estate Co. KSCP | 73,749 | 96 | ||||
| * | Kuwait Projects Co. Holding KSCP | 321,154 | 91 | |||
| Jazeera Airways Co. KSCP | 15,409 | 70 | ||||
| * | National Real Estate Co. KPSC | 227,560 | 61 | |||
| 15,822 | ||||||
| Malaysia (0.5%) | ||||||
| Malayan Banking Bhd. | 1,423,400 | 3,335 | ||||
| CIMB Group Holdings Bhd. | 1,621,900 | 2,849 | ||||
| Public Bank Bhd. | 2,795,000 | 2,823 | ||||
| Gamuda Bhd. | 968,000 | 1,272 | ||||
| IHH Healthcare Bhd. | 597,000 | 959 | ||||
| Press Metal Aluminium Holdings Bhd. | 663,500 | 873 | ||||
| SD Guthrie Bhd. | 679,900 | 814 | ||||
| AMMB Holdings Bhd. | 629,500 | 803 | ||||
| Celcomdigi Bhd. | 721,600 | 629 | ||||
| RHB Bank Bhd. | 398,700 | 617 | ||||
| Petronas Chemicals Group Bhd. | 568,000 | 581 | ||||
| Hong Leong Bank Bhd. | 121,000 | 575 | ||||
| Sunway Bhd. | 472,400 | 550 | ||||
| IOI Corp. Bhd. | 506,300 | 463 | ||||
| Axiata Group Bhd. | 807,900 | 463 | ||||
| Maxis Bhd. | 545,300 | 452 | ||||
| Kuala Lumpur Kepong Bhd. | 96,100 | 448 | ||||
| Telekom Malaysia Bhd. | 229,982 | 382 | ||||
| Sime Darby Bhd. | 752,000 | 368 | ||||
| TIME dotCom Bhd. | 234,400 | 287 | ||||
| Inari Amertron Bhd. | 559,000 | 268 | ||||
| QL Resources Bhd. | 271,550 | 264 | ||||
| Nestle Malaysia Bhd. | 11,400 | 256 | ||||
| KPJ Healthcare Bhd. | 414,500 | 255 | ||||
| PPB Group Bhd. | 113,200 | 251 | ||||
| United Plantations Bhd. | 45,750 | 246 | ||||
| 3 | MR DIY Group M Bhd. | 641,100 | 224 | |||
| Sime Darby Property Bhd. | 615,000 | 215 | ||||
| Bursa Malaysia Bhd. | 115,600 | 213 | ||||
| Zetrix Ai Bhd. | 963,300 | 196 | ||||
| Alliance Bank Malaysia Bhd. | 181,952 | 194 | ||||
| Fraser & Neave Holdings Bhd. | 26,900 | 172 | ||||
| Hong Leong Financial Group Bhd. | 36,400 | 148 | ||||
| IOI Properties Group Bhd. | 270,400 | 143 | ||||
| * | Top Glove Corp. Bhd. | 888,400 | 123 | |||
| SP Setia Bhd. Group | 472,600 | 117 | ||||
| Sunway Construction Group Bhd. | 75,700 | 113 | ||||
| ViTrox Corp. Bhd. | 121,600 | 113 | ||||
| Malaysian Pacific Industries Bhd. | 16,700 | 106 | ||||
| * | Greatech Technology Bhd. | 183,900 | 91 | |||
| Eco World Development Group Bhd. | 181,800 | 90 | ||||
| MBSB Bhd. | 530,800 | 88 | ||||
| VS Industry Bhd. | 544,118 | 86 | ||||
| Scientex Bhd. | 115,900 | 86 | ||||
| * | Pentamaster Corp. Bhd. | 95,750 | 81 | |||
| Bank Islam Malaysia Bhd. | 149,300 | 81 | ||||
| Hartalega Holdings Bhd. | 273,300 | 76 | ||||
| Mah Sing Group Bhd. | 277,400 | 76 | ||||
| Kossan Rubber Industries Bhd. | 253,500 | 73 | ||||
| Mega First Corp. Bhd. | 79,000 | 63 | ||||
| CTOS Digital Bhd. | 292,000 | 60 | ||||
| * | UWC Bhd. | 82,200 | 55 | |||
| Nationgate Holdings Bhd. | 169,200 | 52 | ||||
| Malaysian Resources Corp. Bhd. | 438,200 | 49 | ||||
| * | WCT Holdings Bhd. | 235,000 | 49 | |||
65
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Syarikat Takaful Malaysia Keluarga Bhd. | 67,800 | 49 | ||||
| * | Tanco Holdings Bhd. | 281,200 | 47 | |||
| Padini Holdings Bhd. | 101,200 | 46 | ||||
| UEM Sunrise Bhd. | 235,100 | 41 | ||||
| D&O Green Technologies Bhd. | 129,900 | 41 | ||||
| Cahya Mata Sarawak Bhd. | 134,400 | 35 | ||||
| * | Supermax Corp. Bhd. | 306,240 | 34 | |||
| Bermaz Auto Bhd. | 186,400 | 29 | ||||
| * | Astro Malaysia Holdings Bhd. | 306,900 | 11 | |||
| 24,649 | ||||||
| Mexico (0.6%) | ||||||
| Grupo Financiero Banorte SAB de CV | 548,500 | 5,016 | ||||
| America Movil SAB de CV Class B | 2,994,241 | 2,981 | ||||
| Wal-Mart de Mexico SAB de CV | 969,800 | 2,895 | ||||
| Cemex SAB de CV | 2,908,000 | 2,631 | ||||
| Fomento Economico Mexicano SAB de CV | 241,623 | 2,093 | ||||
| Grupo Aeroportuario del Pacifico SAB de CV Class B | 78,035 | 1,877 | ||||
| Arca Continental SAB de CV | 166,300 | 1,696 | ||||
| * | Industrias Penoles SAB de CV | 37,430 | 1,220 | |||
| Grupo Aeroportuario del Sureste SAB de CV Class B | 29,575 | 965 | ||||
| Grupo Financiero Inbursa SAB de CV | 353,500 | 932 | ||||
| Coca-Cola Femsa SAB de CV | 103,520 | 879 | ||||
| Fibra Uno Administracion SA de CV | 534,400 | 751 | ||||
| Prologis Property Mexico SA de CV | 202,017 | 745 | ||||
| Grupo Bimbo SAB de CV Class A | 223,434 | 695 | ||||
| Grupo Aeroportuario del Centro Norte SAB de CV Class B | 52,553 | 672 | ||||
| Kimberly-Clark de Mexico SAB de CV Class A | 290,700 | 546 | ||||
| Gruma SAB de CV Class B | 30,930 | 532 | ||||
| Gentera SAB de CV | 191,800 | 469 | ||||
| Megacable Holdings SAB de CV | 145,800 | 423 | ||||
| Promotora y Operadora de Infraestructura SAB de CV | 33,105 | 414 | ||||
| Corp. Inmobiliaria Vesta SAB de CV | 150,100 | 414 | ||||
| Grupo Comercial Chedraui SA de CV | 46,300 | 374 | ||||
| Regional SAB de CV | 46,900 | 365 | ||||
| 3 | Banco del Bajio SA | 142,300 | 339 | |||
| Qualitas Controladora SAB de CV | 35,800 | 323 | ||||
| 3 | FIBRA Macquarie Mexico | 166,116 | 277 | |||
| * | Alsea SAB de CV | 92,300 | 265 | |||
| Grupo Televisa SAB | 408,900 | 226 | ||||
| Bolsa Mexicana de Valores SAB de CV | 107,800 | 220 | ||||
| El Puerto de Liverpool SAB de CV | 33,400 | 166 | ||||
| Operadora De Sites Mexicanos SAB de CV | 182,300 | 166 | ||||
| Genomma Lab Internacional SAB de CV Class B | 136,400 | 163 | ||||
| Orbia Advance Corp. SAB de CV | 172,000 | 137 | ||||
| La Comer SAB de CV | 50,263 | 113 | ||||
| *,3 | Nemak SAB de CV | 492,300 | 103 | |||
| * | Controladora Alpek SAB de CV | 735,800 | 102 | |||
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 161,300 | 99 | |||
| *,3 | Grupo Traxion SAB de CV Class A | 69,000 | 56 | |||
| Concentradora Fibra Danhos SA de CV | 36,100 | 51 | ||||
| Grupo Rotoplas SAB de CV | 41,541 | 30 | ||||
| Alpek SAB de CV Class A | 56,000 | 26 | ||||
| 32,447 | ||||||
| Netherlands (3.1%) | ||||||
| ASML Holding NV | 75,084 | 55,757 | ||||
| Prosus NV | 243,033 | 15,034 | ||||
| ING Groep NV | 582,203 | 13,900 | ||||
| *,3 | Adyen NV | 5,049 | 8,478 | |||
| Koninklijke Ahold Delhaize NV | 172,368 | 6,907 | ||||
| Wolters Kluwer NV | 44,475 | 5,603 | ||||
| Universal Music Group NV | 179,164 | 5,065 | ||||
| Koninklijke Philips NV | 155,593 | 4,297 | ||||
| ASM International NV | 8,841 | 4,245 | ||||
| Koninklijke KPN NV | 714,222 | 3,408 | ||||
| NN Group NV | 49,484 | 3,406 | ||||
| DSM-Firmenich AG | 34,379 | 3,364 | ||||
| 3 | ABN AMRO Bank NV | 97,504 | 2,812 | |||
| 3 | Euronext NV | 16,459 | 2,717 | |||
| Akzo Nobel NV | 32,638 | 2,256 | ||||
66
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Aegon Ltd. | 251,842 | 1,979 | ||||
| ASR Nederland NV | 27,752 | 1,925 | ||||
| BE Semiconductor Industries NV | 13,686 | 1,844 | ||||
| EXOR NV | 17,472 | 1,751 | ||||
| IMCD NV | 11,463 | 1,287 | ||||
| JDE Peet's NV | 28,839 | 1,056 | ||||
| Randstad NV | 21,190 | 1,002 | ||||
| *,3 | Just Eat Takeaway.com NV | 34,153 | 807 | |||
| 3 | Signify NV | 26,119 | 690 | |||
| * | InPost SA | 47,024 | 684 | |||
| 3 | CTP NV | 26,103 | 561 | |||
| Allfunds Group plc | 69,472 | 488 | ||||
| Van Lanschot Kempen NV | 5,896 | 360 | ||||
| *,3 | Basic-Fit NV | 9,870 | 289 | |||
| Eurocommercial Properties NV | 9,016 | 286 | ||||
| TKH Group NV | 6,871 | 278 | ||||
| * | Galapagos NV | 8,742 | 275 | |||
| APERAM SA | 7,474 | 227 | ||||
| Corbion NV | 10,785 | 218 | ||||
| Havas NV | 111,821 | 196 | ||||
| * | Flow Traders Ltd. | 5,772 | 171 | |||
| Wereldhave NV | 5,911 | 129 | ||||
| OCI NV | 18,971 | 108 | ||||
| NSI NV | 2,763 | 70 | ||||
| * | TomTom NV | 11,210 | 69 | |||
| 1 | PostNL NV | 52,070 | 59 | |||
| Brunel International NV | 5,447 | 55 | ||||
| 154,113 | ||||||
| New Zealand (0.2%) | ||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 103,059 | 2,224 | ||||
| Auckland International Airport Ltd. | 329,248 | 1,466 | ||||
| Infratil Ltd. | 178,395 | 1,195 | ||||
| Meridian Energy Ltd. | 248,646 | 837 | ||||
| EBOS Group Ltd. | 35,200 | 677 | ||||
| a2 Milk Co. Ltd. | 101,576 | 637 | ||||
| Spark New Zealand Ltd. | 350,160 | 533 | ||||
| Mainfreight Ltd. | 15,023 | 526 | ||||
| Mercury NZ Ltd. | 124,891 | 483 | ||||
| * | Fletcher Building Ltd. | 186,734 | 347 | |||
| Summerset Group Holdings Ltd. | 40,037 | 259 | ||||
| * | Ryman Healthcare Ltd. | 156,946 | 221 | |||
| a2 Milk Co. Ltd. (XNZE) | 34,200 | 216 | ||||
| Freightways Group Ltd. | 28,144 | 202 | ||||
| Precinct Properties Group | 227,791 | 169 | ||||
| Kiwi Property Group Ltd. | 249,780 | 153 | ||||
| Vector Ltd. | 37,626 | 103 | ||||
| Air New Zealand Ltd. | 236,505 | 82 | ||||
| Argosy Property Ltd. | 111,338 | 77 | ||||
| Stride Property Group | 99,558 | 75 | ||||
| Scales Corp. Ltd. | 20,003 | 60 | ||||
| SKY Network Television Ltd. | 23,513 | 44 | ||||
| 10,586 | ||||||
| Norway (0.5%) | ||||||
| DNB Bank ASA | 153,927 | 4,056 | ||||
| Telenor ASA | 116,478 | 1,943 | ||||
| Mowi ASA | 84,550 | 1,740 | ||||
| Norsk Hydro ASA | 243,253 | 1,577 | ||||
| Orkla ASA | 128,388 | 1,435 | ||||
| Storebrand ASA | 81,349 | 1,252 | ||||
| Yara International ASA | 31,620 | 1,151 | ||||
| Gjensidige Forsikring ASA | 34,186 | 950 | ||||
| SpareBank 1 Sor-Norge ASA | 39,956 | 702 | ||||
| Salmar ASA | 13,364 | 684 | ||||
| TOMRA Systems ASA | 43,292 | 659 | ||||
| Vend Marketplaces ASA Class A | 16,463 | 637 | ||||
| Protector Forsikring ASA | 12,412 | 600 | ||||
| * | Nordic Semiconductor ASA | 31,737 | 525 | |||
| Vend Marketplaces ASA Class B | 13,807 | 504 | ||||
| SpareBank 1 SMN | 25,393 | 485 | ||||
67
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Bakkafrost P/F | 9,348 | 406 | ||||
| Borregaard ASA | 16,671 | 347 | ||||
| Aker ASA Class A | 3,758 | 274 | ||||
| Veidekke ASA | 17,092 | 271 | ||||
| 3 | Europris ASA | 27,035 | 262 | |||
| *,3 | Scatec ASA | 23,726 | 250 | |||
| Leroy Seafood Group ASA | 46,707 | 229 | ||||
| Hoegh Autoliners ASA | 18,758 | 216 | ||||
| * | Cadeler A/S | 37,784 | 198 | |||
| Atea ASA | 13,802 | 192 | ||||
| *,3 | AutoStore Holdings Ltd. | 192,729 | 162 | |||
| Wallenius Wilhelmsen ASA | 17,019 | 159 | ||||
| Austevoll Seafood ASA | 13,362 | 124 | ||||
| 3 | Elkem ASA | 47,514 | 121 | |||
| MPC Container Ships ASA | 66,447 | 119 | ||||
| *,3 | Entra ASA | 8,825 | 107 | |||
| Bonheur ASA | 3,332 | 76 | ||||
| *,1 | NEL ASA | 299,634 | 69 | |||
| * | Grieg Seafood ASA | 7,492 | 53 | |||
| * | Hexagon Composites ASA | 23,158 | 37 | |||
| 22,572 | ||||||
| Philippines (0.2%) | ||||||
| International Container Terminal Services Inc. | 208,780 | 1,765 | ||||
| BDO Unibank Inc. | 447,746 | 1,058 | ||||
| SM Prime Holdings Inc. | 2,018,000 | 816 | ||||
| Bank of the Philippine Islands | 380,563 | 752 | ||||
| Ayala Land Inc. | 1,370,500 | 671 | ||||
| Metropolitan Bank & Trust Co. | 323,057 | 395 | ||||
| PLDT Inc. | 16,595 | 337 | ||||
| Jollibee Foods Corp. | 80,870 | 328 | ||||
| GT Capital Holdings Inc. | 18,090 | 218 | ||||
| Universal Robina Corp. | 149,130 | 211 | ||||
| AREIT Inc. | 203,900 | 160 | ||||
| Century Pacific Food Inc. | 217,600 | 140 | ||||
| Globe Telecom Inc. | 5,235 | 138 | ||||
| RL Commercial REIT Inc. | 919,000 | 129 | ||||
| Converge Information & Communications Technology Solutions Inc. | 456,300 | 112 | ||||
| 3 | Monde Nissin Corp. | 830,300 | 103 | |||
| Robinsons Land Corp. | 383,600 | 99 | ||||
| Wilcon Depot Inc. | 252,300 | 41 | ||||
| Megaworld Corp. | 1,101,000 | 40 | ||||
| D&L Industries Inc. | 353,700 | 29 | ||||
| 7,542 | ||||||
| Poland (0.4%) | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA | 163,596 | 3,191 | ||||
| Powszechny Zaklad Ubezpieczen SA | 110,845 | 1,845 | ||||
| Bank Polska Kasa Opieki SA | 33,849 | 1,705 | ||||
| *,3 | Allegro.eu SA | 129,761 | 1,304 | |||
| *,3 | Dino Polska SA | 91,593 | 1,143 | |||
| LPP SA | 236 | 1,118 | ||||
| Santander Bank Polska SA | 7,545 | 1,050 | ||||
| CD Projekt SA | 13,545 | 938 | ||||
| Asseco Poland SA | 13,022 | 676 | ||||
| * | mBank SA | 2,558 | 618 | |||
| * | Zabka Group SA | 89,473 | 536 | |||
| * | CCC SA | 10,176 | 467 | |||
| * | Bank Millennium SA | 120,241 | 466 | |||
| Alior Bank SA | 16,312 | 465 | ||||
| Grupa Kety SA | 1,785 | 452 | ||||
| Benefit Systems SA | 473 | 423 | ||||
| KRUK SA | 3,209 | 401 | ||||
| Budimex SA | 2,305 | 337 | ||||
| Orange Polska SA | 113,605 | 289 | ||||
| 3 | XTB SA | 11,553 | 244 | |||
| 3 | Pepco Group NV | 28,066 | 165 | |||
| Bank Handlowy w Warszawie SA | 5,458 | 154 | ||||
| * | Cyfrowy Polsat SA | 27,583 | 108 | |||
| Warsaw Stock Exchange | 4,565 | 73 | ||||
68
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Grupa Azoty SA | 8,722 | 44 | |||
| 18,212 | ||||||
| Portugal (0.1%) | ||||||
| Banco Comercial Portugues SA | 1,767,962 | 1,498 | ||||
| Jeronimo Martins SGPS SA | 52,300 | 1,294 | ||||
| EDP Renovaveis SA | 61,629 | 724 | ||||
| Sonae SGPS SA | 160,212 | 239 | ||||
| NOS SGPS SA | 39,153 | 179 | ||||
| Navigator Co. SA | 36,092 | 140 | ||||
| CTT-Correios de Portugal SA | 15,477 | 133 | ||||
| Altri SGPS SA | 8,211 | 48 | ||||
| 4,255 | ||||||
| Qatar (0.2%) | ||||||
| Qatar National Bank QPSC | 830,608 | 4,330 | ||||
| Qatar Islamic Bank QPSC | 350,216 | 2,353 | ||||
| Industries Qatar QSC | 359,446 | 1,269 | ||||
| Commercial Bank PSQC | 625,226 | 806 | ||||
| Al Rayan Bank | 1,129,458 | 746 | ||||
| Ooredoo QPSC | 159,312 | 564 | ||||
| Mesaieed Petrochemical Holding Co. | 1,077,342 | 402 | ||||
| Vodafone Qatar PQSC | 527,769 | 355 | ||||
| Doha Bank QPSC | 410,310 | 292 | ||||
| Barwa Real Estate Co. | 344,960 | 259 | ||||
| Qatar Aluminum Manufacturing Co. | 456,881 | 179 | ||||
| Al Meera Consumer Goods Co. QSC | 20,566 | 82 | ||||
| 11,637 | ||||||
| Romania (0.0%) | ||||||
| Banca Transilvania SA | 200,669 | 1,273 | ||||
| Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | 15,160 | 428 | ||||
| Societatea Energetica Electrica SA | 28,620 | 123 | ||||
| * | MED Life SA | 53,645 | 100 | |||
| One United Properties SA | 8,891 | 50 | ||||
| * | Teraplast SA | 230,800 | 29 | |||
| TTS Transport Trade Services SA | 19,649 | 22 | ||||
| 2,025 | ||||||
| Russia (0.0%) | ||||||
| *,2 | Sberbank of Russia PJSC | 1,437,070 | — | |||
| *,2 | VTB Bank PJSC GDR | 17,656 | — | |||
| *,2 | Polyus PJSC | 35,250 | — | |||
| *,2 | VTB Bank PJSC | 102,284 | — | |||
| *,2 | Sistema AFK PAO | 466,300 | — | |||
| *,2 | Credit Bank of Moscow PJSC | 1,108,700 | — | |||
| — | ||||||
| Saudi Arabia (0.8%) | ||||||
| Al Rajhi Bank | 373,313 | 9,367 | ||||
| Saudi National Bank | 560,189 | 5,192 | ||||
| Saudi Telecom Co. | 360,418 | 4,032 | ||||
| * | Saudi Arabian Mining Co. | 252,158 | 3,494 | |||
| Riyad Bank | 288,803 | 1,995 | ||||
| Saudi Awwal Bank | 197,559 | 1,586 | ||||
| Alinma Bank | 227,813 | 1,530 | ||||
| Dr Sulaiman Al Habib Medical Services Group Co. | 19,074 | 1,223 | ||||
| Etihad Etisalat Co. | 70,599 | 1,204 | ||||
| Almarai Co. JSC | 91,313 | 1,156 | ||||
| Elm Co. | 4,540 | 1,038 | ||||
| Arab National Bank | 165,709 | 1,036 | ||||
| Banque Saudi Fransi | 227,333 | 980 | ||||
| * | Dar Al Arkan Real Estate Development Co. | 95,278 | 475 | |||
| Riyadh Cables Group Co. | 13,219 | 454 | ||||
| Co. for Cooperative Insurance | 13,794 | 430 | ||||
| Jarir Marketing Co. | 104,846 | 356 | ||||
| Arabian Internet & Communications Services Co. | 5,521 | 355 | ||||
| Sahara International Petrochemical Co. | 62,837 | 337 | ||||
| * | Al Rajhi Co. for Co-operative Insurance | 8,693 | 270 | |||
| Abdullah Al Othaim Markets Co. | 129,592 | 259 | ||||
| Astra Industrial Group Co. | 6,718 | 256 | ||||
| Electrical Industries Co. | 103,250 | 248 | ||||
| Mobile Telecommunications Co. Saudi Arabia | 79,713 | 227 | ||||
69
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| 3 | Arabian Centres Co. | 40,314 | 219 | |||
| * | Advanced Petrochemical Co. | 22,586 | 211 | |||
| Saudia Dairy & Foodstuff Co. | 2,657 | 189 | ||||
| Catrion Catering Holding Co. | 7,034 | 188 | ||||
| Leejam Sports Co. JSC | 4,639 | 183 | ||||
| * | Saudi Kayan Petrochemical Co. | 128,526 | 175 | |||
| Arriyadh Development Co. | 18,933 | 167 | ||||
| * | Savola Group | 26,031 | 167 | |||
| Al Moammar Information Systems Co. | 4,708 | 166 | ||||
| * | National Industrialization Co. | 56,806 | 165 | |||
| * | Perfect Presentation For Commercial Services Co. | 52,018 | 143 | |||
| Retal Urban Development Co. Class A | 40,714 | 135 | ||||
| Saudi Chemical Co. Holding | 72,258 | 132 | ||||
| Al Masane Al Kobra Mining Co. | 8,069 | 132 | ||||
| United International Transportation Co. | 6,867 | 127 | ||||
| * | Saudi Reinsurance Co. | 10,029 | 124 | |||
| Qassim Cement Co. | 8,826 | 101 | ||||
| Bawan Co. | 5,791 | 94 | ||||
| * | Arabian Contracting Services Co. | 3,655 | 86 | |||
| Al-Dawaa Medical Services Co. | 4,938 | 86 | ||||
| Etihad Atheeb Telecommunication Co. | 3,021 | 86 | ||||
| BinDawood Holding Co. | 56,335 | 83 | ||||
| Saudi Ceramic Co. | 9,291 | 72 | ||||
| * | Middle East Paper Co. | 7,987 | 60 | |||
| City Cement Co. | 13,514 | 58 | ||||
| * | Zamil Industrial Investment Co. | 5,863 | 55 | |||
| Eastern Province Cement Co. | 7,888 | 55 | ||||
| Almunajem Foods Co. | 3,144 | 48 | ||||
| * | Saudi Public Transport Co. | 9,990 | 37 | |||
| 41,044 | ||||||
| Singapore (1.1%) | ||||||
| DBS Group Holdings Ltd. | 381,450 | 15,015 | ||||
| Oversea-Chinese Banking Corp. Ltd. | 615,100 | 8,021 | ||||
| United Overseas Bank Ltd. | 232,800 | 6,376 | ||||
| Singapore Telecommunications Ltd. | 1,369,900 | 4,604 | ||||
| Singapore Exchange Ltd. | 159,600 | 2,060 | ||||
| CapitaLand Integrated Commercial Trust | 1,068,137 | 1,898 | ||||
| Keppel Ltd. | 268,900 | 1,833 | ||||
| CapitaLand Ascendas REIT | 665,700 | 1,411 | ||||
| Singapore Airlines Ltd. | 245,200 | 1,257 | ||||
| CapitaLand Investment Ltd. | 505,100 | 1,086 | ||||
| Wilmar International Ltd. | 327,487 | 753 | ||||
| Keppel DC REIT | 346,830 | 638 | ||||
| Mapletree Logistics Trust | 663,500 | 630 | ||||
| Mapletree Industrial Trust | 389,400 | 625 | ||||
| Venture Corp. Ltd. | 58,600 | 620 | ||||
| City Developments Ltd. | 101,400 | 537 | ||||
| UOL Group Ltd. | 86,700 | 503 | ||||
| ComfortDelGro Corp. Ltd. | 428,300 | 484 | ||||
| SATS Ltd. | 177,193 | 457 | ||||
| Frasers Centrepoint Trust | 244,758 | 444 | ||||
| Mapletree Pan Asia Commercial Trust | 390,600 | 420 | ||||
| NetLink NBN Trust | 532,800 | 386 | ||||
| Frasers Logistics & Commercial Trust | 484,789 | 344 | ||||
| CapitaLand Ascott Trust | 441,700 | 304 | ||||
| ESR-REIT | 121,948 | 260 | ||||
| iFAST Corp. Ltd. | 37,500 | 247 | ||||
| Sheng Siong Group Ltd. | 127,700 | 202 | ||||
| Hutchison Port Holdings Trust | 826,100 | 178 | ||||
| UMS Integration Ltd. | 138,500 | 149 | ||||
| Lendlease Global Commercial REIT | 310,632 | 145 | ||||
| SIA Engineering Co. Ltd. | 52,400 | 128 | ||||
| CapitaLand China Trust | 215,000 | 126 | ||||
| Raffles Medical Group Ltd. | 160,300 | 126 | ||||
| Olam Group Ltd. | 154,900 | 122 | ||||
| First Resources Ltd. | 78,900 | 105 | ||||
| Singapore Post Ltd. | 283,400 | 103 | ||||
| StarHub Ltd. | 106,900 | 93 | ||||
| Bumitama Agri Ltd. | 93,200 | 86 | ||||
70
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| CDL Hospitality Trusts | 130,600 | 81 | ||||
| * | AEM Holdings Ltd. | 65,363 | 78 | |||
| Riverstone Holdings Ltd. | 107,200 | 60 | ||||
| * | Manulife US REIT | 327,594 | 25 | |||
| * | COSCO SHIPPING International Singapore Co. Ltd. | 240,700 | 23 | |||
| Nanofilm Technologies International Ltd. | 35,300 | 20 | ||||
| 53,063 | ||||||
| South Africa (1.2%) | ||||||
| Naspers Ltd. | 30,792 | 10,159 | ||||
| Gold Fields Ltd. | 170,173 | 5,665 | ||||
| Anglogold Ashanti plc (XJSE) | 79,048 | 4,448 | ||||
| FirstRand Ltd. | 1,002,682 | 4,226 | ||||
| Standard Bank Group Ltd. | 248,925 | 3,502 | ||||
| Capitec Bank Holdings Ltd. | 16,000 | 3,236 | ||||
| 1 | Valterra Platinum Ltd. | 40,903 | 1,876 | |||
| Sanlam Ltd. | 322,785 | 1,664 | ||||
| Bid Corp. Ltd. | 63,554 | 1,660 | ||||
| Absa Group Ltd. | 149,160 | 1,597 | ||||
| * | Impala Platinum Holdings Ltd. | 172,105 | 1,562 | |||
| Shoprite Holdings Ltd. | 91,457 | 1,365 | ||||
| Discovery Ltd. | 101,372 | 1,244 | ||||
| Nedbank Group Ltd. | 88,054 | 1,128 | ||||
| Clicks Group Ltd. | 46,323 | 979 | ||||
| 3 | Pepkor Holdings Ltd. | 677,400 | 975 | |||
| Remgro Ltd. | 99,313 | 955 | ||||
| Anglogold Ashanti plc | 16,576 | 939 | ||||
| NEPI Rockcastle NV | 111,505 | 926 | ||||
| Northam Platinum Holdings Ltd. | 67,834 | 760 | ||||
| Old Mutual Ltd. | 905,173 | 712 | ||||
| Vodacom Group Ltd. | 87,927 | 710 | ||||
| OUTsurance Group Ltd. | 156,115 | 673 | ||||
| Mr. Price Group Ltd. | 51,854 | 610 | ||||
| Tiger Brands Ltd. | 33,038 | 583 | ||||
| Woolworths Holdings Ltd. | 175,117 | 515 | ||||
| Growthpoint Properties Ltd. | 591,924 | 484 | ||||
| Momentum Group Ltd. | 233,045 | 472 | ||||
| Aspen Pharmacare Holdings Ltd. | 71,194 | 427 | ||||
| Foschini Group Ltd. | 62,845 | 387 | ||||
| Redefine Properties Ltd. | 1,198,195 | 344 | ||||
| AVI Ltd. | 63,376 | 336 | ||||
| *,1 | MultiChoice Group | 43,446 | 302 | |||
| Fortress Real Estate Investments Ltd. Class B | 201,027 | 257 | ||||
| Investec Ltd. | 32,971 | 245 | ||||
| Vukile Property Fund Ltd. | 188,866 | 229 | ||||
| Truworths International Ltd. | 64,966 | 221 | ||||
| Netcare Ltd. | 248,803 | 196 | ||||
| Barloworld Ltd. | 28,728 | 191 | ||||
| 1 | Life Healthcare Group Holdings Ltd. | 245,329 | 189 | |||
| Resilient REIT Ltd. | 47,212 | 180 | ||||
| Kumba Iron Ore Ltd. | 9,643 | 177 | ||||
| Santam Ltd. | 6,952 | 172 | ||||
| Sappi Ltd. | 104,390 | 172 | ||||
| Hyprop Investments Ltd. | 64,840 | 172 | ||||
| Motus Holdings Ltd. | 28,987 | 170 | ||||
| * | Pick n Pay Stores Ltd. | 103,584 | 162 | |||
| We Buy Cars Holdings Ltd. | 48,597 | 153 | ||||
| 3 | Dis-Chem Pharmacies Ltd. | 75,533 | 146 | |||
| Telkom SA SOC Ltd. | 49,600 | 143 | ||||
| DRDGOLD Ltd. | 76,786 | 141 | ||||
| Coronation Fund Managers Ltd. | 54,769 | 135 | ||||
| DataTec Ltd. | 32,728 | 117 | ||||
| Equites Property Fund Ltd. | 120,835 | 114 | ||||
| Omnia Holdings Ltd. | 25,166 | 105 | ||||
| * | MAS plc | 86,051 | 102 | |||
| Attacq Ltd. | 122,045 | 99 | ||||
| JSE Ltd. | 13,022 | 93 | ||||
| Ninety One Ltd. | 34,143 | 86 | ||||
| Wilson Bayly Holmes-Ovcon Ltd. | 7,592 | 74 | ||||
| Astral Foods Ltd. | 4,747 | 57 | ||||
71
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | KAP Ltd. | 432,805 | 51 | |||
| Curro Holdings Ltd. | 67,237 | 45 | ||||
| 59,815 | ||||||
| South Korea (3.3%) | ||||||
| Samsung Electronics Co. Ltd. | 892,629 | 44,596 | ||||
| SK Hynix Inc. | 103,280 | 19,679 | ||||
| KB Financial Group Inc. | 69,995 | 5,467 | ||||
| NAVER Corp. | 28,690 | 4,410 | ||||
| Hyundai Motor Co. | 25,171 | 3,963 | ||||
| Shinhan Financial Group Co. Ltd. | 83,009 | 3,890 | ||||
| Celltrion Inc. | 27,872 | 3,353 | ||||
| Hana Financial Group Inc. | 53,511 | 3,155 | ||||
| Kakao Corp. | 59,661 | 2,671 | ||||
| Hyundai Mobis Co. Ltd. | 11,384 | 2,600 | ||||
| *,3 | Samsung Biologics Co. Ltd. | 3,539 | 2,540 | |||
| * | Alteogen Inc. | 7,537 | 2,370 | |||
| Woori Financial Group Inc. | 131,675 | 2,349 | ||||
| *,1 | LG Energy Solution Ltd. | 8,019 | 2,022 | |||
| * | SK Square Co. Ltd. | 17,337 | 1,839 | |||
| Samsung Fire & Marine Insurance Co. Ltd. | 5,727 | 1,823 | ||||
| LG Chem Ltd. | 8,566 | 1,701 | ||||
| Samsung SDI Co. Ltd. | 11,381 | 1,687 | ||||
| Samsung Life Insurance Co. Ltd. | 15,403 | 1,582 | ||||
| Meritz Financial Group Inc. | 14,140 | 1,286 | ||||
| * | Krafton Inc. | 5,156 | 1,212 | |||
| Samsung Electro-Mechanics Co. Ltd. | 10,347 | 1,187 | ||||
| LG Electronics Inc. | 18,751 | 994 | ||||
| Hyundai Glovis Co. Ltd. | 6,939 | 918 | ||||
| * | Peptron Inc. | 4,095 | 912 | |||
| LG Corp. | 15,981 | 854 | ||||
| Samyang Foods Co. Ltd. | 754 | 844 | ||||
| HYBE Co. Ltd. | 4,076 | 841 | ||||
| Yuhan Corp. | 10,206 | 831 | ||||
| *,1 | Ecopro BM Co. Ltd. | 9,004 | 782 | |||
| Samsung SDS Co. Ltd. | 7,314 | 773 | ||||
| DB Insurance Co. Ltd. | 8,167 | 772 | ||||
| APR Corp. | 4,622 | 754 | ||||
| Coway Co. Ltd. | 10,028 | 749 | ||||
| Korea Investment Holdings Co. Ltd. | 7,617 | 735 | ||||
| 1 | Ecopro Co. Ltd. | 18,664 | 676 | |||
| Samsung Securities Co. Ltd. | 13,614 | 672 | ||||
| Industrial Bank of Korea | 46,410 | 634 | ||||
| 1 | KakaoBank Corp. | 35,698 | 631 | |||
| *,1 | POSCO Future M Co. Ltd. | 6,187 | 626 | |||
| 1 | HD Hyundai MIPO | 4,242 | 624 | |||
| * | LG Display Co. Ltd. | 69,622 | 598 | |||
| *,1 | HLB Inc. | 21,988 | 594 | |||
| BNK Financial Group Inc. | 56,955 | 589 | ||||
| LS Electric Co. Ltd. | 2,843 | 575 | ||||
| PharmaResearch Co. Ltd. | 1,156 | 562 | ||||
| Korea Zinc Co. Ltd. | 865 | 509 | ||||
| Mirae Asset Securities Co. Ltd. | 35,669 | 490 | ||||
| *,1 | LigaChem Biosciences Inc. | 4,617 | 489 | |||
| 1 | Hanmi Semiconductor Co. Ltd. | 7,593 | 469 | |||
| IsuPetasys Co. Ltd. | 9,248 | 437 | ||||
| LG Uplus Corp. | 40,869 | 436 | ||||
| 1 | Hanjin Kal Corp. | 5,385 | 433 | |||
| 1 | LG H&H Co. Ltd. | 2,007 | 426 | |||
| Amorepacific Corp. | 4,779 | 412 | ||||
| Hanwha Solutions Corp. | 20,123 | 409 | ||||
| * | ABLBio Inc. | 6,072 | 400 | |||
| Hankook Tire & Technology Co. Ltd. | 12,667 | 365 | ||||
| 1 | Sam Chun Dang Pharm Co. Ltd. | 2,589 | 357 | |||
| * | SK Biopharmaceuticals Co. Ltd. | 5,044 | 356 | |||
| NH Investment & Securities Co. Ltd. | 25,187 | 352 | ||||
| Hyundai Steel Co. | 14,908 | 343 | ||||
| KIWOOM Securities Co. Ltd. | 2,331 | 343 | ||||
| iM Financial Group Co. Ltd. | 34,714 | 342 | ||||
| JB Financial Group Co. Ltd. | 20,198 | 341 | ||||
72
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| NCSoft Corp. | 2,319 | 338 | ||||
| Doosan Bobcat Inc. | 8,686 | 332 | ||||
| * | Hanwha Engine | 9,673 | 329 | |||
| Cheil Worldwide Inc. | 21,636 | 308 | ||||
| Orion Corp. | 3,921 | 303 | ||||
| LG Innotek Co. Ltd. | 2,492 | 301 | ||||
| 1 | LEENO Industrial Inc. | 8,824 | 295 | |||
| *,1 | Rainbow Robotics | 1,437 | 282 | |||
| 1 | CJ Corp. | 2,371 | 272 | |||
| JYP Entertainment Corp. | 4,948 | 259 | ||||
| Hanmi Pharm Co. Ltd. | 1,116 | 243 | ||||
| CJ CheilJedang Corp. | 1,444 | 237 | ||||
| *,1 | Kakaopay Corp. | 5,498 | 236 | |||
| Cosmax Inc. | 1,460 | 227 | ||||
| * | Hugel Inc. | 981 | 222 | |||
| * | SKC Co. Ltd. | 3,294 | 221 | |||
| Eo Technics Co. Ltd. | 1,452 | 214 | ||||
| Hyundai Elevator Co. Ltd. | 3,707 | 209 | ||||
| *,1 | L&F Co. Ltd. | 4,410 | 209 | |||
| Misto Holdings Corp. | 6,880 | 206 | ||||
| * | Hyundai Marine & Fire Insurance Co. Ltd. | 10,212 | 205 | |||
| KCC Corp. | 706 | 201 | ||||
| Hansol Chemical Co. Ltd. | 1,548 | 196 | ||||
| 3 | Netmarble Corp. | 4,571 | 196 | |||
| SM Entertainment Co. Ltd. | 1,954 | 195 | ||||
| Korean Reinsurance Co. | 24,793 | 193 | ||||
| S-1 Corp. | 3,302 | 190 | ||||
| *,1 | Hotel Shilla Co. Ltd. | 5,618 | 189 | |||
| Douzone Bizon Co. Ltd. | 3,188 | 182 | ||||
| *,1 | GemVax & Kael Co. Ltd. | 5,082 | 182 | |||
| DB HiTek Co. Ltd. | 5,497 | 180 | ||||
| 1 | LOTTE Fine Chemical Co. Ltd. | 5,984 | 179 | |||
| *,1 | Silicon2 Co. Ltd. | 5,529 | 178 | |||
| * | Voronoi Inc. | 1,851 | 164 | |||
| Samsung Card Co. Ltd. | 4,478 | 162 | ||||
| WONIK IPS Co. Ltd. | 5,572 | 162 | ||||
| NongShim Co. Ltd. | 539 | 159 | ||||
| Youngone Corp. | 3,757 | 158 | ||||
| *,1 | Enchem Co. Ltd. | 2,927 | 157 | |||
| * | Oscotec Inc. | 5,866 | 155 | |||
| * | SK Bioscience Co. Ltd. | 4,565 | 155 | |||
| TKG Huchems Co. Ltd. | 12,121 | 153 | ||||
| *,1 | Doosan Robotics Inc. | 3,402 | 152 | |||
| Park Systems Corp. | 822 | 151 | ||||
| 1 | Posco DX Co. Ltd. | 9,321 | 150 | |||
| YG Entertainment Inc. | 2,051 | 150 | ||||
| ST Pharm Co. Ltd. | 2,257 | 150 | ||||
| HL Mando Co. Ltd. | 5,846 | 149 | ||||
| Hyundai Autoever Corp. | 1,174 | 148 | ||||
| Hyundai Green Food | 12,677 | 147 | ||||
| Kolmar Korea Co. Ltd. | 2,601 | 145 | ||||
| 1 | HPSP Co. Ltd. | 7,570 | 144 | |||
| *,1 | Naturecell Co. Ltd. | 9,246 | 140 | |||
| 1 | Classys Inc. | 3,628 | 136 | |||
| Yuanta Securities Korea Co. Ltd. | 54,544 | 135 | ||||
| *,1 | SFA Semicon Co. Ltd. | 54,091 | 134 | |||
| * | Celltrion Pharm Inc. | 3,608 | 134 | |||
| * | Pearl Abyss Corp. | 5,519 | 130 | |||
| 1 | TechWing Inc. | 5,619 | 130 | |||
| Hyundai Department Store Co. Ltd. | 2,381 | 127 | ||||
| CS Wind Corp. | 4,255 | 127 | ||||
| F&F Co. Ltd. | 2,603 | 124 | ||||
| * | Hanall Biopharma Co. Ltd. | 5,710 | 122 | |||
| * | Seoul Semiconductor Co. Ltd. | 25,243 | 121 | |||
| Shinsegae Inc. | 1,015 | 120 | ||||
| * | CosmoAM&T Co. Ltd. | 3,917 | 120 | |||
| 1 | Dongjin Semichem Co. Ltd. | 5,536 | 118 | |||
| * | Hanwha Life Insurance Co. Ltd. | 52,513 | 118 | |||
| SK REITs Co. Ltd. | 32,647 | 116 | ||||
| * | ISU Specialty Chemical | 3,622 | 116 | |||
73
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| HD Hyundai Construction Equipment Co. Ltd. | 1,829 | 114 | ||||
| *,1 | Mezzion Pharma Co. Ltd. | 3,807 | 111 | |||
| Soulbrain Co. Ltd. | 702 | 110 | ||||
| Caregen Co. Ltd. | 2,724 | 109 | ||||
| *,1 | Lunit Inc. | 3,913 | 107 | |||
| Daou Technology Inc. | 4,330 | 106 | ||||
| Pan Ocean Co. Ltd. | 37,850 | 106 | ||||
| S&S Tech Corp. | 2,737 | 106 | ||||
| 1 | Daishin Securities Co. Ltd. | 5,185 | 104 | |||
| Partron Co. Ltd. | 22,498 | 104 | ||||
| Daeduck Electronics Co. Ltd. | 5,916 | 102 | ||||
| People & Technology Inc. | 3,713 | 102 | ||||
| *,1 | VT Co. Ltd. | 3,884 | 102 | |||
| Koh Young Technology Inc. | 9,606 | 100 | ||||
| Seegene Inc. | 5,352 | 100 | ||||
| 1 | Jusung Engineering Co. Ltd. | 5,089 | 99 | |||
| Youngone Holdings Co. Ltd. | 1,026 | 97 | ||||
| Dongsuh Cos. Inc. | 4,807 | 94 | ||||
| *,3 | SK IE Technology Co. Ltd. | 4,680 | 93 | |||
| HK inno N Corp. | 2,707 | 93 | ||||
| * | CJ ENM Co. Ltd. | 1,775 | 91 | |||
| * | Kumho Tire Co. Inc. | 25,496 | 91 | |||
| Eugene Technology Co. Ltd. | 2,626 | 90 | ||||
| Daejoo Electronic Materials Co. Ltd. | 1,806 | 90 | ||||
| LX Holdings Corp. | 15,973 | 90 | ||||
| Otoki Corp. | 318 | 88 | ||||
| Lotte Shopping Co. Ltd. | 1,863 | 88 | ||||
| Chong Kun Dang Pharmaceutical Corp. | 1,505 | 86 | ||||
| * | Duk San Neolux Co. Ltd. | 2,518 | 85 | |||
| Green Cross Corp. | 903 | 84 | ||||
| * | Kakao Games Corp. | 7,250 | 84 | |||
| Daewoong Pharmaceutical Co. Ltd. | 843 | 82 | ||||
| Amorepacific Holdings Corp. | 4,161 | 81 | ||||
| LX Semicon Co. Ltd. | 2,067 | 80 | ||||
| * | SOLUM Co. Ltd. | 6,700 | 80 | |||
| 1 | Hana Tour Service Inc. | 2,152 | 79 | |||
| * | Hanwha Investment & Securities Co. Ltd. | 19,767 | 79 | |||
| DoubleUGames Co. Ltd. | 2,068 | 78 | ||||
| * | Chabiotech Co. Ltd. | 10,353 | 77 | |||
| 1 | Hana Micron Inc. | 7,818 | 77 | |||
| HDC Holdings Co. Ltd. | 4,934 | 76 | ||||
| ISC Co. Ltd. | 1,843 | 76 | ||||
| DI Dong Il Corp. | 2,576 | 76 | ||||
| Medytox Inc. | 884 | 75 | ||||
| * | Ananti Inc. | 10,967 | 73 | |||
| 1 | Pharmicell Co. Ltd. | 9,124 | 73 | |||
| Kolon Industries Inc. | 2,780 | 73 | ||||
| SOOP Co. Ltd. | 1,312 | 73 | ||||
| Shinhan Alpha REIT Co. Ltd. | 18,264 | 73 | ||||
| Hyosung TNC Corp. | 458 | 72 | ||||
| 1 | NICE Information Service Co. Ltd. | 6,261 | 71 | |||
| *,1 | Hanon Systems | 27,629 | 71 | |||
| * | Seojin System Co. Ltd. | 5,086 | 70 | |||
| SK Chemicals Co. Ltd. | 1,623 | 69 | ||||
| Dongwon Industries Co. Ltd. | 2,151 | 68 | ||||
| * | Wemade Co. Ltd. | 3,407 | 68 | |||
| * | SHIFT UP Corp. | 2,285 | 68 | |||
| SL Corp. | 2,706 | 66 | ||||
| ESR Kendall Square REIT Co. Ltd. | 21,053 | 66 | ||||
| Daesang Corp. | 3,998 | 65 | ||||
| * | Studio Dragon Corp. | 2,001 | 65 | |||
| * | Cafe24 Corp. | 2,357 | 65 | |||
| Tokai Carbon Korea Co. Ltd. | 823 | 65 | ||||
| *,1 | Hyundai Bioscience Co. Ltd. | 14,330 | 63 | |||
| *,1 | Cosmochemical Co. Ltd. | 5,429 | 63 | |||
| HS Hyosung Advanced Materials Corp. | 453 | 62 | ||||
| 1 | SIMMTECH Co. Ltd. | 3,410 | 62 | |||
| Hankook & Co. Co. Ltd. | 3,492 | 61 | ||||
| RFHIC Corp. | 3,212 | 61 | ||||
| L&C Bio Co. Ltd. | 2,708 | 60 | ||||
74
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Synopex Inc. | 13,119 | 60 | |||
| Mcnex Co. Ltd. | 2,736 | 59 | ||||
| Advanced Nano Products Co. Ltd. | 1,580 | 59 | ||||
| PSK Inc. | 3,354 | 59 | ||||
| *,1 | Fadu Inc. | 5,707 | 58 | |||
| Daewoong Co. Ltd. | 3,023 | 54 | ||||
| *,1 | Binex Co. Ltd. | 4,638 | 54 | |||
| Hancom Inc. | 2,992 | 54 | ||||
| Innocean Worldwide Inc. | 4,028 | 53 | ||||
| 1 | Doosan Tesna Inc. | 2,032 | 53 | |||
| Ecopro HN Co. Ltd. | 3,013 | 53 | ||||
| Lake Materials Co. Ltd. | 6,170 | 53 | ||||
| 1 | TES Co. Ltd. | 2,380 | 51 | |||
| *,1 | Creative & Innovative System | 10,517 | 51 | |||
| *,1 | Danal Co. Ltd. | 9,030 | 51 | |||
| Korea Electric Terminal Co. Ltd. | 1,115 | 50 | ||||
| Seobu T&D | 7,287 | 49 | ||||
| 1 | Hanil Cement Co. Ltd. | 3,553 | 49 | |||
| 1 | Harim Holdings Co. Ltd. | 8,158 | 49 | |||
| * | Eubiologics Co. Ltd. | 5,035 | 49 | |||
| Binggrae Co. Ltd. | 947 | 48 | ||||
| Korea Petrochemical Ind Co. Ltd. | 552 | 48 | ||||
| DL Holdings Co. Ltd. | 1,720 | 48 | ||||
| Ahnlab Inc. | 1,106 | 48 | ||||
| NHN Corp. | 2,569 | 48 | ||||
| 1 | Intellian Technologies Inc. | 1,443 | 48 | |||
| * | GS P&L Co. Ltd. | 1,365 | 48 | |||
| * | Asiana Airlines Inc. | 6,963 | 47 | |||
| DongKook Pharmaceutical Co. Ltd. | 3,882 | 47 | ||||
| Innox Advanced Materials Co. Ltd. | 2,734 | 47 | ||||
| * | Foosung Co. Ltd. | 10,740 | 46 | |||
| BH Co. Ltd. | 3,513 | 46 | ||||
| Humedix Co. Ltd. | 1,194 | 46 | ||||
| NEXTIN Inc. | 1,496 | 46 | ||||
| 1 | Cheryong Electric Co. Ltd. | 1,881 | 46 | |||
| Sebang Global Battery Co. Ltd. | 1,015 | 45 | ||||
| Orion Holdings Corp. | 3,054 | 45 | ||||
| *,1 | HLB Life Science Co. Ltd. | 17,868 | 45 | |||
| ENF Technology Co. Ltd. | 1,626 | 45 | ||||
| Green Cross Holdings Corp. | 4,002 | 44 | ||||
| iMarketKorea Inc. | 7,289 | 44 | ||||
| Youlchon Chemical Co. Ltd. | 1,971 | 43 | ||||
| KH Vatec Co. Ltd. | 4,675 | 43 | ||||
| SK Securities Co. Ltd. | 91,530 | 43 | ||||
| Samyang Holdings Corp. | 694 | 43 | ||||
| i-SENS Inc. | 3,403 | 43 | ||||
| 1 | Solid Inc. | 9,403 | 43 | |||
| * | Il Dong Pharmaceutical Co. Ltd. | 2,373 | 43 | |||
| InBody Co. Ltd. | 2,135 | 42 | ||||
| * | Daea TI Co. Ltd. | 12,052 | 42 | |||
| * | Hanwha General Insurance Co. Ltd. | 10,383 | 42 | |||
| Dentium Co. Ltd. | 1,010 | 42 | ||||
| Hyundai GF Holdings | 7,406 | 41 | ||||
| SK Networks Co. Ltd. | 12,913 | 41 | ||||
| * | CJ CGV Co. Ltd. | 11,775 | 39 | |||
| *,1 | Shinsung E&G Co. Ltd. | 35,225 | 39 | |||
| NICE Holdings Co. Ltd. | 3,866 | 38 | ||||
| MegaStudyEdu Co. Ltd. | 1,133 | 38 | ||||
| *,1 | Nexon Games Co. Ltd. | 3,789 | 38 | |||
| Dong-A Socio Holdings Co. Ltd. | 460 | 37 | ||||
| Webzen Inc. | 3,628 | 37 | ||||
| Com2uSCorp | 1,316 | 37 | ||||
| * | Tongyang Life Insurance Co. Ltd. | 6,926 | 37 | |||
| Lotte Rental Co. Ltd. | 1,780 | 37 | ||||
| * | BNC Korea Co. Ltd. | 10,353 | 37 | |||
| Hanssem Co. Ltd. | 1,158 | 35 | ||||
| Hanjin Logistics Corp. | 2,330 | 34 | ||||
| Dong-A ST Co. Ltd. | 1,055 | 34 | ||||
| Advanced Process Systems Corp. | 2,691 | 34 | ||||
| 1 | NHN KCP Corp. | 3,346 | 33 | |||
75
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Bioneer Corp. | 3,245 | 33 | |||
| *,1 | LS Materials Ltd. | 4,617 | 33 | |||
| Huons Global Co. Ltd. | 996 | 32 | ||||
| * | Neowiz | 1,855 | 32 | |||
| KC Tech Co. Ltd. | 1,333 | 32 | ||||
| Korea Asset In Trust Co. Ltd. | 18,577 | 32 | ||||
| 1 | Dongkuk Steel Mill Co. Ltd. | 4,869 | 32 | |||
| 1 | TCC Steel | 2,666 | 32 | |||
| JW Pharmaceutical Corp. | 2,012 | 31 | ||||
| LF Corp. | 2,298 | 31 | ||||
| Unid Co. Ltd. | 564 | 31 | ||||
| OCI Co. Ltd. | 809 | 31 | ||||
| Taekwang Industrial Co. Ltd. | 48 | 30 | ||||
| Eugene Investment & Securities Co. Ltd. | 11,914 | 30 | ||||
| Solus Advanced Materials Co. Ltd. | 5,686 | 30 | ||||
| Sungwoo Hitech Co. Ltd. | 6,733 | 29 | ||||
| Samwha Capacitor Co. Ltd. | 1,578 | 29 | ||||
| * | Komipharm International Co. Ltd. | 6,788 | 29 | |||
| Samyang Corp. | 836 | 29 | ||||
| * | Sungeel Hitech Co. Ltd. | 1,120 | 29 | |||
| 1 | Posco M-Tech Co. Ltd. | 3,139 | 29 | |||
| * | CMG Pharmaceutical Co. Ltd. | 20,621 | 28 | |||
| HL Holdings Corp. | 1,004 | 28 | ||||
| *,1 | HLB Therapeutics Co. Ltd. | 12,818 | 28 | |||
| HAESUNG DS Co. Ltd. | 1,752 | 28 | ||||
| Kwang Dong Pharmaceutical Co. Ltd. | 6,101 | 27 | ||||
| KISWIRE Ltd. | 2,100 | 27 | ||||
| 1 | Myoung Shin Industrial Co. Ltd. | 4,181 | 27 | |||
| IS Dongseo Co. Ltd. | 1,835 | 26 | ||||
| Vieworks Co. Ltd. | 1,793 | 26 | ||||
| HS Industries Co. Ltd. | 8,010 | 25 | ||||
| Young Poong Corp. | 910 | 25 | ||||
| PI Advanced Materials Co. Ltd. | 2,086 | 25 | ||||
| Lotte Wellfood Co. Ltd. | 296 | 25 | ||||
| Zinus Inc. | 2,107 | 25 | ||||
| * | UniTest Inc. | 2,757 | 25 | |||
| * | Amicogen Inc. | 9,708 | 24 | |||
| Huons Co. Ltd. | 1,104 | 24 | ||||
| Namyang Dairy Products Co. Ltd. | 563 | 23 | ||||
| * | Genexine Inc. | 6,305 | 23 | |||
| *,1 | Joongang Advanced Materials Co. Ltd. | 12,006 | 23 | |||
| * | Bukwang Pharmaceutical Co. Ltd. | 9,336 | 22 | |||
| Soulbrain Holdings Co. Ltd. | 794 | 22 | ||||
| GOLFZON Co. Ltd. | 496 | 22 | ||||
| Boryung | 3,724 | 22 | ||||
| INTOPS Co. Ltd. | 1,889 | 21 | ||||
| * | Jeju Air Co. Ltd. | 4,408 | 21 | |||
| * | Humasis Co. Ltd. | 21,564 | 20 | |||
| 1 | Sam-A Aluminum Co. Ltd. | 1,264 | 20 | |||
| Modetour Network Inc. | 2,244 | 19 | ||||
| * | Vaxcell-Bio Therapeutics Co. Ltd. | 2,998 | 19 | |||
| *,2 | Kum Yang Co. Ltd. | 2,705 | 19 | |||
| Hyundai Home Shopping Network Corp. | 457 | 18 | ||||
| KCC Glass Corp. | 840 | 18 | ||||
| * | W-Scope Chungju Plant Co. Ltd. | 3,442 | 18 | |||
| Hansol Paper Co. Ltd. | 2,818 | 17 | ||||
| * | GeneOne Life Science Inc. | 10,592 | 17 | |||
| * | Chunbo Co. Ltd. | 542 | 17 | |||
| * | DIO Corp. | 1,349 | 16 | |||
| Daol Investment & Securities Co. Ltd. | 6,264 | 16 | ||||
| * | Yungjin Pharmaceutical Co. Ltd. | 10,899 | 16 | |||
| Nexen Tire Corp. | 3,733 | 16 | ||||
| iNtRON Biotechnology Inc. | 5,515 | 15 | ||||
| *,2 | NKMax Co. Ltd. | 9,664 | 14 | |||
| Korea United Pharm Inc. | 915 | 14 | ||||
| * | GC Cell Corp. | 1,068 | 14 | |||
| Songwon Industrial Co. Ltd. | 1,680 | 12 | ||||
| Hansae Co. Ltd. | 1,819 | 12 | ||||
| LX Hausys Ltd. | 610 | 12 | ||||
| * | CrystalGenomics Invites Co. Ltd. | 8,036 | 10 | |||
76
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Ilyang Pharmaceutical Co. Ltd. | 837 | 7 | ||||
| * | Namsun Aluminum Co. Ltd. | 8,724 | 7 | |||
| *,2 | Hyosung Chemical Corp. | 217 | 6 | |||
| Handsome Co. Ltd. | 290 | 3 | ||||
| 164,165 | ||||||
| Spain (2.0%) | ||||||
| Banco Santander SA | 2,883,308 | 27,536 | ||||
| Banco Bilbao Vizcaya Argentaria SA | 1,082,271 | 19,696 | ||||
| Industria de Diseno Textil SA | 209,653 | 10,369 | ||||
| Amadeus IT Group SA | 82,931 | 6,956 | ||||
| CaixaBank SA | 693,826 | 6,928 | ||||
| Telefonica SA | 780,497 | 4,184 | ||||
| Banco de Sabadell SA | 1,022,864 | 3,885 | ||||
| 3 | Cellnex Telecom SA | 107,420 | 3,824 | |||
| 3 | Aena SME SA | 131,160 | 3,802 | |||
| Bankinter SA | 121,626 | 1,815 | ||||
| Merlin Properties Socimi SA | 74,225 | 1,107 | ||||
| Acciona SA | 4,582 | 908 | ||||
| Mapfre SA | 184,635 | 809 | ||||
| 3 | Unicaja Banco SA | 236,800 | 656 | |||
| Viscofan SA | 8,117 | 569 | ||||
| Acerinox SA | 43,910 | 542 | ||||
| Puig Brands SA Class B | 28,753 | 542 | ||||
| Fluidra SA | 17,650 | 503 | ||||
| Inmobiliaria Colonial Socimi SA | 65,585 | 433 | ||||
| Vidrala SA | 4,005 | 432 | ||||
| Sacyr SA | 100,365 | 424 | ||||
| CIE Automotive SA | 10,250 | 323 | ||||
| Corp. ACCIONA Energias Renovables SA | 9,598 | 258 | ||||
| Laboratorios Farmaceuticos Rovi SA | 3,571 | 243 | ||||
| * | Solaria Energia y Medio Ambiente SA | 13,810 | 224 | |||
| Construcciones y Auxiliar de Ferrocarriles SA | 3,565 | 216 | ||||
| Pharma Mar SA | 2,171 | 207 | ||||
| Almirall SA | 14,521 | 190 | ||||
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 120,320 | 188 | ||||
| Melia Hotels International SA | 17,498 | 163 | ||||
| Elecnor SA | 5,969 | 157 | ||||
| 3 | Neinor Homes SA | 5,233 | 104 | |||
| 3 | Gestamp Automocion SA | 24,018 | 97 | |||
| Atresmedia Corp. de Medios de Comunicacion SA | 10,943 | 67 | ||||
| Prosegur Cia de Seguridad SA | 20,178 | 63 | ||||
| 3 | Global Dominion Access SA | 13,399 | 50 | |||
| 3 | Prosegur Cash SA | 59,861 | 50 | |||
| * | Distribuidora Internacional de Alimentacion SA | 1,625 | 48 | |||
| 98,568 | ||||||
| Sweden (2.4%) | ||||||
| Investor AB Class B | 318,665 | 9,817 | ||||
| Volvo AB Class B | 298,736 | 9,192 | ||||
| Atlas Copco AB Class A | 508,441 | 8,117 | ||||
| Assa Abloy AB Class B | 183,966 | 6,500 | ||||
| Skandinaviska Enskilda Banken AB Class A | 288,144 | 5,329 | ||||
| Swedbank AB Class A | 154,455 | 4,347 | ||||
| Telefonaktiebolaget LM Ericsson Class B | 523,457 | 4,144 | ||||
| EQT AB | 109,320 | 3,932 | ||||
| Atlas Copco AB Class B | 259,981 | 3,697 | ||||
| Svenska Handelsbanken AB Class A | 267,015 | 3,436 | ||||
| Investor AB Class A | 108,843 | 3,355 | ||||
| Epiroc AB Class A | 147,897 | 3,091 | ||||
| Essity AB Class B | 112,712 | 3,047 | ||||
| Industrivarden AB Class A | 49,879 | 1,985 | ||||
| * | Boliden AB | 53,646 | 1,849 | |||
| Tele2 AB Class B | 104,109 | 1,834 | ||||
| SKF AB Class B | 66,017 | 1,695 | ||||
| Telia Co. AB | 450,669 | 1,682 | ||||
| Skanska AB Class B | 65,669 | 1,631 | ||||
| Svenska Cellulosa AB SCA Class B | 115,563 | 1,572 | ||||
| Trelleborg AB Class B | 40,110 | 1,552 | ||||
| AddTech AB Class B | 43,652 | 1,531 | ||||
| Securitas AB Class B | 91,499 | 1,400 | ||||
77
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| 1 | H & M Hennes & Mauritz AB Class B | 94,375 | 1,387 | |||
| Beijer Ref AB Class B | 79,920 | 1,359 | ||||
| Nibe Industrier AB Class B | 284,399 | 1,168 | ||||
| * | Swedish Orphan Biovitrum AB | 37,929 | 1,152 | |||
| Nordnet AB publ | 37,905 | 1,104 | ||||
| Volvo AB Class A | 33,359 | 1,025 | ||||
| AAK AB | 34,927 | 1,005 | ||||
| Avanza Bank Holding AB | 25,313 | 957 | ||||
| Getinge AB Class B | 43,225 | 947 | ||||
| Sagax AB Class B | 43,430 | 942 | ||||
| * | Fastighets AB Balder Class B | 130,187 | 927 | |||
| * | Sectra AB Class B | 26,208 | 919 | |||
| Castellum AB | 80,060 | 908 | ||||
| Lagercrantz Group AB Class B | 38,308 | 906 | ||||
| Epiroc AB Class B | 44,787 | 834 | ||||
| SSAB AB Class B | 135,962 | 772 | ||||
| Holmen AB Class B | 18,126 | 706 | ||||
| Mycronic AB | 30,300 | 679 | ||||
| Axfood AB | 20,296 | 640 | ||||
| Investment AB Latour Class B | 24,743 | 628 | ||||
| L E Lundbergforetagen AB Class B | 12,273 | 621 | ||||
| 3 | Thule Group AB | 21,825 | 612 | |||
| * | Camurus AB | 7,087 | 541 | |||
| Wihlborgs Fastigheter AB | 54,325 | 540 | ||||
| Loomis AB Class B | 12,167 | 539 | ||||
| Hemnet Group AB | 15,099 | 393 | ||||
| Billerud Aktiebolag | 40,232 | 384 | ||||
| * | Kinnevik AB Class B | 42,670 | 383 | |||
| 3 | Bravida Holding AB | 38,294 | 375 | |||
| AddLife AB Class B | 19,756 | 370 | ||||
| *,3 | Sinch AB | 112,820 | 353 | |||
| 3 | Dometic Group AB | 62,063 | 347 | |||
| Husqvarna AB Class B | 60,820 | 345 | ||||
| Fabege AB | 39,115 | 337 | ||||
| Catena AB | 7,199 | 331 | ||||
| * | Asmodee Group AB Class B | 27,314 | 331 | |||
| Pandox AB Class B | 17,736 | 321 | ||||
| 3 | Munters Group AB | 23,423 | 320 | |||
| *,3 | BoneSupport Holding AB | 9,693 | 318 | |||
| Wallenstam AB Class B | 65,558 | 306 | ||||
| Elekta AB Class B | 60,959 | 303 | ||||
| Lindab International AB | 12,720 | 283 | ||||
| Bure Equity AB | 9,365 | 281 | ||||
| * | HMS Networks AB | 5,682 | 276 | |||
| Granges AB | 18,178 | 267 | ||||
| Electrolux Professional AB Class B | 40,253 | 261 | ||||
| Storskogen Group AB Class B | 250,659 | 261 | ||||
| Addnode Group AB Class B | 21,789 | 260 | ||||
| Nyfosa AB | 29,014 | 252 | ||||
| 3 | Scandic Hotels Group AB | 25,735 | 239 | |||
| Bufab AB | 24,145 | 239 | ||||
| Medicover AB Class B | 8,491 | 238 | ||||
| Vitec Software Group AB Class B | 6,085 | 234 | ||||
| * | Embracer Group AB Class B | 26,120 | 234 | |||
| Truecaller AB Class B | 49,201 | 233 | ||||
| *,1 | Volvo Car AB Class B | 110,903 | 231 | |||
| Clas Ohlson AB Class B | 6,430 | 227 | ||||
| * | Electrolux AB Class B | 37,961 | 226 | |||
| *,1,3 | BioArctic AB Class B | 7,016 | 225 | |||
| Peab AB Class B | 28,585 | 223 | ||||
| SSAB AB Class A | 37,871 | 220 | ||||
| Hufvudstaden AB Class A | 16,486 | 215 | ||||
| 1 | Svenska Handelsbanken AB Class B | 9,954 | 213 | |||
| Cibus Nordic Real Estate AB publ | 11,829 | 213 | ||||
| NCC AB Class B | 10,004 | 205 | ||||
| Skandinaviska Enskilda Banken AB Class C | 10,991 | 204 | ||||
| Nolato AB Class B | 33,096 | 203 | ||||
| MIPS AB | 4,597 | 195 | ||||
| Vitrolife AB | 13,057 | 189 | ||||
| * | Modern Times Group MTG AB Class B | 17,357 | 180 | |||
78
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| JM AB | 11,745 | 170 | ||||
| Bilia AB Class A | 13,676 | 169 | ||||
| 3 | Attendo AB | 23,331 | 163 | |||
| NP3 Fastigheter AB | 6,092 | 163 | ||||
| * | NCAB Group AB | 30,830 | 160 | |||
| Systemair AB | 16,044 | 146 | ||||
| Ratos AB Class B | 37,678 | 140 | ||||
| Arjo AB Class B | 34,510 | 126 | ||||
| * | Sdiptech AB Class B | 6,189 | 123 | |||
| Cloetta AB Class B | 35,080 | 120 | ||||
| Atrium Ljungberg AB Class B | 35,610 | 119 | ||||
| Industrivarden AB Class C | 2,781 | 111 | ||||
| Dios Fastigheter AB | 16,255 | 110 | ||||
| Instalco AB | 41,086 | 108 | ||||
| *,3 | Boozt AB | 10,586 | 103 | |||
| SkiStar AB | 6,073 | 101 | ||||
| Troax Group AB | 6,748 | 101 | ||||
| NCC AB Class A | 4,523 | 95 | ||||
| *,1 | Samhallsbyggnadsbolaget i Norden AB B Shares | 184,210 | 93 | |||
| * | Norion Bank AB | 11,023 | 81 | |||
| *,1 | Hexatronic Group AB | 30,884 | 75 | |||
| * | Xvivo Perfusion AB | 4,125 | 73 | |||
| Platzer Fastigheter Holding AB Class B | 9,812 | 71 | ||||
| Investment AB Oresund | 4,956 | 63 | ||||
| Corem Property Group AB Class B | 125,246 | 61 | ||||
| MEKO AB | 6,736 | 58 | ||||
| Volati AB | 4,821 | 54 | ||||
| Sagax AB | 14,783 | 53 | ||||
| Fagerhult Group AB | 10,522 | 45 | ||||
| * | Stillfront Group AB | 68,590 | 36 | |||
| * | Samhallsbyggnadsbolaget i Norden AB | 20,190 | 18 | |||
| 121,906 | ||||||
| Switzerland (6.0%) | ||||||
| Nestle SA (Registered) | 481,477 | 45,418 | ||||
| Novartis AG (Registered) | 356,049 | 45,066 | ||||
| Roche Holding AG (XVTX) | 132,464 | 43,194 | ||||
| UBS Group AG (Registered) | 606,401 | 24,565 | ||||
| Zurich Insurance Group AG | 26,934 | 19,682 | ||||
| Swiss Re AG | 56,281 | 10,201 | ||||
| Lonza Group AG (Registered) | 13,482 | 9,568 | ||||
| Alcon AG | 94,174 | 7,505 | ||||
| Givaudan SA (Registered) | 1,458 | 6,140 | ||||
| Swiss Life Holding AG (Registered) | 5,391 | 5,826 | ||||
| Partners Group Holding AG | 4,075 | 5,596 | ||||
| Sandoz Group AG | 79,024 | 4,959 | ||||
| Geberit AG (Registered) | 6,229 | 4,568 | ||||
| Swisscom AG (Registered) | 4,794 | 3,466 | ||||
| Schindler Holding AG | 8,980 | 3,338 | ||||
| Chocoladefabriken Lindt & Spruengli AG | 215 | 3,279 | ||||
| Logitech International SA (Registered) | 28,584 | 2,952 | ||||
| Julius Baer Group Ltd. | 38,673 | 2,792 | ||||
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 18 | 2,696 | ||||
| Sonova Holding AG (Registered) | 9,238 | 2,691 | ||||
| Straumann Holding AG (Registered) | 20,513 | 2,404 | ||||
| Roche Holding AG (XSWX) | 6,829 | 2,345 | ||||
| Baloise Holding AG (Registered) | 8,069 | 2,093 | ||||
| Swiss Prime Site AG (Registered) | 14,921 | 2,075 | ||||
| Belimo Holding AG (Registered) | 1,875 | 2,065 | ||||
| Kuehne + Nagel International AG (Registered) | 8,879 | 1,810 | ||||
| Helvetia Holding AG (Registered) | 6,810 | 1,753 | ||||
| 3 | VAT Group AG | 5,181 | 1,694 | |||
| Accelleron Industries AG | 18,174 | 1,564 | ||||
| PSP Swiss Property AG (Registered) | 8,365 | 1,392 | ||||
| Swissquote Group Holding SA (Registered) | 2,041 | 1,338 | ||||
| Georg Fischer AG (Registered) | 15,474 | 1,237 | ||||
| Flughafen Zurich AG (Registered) | 3,836 | 1,172 | ||||
| 3 | Galenica AG | 9,891 | 1,060 | |||
| SIG Group AG | 65,047 | 1,030 | ||||
| EMS-Chemie Holding AG (Registered) | 1,316 | 1,010 | ||||
79
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Temenos AG (Registered) | 10,935 | 972 | ||||
| 1 | Barry Callebaut AG (Registered) | 667 | 903 | |||
| Schindler Holding AG (Registered) | 2,510 | 898 | ||||
| * | Siegfried Holding AG (Registered) | 7,747 | 813 | |||
| Swatch Group AG (Registered) | 21,578 | 796 | ||||
| Bucher Industries AG (Registered) | 1,442 | 685 | ||||
| Cembra Money Bank AG | 5,800 | 658 | ||||
| Allreal Holding AG (Registered) | 2,813 | 637 | ||||
| Huber + Suhner AG (Registered) | 4,198 | 635 | ||||
| Mobimo Holding AG (Registered) | 1,535 | 606 | ||||
| VZ Holding AG | 2,667 | 604 | ||||
| Banque Cantonale Vaudoise (Registered) | 5,093 | 592 | ||||
| Tecan Group AG (Registered) | 2,759 | 570 | ||||
| Swatch Group AG | 3,074 | 556 | ||||
| EFG International AG | 27,150 | 540 | ||||
| Kardex Holding AG (Registered) | 1,281 | 536 | ||||
| dormakaba Holding AG | 571 | 531 | ||||
| Sunrise Communications AG Class A | 8,447 | 531 | ||||
| Valiant Holding AG (Registered) | 3,057 | 505 | ||||
| DKSH Holding AG | 6,426 | 473 | ||||
| Inficon Holding AG (Registered) | 3,861 | 459 | ||||
| Bachem Holding AG | 5,563 | 443 | ||||
| * | Aryzta AG | 4,729 | 436 | |||
| SFS Group AG | 3,105 | 427 | ||||
| Landis+Gyr Group AG | 5,038 | 404 | ||||
| Ypsomed Holding AG (Registered) | 711 | 349 | ||||
| Emmi AG (Registered) | 366 | 341 | ||||
| ALSO Holding AG (Registered) | 1,076 | 341 | ||||
| Vontobel Holding AG (Registered) | 4,438 | 339 | ||||
| Interroll Holding AG (Registered) | 117 | 328 | ||||
| St. Galler Kantonalbank AG (Registered) | 503 | 317 | ||||
| Stadler Rail AG | 9,636 | 256 | ||||
| * | ams-OSRAM AG | 19,181 | 240 | |||
| Softwareone Holding AG | 26,451 | 228 | ||||
| Daetwyler Holding AG | 1,328 | 225 | ||||
| * | u-blox Holding AG | 1,303 | 221 | |||
| 3 | Medacta Group SA | 1,188 | 216 | |||
| Implenia AG (Registered) | 2,466 | 197 | ||||
| Bossard Holding AG (Registered) Class A | 926 | 196 | ||||
| Forbo Holding AG (Registered) | 183 | 181 | ||||
| SKAN Group AG | 2,264 | 174 | ||||
| Intershop Holding AG | 758 | 146 | ||||
| *,3 | Sensirion Holding AG | 1,708 | 141 | |||
| Zehnder Group AG | 1,502 | 134 | ||||
| * | Basilea Pharmaceutica AG Allschwil (Registered) | 2,183 | 129 | |||
| OC Oerlikon Corp. AG Pfaffikon (Registered) | 32,653 | 120 | ||||
| COSMO Pharmaceuticals NV | 1,501 | 118 | ||||
| Bell Food Group AG (Registered) | 360 | 113 | ||||
| Bystronic AG | 253 | 111 | ||||
| Autoneum Holding AG | 533 | 106 | ||||
| *,3 | Medartis Holding AG | 916 | 104 | |||
| APG SGA SA | 353 | 97 | ||||
| *,3 | PolyPeptide Group AG | 2,821 | 96 | |||
| Cie Financiere Tradition SA | 284 | 92 | ||||
| Vetropack Holding AG (Registered) Class A | 2,570 | 84 | ||||
| Arbonia AG | 10,185 | 74 | ||||
| * | Komax Holding AG (Registered) | 653 | 70 | |||
| 3 | Medmix AG | 4,583 | 62 | |||
| Schweiter Technologies AG | 137 | 54 | ||||
| * | LEM Holding SA (Registered) | 79 | 52 | |||
| VP Bank AG Class A | 345 | 38 | ||||
| 1 | Rieter Holding AG (Registered) | 505 | 36 | |||
| 1 | Leonteq AG | 1,637 | 33 | |||
| *,1 | PIERER Mobility AG | 1,739 | 33 | |||
| 300,946 | ||||||
| Taiwan (7.5%) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4,634,310 | 173,561 | ||||
| Hon Hai Precision Industry Co. Ltd. | 2,308,424 | 15,240 | ||||
| MediaTek Inc. | 280,319 | 12,456 | ||||
80
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Delta Electronics Inc. | 369,171 | 8,505 | ||||
| Quanta Computer Inc. | 500,558 | 4,262 | ||||
| Fubon Financial Holding Co. Ltd. | 1,549,861 | 4,235 | ||||
| CTBC Financial Holding Co. Ltd. | 3,021,171 | 4,052 | ||||
| Cathay Financial Holding Co. Ltd. | 1,784,948 | 3,574 | ||||
| E.Sun Financial Holding Co. Ltd. | 2,903,092 | 3,168 | ||||
| Chunghwa Telecom Co. Ltd. | 727,460 | 3,153 | ||||
| Accton Technology Corp. | 94,625 | 3,115 | ||||
| ASE Technology Holding Co. Ltd. | 630,290 | 3,061 | ||||
| Mega Financial Holding Co. Ltd. | 2,253,688 | 2,947 | ||||
| 1 | United Microelectronics Corp. | 2,205,346 | 2,902 | |||
| Asustek Computer Inc. | 131,798 | 2,711 | ||||
| Uni-President Enterprises Corp. | 926,682 | 2,339 | ||||
| Yuanta Financial Holding Co. Ltd. | 2,183,892 | 2,312 | ||||
| TS Financial Holding Co. Ltd. | 4,230,951 | 2,243 | ||||
| Asia Vital Components Co. Ltd. | 62,703 | 2,047 | ||||
| Elite Material Co. Ltd. | 51,675 | 2,045 | ||||
| 1 | Alchip Technologies Ltd. | 15,308 | 2,003 | |||
| Wistron Corp. | 539,391 | 1,978 | ||||
| First Financial Holding Co. Ltd. | 2,031,367 | 1,880 | ||||
| Wiwynn Corp. | 19,464 | 1,868 | ||||
| Realtek Semiconductor Corp. | 94,393 | 1,640 | ||||
| Hua Nan Financial Holdings Co. Ltd. | 1,746,681 | 1,591 | ||||
| SinoPac Financial Holdings Co. Ltd. | 2,062,297 | 1,574 | ||||
| 1 | Novatek Microelectronics Corp. | 110,446 | 1,565 | |||
| Lite-On Technology Corp. | 366,033 | 1,548 | ||||
| Taiwan Cooperative Financial Holding Co. Ltd. | 1,962,737 | 1,519 | ||||
| China Steel Corp. | 2,243,008 | 1,471 | ||||
| KGI Financial Holding Co. Ltd. | 2,948,271 | 1,464 | ||||
| Largan Precision Co. Ltd. | 17,542 | 1,371 | ||||
| E Ink Holdings Inc. | 156,728 | 1,337 | ||||
| Yageo Corp. | 291,560 | 1,320 | ||||
| Nan Ya Plastics Corp. | 928,329 | 1,307 | ||||
| United Integrated Services Co. Ltd. | 32,000 | 1,280 | ||||
| Chroma ATE Inc. | 67,589 | 1,280 | ||||
| 1 | Evergreen Marine Corp. Taiwan Ltd. | 211,591 | 1,279 | |||
| 1 | Bizlink Holding Inc. | 35,320 | 1,229 | |||
| Unimicron Technology Corp. | 243,850 | 1,138 | ||||
| Jentech Precision Industrial Co. Ltd. | 16,591 | 1,124 | ||||
| King Slide Works Co. Ltd. | 11,367 | 1,114 | ||||
| Gold Circuit Electronics Ltd. | 65,500 | 1,073 | ||||
| King Yuan Electronics Co. Ltd. | 211,641 | 1,071 | ||||
| Chailease Holding Co. Ltd. | 279,339 | 1,060 | ||||
| Formosa Plastics Corp. | 775,473 | 985 | ||||
| Shanghai Commercial & Savings Bank Ltd. | 732,276 | 980 | ||||
| Far EasTone Telecommunications Co. Ltd. | 346,308 | 952 | ||||
| Advantech Co. Ltd. | 82,788 | 925 | ||||
| Hotai Motor Co. Ltd. | 51,344 | 921 | ||||
| Pegatron Corp. | 398,794 | 912 | ||||
| Taiwan Mobile Co. Ltd. | 261,896 | 911 | ||||
| ASPEED Technology Inc. | 5,500 | 894 | ||||
| Gigabyte Technology Co. Ltd. | 98,667 | 887 | ||||
| Tripod Technology Corp. | 84,700 | 886 | ||||
| Chang Hwa Commercial Bank Ltd. | 1,408,046 | 883 | ||||
| eMemory Technology Inc. | 13,000 | 871 | ||||
| 1 | Zhen Ding Technology Holding Ltd. | 130,667 | 834 | |||
| President Chain Store Corp. | 100,090 | 832 | ||||
| PharmaEssentia Corp. | 46,721 | 756 | ||||
| Lotes Co. Ltd. | 15,840 | 745 | ||||
| Compal Electronics Inc. | 779,401 | 701 | ||||
| Airtac International Group | 26,662 | 683 | ||||
| MPI Corp. | 15,000 | 674 | ||||
| Global Unichip Corp. | 15,471 | 667 | ||||
| Catcher Technology Co. Ltd. | 108,031 | 664 | ||||
| Taiwan Business Bank | 1,304,263 | 642 | ||||
| Innolux Corp. | 1,383,349 | 632 | ||||
| WPG Holdings Ltd. | 289,678 | 632 | ||||
| Eva Airways Corp. | 496,846 | 629 | ||||
| 1 | Inventec Corp. | 468,759 | 627 | |||
| Formosa Chemicals & Fibre Corp. | 631,701 | 619 | ||||
81
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Acter Group Corp. Ltd. | 21,000 | 609 | ||||
| Silergy Corp. | 60,621 | 606 | ||||
| AUO Corp. | 1,443,703 | 603 | ||||
| Vanguard International Semiconductor Corp. | 201,544 | 598 | ||||
| Synnex Technology International Corp. | 267,175 | 573 | ||||
| Micro-Star International Co. Ltd. | 127,521 | 560 | ||||
| 1 | Fortune Electric Co. Ltd. | 26,290 | 551 | |||
| 1 | Globalwafers Co. Ltd. | 45,000 | 544 | |||
| Asia Cement Corp. | 437,000 | 528 | ||||
| Taichung Commercial Bank Co. Ltd. | 745,102 | 518 | ||||
| TA Chen Stainless Pipe | 406,032 | 516 | ||||
| Acer Inc. | 530,961 | 511 | ||||
| Mitac Holdings Corp. | 160,873 | 507 | ||||
| Taiwan Union Technology Corp. | 42,000 | 501 | ||||
| Powertech Technology Inc. | 128,666 | 497 | ||||
| Far Eastern New Century Corp. | 549,312 | 495 | ||||
| Compeq Manufacturing Co. Ltd. | 182,785 | 482 | ||||
| Chicony Electronics Co. Ltd. | 107,000 | 481 | ||||
| Phison Electronics Corp. | 30,000 | 476 | ||||
| Cheng Shin Rubber Industry Co. Ltd. | 383,018 | 475 | ||||
| WT Microelectronics Co. Ltd. | 117,205 | 469 | ||||
| Makalot Industrial Co. Ltd. | 53,341 | 467 | ||||
| Teco Electric & Machinery Co. Ltd. | 210,000 | 466 | ||||
| 1 | Wan Hai Lines Ltd. | 169,260 | 457 | |||
| Eclat Textile Co. Ltd. | 34,892 | 455 | ||||
| Topco Scientific Co. Ltd. | 46,813 | 445 | ||||
| Nien Made Enterprise Co. Ltd. | 31,000 | 436 | ||||
| Pou Chen Corp. | 433,085 | 407 | ||||
| Voltronic Power Technology Corp. | 12,505 | 402 | ||||
| Walsin Lihwa Corp. | 528,561 | 392 | ||||
| Foxconn Technology Co. Ltd. | 169,368 | 390 | ||||
| Simplo Technology Co. Ltd. | 30,000 | 386 | ||||
| 1 | Hiwin Technologies Corp. | 54,504 | 378 | |||
| Radiant Opto-Electronics Corp. | 80,586 | 377 | ||||
| ASMedia Technology Inc. | 6,866 | 366 | ||||
| Feng TAY Enterprise Co. Ltd. | 92,728 | 355 | ||||
| Getac Holdings Corp. | 70,000 | 349 | ||||
| 1 | Co-Tech Development Corp. | 49,000 | 347 | |||
| China Airlines Ltd. | 501,000 | 346 | ||||
| * | Winbond Electronics Corp. | 542,289 | 346 | |||
| L&K Engineering Co. Ltd. | 29,744 | 340 | ||||
| Fositek Corp. | 9,000 | 331 | ||||
| Parade Technologies Ltd. | 13,000 | 330 | ||||
| Highwealth Construction Corp. | 240,829 | 328 | ||||
| Sinbon Electronics Co. Ltd. | 43,362 | 328 | ||||
| Sino-American Silicon Products Inc. | 97,000 | 326 | ||||
| Taiwan High Speed Rail Corp. | 361,000 | 325 | ||||
| *,1 | Nanya Technology Corp. | 203,000 | 310 | |||
| Shihlin Electric & Engineering Corp. | 46,000 | 299 | ||||
| Lien Hwa Industrial Holdings Corp. | 182,596 | 296 | ||||
| Taiwan Hon Chuan Enterprise Co. Ltd. | 65,000 | 294 | ||||
| *,1 | Powerchip Semiconductor Manufacturing Corp. | 565,730 | 292 | |||
| Bora Pharmaceuticals Co. Ltd. | 12,108 | 287 | ||||
| Walsin Technology Corp. | 107,000 | 286 | ||||
| *,1 | HTC Corp. | 125,000 | 286 | |||
| Dynapack International Technology Corp. | 24,000 | 283 | ||||
| Tatung Co. Ltd. | 218,987 | 283 | ||||
| * | Far Eastern International Bank | 634,446 | 279 | |||
| Ruentex Development Co. Ltd. | 281,430 | 277 | ||||
| WNC Corp. | 65,791 | 272 | ||||
| AURAS Technology Co. Ltd. | 12,000 | 267 | ||||
| Advanced Energy Solution Holding Co. Ltd. | 6,000 | 263 | ||||
| Nan Ya Printed Circuit Board Corp. | 36,000 | 256 | ||||
| IBF Financial Holdings Co. Ltd. | 500,160 | 253 | ||||
| Ichia Technologies Inc. | 127,000 | 252 | ||||
| Qisda Corp. | 234,000 | 242 | ||||
| Sigurd Microelectronics Corp. | 87,000 | 239 | ||||
| * | King's Town Bank Co. Ltd. | 132,000 | 238 | |||
| 1 | Shin Zu Shing Co. Ltd. | 27,841 | 238 | |||
| LandMark Optoelectronics Corp. | 15,000 | 233 | ||||
82
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Thinking Electronic Industrial Co. Ltd. | 47,000 | 232 | ||||
| Tong Yang Industry Co. Ltd. | 68,000 | 225 | ||||
| Synmosa Biopharma Corp. | 196,702 | 223 | ||||
| Genius Electronic Optical Co. Ltd. | 15,000 | 222 | ||||
| WinWay Technology Co. Ltd. | 5,000 | 222 | ||||
| Great Wall Enterprise Co. Ltd. | 125,402 | 217 | ||||
| Capital Securities Corp. | 303,000 | 215 | ||||
| Global Brands Manufacture Ltd. | 45,986 | 215 | ||||
| * | Taiwan Glass Industry Corp. | 187,000 | 215 | |||
| Kinik Co. | 19,000 | 214 | ||||
| Arcadyan Technology Corp. | 27,123 | 209 | ||||
| Primax Electronics Ltd. | 77,000 | 208 | ||||
| Ruentex Industries Ltd. | 117,002 | 207 | ||||
| Faraday Technology Corp. | 39,313 | 201 | ||||
| * | Taiwan Fertilizer Co. Ltd. | 115,000 | 200 | |||
| Eternal Materials Co. Ltd. | 139,495 | 199 | ||||
| Chenbro Micom Co. Ltd. | 10,000 | 198 | ||||
| * | Macronix International Co. Ltd. | 301,000 | 197 | |||
| Test Research Inc. | 28,000 | 196 | ||||
| Grand Process Technology Corp. | 4,000 | 196 | ||||
| Win Semiconductors Corp. | 64,000 | 192 | ||||
| Ardentec Corp. | 79,000 | 191 | ||||
| Sanyang Motor Co. Ltd. | 90,000 | 191 | ||||
| Century Iron & Steel Industrial Co. Ltd. | 32,000 | 191 | ||||
| AP Memory Technology Corp. | 19,000 | 190 | ||||
| Yankey Engineering Co. Ltd. | 11,730 | 188 | ||||
| Tung Ho Steel Enterprise Corp. | 90,110 | 187 | ||||
| Coretronic Corp. | 46,000 | 184 | ||||
| Giant Manufacturing Co. Ltd. | 53,740 | 184 | ||||
| * | FOCI Fiber Optic Communications Inc. | 15,000 | 184 | |||
| Elan Microelectronics Corp. | 47,000 | 183 | ||||
| Greatek Electronics Inc. | 94,000 | 183 | ||||
| Lotus Pharmaceutical Co. Ltd. | 29,000 | 183 | ||||
| Kinsus Interconnect Technology Corp. | 49,000 | 180 | ||||
| Goldsun Building Materials Co. Ltd. | 145,753 | 177 | ||||
| Cleanaway Co. Ltd. | 27,000 | 176 | ||||
| Kaori Heat Treatment Co. Ltd. | 14,000 | 175 | ||||
| Ta Ya Electric Wire & Cable | 126,027 | 174 | ||||
| Dynamic Holding Co. Ltd. | 46,997 | 174 | ||||
| Chipbond Technology Corp. | 97,000 | 170 | ||||
| Taiwan Surface Mounting Technology Corp. | 48,000 | 168 | ||||
| YFY Inc. | 206,000 | 168 | ||||
| ADATA Technology Co. Ltd. | 50,054 | 167 | ||||
| Ennoconn Corp. | 15,710 | 165 | ||||
| Poya International Co. Ltd. | 10,734 | 164 | ||||
| 1 | All Ring Tech Co. Ltd. | 13,000 | 164 | |||
| Huaku Development Co. Ltd. | 49,770 | 163 | ||||
| ITEQ Corp. | 36,466 | 162 | ||||
| Solar Applied Materials Technology Corp. | 84,000 | 161 | ||||
| Sercomm Corp. | 46,653 | 160 | ||||
| Sunonwealth Electric Machine Industry Co. Ltd. | 36,000 | 159 | ||||
| * | Yulon Finance Corp. | 45,569 | 157 | |||
| Visual Photonics Epitaxy Co. Ltd. | 31,000 | 157 | ||||
| Fusheng Precision Co. Ltd. | 18,000 | 156 | ||||
| * | China Petrochemical Development Corp. | 663,386 | 155 | |||
| Feng Hsin Steel Co. Ltd. | 71,000 | 155 | ||||
| 1 | Elite Advanced Laser Corp. | 23,000 | 151 | |||
| Foxsemicon Integrated Technology Inc. | 16,000 | 150 | ||||
| Pixart Imaging Inc. | 23,000 | 147 | ||||
| Charoen Pokphand Enterprise | 33,600 | 146 | ||||
| Everlight Electronics Co. Ltd. | 65,000 | 145 | ||||
| Wisdom Marine Lines Co. Ltd. | 73,543 | 145 | ||||
| Hannstar Board Corp. | 49,680 | 145 | ||||
| VisEra Technologies Co. Ltd. | 17,000 | 145 | ||||
| Ennostar Inc. | 114,000 | 144 | ||||
| Allis Electric Co. Ltd. | 38,632 | 142 | ||||
| Merida Industry Co. Ltd. | 38,000 | 140 | ||||
| Shinkong Insurance Co. Ltd. | 39,000 | 137 | ||||
| Sonix Technology Co. Ltd. | 113,000 | 135 | ||||
| Taiwan Secom Co. Ltd. | 37,000 | 135 | ||||
83
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Pan-International Industrial Corp. | 70,000 | 134 | ||||
| Merry Electronics Co. Ltd. | 37,755 | 132 | ||||
| Nan Pao Resins Chemical Co. Ltd. | 10,000 | 132 | ||||
| Phoenix Silicon International Corp. | 25,000 | 131 | ||||
| Weikeng Industrial Co. Ltd. | 141,000 | 129 | ||||
| Airoha Technology Corp. | 7,000 | 129 | ||||
| Kinpo Electronics | 209,000 | 128 | ||||
| Silicon Integrated Systems Corp. | 69,602 | 127 | ||||
| TXC Corp. | 44,000 | 126 | ||||
| 1 | LuxNet Corp. | 19,000 | 126 | |||
| Machvision Inc. | 6,039 | 125 | ||||
| * | Oneness Biotech Co. Ltd. | 54,729 | 125 | |||
| Tainan Spinning Co. Ltd. | 280,000 | 124 | ||||
| Innodisk Corp. | 13,141 | 124 | ||||
| Sitronix Technology Corp. | 18,000 | 123 | ||||
| Taiwan Speciality Chemicals Corp. | 13,000 | 123 | ||||
| Pan Jit International Inc. | 58,400 | 122 | ||||
| Unitech Printed Circuit Board Corp. | 120,877 | 121 | ||||
| Chunghwa Precision Test Tech Co. Ltd. | 3,000 | 121 | ||||
| 1 | XinTec Inc. | 27,000 | 120 | |||
| Nan Kang Rubber Tire Co. Ltd. | 91,000 | 119 | ||||
| Gudeng Precision Industrial Co. Ltd. | 11,491 | 119 | ||||
| Transcend Information Inc. | 36,000 | 118 | ||||
| Supreme Electronics Co. Ltd. | 83,980 | 118 | ||||
| Quanta Storage Inc. | 29,000 | 117 | ||||
| President Securities Corp. | 171,085 | 116 | ||||
| Universal Microwave Technology Inc. | 9,000 | 116 | ||||
| China Electric Manufacturing Corp. | 264,540 | 113 | ||||
| Shinkong Synthetic Fibers Corp. | 233,316 | 113 | ||||
| 1 | Yulon Motor Co. Ltd. | 105,185 | 113 | |||
| momo.com Inc. | 13,680 | 113 | ||||
| C Sun Manufacturing Ltd. | 17,000 | 112 | ||||
| Marketech International Corp. | 13,000 | 111 | ||||
| * | Center Laboratories Inc. | 90,614 | 110 | |||
| Wah Lee Industrial Corp. | 33,720 | 109 | ||||
| TA-I Technology Co. Ltd. | 74,000 | 105 | ||||
| Grape King Bio Ltd. | 24,890 | 105 | ||||
| * | Mercuries Life Insurance Co. Ltd. | 576,034 | 105 | |||
| AcBel Polytech Inc. | 111,883 | 104 | ||||
| Tong Hsing Electronic Industries Ltd. | 28,322 | 104 | ||||
| Systex Corp. | 27,000 | 103 | ||||
| Evergreen Aviation Technologies Corp. | 17,000 | 103 | ||||
| Speed Tech Corp. | 72,000 | 102 | ||||
| Fitipower Integrated Technology Inc. | 17,703 | 102 | ||||
| Evergreen International Storage & Transport Corp. | 91,000 | 101 | ||||
| Scientech Corp. | 8,000 | 101 | ||||
| ITE Technology Inc. | 23,000 | 100 | ||||
| * | Lumosa Therapeutics Co. Ltd. | 16,000 | 100 | |||
| EVERGREEN Steel Corp. | 34,000 | 99 | ||||
| * | HannsTouch Holdings Co. | 457,000 | 98 | |||
| Far Eastern Department Stores Ltd. | 142,000 | 97 | ||||
| Raydium Semiconductor Corp. | 10,000 | 97 | ||||
| Sakura Development Co. Ltd. | 60,480 | 97 | ||||
| 1 | Solomon Technology Corp. | 19,000 | 97 | |||
| Farglory Land Development Co. Ltd. | 48,000 | 96 | ||||
| Advanced Wireless Semiconductor Co. | 26,370 | 96 | ||||
| * | FLEXium Interconnect Inc. | 43,000 | 95 | |||
| Via Technologies Inc. | 46,000 | 94 | ||||
| *,1 | Ability Enterprise Co. Ltd. | 36,000 | 93 | |||
| Hota Industrial Manufacturing Co. Ltd. | 41,810 | 93 | ||||
| TTY Biopharm Co. Ltd. | 37,000 | 93 | ||||
| Zero One Technology Co. Ltd. | 23,000 | 93 | ||||
| 1 | Chenming Electronic Technology Corp. | 22,000 | 93 | |||
| 1 | Chicony Power Technology Co. Ltd. | 26,000 | 89 | |||
| Chang Wah Electromaterials Inc. | 63,000 | 89 | ||||
| Hotai Finance Co. Ltd. | 38,950 | 88 | ||||
| * | TaiMed Biologics Inc. | 32,960 | 87 | |||
| Shiny Chemical Industrial Co. Ltd. | 18,900 | 86 | ||||
| 1 | I-Chiun Precision Industry Co. Ltd. | 33,000 | 84 | |||
| * | Yieh Phui Enterprise Co. Ltd. | 168,332 | 83 | |||
84
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | EirGenix Inc. | 42,000 | 83 | |||
| Kenmec Mechanical Engineering Co. Ltd. | 32,000 | 83 | ||||
| Lian HWA Food Corp. | 18,700 | 83 | ||||
| Cheng Uei Precision Industry Co. Ltd. | 53,000 | 82 | ||||
| China Motor Corp. | 43,200 | 82 | ||||
| Ton Yi Industrial Corp. | 137,000 | 82 | ||||
| Taiwan Sakura Corp. | 29,000 | 82 | ||||
| O-Bank Co. Ltd. | 277,000 | 81 | ||||
| ASROCK Inc. | 9,000 | 81 | ||||
| Run Long Construction Co. Ltd. | 81,400 | 80 | ||||
| Posiflex Technology Inc. | 9,000 | 80 | ||||
| Fulgent Sun International Holding Co. Ltd. | 22,985 | 80 | ||||
| Chong Hong Construction Co. Ltd. | 32,000 | 79 | ||||
| Standard Foods Corp. | 79,000 | 78 | ||||
| Universal Cement Corp. | 80,500 | 78 | ||||
| * | Chung Hung Steel Corp. | 149,000 | 78 | |||
| HD Renewable Energy Co. Ltd. | 15,989 | 78 | ||||
| Cheng Loong Corp. | 131,000 | 77 | ||||
| Clevo Co. | 56,000 | 77 | ||||
| Sporton International Inc. | 13,372 | 77 | ||||
| Kung Long Batteries Industrial Co. Ltd. | 18,000 | 77 | ||||
| Taiwan PCB Techvest Co. Ltd. | 65,000 | 77 | ||||
| * | TCI Co. Ltd. | 17,297 | 77 | |||
| RichWave Technology Corp. | 15,650 | 77 | ||||
| Cathay Real Estate Development Co. Ltd. | 110,000 | 76 | ||||
| China Bills Finance Corp. | 140,000 | 76 | ||||
| Holy Stone Enterprise Co. Ltd. | 27,300 | 76 | ||||
| Global Mixed Mode Technology Inc. | 10,000 | 76 | ||||
| Sinon Corp. | 55,000 | 76 | ||||
| M31 Technology Corp. | 4,600 | 76 | ||||
| Formosa Taffeta Co. Ltd. | 146,000 | 75 | ||||
| Kindom Development Co. Ltd. | 65,010 | 75 | ||||
| Nichidenbo Corp. | 33,000 | 75 | ||||
| Allied Supreme Corp. | 8,000 | 75 | ||||
| * | Sunplus Technology Co. Ltd. | 91,000 | 74 | |||
| Elite Semiconductor Microelectronics Technology Inc. | 40,000 | 74 | ||||
| WUS Printed Circuit Co. Ltd. | 20,000 | 74 | ||||
| Brighton-Best International Taiwan Inc. | 66,000 | 74 | ||||
| Topkey Corp. | 12,000 | 74 | ||||
| * | BES Engineering Corp. | 200,000 | 73 | |||
| Taiwan Paiho Ltd. | 42,000 | 73 | ||||
| Altek Corp. | 44,795 | 73 | ||||
| CyberPower Systems Inc. | 10,000 | 73 | ||||
| 1 | G Shank Enterprise Co. Ltd. | 22,000 | 73 | |||
| * | JSL Construction & Development Co. Ltd. | 28,620 | 73 | |||
| * | Etron Technology Inc. | 63,937 | 72 | |||
| Taiwan Semiconductor Co. Ltd. | 43,000 | 72 | ||||
| SDI Corp. | 25,000 | 72 | ||||
| * | Polaris Group | 56,415 | 72 | |||
| Kenda Rubber Industrial Co. Ltd. | 105,001 | 71 | ||||
| Taiflex Scientific Co. Ltd. | 38,115 | 71 | ||||
| ChipMOS Technologies Inc. | 89,000 | 71 | ||||
| China Steel Chemical Corp. | 26,000 | 70 | ||||
| Johnson Health Tech Co. Ltd. | 15,000 | 70 | ||||
| Chief Telecom Inc. | 5,000 | 70 | ||||
| Anpec Electronics Corp. | 12,000 | 70 | ||||
| * | HannStar Display Corp. | 276,000 | 68 | |||
| * | Wafer Works Corp. | 87,015 | 68 | |||
| Kuo Toong International Co. Ltd. | 37,330 | 68 | ||||
| Pegavision Corp. | 6,514 | 68 | ||||
| 1 | Lai Yih Footwear Co. Ltd. | 9,000 | 68 | |||
| Chun Yuan Steel Industry Co. Ltd. | 99,000 | 67 | ||||
| Hu Lane Associate Inc. | 13,556 | 67 | ||||
| * | FocalTech Systems Co. Ltd. | 30,203 | 67 | |||
| Chin-Poon Industrial Co. Ltd. | 50,000 | 66 | ||||
| YungShin Global Holding Corp. | 36,000 | 66 | ||||
| * | General Interface Solution GIS Holding Ltd. | 32,000 | 66 | |||
| Flytech Technology Co. Ltd. | 18,000 | 65 | ||||
| TPK Holding Co. Ltd. | 49,000 | 65 | ||||
| Nuvoton Technology Corp. | 32,000 | 65 | ||||
85
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Microbio Co. Ltd. | 79,762 | 63 | |||
| Genesys Logic Inc. | 15,000 | 63 | ||||
| Dimerco Express Corp. | 23,451 | 61 | ||||
| UPI Semiconductor Corp. | 10,000 | 61 | ||||
| Promate Electronic Co. Ltd. | 35,999 | 61 | ||||
| Bank of Kaohsiung Co. Ltd. | 156,480 | 60 | ||||
| * | Grand Pacific Petrochemical | 188,799 | 60 | |||
| Syncmold Enterprise Corp. | 26,000 | 60 | ||||
| Advancetek Enterprise Co. Ltd. | 37,000 | 60 | ||||
| Chang Wah Technology Co. Ltd. | 53,500 | 59 | ||||
| Delpha Construction Co. Ltd. | 59,000 | 59 | ||||
| Hsin Kuang Steel Co. Ltd. | 41,000 | 58 | ||||
| Continental Holdings Corp. | 76,000 | 58 | ||||
| CMC Magnetics Corp. | 194,747 | 57 | ||||
| Zeng Hsing Industrial Co. Ltd. | 18,115 | 57 | ||||
| * | Medigen Vaccine Biologics Corp. | 44,390 | 56 | |||
| Ability Opto-Electronics Technology Co. Ltd. | 14,000 | 56 | ||||
| Zyxel Group Corp. | 49,961 | 55 | ||||
| * | Andes Technology Corp. | 6,000 | 55 | |||
| * | Forcecon Tech Co. Ltd. | 13,000 | 54 | |||
| IEI Integration Corp. | 23,000 | 53 | ||||
| Xxentria Technology Materials Corp. | 39,461 | 53 | ||||
| Great Tree Pharmacy Co. Ltd. | 11,696 | 53 | ||||
| * | Phihong Technology Co. Ltd. | 63,380 | 52 | |||
| Gemtek Technology Corp. | 63,000 | 52 | ||||
| Advanced International Multitech Co. Ltd. | 27,000 | 52 | ||||
| China Metal Products | 64,000 | 51 | ||||
| Cub Elecparts Inc. | 14,281 | 51 | ||||
| * | Egis Technology Inc. | 12,000 | 50 | |||
| YC INOX Co. Ltd. | 72,292 | 49 | ||||
| Gamania Digital Entertainment Co. Ltd. | 25,000 | 49 | ||||
| Namchow Holdings Co. Ltd. | 37,000 | 48 | ||||
| TSRC Corp. | 86,000 | 48 | ||||
| Weltrend Semiconductor | 30,000 | 48 | ||||
| Sunny Friend Environmental Technology Co. Ltd. | 19,737 | 48 | ||||
| TYC Brother Industrial Co. Ltd. | 35,000 | 47 | ||||
| * | Career Technology MFG. Co. Ltd. | 94,188 | 47 | |||
| * | CyberTAN Technology Inc. | 56,000 | 47 | |||
| Sampo Corp. | 58,000 | 47 | ||||
| * | Taiwan TEA Corp. | 98,000 | 47 | |||
| Darfon Electronics Corp. | 40,000 | 47 | ||||
| Swancor Holding Co. Ltd. | 10,000 | 47 | ||||
| Everlight Chemical Industrial Corp. | 77,000 | 46 | ||||
| Rechi Precision Co. Ltd. | 58,000 | 46 | ||||
| Hung Sheng Construction Ltd. | 63,600 | 45 | ||||
| * | Taiwan-Asia Semiconductor Corp. | 61,000 | 45 | |||
| Universal Vision Biotechnology Co. Ltd. | 7,678 | 45 | ||||
| Kaimei Electronic Corp. | 23,200 | 45 | ||||
| * | United Renewable Energy Co. Ltd. | 213,420 | 44 | |||
| PharmaEngine Inc. | 20,000 | 44 | ||||
| * | RDC Semiconductor Co. Ltd. | 9,240 | 44 | |||
| 1 | Taiwan Mask Corp. | 32,000 | 44 | |||
| Materials Analysis Technology Inc. | 7,000 | 44 | ||||
| * | Tong-Tai Machine & Tool Co. Ltd. | 34,000 | 43 | |||
| Iron Force Industrial Co. Ltd. | 10,630 | 43 | ||||
| Bioteque Corp. | 11,000 | 43 | ||||
| Shinfox Energy Co. Ltd. | 23,492 | 43 | ||||
| Lingsen Precision Industries Ltd. | 69,000 | 42 | ||||
| AmTRAN Technology Co. Ltd. | 93,235 | 42 | ||||
| D-Link Corp. | 71,760 | 42 | ||||
| * | Lung Yen Life Service Corp. | 24,000 | 42 | |||
| Wei Chuan Foods Corp. | 83,000 | 42 | ||||
| Chlitina Holding Ltd. | 11,332 | 42 | ||||
| T3EX Global Holdings Corp. | 18,000 | 42 | ||||
| Radium Life Tech Co. Ltd. | 112,771 | 41 | ||||
| FSP Technology Inc. | 22,000 | 41 | ||||
| Alpha Networks Inc. | 43,772 | 41 | ||||
| * | Foresee Pharmaceuticals Co. Ltd. | 16,068 | 41 | |||
| Adlink Technology Inc. | 19,000 | 40 | ||||
| * | Lealea Enterprise Co. Ltd. | 179,920 | 40 | |||
86
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| AGV Products Corp. | 108,000 | 39 | ||||
| * | Adimmune Corp. | 65,000 | 39 | |||
| Actron Technology Corp. | 9,574 | 39 | ||||
| Waffer Technology Corp. | 19,454 | 39 | ||||
| * | International CSRC Investment Holdings Co. | 104,990 | 38 | |||
| Basso Industry Corp. | 35,000 | 37 | ||||
| * | Ritek Corp. | 103,214 | 37 | |||
| USI Corp. | 108,000 | 37 | ||||
| * | TSEC Corp. | 73,000 | 37 | |||
| Nantex Industry Co. Ltd. | 44,000 | 36 | ||||
| Savior Lifetec Corp. | 59,436 | 36 | ||||
| Rich Development Co. Ltd. | 122,490 | 35 | ||||
| Sinyi Realty Inc. | 43,000 | 34 | ||||
| * | Holtek Semiconductor Inc. | 26,000 | 34 | |||
| Advanced Ceramic X Corp. | 8,000 | 34 | ||||
| ZillTek Technology Corp. | 5,000 | 34 | ||||
| Hong Pu Real Estate Development Co. Ltd. | 37,000 | 33 | ||||
| * | Longchen Paper & Packaging Co. Ltd. | 100,803 | 33 | |||
| Motech Industries Inc. | 56,594 | 33 | ||||
| St. Shine Optical Co. Ltd. | 7,000 | 33 | ||||
| Chia Hsin Cement Corp. | 76,100 | 33 | ||||
| KMC Kuei Meng International Inc. | 11,000 | 33 | ||||
| Tyntek Corp. | 51,000 | 32 | ||||
| Elitegroup Computer Systems Co. Ltd. | 50,000 | 32 | ||||
| * | Mercuries & Associates Holding Ltd. | 78,969 | 32 | |||
| Taiyen Biotech Co. Ltd. | 30,000 | 32 | ||||
| TaiDoc Technology Corp. | 7,000 | 32 | ||||
| Gourmet Master Co. Ltd. | 12,000 | 32 | ||||
| CHC Healthcare Group | 20,000 | 32 | ||||
| * | OBI Pharma Inc. | 30,988 | 32 | |||
| * | Chung Hwa Pulp Corp. | 78,000 | 31 | |||
| Cyberlink Corp. | 10,000 | 31 | ||||
| * | Federal Corp. | 47,000 | 31 | |||
| Sensortek Technology Corp. | 5,000 | 31 | ||||
| Soft-World International Corp. | 9,000 | 30 | ||||
| * | Oriental Union Chemical Corp. | 75,000 | 30 | |||
| UPC Technology Corp. | 91,000 | 30 | ||||
| * | China Man-Made Fiber Corp. | 133,240 | 29 | |||
| * | Gigastorage Corp. | 40,000 | 29 | |||
| Brogent Technologies Inc. | 10,100 | 29 | ||||
| Yungshin Construction & Development Co. Ltd. | 12,000 | 29 | ||||
| Cenra Inc. | 26,000 | 29 | ||||
| Asia Polymer Corp. | 71,757 | 28 | ||||
| Huang Hsiang Construction Corp. | 21,554 | 28 | ||||
| * | Apex International Co. Ltd. | 31,828 | 28 | |||
| 91APP Inc. | 11,000 | 28 | ||||
| Senao International Co. Ltd. | 28,000 | 27 | ||||
| Darwin Precisions Corp. | 75,000 | 27 | ||||
| KEE TAI Properties Co. Ltd. | 70,650 | 27 | ||||
| Infortrend Technology Inc. | 37,000 | 26 | ||||
| * | Taigen Biopharmaceuticals Holdings Ltd. | 83,000 | 26 | |||
| Rexon Industrial Corp. Ltd. | 25,000 | 26 | ||||
| Firich Enterprises Co. Ltd. | 30,000 | 25 | ||||
| Tung Thih Electronic Co. Ltd. | 11,440 | 25 | ||||
| * | Shining Building Business Co. Ltd. | 80,000 | 24 | |||
| * | Li Peng Enterprise Co. Ltd. | 128,000 | 24 | |||
| * | Kuo Yang Construction Co. Ltd. | 39,000 | 24 | |||
| * | Yeong Guan Energy Technology Group Co. Ltd. | 31,721 | 23 | |||
| Globe Union Industrial Corp. | 67,828 | 22 | ||||
| Ho Tung Chemical Corp. | 85,000 | 22 | ||||
| * | Taiwan Styrene Monomer | 70,000 | 21 | |||
| * | Fittech Co. Ltd. | 10,508 | 21 | |||
| Formosa Sumco Technology Corp. | 7,000 | 19 | ||||
| * | Medigen Biotechnology Corp. | 18,000 | 18 | |||
| Panion & BF Biotech Inc. | 8,000 | 18 | ||||
| China General Plastics Corp. | 43,155 | 17 | ||||
| * | PChome Online Inc. | 15,430 | 17 | |||
| Nan Liu Enterprise Co. Ltd. | 10,000 | 17 | ||||
| Ultra Chip Inc. | 10,000 | 17 | ||||
| * | ALI Corp. | 16,200 | 15 | |||
87
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Amazing Microelectronic Corp. | 6,242 | 15 | ||||
| Nidec Chaun-Choung Technology Corp. | 3,000 | 14 | ||||
| VIA Labs Inc. | 3,000 | 9 | ||||
| ScinoPharm Taiwan Ltd. | 13,000 | 8 | ||||
| Shin Foong Specialty & Applied Materials Co. Ltd. | 7,000 | 7 | ||||
| *,2 | Pharmally International Holding Co. Ltd. | 1,282 | — | |||
| 374,363 | ||||||
| Thailand (0.5%) | ||||||
| Delta Electronics Thailand PCL (Foreign) | 547,200 | 2,533 | ||||
| Advanced Info Service PCL (Foreign) | 203,700 | 1,852 | ||||
| Kasikornbank PCL (Foreign) | 337,200 | 1,754 | ||||
| CP ALL PCL (Foreign) | 1,050,100 | 1,429 | ||||
| Bangkok Dusit Medical Services PCL (Foreign) | 2,093,100 | 1,338 | ||||
| SCB X PCL (Foreign) | 326,300 | 1,295 | ||||
| Krung Thai Bank PCL (Foreign) | 1,176,200 | 895 | ||||
| Siam Cement PCL (Foreign) | 130,300 | 867 | ||||
| Airports of Thailand PCL (Foreign) | 758,200 | 844 | ||||
| Central Pattana PCL (Foreign) | 499,100 | 795 | ||||
| * | True Corp. PCL (Foreign) | 1,743,914 | 615 | |||
| Bumrungrad Hospital PCL (Foreign) | 109,500 | 601 | ||||
| Minor International PCL (Foreign) | 744,900 | 539 | ||||
| Bangkok Bank PCL (Foreign) | 102,700 | 493 | ||||
| Charoen Pokphand Foods PCL (Foreign) | 666,100 | 451 | ||||
| TMBThanachart Bank PCL (Foreign) | 6,932,824 | 407 | ||||
| Tisco Financial Group PCL (Foreign) | 115,500 | 360 | ||||
| Central Retail Corp. PCL (Foreign) | 488,100 | 321 | ||||
| Indorama Ventures PCL (Foreign) | 338,200 | 226 | ||||
| Thanachart Capital PCL (Foreign) | 121,600 | 191 | ||||
| Home Product Center PCL (Foreign) | 864,100 | 190 | ||||
| Kiatnakin Phatra Bank PCL (Foreign) | 102,200 | 188 | ||||
| Thai Union Group PCL (Foreign) | 472,700 | 180 | ||||
| Bangkok Expressway & Metro PCL (Foreign) | 1,075,800 | 176 | ||||
| Land & Houses PCL (Foreign) | 1,322,100 | 159 | ||||
| * | BTS Group Holdings PCL (Foreign) | 1,630,522 | 159 | |||
| CP Axtra PCL (Foreign) | 275,755 | 153 | ||||
| Com7 PCL (Foreign) | 191,800 | 151 | ||||
| TIDLOR Holdings PCL (Foreign) | 246,217 | 143 | ||||
| Srisawad Corp. PCL (Foreign) | 178,761 | 138 | ||||
| Muangthai Capital PCL (Foreign) | 114,600 | 132 | ||||
| KCE Electronics PCL (Foreign) | 157,100 | 124 | ||||
| Osotspa PCL (Foreign) | 236,600 | 120 | ||||
| CPN Retail Growth Leasehold REIT | 357,300 | 120 | ||||
| Krungthai Card PCL (Foreign) | 139,500 | 118 | ||||
| Thai Life Insurance PCL (Foreign) | 357,500 | 106 | ||||
| Sansiri PCL (Foreign) | 2,360,900 | 105 | ||||
| SCG Packaging PCL (Foreign) | 184,900 | 98 | ||||
| Cal-Comp Electronics Thailand PCL (Foreign) | 517,200 | 93 | ||||
| AP Thailand PCL (Foreign) | 404,800 | 92 | ||||
| Central Plaza Hotel PCL (Foreign) | 102,900 | 91 | ||||
| Supalai PCL (Foreign) | 191,000 | 90 | ||||
| VGI PCL (Foreign) | 1,391,749 | 90 | ||||
| WHA Premium Growth Freehold & Leasehold REIT | 322,246 | 90 | ||||
| Hana Microelectronics PCL (Foreign) | 114,400 | 86 | ||||
| Asset World Corp. PCL (Foreign) | 1,251,300 | 86 | ||||
| Berli Jucker PCL (Foreign) | 143,500 | 76 | ||||
| Bangkok Chain Hospital PCL (Foreign) | 190,200 | 76 | ||||
| Siam Global House PCL (Foreign) | 323,469 | 71 | ||||
| * | Energy Absolute PCL (Foreign) | 889,900 | 69 | |||
| Thaifoods Group PCL (Foreign) | 435,300 | 68 | ||||
| Bangkok Commercial Asset Management PCL (Foreign) | 270,300 | 68 | ||||
| Betagro PCL (Foreign) | 124,900 | 66 | ||||
| Amata Corp. PCL (Foreign) | 128,493 | 63 | ||||
| TTW PCL (Foreign) | 222,600 | 63 | ||||
| Thailand Future Fund | 347,700 | 63 | ||||
| PTG Energy PCL (Foreign) | 257,700 | 62 | ||||
| Sri Trang Agro-Industry PCL (Foreign) | 141,300 | 53 | ||||
| BCPG PCL (Foreign) | 199,152 | 53 | ||||
| Bangkok Airways PCL (Foreign) | 127,500 | 53 | ||||
| Tipco Asphalt PCL (Foreign) | 118,200 | 52 | ||||
88
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| AEON Thana Sinsap Thailand PCL (Foreign) | 15,000 | 51 | ||||
| Thai Vegetable Oil PCL (Foreign) | 66,070 | 50 | ||||
| I-TAIL Corp. PCL (Foreign) | 110,500 | 50 | ||||
| MBK PCL (Foreign) | 90,600 | 48 | ||||
| Mega Lifesciences PCL (Foreign) | 56,000 | 48 | ||||
| Siam City Cement PCL (Foreign) | 10,200 | 47 | ||||
| Chularat Hospital PCL (Foreign) | 885,000 | 43 | ||||
| Quality Houses PCL (Foreign) | 994,900 | 42 | ||||
| Bangkok Life Assurance PCL NVDR | 77,600 | 42 | ||||
| JMT Network Services PCL (Foreign) | 114,192 | 41 | ||||
| * | Stecon Group PCL (Foreign) | 169,600 | 40 | |||
| TOA Paint Thailand PCL (Foreign) | 87,400 | 37 | ||||
| Plan B Media PCL (Foreign) | 269,068 | 37 | ||||
| * | True Corp. PCL NVDR | 94,300 | 33 | |||
| Dhipaya Group Holdings PCL (Foreign) | 50,400 | 32 | ||||
| Bangkok Life Assurance PCL (Foreign) | 58,000 | 31 | ||||
| * | Jasmine Technology Solution PCL (Foreign) | 31,600 | 31 | |||
| * | Thaicom PCL (Foreign) | 103,300 | 30 | |||
| * | Jasmine International PCL (Foreign) | 655,813 | 30 | |||
| GFPT PCL (Foreign) | 94,900 | 29 | ||||
| Sri Trang Gloves Thailand PCL (Foreign) | 142,600 | 28 | ||||
| Bangkok Land PCL (Foreign) | 1,730,200 | 26 | ||||
| * | SKY ICT PCL (Foreign) | 60,500 | 26 | |||
| MK Restaurants Group PCL (Foreign) | 37,800 | 25 | ||||
| Dohome PCL (Foreign) | 200,829 | 23 | ||||
| Major Cineplex Group PCL (Foreign) | 92,700 | 22 | ||||
| Jaymart Group Holdings PCL (Foreign) | 83,900 | 21 | ||||
| * | Thonburi Healthcare Group PCL (Foreign) | 75,100 | 17 | |||
| Ratchthani Leasing PCL (Foreign) | 313,500 | 16 | ||||
| * | Singer Thailand PCL (Foreign) | 90,800 | 16 | |||
| SPCG PCL (Foreign) | 57,800 | 15 | ||||
| Taokaenoi Food & Marketing PCL (Foreign) | 77,500 | 13 | ||||
| * | Forth Corp. PCL (Foreign) | 59,800 | 13 | |||
| Pruksa Holding PCL (Foreign) | 78,900 | 10 | ||||
| TQM Alpha PCL (Foreign) | 24,900 | 10 | ||||
| BEC World PCL (Foreign) | 109,400 | 7 | ||||
| * | Super Energy Corp. PCL (Foreign) | 1,608,300 | 7 | |||
| 23,127 | ||||||
| Turkiye (0.2%) | ||||||
| BIM Birlesik Magazalar A/S | 86,806 | 1,119 | ||||
| Akbank TAS | 601,404 | 998 | ||||
| Turk Hava Yollari AO | 115,173 | 938 | ||||
| Turkcell Iletisim Hizmetleri A/S | 255,716 | 590 | ||||
| Turkiye Is Bankasi A/S Class C | 1,561,001 | 571 | ||||
| * | Yapi ve Kredi Bankasi A/S | 629,176 | 503 | |||
| Eregli Demir ve Celik Fabrikalari TAS | 621,009 | 451 | ||||
| Turkiye Garanti Bankasi A/S | 114,970 | 403 | ||||
| Ford Otomotiv Sanayi A/S | 124,462 | 338 | ||||
| * | Pegasus Hava Tasimaciligi A/S | 41,277 | 250 | |||
| Turkiye Sise ve Cam Fabrikalari A/S | 241,289 | 239 | ||||
| * | Sasa Polyester Sanayi A/S | 1,900,831 | 217 | |||
| Migros Ticaret A/S | 15,861 | 187 | ||||
| * | TAV Havalimanlari Holding A/S | 30,045 | 185 | |||
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 349,864 | 176 | ||||
| Coca-Cola Icecek A/S | 145,345 | 174 | ||||
| Tofas Turk Otomobil Fabrikasi A/S | 21,871 | 133 | ||||
| * | Peker Gayrimenkul Yatirim Ortakligi A/S | 760,889 | 129 | |||
| * | Turk Telekomunikasyon A/S | 92,376 | 125 | |||
| * | Arcelik A/S | 36,843 | 123 | |||
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S | 162,844 | 117 | |||
| 3 | Mavi Giyim Sanayi ve Ticaret A/S Class B | 104,776 | 114 | |||
| * | Oyak Cimento Fabrikalari A/S | 182,404 | 108 | |||
| * | Petkim Petrokimya Holding A/S | 214,602 | 104 | |||
| Is Yatirim Menkul Degerler A/S | 94,936 | 101 | ||||
| * | Gubre Fabrikalari TAS | 13,869 | 98 | |||
| * | Turkiye Vakiflar Bankasi TAO | 124,344 | 87 | |||
| Borusan Yatirim ve Pazarlama A/S | 1,252 | 86 | ||||
| *,3 | MLP Saglik Hizmetleri A/S | 9,735 | 85 | |||
| Ulker Biskuvi Sanayi A/S | 30,197 | 83 | ||||
89
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Ziraat Gayrimenkul Yatirim Ortakligi A/S | 147,769 | 83 | ||||
| Turkiye Sigorta A/S | 339,220 | 82 | ||||
| * | Turk Altin Isletmeleri A/S | 128,877 | 75 | |||
| 3 | Enerjisa Enerji A/S | 38,664 | 74 | |||
| * | Kuyumcukent Gayrimenkul Yatirimlari A/S | 54,140 | 74 | |||
| * | Ral Yatirim Holding A/S | 22,281 | 71 | |||
| Yeni Gimat Gayrimenkul Ortakligi A/S | 29,795 | 71 | ||||
| Cimsa Cimento Sanayi ve Ticaret A/S | 59,555 | 70 | ||||
| * | Turkiye Sinai Kalkinma Bankasi A/S | 191,324 | 68 | |||
| Dogus Otomotiv Servis ve Ticaret A/S | 14,658 | 67 | ||||
| Turk Traktor ve Ziraat Makineleri A/S | 4,460 | 67 | ||||
| * | Hektas Ticaret TAS | 627,865 | 67 | |||
| Anadolu Anonim Turk Sigorta Sirketi | 120,412 | 65 | ||||
| GEN Ilac ve Saglik Urunleri Sanayi ve Ticaret A/S | 14,964 | 65 | ||||
| * | Turkiye Halk Bankasi A/S | 93,985 | 61 | |||
| LDR Turizm A/S | 8,532 | 61 | ||||
| * | Dogan Sirketler Grubu Holding A/S | 124,692 | 58 | |||
| Torunlar Gayrimenkul Yatirim Ortakligi A/S | 32,485 | 56 | ||||
| Logo Yazilim Sanayi ve Ticaret A/S | 12,414 | 55 | ||||
| * | Investco Holding A/S | 3,977 | 55 | |||
| Albaraka Turk Katilim Bankasi A/S | 251,755 | 53 | ||||
| * | Baticim Bati Anadolu Cimento Sanayii A/S | 506,064 | 49 | |||
| Katilimevim Tasarruf Finansman A/S | 177,134 | 48 | ||||
| Global Yatirim Holding A/S | 213,030 | 47 | ||||
| Sok Marketler Ticaret A/S | 47,018 | 46 | ||||
| * | Is Gayrimenkul Yatirim Ortakligi A/S | 87,038 | 43 | |||
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S | 80,055 | 43 | ||||
| * | Margun Enerji Uretim Sanayi ve Ticaret A/S | 35,143 | 43 | |||
| AKIS Gayrimenkul Yatirimi A/S | 220,620 | 42 | ||||
| EGE Endustri ve Ticaret A/S | 195 | 41 | ||||
| Kontrolmatik Enerji ve Muhendislik A/S | 57,933 | 39 | ||||
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S | 24,671 | 38 | ||||
| * | Lydia Yesil Enerji Kaynaklari Anonimsirketi | 116 | 37 | |||
| * | Sinpas Gayrimenkul Yatirim Ortakligi A/S | 302,799 | 36 | |||
| Sekerbank Turk A/S | 177,616 | 35 | ||||
| * | Vestel Elektronik Sanayi ve Ticaret A/S | 34,099 | 35 | |||
| * | Is Finansal Kiralama A/S | 76,041 | 35 | |||
| Kocaer Celik Sanayi ve Ticaret A/S | 94,117 | 35 | ||||
| * | Besiktas Futbol Yatirimlari Sanayi ve Ticaret A/S | 592,201 | 33 | |||
| * | Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S | 43,687 | 33 | |||
| * | Tukas Gida Sanayi ve Ticaret A/S | 376,438 | 32 | |||
| Akcansa Cimento A/S | 9,388 | 31 | ||||
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class A | 31,509 | 30 | |||
| * | Qua Granite Hayal | 164,436 | 30 | |||
| * | Kizilbuk Gayrimenkul Yatirim Ortakligi A/S | 78,492 | 26 | |||
| * | Polisan Holding A/S | 225,845 | 25 | |||
| Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi A/S | 29,130 | 25 | ||||
| * | Akfen Yenilenebilir Enerji A/S | 54,444 | 24 | |||
| * | BatiSoke Soke Cimento Sanayii TAS | 68,072 | 24 | |||
| Bursa Cimento Fabrikasi A/S | 119,826 | 22 | ||||
| * | Aksigorta A/S | 125,271 | 21 | |||
| SUN Tekstil Sanayi ve Ticaret A/S | 18,923 | 21 | ||||
| * | Tat Gida Sanayi A/S | 56,770 | 20 | |||
| * | Biotrend Cevre ve Enerji Yatirimlari A/S | 34,211 | 19 | |||
| * | Karsan Otomotiv Sanayii ve Ticaret A/S | 63,945 | 19 | |||
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A/S | 11,745 | 18 | ||||
| * | Kartonsan Karton Sanayi ve Ticaret A/S | 7,571 | 17 | |||
| * | Penta Teknoloji Urunleri Dagitim Ticaret A/S | 42,724 | 17 | |||
| * | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret A/S | 23,030 | 17 | |||
| * | Link Bilgisayar Sistemleri Yazilimi ve Donanimi Sanayi ve Ticaret A/S | 1,020 | 17 | |||
| * | Kordsa Teknik Tekstil A/S | 9,659 | 16 | |||
| * | Besler Gida ve Kimya Sanayi ve Ticaret A/S | 44,755 | 16 | |||
| * | Alfa Solar Enerji Sanayi ve Ticaret A/S | 13,773 | 16 | |||
| Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S | 7,642 | 15 | ||||
| Iskenderun Demir ve Celik A/S | 15,458 | 15 | ||||
| * | Galata Wind Enerji A/S | 23,533 | 15 | |||
| * | Yayla Agro Gida Sanayi ve Nakliyat A/S | 52,321 | 14 | |||
| * | Imas Makina Sanayi A/S | 145,988 | 14 | |||
| Suwen Tekstil Sanayi Pazarlama A/S | 53,215 | 14 | ||||
| Ebebek Magazacilik A/S Class B | 10,694 | 14 | ||||
90
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Vestel Beyaz Esya Sanayi ve Ticaret A/S | 38,437 | 13 | ||||
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A/S | 1,514 | 13 | ||||
| Kervan Gida Sanayi ve Ticaret A/S Class B | 200,961 | 12 | ||||
| * | Kimteks Poliuretan Sanayi ve Ticaret A/S | 27,777 | 12 | |||
| * | Karel Elektronik Sanayi ve Ticaret A/S | 49,347 | 12 | |||
| Escar Turizm Tasimacilik Ticaret A/S | 19,478 | 12 | ||||
| * | Vakif Gayrimenkul Yatirim Ortakligi A/S | 171,118 | 11 | |||
| Anadolu Isuzu Otomotiv Sanayi ve Ticaret A/S Class C | 6,632 | 10 | ||||
| * | Bagfas Bandirma Gubre Fabrikalari A/S | 10,206 | 10 | |||
| Eczacibasi Yatirim Holding Ortakligi A/S | 1,512 | 9 | ||||
| * | Aydem Yenilenebilir Enerji A/S | 16,135 | 8 | |||
| * | Marti Otel Isletmeleri A/S | 67,169 | 7 | |||
| * | Erciyas Celik Boru Sanayi A/S | 2,595 | 5 | |||
| 11,726 | ||||||
| United Arab Emirates (0.5%) | ||||||
| Emaar Properties PJSC | 1,178,823 | 4,621 | ||||
| First Abu Dhabi Bank PJSC | 841,612 | 3,801 | ||||
| Emirates Telecommunications Group Co. PJSC | 661,675 | 3,258 | ||||
| Emirates NBD Bank PJSC | 344,505 | 2,368 | ||||
| Abu Dhabi Commercial Bank PJSC | 563,108 | 2,320 | ||||
| Aldar Properties PJSC | 743,909 | 1,946 | ||||
| Abu Dhabi Islamic Bank PJSC | 270,441 | 1,570 | ||||
| Dubai Islamic Bank PJSC | 549,802 | 1,447 | ||||
| Alpha Dhabi Holding PJSC | 294,251 | 906 | ||||
| Emaar Development PJSC | 170,104 | 682 | ||||
| Salik Co. PJSC | 367,548 | 660 | ||||
| * | Multiply Group PJSC | 621,703 | 509 | |||
| Air Arabia PJSC | 474,020 | 487 | ||||
| Borouge plc | 528,377 | 382 | ||||
| Pure Health Holding PJSC | 418,392 | 330 | ||||
| Dubai Investments PJSC | 376,468 | 293 | ||||
| Americana Restaurants International plc - Foreign Co. | 515,412 | 272 | ||||
| * | Abu Dhabi Ports Co. PJSC | 227,897 | 258 | |||
| Parkin Co. PJSC | 130,320 | 215 | ||||
| GFH Financial Group BSC | 514,580 | 199 | ||||
| Abu Dhabi National Hotels | 1,531,081 | 193 | ||||
| Emirates Central Cooling Systems Corp. | 366,329 | 165 | ||||
| Dubai Financial Market PJSC | 301,364 | 138 | ||||
| Fertiglobe plc | 196,108 | 132 | ||||
| * | RAK Properties PJSC | 291,102 | 125 | |||
| * | Space42 plc | 177,131 | 93 | |||
| Ajman Bank PJSC | 183,203 | 72 | ||||
| Amanat Holdings PJSC | 203,336 | 63 | ||||
| Agthia Group PJSC | 53,297 | 59 | ||||
| *,2 | Arabtec Holding PJSC | 101,139 | — | |||
| 27,564 | ||||||
| United Kingdom (7.4%) | ||||||
| AstraZeneca plc | 286,154 | 45,617 | ||||
| Unilever plc | 468,186 | 29,536 | ||||
| RELX plc | 351,479 | 16,417 | ||||
| GSK plc | 769,066 | 15,197 | ||||
| Barclays plc | 2,709,975 | 13,205 | ||||
| Lloyds Banking Group plc | 11,492,480 | 12,328 | ||||
| London Stock Exchange Group plc | 95,871 | 11,882 | ||||
| Compass Group plc | 324,156 | 11,017 | ||||
| NatWest Group plc | 1,490,392 | 10,287 | ||||
| 3i Group plc | 178,692 | 9,708 | ||||
| Reckitt Benckiser Group plc | 129,446 | 9,678 | ||||
| Experian plc | 173,655 | 9,001 | ||||
| Haleon plc | 1,711,093 | 8,421 | ||||
| Tesco plc | 1,247,962 | 7,133 | ||||
| Standard Chartered plc | 361,044 | 6,765 | ||||
| Prudential plc | 495,259 | 6,606 | ||||
| Ashtead Group plc | 81,796 | 6,027 | ||||
| Aviva plc | 579,741 | 5,105 | ||||
| Smurfit WestRock plc | 98,930 | 4,660 | ||||
| Vodafone Group plc | 3,706,136 | 4,438 | ||||
| Legal & General Group plc | 1,095,407 | 3,666 | ||||
| Next plc | 21,967 | 3,550 | ||||
91
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| InterContinental Hotels Group plc | 27,997 | 3,399 | ||||
| Halma plc | 72,163 | 3,208 | ||||
| BT Group plc | 1,076,724 | 3,152 | ||||
| Smith & Nephew plc | 165,126 | 3,097 | ||||
| Informa plc | 253,285 | 2,984 | ||||
| Sage Group plc | 184,877 | 2,712 | ||||
| Rentokil Initial plc | 480,362 | 2,375 | ||||
| Admiral Group plc | 47,905 | 2,348 | ||||
| International Consolidated Airlines Group SA | 435,176 | 2,251 | ||||
| Segro plc | 256,405 | 2,176 | ||||
| Bunzl plc | 62,739 | 2,120 | ||||
| United Utilities Group plc | 131,838 | 2,048 | ||||
| Coca-Cola HBC AG | 38,937 | 1,970 | ||||
| Antofagasta plc | 65,701 | 1,906 | ||||
| * | Wise plc Class A | 133,581 | 1,903 | |||
| Diploma plc | 25,842 | 1,886 | ||||
| Pearson plc | 126,394 | 1,838 | ||||
| Marks & Spencer Group plc | 393,269 | 1,837 | ||||
| 3 | Auto Trader Group plc | 167,853 | 1,823 | |||
| Severn Trent plc | 50,430 | 1,762 | ||||
| St. James's Place plc | 100,154 | 1,717 | ||||
| Associated British Foods plc | 56,667 | 1,656 | ||||
| M&G plc | 447,294 | 1,602 | ||||
| ICG plc | 51,490 | 1,518 | ||||
| Rightmove plc | 150,514 | 1,510 | ||||
| Whitbread plc | 34,452 | 1,467 | ||||
| J Sainsbury plc | 338,268 | 1,369 | ||||
| Games Workshop Group plc | 6,409 | 1,338 | ||||
| Phoenix Group Holdings plc | 144,885 | 1,334 | ||||
| Barratt Redrow plc | 264,053 | 1,284 | ||||
| Beazley plc | 119,928 | 1,270 | ||||
| Mondi plc | 85,932 | 1,210 | ||||
| Howden Joinery Group plc | 106,889 | 1,209 | ||||
| Kingfisher plc | 346,817 | 1,208 | ||||
| * | Burberry Group plc | 68,512 | 1,189 | |||
| DCC plc | 18,454 | 1,174 | ||||
| Endeavour Mining plc | 34,109 | 1,171 | ||||
| Hiscox Ltd. | 64,917 | 1,145 | ||||
| WPP plc | 206,994 | 1,098 | ||||
| Land Securities Group plc | 146,125 | 1,095 | ||||
| Spectris plc | 19,770 | 1,082 | ||||
| LondonMetric Property plc | 419,268 | 1,044 | ||||
| 3 | Convatec Group plc | 312,271 | 998 | |||
| IG Group Holdings plc | 63,849 | 975 | ||||
| Berkeley Group Holdings plc | 18,882 | 919 | ||||
| Croda International plc | 26,950 | 913 | ||||
| Taylor Wimpey plc | 702,126 | 908 | ||||
| Aberdeen Group plc | 342,991 | 903 | ||||
| Persimmon plc | 61,258 | 880 | ||||
| British Land Co. plc | 193,214 | 877 | ||||
| Fresnillo plc | 36,048 | 873 | ||||
| Johnson Matthey plc | 33,805 | 873 | ||||
| * | Carnival plc | 28,615 | 835 | |||
| Investec plc | 111,525 | 816 | ||||
| UNITE Group plc | 80,955 | 764 | ||||
| Hikma Pharmaceuticals plc | 30,883 | 746 | ||||
| ITV plc | 665,113 | 734 | ||||
| Schroders plc | 139,974 | 719 | ||||
| Bellway plc | 22,721 | 716 | ||||
| Cranswick plc | 10,328 | 712 | ||||
| RS Group plc | 92,615 | 707 | ||||
| 3 | Quilter plc | 315,812 | 701 | |||
| Inchcape plc | 70,014 | 632 | ||||
| Lion Finance Group plc | 6,153 | 610 | ||||
| B&M European Value Retail SA | 187,460 | 610 | ||||
| JD Sports Fashion plc | 463,900 | 602 | ||||
| Pennon Group plc | 92,399 | 591 | ||||
| TBC Bank Group plc | 9,974 | 590 | ||||
| Primary Health Properties plc | 467,812 | 582 | ||||
| Shaftesbury Capital plc | 287,275 | 567 | ||||
92
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Just Group plc | 197,513 | 563 | ||||
| Softcat plc | 25,147 | 548 | ||||
| Plus500 Ltd. | 12,851 | 527 | ||||
| TP ICAP Group plc | 137,303 | 515 | ||||
| * | Vistry Group plc | 61,122 | 505 | |||
| Derwent London plc | 21,308 | 491 | ||||
| * | Ocado Group plc | 107,236 | 488 | |||
| Man Group plc | 219,206 | 484 | ||||
| Tate & Lyle plc | 66,619 | 479 | ||||
| *,3 | Deliveroo plc | 196,606 | 474 | |||
| OSB Group plc | 64,358 | 459 | ||||
| Paragon Banking Group plc | 38,775 | 455 | ||||
| easyJet plc | 66,708 | 442 | ||||
| Genus plc | 11,989 | 423 | ||||
| 3 | JTC plc | 26,570 | 415 | |||
| Big Yellow Group plc | 33,489 | 412 | ||||
| Grafton Group plc | 34,849 | 412 | ||||
| Computacenter plc | 12,866 | 400 | ||||
| Baltic Classifieds Group plc | 89,206 | 398 | ||||
| International Workplace Group plc | 144,596 | 396 | ||||
| Canal+ SA | 129,527 | 395 | ||||
| Mitie Group plc | 208,245 | 394 | ||||
| Grainger plc | 145,904 | 384 | ||||
| Dunelm Group plc | 23,604 | 383 | ||||
| AJ Bell plc | 55,456 | 383 | ||||
| Greggs plc | 17,934 | 382 | ||||
| Lancashire Holdings Ltd. | 44,939 | 371 | ||||
| Coats Group plc | 356,603 | 370 | ||||
| Sirius Real Estate Ltd. | 245,357 | 337 | ||||
| Telecom Plus plc | 13,475 | 330 | ||||
| Safestore Holdings plc | 38,666 | 329 | ||||
| Hammerson plc | 82,315 | 319 | ||||
| Firstgroup plc | 102,943 | 309 | ||||
| 3 | Bridgepoint Group plc | 67,784 | 309 | |||
| Travis Perkins plc | 37,857 | 305 | ||||
| 3 | Airtel Africa plc | 99,799 | 299 | |||
| Great Portland Estates plc | 71,277 | 295 | ||||
| SSP Group plc | 139,395 | 290 | ||||
| * | Helios Towers plc | 162,765 | 289 | |||
| Volution Group plc | 33,388 | 285 | ||||
| Greencore Group plc | 84,215 | 284 | ||||
| Savills plc | 22,623 | 278 | ||||
| *,3 | Trainline plc | 76,010 | 278 | |||
| Premier Foods plc | 106,819 | 273 | ||||
| Currys plc | 178,259 | 271 | ||||
| Pan African Resources plc | 310,847 | 264 | ||||
| Breedon Group plc | 52,809 | 262 | ||||
| Spirent Communications plc | 96,546 | 256 | ||||
| MONY Group plc | 93,566 | 253 | ||||
| Hays plc | 295,287 | 249 | ||||
| Pets at Home Group plc | 78,854 | 239 | ||||
| Dowlais Group plc | 226,009 | 238 | ||||
| Rathbones Group plc | 9,511 | 237 | ||||
| IntegraFin Holdings plc | 47,586 | 225 | ||||
| Clarkson plc | 4,753 | 225 | ||||
| Zigup plc | 52,058 | 221 | ||||
| 4imprint Group plc | 4,861 | 221 | ||||
| Bytes Technology Group plc | 40,088 | 219 | ||||
| WH Smith plc | 23,374 | 218 | ||||
| Hochschild Mining plc | 54,856 | 209 | ||||
| *,1 | Oxford Nanopore Technologies plc | 78,344 | 192 | |||
| Genuit Group plc | 41,445 | 189 | ||||
| * | Frasers Group plc | 20,524 | 188 | |||
| Vesuvius plc | 36,985 | 187 | ||||
| Domino's Pizza Group plc | 68,904 | 182 | ||||
| Ashmore Group plc | 74,008 | 178 | ||||
| *,3 | Watches of Switzerland Group plc | 40,002 | 177 | |||
| Future plc | 17,868 | 175 | ||||
| AG Barr plc | 18,819 | 174 | ||||
| *,3 | Trustpilot Group plc | 61,455 | 171 | |||
93
ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| Pagegroup plc | 52,440 | 168 | ||||
| * | Close Brothers Group plc | 26,745 | 166 | |||
| Moonpig Group plc | 58,770 | 158 | ||||
| Hilton Food Group plc | 13,782 | 155 | ||||
| Kainos Group plc | 15,301 | 146 | ||||
| Ninety One plc | 53,082 | 136 | ||||
| * | Molten Ventures plc | 28,011 | 136 | |||
| * | IP Group plc | 159,483 | 129 | |||
| 3 | Spire Healthcare Group plc | 43,341 | 127 | |||
| 3 | Petershill Partners plc | 38,970 | 125 | |||
| * | Alphawave IP Group plc | 49,260 | 121 | |||
| Dr. Martens plc | 95,335 | 117 | ||||
| Jupiter Fund Management plc | 68,814 | 116 | ||||
| Workspace Group plc | 21,264 | 115 | ||||
| Wickes Group plc | 42,103 | 114 | ||||
| 3 | Ibstock plc | 60,143 | 112 | |||
| Marshalls plc | 41,669 | 101 | ||||
| NCC Group plc | 48,301 | 95 | ||||
| 3 | Bakkavor Group plc | 30,028 | 93 | |||
| RHI Magnesita NV | 3,220 | 89 | ||||
| Crest Nicholson Holdings plc | 43,431 | 88 | ||||
| Picton Property Income Ltd. | 81,152 | 81 | ||||
| * | Auction Technology Group plc | 17,105 | 78 | |||
| * | AO World plc | 62,553 | 73 | |||
| * | PureTech Health plc | 34,790 | 58 | |||
| 3 | CMC Markets plc | 18,876 | 56 | |||
| * | Raspberry PI Holdings plc | 9,788 | 56 | |||
| Essentra plc | 37,984 | 52 | ||||
| *,1,3 | Aston Martin Lagonda Global Holdings plc | 49,662 | 49 | |||
| Liontrust Asset Management plc | 10,372 | 48 | ||||
| *,1 | THG plc | 122,226 | 47 | |||
| * | ASOS plc | 11,038 | 41 | |||
| PZ Cussons plc | 40,812 | 38 | ||||
| * | Mobico Group plc | 76,608 | 34 | |||
| FDM Group Holdings plc | 16,577 | 29 | ||||
| CLS Holdings plc | 23,736 | 19 | ||||
| *,2 | NMC Health plc | 4,208 | — | |||
| 373,225 | ||||||
| Total Common Stocks (Cost $3,908,578) | 4,962,993 | |||||
| Preferred Stocks (0.6%) | ||||||
| Itau Unibanco Holding SA Preference Shares | 994,344 | 7,059 | ||||
| Samsung Electronics Co. Ltd. Preference Shares | 155,640 | 6,319 | ||||
| Banco Bradesco SA Preference Shares | 1,000,031 | 3,104 | ||||
| Itausa SA Preference Shares | 1,160,463 | 2,401 | ||||
| Henkel AG & Co. KGaA Preference Shares | 27,042 | 2,283 | ||||
| * | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 22,362 | 1,020 | |||
| Bayerische Motoren Werke AG Preference Shares | 10,193 | 976 | ||||
| Hyundai Motor Co. Preference Shares | 6,401 | 757 | ||||
| Hyundai Motor Co. Preference Shares (XARX) | 6,194 | 755 | ||||
| Gerdau SA Preference Shares | 244,093 | 750 | ||||
| Grupo Cibest SA Preference Shares | 57,578 | 721 | ||||
| Cia Energetica de Minas Gerais Preference Shares | 256,966 | 527 | ||||
| FUCHS SE Preference Shares | 10,985 | 527 | ||||
| Sixt SE Preference Shares | 4,152 | 290 | ||||
| LG Chem Ltd. Preference Shares | 2,455 | 240 | ||||
| Marcopolo SA Preference Shares | 124,400 | 213 | ||||
| Isa Energia Brasil SA Preference Shares | 47,385 | 203 | ||||
| Metalurgica Gerdau SA Preference Shares | 112,200 | 196 | ||||
| Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 786 | 186 | ||||
| LG Electronics Inc. Preference Shares | 5,698 | 149 | ||||
| Grupo de Inversiones Suramericana SA Preference Shares | 16,622 | 147 | ||||
| Samsung SDI Co. Ltd. Preference Shares | 1,561 | 144 | ||||
| Amorepacific Corp. Preference Shares | 4,016 | 117 | ||||
| Draegerwerk AG & Co. KGaA Preference Shares | 1,493 | 116 | ||||
| Bradespar SA Preference Shares | 38,509 | 116 | ||||
| Unipar Carbocloro SA Preference Shares Class B | 9,373 | 112 | ||||
| Corem Property Group AB Preference Shares | 3,950 | 105 | ||||
| Banco Pan SA Preference Shares | 53,100 | 76 | ||||
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ESG International Stock ETF
| Shares | Market Value• ($000) | |||||
| * | Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A | 71,600 | 58 | |||
| Banco do Estado do Rio Grande do Sul SA Preference Shares Class B | 27,200 | 58 | ||||
| Daishin Securities Co. Ltd. Preference Shares | 3,701 | 55 | ||||
| Alpargatas SA Preference Shares | 30,400 | 53 | ||||
| Cia de Ferro Ligas da Bahia FERBASA Preference Shares | 40,400 | 48 | ||||
| Banco ABC Brasil SA Preference Shares | 11,600 | 47 | ||||
| * | Raizen SA Preference Shares | 197,400 | 43 | |||
| LG H&H Co. Ltd. Preference Shares | 474 | 39 | ||||
| Randon SA Implementos e Participacoes Preference Shares | 27,400 | 34 | ||||
| * | Azul SA Preference Shares | 169,763 | 21 | |||
| CJ CheilJedang Corp. Preference Shares | 25 | 2 | ||||
| Total Preferred Stocks (Cost $29,306) | 30,067 | |||||
| Rights (0.0%) | ||||||
| *,2 | All Ring Tech Co. Ltd. Exp. 9/4/2025 | 172 | — | |||
| *,2 | All Ring Tech Co. Ltd. Exp. 9/9/2025 | 1,148 | — | |||
| * | Telecom Italia SpA Exp. 9/12/2025 | 2,985,901 | — | |||
| *,2 | Apex International Financial Engineering Research & Technology Co. Ltd. Exp. 9/12/2025 | 5,860 | — | |||
| * | Thonburi Healthcare Group PCL Exp. 12/31/2025 | 30,040 | — | |||
| Total Rights (Cost $—) | — | |||||
| Warrants (0.0%) | ||||||
| * | Minerva SA Exp. 4/7/2028 | 13,054 | 6 | |||
| *,2 | Webuild SpA Exp. 8/2/2030 | 3,597 | 4 | |||
| *,2 | VGI PCL Exp. 9/3/2025 | 79,095 | 1 | |||
| * | VGI PCL Exp. 5/23/2027 | 88,419 | — | |||
| Total Warrants (Cost $—) | 11 | |||||
| Temporary Cash Investments (0.8%) | ||||||
| Money Market Fund (0.8%) | ||||||
| 4,5 | Vanguard Market Liquidity Fund, 4.362% (Cost $37,973) | 379,795 | 37,976 | |||
| Total Investments (100.3%) (Cost $3,975,857) | 5,031,047 | |||||
| Other Assets and Liabilities—Net (-0.3%) | (14,904) | |||||
| Net Assets (100%) | 5,016,143 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $25,155. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | 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 August 31, 2025, the aggregate value was $177,549, representing 3.5% of net assets. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $29,102 was received for securities on loan, of which $29,097 is held in Vanguard Market Liquidity Fund and $5 is held in cash. |
| ADR—American Depositary Receipt. | |
| GDR—Global Depositary Receipt. | |
| NVDR—Non-Voting Depositary Receipt. | |
| REIT—Real Estate Investment Trust. |
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ESG International Stock ETF
Derivative Financial
Instruments Outstanding as of Period End
| Forward Currency Contracts | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| JPMorgan Chase Bank, N.A. | 9/17/2025 | GBP | 1,896 | USD | 2,521 | 42 | — |
| Goldman Sachs International | 9/17/2025 | INR | 848,498 | USD | 9,866 | — | (254) |
| JPMorgan Chase Bank, N.A. | 9/17/2025 | JPY | 400,000 | USD | 2,763 | — | (37) |
| UBS AG | 9/17/2025 | JPY | 220,000 | USD | 1,539 | — | (40) |
| UBS AG | 9/17/2025 | USD | 467 | AUD | 715 | — | (1) |
| Toronto-Dominion Bank | 9/17/2025 | USD | 4,215 | CHF | 3,418 | — | (64) |
| JPMorgan Chase Bank, N.A. | 9/17/2025 | USD | 3,400 | EUR | 2,957 | — | (62) |
| UBS AG | 9/17/2025 | USD | 2,573 | GBP | 1,896 | 10 | — |
| JPMorgan Chase Bank, N.A. | 9/17/2025 | USD | 2,407 | GBP | 1,794 | — | (18) |
| Toronto-Dominion Bank | 9/17/2025 | USD | 303 | HKD | 2,356 | — | — |
| JPMorgan Chase Bank, N.A. | 9/17/2025 | USD | 7,401 | JPY | 1,057,038 | 197 | — |
| BNP Paribas | 9/17/2025 | USD | 795 | KRW | 1,069,562 | 25 | — |
| BNP Paribas | 9/17/2025 | USD | 984 | SGD | 1,256 | 4 | — |
| JPMorgan Chase Bank, N.A. | 9/17/2025 | USD | 1,436 | TWD | 42,050 | 58 | — |
| 336 | (476) | ||||||
| AUD—Australian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| INR—Indian rupee. |
| JPY—Japanese yen. |
| KRW—Korean won. |
| SGD—Singapore dollar. |
| TWD—Taiwanese dollar. |
| USD—U.S. dollar. |
See accompanying Notes,
which are an integral part of the Financial Statements.
96
ESG International Stock ETF
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $3,937,884) | 4,993,071 |
| Affiliated Issuers (Cost $37,973) | 37,976 |
| Total Investments in Securities | 5,031,047 |
| Investment in Vanguard | 122 |
| Cash | 5 |
| Foreign Currency, at Value (Cost $8,626) | 8,645 |
| Cash Collateral Pledged—Futures Contracts | 700 |
| Receivables for Investment Securities Sold | 7 |
| Receivables for Accrued Income | 16,199 |
| Unrealized Appreciation—Forward Currency Contracts | 336 |
| Total Assets | 5,057,061 |
| Liabilities | |
| Due to Custodian | 24 |
| Payables for Investment Securities Purchased | 253 |
| Collateral for Securities on Loan | 29,102 |
| Payables to Vanguard | 469 |
| Variation Margin Payable—Futures Contracts | 141 |
| Unrealized Depreciation—Forward Currency Contracts | 476 |
| Deferred Foreign Capital Gains Taxes | 10,453 |
| Total Liabilities | 40,918 |
| Net Assets | 5,016,143 |
| 1 Includes $25,155 of securities on loan. | |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 4,190,301 |
| Total Distributable Earnings (Loss) | 825,842 |
| Net Assets | 5,016,143 |
| Net Assets | |
| Applicable to 74,500,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,016,143 |
| Net Asset Value Per Share | $67.33 |
See accompanying Notes,
which are an integral part of the Financial Statements.
97
ESG International Stock ETF
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 116,990 |
| Interest2 | 562 |
| Securities Lending—Net | 1,143 |
| Total Income | 118,695 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 272 |
| Management and Administrative | 3,211 |
| Marketing and Distribution | 110 |
| Custodian Fees | 668 |
| Auditing Fees | 45 |
| Shareholders’ Reports and Proxy Fees | 116 |
| Trustees’ Fees and Expenses | 3 |
| Professional Services | 235 |
| Other Expenses | 162 |
| Total Expenses | 4,822 |
| Net Investment Income | 113,873 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3,4 | (10,621) |
| Futures Contracts | 2,897 |
| Forward Currency Contracts | (595) |
| Foreign Currencies | (59) |
| Realized Net Gain (Loss) | (8,378) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2,5 | 522,172 |
| Futures Contracts | (478) |
| Forward Currency Contracts | 219 |
| Foreign Currencies | 244 |
| Change in Unrealized Appreciation (Depreciation) | 522,157 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 627,652 |
| 1 | Dividends are net of foreign withholding taxes of $12,089. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $437, ($2), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Realized Gain (Loss) is net of foreign capital gains taxes of $1,540. |
| 4 | Includes $14,056 of net gain (loss) resulting from in-kind redemptions. |
| 5 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($3,343). |
See accompanying Notes,
which are an integral part of the Financial Statements.
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ESG International Stock ETF
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 113,873 | 94,725 |
| Realized Net Gain (Loss) | (8,378) | (30,826) |
| Change in Unrealized Appreciation (Depreciation) | 522,157 | 560,300 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 627,652 | 624,199 |
| Distributions | ||
| Total Distributions | (130,910) | (108,592) |
| Capital Share Transactions | ||
| Issued | 526,367 | 128,305 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (40,576) | — |
| Net Increase (Decrease) from Capital Share Transactions | 485,791 | 128,305 |
| Total Increase (Decrease) | 982,533 | 643,912 |
| Net Assets | ||
| Beginning of Period | 4,033,610 | 3,389,698 |
| End of Period | 5,016,143 | 4,033,610 |
See accompanying Notes,
which are an integral part of the Financial Statements.
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ESG International Stock ETF
Financial Highlights
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $60.47 | $52.64 | $48.46 | $64.34 | $52.38 |
| Investment Operations | |||||
| Net Investment Income1 | 1.635 | 1.446 | 1.385 | 1.632 | 1.295 |
| Net Realized and Unrealized Gain (Loss) on Investments | 7.128 | 8.043 | 4.073 | (15.837) | 11.907 |
| Total from Investment Operations | 8.763 | 9.489 | 5.458 | (14.205) | 13.202 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.903) | (1.659) | (1.278) | (1.675) | (1.242) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.903) | (1.659) | (1.278) | (1.675) | (1.242) |
| Net Asset Value, End of Period | $67.33 | $60.47 | $52.64 | $48.46 | $64.34 |
| Total Return | 14.92% | 18.37% | 11.36% | -22.38% | 25.45% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $5,016 | $4,034 | $3,390 | $2,864 | $2,561 |
| Ratio of Total Expenses to Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to Average Net Assets | 2.68% | 2.62% | 2.72% | 2.89% | 2.14% |
| Portfolio Turnover Rate2 | 8% | 5% | 9% | 12% | 7% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral
part of the Financial Statements.
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ESG International Stock ETF
Notes to Financial Statements
Vanguard ESG International
Stock ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
ETF Shares are listed for trading on Cboe BZX
Exchange, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods
deemed by the valuation designee to represent fair value and subject to oversight 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.
2. 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).
3. Futures Contracts:
The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures
contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for
liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility
of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades
futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin
requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open
contracts are noted in the Schedule of Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the year ended August
31, 2025, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during
the period.
4. Forward Currency
Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with
these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts.
The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting
arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be
repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts,
determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The
forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net
liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of
Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum
transfer amount, is adjusted and settled within two business days.
Forward currency contracts are
valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the
Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized
appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the year ended August
31, 2025, the fund’s average investment in forward currency contracts represented 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
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ESG International Stock ETF
5. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
6. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
7. Securities Lending:
To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by
collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When
this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only
with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements
provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net
amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the
securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period
the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income
earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
8. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from
Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
Taxes on foreign dividends and
capital gains have been provided for in accordance with the applicable countries’ tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund
has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries.
Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of
payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $122,000, representing less than 0.01% of the fund’s
net assets and 0.05% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The
inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
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ESG International Stock ETF
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 416,158 | 4,545,461 | 1,374 | 4,962,993 |
| Preferred Stocks | 17,007 | 13,060 | — | 30,067 |
| Rights | — | — | — | — |
| Warrants | 6 | — | 5 | 11 |
| Temporary Cash Investments | 37,976 | — | — | 37,976 |
| Total | 471,147 | 4,558,521 | 1,379 | 5,031,047 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 414 | — | — | 414 |
| Forward Currency Contracts | — | 336 | — | 336 |
| Total | 414 | 336 | — | 750 |
| Liabilities | ||||
| Forward Currency Contracts | — | (476) | — | (476) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. | |||
D. At August 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
| Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Unrealized Appreciation—Futures Contracts1 | 414 | — | 414 |
| Unrealized Appreciation—Forward Currency Contracts | — | 336 | 336 |
| Total Assets | 414 | 336 | 750 |
| Unrealized Depreciation—Forward Currency Contracts | — | (476) | (476) |
| Total Liabilities | — | (476) | (476) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized net gain (loss) and
the change in unrealized appreciation (depreciation) on derivatives for the year ended August 31, 2025, were:
| Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Futures Contracts | 2,897 | — | 2,897 |
| Forward Currency Contracts | — | (595) | (595) |
| Realized Net Gain (Loss) on Derivatives | 2,897 | (595) | 2,302 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | (478) | — | (478) |
| Forward Currency Contracts | — | 219 | 219 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (478) | 219 | (259) |
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
103
ESG International Stock ETF
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 13,590 |
| Total Distributable Earnings (Loss) | (13,590) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 47,977 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 981,114 |
| Capital Loss Carryforwards | (202,278) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | (971) |
| Total | 825,842 |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 130,910 | 108,592 |
| Long-Term Capital Gains | — | — |
| Total | 130,910 | 108,592 |
| * | Includes short-term capital gains, if any. |
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 4,040,160 |
| Gross Unrealized Appreciation | 1,389,889 |
| Gross Unrealized Depreciation | (398,940) |
| Net Unrealized Appreciation (Depreciation) | 990,949 |
F. During the year ended August 31, 2025, the fund purchased $492,612,000 of investment securities and sold $324,674,000 of investment securities, other than temporary cash investments. In
addition, the fund purchased and sold investment securities of $334,772,000 and $31,425,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital shares issued and redeemed were:
| Year Ended August 31, | ||
| 2025 Shares (000) | 2024 Shares (000) | |
| Issued | 8,500 | 2,300 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (700) | — |
| Net Increase (Decrease) in Shares Outstanding | 7,800 | 2,300 |
H. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
104
ESG International Stock ETF
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
J. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
105
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard World
Fund and Shareholders of Vanguard ESG International Stock ETF
Opinion on the Financial
Statements
We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard ESG International Stock ETF (one of the funds constituting Vanguard World Fund, referred to hereafter as the
"Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including
the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period
ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are
the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
106
Tax information (unaudited)
The fund hereby designates
$81,498,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024.
Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for
the fiscal year $249,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income
tax.
The fund designates to
shareholders foreign source income of $129,099,000 and foreign taxes paid of $12,591,000, or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year
amounts that can be included on the income tax return of shareholders.
Q43940 102025
107
Financial Statements
For the year ended August 31,
2025
Vanguard Global Wellington™ Fund
Contents
Financial Statements | 1 |
Report of Independent Registered Public Accounting Firm | 24 |
Tax information | 25 |
Global Wellington Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares | Market Value• ($000) | |||||
| Common Stocks (64.8%) | ||||||
| Austria (1.3%) | ||||||
| Erste Group Bank AG | 359,871 | 34,254 | ||||
| Finland (0.5%) | ||||||
| Nokia OYJ | 3,252,039 | 14,000 | ||||
| France (4.4%) | ||||||
| TotalEnergies SE | 512,293 | 32,162 | ||||
| BNP Paribas SA | 240,806 | 21,640 | ||||
| Capgemini SE | 143,424 | 20,399 | ||||
| Societe Generale SA | 315,279 | 19,456 | ||||
| Engie SA | 651,196 | 13,475 | ||||
| Arkema SA | 115,938 | 8,226 | ||||
| 115,358 | ||||||
| Germany (0.8%) | ||||||
| Daimler Truck Holding AG | 426,428 | 20,059 | ||||
| Hong Kong (1.1%) | ||||||
| AIA Group Ltd. | 2,901,200 | 27,574 | ||||
| Ireland (0.7%) | ||||||
| Accenture plc Class A | 70,450 | 18,315 | ||||
| Japan (7.9%) | ||||||
| Mitsubishi Estate Co. Ltd. | 1,251,770 | 26,666 | ||||
| Isuzu Motors Ltd. | 1,890,614 | 24,765 | ||||
| Shin-Etsu Chemical Co. Ltd. | 706,614 | 21,522 | ||||
| MISUMI Group Inc. | 1,316,072 | 19,960 | ||||
| Sumitomo Mitsui Trust Group Inc. | 700,000 | 19,921 | ||||
| Chiba Bank Ltd. | 1,835,500 | 18,777 | ||||
| Sony Group Corp. | 678,500 | 18,544 | ||||
| Honda Motor Co. Ltd. | 1,422,200 | 15,765 | ||||
| Resona Holdings Inc. | 1,301,300 | 13,051 | ||||
| BIPROGY Inc. | 275,500 | 11,864 | ||||
| FANUC Corp. | 280,100 | 7,787 | ||||
| Mitsubishi UFJ Financial Group Inc. | 496,362 | 7,554 | ||||
| 206,176 | ||||||
| South Korea (1.0%) | ||||||
| Samsung Electronics Co. Ltd. | 523,013 | 26,130 | ||||
| Spain (0.3%) | ||||||
| Iberdrola SA | 365,331 | 6,887 | ||||
| Sweden (1.1%) | ||||||
| Autoliv Inc. | 235,732 | 29,247 | ||||
| Switzerland (0.9%) | ||||||
| Nestle SA (Registered) | 132,730 | 12,521 | ||||
| Zurich Insurance Group AG | 14,558 | 10,638 | ||||
| 23,159 | ||||||
| Taiwan (1.4%) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 949,398 | 35,556 | ||||
| United Kingdom (7.4%) | ||||||
| Unilever plc | 580,540 | 36,623 | ||||
| AstraZeneca plc ADR | 454,814 | 36,340 | ||||
| Diageo plc | 981,210 | 27,213 | ||||
| BAE Systems plc | 1,045,740 | 24,785 | ||||
| Rotork plc | 4,886,796 | 22,740 | ||||
1
Global Wellington Fund
| Shares | Market Value• ($000) | |||||
| London Stock Exchange Group plc | 155,906 | 19,322 | ||||
| Derwent London plc | 576,654 | 13,275 | ||||
| Shell plc | 166,171 | 6,118 | ||||
| WPP plc | 1,101,100 | 5,839 | ||||
| 192,255 | ||||||
| United States (36.0%) | ||||||
| Microsoft Corp. | 84,476 | 42,802 | ||||
| Alphabet Inc. Class A | 197,799 | 42,113 | ||||
| Johnson & Johnson | 235,121 | 41,656 | ||||
| Bank of America Corp. | 772,249 | 39,184 | ||||
| Northrop Grumman Corp. | 61,021 | 36,005 | ||||
| Merck & Co. Inc. | 403,201 | 33,917 | ||||
| Duke Energy Corp. | 273,860 | 33,545 | ||||
| Cisco Systems Inc. | 465,716 | 32,176 | ||||
| Sempra | 353,330 | 29,171 | ||||
| Chubb Ltd. | 97,361 | 26,781 | ||||
| Novartis AG (Registered) | 210,183 | 26,603 | ||||
| Coterra Energy Inc. | 1,031,131 | 25,201 | ||||
| JPMorgan Chase & Co. | 82,485 | 24,863 | ||||
| Medtronic plc | 265,991 | 24,687 | ||||
| PNC Financial Services Group Inc. | 116,685 | 24,205 | ||||
| Elevance Health Inc. | 75,896 | 24,184 | ||||
| EQT Corp. | 453,806 | 23,525 | ||||
| Marsh & McLennan Cos. Inc. | 111,301 | 22,907 | ||||
| Emerson Electric Co. | 168,076 | 22,186 | ||||
| Honeywell International Inc. | 100,699 | 22,103 | ||||
| Texas Instruments Inc. | 108,522 | 21,974 | ||||
| Gilead Sciences Inc. | 182,647 | 20,634 | ||||
| Home Depot Inc. | 50,425 | 20,511 | ||||
| Walt Disney Co. | 171,655 | 20,321 | ||||
| American Tower Corp. | 95,299 | 19,427 | ||||
| Union Pacific Corp. | 85,575 | 19,132 | ||||
| Deere & Co. | 39,574 | 18,942 | ||||
| Diamondback Energy Inc. | 115,074 | 17,118 | ||||
| Pfizer Inc. | 687,005 | 17,010 | ||||
| PepsiCo Inc. | 114,164 | 16,971 | ||||
| Blackrock Inc. | 14,652 | 16,515 | ||||
| Caterpillar Inc. | 38,260 | 16,032 | ||||
| UnitedHealth Group Inc. | 51,270 | 15,887 | ||||
| Kenvue Inc. | 764,578 | 15,834 | ||||
| General Motors Co. | 255,644 | 14,978 | ||||
| Exelon Corp. | 309,248 | 13,508 | ||||
| Colgate-Palmolive Co. | 152,381 | 12,811 | ||||
| Visa Inc. Class A | 33,335 | 11,727 | ||||
| United Parcel Service Inc. Class B | 116,753 | 10,209 | ||||
| * | Charles River Laboratories International Inc. | 59,897 | 9,782 | |||
| TJX Cos. Inc. | 40,989 | 5,600 | ||||
| * | Intel Corp. | 166,282 | 4,049 | |||
| 936,786 | ||||||
| Total Common Stocks (Cost $1,266,268) | 1,685,756 | |||||
| Coupon | Maturity Date | Face Amount ($000) | ||||
| U.S. Government and Agency Obligations (5.2%) | ||||||
| 1,2,3,4 | Fannie Mae Pool | 4.200% | 10/1/2030 | 8,075 | 8,072 | |
| 1,2 | Fannie Mae Pool | 4.340% | 8/1/2030 | 3,379 | 3,417 | |
| 1,2 | Fannie Mae Pool | 4.420% | 8/1/2030 | 3,889 | 3,946 | |
| 1,2 | Fannie Mae Pool | 4.470% | 5/1/2030 | 3,427 | 3,476 | |
| 1,2 | Fannie Mae Pool | 4.830% | 10/1/2030 | 3,262 | 3,363 | |
| 1,2 | Fannie Mae REMICS | 2.500% | 5/25/2045 | 672 | 633 | |
| 1,2 | Fannie Mae REMICS | 3.000% | 2/25/2049 | 54 | 53 | |
| 1,2 | Fannie Mae REMICS | 3.500% | 6/25/2044 | 45 | 44 | |
| 1,2 | Freddie Mac REMICS | 1.750% | 9/15/2042 | 317 | 300 | |
| 1,2 | Freddie Mac REMICS | 2.000% | 7/25/2050 | 897 | 792 | |
| 1,2 | Freddie Mac REMICS | 4.000% | 9/15/2041 | 593 | 580 | |
| 1 | Ginnie Mae II Pool | 2.000% | 11/20/2050–2/20/2051 | 2,283 | 1,870 | |
2
Global Wellington Fund
3
Global Wellington Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 6 | Glencore Funding LLC | 6.141% | 4/1/2055 | 360 | 362 | |
| 6,976 | ||||||
| Belgium (0.5%) | ||||||
| 1 | Anheuser-Busch Cos. LLC | 4.900% | 2/1/2046 | 689 | 629 | |
| 1,8 | Anheuser-Busch InBev SA/NV | 1.650% | 3/28/2031 | 635 | 690 | |
| 1,8 | Anheuser-Busch InBev SA/NV | 2.875% | 4/2/2032 | 3,375 | 3,882 | |
| 1,8 | Anheuser-Busch InBev SA/NV | 3.700% | 4/2/2040 | 2,235 | 2,500 | |
| Anheuser-Busch InBev Worldwide Inc. | 4.950% | 1/15/2042 | 1,471 | 1,383 | ||
| Anheuser-Busch InBev Worldwide Inc. | 5.550% | 1/23/2049 | 837 | 822 | ||
| 8 | Shurgard Luxembourg Sarl | 3.625% | 10/22/2034 | 1,700 | 1,938 | |
| 11,844 | ||||||
| Canada (0.5%) | ||||||
| 6 | Constellation Software Inc. | 5.158% | 2/16/2029 | 310 | 318 | |
| 6 | Constellation Software Inc. | 5.461% | 2/16/2034 | 2,819 | 2,878 | |
| 9 | Emera Inc. | 4.838% | 5/2/2030 | 3,000 | 2,270 | |
| Emera US Finance LP | 2.639% | 6/15/2031 | 1,365 | 1,214 | ||
| Enbridge Inc. | 3.125% | 11/15/2029 | 1,845 | 1,757 | ||
| Enbridge Inc. | 4.900% | 6/20/2030 | 585 | 597 | ||
| 9 | Enbridge Inc. | 6.100% | 11/9/2032 | 3,388 | 2,735 | |
| Enbridge Inc. | 5.550% | 6/20/2035 | 175 | 178 | ||
| 9 | Rogers Communications Inc. | 3.250% | 5/1/2029 | 2,413 | 1,737 | |
| 13,684 | ||||||
| Denmark (0.8%) | ||||||
| 1,10 | Danske Bank A/S | 2.250% | 1/14/2028 | 1,440 | 1,885 | |
| 6 | Danske Bank A/S | 5.705% | 3/1/2030 | 725 | 757 | |
| 1,8 | Jyske Bank A/S | 4.125% | 9/6/2030 | 2,860 | 3,466 | |
| 1,8 | Jyske Bank A/S | 3.625% | 4/29/2031 | 1,940 | 2,308 | |
| 1,8 | Jyske Bank A/S | 5.125% | 5/1/2035 | 2,825 | 3,493 | |
| 1,8 | Nykredit Realkredit A/S | 3.500% | 7/10/2031 | 7,285 | 8,565 | |
| 20,474 | ||||||
| France (0.8%) | ||||||
| 6 | BNP Paribas SA | 5.335% | 6/12/2029 | 3,132 | 3,215 | |
| 1,8 | BNP Paribas SA | 3.979% | 5/6/2036 | 2,100 | 2,470 | |
| 6 | BPCE SA | 3.250% | 1/11/2028 | 525 | 513 | |
| 6 | BPCE SA | 5.281% | 5/30/2029 | 680 | 700 | |
| 6 | BPCE SA | 5.876% | 1/14/2031 | 2,100 | 2,188 | |
| 6 | BPCE SA | 5.389% | 5/28/2031 | 600 | 615 | |
| 6 | BPCE SA | 3.116% | 10/19/2032 | 348 | 308 | |
| 6 | BPCE SA | 6.508% | 1/18/2035 | 2,257 | 2,363 | |
| 8 | Credit Agricole Home Loan SFH SA | 2.625% | 2/17/2031 | 1,500 | 1,749 | |
| 6 | Credit Agricole SA | 5.862% | 1/9/2036 | 2,600 | 2,701 | |
| 1,8 | RTE Reseau de Transport d'Electricite SADIR | 2.875% | 10/2/2028 | 2,000 | 2,355 | |
| 6 | WEA Finance LLC | 2.875% | 1/15/2027 | 215 | 210 | |
| 6 | WEA Finance LLC | 3.500% | 6/15/2029 | 475 | 459 | |
| 19,846 | ||||||
| Germany (0.3%) | ||||||
| 6 | Daimler Truck Finance North America LLC | 5.125% | 1/19/2028 | 185 | 188 | |
| 8 | Sirius Real Estate Ltd. | 1.750% | 11/24/2028 | 3,900 | 4,317 | |
| 8 | Volkswagen Financial Services AG | 3.250% | 5/19/2027 | 3,500 | 4,132 | |
| 8,637 | ||||||
| Italy (0.6%) | ||||||
| 8 | Banca Monte dei Paschi di Siena SpA | 3.500% | 4/23/2029 | 2,390 | 2,881 | |
| 1,8 | Credit Agricole Italia SpA | 3.250% | 2/15/2034 | 1,500 | 1,754 | |
| 8 | Intesa Sanpaolo SpA | 3.625% | 6/30/2028 | 5,725 | 6,925 | |
| 1,8 | Intesa Sanpaolo SpA | 3.850% | 9/16/2032 | 3,780 | 4,509 | |
| 16,069 | ||||||
| Japan (0.3%) | ||||||
| 6,8 | NTT Finance Corp. | 3.678% | 7/16/2033 | 3,095 | 3,663 | |
| 1,11 | Toyota Motor Finance Netherlands BV | 2.130% | 6/15/2027 | 3,255 | 4,195 | |
| 7,858 | ||||||
| Luxembourg (0.1%) | ||||||
| 8 | JAB Holdings BV | 4.375% | 4/25/2034 | 2,300 | 2,760 | |
| Mexico (0.0%) | ||||||
| America Movil SAB de CV | 3.625% | 4/22/2029 | 275 | 268 | ||
4
Global Wellington Fund
5
Global Wellington Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| American International Group Inc. | 4.850% | 5/7/2030 | 540 | 552 | ||
| American International Group Inc. | 3.400% | 6/30/2030 | 1,078 | 1,037 | ||
| 8 | American Medical Systems Europe BV | 3.500% | 3/8/2032 | 1,300 | 1,546 | |
| 6 | American Transmission Systems Inc. | 2.650% | 1/15/2032 | 1,178 | 1,048 | |
| Aon North America Inc. | 5.300% | 3/1/2031 | 2,163 | 2,254 | ||
| Arizona Public Service Co. | 3.750% | 5/15/2046 | 725 | 545 | ||
| Arizona Public Service Co. | 5.900% | 8/15/2055 | 815 | 812 | ||
| AT&T Inc. | 4.300% | 12/15/2042 | 1,604 | 1,355 | ||
| AT&T Inc. | 4.650% | 6/1/2044 | 370 | 319 | ||
| AT&T Inc. | 4.350% | 6/15/2045 | 733 | 606 | ||
| AT&T Inc. | 4.750% | 5/15/2046 | 1,960 | 1,702 | ||
| 6 | Athene Global Funding | 5.583% | 1/9/2029 | 3,959 | 4,094 | |
| 6 | Athene Global Funding | 2.646% | 10/4/2031 | 3,940 | 3,495 | |
| Athene Holding Ltd. | 6.625% | 5/19/2055 | 450 | 463 | ||
| 6 | Aviation Capital Group LLC | 5.375% | 7/15/2029 | 6,315 | 6,469 | |
| Bank of America Corp. | 5.819% | 9/15/2029 | 1,160 | 1,212 | ||
| Bank of America Corp. | 5.872% | 9/15/2034 | 1,178 | 1,249 | ||
| Bank of America Corp. | 5.511% | 1/24/2036 | 1,570 | 1,617 | ||
| Bank of America Corp. | 2.482% | 9/21/2036 | 3,947 | 3,412 | ||
| Bank of America Corp. | 3.311% | 4/22/2042 | 1,211 | 931 | ||
| Bank of New York Mellon Corp. | 4.729% | 4/20/2029 | 615 | 625 | ||
| 8 | Becton Dickinson & Co. | 3.828% | 6/7/2032 | 3,400 | 4,071 | |
| Boeing Co. | 5.705% | 5/1/2040 | 415 | 415 | ||
| Boeing Co. | 6.858% | 5/1/2054 | 2,525 | 2,771 | ||
| 8 | Booking Holdings Inc. | 4.500% | 5/9/2046 | 1,755 | 2,038 | |
| BP Capital Markets America Inc. | 5.227% | 11/17/2034 | 1,535 | 1,567 | ||
| 6 | Brighthouse Financial Global Funding | 5.650% | 6/10/2029 | 1,764 | 1,812 | |
| Charter Communications Operating LLC | 4.200% | 3/15/2028 | 6,901 | 6,859 | ||
| Charter Communications Operating LLC | 5.050% | 3/30/2029 | 3,145 | 3,193 | ||
| 4 | Charter Communications Operating LLC | 5.850% | 12/1/2035 | 180 | 180 | |
| Charter Communications Operating LLC | 3.500% | 3/1/2042 | 1,050 | 746 | ||
| Charter Communications Operating LLC | 6.484% | 10/23/2045 | 330 | 321 | ||
| Charter Communications Operating LLC | 5.375% | 5/1/2047 | 605 | 514 | ||
| Charter Communications Operating LLC | 3.900% | 6/1/2052 | 2,266 | 1,499 | ||
| Citizens Financial Group Inc. | 5.841% | 1/23/2030 | 615 | 640 | ||
| Cleco Corporate Holdings LLC | 3.375% | 9/15/2029 | 358 | 335 | ||
| 6 | CNO Global Funding | 5.875% | 6/4/2027 | 1,930 | 1,981 | |
| 6 | CNO Global Funding | 4.875% | 12/10/2027 | 525 | 532 | |
| 6 | Columbia Pipelines Holding Co. LLC | 5.097% | 10/1/2031 | 870 | 883 | |
| 6 | Columbia Pipelines Operating Co. LLC | 5.927% | 8/15/2030 | 479 | 509 | |
| 6 | Columbia Pipelines Operating Co. LLC | 6.497% | 8/15/2043 | 1,602 | 1,665 | |
| Commonwealth Edison Co. | 3.650% | 6/15/2046 | 39 | 30 | ||
| Commonwealth Edison Co. | 4.000% | 3/1/2048 | 270 | 213 | ||
| 1 | Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/2037 | 83 | 91 | |
| Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/2054 | 319 | 266 | ||
| Consolidated Edison Co. of New York Inc. | 4.500% | 5/15/2058 | 165 | 133 | ||
| Constellation Brands Inc. | 4.100% | 2/15/2048 | 1,085 | 836 | ||
| Corebridge Financial Inc. | 4.350% | 4/5/2042 | 2,410 | 2,029 | ||
| 6 | Cox Communications Inc. | 4.800% | 2/1/2035 | 100 | 94 | |
| Crown Castle Inc. | 5.100% | 5/1/2033 | 870 | 873 | ||
| Crown Castle Inc. | 5.800% | 3/1/2034 | 911 | 951 | ||
| Crown Castle Inc. | 5.200% | 9/1/2034 | 1,232 | 1,230 | ||
| Dominion Energy Inc. | 4.600% | 5/15/2028 | 880 | 890 | ||
| 1 | Dominion Energy Inc. | 3.375% | 4/1/2030 | 285 | 274 | |
| Dominion Energy Inc. | 5.375% | 11/15/2032 | 1,845 | 1,906 | ||
| 1 | Dominion Energy Inc. | 4.850% | 8/15/2052 | 431 | 363 | |
| Dominion Energy South Carolina Inc. | 4.600% | 6/15/2043 | 230 | 203 | ||
| DTE Energy Co. | 5.200% | 4/1/2030 | 1,210 | 1,247 | ||
| Duke Energy Carolinas LLC | 6.050% | 4/15/2038 | 769 | 825 | ||
| Duke Energy Corp. | 5.000% | 8/15/2052 | 2,203 | 1,921 | ||
| Energy Transfer LP | 5.200% | 4/1/2030 | 225 | 231 | ||
| Energy Transfer LP | 5.150% | 3/15/2045 | 1,099 | 967 | ||
| Energy Transfer LP | 6.000% | 6/15/2048 | 1,562 | 1,500 | ||
| Enterprise Products Operating LLC | 5.200% | 1/15/2036 | 885 | 892 | ||
| Enterprise Products Operating LLC | 4.850% | 3/15/2044 | 2,062 | 1,863 | ||
| Eversource Energy | 5.950% | 7/15/2034 | 1,410 | 1,480 | ||
| Extra Space Storage LP | 4.950% | 1/15/2033 | 490 | 491 | ||
| Extra Space Storage LP | 5.400% | 6/15/2035 | 3,296 | 3,327 | ||
| 1 | FirstEnergy Corp. | 4.850% | 7/15/2047 | 825 | 708 | |
| 6 | FirstEnergy Pennsylvania Electric Co. | 3.250% | 3/15/2028 | 1,766 | 1,722 | |
6
Global Wellington Fund
7
Global Wellington Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Oracle Corp. | 3.600% | 4/1/2040 | 1,355 | 1,074 | ||
| Oracle Corp. | 3.650% | 3/25/2041 | 1,345 | 1,052 | ||
| Oracle Corp. | 4.500% | 7/8/2044 | 981 | 820 | ||
| Oracle Corp. | 4.000% | 7/15/2046 | 423 | 322 | ||
| Pacific Gas & Electric Co. | 4.750% | 2/15/2044 | 830 | 686 | ||
| Pacific Gas & Electric Co. | 4.950% | 7/1/2050 | 2,335 | 1,933 | ||
| 6 | Penske Truck Leasing Co. LP | 5.250% | 7/1/2029 | 2,002 | 2,060 | |
| 6 | Penske Truck Leasing Co. LP | 5.250% | 2/1/2030 | 585 | 604 | |
| Piedmont Natural Gas Co. Inc. | 4.650% | 8/1/2043 | 877 | 772 | ||
| 6 | Pricoa Global Funding I | 4.700% | 5/28/2030 | 310 | 315 | |
| 6 | Pricoa Global Funding I | 5.350% | 5/28/2035 | 620 | 636 | |
| Progressive Corp. | 3.950% | 3/26/2050 | 1,336 | 1,038 | ||
| 1,8 | Prologis Euro Finance LLC | 4.250% | 1/31/2043 | 1,390 | 1,586 | |
| 6 | Protective Life Global Funding | 4.803% | 6/5/2030 | 740 | 753 | |
| 6 | Protective Life Global Funding | 5.432% | 1/14/2032 | 3,282 | 3,409 | |
| Providence St. Joseph Health Obligated Group | 5.403% | 10/1/2033 | 1,040 | 1,059 | ||
| 1 | Prudential Financial Inc. | 3.700% | 3/13/2051 | 940 | 685 | |
| Public Service Co. of Oklahoma | 5.450% | 1/15/2036 | 2,070 | 2,095 | ||
| 1 | Public Service Electric & Gas Co. | 5.450% | 3/1/2054 | 1,071 | 1,041 | |
| Realty Income Corp. | 3.250% | 6/15/2029 | 1,042 | 1,009 | ||
| 8 | Realty Income Corp. | 4.875% | 7/6/2030 | 3,715 | 4,680 | |
| 6 | RGA Global Funding | 4.350% | 8/25/2028 | 2,440 | 2,446 | |
| 6 | RGA Global Funding | 5.448% | 5/24/2029 | 1,400 | 1,453 | |
| 6 | RGA Global Funding | 5.250% | 1/9/2030 | 1,775 | 1,834 | |
| 6 | RGA Global Funding | 5.000% | 8/25/2032 | 550 | 553 | |
| 6 | Sammons Financial Group Global Funding | 4.950% | 6/12/2030 | 3,105 | 3,150 | |
| 6 | SBA Tower Trust | 1.884% | 1/15/2026 | 245 | 242 | |
| 6 | SBA Tower Trust | 1.631% | 11/15/2026 | 2,265 | 2,191 | |
| 1 | SCE Recovery Funding LLC | 0.861% | 11/15/2031 | 249 | 224 | |
| 1 | SCE Recovery Funding LLC | 1.942% | 5/15/2038 | 165 | 127 | |
| 1 | SCE Recovery Funding LLC | 2.510% | 11/15/2043 | 95 | 64 | |
| 1 | Shell Finance US Inc. | 4.000% | 5/10/2046 | 330 | 263 | |
| Shell International Finance BV | 3.000% | 11/26/2051 | 1,338 | 859 | ||
| Southern California Edison Co. | 4.650% | 10/1/2043 | 1,430 | 1,204 | ||
| Southern California Edison Co. | 4.000% | 4/1/2047 | 1,625 | 1,210 | ||
| Southern California Edison Co. | 6.200% | 9/15/2055 | 88 | 87 | ||
| 1 | SSM Health Care Corp. | 3.823% | 6/1/2027 | 320 | 318 | |
| 1 | Sutter Health | 2.294% | 8/15/2030 | 190 | 174 | |
| Synchrony Financial | 5.019% | 7/29/2029 | 445 | 448 | ||
| Synchrony Financial | 6.000% | 7/29/2036 | 305 | 308 | ||
| Synopsys Inc. | 4.850% | 4/1/2030 | 1,550 | 1,581 | ||
| Synopsys Inc. | 5.000% | 4/1/2032 | 1,695 | 1,729 | ||
| 6 | Texas Electric Market Stabilization Funding N LLC | 4.265% | 8/1/2034 | 1,277 | 1,276 | |
| Time Warner Cable LLC | 5.875% | 11/15/2040 | 322 | 308 | ||
| Toledo Hospital | 5.750% | 11/15/2038 | 100 | 101 | ||
| 6 | Trans-Allegheny Interstate Line Co. | 5.000% | 1/15/2031 | 230 | 236 | |
| Tyson Foods Inc. | 5.700% | 3/15/2034 | 5,506 | 5,735 | ||
| 1 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/2026 | 28 | 27 | |
| Verizon Communications Inc. | 2.875% | 11/20/2050 | 250 | 154 | ||
| Verizon Communications Inc. | 3.000% | 11/20/2060 | 260 | 152 | ||
| VICI Properties LP | 5.125% | 5/15/2032 | 432 | 433 | ||
| 1,9 | Walt Disney Co. | 3.057% | 3/30/2027 | 2,350 | 1,712 | |
| 1,9 | Wells Fargo & Co. | 2.975% | 5/19/2026 | 625 | 455 | |
| 1 | Wells Fargo & Co. | 4.808% | 7/25/2028 | 2,106 | 2,129 | |
| 1 | Wells Fargo & Co. | 2.879% | 10/30/2030 | 479 | 452 | |
| 1 | Wells Fargo & Co. | 3.350% | 3/2/2033 | 690 | 636 | |
| 1 | Wells Fargo & Co. | 5.557% | 7/25/2034 | 1,028 | 1,067 | |
| Wells Fargo & Co. | 5.211% | 12/3/2035 | 1,648 | 1,662 | ||
| 1 | Wells Fargo & Co. | 4.611% | 4/25/2053 | 2,063 | 1,750 | |
| Westinghouse Air Brake Technologies Corp. | 4.900% | 5/29/2030 | 145 | 148 | ||
| 6 | Whistler Pipeline LLC | 5.400% | 9/30/2029 | 2,093 | 2,153 | |
| 6 | Whistler Pipeline LLC | 5.700% | 9/30/2031 | 1,395 | 1,451 | |
| 287,024 | ||||||
| Total Corporate Bonds (Cost $456,061) | 468,561 | |||||
| Sovereign Bonds (6.6%) | ||||||
| Australia (0.4%) | ||||||
| 1,13 | Commonwealth of Australia | 2.750% | 11/21/2027 | 135 | 87 | |
| 1,13 | Commonwealth of Australia | 2.250% | 5/21/2028 | 4,036 | 2,565 | |
8
Global Wellington Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 1,13 | Commonwealth of Australia | 3.250% | 4/21/2029 | 6,200 | 4,030 | |
| 1,13 | Commonwealth of Australia | 1.000% | 11/21/2031 | 1,401 | 776 | |
| 1,13 | Commonwealth of Australia | 3.750% | 5/21/2034 | 1,322 | 839 | |
| 1,13 | Commonwealth of Australia | 3.500% | 12/21/2034 | 1,769 | 1,093 | |
| 9,390 | ||||||
| Bermuda (0.0%) | ||||||
| 1,6 | Bermuda | 2.375% | 8/20/2030 | 200 | 180 | |
| 1,6 | Bermuda | 3.375% | 8/20/2050 | 200 | 137 | |
| 317 | ||||||
| Bulgaria (0.1%) | ||||||
| 1,8 | Republic of Bulgaria | 4.875% | 5/13/2036 | 590 | 757 | |
| 1,8 | Republic of Bulgaria | 1.375% | 9/23/2050 | 1,199 | 802 | |
| 1,559 | ||||||
| Canada (0.4%) | ||||||
| 9 | Canadian Government Bond | 3.000% | 6/1/2034 | 3,080 | 2,192 | |
| 9 | Canadian Government Bond | 3.500% | 12/1/2045 | 964 | 680 | |
| 9 | Canadian Government Bond | 2.000% | 12/1/2051 | 250 | 127 | |
| 9 | Canadian Government Bond | 1.750% | 12/1/2053 | 634 | 297 | |
| 9 | City of Montreal | 3.150% | 12/1/2036 | 750 | 492 | |
| 9 | City of Montreal | 3.500% | 12/1/2038 | 410 | 270 | |
| 9 | City of Montreal | 2.400% | 12/1/2041 | 1,000 | 541 | |
| 9 | City of Toronto | 3.200% | 8/1/2048 | 1,000 | 559 | |
| 1,13 | Province of British Columbia | 5.250% | 5/23/2034 | 6,850 | 4,601 | |
| 1,11 | Province of Ontario | 0.250% | 6/28/2029 | 985 | 1,220 | |
| 9 | Regional Municipality of York | 2.150% | 6/22/2031 | 800 | 546 | |
| 11,525 | ||||||
| Chile (0.0%) | ||||||
| 1 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/2027 | 650 | 639 | |
| France (0.2%) | ||||||
| 1,6,8 | French Republic | 2.500% | 5/25/2030 | 2,175 | 2,525 | |
| 1,6,8 | French Republic | 3.200% | 5/25/2035 | 1,150 | 1,311 | |
| 1,6,8 | French Republic | 3.250% | 5/25/2055 | 660 | 623 | |
| 4,459 | ||||||
| Germany (3.7%) | ||||||
| 8 | Federal Republic of Germany | 0.500% | 2/15/2026 | 17,780 | 20,673 | |
| 8 | Federal Republic of Germany | 2.900% | 6/18/2026 | 8,340 | 9,829 | |
| 1,8 | Federal Republic of Germany | 1.300% | 10/15/2027 | 13,645 | 15,763 | |
| 8 | Federal Republic of Germany | 0.000% | 11/15/2027 | 12,375 | 13,881 | |
| 8 | Federal Republic of Germany | 6.250% | 1/4/2030 | 9,680 | 13,226 | |
| 8 | Federal Republic of Germany | 2.200% | 2/15/2034 | 20,290 | 23,034 | |
| 8 | Federal Republic of Germany | 2.500% | 8/15/2054 | 750 | 745 | |
| 97,151 | ||||||
| Israel (0.1%) | ||||||
| State of Israel | 5.375% | 3/12/2029 | 2,245 | 2,298 | ||
| State of Israel | 5.500% | 3/12/2034 | 299 | 304 | ||
| 2,602 | ||||||
| Japan (0.4%) | ||||||
| 1,12 | Japan | 0.497% | 4/20/2026 | 328,200 | 2,225 | |
| 1,12 | Japan | 0.600% | 6/20/2029 | 20,900 | 140 | |
| 1,12 | Japan | 1.100% | 6/20/2034 | 873,250 | 5,743 | |
| 1,12 | Japan | 1.100% | 6/20/2043 | 276,400 | 1,517 | |
| 1,12 | Japan | 1.300% | 12/20/2043 | 78,350 | 441 | |
| 1,12 | Japan | 0.700% | 6/20/2051 | 117,800 | 470 | |
| 1,12 | Japan | 0.700% | 9/20/2051 | 87,500 | 347 | |
| 1,12 | Japan | 1.200% | 6/20/2053 | 50,250 | 222 | |
| 1,12 | Japan | 1.600% | 12/20/2053 | 20,900 | 102 | |
| 11,207 | ||||||
| Mexico (0.1%) | ||||||
| 1 | United Mexican States | 6.750% | 9/27/2034 | 319 | 342 | |
| 1 | United Mexican States | 6.400% | 5/7/2054 | 2,275 | 2,112 | |
| 2,454 | ||||||
| Qatar (0.0%) | ||||||
| 1,6 | State of Qatar | 5.103% | 4/23/2048 | 255 | 244 | |
| 1,6 | State of Qatar | 4.400% | 4/16/2050 | 780 | 666 | |
| 910 | ||||||
9
Global Wellington Fund
10
Global Wellington Fund
| Coupon | Shares | Market Value• ($000) | ||||
| Temporary Cash Investments (3.1%) | ||||||
| Money Market Fund (3.1%) | ||||||
| 16 | Vanguard Market Liquidity Fund (Cost $78,997) | 4.362% | 790,186 | 79,011 | ||
| Total Investments (99.0%) (Cost $2,143,429) | 2,575,175 | |||||
| Other Assets and Liabilities—Net (1.0%) | 24,850 | |||||
| Net Assets (100%) | 2,600,025 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of August 31, 2025. |
| 5 | Securities with a value of $919 have been segregated as initial margin for open futures contracts. |
| 6 | 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 August 31, 2025, the aggregate value was $176,370, representing 6.8% of net assets. |
| 7 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 8 | Face amount denominated in euro. |
| 9 | Face amount denominated in Canadian dollars. |
| 10 | Face amount denominated in British pounds. |
| 11 | Face amount denominated in Swiss francs. |
| 12 | Face amount denominated in Japanese yen. |
| 13 | Face amount denominated in Australian dollars. |
| 14 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 15 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 16 | 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. | |
| GO—General Obligation Bond. | |
| REMICS—Real Estate Mortgage Investment Conduits. | |
| SOFR30A—30 Day Average Secured Overnight Financing Rate. | |
| TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. | |
| UMBS—Uniform Mortgage-Backed Securities. |
11
Global Wellington Fund
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| 2-Year U.S. Treasury Note | December 2025 | 41 | 8,550 | 10 |
| Short Futures Contracts | ||||
| 5-Year U.S. Treasury Note | December 2025 | (101) | (11,056) | (26) |
| 10-Year U.S. Treasury Note | December 2025 | (49) | (5,513) | (16) |
| Euro-Bobl | September 2025 | (24) | (3,298) | 8 |
| Ultra 10-Year U.S. Treasury Note | December 2025 | (158) | (18,076) | (90) |
| (124) | ||||
| (114) | ||||
| Forward Currency Contracts | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| Goldman Sachs International | 9/29/2025 | USD | 16,875 | AUD | 26,242 | — | (307) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 14,008 | CAD | 19,466 | — | (183) |
| Goldman Sachs International | 9/29/2025 | AUD | 900 | CAD | 803 | 4 | — |
| Goldman Sachs International | 9/29/2025 | USD | 5,365 | CHF | 4,324 | — | (57) |
| Goldman Sachs International | 9/29/2025 | USD | 236,184 | EUR | 203,174 | — | (1,907) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | GBP | 2,921 | EUR | 3,371 | — | (2) |
| Bank of America, N.A. | 9/29/2025 | USD | 883 | EUR | 753 | — | — |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 537 | EUR | 460 | — | (2) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 29,322 | GBP | 21,859 | — | (230) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 13,512 | JPY | 2,001,173 | — | (145) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | AUD | 3,851 | JPY | 366,900 | 18 | — |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | GBP | 1,169 | JPY | 232,286 | — | (5) |
| Goldman Sachs International | 9/29/2025 | USD | 3 | SEK | 30 | — | — |
| 22 | (2,838) | ||||||
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| JPY—Japanese yen. |
| SEK—Swedish krona. |
| USD—U.S. dollar. |
At August 31, 2025, the
counterparties had deposited in segregated accounts securities with a value of $2,405 in connection with open forward currency contracts.
See accompanying Notes,
which are an integral part of the Financial Statements.
12
Global Wellington Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $2,064,432) | 2,496,164 |
| Affiliated Issuers (Cost $78,997) | 79,011 |
| Total Investments in Securities | 2,575,175 |
| Investment in Vanguard | 65 |
| Cash | 57 |
| Foreign Currency, at Value (Cost $5,713) | 5,704 |
| Receivables for Investment Securities Sold | 27,949 |
| Receivables for Accrued Income | 15,182 |
| Receivables for Capital Shares Issued | 1,391 |
| Variation Margin Receivable—Futures Contracts | 45 |
| Unrealized Appreciation—Forward Currency Contracts | 22 |
| Total Assets | 2,625,590 |
| Liabilities | |
| Payables for Investment Securities Purchased | 20,603 |
| Payables for Capital Shares Redeemed | 1,116 |
| Payables to Investment Advisor | 696 |
| Payables to Vanguard | 312 |
| Unrealized Depreciation—Forward Currency Contracts | 2,838 |
| Total Liabilities | 25,565 |
| Net Assets | 2,600,025 |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 2,111,632 |
| Total Distributable Earnings (Loss) | 488,393 |
| Net Assets | 2,600,025 |
| Investor Shares—Net Assets | |
| Applicable to 10,937,270 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 299,368 |
| Net Asset Value Per Share—Investor Shares | $27.37 |
| Admiral™ Shares—Net Assets | |
| Applicable to 67,230,154 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,300,657 |
| Net Asset Value Per Share—Admiral Shares | $34.22 |
See accompanying Notes,
which are an integral part of the Financial Statements.
13
Global Wellington Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 47,322 |
| Interest2,3 | 38,429 |
| Securities Lending—Net | 3 |
| Total Income | 85,754 |
| Expenses | |
| Investment Advisory Fees—Note B | |
| Basic Fee | 3,703 |
| Performance Adjustment | (616) |
| The Vanguard Group—Note C | |
| Management and Administrative—Investor Shares | 809 |
| Management and Administrative—Admiral Shares | 3,503 |
| Marketing and Distribution—Investor Shares | 14 |
| Marketing and Distribution—Admiral Shares | 105 |
| Custodian Fees | 70 |
| Auditing Fees | 35 |
| Shareholders’ Reports and Proxy Fees—Investor Shares | 19 |
| Shareholders’ Reports and Proxy Fees—Admiral Shares | 42 |
| Trustees’ Fees and Expenses | 1 |
| Other Expenses | 162 |
| Total Expenses | 7,847 |
| Net Investment Income | 77,907 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold3 | 86,971 |
| Futures Contracts | 475 |
| Swap Contracts | (134) |
| Forward Currency Contracts | (2,209) |
| Foreign Currencies | 599 |
| Realized Net Gain (Loss) | 85,702 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities3 | 15,763 |
| Futures Contracts | (282) |
| Forward Currency Contracts | (5,154) |
| Foreign Currencies | 113 |
| Change in Unrealized Appreciation (Depreciation) | 10,440 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 174,049 |
| 1 | Dividends are net of foreign withholding taxes of $765. |
| 2 | Interest is net of foreign withholding taxes of $1. |
| 3 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,843, $7, and ($3), respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes,
which are an integral part of the Financial Statements.
14
Global Wellington Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 77,907 | 71,604 |
| Realized Net Gain (Loss) | 85,702 | 88,211 |
| Change in Unrealized Appreciation (Depreciation) | 10,440 | 205,126 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 174,049 | 364,941 |
| Distributions | ||
| Investor Shares | (19,962) | (7,676) |
| Admiral Shares | (157,335) | (61,454) |
| Total Distributions | (177,297) | (69,130) |
| Capital Share Transactions | ||
| Investor Shares | 9,183 | 11,182 |
| Admiral Shares | 20,479 | 259,177 |
| Net Increase (Decrease) from Capital Share Transactions | 29,662 | 270,359 |
| Total Increase (Decrease) | 26,414 | 566,170 |
| Net Assets | ||
| Beginning of Period | 2,573,611 | 2,007,441 |
| End of Period | 2,600,025 | 2,573,611 |
See accompanying Notes,
which are an integral part of the Financial Statements.
15
Global Wellington Fund
Financial Highlights
| Investor Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $27.45 | $24.34 | $23.18 | $26.18 | $22.29 |
| Investment Operations | |||||
| Net Investment Income1 | .792 | .758 | .630 | .566 | .410 |
| Net Realized and Unrealized Gain (Loss) on Investments | .989 | 3.087 | 1.659 | (2.711) | 3.871 |
| Total from Investment Operations | 1.781 | 3.845 | 2.289 | (2.145) | 4.281 |
| Distributions | |||||
| Dividends from Net Investment Income | (.814) | (.725) | (.560) | (.446) | (.391) |
| Distributions from Realized Capital Gains | (1.047) | (.010) | (.569) | (.409) | — |
| Total Distributions | (1.861) | (.735) | (1.129) | (.855) | (.391) |
| Net Asset Value, End of Period | $27.37 | $27.45 | $24.34 | $23.18 | $26.18 |
| Total Return2 | 7.12% | 16.07% | 10.18% | -8.43% | 19.36% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $299 | $291 | $247 | $226 | $247 |
| Ratio of Total Expenses to Average Net Assets3 | 0.43% | 0.48%4 | 0.50%4 | 0.45%4 | 0.42% |
| Ratio of Net Investment Income to Average Net Assets | 3.00% | 2.98% | 2.66% | 2.26% | 1.68% |
| Portfolio Turnover Rate5 | 74% | 74% | 93% | 77% | 68% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), 0.03%, 0.04%, (0.01%), and (0.03%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.48%, 0.50%, and 0.44%, respectively. |
| 5 | Includes 3%, 2%, 15%, 15%, and 20%, respectively, attributable to mortgage-dollar-roll activity. |
See accompanying Notes,
which are an integral part of the Financial Statements.
16
Global Wellington Fund
Financial Highlights
| Admiral Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $34.31 | $30.43 | $28.98 | $32.74 | $27.87 |
| Investment Operations | |||||
| Net Investment Income1 | 1.034 | .989 | .827 | .750 | .554 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.244 | 3.851 | 2.072 | (3.398) | 4.842 |
| Total from Investment Operations | 2.278 | 4.840 | 2.899 | (2.648) | 5.396 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.059) | (.947) | (.738) | (.601) | (.526) |
| Distributions from Realized Capital Gains | (1.309) | (.013) | (.711) | (.511) | — |
| Total Distributions | (2.368) | (.960) | (1.449) | (1.112) | (.526) |
| Net Asset Value, End of Period | $34.22 | $34.31 | $30.43 | $28.98 | $32.74 |
| Total Return2 | 7.29% | 16.20% | 10.32% | -8.33% | 19.53% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,301 | $2,283 | $1,761 | $1,563 | $1,577 |
| Ratio of Total Expenses to Average Net Assets3 | 0.30% | 0.35%4 | 0.37%4 | 0.32%4 | 0.29% |
| Ratio of Net Investment Income to Average Net Assets | 3.13% | 3.10% | 2.79% | 2.39% | 1.81% |
| Portfolio Turnover Rate5 | 74% | 74% | 93% | 77% | 68% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), 0.03%, 0.04%, (0.01%), and (0.03%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.35%, 0.37%, and 0.32%, respectively. |
| 5 | Includes 3%, 2%, 15%, 15%, and 20%, respectively, attributable to mortgage-dollar-roll activity. |
See accompanying Notes, which are an integral
part of the Financial Statements.
17
Global Wellington Fund
Notes to Financial Statements
Vanguard Global Wellington
Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has
different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and other temporary
cash investments 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. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer,
tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, as furnished by independent pricing services. Investments in Vanguard Market
Liquidity Fund are valued at that fund's net asset value. 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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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.
2. 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).
3. To Be Announced (TBA)
Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of
TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. The fund may sell a TBA that it does not
hold (Sales Commitments) to manage portfolio risks while giving the fund more flexibility. The settlement date of a Sales Commitment is not set, and the positions can be increased or decreased to ensure appropriate
hedging ratios for the fund and may be offset by entering into an equal amount of TBA purchases. When the fund is a buyer of TBA transactions, it maintains cash, short-term investments, or Treasuries in an amount
sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its
counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also
enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral
pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty,
determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.
4. Mortgage Dollar
Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a
predetermined price on a predetermined date. The fund forgoes principal and interest paid on the securities sold. In exchange for the forgone principal and interest paid, the fund is compensated by investing the
proceeds of the sale, typically in high-quality short-term fixed income securities, and earning interest on such investments. Further the fund receives a lower price on the securities to be repurchased. The fund also
enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell substantially similar securities in
the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools
already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the
fund’s portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities
Purchased in the Statement of Assets and Liabilities.
5. Futures Contracts:
The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced,
or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices
of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further
mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing
brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any
securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
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Global Wellington Fund
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the year ended August
31, 2025, the fund’s average investments in long and short futures contracts represented less than 1% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during
the period.
6. Forward Currency
Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of
forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund
mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with
its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold,
or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount
owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency
contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability
position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments.
The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is
adjusted and settled within two business days.
Forward currency contracts are
valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the
Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized
appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the year ended August
31, 2025, the fund’s average investment in forward currency contracts represented 12% of net assets, based on the average of the notional amounts at each quarter-end during the period.
7. Swap Contracts: The
fund enters into interest rate swap transactions to adjust the fund’s sensitivity to changes in interest rates and maintain the ability to generate income at prevailing market rates. Under the terms of the
swaps, one party pays the other either an amount that is a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, applied to a notional amount. In return, the
counterparty agrees to pay a different floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount.
The fund enters into centrally
cleared interest rate swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the counterparty instead
of the clearing broker or executing broker. The clearinghouse imposes initial margin requirements to secure the fund’s performance, and requires daily settlement of variation margin representing changes in the
market value of each contract. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified executing brokers; monitors the financial strength of its clearing brokers, executing brokers,
and clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.
A risk associated with all
types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on
the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting
arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be
repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either
party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions
whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination.
The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged
is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap
contracts are not recorded in the Statement of Asset and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is
recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the
swap, at which time realized gain (loss) is recorded.
During the year ended August
31, 2025, the fund’s average amount of investments in interest rate swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no
open interest rate swap contracts at August 31, 2025.
8. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
19
Global Wellington Fund
9. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
10. Securities Lending:
To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by
collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When
this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only
with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements
provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net
amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the
securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period
the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income
earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
11. Credit Facilities
and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a
credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings
may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are
charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and
included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds
effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear
interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
12. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from
Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for
premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains
(losses) on the sale of investment securities are those of the specific securities sold.
The fund has filed tax
reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to
these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims
and related professional fees, if any, are included in dividend income and other expenses, respectively.
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses),
shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and
gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Wellington Management Company llp provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the
fund's performance relative to the Global Wellington Composite Index, comprising the FTSE Developed Index and the Bloomberg Fixed Income Composite Index, for the preceding three years. For the year ended August 31, 2025, the investment advisory fee represented an effective annual basic rate of 0.15% of the fund’s average net assets before a net decrease of $616,000 (0.02%) based on
performance.
C. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of
trustees and are generally settled twice a month.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $65,000, representing less than 0.01% of the fund’s net
assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
20
Global Wellington Fund
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The
inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks—North and South America | 910,183 | 26,603 | — | 936,786 |
| Common Stocks—Other | 83,902 | 665,068 | — | 748,970 |
| U.S. Government and Agency Obligations | — | 127,779 | 8,072 | 135,851 |
| Asset-Backed/Commercial Mortgage-Backed Securities | — | 23,399 | — | 23,399 |
| Corporate Bonds | — | 468,561 | — | 468,561 |
| Sovereign Bonds | — | 172,041 | — | 172,041 |
| Taxable Municipal Bonds | — | 10,556 | — | 10,556 |
| Temporary Cash Investments | 79,011 | — | — | 79,011 |
| Total | 1,073,096 | 1,494,007 | 8,072 | 2,575,175 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 18 | — | — | 18 |
| Forward Currency Contracts | — | 22 | — | 22 |
| Total | 18 | 22 | — | 40 |
| Liabilities | ||||
| Futures Contracts1 | (132) | — | — | (132) |
| Forward Currency Contracts | — | (2,838) | — | (2,838) |
| Total | (132) | (2,838) | — | (2,970) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. | |||
E. At August 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
| Statement of Assets and Liabilities | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Unrealized Appreciation—Futures Contracts1 | 18 | — | 18 |
| Unrealized Appreciation—Forward Currency Contracts | — | 22 | 22 |
| Total Assets | 18 | 22 | 40 |
| Unrealized Depreciation—Futures Contracts1 | (132) | — | (132) |
| Unrealized Depreciation—Forward Currency Contracts | — | (2,838) | (2,838) |
| Total Liabilities | (132) | (2,838) | (2,970) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
21
Global Wellington Fund
Realized net gain (loss) and
the change in unrealized appreciation (depreciation) on derivatives for the year ended August 31, 2025, were:
| Realized Net Gain (Loss) on Derivatives | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Futures Contracts | 475 | — | 475 |
| Swap Contracts | (134) | — | (134) |
| Forward Currency Contracts | — | (2,209) | (2,209) |
| Realized Net Gain (Loss) on Derivatives | 341 | (2,209) | (1,868) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | (282) | — | (282) |
| Forward Currency Contracts | — | (5,154) | (5,154) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (282) | (5,154) | (5,436) |
F. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 6,179 |
| Total Distributable Earnings (Loss) | (6,179) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 21,975 |
| Undistributed Long-Term Gains | 38,776 |
| Net Unrealized Gains (Losses) | 427,642 |
| Capital Loss Carryforwards | — |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 488,393 |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 95,824 | 68,174 |
| Long-Term Capital Gains | 81,473 | 956 |
| Total | 177,297 | 69,130 |
| * | Includes short-term capital gains, if any. |
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Global Wellington Fund
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 2,147,891 |
| Gross Unrealized Appreciation | 497,903 |
| Gross Unrealized Depreciation | (70,619) |
| Net Unrealized Appreciation (Depreciation) | 427,284 |
G. During the year ended August 31, 2025, the fund purchased $1,305,806,000 of investment securities and sold $1,390,972,000 of investment securities, other than U.S. government securities and
temporary cash investments. Purchases and sales of U.S. government securities were $486,848,000 and $501,960,000, respectively.
The fund purchased securities
from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment
Company Act of 1940. For the year ended August 31, 2025, such purchases were $0 and sales were $1,623,000, resulting in net realized gain of $839,000; these amounts, other than temporary cash investments, are included
in the purchases and sales of investment securities noted above.
H. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| Investor Shares | |||||
| Issued | 78,988 | 2,990 | 82,039 | 3,231 | |
| Issued in Lieu of Cash Distributions | 17,932 | 703 | 6,839 | 269 | |
| Redeemed | (87,737) | (3,350) | (77,696) | (3,048) | |
| Net Increase (Decrease)—Investor Shares | 9,183 | 343 | 11,182 | 452 | |
| Admiral Shares | |||||
| Issued | 403,624 | 12,275 | 576,099 | 18,669 | |
| Issued in Lieu of Cash Distributions | 137,912 | 4,325 | 53,559 | 1,686 | |
| Redeemed | (521,057) | (15,897) | (370,481) | (11,685) | |
| Net Increase (Decrease)—Admiral Shares | 20,479 | 703 | 259,177 | 8,670 | |
I. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
J. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
23
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard World
Fund and Shareholders of Vanguard Global Wellington™ Fund
Opinion on the Financial
Statements
We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Global Wellington™ Fund (one of the funds constituting Vanguard World Fund, referred to hereafter as the
"Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including
the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period
ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are
the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
24
Tax information (unaudited)
For corporate shareholders,
21.2%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the
dividends-received deduction.
The fund hereby designates
$45,621,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024.
Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for
the fiscal year $3,795,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income
tax.
For nonresident alien
shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed
$85,952,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund hereby designates
43.7%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the
regulations thereunder for the fiscal year.
The fund hereby designates
$668,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via
IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
Q15670 102025
25
Financial Statements
For the year ended August 31,
2025
Vanguard Global Wellesley® Income Fund
Contents
Financial Statements | 1 |
Report of Independent Registered Public Accounting Firm | 23 |
Tax information | 24 |
Global Wellesley Income Fund
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares | Market Value• ($000) | |||||
| Common Stocks (37.1%) | ||||||
| Canada (2.6%) | ||||||
| Royal Bank of Canada | 46,202 | 6,714 | ||||
| Bank of Nova Scotia | 97,176 | 6,069 | ||||
| Enbridge Inc. | 76,828 | 3,717 | ||||
| 16,500 | ||||||
| France (2.5%) | ||||||
| TotalEnergies SE | 114,739 | 7,204 | ||||
| Engie SA | 249,760 | 5,168 | ||||
| Pernod Ricard SA | 30,866 | 3,516 | ||||
| 15,888 | ||||||
| Germany (0.7%) | ||||||
| Talanx AG | 34,438 | 4,749 | ||||
| Hong Kong (1.1%) | ||||||
| AIA Group Ltd. | 718,000 | 6,824 | ||||
| India (0.7%) | ||||||
| HDFC Bank Ltd. ADR | 60,353 | 4,295 | ||||
| Italy (1.2%) | ||||||
| FinecoBank Banca Fineco SpA | 365,509 | 8,024 | ||||
| Japan (2.4%) | ||||||
| Isuzu Motors Ltd. | 307,273 | 4,025 | ||||
| Tokio Marine Holdings Inc. | 87,692 | 3,761 | ||||
| Mitsubishi UFJ Financial Group Inc. | 244,384 | 3,719 | ||||
| KDDI Corp. | 208,779 | 3,608 | ||||
| 15,113 | ||||||
| Netherlands (0.6%) | ||||||
| Koninklijke KPN NV | 808,878 | 3,860 | ||||
| Norway (1.6%) | ||||||
| Equinor ASA | 212,869 | 5,253 | ||||
| DNB Bank ASA | 182,544 | 4,810 | ||||
| 10,063 | ||||||
| Spain (0.5%) | ||||||
| Industria de Diseno Textil SA | 67,904 | 3,358 | ||||
| Switzerland (0.7%) | ||||||
| UBS Group AG (Registered) | 115,585 | 4,682 | ||||
| Taiwan (0.8%) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 133,500 | 5,000 | ||||
| United Kingdom (6.0%) | ||||||
| AstraZeneca plc | 47,658 | 7,597 | ||||
| Reckitt Benckiser Group plc | 95,293 | 7,125 | ||||
| BAE Systems plc | 257,779 | 6,109 | ||||
| HSBC Holdings plc | 433,683 | 5,552 | ||||
| National Grid plc | 340,355 | 4,781 | ||||
| RS Group plc | 492,344 | 3,761 | ||||
| Unilever plc | 53,557 | 3,379 | ||||
| 38,304 | ||||||
| United States (15.7%) | ||||||
| Lamar Advertising Co. Class A | 61,117 | 7,777 | ||||
| Merck & Co. Inc. | 72,533 | 6,102 | ||||
| Philip Morris International Inc. | 36,104 | 6,034 | ||||
| Sempra | 71,437 | 5,898 | ||||
| Ares Management Corp. Class A | 30,342 | 5,437 | ||||
1
Global Wellesley Income Fund
| Shares | Market Value• ($000) | |||||
| Coterra Energy Inc. | 215,506 | 5,267 | ||||
| Deere & Co. | 10,783 | 5,161 | ||||
| Johnson & Johnson | 28,371 | 5,027 | ||||
| Duke Energy Corp. | 39,105 | 4,790 | ||||
| Novartis AG (Registered) | 37,394 | 4,733 | ||||
| Bank of America Corp. | 93,051 | 4,721 | ||||
| PACCAR Inc. | 46,446 | 4,644 | ||||
| Darden Restaurants Inc. | 22,133 | 4,580 | ||||
| Atmos Energy Corp. | 26,264 | 4,363 | ||||
| UnitedHealth Group Inc. | 13,852 | 4,292 | ||||
| Elevance Health Inc. | 13,204 | 4,207 | ||||
| TransUnion | 46,413 | 4,103 | ||||
| Texas Instruments Inc. | 18,550 | 3,756 | ||||
| Cisco Systems Inc. | 53,174 | 3,674 | ||||
| Home Depot Inc. | 8,006 | 3,257 | ||||
| Edison International | 41,953 | 2,355 | ||||
| 100,178 | ||||||
| Total Common Stocks (Cost $171,155) | 236,838 | |||||
| Coupon | Maturity Date | Face Amount ($000) | ||||
| U.S. Government and Agency Obligations (9.6%) | ||||||
| 1,2,3,4 | Fannie Mae Pool | 4.200% | 10/1/2030 | 3,740 | 3,738 | |
| 1,2 | Fannie Mae Pool | 4.340% | 8/1/2030 | 1,502 | 1,519 | |
| 1,2 | Fannie Mae Pool | 4.420% | 8/1/2030 | 1,758 | 1,784 | |
| 1,2 | Fannie Mae Pool | 4.470% | 5/1/2030 | 1,524 | 1,546 | |
| 1,2 | Fannie Mae Pool | 4.830% | 10/1/2030 | 1,475 | 1,521 | |
| 1,2 | Fannie Mae REMICS | 2.500% | 5/25/2045 | 391 | 369 | |
| 1,2 | Fannie Mae REMICS | 3.000% | 2/25/2049 | 40 | 39 | |
| 1,2 | Fannie Mae REMICS | 3.500% | 6/25/2044 | 53 | 52 | |
| 1,2 | Freddie Mac REMICS | 1.750% | 9/15/2042 | 373 | 354 | |
| 1,2 | Freddie Mac REMICS | 2.000% | 7/25/2050 | 503 | 444 | |
| 1,2 | Freddie Mac REMICS | 4.000% | 9/15/2041 | 323 | 317 | |
| 1 | Ginnie Mae II Pool | 2.000% | 11/20/2050–2/20/2051 | 1,133 | 928 | |
| 1 | Ginnie Mae II Pool | 2.500% | 3/20/2051–12/20/2052 | 982 | 837 | |
| 1,4 | Ginnie Mae II Pool | 3.000% | 11/20/2049–9/15/2055 | 687 | 609 | |
| 1 | Ginnie Mae II Pool | 3.500% | 1/20/2052–3/20/2052 | 1,134 | 1,035 | |
| 1 | Ginnie Mae II Pool | 4.000% | 8/20/2052 | 697 | 657 | |
| 1 | Ginnie Mae II Pool | 5.000% | 9/20/2052 | 510 | 508 | |
| 1 | Ginnie Mae REMICS | 2.500% | 10/20/2049 | 1,047 | 935 | |
| 1 | Ginnie Mae REMICS | 2.750% | 9/20/2044 | 44 | 42 | |
| 1,2 | UMBS Pool | 2.000% | 4/1/2041–8/1/2051 | 3,764 | 3,077 | |
| 1,2 | UMBS Pool | 2.500% | 1/1/2052 | 1,527 | 1,278 | |
| 1,2,4 | UMBS Pool | 3.000% | 10/1/2051–9/25/2055 | 2,758 | 2,402 | |
| 1,2 | UMBS Pool | 3.500% | 7/1/2051–8/1/2052 | 979 | 892 | |
| 1,2 | UMBS Pool | 4.000% | 3/1/2046–8/1/2051 | 695 | 666 | |
| 1,2 | UMBS Pool | 4.500% | 1/1/2038–11/1/2052 | 1,426 | 1,410 | |
| 1,2 | UMBS Pool | 5.000% | 9/1/2052–11/1/2054 | 924 | 913 | |
| 1,2 | UMBS Pool | 5.500% | 1/1/2053–9/1/2053 | 4,143 | 4,188 | |
| 1,2 | UMBS Pool | 6.000% | 2/1/2053 | 2,371 | 2,439 | |
| United States Treasury Note/Bond | 1.750% | 8/15/2041 | 670 | 443 | ||
| United States Treasury Note/Bond | 2.000% | 11/15/2041 | 578 | 396 | ||
| United States Treasury Note/Bond | 2.375% | 5/15/2051 | 894 | 555 | ||
| United States Treasury Note/Bond | 2.500% | 2/15/2045 | 150 | 104 | ||
| United States Treasury Note/Bond | 3.375% | 8/15/2042 | 215 | 179 | ||
| 4 | United States Treasury Note/Bond | 3.625% | 8/31/2027 | 3,921 | 3,922 | |
| United States Treasury Note/Bond | 3.750% | 4/30/2027–6/30/2027 | 8,213 | 8,226 | ||
| United States Treasury Note/Bond | 3.875% | 5/31/2027 | 939 | 943 | ||
| United States Treasury Note/Bond | 4.000% | 11/15/2042 | 194 | 176 | ||
| United States Treasury Note/Bond | 4.125% | 8/15/2044 | 239 | 217 | ||
| United States Treasury Note/Bond | 4.250% | 5/15/2035–2/15/2054 | 2,200 | 2,139 | ||
| United States Treasury Note/Bond | 4.375% | 8/15/2043 | 241 | 228 | ||
| 5 | United States Treasury Note/Bond | 4.500% | 2/15/2044–11/15/2054 | 1,529 | 1,451 | |
| United States Treasury Note/Bond | 4.625% | 5/15/2044–2/15/2055 | 3,299 | 3,158 | ||
| United States Treasury Note/Bond | 4.750% | 11/15/2043–5/15/2055 | 3,540 | 3,474 | ||
2
Global Wellesley Income Fund
3
Global Wellesley Income Fund
4
Global Wellesley Income Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 1,10 | National Grid Electricity Transmission plc | 2.000% | 4/17/2040 | 310 | 253 | |
| 1,8 | National Grid plc | 0.163% | 1/20/2028 | 925 | 1,023 | |
| 1,8 | National Grid plc | 3.875% | 1/16/2029 | 650 | 785 | |
| 1,8 | Severn Trent Utilities Finance plc | 4.000% | 3/5/2034 | 880 | 1,052 | |
| 1,10 | Severn Trent Utilities Finance plc | 5.875% | 7/31/2038 | 566 | 751 | |
| Smith & Nephew plc | 5.400% | 3/20/2034 | 456 | 466 | ||
| 10 | South West Water Finance plc | 5.750% | 12/11/2032 | 800 | 1,096 | |
| 1,10 | South West Water Finance plc | 6.375% | 8/5/2041 | 640 | 847 | |
| 6 | Standard Chartered plc | 5.005% | 10/15/2030 | 2,227 | 2,265 | |
| 1,8 | United Utilities Water Finance plc | 3.750% | 5/23/2034 | 1,840 | 2,150 | |
| 1,10 | Yorkshire Water Finance plc | 6.375% | 11/18/2034 | 405 | 554 | |
| 21,389 | ||||||
| United States (20.9%) | ||||||
| 12 | Aflac Inc. | 1.726% | 10/18/2030 | 250,000 | 1,680 | |
| 6 | Alcon Finance Corp. | 3.000% | 9/23/2029 | 2,965 | 2,827 | |
| 8 | Alphabet Inc. | 2.500% | 5/6/2029 | 1,465 | 1,712 | |
| 8 | Alphabet Inc. | 3.000% | 5/6/2033 | 790 | 918 | |
| 8 | Alphabet Inc. | 3.875% | 5/6/2045 | 295 | 334 | |
| Alphabet Inc. | 5.250% | 5/15/2055 | 50 | 48 | ||
| Alphabet Inc. | 5.300% | 5/15/2065 | 25 | 24 | ||
| American Express Co. | 4.731% | 4/25/2029 | 470 | 477 | ||
| American Express Co. | 4.918% | 7/20/2033 | 800 | 810 | ||
| American Express Co. | 5.043% | 5/1/2034 | 434 | 440 | ||
| American Express Co. | 5.284% | 7/26/2035 | 840 | 856 | ||
| American International Group Inc. | 4.850% | 5/7/2030 | 245 | 251 | ||
| American International Group Inc. | 3.400% | 6/30/2030 | 1,149 | 1,105 | ||
| 8 | American Medical Systems Europe BV | 3.500% | 3/8/2032 | 540 | 642 | |
| 6 | American Transmission Systems Inc. | 2.650% | 1/15/2032 | 605 | 538 | |
| Aon North America Inc. | 5.300% | 3/1/2031 | 1,517 | 1,581 | ||
| Arizona Public Service Co. | 3.750% | 5/15/2046 | 325 | 244 | ||
| Arizona Public Service Co. | 5.900% | 8/15/2055 | 390 | 389 | ||
| AT&T Inc. | 4.300% | 12/15/2042 | 972 | 821 | ||
| AT&T Inc. | 4.650% | 6/1/2044 | 265 | 228 | ||
| AT&T Inc. | 4.750% | 5/15/2046 | 995 | 864 | ||
| 6 | Athene Global Funding | 2.500% | 3/24/2028 | 1,969 | 1,882 | |
| 6 | Athene Global Funding | 5.583% | 1/9/2029 | 685 | 708 | |
| 6 | Athene Global Funding | 2.646% | 10/4/2031 | 1,258 | 1,116 | |
| Athene Holding Ltd. | 6.625% | 5/19/2055 | 185 | 191 | ||
| 6 | Aviation Capital Group LLC | 5.375% | 7/15/2029 | 2,596 | 2,659 | |
| Bank of America Corp. | 5.819% | 9/15/2029 | 1,764 | 1,844 | ||
| 1 | Bank of America Corp. | 5.015% | 7/22/2033 | 913 | 927 | |
| Bank of America Corp. | 5.872% | 9/15/2034 | 1,409 | 1,494 | ||
| Bank of America Corp. | 3.311% | 4/22/2042 | 625 | 481 | ||
| Bank of New York Mellon Corp. | 4.729% | 4/20/2029 | 275 | 279 | ||
| 8 | Becton Dickinson & Co. | 3.828% | 6/7/2032 | 1,425 | 1,706 | |
| Boeing Co. | 5.705% | 5/1/2040 | 192 | 192 | ||
| Boeing Co. | 6.858% | 5/1/2054 | 1,128 | 1,238 | ||
| 8 | Booking Holdings Inc. | 4.500% | 5/9/2046 | 795 | 923 | |
| BP Capital Markets America Inc. | 5.227% | 11/17/2034 | 505 | 515 | ||
| BP Capital Markets America Inc. | 3.001% | 3/17/2052 | 235 | 147 | ||
| 6 | Brighthouse Financial Global Funding | 5.650% | 6/10/2029 | 1,530 | 1,571 | |
| Charter Communications Operating LLC | 4.200% | 3/15/2028 | 2,810 | 2,793 | ||
| Charter Communications Operating LLC | 2.250% | 1/15/2029 | 1,041 | 968 | ||
| Charter Communications Operating LLC | 5.050% | 3/30/2029 | 1,542 | 1,566 | ||
| 4 | Charter Communications Operating LLC | 5.850% | 12/1/2035 | 55 | 55 | |
| Charter Communications Operating LLC | 3.500% | 3/1/2042 | 700 | 497 | ||
| Charter Communications Operating LLC | 4.800% | 3/1/2050 | 375 | 290 | ||
| Charter Communications Operating LLC | 3.900% | 6/1/2052 | 694 | 459 | ||
| Citizens Financial Group Inc. | 5.841% | 1/23/2030 | 265 | 276 | ||
| Cleco Corporate Holdings LLC | 3.375% | 9/15/2029 | 270 | 253 | ||
| 6 | CNO Global Funding | 4.875% | 12/10/2027 | 210 | 213 | |
| 6 | Columbia Pipelines Holding Co. LLC | 5.097% | 10/1/2031 | 350 | 355 | |
| 6 | Columbia Pipelines Operating Co. LLC | 5.927% | 8/15/2030 | 225 | 239 | |
| 6 | Columbia Pipelines Operating Co. LLC | 6.497% | 8/15/2043 | 678 | 705 | |
| Constellation Brands Inc. | 4.100% | 2/15/2048 | 486 | 374 | ||
| Corebridge Financial Inc. | 4.350% | 4/5/2042 | 733 | 617 | ||
| CRH SMW Finance DAC | 5.125% | 1/9/2030 | 780 | 802 | ||
| Crown Castle Inc. | 5.100% | 5/1/2033 | 362 | 363 | ||
| Crown Castle Inc. | 5.800% | 3/1/2034 | 384 | 401 | ||
5
Global Wellesley Income Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Crown Castle Inc. | 5.200% | 9/1/2034 | 522 | 521 | ||
| Dominion Energy Inc. | 4.600% | 5/15/2028 | 400 | 404 | ||
| 1 | Dominion Energy Inc. | 3.375% | 4/1/2030 | 92 | 88 | |
| 1 | Dominion Energy Inc. | 4.900% | 8/1/2041 | 247 | 222 | |
| Dominion Energy South Carolina Inc. | 5.450% | 2/1/2041 | 250 | 248 | ||
| Dominion Energy South Carolina Inc. | 4.600% | 6/15/2043 | 280 | 247 | ||
| DTE Energy Co. | 5.200% | 4/1/2030 | 495 | 510 | ||
| Duke Energy Carolinas LLC | 6.050% | 4/15/2038 | 517 | 554 | ||
| Duke Energy Corp. | 3.300% | 6/15/2041 | 418 | 315 | ||
| Duke Energy Corp. | 5.000% | 8/15/2052 | 906 | 790 | ||
| Duke Energy Progress LLC | 4.200% | 8/15/2045 | 350 | 289 | ||
| Energy Transfer LP | 5.200% | 4/1/2030 | 90 | 93 | ||
| Energy Transfer LP | 5.150% | 3/15/2045 | 581 | 511 | ||
| Energy Transfer LP | 6.125% | 12/15/2045 | 567 | 558 | ||
| Enterprise Products Operating LLC | 5.200% | 1/15/2036 | 335 | 338 | ||
| Enterprise Products Operating LLC | 4.850% | 3/15/2044 | 1,096 | 990 | ||
| Eversource Energy | 5.950% | 7/15/2034 | 557 | 585 | ||
| Extra Space Storage LP | 4.950% | 1/15/2033 | 265 | 266 | ||
| Extra Space Storage LP | 5.400% | 6/15/2035 | 1,349 | 1,362 | ||
| 1 | FirstEnergy Corp. | 4.850% | 7/15/2047 | 370 | 318 | |
| 6 | FirstEnergy Pennsylvania Electric Co. | 5.200% | 4/1/2028 | 40 | 41 | |
| 6 | FirstEnergy Pennsylvania Electric Co. | 3.600% | 6/1/2029 | 124 | 121 | |
| 8 | Fortive Corp. | 3.700% | 8/15/2029 | 1,515 | 1,825 | |
| 6 | Foundry JV Holdco LLC | 5.900% | 1/25/2030 | 200 | 211 | |
| 6 | Foundry JV Holdco LLC | 6.150% | 1/25/2032 | 1,319 | 1,403 | |
| 6 | Foundry JV Holdco LLC | 5.900% | 1/25/2033 | 380 | 398 | |
| 6 | Foundry JV Holdco LLC | 6.250% | 1/25/2035 | 576 | 610 | |
| 6 | GA Global Funding Trust | 5.500% | 1/8/2029 | 1,248 | 1,288 | |
| 6 | GA Global Funding Trust | 5.200% | 12/9/2031 | 725 | 737 | |
| 6 | GA Global Funding Trust | 5.900% | 1/13/2035 | 915 | 941 | |
| Georgia Power Co. | 4.850% | 3/15/2031 | 415 | 425 | ||
| Georgia Power Co. | 4.950% | 5/17/2033 | 515 | 521 | ||
| Georgia Power Co. | 4.300% | 3/15/2042 | 846 | 731 | ||
| 1 | Georgia Power Co. | 3.700% | 1/30/2050 | 35 | 26 | |
| Georgia Power Co. | 5.125% | 5/15/2052 | 700 | 649 | ||
| GLP Capital LP | 5.300% | 1/15/2029 | 1,173 | 1,195 | ||
| GLP Capital LP | 3.250% | 1/15/2032 | 658 | 587 | ||
| GLP Capital LP | 5.250% | 2/15/2033 | 355 | 354 | ||
| GLP Capital LP | 6.750% | 12/1/2033 | 1,029 | 1,106 | ||
| 6 | Gray Oak Pipeline LLC | 2.600% | 10/15/2025 | 291 | 290 | |
| 6 | Gray Oak Pipeline LLC | 3.450% | 10/15/2027 | 702 | 691 | |
| Healthpeak OP LLC | 4.750% | 1/15/2033 | 1,065 | 1,058 | ||
| 6 | Henneman Trust | 6.580% | 5/15/2055 | 1,353 | 1,385 | |
| Home Depot Inc. | 3.300% | 4/15/2040 | 620 | 498 | ||
| Intel Corp. | 4.600% | 3/25/2040 | 1,651 | 1,451 | ||
| Intel Corp. | 5.600% | 2/21/2054 | 713 | 647 | ||
| Intercontinental Exchange Inc. | 4.350% | 6/15/2029 | 1,768 | 1,782 | ||
| 6 | Jackson National Life Global Funding | 4.700% | 6/5/2028 | 775 | 782 | |
| JBS USA Holding Lux Sarl | 3.000% | 5/15/2032 | 220 | 195 | ||
| JBS USA Holding Lux Sarl | 5.750% | 4/1/2033 | 3,277 | 3,391 | ||
| JBS USA Holding Lux Sarl | 6.750% | 3/15/2034 | 135 | 148 | ||
| 6 | JBS USA Holding Lux Sarl | 6.250% | 3/1/2056 | 525 | 519 | |
| 6 | JBS USA Holding Lux Sarl | 6.375% | 4/15/2066 | 400 | 395 | |
| 6 | JBS USA LUX Sarl | 5.950% | 4/20/2035 | 190 | 198 | |
| 8 | Johnson & Johnson | 3.350% | 2/26/2037 | 505 | 582 | |
| 8 | Johnson & Johnson | 3.700% | 2/26/2055 | 810 | 872 | |
| JPMorgan Chase & Co. | 6.087% | 10/23/2029 | 919 | 969 | ||
| JPMorgan Chase & Co. | 5.140% | 1/24/2031 | 213 | 220 | ||
| JPMorgan Chase & Co. | 4.912% | 7/25/2033 | 1,522 | 1,543 | ||
| JPMorgan Chase & Co. | 6.254% | 10/23/2034 | 1,368 | 1,494 | ||
| 1 | JPMorgan Chase & Co. | 3.964% | 11/15/2048 | 500 | 398 | |
| 1 | Kaiser Foundation Hospitals | 2.810% | 6/1/2041 | 710 | 512 | |
| Kenvue Inc. | 5.050% | 3/22/2053 | 617 | 563 | ||
| Kilroy Realty LP | 5.875% | 10/15/2035 | 430 | 428 | ||
| Kite Realty Group LP | 5.200% | 8/15/2032 | 130 | 132 | ||
| 6 | Liberty Mutual Group Inc. | 4.569% | 2/1/2029 | 462 | 465 | |
| 6 | Lincoln Financial Global Funding | 4.625% | 5/28/2028 | 275 | 278 | |
| 6 | Lincoln Financial Global Funding | 4.625% | 8/18/2030 | 240 | 242 | |
| LXP Industrial Trust | 6.750% | 11/15/2028 | 1,557 | 1,654 | ||
| 6 | Mars Inc. | 5.000% | 3/1/2032 | 581 | 593 | |
6
Global Wellesley Income Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 6 | Mars Inc. | 5.650% | 5/1/2045 | 210 | 207 | |
| 6 | Mars Inc. | 5.700% | 5/1/2055 | 990 | 967 | |
| 6 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/2050 | 140 | 95 | |
| Merck & Co. Inc. | 5.000% | 5/17/2053 | 656 | 594 | ||
| 1 | Morgan Stanley | 3.772% | 1/24/2029 | 175 | 173 | |
| 1 | Morgan Stanley | 2.511% | 10/20/2032 | 1,571 | 1,394 | |
| Morgan Stanley | 5.587% | 1/18/2036 | 40 | 41 | ||
| Morgan Stanley Private Bank NA | 4.734% | 7/18/2031 | 365 | 370 | ||
| 8 | MSD Netherlands Capital BV | 3.750% | 5/30/2054 | 405 | 417 | |
| 6 | Mutual of Omaha Cos. Global Funding | 5.000% | 4/1/2030 | 435 | 444 | |
| NiSource Inc. | 5.250% | 3/30/2028 | 255 | 262 | ||
| 6 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/2047 | 280 | 212 | |
| 6 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/2059 | 12 | 8 | |
| 6 | Oglethorpe Power Corp. | 6.191% | 1/1/2031 | 214 | 223 | |
| Oglethorpe Power Corp. | 4.550% | 6/1/2044 | 20 | 17 | ||
| Oglethorpe Power Corp. | 4.250% | 4/1/2046 | 81 | 63 | ||
| 6 | Ohio Edison Co. | 4.950% | 12/15/2029 | 105 | 107 | |
| 6 | Omnis Funding Trust | 6.722% | 5/15/2055 | 672 | 693 | |
| ONEOK Inc. | 4.750% | 10/15/2031 | 425 | 425 | ||
| ONEOK Inc. | 4.950% | 10/15/2032 | 740 | 736 | ||
| Oracle Corp. | 3.600% | 4/1/2040 | 909 | 720 | ||
| Oracle Corp. | 3.650% | 3/25/2041 | 566 | 443 | ||
| Oracle Corp. | 4.500% | 7/8/2044 | 480 | 401 | ||
| Pacific Gas & Electric Co. | 4.750% | 2/15/2044 | 375 | 310 | ||
| Pacific Gas & Electric Co. | 4.950% | 7/1/2050 | 1,056 | 874 | ||
| 6 | Penske Truck Leasing Co. LP | 5.250% | 7/1/2029 | 820 | 844 | |
| 6 | Penske Truck Leasing Co. LP | 5.250% | 2/1/2030 | 220 | 227 | |
| 6 | Pricoa Global Funding I | 4.700% | 5/28/2030 | 150 | 152 | |
| 6 | Pricoa Global Funding I | 5.350% | 5/28/2035 | 185 | 190 | |
| Progressive Corp. | 3.950% | 3/26/2050 | 648 | 503 | ||
| 1,8 | Prologis Euro Finance LLC | 4.250% | 1/31/2043 | 610 | 696 | |
| 6 | Protective Life Global Funding | 4.803% | 6/5/2030 | 335 | 341 | |
| 6 | Protective Life Global Funding | 5.432% | 1/14/2032 | 1,379 | 1,433 | |
| Providence St. Joseph Health Obligated Group | 5.403% | 10/1/2033 | 428 | 436 | ||
| 1 | Prudential Financial Inc. | 3.700% | 3/13/2051 | 830 | 605 | |
| Public Service Co. of Oklahoma | 5.450% | 1/15/2036 | 920 | 931 | ||
| 1 | Public Service Electric & Gas Co. | 3.100% | 3/15/2032 | 895 | 821 | |
| Public Service Enterprise Group Inc. | 5.200% | 4/1/2029 | 570 | 588 | ||
| QUALCOMM Inc. | 4.500% | 5/20/2052 | 160 | 134 | ||
| Realty Income Corp. | 3.250% | 6/15/2029 | 467 | 452 | ||
| 8 | Realty Income Corp. | 4.875% | 7/6/2030 | 1,520 | 1,915 | |
| 6 | RGA Global Funding | 4.350% | 8/25/2028 | 1,105 | 1,108 | |
| 6 | RGA Global Funding | 5.448% | 5/24/2029 | 580 | 602 | |
| 6 | RGA Global Funding | 5.250% | 1/9/2030 | 710 | 734 | |
| 6 | RGA Global Funding | 5.000% | 8/25/2032 | 250 | 251 | |
| 6 | Sammons Financial Group Global Funding | 4.950% | 6/12/2030 | 1,380 | 1,400 | |
| 6 | SBA Tower Trust | 1.884% | 1/15/2026 | 110 | 109 | |
| 6 | SBA Tower Trust | 1.631% | 11/15/2026 | 615 | 595 | |
| 1 | SCE Recovery Funding LLC | 0.861% | 11/15/2031 | 156 | 140 | |
| 1 | SCE Recovery Funding LLC | 1.942% | 5/15/2038 | 105 | 81 | |
| 1 | SCE Recovery Funding LLC | 2.510% | 11/15/2043 | 60 | 40 | |
| 1 | Shell Finance US Inc. | 4.000% | 5/10/2046 | 275 | 219 | |
| Shell International Finance BV | 3.000% | 11/26/2051 | 340 | 218 | ||
| Southern California Edison Co. | 4.650% | 10/1/2043 | 638 | 537 | ||
| Southern California Edison Co. | 4.000% | 4/1/2047 | 730 | 544 | ||
| Southern California Edison Co. | 6.200% | 9/15/2055 | 39 | 39 | ||
| 1 | SSM Health Care Corp. | 3.823% | 6/1/2027 | 380 | 378 | |
| Synchrony Financial | 5.019% | 7/29/2029 | 200 | 201 | ||
| Synchrony Financial | 6.000% | 7/29/2036 | 135 | 136 | ||
| Synopsys Inc. | 4.850% | 4/1/2030 | 635 | 648 | ||
| Synopsys Inc. | 5.000% | 4/1/2032 | 695 | 709 | ||
| Synopsys Inc. | 5.150% | 4/1/2035 | 481 | 485 | ||
| 6 | Texas Electric Market Stabilization Funding N LLC | 4.265% | 8/1/2034 | 696 | 696 | |
| Toledo Hospital | 5.750% | 11/15/2038 | 70 | 70 | ||
| 6 | Trans-Allegheny Interstate Line Co. | 5.000% | 1/15/2031 | 426 | 436 | |
| Tyson Foods Inc. | 5.700% | 3/15/2034 | 2,502 | 2,606 | ||
| 1 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/2026 | 29 | 29 | |
| Verizon Communications Inc. | 2.875% | 11/20/2050 | 180 | 111 | ||
| 6 | VICI Properties LP | 4.625% | 12/1/2029 | 1,009 | 998 | |
| VICI Properties LP | 5.125% | 5/15/2032 | 690 | 692 | ||
7
Global Wellesley Income Fund
8
Global Wellesley Income Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 1,12 | Japan | 0.700% | 6/20/2051 | 80,700 | 322 | |
| 1,12 | Japan | 0.700% | 9/20/2051 | 4,850 | 19 | |
| 1,12 | Japan | 1.200% | 6/20/2053 | 15,900 | 70 | |
| 5,103 | ||||||
| Mexico (0.1%) | ||||||
| United Mexican States | 6.400% | 5/7/2054 | 980 | 910 | ||
| Qatar (0.1%) | ||||||
| 1,6 | State of Qatar | 5.103% | 4/23/2048 | 285 | 273 | |
| 1,6 | State of Qatar | 4.400% | 4/16/2050 | 205 | 175 | |
| 448 | ||||||
| Saudi Arabia (0.8%) | ||||||
| 1,6 | Kingdom of Saudi Arabia | 5.375% | 1/13/2031 | 1,175 | 1,229 | |
| 1,6 | Kingdom of Saudi Arabia | 5.625% | 1/13/2035 | 829 | 872 | |
| 1,6 | Kingdom of Saudi Arabia | 5.750% | 1/16/2054 | 643 | 622 | |
| 1,6 | Saudi Arabian Oil Co. | 5.375% | 6/2/2035 | 1,240 | 1,276 | |
| 1,6 | Saudi Arabian Oil Co. | 6.375% | 6/2/2055 | 880 | 907 | |
| 4,906 | ||||||
| Spain (0.1%) | ||||||
| 6,8 | Kingdom of Spain | 0.600% | 10/31/2029 | 420 | 456 | |
| Supranational (0.7%) | ||||||
| 1,8 | European Union | 0.000% | 7/4/2035 | 865 | 749 | |
| 1,8 | European Union | 0.200% | 6/4/2036 | 740 | 630 | |
| 1,8 | European Union | 4.000% | 4/4/2044 | 590 | 705 | |
| 1,8 | European Union | 2.625% | 2/4/2048 | 2,605 | 2,467 | |
| 4,551 | ||||||
| United Kingdom (0.3%) | ||||||
| 10 | United Kingdom | 0.625% | 10/22/2050 | 1,280 | 592 | |
| 10 | United Kingdom | 4.250% | 12/7/2055 | 975 | 1,058 | |
| 1,650 | ||||||
| Total Sovereign Bonds (Cost $74,107) | 74,666 | |||||
| Taxable Municipal Bonds (0.6%) | ||||||
| United States (0.6%) | ||||||
| Broward County FL Airport System Revenue | 3.477% | 10/1/2043 | 80 | 65 | ||
| Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/2040 | 33 | 37 | ||
| Dallas-Fort Worth TX International Airport Revenue | 3.089% | 11/1/2040 | 60 | 48 | ||
| Dallas-Fort Worth TX International Airport Revenue | 4.087% | 11/1/2051 | 30 | 24 | ||
| Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/2057 | 511 | 545 | ||
| Golden State Tobacco Securitization Corp. California Revenue | 3.000% | 6/1/2046 | 60 | 53 | ||
| Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/2052 | 210 | 142 | ||
| Illinois GO | 5.100% | 6/1/2033 | 1,374 | 1,390 | ||
| New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.200% | 11/15/2026 | 5 | 5 | ||
| New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.668% | 11/15/2039 | 155 | 167 | ||
| New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.814% | 11/15/2040 | 245 | 266 | ||
| 14 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/2028 | 525 | 559 | |
| Port Authority of New York & New Jersey Revenue | 3.175% | 7/15/2060 | 160 | 102 | ||
| Texas Natural Gas Securitization Finance Corp. Revenue (Winter Storm Uri) | 5.102% | 4/1/2035 | 455 | 467 | ||
| Texas Natural Gas Securitization Finance Corp. Revenue (Winter Storm Uri) | 5.169% | 4/1/2041 | 135 | 138 | ||
| Total Taxable Municipal Bonds (Cost $4,328) | 4,008 | |||||
9
Global Wellesley Income Fund
| Coupon | Shares | Market Value• ($000) | ||||
| Temporary Cash Investments (4.6%) | ||||||
| Money Market Fund (4.6%) | ||||||
| 15 | Vanguard Market Liquidity Fund (Cost $29,812) | 4.362% | 298,160 | 29,813 | ||
| Total Investments (99.1%) (Cost $562,740) | 633,270 | |||||
| Other Assets and Liabilities—Net (0.9%) | 5,670 | |||||
| Net Assets (100%) | 638,940 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| 1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of August 31, 2025. |
| 5 | Securities with a value of $441 have been segregated as initial margin for open futures contracts. |
| 6 | 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 August 31, 2025, the aggregate value was $80,634, representing 12.6% of net assets. |
| 7 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 8 | Face amount denominated in euro. |
| 9 | Face amount denominated in Canadian dollars. |
| 10 | Face amount denominated in British pounds. |
| 11 | Face amount denominated in Swiss francs. |
| 12 | Face amount denominated in Japanese yen. |
| 13 | Face amount denominated in Australian dollars. |
| 14 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 15 | 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. | |
| DAC—Designated Activity Company. | |
| GO—General Obligation Bond. | |
| REMICS—Real Estate Mortgage Investment Conduits. | |
| SOFR30A—30 Day Average Secured Overnight Financing Rate. | |
| TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. | |
| UMBS—Uniform Mortgage-Backed Securities. |
10
Global Wellesley Income Fund
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Short Futures Contracts | ||||
| 5-Year U.S. Treasury Note | December 2025 | (142) | (15,544) | (37) |
| 10-Year U.S. Treasury Note | December 2025 | (10) | (1,125) | (3) |
| Euro-Bobl | September 2025 | (11) | (1,512) | 4 |
| Ultra 10-Year U.S. Treasury Note | December 2025 | (45) | (5,148) | (26) |
| (62) | ||||
| Forward Currency Contracts | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| Goldman Sachs International | 9/29/2025 | EUR | 118 | USD | 137 | 1 | — |
| Goldman Sachs International | 9/29/2025 | USD | 8,959 | AUD | 13,932 | — | (163) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 7,386 | CAD | 10,263 | — | (97) |
| Goldman Sachs International | 9/29/2025 | USD | 2,366 | CHF | 1,907 | — | (25) |
| Goldman Sachs International | 9/29/2025 | USD | 103,380 | EUR | 88,931 | — | (835) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 268 | EUR | 230 | — | (1) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 7,877 | GBP | 5,872 | — | (62) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | AUD | 1,970 | GBP | 943 | 15 | — |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | EUR | 282 | GBP | 244 | — | — |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | USD | 5,168 | JPY | 765,457 | — | (55) |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | AUD | 2,198 | JPY | 209,400 | 10 | — |
| JPMorgan Chase Bank, N.A. | 9/29/2025 | GBP | 327 | JPY | 65,000 | — | (1) |
| 26 | (1,239) | ||||||
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| JPY—Japanese yen. |
| USD—U.S. dollar. |
At August 31, 2025, the
counterparties had deposited in segregated accounts securities with a value of $911 in connection with open forward currency contracts.
See accompanying Notes,
which are an integral part of the Financial Statements.
11
Global Wellesley Income Fund
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $532,928) | 603,457 |
| Affiliated Issuers (Cost $29,812) | 29,813 |
| Total Investments in Securities | 633,270 |
| Investment in Vanguard | 16 |
| Cash | 19 |
| Foreign Currency, at Value (Cost $1,243) | 1,242 |
| Receivables for Investment Securities Sold | 10,045 |
| Receivables for Accrued Income | 4,915 |
| Receivables for Capital Shares Issued | 550 |
| Variation Margin Receivable—Futures Contracts | 14 |
| Unrealized Appreciation—Forward Currency Contracts | 26 |
| Total Assets | 650,097 |
| Liabilities | |
| Payables for Investment Securities Purchased | 9,236 |
| Payables for Capital Shares Redeemed | 415 |
| Payables to Investment Advisor | 184 |
| Payables to Vanguard | 83 |
| Unrealized Depreciation—Forward Currency Contracts | 1,239 |
| Total Liabilities | 11,157 |
| Net Assets | 638,940 |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 577,338 |
| Total Distributable Earnings (Loss) | 61,602 |
| Net Assets | 638,940 |
| Investor Shares—Net Assets | |
| Applicable to 4,013,065 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 92,486 |
| Net Asset Value Per Share—Investor Shares | $23.05 |
| Admiral™ Shares—Net Assets | |
| Applicable to 18,965,983 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 546,454 |
| Net Asset Value Per Share—Admiral Shares | $28.81 |
See accompanying Notes,
which are an integral part of the Financial Statements.
12
Global Wellesley Income Fund
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 7,775 |
| Interest2 | 15,772 |
| Securities Lending—Net | 31 |
| Total Income | 23,578 |
| Expenses | |
| Investment Advisory Fees—Note B | |
| Basic Fee | 682 |
| Performance Adjustment | 33 |
| The Vanguard Group—Note C | |
| Management and Administrative—Investor Shares | 225 |
| Management and Administrative—Admiral Shares | 700 |
| Marketing and Distribution—Investor Shares | 4 |
| Marketing and Distribution—Admiral Shares | 22 |
| Custodian Fees | 39 |
| Auditing Fees | 32 |
| Shareholders’ Reports and Proxy Fees—Investor Shares | 12 |
| Shareholders’ Reports and Proxy Fees—Admiral Shares | 17 |
| Trustees’ Fees and Expenses | — |
| Other Expenses | 66 |
| Total Expenses | 1,832 |
| Net Investment Income | 21,746 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 11,100 |
| Futures Contracts | 47 |
| Swap Contracts | (54) |
| Forward Currency Contracts | (1,197) |
| Foreign Currencies | 190 |
| Realized Net Gain (Loss) | 10,086 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 12,013 |
| Futures Contracts | (130) |
| Forward Currency Contracts | (2,119) |
| Foreign Currencies | (12) |
| Change in Unrealized Appreciation (Depreciation) | 9,752 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 41,584 |
| 1 | Dividends are net of foreign withholding taxes of $240. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $821, $2, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes,
which are an integral part of the Financial Statements.
13
Global Wellesley Income Fund
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 21,746 | 20,152 |
| Realized Net Gain (Loss) | 10,086 | (677) |
| Change in Unrealized Appreciation (Depreciation) | 9,752 | 46,445 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 41,584 | 65,920 |
| Distributions | ||
| Investor Shares | (3,125) | (2,763) |
| Admiral Shares | (18,249) | (15,639) |
| Total Distributions | (21,374) | (18,402) |
| Capital Share Transactions | ||
| Investor Shares | 5,986 | (4,871) |
| Admiral Shares | 61,896 | (26,706) |
| Net Increase (Decrease) from Capital Share Transactions | 67,882 | (31,577) |
| Total Increase (Decrease) | 88,092 | 15,941 |
| Net Assets | ||
| Beginning of Period | 550,848 | 534,907 |
| End of Period | 638,940 | 550,848 |
See accompanying Notes,
which are an integral part of the Financial Statements.
14
Global Wellesley Income Fund
Financial Highlights
| Investor Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $22.31 | $20.38 | $19.82 | $22.22 | $20.42 |
| Investment Operations | |||||
| Net Investment Income1 | .826 | .781 | .645 | .474 | .446 |
| Net Realized and Unrealized Gain (Loss) on Investments | .734 | 1.862 | .375 | (2.430) | 1.747 |
| Total from Investment Operations | 1.560 | 2.643 | 1.020 | (1.956) | 2.193 |
| Distributions | |||||
| Dividends from Net Investment Income | (.820) | (.713) | (.460) | (.444) | (.393) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.820) | (.713) | (.460) | (.444) | (.393) |
| Net Asset Value, End of Period | $23.05 | $22.31 | $20.38 | $19.82 | $22.22 |
| Total Return2 | 7.20% | 13.25% | 5.20% | -8.94% | 10.83% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $92 | $84 | $81 | $81 | $91 |
| Ratio of Total Expenses to Average Net Assets3 | 0.43% | 0.44% | 0.44%4 | 0.42%4 | 0.41% |
| Ratio of Net Investment Income to Average Net Assets | 3.71% | 3.73% | 3.20% | 2.23% | 2.09% |
| Portfolio Turnover Rate5 | 102% | 106% | 150% | 119% | 99% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.02%, 0.02%, 0.00%, and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.44% and 0.42%, respectively. |
| 5 | Includes 4%, 4%, 28%, 27%, and 33%, respectively, attributable to mortgage-dollar-roll activity. |
See accompanying Notes,
which are an integral part of the Financial Statements.
15
Global Wellesley Income Fund
Financial Highlights
| Admiral Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $27.90 | $25.48 | $24.78 | $27.78 | $25.53 |
| Investment Operations | |||||
| Net Investment Income1 | 1.069 | 1.010 | .839 | .627 | .594 |
| Net Realized and Unrealized Gain (Loss) on Investments | .901 | 2.336 | .468 | (3.035) | 2.178 |
| Total from Investment Operations | 1.970 | 3.346 | 1.307 | (2.408) | 2.772 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.060) | (.926) | (.607) | (.592) | (.522) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.060) | (.926) | (.607) | (.592) | (.522) |
| Net Asset Value, End of Period | $28.81 | $27.90 | $25.48 | $24.78 | $27.78 |
| Total Return2 | 7.28% | 13.43% | 5.33% | -8.81% | 10.96% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $546 | $467 | $454 | $446 | $488 |
| Ratio of Total Expenses to Average Net Assets3 | 0.30% | 0.31% | 0.31%4 | 0.29%4 | 0.28% |
| Ratio of Net Investment Income to Average Net Assets | 3.84% | 3.86% | 3.33% | 2.36% | 2.22% |
| Portfolio Turnover Rate5 | 102% | 106% | 150% | 119% | 99% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.02%, 0.02%, 0.00%, and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.31% and 0.29%, respectively. |
| 5 | Includes 4%, 4%, 28%, 27%, and 33%, respectively, attributable to mortgage-dollar-roll activity. |
See accompanying Notes, which are an integral
part of the Financial Statements.
16
Global Wellesley Income Fund
Notes to Financial Statements
Vanguard Global Wellesley
Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
The fund offers two classes of shares:
Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and other temporary
cash investments 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. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer,
tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, as furnished by independent pricing services. Investments in Vanguard Market
Liquidity Fund are valued at that fund's net asset value. 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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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.
2. 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).
3. To Be Announced (TBA)
Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of
TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. The fund may sell a TBA that it does not
hold (Sales Commitments) to manage portfolio risks while giving the fund more flexibility. The settlement date of a Sales Commitment is not set, and the positions can be increased or decreased to ensure appropriate
hedging ratios for the fund and may be offset by entering into an equal amount of TBA purchases. When the fund is a buyer of TBA transactions, it maintains cash, short-term investments, or Treasuries in an amount
sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its
counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also
enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral
pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty,
determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.
4. Mortgage Dollar
Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a
predetermined price on a predetermined date. The fund forgoes principal and interest paid on the securities sold. In exchange for the forgone principal and interest paid, the fund is compensated by investing the
proceeds of the sale, typically in high-quality short-term fixed income securities, and earning interest on such investments. Further the fund receives a lower price on the securities to be repurchased. The fund also
enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell substantially similar securities in
the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools
already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the
fund’s portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities
Purchased in the Statement of Assets and Liabilities.
5. Futures Contracts:
The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced,
or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices
of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further
mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing
brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any
securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
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Global Wellesley Income Fund
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the year ended August
31, 2025, the fund’s average investments in long and short futures contracts represented less than 1% and 2% of net assets, respectively, based on the average of the notional amounts at each quarter-end during
the period.
6. Forward Currency
Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of
forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund
mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with
its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold,
or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount
owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency
contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability
position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments.
The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is
adjusted and settled within two business days.
Forward currency contracts are
valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the
Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized
appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the year ended August
31, 2025, the fund’s average investment in forward currency contracts represented 22% of net assets, based on the average of the notional amounts at each quarter-end during the period.
7. Swap Contracts: The
fund enters into interest rate swap transactions to adjust the fund’s sensitivity to changes in interest rates and maintain the ability to generate income at prevailing market rates. Under the terms of the
swaps, one party pays the other either an amount that is a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, applied to a notional amount. In return, the
counterparty agrees to pay a different floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount.
The fund enters into centrally
cleared interest rate swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the counterparty instead
of the clearing broker or executing broker. The clearinghouse imposes initial margin requirements to secure the fund's performance, and requires daily settlement of variation margin representing changes in the market
value of each contract. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified executing brokers; monitors the financial strength of its clearing brokers, executing brokers, and
clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.
A risk associated with all
types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on
the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting
arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be
repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either
party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions
whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination.
The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged
is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap
contracts are not recorded in the Statement of Asset and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is
recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the
swap, at which time realized gain (loss) is recorded.
During the year ended August
31, 2025, the fund’s average amount of investments in interest rate swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no
open interest rate swap contracts at August 31, 2025.
8. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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Global Wellesley Income Fund
9. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
10. Securities Lending:
To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by
collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When
this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only
with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements
provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net
amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the
securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period
the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income
earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
11. Credit Facilities
and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a
credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings
may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are
charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and
included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds
effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear
interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
12. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from
Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for
premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains
(losses) on the sale of investment securities are those of the specific securities sold.
The fund has filed tax
reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to
these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims
and related professional fees, if any, are included in dividend income and other expenses, respectively.
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses),
shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and
gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Wellington Management Company llp provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the
fund’s performance relative to the Global Wellesley Income Composite Index, comprising the FTSE Developed High Divided Yield Index (net of tax) and the Bloomberg Fixed Income Composite Index for the preceding
three years. For the year ended August 31, 2025, the investment advisory fee represented an effective annual basic rate of 0.12% of the fund’s average net assets, before a net increase of $33,000 (0.01%) based on
performance.
C. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of
trustees and are generally settled twice a month.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $16,000, representing less than 0.01% of the fund’s net
assets and 0.01% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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Global Wellesley Income Fund
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The
inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks—North and South America | 111,945 | 4,733 | — | 116,678 |
| Common Stocks—Other | 4,295 | 115,865 | — | 120,160 |
| U.S. Government and Agency Obligations | — | 57,530 | 3,738 | 61,268 |
| Asset-Backed/Commercial Mortgage-Backed Securities | — | 11,524 | — | 11,524 |
| Corporate Bonds | — | 215,153 | — | 215,153 |
| Sovereign Bonds | — | 74,666 | — | 74,666 |
| Taxable Municipal Bonds | — | 4,008 | — | 4,008 |
| Temporary Cash Investments | 29,813 | — | — | 29,813 |
| Total | 146,053 | 483,479 | 3,738 | 633,270 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 4 | — | — | 4 |
| Forward Currency Contracts | — | 26 | — | 26 |
| Total | 4 | 26 | — | 30 |
| Liabilities | ||||
| Futures Contracts1 | (66) | — | — | (66) |
| Forward Currency Contracts | — | (1,239) | — | (1,239) |
| Total | (66) | (1,239) | — | (1,305) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. | |||
E. At August 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
| Statement of Assets and Liabilities | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Unrealized Appreciation—Futures Contracts1 | 4 | — | 4 |
| Unrealized Appreciation—Forward Currency Contracts | — | 26 | 26 |
| Total Assets | 4 | 26 | 30 |
| Unrealized Depreciation—Futures Contracts1 | (66) | — | (66) |
| Unrealized Depreciation—Forward Currency Contracts | — | (1,239) | (1,239) |
| Total Liabilities | (66) | (1,239) | (1,305) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
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Global Wellesley Income Fund
Realized net gain (loss) and
the change in unrealized appreciation (depreciation) on derivatives for the year ended August 31, 2025, were:
| Realized Net Gain (Loss) on Derivatives | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Futures Contracts | 47 | — | 47 |
| Swap Contracts | (54) | — | (54) |
| Forward Currency Contracts | — | (1,197) | (1,197) |
| Realized Net Gain (Loss) on Derivatives | (7) | (1,197) | (1,204) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | (130) | — | (130) |
| Forward Currency Contracts | — | (2,119) | (2,119) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (130) | (2,119) | (2,249) |
F. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind
redemptions, swap agreements, and distributions in connection with fund share redemptions.
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss)
are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 4,671 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 70,280 |
| Capital Loss Carryforwards | (13,349) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 61,602 |
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 21,374 | 18,402 |
| Long-Term Capital Gains | — | — |
| Total | 21,374 | 18,402 |
| * | Includes short-term capital gains, if any. |
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 563,044 |
| Gross Unrealized Appreciation | 80,829 |
| Gross Unrealized Depreciation | (10,603) |
| Net Unrealized Appreciation (Depreciation) | 70,226 |
G. During the year ended August 31, 2025, the fund purchased $402,714,000 of investment securities and sold $360,326,000 of investment securities, other than U.S. government securities and
temporary cash investments. Purchases and sales of U.S. government securities were $202,070,000 and $199,631,000, respectively.
21
Global Wellesley Income Fund
H. Capital share transactions for each class of shares were:
| Year Ended August 31, | |||||
| 2025 | 2024 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| Investor Shares | |||||
| Issued | 32,054 | 1,439 | 17,143 | 820 | |
| Issued in Lieu of Cash Distributions | 2,679 | 121 | 2,367 | 113 | |
| Redeemed | (28,747) | (1,294) | (24,381) | (1,163) | |
| Net Increase (Decrease)—Investor Shares | 5,986 | 266 | (4,871) | (230) | |
| Admiral Shares | |||||
| Issued | 135,357 | 4,864 | 76,514 | 2,920 | |
| Issued in Lieu of Cash Distributions | 14,141 | 512 | 12,185 | 466 | |
| Redeemed | (87,602) | (3,158) | (115,405) | (4,449) | |
| Net Increase (Decrease)—Admiral Shares | 61,896 | 2,218 | (26,706) | (1,063) | |
I. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
J. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
22
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard World
Fund and Shareholders of Vanguard Global Wellesley® Income Fund
Opinion on the Financial
Statements
We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Global Wellesley® Income Fund (one of the funds constituting Vanguard World Fund, referred to hereafter as the
"Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including
the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period
ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are
the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
23
Tax information (unaudited)
For corporate shareholders,
10.6%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the
dividends-received deduction.
The fund hereby designates
$6,658,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders
will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for
the fiscal year $1,371,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income
tax.
The fund hereby designates
77.8%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the
regulations thereunder for the fiscal year.
The fund hereby designates
$176,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via
IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
Q14960 102025
24
Financial Statements
For the year ended August 31,
2025
Vanguard ESG U.S. Corporate Bond ETF
Contents
Financial Statements | 1 |
Report of Independent Registered Public Accounting Firm | 50 |
Tax information | 51 |
ESG U.S. Corporate Bond ETF
Financial Statements
Schedule of Investments
As of August 31, 2025
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
1
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| AT&T Inc. | 3.850% | 6/1/2060 | 315 | 216 | ||
| Bell Telephone Co. of Canada or Bell Canada | 5.100% | 5/11/2033 | 255 | 257 | ||
| Bell Telephone Co. of Canada or Bell Canada | 4.464% | 4/1/2048 | 315 | 255 | ||
| British Telecommunications plc | 9.625% | 12/15/2030 | 635 | 782 | ||
| Charter Communications Operating LLC | 6.150% | 11/10/2026 | 205 | 210 | ||
| Charter Communications Operating LLC | 3.750% | 2/15/2028 | 200 | 197 | ||
| Charter Communications Operating LLC | 4.200% | 3/15/2028 | 315 | 313 | ||
| Charter Communications Operating LLC | 2.250% | 1/15/2029 | 220 | 205 | ||
| Charter Communications Operating LLC | 5.050% | 3/30/2029 | 235 | 239 | ||
| Charter Communications Operating LLC | 6.100% | 6/1/2029 | 385 | 405 | ||
| Charter Communications Operating LLC | 2.800% | 4/1/2031 | 271 | 244 | ||
| Charter Communications Operating LLC | 2.300% | 2/1/2032 | 280 | 237 | ||
| Charter Communications Operating LLC | 4.400% | 4/1/2033 | 505 | 475 | ||
| Charter Communications Operating LLC | 6.650% | 2/1/2034 | 250 | 267 | ||
| Charter Communications Operating LLC | 6.550% | 6/1/2034 | 300 | 318 | ||
| Charter Communications Operating LLC | 6.384% | 10/23/2035 | 425 | 442 | ||
| Charter Communications Operating LLC | 5.375% | 4/1/2038 | 370 | 346 | ||
| Charter Communications Operating LLC | 3.500% | 6/1/2041 | 245 | 176 | ||
| Charter Communications Operating LLC | 3.500% | 3/1/2042 | 465 | 330 | ||
| Charter Communications Operating LLC | 6.484% | 10/23/2045 | 750 | 729 | ||
| Charter Communications Operating LLC | 5.375% | 5/1/2047 | 405 | 344 | ||
| Charter Communications Operating LLC | 5.750% | 4/1/2048 | 521 | 465 | ||
| Charter Communications Operating LLC | 5.125% | 7/1/2049 | 425 | 345 | ||
| Charter Communications Operating LLC | 4.800% | 3/1/2050 | 780 | 603 | ||
| Charter Communications Operating LLC | 3.700% | 4/1/2051 | 585 | 376 | ||
| Charter Communications Operating LLC | 3.900% | 6/1/2052 | 430 | 284 | ||
| Charter Communications Operating LLC | 5.250% | 4/1/2053 | 340 | 278 | ||
| Charter Communications Operating LLC | 3.850% | 4/1/2061 | 410 | 250 | ||
| Charter Communications Operating LLC | 4.400% | 12/1/2061 | 243 | 165 | ||
| Charter Communications Operating LLC | 3.950% | 6/30/2062 | 600 | 372 | ||
| Charter Communications Operating LLC | 5.500% | 4/1/2063 | 350 | 287 | ||
| Comcast Corp. | 2.350% | 1/15/2027 | 265 | 259 | ||
| Comcast Corp. | 3.300% | 2/1/2027 | 495 | 489 | ||
| Comcast Corp. | 3.300% | 4/1/2027 | 150 | 148 | ||
| Comcast Corp. | 5.350% | 11/15/2027 | 100 | 103 | ||
| Comcast Corp. | 3.150% | 2/15/2028 | 380 | 372 | ||
| Comcast Corp. | 3.550% | 5/1/2028 | 245 | 242 | ||
| Comcast Corp. | 4.150% | 10/15/2028 | 890 | 893 | ||
| Comcast Corp. | 4.550% | 1/15/2029 | 393 | 399 | ||
| Comcast Corp. | 5.100% | 6/1/2029 | 350 | 362 | ||
| Comcast Corp. | 2.650% | 2/1/2030 | 285 | 267 | ||
| Comcast Corp. | 3.400% | 4/1/2030 | 190 | 184 | ||
| Comcast Corp. | 4.250% | 10/15/2030 | 480 | 480 | ||
| Comcast Corp. | 1.950% | 1/15/2031 | 225 | 199 | ||
| Comcast Corp. | 1.500% | 2/15/2031 | 270 | 233 | ||
| Comcast Corp. | 4.250% | 1/15/2033 | 515 | 500 | ||
| Comcast Corp. | 4.650% | 2/15/2033 | 455 | 454 | ||
| Comcast Corp. | 7.050% | 3/15/2033 | 456 | 521 | ||
| Comcast Corp. | 4.800% | 5/15/2033 | 235 | 235 | ||
| Comcast Corp. | 5.300% | 6/1/2034 | 380 | 391 | ||
| Comcast Corp. | 4.200% | 8/15/2034 | 315 | 299 | ||
| Comcast Corp. | 5.300% | 5/15/2035 | 200 | 204 | ||
| Comcast Corp. | 5.650% | 6/15/2035 | 260 | 272 | ||
| Comcast Corp. | 4.400% | 8/15/2035 | 135 | 129 | ||
| Comcast Corp. | 3.200% | 7/15/2036 | 135 | 114 | ||
| Comcast Corp. | 3.900% | 3/1/2038 | 245 | 213 | ||
| Comcast Corp. | 4.600% | 10/15/2038 | 85 | 79 | ||
| Comcast Corp. | 3.250% | 11/1/2039 | 425 | 334 | ||
| Comcast Corp. | 3.750% | 4/1/2040 | 225 | 187 | ||
| Comcast Corp. | 4.600% | 8/15/2045 | 125 | 107 | ||
| Comcast Corp. | 3.400% | 7/15/2046 | 195 | 138 | ||
| Comcast Corp. | 4.000% | 8/15/2047 | 95 | 73 | ||
| Comcast Corp. | 3.969% | 11/1/2047 | 505 | 386 | ||
| Comcast Corp. | 4.000% | 3/1/2048 | 80 | 61 | ||
| Comcast Corp. | 4.700% | 10/15/2048 | 273 | 233 | ||
| Comcast Corp. | 3.999% | 11/1/2049 | 575 | 432 | ||
| Comcast Corp. | 3.450% | 2/1/2050 | 280 | 190 | ||
| Comcast Corp. | 2.800% | 1/15/2051 | 652 | 385 | ||
| Comcast Corp. | 2.887% | 11/1/2051 | 899 | 538 | ||
| Comcast Corp. | 2.450% | 8/15/2052 | 585 | 313 | ||
2
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Comcast Corp. | 4.049% | 11/1/2052 | 250 | 187 | ||
| Comcast Corp. | 5.350% | 5/15/2053 | 615 | 563 | ||
| Comcast Corp. | 5.650% | 6/1/2054 | 290 | 278 | ||
| Comcast Corp. | 2.937% | 11/1/2056 | 1,362 | 783 | ||
| Comcast Corp. | 4.950% | 10/15/2058 | 280 | 238 | ||
| Comcast Corp. | 2.650% | 8/15/2062 | 390 | 199 | ||
| Comcast Corp. | 2.987% | 11/1/2063 | 788 | 437 | ||
| Comcast Corp. | 5.500% | 5/15/2064 | 260 | 239 | ||
| Deutsche Telekom International Finance BV | 8.750% | 6/15/2030 | 615 | 728 | ||
| Electronic Arts Inc. | 1.850% | 2/15/2031 | 154 | 135 | ||
| Electronic Arts Inc. | 2.950% | 2/15/2051 | 155 | 97 | ||
| Expedia Group Inc. | 3.800% | 2/15/2028 | 200 | 198 | ||
| Expedia Group Inc. | 3.250% | 2/15/2030 | 310 | 296 | ||
| Expedia Group Inc. | 5.400% | 2/15/2035 | 119 | 121 | ||
| Fox Corp. | 4.709% | 1/25/2029 | 480 | 485 | ||
| Fox Corp. | 6.500% | 10/13/2033 | 316 | 344 | ||
| Fox Corp. | 5.476% | 1/25/2039 | 415 | 409 | ||
| Fox Corp. | 5.576% | 1/25/2049 | 208 | 196 | ||
| Grupo Televisa SAB | 5.000% | 5/13/2045 | 110 | 77 | ||
| Grupo Televisa SAB | 6.125% | 1/31/2046 | 260 | 210 | ||
| Meta Platforms Inc. | 3.500% | 8/15/2027 | 417 | 415 | ||
| Meta Platforms Inc. | 4.600% | 5/15/2028 | 295 | 301 | ||
| Meta Platforms Inc. | 4.300% | 8/15/2029 | 417 | 422 | ||
| Meta Platforms Inc. | 4.800% | 5/15/2030 | 380 | 392 | ||
| Meta Platforms Inc. | 4.550% | 8/15/2031 | 184 | 188 | ||
| Meta Platforms Inc. | 3.850% | 8/15/2032 | 635 | 614 | ||
| Meta Platforms Inc. | 4.950% | 5/15/2033 | 505 | 518 | ||
| Meta Platforms Inc. | 4.750% | 8/15/2034 | 675 | 678 | ||
| Meta Platforms Inc. | 4.450% | 8/15/2052 | 575 | 479 | ||
| Meta Platforms Inc. | 5.600% | 5/15/2053 | 485 | 479 | ||
| Meta Platforms Inc. | 5.400% | 8/15/2054 | 950 | 910 | ||
| Meta Platforms Inc. | 4.650% | 8/15/2062 | 320 | 267 | ||
| Meta Platforms Inc. | 5.750% | 5/15/2063 | 375 | 374 | ||
| Meta Platforms Inc. | 5.550% | 8/15/2064 | 530 | 511 | ||
| Netflix Inc. | 4.375% | 11/15/2026 | 175 | 176 | ||
| Netflix Inc. | 4.875% | 4/15/2028 | 295 | 302 | ||
| Netflix Inc. | 5.875% | 11/15/2028 | 420 | 443 | ||
| Netflix Inc. | 6.375% | 5/15/2029 | 165 | 178 | ||
| Netflix Inc. | 4.900% | 8/15/2034 | 192 | 196 | ||
| Netflix Inc. | 5.400% | 8/15/2054 | 188 | 183 | ||
| Omnicom Group Inc. | 2.600% | 8/1/2031 | 385 | 346 | ||
| Orange SA | 9.000% | 3/1/2031 | 424 | 516 | ||
| Orange SA | 5.375% | 1/13/2042 | 130 | 128 | ||
| Orange SA | 5.500% | 2/6/2044 | 174 | 172 | ||
| Paramount Global | 7.875% | 7/30/2030 | 355 | 401 | ||
| Paramount Global | 4.950% | 1/15/2031 | 435 | 432 | ||
| Paramount Global | 4.200% | 5/19/2032 | 460 | 429 | ||
| Paramount Global | 6.875% | 4/30/2036 | 265 | 281 | ||
| Paramount Global | 4.375% | 3/15/2043 | 396 | 301 | ||
| Paramount Global | 5.850% | 9/1/2043 | 200 | 180 | ||
| Paramount Global | 4.950% | 5/19/2050 | 225 | 176 | ||
| Rogers Communications Inc. | 3.200% | 3/15/2027 | 310 | 305 | ||
| Rogers Communications Inc. | 5.000% | 2/15/2029 | 365 | 372 | ||
| Rogers Communications Inc. | 3.800% | 3/15/2032 | 345 | 324 | ||
| Rogers Communications Inc. | 5.300% | 2/15/2034 | 255 | 257 | ||
| Rogers Communications Inc. | 4.550% | 3/15/2052 | 550 | 443 | ||
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 560 | 602 | ||
| Sprint Capital Corp. | 8.750% | 3/15/2032 | 420 | 509 | ||
| Take-Two Interactive Software Inc. | 4.950% | 3/28/2028 | 70 | 71 | ||
| Telefonica Emisiones SA | 4.103% | 3/8/2027 | 315 | 314 | ||
| Telefonica Emisiones SA | 7.045% | 6/20/2036 | 555 | 618 | ||
| Telefonica Emisiones SA | 5.213% | 3/8/2047 | 495 | 436 | ||
| Telefonica Emisiones SA | 4.895% | 3/6/2048 | 350 | 295 | ||
| Telefonica Emisiones SA | 5.520% | 3/1/2049 | 310 | 281 | ||
| Telefonica Europe BV | 8.250% | 9/15/2030 | 240 | 277 | ||
| TELUS Corp. | 3.400% | 5/13/2032 | 195 | 179 | ||
| TELUS Corp. | 4.600% | 11/16/2048 | 125 | 105 | ||
| Time Warner Cable Enterprises LLC | 8.375% | 7/15/2033 | 210 | 245 | ||
| Time Warner Cable LLC | 6.550% | 5/1/2037 | 375 | 389 | ||
| Time Warner Cable LLC | 7.300% | 7/1/2038 | 235 | 256 | ||
3
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Time Warner Cable LLC | 6.750% | 6/15/2039 | 290 | 301 | ||
| Time Warner Cable LLC | 5.875% | 11/15/2040 | 402 | 384 | ||
| Time Warner Cable LLC | 5.500% | 9/1/2041 | 255 | 230 | ||
| Time Warner Cable LLC | 4.500% | 9/15/2042 | 335 | 265 | ||
| T-Mobile USA Inc. | 3.750% | 4/15/2027 | 725 | 720 | ||
| T-Mobile USA Inc. | 4.750% | 2/1/2028 | 265 | 266 | ||
| T-Mobile USA Inc. | 2.050% | 2/15/2028 | 365 | 347 | ||
| T-Mobile USA Inc. | 4.950% | 3/15/2028 | 195 | 199 | ||
| T-Mobile USA Inc. | 4.800% | 7/15/2028 | 275 | 280 | ||
| T-Mobile USA Inc. | 4.850% | 1/15/2029 | 100 | 102 | ||
| T-Mobile USA Inc. | 2.625% | 2/15/2029 | 80 | 76 | ||
| T-Mobile USA Inc. | 3.375% | 4/15/2029 | 575 | 557 | ||
| T-Mobile USA Inc. | 3.875% | 4/15/2030 | 1,840 | 1,802 | ||
| T-Mobile USA Inc. | 2.550% | 2/15/2031 | 475 | 430 | ||
| T-Mobile USA Inc. | 2.875% | 2/15/2031 | 400 | 367 | ||
| T-Mobile USA Inc. | 3.500% | 4/15/2031 | 300 | 284 | ||
| T-Mobile USA Inc. | 2.250% | 11/15/2031 | 200 | 175 | ||
| T-Mobile USA Inc. | 2.700% | 3/15/2032 | 285 | 252 | ||
| T-Mobile USA Inc. | 5.125% | 5/15/2032 | 75 | 77 | ||
| T-Mobile USA Inc. | 5.200% | 1/15/2033 | 485 | 494 | ||
| T-Mobile USA Inc. | 5.050% | 7/15/2033 | 640 | 647 | ||
| T-Mobile USA Inc. | 5.750% | 1/15/2034 | 450 | 472 | ||
| T-Mobile USA Inc. | 5.150% | 4/15/2034 | 130 | 131 | ||
| T-Mobile USA Inc. | 4.700% | 1/15/2035 | 430 | 417 | ||
| T-Mobile USA Inc. | 5.300% | 5/15/2035 | 205 | 207 | ||
| T-Mobile USA Inc. | 4.375% | 4/15/2040 | 335 | 297 | ||
| T-Mobile USA Inc. | 3.000% | 2/15/2041 | 755 | 552 | ||
| T-Mobile USA Inc. | 4.500% | 4/15/2050 | 645 | 526 | ||
| T-Mobile USA Inc. | 3.300% | 2/15/2051 | 645 | 423 | ||
| T-Mobile USA Inc. | 3.400% | 10/15/2052 | 465 | 308 | ||
| T-Mobile USA Inc. | 5.650% | 1/15/2053 | 315 | 301 | ||
| T-Mobile USA Inc. | 5.750% | 1/15/2054 | 425 | 411 | ||
| T-Mobile USA Inc. | 6.000% | 6/15/2054 | 230 | 231 | ||
| T-Mobile USA Inc. | 5.500% | 1/15/2055 | 195 | 182 | ||
| T-Mobile USA Inc. | 5.250% | 6/15/2055 | 170 | 153 | ||
| T-Mobile USA Inc. | 5.875% | 11/15/2055 | 180 | 177 | ||
| T-Mobile USA Inc. | 3.600% | 11/15/2060 | 340 | 222 | ||
| T-Mobile USA Inc. | 5.800% | 9/15/2062 | 135 | 131 | ||
| 2 | TWDC Enterprises 18 Corp. | 2.950% | 6/15/2027 | 215 | 212 | |
| 2 | TWDC Enterprises 18 Corp. | 4.125% | 6/1/2044 | 325 | 271 | |
| Uber Technologies Inc. | 4.300% | 1/15/2030 | 245 | 246 | ||
| Uber Technologies Inc. | 4.800% | 9/15/2034 | 70 | 69 | ||
| Uber Technologies Inc. | 5.350% | 9/15/2054 | 430 | 403 | ||
| VeriSign Inc. | 2.700% | 6/15/2031 | 175 | 158 | ||
| Verizon Communications Inc. | 2.100% | 3/22/2028 | 440 | 419 | ||
| Verizon Communications Inc. | 3.875% | 2/8/2029 | 50 | 50 | ||
| Verizon Communications Inc. | 4.016% | 12/3/2029 | 740 | 734 | ||
| Verizon Communications Inc. | 3.150% | 3/22/2030 | 370 | 353 | ||
| Verizon Communications Inc. | 1.500% | 9/18/2030 | 410 | 357 | ||
| Verizon Communications Inc. | 1.680% | 10/30/2030 | 445 | 390 | ||
| Verizon Communications Inc. | 1.750% | 1/20/2031 | 428 | 373 | ||
| Verizon Communications Inc. | 2.550% | 3/21/2031 | 652 | 591 | ||
| Verizon Communications Inc. | 2.355% | 3/15/2032 | 1,330 | 1,154 | ||
| Verizon Communications Inc. | 5.050% | 5/9/2033 | 300 | 305 | ||
| Verizon Communications Inc. | 4.500% | 8/10/2033 | 657 | 642 | ||
| Verizon Communications Inc. | 4.400% | 11/1/2034 | 337 | 321 | ||
| Verizon Communications Inc. | 4.780% | 2/15/2035 | 385 | 375 | ||
| Verizon Communications Inc. | 5.250% | 4/2/2035 | 524 | 528 | ||
| Verizon Communications Inc. | 4.272% | 1/15/2036 | 360 | 334 | ||
| Verizon Communications Inc. | 5.250% | 3/16/2037 | 510 | 511 | ||
| 3 | Verizon Communications Inc. | 5.401% | 7/2/2037 | 1,694 | 1,700 | |
| Verizon Communications Inc. | 4.812% | 3/15/2039 | 215 | 202 | ||
| Verizon Communications Inc. | 2.650% | 11/20/2040 | 965 | 685 | ||
| Verizon Communications Inc. | 3.400% | 3/22/2041 | 810 | 626 | ||
| Verizon Communications Inc. | 2.850% | 9/3/2041 | 290 | 206 | ||
| Verizon Communications Inc. | 6.550% | 9/15/2043 | 100 | 110 | ||
| Verizon Communications Inc. | 4.125% | 8/15/2046 | 200 | 160 | ||
| Verizon Communications Inc. | 4.862% | 8/21/2046 | 420 | 373 | ||
| Verizon Communications Inc. | 4.522% | 9/15/2048 | 320 | 268 | ||
| Verizon Communications Inc. | 4.000% | 3/22/2050 | 305 | 234 | ||
4
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Verizon Communications Inc. | 2.875% | 11/20/2050 | 475 | 293 | ||
| Verizon Communications Inc. | 3.550% | 3/22/2051 | 1,060 | 752 | ||
| Verizon Communications Inc. | 3.875% | 3/1/2052 | 365 | 270 | ||
| Verizon Communications Inc. | 5.500% | 2/23/2054 | 300 | 287 | ||
| Verizon Communications Inc. | 5.012% | 8/21/2054 | 55 | 49 | ||
| Verizon Communications Inc. | 2.987% | 10/30/2056 | 615 | 365 | ||
| Verizon Communications Inc. | 3.000% | 11/20/2060 | 435 | 254 | ||
| Verizon Communications Inc. | 3.700% | 3/22/2061 | 635 | 434 | ||
| Vodafone Group plc | 6.150% | 2/27/2037 | 118 | 127 | ||
| Vodafone Group plc | 5.250% | 5/30/2048 | 255 | 235 | ||
| Vodafone Group plc | 4.875% | 6/19/2049 | 425 | 369 | ||
| Vodafone Group plc | 4.250% | 9/17/2050 | 375 | 292 | ||
| Vodafone Group plc | 5.750% | 6/28/2054 | 350 | 334 | ||
| Vodafone Group plc | 5.875% | 6/28/2064 | 210 | 202 | ||
| Walt Disney Co. | 2.200% | 1/13/2028 | 380 | 366 | ||
| Walt Disney Co. | 2.000% | 9/1/2029 | 450 | 417 | ||
| Walt Disney Co. | 3.800% | 3/22/2030 | 545 | 539 | ||
| Walt Disney Co. | 2.650% | 1/13/2031 | 500 | 465 | ||
| Walt Disney Co. | 6.200% | 12/15/2034 | 200 | 224 | ||
| Walt Disney Co. | 6.400% | 12/15/2035 | 200 | 225 | ||
| Walt Disney Co. | 4.625% | 3/23/2040 | 335 | 319 | ||
| Walt Disney Co. | 3.500% | 5/13/2040 | 485 | 401 | ||
| Walt Disney Co. | 2.750% | 9/1/2049 | 495 | 309 | ||
| Walt Disney Co. | 4.700% | 3/23/2050 | 270 | 239 | ||
| Walt Disney Co. | 3.600% | 1/13/2051 | 500 | 367 | ||
| Walt Disney Co. | 3.800% | 5/13/2060 | 250 | 181 | ||
| Weibo Corp. | 3.375% | 7/8/2030 | 195 | 184 | ||
| 99,875 | ||||||
| Consumer Discretionary (6.7%) | ||||||
| Alibaba Group Holding Ltd. | 3.400% | 12/6/2027 | 410 | 404 | ||
| 3 | Alibaba Group Holding Ltd. | 4.875% | 5/26/2030 | 200 | 206 | |
| Alibaba Group Holding Ltd. | 2.125% | 2/9/2031 | 245 | 220 | ||
| 3 | Alibaba Group Holding Ltd. | 5.250% | 5/26/2035 | 200 | 207 | |
| Alibaba Group Holding Ltd. | 4.000% | 12/6/2037 | 385 | 351 | ||
| Alibaba Group Holding Ltd. | 2.700% | 2/9/2041 | 290 | 209 | ||
| Alibaba Group Holding Ltd. | 4.200% | 12/6/2047 | 360 | 299 | ||
| Alibaba Group Holding Ltd. | 3.150% | 2/9/2051 | 265 | 178 | ||
| Alibaba Group Holding Ltd. | 4.400% | 12/6/2057 | 195 | 161 | ||
| Alibaba Group Holding Ltd. | 3.250% | 2/9/2061 | 155 | 99 | ||
| Amazon.com Inc. | 3.300% | 4/13/2027 | 306 | 303 | ||
| Amazon.com Inc. | 1.200% | 6/3/2027 | 390 | 373 | ||
| Amazon.com Inc. | 3.150% | 8/22/2027 | 755 | 746 | ||
| Amazon.com Inc. | 4.550% | 12/1/2027 | 460 | 467 | ||
| Amazon.com Inc. | 1.650% | 5/12/2028 | 435 | 411 | ||
| Amazon.com Inc. | 3.450% | 4/13/2029 | 465 | 458 | ||
| Amazon.com Inc. | 4.650% | 12/1/2029 | 343 | 352 | ||
| Amazon.com Inc. | 1.500% | 6/3/2030 | 440 | 393 | ||
| Amazon.com Inc. | 2.100% | 5/12/2031 | 540 | 484 | ||
| Amazon.com Inc. | 3.600% | 4/13/2032 | 685 | 659 | ||
| Amazon.com Inc. | 4.700% | 12/1/2032 | 480 | 491 | ||
| Amazon.com Inc. | 4.800% | 12/5/2034 | 250 | 256 | ||
| Amazon.com Inc. | 3.875% | 8/22/2037 | 735 | 667 | ||
| Amazon.com Inc. | 2.875% | 5/12/2041 | 395 | 296 | ||
| Amazon.com Inc. | 4.950% | 12/5/2044 | 665 | 642 | ||
| Amazon.com Inc. | 4.050% | 8/22/2047 | 610 | 502 | ||
| Amazon.com Inc. | 2.500% | 6/3/2050 | 470 | 279 | ||
| Amazon.com Inc. | 3.100% | 5/12/2051 | 610 | 409 | ||
| Amazon.com Inc. | 3.950% | 4/13/2052 | 691 | 541 | ||
| Amazon.com Inc. | 4.250% | 8/22/2057 | 798 | 648 | ||
| Amazon.com Inc. | 2.700% | 6/3/2060 | 518 | 296 | ||
| Amazon.com Inc. | 3.250% | 5/12/2061 | 355 | 229 | ||
| Amazon.com Inc. | 4.100% | 4/13/2062 | 205 | 159 | ||
| 2 | American Honda Finance Corp. | 1.300% | 9/9/2026 | 70 | 68 | |
| 2 | American Honda Finance Corp. | 4.400% | 10/5/2026 | 150 | 150 | |
| 2 | American Honda Finance Corp. | 4.450% | 10/22/2027 | 165 | 166 | |
| 2 | American Honda Finance Corp. | 2.000% | 3/24/2028 | 170 | 161 | |
| 2 | American Honda Finance Corp. | 5.125% | 7/7/2028 | 165 | 169 | |
| American Honda Finance Corp. | 5.650% | 11/15/2028 | 155 | 162 | ||
| American Honda Finance Corp. | 4.900% | 3/13/2029 | 200 | 204 | ||
5
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 2 | American Honda Finance Corp. | 4.400% | 9/5/2029 | 150 | 151 | |
| 2 | American Honda Finance Corp. | 5.050% | 7/10/2031 | 325 | 334 | |
| 2 | American Honda Finance Corp. | 4.900% | 1/10/2034 | 140 | 140 | |
| Aptiv Swiss Holdings Ltd. | 3.250% | 3/1/2032 | 205 | 186 | ||
| Aptiv Swiss Holdings Ltd. | 3.100% | 12/1/2051 | 330 | 199 | ||
| Aptiv Swiss Holdings Ltd. | 4.150% | 5/1/2052 | 225 | 163 | ||
| AutoZone Inc. | 4.000% | 4/15/2030 | 205 | 202 | ||
| AutoZone Inc. | 4.750% | 8/1/2032 | 150 | 150 | ||
| BorgWarner Inc. | 2.650% | 7/1/2027 | 105 | 102 | ||
| Dick's Sporting Goods Inc. | 4.100% | 1/15/2052 | 200 | 142 | ||
| eBay Inc. | 3.600% | 6/5/2027 | 420 | 417 | ||
| eBay Inc. | 2.700% | 3/11/2030 | 115 | 108 | ||
| eBay Inc. | 2.600% | 5/10/2031 | 135 | 123 | ||
| eBay Inc. | 4.000% | 7/15/2042 | 162 | 133 | ||
| eBay Inc. | 3.650% | 5/10/2051 | 150 | 108 | ||
| Ferguson Enterprises Inc. | 5.000% | 10/3/2034 | 135 | 134 | ||
| Ford Motor Co. | 4.346% | 12/8/2026 | 155 | 154 | ||
| Ford Motor Co. | 7.450% | 7/16/2031 | 173 | 190 | ||
| Ford Motor Co. | 3.250% | 2/12/2032 | 185 | 158 | ||
| Ford Motor Co. | 6.100% | 8/19/2032 | 345 | 348 | ||
| Ford Motor Co. | 4.750% | 1/15/2043 | 555 | 429 | ||
| Ford Motor Co. | 5.291% | 12/8/2046 | 490 | 399 | ||
| Ford Motor Credit Co. LLC | 4.271% | 1/9/2027 | 210 | 208 | ||
| Ford Motor Credit Co. LLC | 5.800% | 3/5/2027 | 315 | 318 | ||
| Ford Motor Credit Co. LLC | 5.850% | 5/17/2027 | 540 | 546 | ||
| Ford Motor Credit Co. LLC | 4.950% | 5/28/2027 | 295 | 294 | ||
| Ford Motor Credit Co. LLC | 4.125% | 8/17/2027 | 180 | 177 | ||
| Ford Motor Credit Co. LLC | 3.815% | 11/2/2027 | 240 | 234 | ||
| Ford Motor Credit Co. LLC | 7.350% | 11/4/2027 | 165 | 172 | ||
| Ford Motor Credit Co. LLC | 2.900% | 2/16/2028 | 425 | 403 | ||
| Ford Motor Credit Co. LLC | 6.800% | 5/12/2028 | 400 | 415 | ||
| Ford Motor Credit Co. LLC | 6.798% | 11/7/2028 | 384 | 400 | ||
| Ford Motor Credit Co. LLC | 2.900% | 2/10/2029 | 175 | 161 | ||
| Ford Motor Credit Co. LLC | 5.800% | 3/8/2029 | 370 | 374 | ||
| Ford Motor Credit Co. LLC | 5.113% | 5/3/2029 | 525 | 518 | ||
| Ford Motor Credit Co. LLC | 5.303% | 9/6/2029 | 260 | 258 | ||
| Ford Motor Credit Co. LLC | 5.875% | 11/7/2029 | 465 | 470 | ||
| Ford Motor Credit Co. LLC | 7.350% | 3/6/2030 | 80 | 85 | ||
| Ford Motor Credit Co. LLC | 7.200% | 6/10/2030 | 160 | 170 | ||
| Ford Motor Credit Co. LLC | 4.000% | 11/13/2030 | 320 | 297 | ||
| Ford Motor Credit Co. LLC | 6.050% | 3/5/2031 | 190 | 193 | ||
| Ford Motor Credit Co. LLC | 3.625% | 6/17/2031 | 295 | 265 | ||
| Ford Motor Credit Co. LLC | 6.054% | 11/5/2031 | 425 | 430 | ||
| Ford Motor Credit Co. LLC | 6.532% | 3/19/2032 | 200 | 206 | ||
| Ford Motor Credit Co. LLC | 7.122% | 11/7/2033 | 300 | 314 | ||
| Ford Motor Credit Co. LLC | 6.125% | 3/8/2034 | 30 | 29 | ||
| Ford Motor Credit Co. LLC | 6.500% | 2/7/2035 | 405 | 408 | ||
| General Motors Financial Co. Inc. | 4.000% | 10/6/2026 | 150 | 149 | ||
| General Motors Financial Co. Inc. | 4.350% | 1/17/2027 | 180 | 180 | ||
| General Motors Financial Co. Inc. | 2.350% | 2/26/2027 | 85 | 83 | ||
| General Motors Financial Co. Inc. | 5.000% | 4/9/2027 | 305 | 308 | ||
| General Motors Financial Co. Inc. | 5.400% | 5/8/2027 | 303 | 308 | ||
| General Motors Financial Co. Inc. | 5.350% | 7/15/2027 | 155 | 158 | ||
| General Motors Financial Co. Inc. | 2.700% | 8/20/2027 | 165 | 160 | ||
| General Motors Financial Co. Inc. | 6.000% | 1/9/2028 | 305 | 316 | ||
| General Motors Financial Co. Inc. | 5.050% | 4/4/2028 | 582 | 591 | ||
| General Motors Financial Co. Inc. | 2.400% | 4/10/2028 | 155 | 148 | ||
| General Motors Financial Co. Inc. | 5.800% | 6/23/2028 | 505 | 523 | ||
| General Motors Financial Co. Inc. | 2.400% | 10/15/2028 | 155 | 146 | ||
| General Motors Financial Co. Inc. | 5.800% | 1/7/2029 | 320 | 332 | ||
| General Motors Financial Co. Inc. | 4.300% | 4/6/2029 | 215 | 213 | ||
| General Motors Financial Co. Inc. | 5.550% | 7/15/2029 | 375 | 387 | ||
| General Motors Financial Co. Inc. | 4.900% | 10/6/2029 | 185 | 186 | ||
| General Motors Financial Co. Inc. | 5.350% | 1/7/2030 | 445 | 455 | ||
| General Motors Financial Co. Inc. | 5.850% | 4/6/2030 | 250 | 261 | ||
| General Motors Financial Co. Inc. | 3.600% | 6/21/2030 | 295 | 280 | ||
| General Motors Financial Co. Inc. | 5.450% | 7/15/2030 | 100 | 103 | ||
| General Motors Financial Co. Inc. | 2.350% | 1/8/2031 | 345 | 304 | ||
| General Motors Financial Co. Inc. | 5.750% | 2/8/2031 | 380 | 394 | ||
| General Motors Financial Co. Inc. | 2.700% | 6/10/2031 | 145 | 129 | ||
6
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| General Motors Financial Co. Inc. | 5.600% | 6/18/2031 | 205 | 211 | ||
| General Motors Financial Co. Inc. | 3.100% | 1/12/2032 | 170 | 151 | ||
| General Motors Financial Co. Inc. | 5.625% | 4/4/2032 | 288 | 295 | ||
| General Motors Financial Co. Inc. | 6.400% | 1/9/2033 | 260 | 275 | ||
| General Motors Financial Co. Inc. | 6.100% | 1/7/2034 | 310 | 321 | ||
| General Motors Financial Co. Inc. | 5.950% | 4/4/2034 | 445 | 456 | ||
| General Motors Financial Co. Inc. | 5.450% | 9/6/2034 | 235 | 233 | ||
| General Motors Financial Co. Inc. | 5.900% | 1/7/2035 | 208 | 211 | ||
| General Motors Financial Co. Inc. | 6.150% | 7/15/2035 | 175 | 180 | ||
| Genuine Parts Co. | 4.950% | 8/15/2029 | 90 | 92 | ||
| 2 | George Washington University | 4.126% | 9/15/2048 | 165 | 132 | |
| Hasbro Inc. | 3.900% | 11/19/2029 | 314 | 306 | ||
| Home Depot Inc. | 2.125% | 9/15/2026 | 135 | 132 | ||
| Home Depot Inc. | 4.950% | 9/30/2026 | 375 | 379 | ||
| Home Depot Inc. | 2.500% | 4/15/2027 | 240 | 235 | ||
| Home Depot Inc. | 2.875% | 4/15/2027 | 165 | 162 | ||
| Home Depot Inc. | 4.875% | 6/25/2027 | 510 | 518 | ||
| Home Depot Inc. | 2.800% | 9/14/2027 | 200 | 196 | ||
| Home Depot Inc. | 1.500% | 9/15/2028 | 270 | 252 | ||
| Home Depot Inc. | 3.900% | 12/6/2028 | 180 | 180 | ||
| Home Depot Inc. | 4.900% | 4/15/2029 | 100 | 103 | ||
| Home Depot Inc. | 2.950% | 6/15/2029 | 330 | 318 | ||
| Home Depot Inc. | 4.750% | 6/25/2029 | 645 | 661 | ||
| Home Depot Inc. | 2.700% | 4/15/2030 | 200 | 188 | ||
| Home Depot Inc. | 1.375% | 3/15/2031 | 170 | 146 | ||
| Home Depot Inc. | 4.850% | 6/25/2031 | 135 | 139 | ||
| Home Depot Inc. | 1.875% | 9/15/2031 | 240 | 209 | ||
| Home Depot Inc. | 3.250% | 4/15/2032 | 350 | 326 | ||
| Home Depot Inc. | 4.500% | 9/15/2032 | 245 | 247 | ||
| Home Depot Inc. | 4.950% | 6/25/2034 | 420 | 427 | ||
| Home Depot Inc. | 5.875% | 12/16/2036 | 553 | 596 | ||
| Home Depot Inc. | 3.300% | 4/15/2040 | 181 | 145 | ||
| Home Depot Inc. | 5.950% | 4/1/2041 | 185 | 195 | ||
| Home Depot Inc. | 4.200% | 4/1/2043 | 155 | 132 | ||
| Home Depot Inc. | 4.875% | 2/15/2044 | 235 | 217 | ||
| Home Depot Inc. | 4.400% | 3/15/2045 | 180 | 155 | ||
| Home Depot Inc. | 4.250% | 4/1/2046 | 285 | 239 | ||
| Home Depot Inc. | 3.900% | 6/15/2047 | 210 | 165 | ||
| Home Depot Inc. | 4.500% | 12/6/2048 | 310 | 265 | ||
| Home Depot Inc. | 3.125% | 12/15/2049 | 175 | 118 | ||
| Home Depot Inc. | 3.350% | 4/15/2050 | 360 | 250 | ||
| Home Depot Inc. | 2.375% | 3/15/2051 | 195 | 110 | ||
| Home Depot Inc. | 2.750% | 9/15/2051 | 450 | 273 | ||
| Home Depot Inc. | 3.625% | 4/15/2052 | 350 | 254 | ||
| Home Depot Inc. | 4.950% | 9/15/2052 | 265 | 239 | ||
| Home Depot Inc. | 5.300% | 6/25/2054 | 380 | 361 | ||
| Home Depot Inc. | 3.500% | 9/15/2056 | 635 | 437 | ||
| Honda Motor Co. Ltd. | 2.534% | 3/10/2027 | 160 | 156 | ||
| Honda Motor Co. Ltd. | 4.688% | 7/8/2030 | 400 | 404 | ||
| Honda Motor Co. Ltd. | 2.967% | 3/10/2032 | 215 | 194 | ||
| Honda Motor Co. Ltd. | 5.337% | 7/8/2035 | 355 | 357 | ||
| Leland Stanford Junior University | 3.647% | 5/1/2048 | 135 | 105 | ||
| Lowe's Cos. Inc. | 3.350% | 4/1/2027 | 110 | 109 | ||
| Lowe's Cos. Inc. | 3.100% | 5/3/2027 | 455 | 448 | ||
| Lowe's Cos. Inc. | 1.300% | 4/15/2028 | 230 | 215 | ||
| Lowe's Cos. Inc. | 1.700% | 9/15/2028 | 220 | 205 | ||
| Lowe's Cos. Inc. | 3.650% | 4/5/2029 | 486 | 477 | ||
| Lowe's Cos. Inc. | 4.500% | 4/15/2030 | 265 | 269 | ||
| Lowe's Cos. Inc. | 1.700% | 10/15/2030 | 261 | 229 | ||
| Lowe's Cos. Inc. | 2.625% | 4/1/2031 | 265 | 241 | ||
| Lowe's Cos. Inc. | 3.750% | 4/1/2032 | 445 | 422 | ||
| Lowe's Cos. Inc. | 5.000% | 4/15/2033 | 400 | 407 | ||
| Lowe's Cos. Inc. | 5.150% | 7/1/2033 | 340 | 348 | ||
| Lowe's Cos. Inc. | 2.800% | 9/15/2041 | 275 | 193 | ||
| Lowe's Cos. Inc. | 3.700% | 4/15/2046 | 270 | 201 | ||
| Lowe's Cos. Inc. | 4.050% | 5/3/2047 | 315 | 245 | ||
| Lowe's Cos. Inc. | 3.000% | 10/15/2050 | 445 | 275 | ||
| Lowe's Cos. Inc. | 4.250% | 4/1/2052 | 460 | 356 | ||
| Lowe's Cos. Inc. | 5.625% | 4/15/2053 | 265 | 253 | ||
| Lowe's Cos. Inc. | 4.450% | 4/1/2062 | 225 | 172 | ||
7
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Lowe's Cos. Inc. | 5.800% | 9/15/2062 | 210 | 202 | ||
| Magna International Inc. | 2.450% | 6/15/2030 | 330 | 304 | ||
| Marriott International Inc. | 5.000% | 10/15/2027 | 205 | 208 | ||
| Marriott International Inc. | 4.900% | 4/15/2029 | 125 | 127 | ||
| Marriott International Inc. | 4.875% | 5/15/2029 | 50 | 51 | ||
| 2 | Marriott International Inc. | 4.625% | 6/15/2030 | 450 | 453 | |
| 2 | Marriott International Inc. | 2.850% | 4/15/2031 | 170 | 156 | |
| Marriott International Inc. | 5.100% | 4/15/2032 | 50 | 51 | ||
| 2 | Marriott International Inc. | 3.500% | 10/15/2032 | 205 | 188 | |
| Marriott International Inc. | 5.300% | 5/15/2034 | 110 | 112 | ||
| Marriott International Inc. | 5.350% | 3/15/2035 | 445 | 449 | ||
| Marriott International Inc. | 5.500% | 4/15/2037 | 142 | 142 | ||
| 2 | McDonald's Corp. | 3.500% | 3/1/2027 | 145 | 144 | |
| 2 | McDonald's Corp. | 3.500% | 7/1/2027 | 195 | 193 | |
| 2 | McDonald's Corp. | 3.800% | 4/1/2028 | 190 | 189 | |
| 2 | McDonald's Corp. | 2.625% | 9/1/2029 | 154 | 146 | |
| 2 | McDonald's Corp. | 2.125% | 3/1/2030 | 95 | 87 | |
| 2 | McDonald's Corp. | 3.600% | 7/1/2030 | 105 | 102 | |
| 2 | McDonald's Corp. | 4.600% | 9/9/2032 | 85 | 86 | |
| McDonald's Corp. | 4.950% | 3/3/2035 | 191 | 192 | ||
| 2 | McDonald's Corp. | 4.700% | 12/9/2035 | 190 | 187 | |
| 2 | McDonald's Corp. | 6.300% | 10/15/2037 | 180 | 198 | |
| 2 | McDonald's Corp. | 6.300% | 3/1/2038 | 170 | 186 | |
| 2 | McDonald's Corp. | 4.875% | 12/9/2045 | 325 | 294 | |
| 2 | McDonald's Corp. | 4.450% | 3/1/2047 | 305 | 257 | |
| 2 | McDonald's Corp. | 4.450% | 9/1/2048 | 277 | 232 | |
| 2 | McDonald's Corp. | 3.625% | 9/1/2049 | 360 | 261 | |
| 2 | McDonald's Corp. | 4.200% | 4/1/2050 | 255 | 203 | |
| 2 | McDonald's Corp. | 5.150% | 9/9/2052 | 200 | 184 | |
| McDonald's Corp. | 5.450% | 8/14/2053 | 120 | 115 | ||
| Mercedes-Benz Finance North America LLC | 8.500% | 1/18/2031 | 315 | 376 | ||
| NIKE Inc. | 2.375% | 11/1/2026 | 190 | 187 | ||
| NIKE Inc. | 2.750% | 3/27/2027 | 244 | 240 | ||
| NIKE Inc. | 2.850% | 3/27/2030 | 335 | 318 | ||
| NIKE Inc. | 3.250% | 3/27/2040 | 270 | 215 | ||
| NIKE Inc. | 3.875% | 11/1/2045 | 135 | 107 | ||
| NIKE Inc. | 3.375% | 3/27/2050 | 478 | 336 | ||
| NVR Inc. | 3.000% | 5/15/2030 | 202 | 191 | ||
| O'Reilly Automotive Inc. | 5.750% | 11/20/2026 | 140 | 142 | ||
| O'Reilly Automotive Inc. | 3.600% | 9/1/2027 | 160 | 158 | ||
| O'Reilly Automotive Inc. | 4.700% | 6/15/2032 | 135 | 135 | ||
| Owens Corning | 5.700% | 6/15/2034 | 165 | 173 | ||
| Ralph Lauren Corp. | 2.950% | 6/15/2030 | 180 | 170 | ||
| Stanley Black & Decker Inc. | 2.300% | 3/15/2030 | 160 | 146 | ||
| Starbucks Corp. | 4.850% | 2/8/2027 | 245 | 248 | ||
| Starbucks Corp. | 4.500% | 5/15/2028 | 100 | 101 | ||
| Starbucks Corp. | 4.000% | 11/15/2028 | 130 | 130 | ||
| Starbucks Corp. | 3.550% | 8/15/2029 | 310 | 304 | ||
| Starbucks Corp. | 2.250% | 3/12/2030 | 100 | 92 | ||
| Starbucks Corp. | 2.550% | 11/15/2030 | 315 | 289 | ||
| Starbucks Corp. | 3.000% | 2/14/2032 | 175 | 160 | ||
| Starbucks Corp. | 4.500% | 11/15/2048 | 215 | 178 | ||
| Starbucks Corp. | 4.450% | 8/15/2049 | 260 | 212 | ||
| Starbucks Corp. | 3.500% | 11/15/2050 | 265 | 182 | ||
| Tapestry Inc. | 5.500% | 3/11/2035 | 200 | 202 | ||
| TJX Cos. Inc. | 2.250% | 9/15/2026 | 185 | 182 | ||
| Tractor Supply Co. | 5.250% | 5/15/2033 | 85 | 87 | ||
| 60,477 | ||||||
| Consumer Staples (3.7%) | ||||||
| Bunge Ltd. Finance Corp. | 4.200% | 9/17/2029 | 250 | 249 | ||
| Bunge Ltd. Finance Corp. | 2.750% | 5/14/2031 | 185 | 169 | ||
| Bunge Ltd. Finance Corp. | 4.650% | 9/17/2034 | 295 | 287 | ||
| Campbell's Co. | 4.150% | 3/15/2028 | 225 | 225 | ||
| Campbell's Co. | 5.400% | 3/21/2034 | 130 | 132 | ||
| Campbell's Co. | 4.750% | 3/23/2035 | 275 | 263 | ||
| Coca-Cola Co. | 3.375% | 3/25/2027 | 235 | 233 | ||
| Coca-Cola Co. | 1.450% | 6/1/2027 | 260 | 250 | ||
| Coca-Cola Co. | 1.500% | 3/5/2028 | 230 | 218 | ||
| Coca-Cola Co. | 1.000% | 3/15/2028 | 360 | 336 | ||
8
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Coca-Cola Co. | 2.125% | 9/6/2029 | 315 | 294 | ||
| Coca-Cola Co. | 3.450% | 3/25/2030 | 220 | 214 | ||
| Coca-Cola Co. | 1.650% | 6/1/2030 | 215 | 193 | ||
| Coca-Cola Co. | 2.000% | 3/5/2031 | 145 | 130 | ||
| Coca-Cola Co. | 1.375% | 3/15/2031 | 255 | 221 | ||
| Coca-Cola Co. | 2.250% | 1/5/2032 | 365 | 325 | ||
| Coca-Cola Co. | 5.000% | 5/13/2034 | 120 | 124 | ||
| Coca-Cola Co. | 4.650% | 8/14/2034 | 215 | 217 | ||
| Coca-Cola Co. | 2.500% | 6/1/2040 | 175 | 128 | ||
| Coca-Cola Co. | 2.875% | 5/5/2041 | 95 | 72 | ||
| Coca-Cola Co. | 2.600% | 6/1/2050 | 303 | 185 | ||
| Coca-Cola Co. | 3.000% | 3/5/2051 | 320 | 212 | ||
| Coca-Cola Co. | 2.500% | 3/15/2051 | 330 | 195 | ||
| Coca-Cola Co. | 5.300% | 5/13/2054 | 115 | 111 | ||
| Coca-Cola Co. | 5.200% | 1/14/2055 | 755 | 714 | ||
| Coca-Cola Co. | 2.750% | 6/1/2060 | 390 | 229 | ||
| Coca-Cola Co. | 5.400% | 5/13/2064 | 200 | 193 | ||
| Coca-Cola Femsa SAB de CV | 2.750% | 1/22/2030 | 130 | 122 | ||
| Conagra Brands Inc. | 1.375% | 11/1/2027 | 175 | 164 | ||
| Conagra Brands Inc. | 4.850% | 11/1/2028 | 335 | 339 | ||
| Conagra Brands Inc. | 5.300% | 11/1/2038 | 210 | 198 | ||
| Conagra Brands Inc. | 5.400% | 11/1/2048 | 185 | 163 | ||
| Dollar General Corp. | 3.500% | 4/3/2030 | 245 | 235 | ||
| Dollar General Corp. | 5.450% | 7/5/2033 | 250 | 258 | ||
| Dollar Tree Inc. | 4.200% | 5/15/2028 | 275 | 274 | ||
| Dollar Tree Inc. | 2.650% | 12/1/2031 | 254 | 226 | ||
| General Mills Inc. | 3.200% | 2/10/2027 | 135 | 133 | ||
| General Mills Inc. | 4.200% | 4/17/2028 | 329 | 329 | ||
| General Mills Inc. | 4.875% | 1/30/2030 | 175 | 179 | ||
| General Mills Inc. | 2.875% | 4/15/2030 | 155 | 146 | ||
| General Mills Inc. | 4.950% | 3/29/2033 | 200 | 201 | ||
| General Mills Inc. | 5.250% | 1/30/2035 | 125 | 126 | ||
| Haleon US Capital LLC | 3.375% | 3/24/2027 | 290 | 287 | ||
| Haleon US Capital LLC | 3.375% | 3/24/2029 | 335 | 327 | ||
| Haleon US Capital LLC | 3.625% | 3/24/2032 | 365 | 344 | ||
| Haleon US Capital LLC | 4.000% | 3/24/2052 | 230 | 177 | ||
| Hormel Foods Corp. | 1.700% | 6/3/2028 | 330 | 310 | ||
| Hormel Foods Corp. | 1.800% | 6/11/2030 | 130 | 117 | ||
| J M Smucker Co. | 5.900% | 11/15/2028 | 160 | 168 | ||
| J M Smucker Co. | 6.200% | 11/15/2033 | 150 | 161 | ||
| J M Smucker Co. | 6.500% | 11/15/2043 | 140 | 149 | ||
| J M Smucker Co. | 6.500% | 11/15/2053 | 210 | 224 | ||
| JBS USA Holding Lux Sarl | 3.625% | 1/15/2032 | 485 | 448 | ||
| JBS USA Holding Lux Sarl | 3.000% | 5/15/2032 | 345 | 305 | ||
| JBS USA Holding Lux Sarl | 5.750% | 4/1/2033 | 430 | 445 | ||
| JBS USA Holding Lux Sarl | 6.750% | 3/15/2034 | 347 | 381 | ||
| 3 | JBS USA Holding Lux Sarl | 5.500% | 1/15/2036 | 425 | 427 | |
| JBS USA Holding Lux Sarl | 4.375% | 2/2/2052 | 205 | 156 | ||
| JBS USA Holding Lux Sarl | 6.500% | 12/1/2052 | 475 | 485 | ||
| JBS USA Holding Lux Sarl | 7.250% | 11/15/2053 | 240 | 266 | ||
| 3 | JBS USA Holding Lux Sarl | 6.250% | 3/1/2056 | 300 | 297 | |
| 3 | JBS USA Holding Lux Sarl | 6.375% | 4/15/2066 | 225 | 222 | |
| 3 | JBS USA LUX Sarl | 5.950% | 4/20/2035 | 100 | 104 | |
| 3 | JBS USA LUX Sarl | 6.375% | 2/25/2055 | 35 | 35 | |
| Kenvue Inc. | 5.050% | 3/22/2028 | 155 | 159 | ||
| Kenvue Inc. | 5.000% | 3/22/2030 | 140 | 145 | ||
| Kenvue Inc. | 4.850% | 5/22/2032 | 125 | 127 | ||
| Kenvue Inc. | 4.900% | 3/22/2033 | 425 | 432 | ||
| Kenvue Inc. | 5.100% | 3/22/2043 | 150 | 144 | ||
| Kenvue Inc. | 5.050% | 3/22/2053 | 315 | 287 | ||
| Kenvue Inc. | 5.200% | 3/22/2063 | 202 | 183 | ||
| 2 | Keurig Dr Pepper Inc. | 5.100% | 3/15/2027 | 125 | 126 | |
| Keurig Dr Pepper Inc. | 4.597% | 5/25/2028 | 155 | 156 | ||
| Keurig Dr Pepper Inc. | 5.050% | 3/15/2029 | 340 | 346 | ||
| Keurig Dr Pepper Inc. | 3.950% | 4/15/2029 | 150 | 148 | ||
| Keurig Dr Pepper Inc. | 3.200% | 5/1/2030 | 145 | 137 | ||
| Keurig Dr Pepper Inc. | 4.050% | 4/15/2032 | 150 | 143 | ||
| Keurig Dr Pepper Inc. | 3.800% | 5/1/2050 | 130 | 92 | ||
| Keurig Dr Pepper Inc. | 4.500% | 4/15/2052 | 275 | 216 | ||
| Kimberly-Clark Corp. | 3.100% | 3/26/2030 | 280 | 268 | ||
9
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Kraft Heinz Foods Co. | 3.875% | 5/15/2027 | 240 | 238 | ||
| Kraft Heinz Foods Co. | 6.875% | 1/26/2039 | 170 | 185 | ||
| Kraft Heinz Foods Co. | 5.000% | 6/4/2042 | 300 | 268 | ||
| Kraft Heinz Foods Co. | 5.200% | 7/15/2045 | 285 | 253 | ||
| Kraft Heinz Foods Co. | 4.375% | 6/1/2046 | 770 | 613 | ||
| Kraft Heinz Foods Co. | 4.875% | 10/1/2049 | 345 | 288 | ||
| McCormick & Co. Inc. | 3.400% | 8/15/2027 | 95 | 94 | ||
| Mondelez International Inc. | 2.625% | 3/17/2027 | 65 | 64 | ||
| Mondelez International Inc. | 2.750% | 4/13/2030 | 347 | 325 | ||
| Mondelez International Inc. | 3.000% | 3/17/2032 | 137 | 125 | ||
| Mondelez International Inc. | 2.625% | 9/4/2050 | 405 | 237 | ||
| PepsiCo Inc. | 2.375% | 10/6/2026 | 360 | 354 | ||
| PepsiCo Inc. | 3.000% | 10/15/2027 | 310 | 305 | ||
| PepsiCo Inc. | 3.600% | 2/18/2028 | 140 | 139 | ||
| PepsiCo Inc. | 2.625% | 7/29/2029 | 165 | 157 | ||
| PepsiCo Inc. | 2.750% | 3/19/2030 | 329 | 310 | ||
| PepsiCo Inc. | 1.625% | 5/1/2030 | 425 | 381 | ||
| PepsiCo Inc. | 1.400% | 2/25/2031 | 205 | 178 | ||
| PepsiCo Inc. | 1.950% | 10/21/2031 | 175 | 154 | ||
| PepsiCo Inc. | 3.900% | 7/18/2032 | 210 | 204 | ||
| PepsiCo Inc. | 4.650% | 7/23/2032 | 475 | 481 | ||
| PepsiCo Inc. | 5.000% | 2/7/2035 | 255 | 259 | ||
| PepsiCo Inc. | 5.000% | 7/23/2035 | 500 | 504 | ||
| PepsiCo Inc. | 2.625% | 10/21/2041 | 160 | 113 | ||
| PepsiCo Inc. | 4.450% | 4/14/2046 | 220 | 193 | ||
| PepsiCo Inc. | 3.450% | 10/6/2046 | 215 | 160 | ||
| PepsiCo Inc. | 2.875% | 10/15/2049 | 150 | 97 | ||
| PepsiCo Inc. | 3.625% | 3/19/2050 | 285 | 212 | ||
| PepsiCo Inc. | 2.750% | 10/21/2051 | 255 | 157 | ||
| PepsiCo Inc. | 5.250% | 7/17/2054 | 150 | 143 | ||
| Pilgrim's Pride Corp. | 4.250% | 4/15/2031 | 590 | 569 | ||
| Pilgrim's Pride Corp. | 3.500% | 3/1/2032 | 400 | 362 | ||
| Pilgrim's Pride Corp. | 6.250% | 7/1/2033 | 230 | 243 | ||
| Procter & Gamble Co. | 2.450% | 11/3/2026 | 110 | 108 | ||
| Procter & Gamble Co. | 1.900% | 2/1/2027 | 175 | 170 | ||
| Procter & Gamble Co. | 2.850% | 8/11/2027 | 170 | 167 | ||
| Procter & Gamble Co. | 3.000% | 3/25/2030 | 505 | 485 | ||
| Procter & Gamble Co. | 1.200% | 10/29/2030 | 275 | 240 | ||
| Procter & Gamble Co. | 1.950% | 4/23/2031 | 170 | 153 | ||
| Procter & Gamble Co. | 2.300% | 2/1/2032 | 170 | 153 | ||
| Procter & Gamble Co. | 4.550% | 1/29/2034 | 70 | 71 | ||
| Sysco Corp. | 3.250% | 7/15/2027 | 165 | 163 | ||
| Sysco Corp. | 5.950% | 4/1/2030 | 192 | 204 | ||
| Sysco Corp. | 6.600% | 4/1/2050 | 500 | 538 | ||
| Sysco Corp. | 3.150% | 12/14/2051 | 145 | 92 | ||
| Target Corp. | 1.950% | 1/15/2027 | 395 | 385 | ||
| Target Corp. | 3.375% | 4/15/2029 | 240 | 235 | ||
| Target Corp. | 2.350% | 2/15/2030 | 150 | 140 | ||
| Target Corp. | 4.500% | 9/15/2032 | 85 | 85 | ||
| Target Corp. | 4.500% | 9/15/2034 | 100 | 98 | ||
| Target Corp. | 5.000% | 4/15/2035 | 190 | 191 | ||
| Target Corp. | 4.000% | 7/1/2042 | 235 | 197 | ||
| Target Corp. | 2.950% | 1/15/2052 | 295 | 185 | ||
| Target Corp. | 4.800% | 1/15/2053 | 155 | 136 | ||
| Tyson Foods Inc. | 3.550% | 6/2/2027 | 330 | 326 | ||
| Tyson Foods Inc. | 4.350% | 3/1/2029 | 490 | 490 | ||
| Tyson Foods Inc. | 5.700% | 3/15/2034 | 165 | 172 | ||
| Tyson Foods Inc. | 4.550% | 6/2/2047 | 235 | 196 | ||
| Tyson Foods Inc. | 5.100% | 9/28/2048 | 240 | 215 | ||
| Unilever Capital Corp. | 2.900% | 5/5/2027 | 210 | 207 | ||
| Unilever Capital Corp. | 4.250% | 8/12/2027 | 245 | 247 | ||
| Unilever Capital Corp. | 3.500% | 3/22/2028 | 178 | 176 | ||
| Unilever Capital Corp. | 2.125% | 9/6/2029 | 270 | 251 | ||
| Unilever Capital Corp. | 1.750% | 8/12/2031 | 90 | 79 | ||
| Unilever Capital Corp. | 5.900% | 11/15/2032 | 280 | 305 | ||
| Unilever Capital Corp. | 5.000% | 12/8/2033 | 110 | 114 | ||
| Unilever Capital Corp. | 4.625% | 8/12/2034 | 310 | 309 | ||
| 33,804 | ||||||
10
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Financials (44.1%) | ||||||
| 2 | Aegon Ltd. | 5.500% | 4/11/2048 | 185 | 187 | |
| AerCap Ireland Capital DAC | 2.450% | 10/29/2026 | 540 | 529 | ||
| AerCap Ireland Capital DAC | 6.100% | 1/15/2027 | 200 | 204 | ||
| AerCap Ireland Capital DAC | 6.450% | 4/15/2027 | 305 | 315 | ||
| AerCap Ireland Capital DAC | 3.650% | 7/21/2027 | 465 | 460 | ||
| AerCap Ireland Capital DAC | 4.875% | 4/1/2028 | 150 | 152 | ||
| AerCap Ireland Capital DAC | 5.750% | 6/6/2028 | 398 | 413 | ||
| AerCap Ireland Capital DAC | 3.000% | 10/29/2028 | 940 | 904 | ||
| AerCap Ireland Capital DAC | 5.100% | 1/19/2029 | 170 | 174 | ||
| AerCap Ireland Capital DAC | 4.625% | 9/10/2029 | 455 | 459 | ||
| AerCap Ireland Capital DAC | 6.150% | 9/30/2030 | 185 | 198 | ||
| AerCap Ireland Capital DAC | 3.300% | 1/30/2032 | 1,055 | 966 | ||
| AerCap Ireland Capital DAC | 3.400% | 10/29/2033 | 530 | 471 | ||
| AerCap Ireland Capital DAC | 4.950% | 9/10/2034 | 50 | 49 | ||
| AerCap Ireland Capital DAC | 3.850% | 10/29/2041 | 295 | 238 | ||
| AerCap Ireland Capital DAC | 6.950% | 3/10/2055 | 125 | 131 | ||
| Aflac Inc. | 3.600% | 4/1/2030 | 115 | 112 | ||
| Air Lease Corp. | 2.200% | 1/15/2027 | 275 | 268 | ||
| Air Lease Corp. | 3.125% | 12/1/2030 | 185 | 173 | ||
| 2 | Air Lease Corp. | 2.875% | 1/15/2032 | 235 | 211 | |
| Allstate Corp. | 5.250% | 3/30/2033 | 215 | 221 | ||
| Ally Financial Inc. | 4.750% | 6/9/2027 | 435 | 437 | ||
| Ally Financial Inc. | 7.100% | 11/15/2027 | 305 | 322 | ||
| Ally Financial Inc. | 2.200% | 11/2/2028 | 175 | 163 | ||
| Ally Financial Inc. | 5.737% | 5/15/2029 | 30 | 31 | ||
| Ally Financial Inc. | 6.992% | 6/13/2029 | 140 | 148 | ||
| Ally Financial Inc. | 6.848% | 1/3/2030 | 170 | 180 | ||
| 2 | Ally Financial Inc. | 8.000% | 11/1/2031 | 583 | 667 | |
| Ally Financial Inc. | 6.184% | 7/26/2035 | 175 | 180 | ||
| American Express Co. | 1.650% | 11/4/2026 | 330 | 321 | ||
| American Express Co. | 2.550% | 3/4/2027 | 570 | 557 | ||
| American Express Co. | 3.300% | 5/3/2027 | 432 | 427 | ||
| American Express Co. | 5.850% | 11/5/2027 | 405 | 420 | ||
| American Express Co. | 5.098% | 2/16/2028 | 500 | 506 | ||
| American Express Co. | 5.043% | 7/26/2028 | 545 | 554 | ||
| American Express Co. | 4.731% | 4/25/2029 | 300 | 305 | ||
| American Express Co. | 4.050% | 5/3/2029 | 135 | 135 | ||
| American Express Co. | 5.282% | 7/27/2029 | 326 | 336 | ||
| American Express Co. | 5.532% | 4/25/2030 | 485 | 506 | ||
| American Express Co. | 5.085% | 1/30/2031 | 220 | 227 | ||
| American Express Co. | 5.016% | 4/25/2031 | 320 | 329 | ||
| American Express Co. | 6.489% | 10/30/2031 | 125 | 137 | ||
| American Express Co. | 4.989% | 5/26/2033 | 145 | 146 | ||
| American Express Co. | 4.918% | 7/20/2033 | 470 | 476 | ||
| American Express Co. | 4.420% | 8/3/2033 | 155 | 152 | ||
| American Express Co. | 5.043% | 5/1/2034 | 255 | 259 | ||
| American Express Co. | 5.284% | 7/26/2035 | 470 | 479 | ||
| American Express Co. | 5.442% | 1/30/2036 | 345 | 355 | ||
| American Express Co. | 5.667% | 4/25/2036 | 500 | 522 | ||
| American Express Co. | 4.050% | 12/3/2042 | 198 | 168 | ||
| American International Group Inc. | 5.125% | 3/27/2033 | 85 | 87 | ||
| American International Group Inc. | 4.750% | 4/1/2048 | 220 | 194 | ||
| American International Group Inc. | 4.375% | 6/30/2050 | 235 | 193 | ||
| Ameriprise Financial Inc. | 5.150% | 5/15/2033 | 230 | 236 | ||
| Ameriprise Financial Inc. | 5.200% | 4/15/2035 | 310 | 314 | ||
| Aon Corp. | 3.750% | 5/2/2029 | 165 | 163 | ||
| Aon Corp. | 2.800% | 5/15/2030 | 265 | 249 | ||
| Aon Corp. | 5.350% | 2/28/2033 | 115 | 119 | ||
| Aon Corp. | 3.900% | 2/28/2052 | 265 | 194 | ||
| Aon North America Inc. | 5.150% | 3/1/2029 | 150 | 154 | ||
| Aon North America Inc. | 5.450% | 3/1/2034 | 405 | 418 | ||
| Aon North America Inc. | 5.750% | 3/1/2054 | 445 | 434 | ||
| Apollo Global Management Inc. | 5.800% | 5/21/2054 | 225 | 221 | ||
| Arch Capital Group Ltd. | 3.635% | 6/30/2050 | 200 | 145 | ||
| Ares Capital Corp. | 7.000% | 1/15/2027 | 195 | 201 | ||
| Ares Capital Corp. | 2.875% | 6/15/2028 | 215 | 205 | ||
| Ares Capital Corp. | 5.875% | 3/1/2029 | 215 | 221 | ||
| Ares Capital Corp. | 5.950% | 7/15/2029 | 185 | 191 | ||
| Ares Capital Corp. | 5.500% | 9/1/2030 | 160 | 162 | ||
11
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 2 | Ares Capital Corp. | 5.800% | 3/8/2032 | 225 | 228 | |
| Ares Management Corp. | 5.600% | 10/11/2054 | 150 | 141 | ||
| Arthur J Gallagher & Co. | 4.600% | 12/15/2027 | 105 | 106 | ||
| Arthur J Gallagher & Co. | 4.850% | 12/15/2029 | 290 | 296 | ||
| Arthur J Gallagher & Co. | 5.150% | 2/15/2035 | 320 | 321 | ||
| Arthur J Gallagher & Co. | 3.500% | 5/20/2051 | 250 | 172 | ||
| Arthur J Gallagher & Co. | 5.550% | 2/15/2055 | 200 | 188 | ||
| Athene Holding Ltd. | 4.125% | 1/12/2028 | 180 | 180 | ||
| Athene Holding Ltd. | 6.250% | 4/1/2054 | 250 | 246 | ||
| Athene Holding Ltd. | 6.625% | 5/19/2055 | 250 | 257 | ||
| 2 | Australia & New Zealand Banking Group Ltd. | 4.750% | 1/18/2027 | 100 | 101 | |
| Australia & New Zealand Banking Group Ltd. | 4.615% | 12/16/2029 | 250 | 256 | ||
| AXA SA | 8.600% | 12/15/2030 | 85 | 101 | ||
| Banco Bilbao Vizcaya Argentaria SA | 6.138% | 9/14/2028 | 190 | 197 | ||
| Banco Bilbao Vizcaya Argentaria SA | 5.381% | 3/13/2029 | 400 | 414 | ||
| Banco Bilbao Vizcaya Argentaria SA | 7.883% | 11/15/2034 | 185 | 213 | ||
| Banco Bilbao Vizcaya Argentaria SA | 6.033% | 3/13/2035 | 350 | 367 | ||
| Banco Santander SA | 4.250% | 4/11/2027 | 107 | 107 | ||
| Banco Santander SA | 5.294% | 8/18/2027 | 575 | 585 | ||
| Banco Santander SA | 1.722% | 9/14/2027 | 280 | 272 | ||
| Banco Santander SA | 6.527% | 11/7/2027 | 355 | 364 | ||
| Banco Santander SA | 3.800% | 2/23/2028 | 370 | 366 | ||
| Banco Santander SA | 5.552% | 3/14/2028 | 20 | 20 | ||
| Banco Santander SA | 4.175% | 3/24/2028 | 530 | 529 | ||
| Banco Santander SA | 4.379% | 4/12/2028 | 296 | 297 | ||
| 2 | Banco Santander SA | 5.365% | 7/15/2028 | 500 | 510 | |
| Banco Santander SA | 5.588% | 8/8/2028 | 225 | 234 | ||
| Banco Santander SA | 6.607% | 11/7/2028 | 355 | 380 | ||
| Banco Santander SA | 3.306% | 6/27/2029 | 391 | 378 | ||
| Banco Santander SA | 5.565% | 1/17/2030 | 245 | 256 | ||
| Banco Santander SA | 5.538% | 3/14/2030 | 275 | 285 | ||
| Banco Santander SA | 3.490% | 5/28/2030 | 345 | 332 | ||
| Banco Santander SA | 2.749% | 12/3/2030 | 390 | 352 | ||
| Banco Santander SA | 2.958% | 3/25/2031 | 205 | 189 | ||
| Banco Santander SA | 5.439% | 7/15/2031 | 225 | 236 | ||
| Banco Santander SA | 3.225% | 11/22/2032 | 165 | 150 | ||
| Banco Santander SA | 6.921% | 8/8/2033 | 339 | 373 | ||
| Banco Santander SA | 6.938% | 11/7/2033 | 255 | 289 | ||
| Banco Santander SA | 6.350% | 3/14/2034 | 200 | 212 | ||
| Banco Santander SA | 6.033% | 1/17/2035 | 200 | 212 | ||
| 2 | Bank of America Corp. | 4.250% | 10/22/2026 | 388 | 388 | |
| Bank of America Corp. | 5.933% | 9/15/2027 | 315 | 320 | ||
| 2 | Bank of America Corp. | 3.248% | 10/21/2027 | 494 | 487 | |
| 2 | Bank of America Corp. | 4.183% | 11/25/2027 | 795 | 794 | |
| 2 | Bank of America Corp. | 3.824% | 1/20/2028 | 550 | 547 | |
| 2 | Bank of America Corp. | 2.551% | 2/4/2028 | 420 | 410 | |
| 2 | Bank of America Corp. | 3.705% | 4/24/2028 | 525 | 521 | |
| Bank of America Corp. | 4.376% | 4/27/2028 | 466 | 467 | ||
| 2 | Bank of America Corp. | 3.593% | 7/21/2028 | 395 | 391 | |
| 2 | Bank of America Corp. | 4.948% | 7/22/2028 | 885 | 897 | |
| Bank of America Corp. | 6.204% | 11/10/2028 | 405 | 422 | ||
| 2 | Bank of America Corp. | 3.419% | 12/20/2028 | 1,128 | 1,108 | |
| Bank of America Corp. | 4.979% | 1/24/2029 | 930 | 946 | ||
| 2 | Bank of America Corp. | 3.970% | 3/5/2029 | 580 | 576 | |
| Bank of America Corp. | 5.202% | 4/25/2029 | 685 | 702 | ||
| 2 | Bank of America Corp. | 2.087% | 6/14/2029 | 543 | 513 | |
| 2 | Bank of America Corp. | 4.271% | 7/23/2029 | 737 | 739 | |
| Bank of America Corp. | 5.819% | 9/15/2029 | 985 | 1,030 | ||
| 2 | Bank of America Corp. | 3.974% | 2/7/2030 | 555 | 550 | |
| 2 | Bank of America Corp. | 3.194% | 7/23/2030 | 580 | 557 | |
| 2 | Bank of America Corp. | 2.884% | 10/22/2030 | 485 | 459 | |
| Bank of America Corp. | 5.162% | 1/24/2031 | 525 | 542 | ||
| 2 | Bank of America Corp. | 2.496% | 2/13/2031 | 930 | 859 | |
| 2 | Bank of America Corp. | 2.592% | 4/29/2031 | 575 | 532 | |
| 2 | Bank of America Corp. | 1.898% | 7/23/2031 | 425 | 378 | |
| 2 | Bank of America Corp. | 1.922% | 10/24/2031 | 735 | 649 | |
| 2 | Bank of America Corp. | 2.651% | 3/11/2032 | 830 | 754 | |
| Bank of America Corp. | 2.687% | 4/22/2032 | 875 | 794 | ||
| Bank of America Corp. | 2.299% | 7/21/2032 | 670 | 591 | ||
| Bank of America Corp. | 2.572% | 10/20/2032 | 710 | 634 | ||
12
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 2 | Bank of America Corp. | 2.972% | 2/4/2033 | 985 | 889 | |
| Bank of America Corp. | 4.571% | 4/27/2033 | 1,064 | 1,054 | ||
| 2 | Bank of America Corp. | 5.015% | 7/22/2033 | 1,100 | 1,117 | |
| Bank of America Corp. | 5.288% | 4/25/2034 | 1,279 | 1,311 | ||
| Bank of America Corp. | 5.872% | 9/15/2034 | 625 | 663 | ||
| Bank of America Corp. | 5.468% | 1/23/2035 | 885 | 914 | ||
| 2 | Bank of America Corp. | 5.425% | 8/15/2035 | 475 | 478 | |
| Bank of America Corp. | 5.518% | 10/25/2035 | 840 | 847 | ||
| Bank of America Corp. | 5.511% | 1/24/2036 | 930 | 958 | ||
| Bank of America Corp. | 5.744% | 2/12/2036 | 610 | 625 | ||
| Bank of America Corp. | 5.464% | 5/9/2036 | 275 | 283 | ||
| Bank of America Corp. | 2.482% | 9/21/2036 | 630 | 545 | ||
| Bank of America Corp. | 6.110% | 1/29/2037 | 620 | 659 | ||
| Bank of America Corp. | 3.846% | 3/8/2037 | 540 | 499 | ||
| 2 | Bank of America Corp. | 4.244% | 4/24/2038 | 455 | 416 | |
| Bank of America Corp. | 7.750% | 5/14/2038 | 195 | 234 | ||
| 2 | Bank of America Corp. | 4.078% | 4/23/2040 | 350 | 306 | |
| 2 | Bank of America Corp. | 2.676% | 6/19/2041 | 1,000 | 719 | |
| 2 | Bank of America Corp. | 5.875% | 2/7/2042 | 460 | 480 | |
| Bank of America Corp. | 3.311% | 4/22/2042 | 575 | 442 | ||
| 2 | Bank of America Corp. | 5.000% | 1/21/2044 | 475 | 450 | |
| 2 | Bank of America Corp. | 4.443% | 1/20/2048 | 266 | 227 | |
| 2 | Bank of America Corp. | 3.946% | 1/23/2049 | 215 | 168 | |
| 2 | Bank of America Corp. | 4.330% | 3/15/2050 | 780 | 641 | |
| 2 | Bank of America Corp. | 4.083% | 3/20/2051 | 1,112 | 875 | |
| 2 | Bank of America Corp. | 2.831% | 10/24/2051 | 435 | 270 | |
| 2 | Bank of America Corp. | 3.483% | 3/13/2052 | 270 | 191 | |
| Bank of America Corp. | 2.972% | 7/21/2052 | 555 | 356 | ||
| 2 | Bank of America NA | 6.000% | 10/15/2036 | 325 | 347 | |
| 2 | Bank of Montreal | 1.250% | 9/15/2026 | 275 | 267 | |
| Bank of Montreal | 5.266% | 12/11/2026 | 110 | 112 | ||
| 2 | Bank of Montreal | 2.650% | 3/8/2027 | 235 | 230 | |
| Bank of Montreal | 4.567% | 9/10/2027 | 160 | 160 | ||
| 2 | Bank of Montreal | 4.700% | 9/14/2027 | 408 | 413 | |
| Bank of Montreal | 5.203% | 2/1/2028 | 167 | 171 | ||
| Bank of Montreal | 5.717% | 9/25/2028 | 175 | 183 | ||
| Bank of Montreal | 4.640% | 9/10/2030 | 230 | 233 | ||
| Bank of Montreal | 5.511% | 6/4/2031 | 150 | 158 | ||
| 2 | Bank of Montreal | 3.803% | 12/15/2032 | 430 | 421 | |
| Bank of Montreal | 3.088% | 1/10/2037 | 250 | 220 | ||
| 2 | Bank of New York Mellon Corp. | 2.050% | 1/26/2027 | 165 | 161 | |
| 2 | Bank of New York Mellon Corp. | 3.250% | 5/16/2027 | 220 | 218 | |
| 2 | Bank of New York Mellon Corp. | 3.400% | 1/29/2028 | 165 | 163 | |
| 2 | Bank of New York Mellon Corp. | 3.442% | 2/7/2028 | 270 | 268 | |
| 2 | Bank of New York Mellon Corp. | 3.850% | 4/28/2028 | 290 | 290 | |
| Bank of New York Mellon Corp. | 4.441% | 6/9/2028 | 153 | 154 | ||
| Bank of New York Mellon Corp. | 4.890% | 7/21/2028 | 160 | 162 | ||
| 2 | Bank of New York Mellon Corp. | 5.802% | 10/25/2028 | 370 | 383 | |
| Bank of New York Mellon Corp. | 4.543% | 2/1/2029 | 255 | 258 | ||
| 2 | Bank of New York Mellon Corp. | 3.300% | 8/23/2029 | 395 | 382 | |
| 2 | Bank of New York Mellon Corp. | 6.317% | 10/25/2029 | 197 | 210 | |
| 2 | Bank of New York Mellon Corp. | 4.975% | 3/14/2030 | 140 | 144 | |
| Bank of New York Mellon Corp. | 4.942% | 2/11/2031 | 580 | 596 | ||
| Bank of New York Mellon Corp. | 5.060% | 7/22/2032 | 330 | 340 | ||
| 2 | Bank of New York Mellon Corp. | 4.289% | 6/13/2033 | 233 | 228 | |
| 2 | Bank of New York Mellon Corp. | 5.834% | 10/25/2033 | 255 | 273 | |
| Bank of New York Mellon Corp. | 4.706% | 2/1/2034 | 80 | 80 | ||
| 2 | Bank of New York Mellon Corp. | 4.967% | 4/26/2034 | 245 | 248 | |
| 2 | Bank of New York Mellon Corp. | 6.474% | 10/25/2034 | 205 | 227 | |
| 2 | Bank of New York Mellon Corp. | 5.188% | 3/14/2035 | 390 | 397 | |
| Bank of New York Mellon Corp. | 5.316% | 6/6/2036 | 75 | 77 | ||
| Bank of Nova Scotia | 1.300% | 9/15/2026 | 255 | 248 | ||
| Bank of Nova Scotia | 5.350% | 12/7/2026 | 125 | 127 | ||
| Bank of Nova Scotia | 1.950% | 2/2/2027 | 70 | 68 | ||
| 2 | Bank of Nova Scotia | 5.400% | 6/4/2027 | 85 | 87 | |
| Bank of Nova Scotia | 5.250% | 6/12/2028 | 215 | 222 | ||
| Bank of Nova Scotia | 4.404% | 9/8/2028 | 100 | 100 | ||
| Bank of Nova Scotia | 4.932% | 2/14/2029 | 340 | 346 | ||
| Bank of Nova Scotia | 4.850% | 2/1/2030 | 200 | 204 | ||
| Bank of Nova Scotia | 5.130% | 2/14/2031 | 200 | 206 | ||
13
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Bank of Nova Scotia | 2.450% | 2/2/2032 | 290 | 255 | ||
| Bank of Nova Scotia | 5.650% | 2/1/2034 | 150 | 158 | ||
| Bank of Nova Scotia | 4.588% | 5/4/2037 | 265 | 254 | ||
| Barclays plc | 7.325% | 11/2/2026 | 265 | 266 | ||
| Barclays plc | 6.496% | 9/13/2027 | 160 | 163 | ||
| Barclays plc | 2.279% | 11/24/2027 | 335 | 327 | ||
| Barclays plc | 4.337% | 1/10/2028 | 490 | 490 | ||
| Barclays plc | 5.674% | 3/12/2028 | 130 | 132 | ||
| Barclays plc | 4.836% | 5/9/2028 | 425 | 427 | ||
| Barclays plc | 5.501% | 8/9/2028 | 485 | 495 | ||
| Barclays plc | 4.837% | 9/10/2028 | 66 | 67 | ||
| Barclays plc | 7.385% | 11/2/2028 | 230 | 244 | ||
| Barclays plc | 5.086% | 2/25/2029 | 200 | 203 | ||
| 2 | Barclays plc | 4.972% | 5/16/2029 | 255 | 259 | |
| Barclays plc | 6.490% | 9/13/2029 | 210 | 223 | ||
| Barclays plc | 5.690% | 3/12/2030 | 490 | 510 | ||
| 2 | Barclays plc | 5.088% | 6/20/2030 | 235 | 238 | |
| Barclays plc | 4.942% | 9/10/2030 | 329 | 334 | ||
| Barclays plc | 5.367% | 2/25/2031 | 200 | 206 | ||
| Barclays plc | 2.645% | 6/24/2031 | 175 | 160 | ||
| Barclays plc | 2.667% | 3/10/2032 | 310 | 279 | ||
| Barclays plc | 2.894% | 11/24/2032 | 285 | 255 | ||
| Barclays plc | 5.746% | 8/9/2033 | 350 | 365 | ||
| Barclays plc | 7.437% | 11/2/2033 | 560 | 639 | ||
| Barclays plc | 6.224% | 5/9/2034 | 550 | 587 | ||
| Barclays plc | 7.119% | 6/27/2034 | 275 | 304 | ||
| Barclays plc | 6.692% | 9/13/2034 | 385 | 422 | ||
| Barclays plc | 5.335% | 9/10/2035 | 453 | 453 | ||
| Barclays plc | 3.564% | 9/23/2035 | 190 | 177 | ||
| Barclays plc | 5.785% | 2/25/2036 | 440 | 454 | ||
| Barclays plc | 3.811% | 3/10/2042 | 300 | 234 | ||
| Barclays plc | 3.330% | 11/24/2042 | 205 | 153 | ||
| Barclays plc | 5.250% | 8/17/2045 | 365 | 341 | ||
| Barclays plc | 4.950% | 1/10/2047 | 240 | 215 | ||
| Barclays plc | 6.036% | 3/12/2055 | 290 | 296 | ||
| BlackRock Funding Inc. | 5.000% | 3/14/2034 | 130 | 134 | ||
| BlackRock Funding Inc. | 5.250% | 3/14/2054 | 265 | 252 | ||
| BlackRock Funding Inc. | 5.350% | 1/8/2055 | 315 | 303 | ||
| Blackrock Inc. | 3.250% | 4/30/2029 | 220 | 215 | ||
| Blackrock Inc. | 2.400% | 4/30/2030 | 283 | 263 | ||
| Blackrock Inc. | 1.900% | 1/28/2031 | 190 | 169 | ||
| Blackrock Inc. | 2.100% | 2/25/2032 | 191 | 167 | ||
| Blackrock Inc. | 4.750% | 5/25/2033 | 465 | 472 | ||
| Blackstone Reg Finance Co. LLC | 5.000% | 12/6/2034 | 193 | 193 | ||
| Blue Owl Capital Corp. | 2.875% | 6/11/2028 | 160 | 151 | ||
| Blue Owl Capital Corp. | 5.950% | 3/15/2029 | 300 | 304 | ||
| Brighthouse Financial Inc. | 3.700% | 6/22/2027 | 175 | 173 | ||
| Brighthouse Financial Inc. | 4.700% | 6/22/2047 | 228 | 170 | ||
| Brown & Brown Inc. | 4.900% | 6/23/2030 | 240 | 243 | ||
| Brown & Brown Inc. | 5.550% | 6/23/2035 | 160 | 163 | ||
| Brown & Brown Inc. | 6.250% | 6/23/2055 | 250 | 256 | ||
| Canadian Imperial Bank of Commerce | 5.926% | 10/2/2026 | 355 | 362 | ||
| Canadian Imperial Bank of Commerce | 3.450% | 4/7/2027 | 130 | 129 | ||
| Canadian Imperial Bank of Commerce | 5.237% | 6/28/2027 | 125 | 127 | ||
| Canadian Imperial Bank of Commerce | 4.508% | 9/11/2027 | 85 | 85 | ||
| Canadian Imperial Bank of Commerce | 5.001% | 4/28/2028 | 225 | 230 | ||
| Canadian Imperial Bank of Commerce | 4.857% | 3/30/2029 | 135 | 137 | ||
| Canadian Imperial Bank of Commerce | 5.260% | 4/8/2029 | 375 | 388 | ||
| Canadian Imperial Bank of Commerce | 4.631% | 9/11/2030 | 220 | 222 | ||
| Canadian Imperial Bank of Commerce | 5.245% | 1/13/2031 | 200 | 206 | ||
| Canadian Imperial Bank of Commerce | 3.600% | 4/7/2032 | 355 | 334 | ||
| Canadian Imperial Bank of Commerce | 6.092% | 10/3/2033 | 460 | 496 | ||
| Capital One Financial Corp. | 4.100% | 2/9/2027 | 330 | 329 | ||
| Capital One Financial Corp. | 3.750% | 3/9/2027 | 400 | 397 | ||
| Capital One Financial Corp. | 3.650% | 5/11/2027 | 420 | 416 | ||
| Capital One Financial Corp. | 7.149% | 10/29/2027 | 165 | 170 | ||
| Capital One Financial Corp. | 1.878% | 11/2/2027 | 425 | 413 | ||
| Capital One Financial Corp. | 3.800% | 1/31/2028 | 379 | 376 | ||
| Capital One Financial Corp. | 4.927% | 5/10/2028 | 345 | 349 | ||
| Capital One Financial Corp. | 5.468% | 2/1/2029 | 335 | 344 | ||
14
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Capital One Financial Corp. | 6.312% | 6/8/2029 | 255 | 268 | ||
| Capital One Financial Corp. | 5.700% | 2/1/2030 | 210 | 218 | ||
| Capital One Financial Corp. | 3.273% | 3/1/2030 | 228 | 220 | ||
| Capital One Financial Corp. | 5.247% | 7/26/2030 | 90 | 92 | ||
| Capital One Financial Corp. | 5.463% | 7/26/2030 | 242 | 250 | ||
| 2 | Capital One Financial Corp. | 7.624% | 10/30/2031 | 325 | 369 | |
| Capital One Financial Corp. | 2.359% | 7/29/2032 | 255 | 220 | ||
| Capital One Financial Corp. | 6.700% | 11/29/2032 | 175 | 193 | ||
| Capital One Financial Corp. | 5.268% | 5/10/2033 | 230 | 234 | ||
| Capital One Financial Corp. | 5.817% | 2/1/2034 | 395 | 411 | ||
| Capital One Financial Corp. | 6.377% | 6/8/2034 | 335 | 360 | ||
| Capital One Financial Corp. | 7.964% | 11/2/2034 | 305 | 357 | ||
| Capital One Financial Corp. | 6.051% | 2/1/2035 | 160 | 169 | ||
| Capital One Financial Corp. | 5.884% | 7/26/2035 | 162 | 168 | ||
| Capital One Financial Corp. | 6.183% | 1/30/2036 | 410 | 423 | ||
| 2 | Capital One NA | 4.650% | 9/13/2028 | 235 | 238 | |
| Charles Schwab Corp. | 2.450% | 3/3/2027 | 760 | 743 | ||
| Charles Schwab Corp. | 2.000% | 3/20/2028 | 185 | 176 | ||
| Charles Schwab Corp. | 5.643% | 5/19/2029 | 430 | 447 | ||
| Charles Schwab Corp. | 6.196% | 11/17/2029 | 265 | 282 | ||
| Charles Schwab Corp. | 1.650% | 3/11/2031 | 125 | 108 | ||
| Charles Schwab Corp. | 2.300% | 5/13/2031 | 145 | 130 | ||
| Charles Schwab Corp. | 1.950% | 12/1/2031 | 245 | 212 | ||
| Charles Schwab Corp. | 2.900% | 3/3/2032 | 280 | 254 | ||
| Charles Schwab Corp. | 5.853% | 5/19/2034 | 330 | 352 | ||
| Charles Schwab Corp. | 6.136% | 8/24/2034 | 220 | 239 | ||
| Chubb Corp. | 6.000% | 5/11/2037 | 205 | 222 | ||
| Chubb INA Holdings LLC | 1.375% | 9/15/2030 | 200 | 175 | ||
| Chubb INA Holdings LLC | 5.000% | 3/15/2034 | 285 | 289 | ||
| Chubb INA Holdings LLC | 4.900% | 8/15/2035 | 350 | 348 | ||
| Chubb INA Holdings LLC | 4.350% | 11/3/2045 | 310 | 266 | ||
| Chubb INA Holdings LLC | 3.050% | 12/15/2061 | 205 | 124 | ||
| CI Financial Corp. | 3.200% | 12/17/2030 | 304 | 273 | ||
| 2 | Citibank NA | 5.488% | 12/4/2026 | 705 | 716 | |
| Citibank NA | 4.876% | 11/19/2027 | 730 | 735 | ||
| Citibank NA | 5.803% | 9/29/2028 | 425 | 445 | ||
| Citibank NA | 4.838% | 8/6/2029 | 575 | 590 | ||
| 2 | Citibank NA | 4.914% | 5/29/2030 | 350 | 359 | |
| 2 | Citibank NA | 5.570% | 4/30/2034 | 325 | 340 | |
| Citigroup Inc. | 3.200% | 10/21/2026 | 490 | 485 | ||
| Citigroup Inc. | 4.300% | 11/20/2026 | 255 | 255 | ||
| Citigroup Inc. | 4.450% | 9/29/2027 | 860 | 862 | ||
| 2 | Citigroup Inc. | 3.887% | 1/10/2028 | 797 | 792 | |
| 2 | Citigroup Inc. | 3.070% | 2/24/2028 | 632 | 621 | |
| Citigroup Inc. | 4.643% | 5/7/2028 | 100 | 101 | ||
| Citigroup Inc. | 4.658% | 5/24/2028 | 285 | 287 | ||
| 2 | Citigroup Inc. | 3.668% | 7/24/2028 | 430 | 425 | |
| Citigroup Inc. | 4.125% | 7/25/2028 | 645 | 644 | ||
| 2 | Citigroup Inc. | 3.520% | 10/27/2028 | 385 | 379 | |
| Citigroup Inc. | 4.786% | 3/4/2029 | 225 | 228 | ||
| 2 | Citigroup Inc. | 4.075% | 4/23/2029 | 645 | 642 | |
| Citigroup Inc. | 5.174% | 2/13/2030 | 765 | 785 | ||
| 2 | Citigroup Inc. | 3.980% | 3/20/2030 | 520 | 513 | |
| Citigroup Inc. | 4.542% | 9/19/2030 | 560 | 563 | ||
| 2 | Citigroup Inc. | 2.976% | 11/5/2030 | 535 | 506 | |
| 2 | Citigroup Inc. | 2.666% | 1/29/2031 | 420 | 390 | |
| 2 | Citigroup Inc. | 4.412% | 3/31/2031 | 585 | 583 | |
| Citigroup Inc. | 4.952% | 5/7/2031 | 800 | 815 | ||
| 2 | Citigroup Inc. | 2.572% | 6/3/2031 | 670 | 615 | |
| Citigroup Inc. | 2.561% | 5/1/2032 | 515 | 462 | ||
| Citigroup Inc. | 6.625% | 6/15/2032 | 290 | 320 | ||
| Citigroup Inc. | 2.520% | 11/3/2032 | 310 | 274 | ||
| Citigroup Inc. | 3.057% | 1/25/2033 | 705 | 637 | ||
| Citigroup Inc. | 3.785% | 3/17/2033 | 595 | 560 | ||
| Citigroup Inc. | 4.910% | 5/24/2033 | 493 | 495 | ||
| Citigroup Inc. | 6.270% | 11/17/2033 | 490 | 531 | ||
| Citigroup Inc. | 6.174% | 5/25/2034 | 825 | 869 | ||
| Citigroup Inc. | 5.592% | 11/19/2034 | 435 | 444 | ||
| Citigroup Inc. | 5.827% | 2/13/2035 | 460 | 472 | ||
| Citigroup Inc. | 5.449% | 6/11/2035 | 840 | 862 | ||
15
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Citigroup Inc. | 6.020% | 1/24/2036 | 315 | 325 | ||
| 2 | Citigroup Inc. | 5.333% | 3/27/2036 | 395 | 399 | |
| 2 | Citigroup Inc. | 3.878% | 1/24/2039 | 286 | 248 | |
| Citigroup Inc. | 8.125% | 7/15/2039 | 297 | 374 | ||
| Citigroup Inc. | 5.411% | 9/19/2039 | 455 | 450 | ||
| 2 | Citigroup Inc. | 5.316% | 3/26/2041 | 295 | 288 | |
| Citigroup Inc. | 5.875% | 1/30/2042 | 425 | 440 | ||
| Citigroup Inc. | 2.904% | 11/3/2042 | 280 | 199 | ||
| Citigroup Inc. | 6.675% | 9/13/2043 | 170 | 188 | ||
| Citigroup Inc. | 5.300% | 5/6/2044 | 145 | 138 | ||
| Citigroup Inc. | 4.650% | 7/30/2045 | 445 | 389 | ||
| Citigroup Inc. | 4.750% | 5/18/2046 | 405 | 351 | ||
| 2 | Citigroup Inc. | 4.281% | 4/24/2048 | 180 | 148 | |
| Citigroup Inc. | 4.650% | 7/23/2048 | 680 | 588 | ||
| Citigroup Inc. | 5.612% | 3/4/2056 | 606 | 589 | ||
| Citizens Bank NA | 4.575% | 8/9/2028 | 34 | 34 | ||
| Citizens Financial Group Inc. | 5.841% | 1/23/2030 | 185 | 192 | ||
| Citizens Financial Group Inc. | 3.250% | 4/30/2030 | 229 | 217 | ||
| Citizens Financial Group Inc. | 5.253% | 3/5/2031 | 90 | 92 | ||
| Citizens Financial Group Inc. | 5.718% | 7/23/2032 | 287 | 300 | ||
| Citizens Financial Group Inc. | 6.645% | 4/25/2035 | 265 | 288 | ||
| CME Group Inc. | 4.400% | 3/15/2030 | 125 | 126 | ||
| CME Group Inc. | 2.650% | 3/15/2032 | 370 | 334 | ||
| CME Group Inc. | 5.300% | 9/15/2043 | 163 | 163 | ||
| Comerica Inc. | 5.982% | 1/30/2030 | 275 | 285 | ||
| Commonwealth Bank of Australia | 4.577% | 11/27/2026 | 250 | 252 | ||
| Cooperatieve Rabobank UA | 4.883% | 1/21/2028 | 220 | 225 | ||
| Cooperatieve Rabobank UA | 4.494% | 10/17/2029 | 250 | 254 | ||
| 2 | Cooperatieve Rabobank UA | 5.250% | 5/24/2041 | 430 | 424 | |
| Cooperatieve Rabobank UA | 5.750% | 12/1/2043 | 325 | 325 | ||
| Cooperatieve Rabobank UA | 5.250% | 8/4/2045 | 290 | 270 | ||
| Corebridge Financial Inc. | 3.650% | 4/5/2027 | 258 | 256 | ||
| Corebridge Financial Inc. | 3.850% | 4/5/2029 | 150 | 148 | ||
| Corebridge Financial Inc. | 3.900% | 4/5/2032 | 222 | 210 | ||
| Corebridge Financial Inc. | 5.750% | 1/15/2034 | 240 | 251 | ||
| Corebridge Financial Inc. | 4.400% | 4/5/2052 | 335 | 267 | ||
| Corebridge Financial Inc. | 6.875% | 12/15/2052 | 200 | 207 | ||
| Corebridge Financial Inc. | 6.375% | 9/15/2054 | 130 | 132 | ||
| Deutsche Bank AG | 2.311% | 11/16/2027 | 406 | 396 | ||
| Deutsche Bank AG | 2.552% | 1/7/2028 | 160 | 156 | ||
| Deutsche Bank AG | 5.706% | 2/8/2028 | 283 | 288 | ||
| 2 | Deutsche Bank AG | 5.373% | 1/10/2029 | 60 | 61 | |
| Deutsche Bank AG | 6.720% | 1/18/2029 | 430 | 452 | ||
| Deutsche Bank AG | 5.414% | 5/10/2029 | 250 | 260 | ||
| Deutsche Bank AG | 6.819% | 11/20/2029 | 285 | 305 | ||
| Deutsche Bank AG | 4.999% | 9/11/2030 | 320 | 325 | ||
| Deutsche Bank AG | 5.297% | 5/9/2031 | 295 | 302 | ||
| Deutsche Bank AG | 4.950% | 8/4/2031 | 400 | 403 | ||
| 2 | Deutsche Bank AG | 3.547% | 9/18/2031 | 280 | 266 | |
| Deutsche Bank AG | 3.729% | 1/14/2032 | 160 | 150 | ||
| Deutsche Bank AG | 3.035% | 5/28/2032 | 200 | 182 | ||
| Deutsche Bank AG | 4.875% | 12/1/2032 | 190 | 189 | ||
| Deutsche Bank AG | 3.742% | 1/7/2033 | 200 | 183 | ||
| Deutsche Bank AG | 7.079% | 2/10/2034 | 350 | 380 | ||
| Deutsche Bank AG | 5.403% | 9/11/2035 | 450 | 453 | ||
| Enact Holdings Inc. | 6.250% | 5/28/2029 | 100 | 104 | ||
| Equitable Holdings Inc. | 4.350% | 4/20/2028 | 332 | 333 | ||
| Equitable Holdings Inc. | 5.000% | 4/20/2048 | 284 | 253 | ||
| Everest Reinsurance Holdings Inc. | 3.500% | 10/15/2050 | 240 | 163 | ||
| Everest Reinsurance Holdings Inc. | 3.125% | 10/15/2052 | 265 | 164 | ||
| Fifth Third Bancorp | 2.550% | 5/5/2027 | 128 | 125 | ||
| Fifth Third Bancorp | 6.361% | 10/27/2028 | 215 | 224 | ||
| Fifth Third Bancorp | 6.339% | 7/27/2029 | 385 | 406 | ||
| Fifth Third Bancorp | 4.772% | 7/28/2030 | 262 | 265 | ||
| Fifth Third Bancorp | 4.895% | 9/6/2030 | 75 | 76 | ||
| Fifth Third Bancorp | 5.631% | 1/29/2032 | 210 | 220 | ||
| Fifth Third Bancorp | 8.250% | 3/1/2038 | 220 | 269 | ||
| First Citizens BancShares Inc. | 6.254% | 3/12/2040 | 185 | 186 | ||
| Franklin Resources Inc. | 1.600% | 10/30/2030 | 130 | 114 | ||
| FS KKR Capital Corp. | 3.125% | 10/12/2028 | 70 | 64 | ||
16
ESG U.S. Corporate Bond ETF
17
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| HSBC Holdings plc | 5.130% | 3/3/2031 | 200 | 205 | ||
| HSBC Holdings plc | 5.240% | 5/13/2031 | 560 | 576 | ||
| 2 | HSBC Holdings plc | 2.848% | 6/4/2031 | 570 | 528 | |
| 2 | HSBC Holdings plc | 2.357% | 8/18/2031 | 455 | 411 | |
| HSBC Holdings plc | 5.733% | 5/17/2032 | 240 | 252 | ||
| HSBC Holdings plc | 2.804% | 5/24/2032 | 680 | 614 | ||
| HSBC Holdings plc | 2.871% | 11/22/2032 | 245 | 220 | ||
| HSBC Holdings plc | 4.762% | 3/29/2033 | 485 | 479 | ||
| HSBC Holdings plc | 5.402% | 8/11/2033 | 660 | 681 | ||
| HSBC Holdings plc | 8.113% | 11/3/2033 | 460 | 535 | ||
| HSBC Holdings plc | 6.254% | 3/9/2034 | 405 | 437 | ||
| HSBC Holdings plc | 6.547% | 6/20/2034 | 600 | 642 | ||
| HSBC Holdings plc | 7.399% | 11/13/2034 | 335 | 377 | ||
| HSBC Holdings plc | 5.719% | 3/4/2035 | 280 | 293 | ||
| HSBC Holdings plc | 5.874% | 11/18/2035 | 365 | 374 | ||
| HSBC Holdings plc | 5.450% | 3/3/2036 | 565 | 574 | ||
| HSBC Holdings plc | 6.500% | 5/2/2036 | 530 | 575 | ||
| HSBC Holdings plc | 5.790% | 5/13/2036 | 480 | 499 | ||
| HSBC Holdings plc | 6.500% | 9/15/2037 | 310 | 334 | ||
| 2 | HSBC Holdings plc | 6.500% | 9/15/2037 | 180 | 191 | |
| HSBC Holdings plc | 6.800% | 6/1/2038 | 145 | 161 | ||
| HSBC Holdings plc | 6.100% | 1/14/2042 | 180 | 192 | ||
| HSBC Holdings plc | 6.332% | 3/9/2044 | 510 | 548 | ||
| HSBC Holdings plc | 5.250% | 3/14/2044 | 352 | 332 | ||
| HSBC USA Inc. | 5.294% | 3/4/2027 | 95 | 97 | ||
| HSBC USA Inc. | 4.650% | 6/3/2028 | 200 | 203 | ||
| Huntington Bancshares Inc. | 4.443% | 8/4/2028 | 155 | 155 | ||
| Huntington Bancshares Inc. | 6.208% | 8/21/2029 | 454 | 478 | ||
| Huntington Bancshares Inc. | 2.550% | 2/4/2030 | 390 | 361 | ||
| Huntington Bancshares Inc. | 5.272% | 1/15/2031 | 220 | 227 | ||
| Huntington Bancshares Inc. | 5.709% | 2/2/2035 | 185 | 191 | ||
| Huntington National Bank | 4.871% | 4/12/2028 | 250 | 252 | ||
| Huntington National Bank | 4.552% | 5/17/2028 | 175 | 176 | ||
| Huntington National Bank | 5.650% | 1/10/2030 | 210 | 220 | ||
| ING Groep NV | 3.950% | 3/29/2027 | 275 | 274 | ||
| ING Groep NV | 6.083% | 9/11/2027 | 140 | 142 | ||
| ING Groep NV | 4.017% | 3/28/2028 | 485 | 483 | ||
| ING Groep NV | 4.550% | 10/2/2028 | 350 | 353 | ||
| ING Groep NV | 4.858% | 3/25/2029 | 315 | 319 | ||
| ING Groep NV | 4.050% | 4/9/2029 | 101 | 100 | ||
| ING Groep NV | 5.335% | 3/19/2030 | 100 | 103 | ||
| ING Groep NV | 2.727% | 4/1/2032 | 195 | 178 | ||
| ING Groep NV | 4.252% | 3/28/2033 | 205 | 199 | ||
| ING Groep NV | 6.114% | 9/11/2034 | 300 | 321 | ||
| ING Groep NV | 5.550% | 3/19/2035 | 375 | 386 | ||
| ING Groep NV | 5.525% | 3/25/2036 | 200 | 205 | ||
| Intercontinental Exchange Inc. | 4.000% | 9/15/2027 | 340 | 340 | ||
| Intercontinental Exchange Inc. | 3.625% | 9/1/2028 | 65 | 64 | ||
| Intercontinental Exchange Inc. | 4.350% | 6/15/2029 | 205 | 207 | ||
| Intercontinental Exchange Inc. | 2.100% | 6/15/2030 | 350 | 318 | ||
| Intercontinental Exchange Inc. | 5.250% | 6/15/2031 | 40 | 42 | ||
| Intercontinental Exchange Inc. | 1.850% | 9/15/2032 | 270 | 226 | ||
| Intercontinental Exchange Inc. | 4.600% | 3/15/2033 | 305 | 305 | ||
| Intercontinental Exchange Inc. | 2.650% | 9/15/2040 | 270 | 197 | ||
| Intercontinental Exchange Inc. | 4.250% | 9/21/2048 | 325 | 268 | ||
| Intercontinental Exchange Inc. | 3.000% | 6/15/2050 | 447 | 290 | ||
| Intercontinental Exchange Inc. | 4.950% | 6/15/2052 | 445 | 400 | ||
| Intercontinental Exchange Inc. | 3.000% | 9/15/2060 | 325 | 195 | ||
| Intercontinental Exchange Inc. | 5.200% | 6/15/2062 | 235 | 216 | ||
| JPMorgan Chase & Co. | 2.950% | 10/1/2026 | 635 | 628 | ||
| JPMorgan Chase & Co. | 4.125% | 12/15/2026 | 555 | 555 | ||
| JPMorgan Chase & Co. | 1.470% | 9/22/2027 | 695 | 675 | ||
| JPMorgan Chase & Co. | 4.250% | 10/1/2027 | 500 | 503 | ||
| JPMorgan Chase & Co. | 6.070% | 10/22/2027 | 395 | 403 | ||
| JPMorgan Chase & Co. | 3.625% | 12/1/2027 | 360 | 357 | ||
| JPMorgan Chase & Co. | 5.040% | 1/23/2028 | 580 | 586 | ||
| 2 | JPMorgan Chase & Co. | 3.782% | 2/1/2028 | 610 | 606 | |
| JPMorgan Chase & Co. | 2.947% | 2/24/2028 | 245 | 241 | ||
| JPMorgan Chase & Co. | 5.571% | 4/22/2028 | 645 | 659 | ||
| JPMorgan Chase & Co. | 4.323% | 4/26/2028 | 535 | 536 | ||
18
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 2 | JPMorgan Chase & Co. | 3.540% | 5/1/2028 | 625 | 618 | |
| 2 | JPMorgan Chase & Co. | 2.182% | 6/1/2028 | 260 | 251 | |
| JPMorgan Chase & Co. | 4.979% | 7/22/2028 | 700 | 710 | ||
| JPMorgan Chase & Co. | 4.851% | 7/25/2028 | 925 | 936 | ||
| JPMorgan Chase & Co. | 4.505% | 10/22/2028 | 815 | 820 | ||
| 2 | JPMorgan Chase & Co. | 3.509% | 1/23/2029 | 470 | 463 | |
| JPMorgan Chase & Co. | 4.915% | 1/24/2029 | 525 | 534 | ||
| 2 | JPMorgan Chase & Co. | 4.005% | 4/23/2029 | 325 | 324 | |
| JPMorgan Chase & Co. | 2.069% | 6/1/2029 | 325 | 307 | ||
| 2 | JPMorgan Chase & Co. | 4.203% | 7/23/2029 | 650 | 651 | |
| JPMorgan Chase & Co. | 5.299% | 7/24/2029 | 580 | 597 | ||
| JPMorgan Chase & Co. | 6.087% | 10/23/2029 | 775 | 817 | ||
| 2 | JPMorgan Chase & Co. | 4.452% | 12/5/2029 | 435 | 438 | |
| JPMorgan Chase & Co. | 5.012% | 1/23/2030 | 645 | 660 | ||
| JPMorgan Chase & Co. | 5.581% | 4/22/2030 | 435 | 454 | ||
| 2 | JPMorgan Chase & Co. | 3.702% | 5/6/2030 | 440 | 431 | |
| JPMorgan Chase & Co. | 4.565% | 6/14/2030 | 302 | 305 | ||
| JPMorgan Chase & Co. | 4.995% | 7/22/2030 | 726 | 744 | ||
| 2 | JPMorgan Chase & Co. | 2.739% | 10/15/2030 | 755 | 711 | |
| JPMorgan Chase & Co. | 4.603% | 10/22/2030 | 450 | 455 | ||
| JPMorgan Chase & Co. | 5.140% | 1/24/2031 | 785 | 809 | ||
| 2 | JPMorgan Chase & Co. | 4.493% | 3/24/2031 | 710 | 715 | |
| 2 | JPMorgan Chase & Co. | 2.522% | 4/22/2031 | 465 | 430 | |
| JPMorgan Chase & Co. | 5.103% | 4/22/2031 | 455 | 469 | ||
| 2 | JPMorgan Chase & Co. | 2.956% | 5/13/2031 | 710 | 662 | |
| JPMorgan Chase & Co. | 1.764% | 11/19/2031 | 335 | 294 | ||
| JPMorgan Chase & Co. | 1.953% | 2/4/2032 | 905 | 796 | ||
| JPMorgan Chase & Co. | 2.580% | 4/22/2032 | 800 | 724 | ||
| JPMorgan Chase & Co. | 2.545% | 11/8/2032 | 1,005 | 896 | ||
| JPMorgan Chase & Co. | 2.963% | 1/25/2033 | 760 | 689 | ||
| JPMorgan Chase & Co. | 4.586% | 4/26/2033 | 565 | 562 | ||
| JPMorgan Chase & Co. | 4.912% | 7/25/2033 | 870 | 882 | ||
| JPMorgan Chase & Co. | 5.717% | 9/14/2033 | 575 | 602 | ||
| JPMorgan Chase & Co. | 5.350% | 6/1/2034 | 835 | 862 | ||
| JPMorgan Chase & Co. | 6.254% | 10/23/2034 | 570 | 623 | ||
| JPMorgan Chase & Co. | 5.336% | 1/23/2035 | 800 | 821 | ||
| JPMorgan Chase & Co. | 5.766% | 4/22/2035 | 715 | 755 | ||
| JPMorgan Chase & Co. | 5.294% | 7/22/2035 | 712 | 726 | ||
| JPMorgan Chase & Co. | 4.946% | 10/22/2035 | 725 | 721 | ||
| JPMorgan Chase & Co. | 5.502% | 1/24/2036 | 1,080 | 1,115 | ||
| JPMorgan Chase & Co. | 5.576% | 7/23/2036 | 700 | 715 | ||
| JPMorgan Chase & Co. | 6.400% | 5/15/2038 | 682 | 762 | ||
| 2 | JPMorgan Chase & Co. | 3.882% | 7/24/2038 | 500 | 442 | |
| JPMorgan Chase & Co. | 5.500% | 10/15/2040 | 595 | 606 | ||
| JPMorgan Chase & Co. | 5.600% | 7/15/2041 | 330 | 338 | ||
| JPMorgan Chase & Co. | 2.525% | 11/19/2041 | 325 | 230 | ||
| JPMorgan Chase & Co. | 5.400% | 1/6/2042 | 740 | 739 | ||
| JPMorgan Chase & Co. | 3.157% | 4/22/2042 | 345 | 261 | ||
| JPMorgan Chase & Co. | 5.625% | 8/16/2043 | 410 | 413 | ||
| JPMorgan Chase & Co. | 4.850% | 2/1/2044 | 451 | 417 | ||
| JPMorgan Chase & Co. | 4.950% | 6/1/2045 | 450 | 412 | ||
| JPMorgan Chase & Co. | 5.534% | 11/29/2045 | 585 | 586 | ||
| 2 | JPMorgan Chase & Co. | 4.260% | 2/22/2048 | 410 | 343 | |
| 2 | JPMorgan Chase & Co. | 4.032% | 7/24/2048 | 375 | 301 | |
| 2 | JPMorgan Chase & Co. | 3.964% | 11/15/2048 | 635 | 505 | |
| 2 | JPMorgan Chase & Co. | 3.897% | 1/23/2049 | 570 | 448 | |
| 2 | JPMorgan Chase & Co. | 3.109% | 4/22/2051 | 457 | 305 | |
| JPMorgan Chase & Co. | 3.328% | 4/22/2052 | 625 | 432 | ||
| JPMorgan Chase Bank NA | 5.110% | 12/8/2026 | 475 | 481 | ||
| 2 | KeyBank NA | 5.850% | 11/15/2027 | 180 | 186 | |
| 2 | KeyBank NA | 4.900% | 8/8/2032 | 100 | 98 | |
| KeyBank NA | 5.000% | 1/26/2033 | 180 | 180 | ||
| 2 | KeyCorp | 2.250% | 4/6/2027 | 80 | 78 | |
| 2 | KeyCorp | 4.100% | 4/30/2028 | 235 | 234 | |
| 2 | KeyCorp | 2.550% | 10/1/2029 | 155 | 145 | |
| 2 | KeyCorp | 5.121% | 4/4/2031 | 120 | 123 | |
| 2 | KeyCorp | 4.789% | 6/1/2033 | 230 | 227 | |
| KeyCorp | 6.401% | 3/6/2035 | 230 | 247 | ||
| Lloyds Banking Group plc | 3.750% | 1/11/2027 | 175 | 174 | ||
| Lloyds Banking Group plc | 5.462% | 1/5/2028 | 770 | 781 | ||
19
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Lloyds Banking Group plc | 3.750% | 3/18/2028 | 101 | 100 | ||
| Lloyds Banking Group plc | 4.375% | 3/22/2028 | 365 | 366 | ||
| Lloyds Banking Group plc | 4.550% | 8/16/2028 | 175 | 177 | ||
| 2 | Lloyds Banking Group plc | 3.574% | 11/7/2028 | 445 | 438 | |
| Lloyds Banking Group plc | 5.087% | 11/26/2028 | 200 | 203 | ||
| Lloyds Banking Group plc | 5.871% | 3/6/2029 | 180 | 187 | ||
| Lloyds Banking Group plc | 4.818% | 6/13/2029 | 200 | 203 | ||
| Lloyds Banking Group plc | 5.721% | 6/5/2030 | 230 | 241 | ||
| Lloyds Banking Group plc | 4.976% | 8/11/2033 | 345 | 346 | ||
| Lloyds Banking Group plc | 7.953% | 11/15/2033 | 230 | 265 | ||
| Lloyds Banking Group plc | 5.679% | 1/5/2035 | 345 | 358 | ||
| Lloyds Banking Group plc | 5.590% | 11/26/2035 | 200 | 205 | ||
| Lloyds Banking Group plc | 6.068% | 6/13/2036 | 460 | 476 | ||
| Lloyds Banking Group plc | 5.300% | 12/1/2045 | 330 | 309 | ||
| Lloyds Banking Group plc | 3.369% | 12/14/2046 | 300 | 219 | ||
| Lloyds Banking Group plc | 4.344% | 1/9/2048 | 325 | 261 | ||
| LPL Holdings Inc. | 6.750% | 11/17/2028 | 155 | 166 | ||
| LPL Holdings Inc. | 5.200% | 3/15/2030 | 150 | 153 | ||
| M&T Bank Corp. | 7.413% | 10/30/2029 | 325 | 354 | ||
| M&T Bank Corp. | 5.179% | 7/8/2031 | 300 | 307 | ||
| M&T Bank Corp. | 6.082% | 3/13/2032 | 240 | 255 | ||
| M&T Bank Corp. | 5.053% | 1/27/2034 | 255 | 253 | ||
| 2 | M&T Bank Corp. | 5.385% | 1/16/2036 | 255 | 255 | |
| Manufacturers & Traders Trust Co. | 4.700% | 1/27/2028 | 305 | 309 | ||
| Manufacturers & Traders Trust Co. | 4.762% | 7/6/2028 | 250 | 252 | ||
| Marsh & McLennan Cos. Inc. | 4.550% | 11/8/2027 | 290 | 293 | ||
| Marsh & McLennan Cos. Inc. | 4.375% | 3/15/2029 | 430 | 434 | ||
| Marsh & McLennan Cos. Inc. | 4.650% | 3/15/2030 | 145 | 148 | ||
| Marsh & McLennan Cos. Inc. | 2.250% | 11/15/2030 | 185 | 167 | ||
| Marsh & McLennan Cos. Inc. | 4.850% | 11/15/2031 | 175 | 179 | ||
| Marsh & McLennan Cos. Inc. | 5.000% | 3/15/2035 | 540 | 541 | ||
| Marsh & McLennan Cos. Inc. | 4.900% | 3/15/2049 | 235 | 209 | ||
| Marsh & McLennan Cos. Inc. | 5.700% | 9/15/2053 | 230 | 227 | ||
| Marsh & McLennan Cos. Inc. | 5.400% | 3/15/2055 | 305 | 289 | ||
| Mastercard Inc. | 2.950% | 11/21/2026 | 100 | 99 | ||
| Mastercard Inc. | 3.300% | 3/26/2027 | 180 | 178 | ||
| Mastercard Inc. | 4.100% | 1/15/2028 | 100 | 101 | ||
| Mastercard Inc. | 4.875% | 3/9/2028 | 200 | 205 | ||
| Mastercard Inc. | 2.950% | 6/1/2029 | 141 | 136 | ||
| Mastercard Inc. | 3.350% | 3/26/2030 | 275 | 268 | ||
| Mastercard Inc. | 2.000% | 11/18/2031 | 110 | 97 | ||
| Mastercard Inc. | 4.350% | 1/15/2032 | 322 | 322 | ||
| Mastercard Inc. | 4.850% | 3/9/2033 | 40 | 41 | ||
| Mastercard Inc. | 4.875% | 5/9/2034 | 160 | 162 | ||
| Mastercard Inc. | 4.550% | 1/15/2035 | 196 | 193 | ||
| Mastercard Inc. | 3.650% | 6/1/2049 | 245 | 184 | ||
| Mastercard Inc. | 3.850% | 3/26/2050 | 365 | 283 | ||
| MetLife Inc. | 4.550% | 3/23/2030 | 290 | 295 | ||
| MetLife Inc. | 5.375% | 7/15/2033 | 125 | 131 | ||
| MetLife Inc. | 6.375% | 6/15/2034 | 35 | 39 | ||
| MetLife Inc. | 5.300% | 12/15/2034 | 140 | 144 | ||
| MetLife Inc. | 5.700% | 6/15/2035 | 425 | 450 | ||
| 2 | MetLife Inc. | 6.400% | 12/15/2036 | 295 | 309 | |
| MetLife Inc. | 5.875% | 2/6/2041 | 130 | 135 | ||
| MetLife Inc. | 4.125% | 8/13/2042 | 225 | 189 | ||
| MetLife Inc. | 4.875% | 11/13/2043 | 260 | 238 | ||
| MetLife Inc. | 4.050% | 3/1/2045 | 405 | 330 | ||
| MetLife Inc. | 4.600% | 5/13/2046 | 120 | 106 | ||
| MetLife Inc. | 5.000% | 7/15/2052 | 235 | 211 | ||
| MetLife Inc. | 5.250% | 1/15/2054 | 145 | 136 | ||
| 2 | MetLife Inc. | 6.350% | 3/15/2055 | 210 | 219 | |
| Mitsubishi UFJ Financial Group Inc. | 2.757% | 9/13/2026 | 250 | 246 | ||
| Mitsubishi UFJ Financial Group Inc. | 3.677% | 2/22/2027 | 100 | 99 | ||
| Mitsubishi UFJ Financial Group Inc. | 3.287% | 7/25/2027 | 150 | 148 | ||
| Mitsubishi UFJ Financial Group Inc. | 1.640% | 10/13/2027 | 255 | 248 | ||
| Mitsubishi UFJ Financial Group Inc. | 2.341% | 1/19/2028 | 495 | 482 | ||
| Mitsubishi UFJ Financial Group Inc. | 3.961% | 3/2/2028 | 320 | 319 | ||
| Mitsubishi UFJ Financial Group Inc. | 4.080% | 4/19/2028 | 115 | 115 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.017% | 7/20/2028 | 255 | 259 | ||
| Mitsubishi UFJ Financial Group Inc. | 4.050% | 9/11/2028 | 200 | 200 | ||
20
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Mitsubishi UFJ Financial Group Inc. | 5.354% | 9/13/2028 | 285 | 291 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.422% | 2/22/2029 | 130 | 134 | ||
| Mitsubishi UFJ Financial Group Inc. | 3.741% | 3/7/2029 | 355 | 351 | ||
| Mitsubishi UFJ Financial Group Inc. | 3.195% | 7/18/2029 | 775 | 745 | ||
| Mitsubishi UFJ Financial Group Inc. | 2.559% | 2/25/2030 | 300 | 279 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.258% | 4/17/2030 | 200 | 206 | ||
| Mitsubishi UFJ Financial Group Inc. | 2.048% | 7/17/2030 | 320 | 288 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.197% | 1/16/2031 | 540 | 557 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.159% | 4/24/2031 | 245 | 253 | ||
| Mitsubishi UFJ Financial Group Inc. | 2.309% | 7/20/2032 | 365 | 323 | ||
| Mitsubishi UFJ Financial Group Inc. | 2.494% | 10/13/2032 | 450 | 400 | ||
| Mitsubishi UFJ Financial Group Inc. | 2.852% | 1/19/2033 | 150 | 134 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.133% | 7/20/2033 | 480 | 490 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.472% | 9/13/2033 | 120 | 125 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.441% | 2/22/2034 | 170 | 177 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.406% | 4/19/2034 | 245 | 255 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.426% | 4/17/2035 | 495 | 511 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.574% | 1/16/2036 | 300 | 312 | ||
| Mitsubishi UFJ Financial Group Inc. | 3.751% | 7/18/2039 | 440 | 382 | ||
| Mizuho Financial Group Inc. | 3.170% | 9/11/2027 | 135 | 133 | ||
| Mizuho Financial Group Inc. | 4.018% | 3/5/2028 | 265 | 265 | ||
| Mizuho Financial Group Inc. | 5.414% | 9/13/2028 | 85 | 87 | ||
| Mizuho Financial Group Inc. | 5.667% | 5/27/2029 | 40 | 41 | ||
| Mizuho Financial Group Inc. | 5.778% | 7/6/2029 | 270 | 281 | ||
| 2 | Mizuho Financial Group Inc. | 4.254% | 9/11/2029 | 390 | 390 | |
| Mizuho Financial Group Inc. | 5.376% | 5/26/2030 | 280 | 290 | ||
| 2 | Mizuho Financial Group Inc. | 3.153% | 7/16/2030 | 130 | 124 | |
| 2 | Mizuho Financial Group Inc. | 2.201% | 7/10/2031 | 445 | 401 | |
| 2 | Mizuho Financial Group Inc. | 1.979% | 9/8/2031 | 160 | 142 | |
| Mizuho Financial Group Inc. | 2.564% | 9/13/2031 | 231 | 204 | ||
| Mizuho Financial Group Inc. | 5.669% | 9/13/2033 | 335 | 352 | ||
| Mizuho Financial Group Inc. | 5.754% | 5/27/2034 | 300 | 316 | ||
| Mizuho Financial Group Inc. | 5.748% | 7/6/2034 | 300 | 316 | ||
| Mizuho Financial Group Inc. | 5.579% | 5/26/2035 | 150 | 156 | ||
| Mizuho Financial Group Inc. | 5.323% | 7/8/2036 | 600 | 610 | ||
| 2 | Morgan Stanley | 4.350% | 9/8/2026 | 515 | 516 | |
| Morgan Stanley | 3.625% | 1/20/2027 | 716 | 712 | ||
| Morgan Stanley | 3.950% | 4/23/2027 | 545 | 543 | ||
| Morgan Stanley | 2.475% | 1/21/2028 | 675 | 659 | ||
| 2 | Morgan Stanley | 5.652% | 4/13/2028 | 260 | 266 | |
| Morgan Stanley | 4.210% | 4/20/2028 | 485 | 485 | ||
| 2 | Morgan Stanley | 3.591% | 7/22/2028 | 880 | 869 | |
| Morgan Stanley | 6.296% | 10/18/2028 | 335 | 349 | ||
| 2 | Morgan Stanley | 3.772% | 1/24/2029 | 560 | 554 | |
| Morgan Stanley | 5.123% | 2/1/2029 | 410 | 419 | ||
| 2 | Morgan Stanley | 4.994% | 4/12/2029 | 325 | 331 | |
| 2 | Morgan Stanley | 5.164% | 4/20/2029 | 445 | 455 | |
| Morgan Stanley | 5.449% | 7/20/2029 | 385 | 397 | ||
| Morgan Stanley | 6.407% | 11/1/2029 | 400 | 425 | ||
| Morgan Stanley | 5.173% | 1/16/2030 | 685 | 704 | ||
| 2 | Morgan Stanley | 4.431% | 1/23/2030 | 725 | 728 | |
| Morgan Stanley | 5.656% | 4/18/2030 | 610 | 637 | ||
| Morgan Stanley | 5.042% | 7/19/2030 | 700 | 717 | ||
| Morgan Stanley | 4.654% | 10/18/2030 | 1,260 | 1,272 | ||
| Morgan Stanley | 5.230% | 1/15/2031 | 660 | 681 | ||
| 2 | Morgan Stanley | 2.699% | 1/22/2031 | 945 | 880 | |
| 2 | Morgan Stanley | 3.622% | 4/1/2031 | 705 | 682 | |
| Morgan Stanley | 5.192% | 4/17/2031 | 605 | 624 | ||
| 2 | Morgan Stanley | 1.794% | 2/13/2032 | 375 | 325 | |
| Morgan Stanley | 7.250% | 4/1/2032 | 560 | 645 | ||
| 2 | Morgan Stanley | 1.928% | 4/28/2032 | 310 | 269 | |
| 2 | Morgan Stanley | 2.239% | 7/21/2032 | 685 | 602 | |
| 2 | Morgan Stanley | 2.511% | 10/20/2032 | 830 | 736 | |
| Morgan Stanley | 2.943% | 1/21/2033 | 385 | 347 | ||
| Morgan Stanley | 4.889% | 7/20/2033 | 300 | 303 | ||
| Morgan Stanley | 6.342% | 10/18/2033 | 745 | 814 | ||
| 2 | Morgan Stanley | 5.250% | 4/21/2034 | 475 | 485 | |
| 2 | Morgan Stanley | 5.424% | 7/21/2034 | 440 | 454 | |
| Morgan Stanley | 6.627% | 11/1/2034 | 460 | 510 | ||
| Morgan Stanley | 5.466% | 1/18/2035 | 530 | 547 | ||
21
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Morgan Stanley | 5.831% | 4/19/2035 | 665 | 701 | ||
| Morgan Stanley | 5.320% | 7/19/2035 | 995 | 1,014 | ||
| Morgan Stanley | 5.587% | 1/18/2036 | 1,010 | 1,044 | ||
| Morgan Stanley | 5.664% | 4/17/2036 | 610 | 635 | ||
| Morgan Stanley | 2.484% | 9/16/2036 | 650 | 563 | ||
| Morgan Stanley | 5.297% | 4/20/2037 | 400 | 402 | ||
| Morgan Stanley | 5.948% | 1/19/2038 | 470 | 488 | ||
| 2 | Morgan Stanley | 3.971% | 7/22/2038 | 600 | 530 | |
| Morgan Stanley | 5.942% | 2/7/2039 | 315 | 327 | ||
| 2 | Morgan Stanley | 4.457% | 4/22/2039 | 510 | 475 | |
| Morgan Stanley | 3.217% | 4/22/2042 | 380 | 289 | ||
| Morgan Stanley | 6.375% | 7/24/2042 | 440 | 483 | ||
| Morgan Stanley | 4.300% | 1/27/2045 | 710 | 606 | ||
| 2 | Morgan Stanley | 4.375% | 1/22/2047 | 385 | 328 | |
| 2 | Morgan Stanley | 5.597% | 3/24/2051 | 560 | 552 | |
| 2 | Morgan Stanley | 2.802% | 1/25/2052 | 385 | 237 | |
| Morgan Stanley | 5.516% | 11/19/2055 | 715 | 696 | ||
| 2 | Morgan Stanley Bank NA | 5.882% | 10/30/2026 | 450 | 459 | |
| Morgan Stanley Bank NA | 4.447% | 10/15/2027 | 485 | 486 | ||
| 2 | Morgan Stanley Bank NA | 4.952% | 1/14/2028 | 400 | 404 | |
| 2 | Morgan Stanley Bank NA | 5.504% | 5/26/2028 | 425 | 434 | |
| 2 | Morgan Stanley Bank NA | 4.968% | 7/14/2028 | 540 | 547 | |
| Morgan Stanley Bank NA | 5.016% | 1/12/2029 | 345 | 351 | ||
| 2 | Morgan Stanley Private Bank NA | 4.466% | 7/6/2028 | 800 | 803 | |
| Nasdaq Inc. | 5.350% | 6/28/2028 | 394 | 406 | ||
| Nasdaq Inc. | 5.550% | 2/15/2034 | 262 | 273 | ||
| Nasdaq Inc. | 5.950% | 8/15/2053 | 245 | 249 | ||
| Nasdaq Inc. | 6.100% | 6/28/2063 | 140 | 144 | ||
| National Australia Bank Ltd. | 3.905% | 6/9/2027 | 40 | 40 | ||
| National Australia Bank Ltd. | 5.087% | 6/11/2027 | 430 | 438 | ||
| National Australia Bank Ltd. | 4.944% | 1/12/2028 | 410 | 419 | ||
| National Australia Bank Ltd. | 4.308% | 6/13/2028 | 250 | 252 | ||
| National Australia Bank Ltd. | 4.787% | 1/10/2029 | 260 | 266 | ||
| National Australia Bank Ltd. | 4.901% | 1/14/2030 | 250 | 258 | ||
| National Australia Bank Ltd. | 4.534% | 6/13/2030 | 250 | 254 | ||
| National Bank of Canada | 5.600% | 12/18/2028 | 465 | 485 | ||
| National Bank of Canada | 4.500% | 10/10/2029 | 435 | 438 | ||
| NatWest Group plc | 7.472% | 11/10/2026 | 185 | 186 | ||
| NatWest Group plc | 5.583% | 3/1/2028 | 225 | 229 | ||
| 2 | NatWest Group plc | 3.073% | 5/22/2028 | 310 | 304 | |
| NatWest Group plc | 5.516% | 9/30/2028 | 515 | 528 | ||
| 2 | NatWest Group plc | 4.892% | 5/18/2029 | 305 | 310 | |
| NatWest Group plc | 5.808% | 9/13/2029 | 210 | 219 | ||
| 2 | NatWest Group plc | 5.076% | 1/27/2030 | 560 | 572 | |
| 2 | NatWest Group plc | 4.445% | 5/8/2030 | 255 | 256 | |
| NatWest Group plc | 4.964% | 8/15/2030 | 255 | 260 | ||
| NatWest Group plc | 6.016% | 3/2/2034 | 215 | 229 | ||
| NatWest Group plc | 6.475% | 6/1/2034 | 310 | 325 | ||
| NatWest Group plc | 5.778% | 3/1/2035 | 335 | 350 | ||
| 2 | NatWest Group plc | 3.032% | 11/28/2035 | 130 | 118 | |
| Nomura Holdings Inc. | 2.329% | 1/22/2027 | 235 | 229 | ||
| Nomura Holdings Inc. | 6.070% | 7/12/2028 | 100 | 105 | ||
| Nomura Holdings Inc. | 2.172% | 7/14/2028 | 205 | 193 | ||
| Nomura Holdings Inc. | 3.103% | 1/16/2030 | 210 | 198 | ||
| Nomura Holdings Inc. | 2.679% | 7/16/2030 | 140 | 128 | ||
| Nomura Holdings Inc. | 2.608% | 7/14/2031 | 150 | 134 | ||
| Nomura Holdings Inc. | 2.999% | 1/22/2032 | 305 | 274 | ||
| Nomura Holdings Inc. | 6.181% | 1/18/2033 | 135 | 145 | ||
| Nomura Holdings Inc. | 5.783% | 7/3/2034 | 310 | 325 | ||
| Northern Trust Corp. | 1.950% | 5/1/2030 | 170 | 155 | ||
| Northern Trust Corp. | 6.125% | 11/2/2032 | 185 | 201 | ||
| PayPal Holdings Inc. | 2.650% | 10/1/2026 | 180 | 177 | ||
| PayPal Holdings Inc. | 2.850% | 10/1/2029 | 490 | 467 | ||
| PayPal Holdings Inc. | 2.300% | 6/1/2030 | 140 | 129 | ||
| PayPal Holdings Inc. | 4.400% | 6/1/2032 | 375 | 372 | ||
| PayPal Holdings Inc. | 5.150% | 6/1/2034 | 160 | 163 | ||
| PayPal Holdings Inc. | 3.250% | 6/1/2050 | 270 | 184 | ||
| PayPal Holdings Inc. | 5.050% | 6/1/2052 | 330 | 302 | ||
| 2 | PNC Bank NA | 3.100% | 10/25/2027 | 140 | 137 | |
| 2 | PNC Bank NA | 4.050% | 7/26/2028 | 450 | 448 | |
22
ESG U.S. Corporate Bond ETF
23
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Santander UK Group Holdings plc | 2.469% | 1/11/2028 | 270 | 263 | ||
| 2 | Santander UK Group Holdings plc | 3.823% | 11/3/2028 | 435 | 430 | |
| Santander UK Group Holdings plc | 6.534% | 1/10/2029 | 150 | 157 | ||
| Santander UK Group Holdings plc | 4.858% | 9/11/2030 | 300 | 304 | ||
| Santander UK Group Holdings plc | 5.694% | 4/15/2031 | 235 | 245 | ||
| State Street Bank & Trust Co. | 4.594% | 11/25/2026 | 85 | 86 | ||
| State Street Corp. | 4.993% | 3/18/2027 | 185 | 188 | ||
| State Street Corp. | 4.536% | 2/28/2028 | 400 | 406 | ||
| State Street Corp. | 4.530% | 2/20/2029 | 245 | 248 | ||
| State Street Corp. | 5.684% | 11/21/2029 | 325 | 341 | ||
| State Street Corp. | 2.400% | 1/24/2030 | 356 | 334 | ||
| State Street Corp. | 4.834% | 4/24/2030 | 75 | 77 | ||
| State Street Corp. | 2.200% | 3/3/2031 | 340 | 303 | ||
| State Street Corp. | 4.675% | 10/22/2032 | 170 | 172 | ||
| State Street Corp. | 4.164% | 8/4/2033 | 162 | 157 | ||
| State Street Corp. | 4.821% | 1/26/2034 | 75 | 75 | ||
| State Street Corp. | 5.159% | 5/18/2034 | 110 | 113 | ||
| State Street Corp. | 5.146% | 2/28/2036 | 315 | 319 | ||
| Sumitomo Mitsui Financial Group Inc. | 1.402% | 9/17/2026 | 615 | 598 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.010% | 10/19/2026 | 230 | 227 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.446% | 1/11/2027 | 230 | 228 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.364% | 7/12/2027 | 200 | 198 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.352% | 10/18/2027 | 285 | 281 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.520% | 1/13/2028 | 320 | 330 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.544% | 1/17/2028 | 185 | 183 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.800% | 7/13/2028 | 375 | 392 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.944% | 7/19/2028 | 85 | 85 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.716% | 9/14/2028 | 475 | 496 | ||
| Sumitomo Mitsui Financial Group Inc. | 1.902% | 9/17/2028 | 380 | 356 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.316% | 7/9/2029 | 50 | 52 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.040% | 7/16/2029 | 560 | 535 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.710% | 1/13/2030 | 430 | 453 | ||
| Sumitomo Mitsui Financial Group Inc. | 2.750% | 1/15/2030 | 200 | 187 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.240% | 4/15/2030 | 170 | 176 | ||
| Sumitomo Mitsui Financial Group Inc. | 2.130% | 7/8/2030 | 425 | 384 | ||
| Sumitomo Mitsui Financial Group Inc. | 2.142% | 9/23/2030 | 224 | 201 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.424% | 7/9/2031 | 260 | 272 | ||
| Sumitomo Mitsui Financial Group Inc. | 2.222% | 9/17/2031 | 226 | 199 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.454% | 1/15/2032 | 170 | 178 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.766% | 1/13/2033 | 310 | 329 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.808% | 9/14/2033 | 145 | 155 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.558% | 7/9/2034 | 455 | 475 | ||
| Sumitomo Mitsui Financial Group Inc. | 2.930% | 9/17/2041 | 390 | 282 | ||
| Sumitomo Mitsui Financial Group Inc. | 6.184% | 7/13/2043 | 208 | 223 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.836% | 7/9/2044 | 385 | 392 | ||
| Synchrony Financial | 3.950% | 12/1/2027 | 215 | 212 | ||
| Synchrony Financial | 5.935% | 8/2/2030 | 100 | 104 | ||
| Synchrony Financial | 5.450% | 3/6/2031 | 255 | 260 | ||
| Synchrony Financial | 2.875% | 10/28/2031 | 215 | 191 | ||
| 2 | Toronto-Dominion Bank | 1.250% | 9/10/2026 | 610 | 593 | |
| Toronto-Dominion Bank | 4.568% | 12/17/2026 | 60 | 60 | ||
| 2 | Toronto-Dominion Bank | 1.950% | 1/12/2027 | 295 | 287 | |
| 2 | Toronto-Dominion Bank | 2.800% | 3/10/2027 | 355 | 348 | |
| 2 | Toronto-Dominion Bank | 4.980% | 4/5/2027 | 310 | 314 | |
| Toronto-Dominion Bank | 4.108% | 6/8/2027 | 645 | 645 | ||
| 2 | Toronto-Dominion Bank | 4.693% | 9/15/2027 | 235 | 238 | |
| Toronto-Dominion Bank | 5.156% | 1/10/2028 | 188 | 192 | ||
| Toronto-Dominion Bank | 4.861% | 1/31/2028 | 92 | 94 | ||
| 2 | Toronto-Dominion Bank | 5.523% | 7/17/2028 | 505 | 524 | |
| 2 | Toronto-Dominion Bank | 4.994% | 4/5/2029 | 220 | 226 | |
| Toronto-Dominion Bank | 4.783% | 12/17/2029 | 220 | 225 | ||
| 2 | Toronto-Dominion Bank | 2.000% | 9/10/2031 | 700 | 618 | |
| 2 | Toronto-Dominion Bank | 3.625% | 9/15/2031 | 395 | 391 | |
| Toronto-Dominion Bank | 5.298% | 1/30/2032 | 105 | 109 | ||
| 2 | Toronto-Dominion Bank | 3.200% | 3/10/2032 | 366 | 337 | |
| Toronto-Dominion Bank | 4.456% | 6/8/2032 | 349 | 346 | ||
| Toronto-Dominion Bank | 5.146% | 9/10/2034 | 200 | 203 | ||
| 2 | Travelers Cos. Inc. | 6.250% | 6/15/2037 | 200 | 221 | |
| Travelers Cos. Inc. | 5.350% | 11/1/2040 | 110 | 111 | ||
| Travelers Cos. Inc. | 3.050% | 6/8/2051 | 190 | 123 | ||
24
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Travelers Cos. Inc. | 5.450% | 5/25/2053 | 335 | 325 | ||
| Travelers Cos. Inc. | 5.700% | 7/24/2055 | 95 | 95 | ||
| 2 | Truist Bank | 3.800% | 10/30/2026 | 195 | 194 | |
| 2 | Truist Bank | 2.250% | 3/11/2030 | 210 | 191 | |
| 2 | Truist Financial Corp. | 4.123% | 6/6/2028 | 565 | 565 | |
| 2 | Truist Financial Corp. | 1.887% | 6/7/2029 | 580 | 545 | |
| 2 | Truist Financial Corp. | 7.161% | 10/30/2029 | 625 | 678 | |
| 2 | Truist Financial Corp. | 5.435% | 1/24/2030 | 330 | 342 | |
| 2 | Truist Financial Corp. | 1.950% | 6/5/2030 | 140 | 126 | |
| 2 | Truist Financial Corp. | 5.071% | 5/20/2031 | 320 | 328 | |
| 2 | Truist Financial Corp. | 5.153% | 8/5/2032 | 535 | 550 | |
| 2 | Truist Financial Corp. | 4.916% | 7/28/2033 | 265 | 261 | |
| 2 | Truist Financial Corp. | 6.123% | 10/28/2033 | 405 | 432 | |
| 2 | Truist Financial Corp. | 5.122% | 1/26/2034 | 130 | 131 | |
| 2 | Truist Financial Corp. | 5.867% | 6/8/2034 | 120 | 126 | |
| 2 | Truist Financial Corp. | 5.711% | 1/24/2035 | 300 | 312 | |
| UBS AG | 5.000% | 7/9/2027 | 300 | 305 | ||
| UBS AG | 4.864% | 1/10/2028 | 250 | 252 | ||
| UBS AG | 7.500% | 2/15/2028 | 409 | 441 | ||
| UBS AG | 5.650% | 9/11/2028 | 200 | 209 | ||
| UBS AG | 4.500% | 6/26/2048 | 385 | 333 | ||
| UBS Group AG | 4.875% | 5/15/2045 | 330 | 301 | ||
| 2 | US Bancorp | 3.150% | 4/27/2027 | 255 | 252 | |
| US Bancorp | 6.787% | 10/26/2027 | 75 | 77 | ||
| 2 | US Bancorp | 2.215% | 1/27/2028 | 215 | 209 | |
| 2 | US Bancorp | 3.900% | 4/26/2028 | 190 | 190 | |
| 2 | US Bancorp | 4.548% | 7/22/2028 | 710 | 715 | |
| US Bancorp | 4.653% | 2/1/2029 | 225 | 228 | ||
| US Bancorp | 5.775% | 6/12/2029 | 440 | 458 | ||
| 2 | US Bancorp | 3.000% | 7/30/2029 | 285 | 272 | |
| US Bancorp | 5.384% | 1/23/2030 | 275 | 285 | ||
| 2 | US Bancorp | 1.375% | 7/22/2030 | 273 | 239 | |
| US Bancorp | 5.100% | 7/23/2030 | 440 | 452 | ||
| US Bancorp | 5.046% | 2/12/2031 | 150 | 154 | ||
| US Bancorp | 5.083% | 5/15/2031 | 150 | 154 | ||
| 2 | US Bancorp | 2.677% | 1/27/2033 | 315 | 279 | |
| 2 | US Bancorp | 4.967% | 7/22/2033 | 250 | 248 | |
| US Bancorp | 5.850% | 10/21/2033 | 505 | 534 | ||
| US Bancorp | 4.839% | 2/1/2034 | 345 | 343 | ||
| US Bancorp | 5.836% | 6/12/2034 | 245 | 259 | ||
| US Bancorp | 5.678% | 1/23/2035 | 455 | 474 | ||
| US Bancorp | 5.424% | 2/12/2036 | 290 | 297 | ||
| US Bancorp | 2.491% | 11/3/2036 | 565 | 486 | ||
| US Bank NA | 4.730% | 5/15/2028 | 600 | 605 | ||
| Visa Inc. | 1.900% | 4/15/2027 | 540 | 523 | ||
| Visa Inc. | 2.750% | 9/15/2027 | 275 | 269 | ||
| Visa Inc. | 2.050% | 4/15/2030 | 475 | 436 | ||
| Visa Inc. | 1.100% | 2/15/2031 | 250 | 215 | ||
| Visa Inc. | 4.150% | 12/14/2035 | 455 | 435 | ||
| Visa Inc. | 2.700% | 4/15/2040 | 140 | 106 | ||
| Visa Inc. | 4.300% | 12/14/2045 | 835 | 721 | ||
| Visa Inc. | 3.650% | 9/15/2047 | 200 | 155 | ||
| Visa Inc. | 2.000% | 8/15/2050 | 215 | 115 | ||
| Wachovia Corp. | 5.500% | 8/1/2035 | 420 | 428 | ||
| Wells Fargo & Co. | 3.000% | 10/23/2026 | 635 | 627 | ||
| 2 | Wells Fargo & Co. | 4.300% | 7/22/2027 | 730 | 732 | |
| 2 | Wells Fargo & Co. | 4.900% | 1/24/2028 | 1,000 | 1,009 | |
| 2 | Wells Fargo & Co. | 3.526% | 3/24/2028 | 820 | 811 | |
| 2 | Wells Fargo & Co. | 5.707% | 4/22/2028 | 925 | 946 | |
| 2 | Wells Fargo & Co. | 3.584% | 5/22/2028 | 440 | 435 | |
| 2 | Wells Fargo & Co. | 2.393% | 6/2/2028 | 644 | 624 | |
| 2 | Wells Fargo & Co. | 4.808% | 7/25/2028 | 455 | 460 | |
| 2 | Wells Fargo & Co. | 4.150% | 1/24/2029 | 1,010 | 1,009 | |
| 2 | Wells Fargo & Co. | 5.574% | 7/25/2029 | 915 | 948 | |
| Wells Fargo & Co. | 6.303% | 10/23/2029 | 555 | 588 | ||
| Wells Fargo & Co. | 5.198% | 1/23/2030 | 770 | 792 | ||
| 2 | Wells Fargo & Co. | 2.879% | 10/30/2030 | 825 | 779 | |
| Wells Fargo & Co. | 5.244% | 1/24/2031 | 625 | 645 | ||
| 2 | Wells Fargo & Co. | 2.572% | 2/11/2031 | 550 | 509 | |
| 2 | Wells Fargo & Co. | 4.478% | 4/4/2031 | 395 | 396 | |
25
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 2 | Wells Fargo & Co. | 3.350% | 3/2/2033 | 805 | 742 | |
| 2 | Wells Fargo & Co. | 4.897% | 7/25/2033 | 830 | 835 | |
| Wells Fargo & Co. | 5.389% | 4/24/2034 | 715 | 736 | ||
| 2 | Wells Fargo & Co. | 5.557% | 7/25/2034 | 720 | 748 | |
| Wells Fargo & Co. | 6.491% | 10/23/2034 | 550 | 604 | ||
| Wells Fargo & Co. | 5.499% | 1/23/2035 | 898 | 926 | ||
| Wells Fargo & Co. | 5.211% | 12/3/2035 | 610 | 615 | ||
| Wells Fargo & Co. | 5.605% | 4/23/2036 | 840 | 872 | ||
| 2 | Wells Fargo & Co. | 3.068% | 4/30/2041 | 745 | 567 | |
| Wells Fargo & Co. | 5.375% | 11/2/2043 | 320 | 305 | ||
| Wells Fargo & Co. | 5.606% | 1/15/2044 | 510 | 498 | ||
| 2 | Wells Fargo & Co. | 4.650% | 11/4/2044 | 500 | 433 | |
| Wells Fargo & Co. | 3.900% | 5/1/2045 | 770 | 613 | ||
| 2 | Wells Fargo & Co. | 4.900% | 11/17/2045 | 440 | 390 | |
| 2 | Wells Fargo & Co. | 4.400% | 6/14/2046 | 440 | 362 | |
| 2 | Wells Fargo & Co. | 4.750% | 12/7/2046 | 375 | 324 | |
| 2 | Wells Fargo & Co. | 5.013% | 4/4/2051 | 1,450 | 1,311 | |
| 2 | Wells Fargo & Co. | 4.611% | 4/25/2053 | 885 | 751 | |
| Wells Fargo Bank NA | 5.254% | 12/11/2026 | 685 | 695 | ||
| 2 | Wells Fargo Bank NA | 5.850% | 2/1/2037 | 380 | 398 | |
| 2 | Wells Fargo Bank NA | 6.600% | 1/15/2038 | 245 | 274 | |
| 2 | Westpac Banking Corp. | 4.600% | 10/20/2026 | 140 | 141 | |
| Westpac Banking Corp. | 3.350% | 3/8/2027 | 285 | 283 | ||
| Westpac Banking Corp. | 4.043% | 8/26/2027 | 270 | 271 | ||
| Westpac Banking Corp. | 5.457% | 11/18/2027 | 225 | 232 | ||
| Westpac Banking Corp. | 3.400% | 1/25/2028 | 275 | 272 | ||
| Westpac Banking Corp. | 5.535% | 11/17/2028 | 230 | 241 | ||
| Westpac Banking Corp. | 1.953% | 11/20/2028 | 410 | 386 | ||
| Westpac Banking Corp. | 5.050% | 4/16/2029 | 40 | 41 | ||
| Westpac Banking Corp. | 2.150% | 6/3/2031 | 280 | 252 | ||
| 2 | Westpac Banking Corp. | 4.322% | 11/23/2031 | 345 | 344 | |
| Westpac Banking Corp. | 5.405% | 8/10/2033 | 435 | 444 | ||
| Westpac Banking Corp. | 6.820% | 11/17/2033 | 270 | 300 | ||
| Westpac Banking Corp. | 4.110% | 7/24/2034 | 395 | 386 | ||
| Westpac Banking Corp. | 2.668% | 11/15/2035 | 400 | 358 | ||
| 2 | Westpac Banking Corp. | 5.618% | 11/20/2035 | 270 | 275 | |
| Westpac Banking Corp. | 3.020% | 11/18/2036 | 280 | 249 | ||
| Westpac Banking Corp. | 4.421% | 7/24/2039 | 165 | 150 | ||
| Westpac Banking Corp. | 2.963% | 11/16/2040 | 125 | 94 | ||
| Westpac Banking Corp. | 3.133% | 11/18/2041 | 205 | 151 | ||
| Willis North America Inc. | 4.650% | 6/15/2027 | 570 | 574 | ||
| Willis North America Inc. | 5.350% | 5/15/2033 | 80 | 82 | ||
| Willis North America Inc. | 5.900% | 3/5/2054 | 225 | 221 | ||
| 397,914 | ||||||
| Health Care (15.1%) | ||||||
| Abbott Laboratories | 3.750% | 11/30/2026 | 395 | 394 | ||
| Abbott Laboratories | 4.750% | 11/30/2036 | 440 | 437 | ||
| Abbott Laboratories | 4.900% | 11/30/2046 | 525 | 490 | ||
| AbbVie Inc. | 2.950% | 11/21/2026 | 919 | 907 | ||
| AbbVie Inc. | 4.800% | 3/15/2027 | 555 | 561 | ||
| AbbVie Inc. | 4.650% | 3/15/2028 | 210 | 213 | ||
| AbbVie Inc. | 4.250% | 11/14/2028 | 445 | 449 | ||
| AbbVie Inc. | 4.800% | 3/15/2029 | 740 | 757 | ||
| AbbVie Inc. | 3.200% | 11/21/2029 | 1,160 | 1,118 | ||
| AbbVie Inc. | 4.875% | 3/15/2030 | 285 | 293 | ||
| AbbVie Inc. | 4.950% | 3/15/2031 | 470 | 485 | ||
| AbbVie Inc. | 5.050% | 3/15/2034 | 675 | 688 | ||
| AbbVie Inc. | 4.550% | 3/15/2035 | 455 | 444 | ||
| AbbVie Inc. | 5.200% | 3/15/2035 | 210 | 215 | ||
| AbbVie Inc. | 4.500% | 5/14/2035 | 650 | 630 | ||
| AbbVie Inc. | 4.300% | 5/14/2036 | 145 | 137 | ||
| AbbVie Inc. | 4.050% | 11/21/2039 | 790 | 695 | ||
| AbbVie Inc. | 4.400% | 11/6/2042 | 610 | 536 | ||
| AbbVie Inc. | 4.850% | 6/15/2044 | 450 | 413 | ||
| AbbVie Inc. | 4.750% | 3/15/2045 | 325 | 293 | ||
| AbbVie Inc. | 4.700% | 5/14/2045 | 750 | 672 | ||
| AbbVie Inc. | 4.450% | 5/14/2046 | 1,020 | 876 | ||
| AbbVie Inc. | 4.250% | 11/21/2049 | 1,615 | 1,314 | ||
| AbbVie Inc. | 5.400% | 3/15/2054 | 710 | 682 | ||
26
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| AbbVie Inc. | 5.500% | 3/15/2064 | 337 | 323 | ||
| Aetna Inc. | 6.625% | 6/15/2036 | 165 | 179 | ||
| Agilent Technologies Inc. | 2.300% | 3/12/2031 | 145 | 130 | ||
| Amgen Inc. | 2.200% | 2/21/2027 | 410 | 399 | ||
| Amgen Inc. | 5.150% | 3/2/2028 | 555 | 568 | ||
| Amgen Inc. | 1.650% | 8/15/2028 | 325 | 303 | ||
| Amgen Inc. | 3.000% | 2/22/2029 | 355 | 342 | ||
| Amgen Inc. | 4.050% | 8/18/2029 | 440 | 438 | ||
| Amgen Inc. | 2.450% | 2/21/2030 | 470 | 435 | ||
| Amgen Inc. | 5.250% | 3/2/2030 | 745 | 772 | ||
| Amgen Inc. | 2.300% | 2/25/2031 | 260 | 233 | ||
| Amgen Inc. | 2.000% | 1/15/2032 | 175 | 150 | ||
| Amgen Inc. | 3.350% | 2/22/2032 | 210 | 196 | ||
| Amgen Inc. | 4.200% | 3/1/2033 | 145 | 140 | ||
| Amgen Inc. | 5.250% | 3/2/2033 | 1,000 | 1,026 | ||
| Amgen Inc. | 3.150% | 2/21/2040 | 600 | 464 | ||
| Amgen Inc. | 5.600% | 3/2/2043 | 625 | 617 | ||
| Amgen Inc. | 4.400% | 5/1/2045 | 451 | 381 | ||
| Amgen Inc. | 4.563% | 6/15/2048 | 455 | 383 | ||
| Amgen Inc. | 4.663% | 6/15/2051 | 640 | 542 | ||
| Amgen Inc. | 4.200% | 2/22/2052 | 300 | 233 | ||
| Amgen Inc. | 4.875% | 3/1/2053 | 170 | 147 | ||
| Amgen Inc. | 5.650% | 3/2/2053 | 1,305 | 1,260 | ||
| Amgen Inc. | 2.770% | 9/1/2053 | 290 | 170 | ||
| Amgen Inc. | 4.400% | 2/22/2062 | 240 | 185 | ||
| Amgen Inc. | 5.750% | 3/2/2063 | 495 | 474 | ||
| 2 | Ascension Health | 2.532% | 11/15/2029 | 60 | 56 | |
| Becton Dickinson & Co. | 3.700% | 6/6/2027 | 399 | 396 | ||
| Becton Dickinson & Co. | 4.693% | 2/13/2028 | 170 | 172 | ||
| Becton Dickinson & Co. | 2.823% | 5/20/2030 | 255 | 239 | ||
| Becton Dickinson & Co. | 1.957% | 2/11/2031 | 220 | 193 | ||
| Becton Dickinson & Co. | 4.685% | 12/15/2044 | 175 | 153 | ||
| Becton Dickinson & Co. | 4.669% | 6/6/2047 | 355 | 306 | ||
| Biogen Inc. | 2.250% | 5/1/2030 | 520 | 473 | ||
| Biogen Inc. | 5.200% | 9/15/2045 | 365 | 327 | ||
| Biogen Inc. | 3.150% | 5/1/2050 | 320 | 199 | ||
| Boston Scientific Corp. | 2.650% | 6/1/2030 | 320 | 299 | ||
| Bristol-Myers Squibb Co. | 4.900% | 2/22/2027 | 365 | 370 | ||
| Bristol-Myers Squibb Co. | 1.125% | 11/13/2027 | 225 | 212 | ||
| Bristol-Myers Squibb Co. | 3.900% | 2/20/2028 | 270 | 270 | ||
| Bristol-Myers Squibb Co. | 4.900% | 2/22/2029 | 411 | 422 | ||
| Bristol-Myers Squibb Co. | 3.400% | 7/26/2029 | 652 | 635 | ||
| Bristol-Myers Squibb Co. | 1.450% | 11/13/2030 | 155 | 136 | ||
| Bristol-Myers Squibb Co. | 5.750% | 2/1/2031 | 215 | 230 | ||
| Bristol-Myers Squibb Co. | 5.100% | 2/22/2031 | 200 | 208 | ||
| Bristol-Myers Squibb Co. | 2.950% | 3/15/2032 | 285 | 260 | ||
| Bristol-Myers Squibb Co. | 5.900% | 11/15/2033 | 70 | 75 | ||
| Bristol-Myers Squibb Co. | 5.200% | 2/22/2034 | 640 | 657 | ||
| Bristol-Myers Squibb Co. | 4.125% | 6/15/2039 | 605 | 538 | ||
| Bristol-Myers Squibb Co. | 2.350% | 11/13/2040 | 130 | 89 | ||
| Bristol-Myers Squibb Co. | 3.550% | 3/15/2042 | 410 | 324 | ||
| Bristol-Myers Squibb Co. | 4.350% | 11/15/2047 | 300 | 248 | ||
| Bristol-Myers Squibb Co. | 4.550% | 2/20/2048 | 407 | 346 | ||
| Bristol-Myers Squibb Co. | 4.250% | 10/26/2049 | 595 | 476 | ||
| Bristol-Myers Squibb Co. | 2.550% | 11/13/2050 | 285 | 165 | ||
| Bristol-Myers Squibb Co. | 3.700% | 3/15/2052 | 455 | 328 | ||
| Bristol-Myers Squibb Co. | 6.250% | 11/15/2053 | 415 | 439 | ||
| Bristol-Myers Squibb Co. | 5.550% | 2/22/2054 | 535 | 516 | ||
| Bristol-Myers Squibb Co. | 3.900% | 3/15/2062 | 235 | 166 | ||
| Bristol-Myers Squibb Co. | 6.400% | 11/15/2063 | 300 | 321 | ||
| Bristol-Myers Squibb Co. | 5.650% | 2/22/2064 | 355 | 340 | ||
| Cardinal Health Inc. | 3.410% | 6/15/2027 | 160 | 158 | ||
| Cardinal Health Inc. | 5.000% | 11/15/2029 | 125 | 128 | ||
| Cardinal Health Inc. | 5.350% | 11/15/2034 | 210 | 213 | ||
| Cencora Inc. | 3.450% | 12/15/2027 | 180 | 177 | ||
| Cencora Inc. | 2.700% | 3/15/2031 | 225 | 206 | ||
| Centene Corp. | 4.250% | 12/15/2027 | 630 | 616 | ||
| Centene Corp. | 2.450% | 7/15/2028 | 535 | 495 | ||
| Centene Corp. | 4.625% | 12/15/2029 | 610 | 588 | ||
| Centene Corp. | 3.375% | 2/15/2030 | 570 | 520 | ||
27
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Centene Corp. | 3.000% | 10/15/2030 | 470 | 416 | ||
| Centene Corp. | 2.500% | 3/1/2031 | 550 | 469 | ||
| Centene Corp. | 2.625% | 8/1/2031 | 320 | 271 | ||
| 2 | Cigna Group | 3.400% | 3/1/2027 | 300 | 297 | |
| Cigna Group | 4.375% | 10/15/2028 | 805 | 809 | ||
| Cigna Group | 5.000% | 5/15/2029 | 410 | 421 | ||
| Cigna Group | 2.400% | 3/15/2030 | 340 | 313 | ||
| Cigna Group | 2.375% | 3/15/2031 | 255 | 229 | ||
| Cigna Group | 5.125% | 5/15/2031 | 375 | 388 | ||
| Cigna Group | 5.400% | 3/15/2033 | 165 | 171 | ||
| Cigna Group | 5.250% | 2/15/2034 | 200 | 204 | ||
| Cigna Group | 4.800% | 8/15/2038 | 480 | 450 | ||
| Cigna Group | 3.200% | 3/15/2040 | 125 | 95 | ||
| 2 | Cigna Group | 4.800% | 7/15/2046 | 285 | 248 | |
| 2 | Cigna Group | 3.875% | 10/15/2047 | 430 | 322 | |
| Cigna Group | 4.900% | 12/15/2048 | 749 | 651 | ||
| Cigna Group | 3.400% | 3/15/2050 | 190 | 128 | ||
| Cigna Group | 3.400% | 3/15/2051 | 225 | 150 | ||
| Cigna Group | 5.600% | 2/15/2054 | 316 | 298 | ||
| CommonSpirit Health | 5.205% | 12/1/2031 | 450 | 465 | ||
| 2 | CommonSpirit Health | 4.350% | 11/1/2042 | 165 | 140 | |
| CommonSpirit Health | 4.187% | 10/1/2049 | 340 | 262 | ||
| CVS Health Corp. | 3.625% | 4/1/2027 | 420 | 416 | ||
| CVS Health Corp. | 1.300% | 8/21/2027 | 595 | 562 | ||
| CVS Health Corp. | 4.300% | 3/25/2028 | 900 | 900 | ||
| CVS Health Corp. | 5.000% | 1/30/2029 | 215 | 219 | ||
| CVS Health Corp. | 5.400% | 6/1/2029 | 460 | 475 | ||
| CVS Health Corp. | 3.250% | 8/15/2029 | 415 | 397 | ||
| CVS Health Corp. | 5.125% | 2/21/2030 | 340 | 348 | ||
| CVS Health Corp. | 3.750% | 4/1/2030 | 365 | 353 | ||
| CVS Health Corp. | 1.750% | 8/21/2030 | 240 | 210 | ||
| CVS Health Corp. | 5.250% | 1/30/2031 | 105 | 108 | ||
| CVS Health Corp. | 1.875% | 2/28/2031 | 260 | 225 | ||
| CVS Health Corp. | 2.125% | 9/15/2031 | 170 | 147 | ||
| CVS Health Corp. | 5.250% | 2/21/2033 | 525 | 531 | ||
| CVS Health Corp. | 5.300% | 6/1/2033 | 490 | 496 | ||
| CVS Health Corp. | 5.700% | 6/1/2034 | 265 | 273 | ||
| CVS Health Corp. | 5.450% | 9/15/2035 | 350 | 351 | ||
| CVS Health Corp. | 4.780% | 3/25/2038 | 1,282 | 1,181 | ||
| CVS Health Corp. | 4.125% | 4/1/2040 | 75 | 63 | ||
| CVS Health Corp. | 5.300% | 12/5/2043 | 180 | 164 | ||
| CVS Health Corp. | 5.125% | 7/20/2045 | 1,075 | 945 | ||
| CVS Health Corp. | 5.050% | 3/25/2048 | 1,685 | 1,446 | ||
| CVS Health Corp. | 5.625% | 2/21/2053 | 245 | 224 | ||
| CVS Health Corp. | 5.875% | 6/1/2053 | 485 | 459 | ||
| CVS Health Corp. | 6.200% | 9/15/2055 | 275 | 271 | ||
| CVS Health Corp. | 6.000% | 6/1/2063 | 175 | 166 | ||
| Danaher Corp. | 2.600% | 10/1/2050 | 145 | 87 | ||
| Danaher Corp. | 2.800% | 12/10/2051 | 365 | 226 | ||
| DH Europe Finance II Sarl | 2.600% | 11/15/2029 | 145 | 136 | ||
| DH Europe Finance II Sarl | 3.250% | 11/15/2039 | 200 | 161 | ||
| DH Europe Finance II Sarl | 3.400% | 11/15/2049 | 140 | 99 | ||
| Elevance Health Inc. | 3.650% | 12/1/2027 | 292 | 289 | ||
| Elevance Health Inc. | 4.101% | 3/1/2028 | 290 | 290 | ||
| Elevance Health Inc. | 2.875% | 9/15/2029 | 160 | 152 | ||
| Elevance Health Inc. | 4.750% | 2/15/2030 | 400 | 407 | ||
| Elevance Health Inc. | 2.250% | 5/15/2030 | 135 | 123 | ||
| Elevance Health Inc. | 2.550% | 3/15/2031 | 125 | 113 | ||
| Elevance Health Inc. | 4.950% | 11/1/2031 | 135 | 137 | ||
| Elevance Health Inc. | 4.750% | 2/15/2033 | 225 | 224 | ||
| Elevance Health Inc. | 5.375% | 6/15/2034 | 335 | 342 | ||
| Elevance Health Inc. | 5.200% | 2/15/2035 | 325 | 327 | ||
| Elevance Health Inc. | 4.625% | 5/15/2042 | 180 | 157 | ||
| Elevance Health Inc. | 4.650% | 1/15/2043 | 210 | 183 | ||
| Elevance Health Inc. | 4.650% | 8/15/2044 | 145 | 125 | ||
| Elevance Health Inc. | 4.375% | 12/1/2047 | 315 | 255 | ||
| Elevance Health Inc. | 4.550% | 3/1/2048 | 185 | 153 | ||
| Elevance Health Inc. | 3.700% | 9/15/2049 | 160 | 114 | ||
| Elevance Health Inc. | 3.125% | 5/15/2050 | 360 | 230 | ||
| Elevance Health Inc. | 3.600% | 3/15/2051 | 260 | 180 | ||
28
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Elevance Health Inc. | 6.100% | 10/15/2052 | 170 | 171 | ||
| Elevance Health Inc. | 5.125% | 2/15/2053 | 210 | 185 | ||
| Elevance Health Inc. | 5.650% | 6/15/2054 | 180 | 171 | ||
| Elevance Health Inc. | 5.700% | 2/15/2055 | 345 | 328 | ||
| Elevance Health Inc. | 5.850% | 11/1/2064 | 165 | 158 | ||
| Eli Lilly & Co. | 4.150% | 8/14/2027 | 555 | 558 | ||
| Eli Lilly & Co. | 4.550% | 2/12/2028 | 430 | 437 | ||
| Eli Lilly & Co. | 4.000% | 10/15/2028 | 225 | 226 | ||
| Eli Lilly & Co. | 4.500% | 2/9/2029 | 325 | 330 | ||
| Eli Lilly & Co. | 3.375% | 3/15/2029 | 122 | 120 | ||
| Eli Lilly & Co. | 4.200% | 8/14/2029 | 240 | 242 | ||
| Eli Lilly & Co. | 4.750% | 2/12/2030 | 200 | 206 | ||
| Eli Lilly & Co. | 4.250% | 3/15/2031 | 175 | 175 | ||
| Eli Lilly & Co. | 4.900% | 2/12/2032 | 200 | 206 | ||
| Eli Lilly & Co. | 4.550% | 10/15/2032 | 225 | 226 | ||
| Eli Lilly & Co. | 4.700% | 2/9/2034 | 295 | 296 | ||
| Eli Lilly & Co. | 4.600% | 8/14/2034 | 275 | 273 | ||
| Eli Lilly & Co. | 5.100% | 2/12/2035 | 275 | 282 | ||
| Eli Lilly & Co. | 4.900% | 10/15/2035 | 375 | 377 | ||
| Eli Lilly & Co. | 3.950% | 3/15/2049 | 190 | 150 | ||
| Eli Lilly & Co. | 2.250% | 5/15/2050 | 392 | 219 | ||
| Eli Lilly & Co. | 4.875% | 2/27/2053 | 275 | 248 | ||
| Eli Lilly & Co. | 5.000% | 2/9/2054 | 545 | 499 | ||
| Eli Lilly & Co. | 5.050% | 8/14/2054 | 285 | 264 | ||
| Eli Lilly & Co. | 5.500% | 2/12/2055 | 200 | 198 | ||
| Eli Lilly & Co. | 5.550% | 10/15/2055 | 225 | 223 | ||
| Eli Lilly & Co. | 2.500% | 9/15/2060 | 330 | 180 | ||
| Eli Lilly & Co. | 4.950% | 2/27/2063 | 195 | 174 | ||
| Eli Lilly & Co. | 5.100% | 2/9/2064 | 288 | 262 | ||
| Eli Lilly & Co. | 5.200% | 8/14/2064 | 475 | 439 | ||
| Eli Lilly & Co. | 5.650% | 10/15/2065 | 225 | 223 | ||
| GE HealthCare Technologies Inc. | 5.650% | 11/15/2027 | 465 | 479 | ||
| GE HealthCare Technologies Inc. | 4.800% | 8/14/2029 | 285 | 291 | ||
| GE HealthCare Technologies Inc. | 5.857% | 3/15/2030 | 235 | 250 | ||
| GE HealthCare Technologies Inc. | 5.905% | 11/22/2032 | 260 | 278 | ||
| GE HealthCare Technologies Inc. | 5.500% | 6/15/2035 | 200 | 206 | ||
| GE HealthCare Technologies Inc. | 6.377% | 11/22/2052 | 175 | 187 | ||
| Gilead Sciences Inc. | 2.950% | 3/1/2027 | 302 | 297 | ||
| Gilead Sciences Inc. | 1.200% | 10/1/2027 | 170 | 161 | ||
| Gilead Sciences Inc. | 4.800% | 11/15/2029 | 165 | 169 | ||
| Gilead Sciences Inc. | 1.650% | 10/1/2030 | 265 | 234 | ||
| Gilead Sciences Inc. | 5.250% | 10/15/2033 | 200 | 208 | ||
| Gilead Sciences Inc. | 5.100% | 6/15/2035 | 75 | 76 | ||
| Gilead Sciences Inc. | 4.600% | 9/1/2035 | 225 | 220 | ||
| Gilead Sciences Inc. | 4.000% | 9/1/2036 | 150 | 138 | ||
| Gilead Sciences Inc. | 2.600% | 10/1/2040 | 509 | 366 | ||
| Gilead Sciences Inc. | 5.650% | 12/1/2041 | 346 | 354 | ||
| Gilead Sciences Inc. | 4.800% | 4/1/2044 | 445 | 405 | ||
| Gilead Sciences Inc. | 4.500% | 2/1/2045 | 500 | 436 | ||
| Gilead Sciences Inc. | 4.750% | 3/1/2046 | 570 | 509 | ||
| Gilead Sciences Inc. | 4.150% | 3/1/2047 | 270 | 221 | ||
| Gilead Sciences Inc. | 2.800% | 10/1/2050 | 385 | 239 | ||
| Gilead Sciences Inc. | 5.550% | 10/15/2053 | 315 | 308 | ||
| Gilead Sciences Inc. | 5.500% | 11/15/2054 | 75 | 73 | ||
| Gilead Sciences Inc. | 5.600% | 11/15/2064 | 145 | 141 | ||
| GlaxoSmithKline Capital Inc. | 3.875% | 5/15/2028 | 365 | 365 | ||
| GlaxoSmithKline Capital Inc. | 4.500% | 4/15/2030 | 189 | 191 | ||
| GlaxoSmithKline Capital Inc. | 4.875% | 4/15/2035 | 245 | 245 | ||
| GlaxoSmithKline Capital Inc. | 6.375% | 5/15/2038 | 605 | 673 | ||
| GlaxoSmithKline Capital plc | 3.375% | 6/1/2029 | 90 | 88 | ||
| HCA Inc. | 4.500% | 2/15/2027 | 240 | 240 | ||
| HCA Inc. | 3.125% | 3/15/2027 | 215 | 212 | ||
| HCA Inc. | 5.200% | 6/1/2028 | 175 | 179 | ||
| HCA Inc. | 5.625% | 9/1/2028 | 300 | 309 | ||
| HCA Inc. | 5.875% | 2/1/2029 | 440 | 458 | ||
| HCA Inc. | 4.125% | 6/15/2029 | 465 | 461 | ||
| HCA Inc. | 5.250% | 3/1/2030 | 150 | 155 | ||
| HCA Inc. | 3.500% | 9/1/2030 | 680 | 648 | ||
| HCA Inc. | 5.450% | 4/1/2031 | 335 | 348 | ||
| HCA Inc. | 2.375% | 7/15/2031 | 165 | 146 | ||
29
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| HCA Inc. | 5.500% | 3/1/2032 | 150 | 155 | ||
| HCA Inc. | 3.625% | 3/15/2032 | 470 | 437 | ||
| HCA Inc. | 5.500% | 6/1/2033 | 250 | 257 | ||
| HCA Inc. | 5.600% | 4/1/2034 | 265 | 272 | ||
| HCA Inc. | 5.450% | 9/15/2034 | 525 | 531 | ||
| HCA Inc. | 5.750% | 3/1/2035 | 350 | 360 | ||
| HCA Inc. | 5.125% | 6/15/2039 | 205 | 193 | ||
| HCA Inc. | 5.500% | 6/15/2047 | 345 | 319 | ||
| HCA Inc. | 5.250% | 6/15/2049 | 590 | 520 | ||
| HCA Inc. | 3.500% | 7/15/2051 | 295 | 194 | ||
| HCA Inc. | 4.625% | 3/15/2052 | 410 | 326 | ||
| HCA Inc. | 5.900% | 6/1/2053 | 330 | 314 | ||
| HCA Inc. | 6.000% | 4/1/2054 | 320 | 309 | ||
| HCA Inc. | 5.950% | 9/15/2054 | 175 | 168 | ||
| HCA Inc. | 6.200% | 3/1/2055 | 260 | 258 | ||
| Humana Inc. | 1.350% | 2/3/2027 | 200 | 192 | ||
| Humana Inc. | 3.700% | 3/23/2029 | 215 | 211 | ||
| Humana Inc. | 5.375% | 4/15/2031 | 115 | 118 | ||
| Humana Inc. | 2.150% | 2/3/2032 | 225 | 191 | ||
| Humana Inc. | 5.875% | 3/1/2033 | 160 | 167 | ||
| Humana Inc. | 5.950% | 3/15/2034 | 260 | 272 | ||
| Humana Inc. | 5.550% | 5/1/2035 | 230 | 232 | ||
| Humana Inc. | 4.950% | 10/1/2044 | 228 | 198 | ||
| Humana Inc. | 5.500% | 3/15/2053 | 160 | 144 | ||
| Humana Inc. | 5.750% | 4/15/2054 | 170 | 158 | ||
| Icon Investments Six DAC | 5.849% | 5/8/2029 | 50 | 52 | ||
| IQVIA Inc. | 6.250% | 2/1/2029 | 440 | 464 | ||
| Johnson & Johnson | 4.500% | 3/1/2027 | 124 | 125 | ||
| Johnson & Johnson | 2.950% | 3/3/2027 | 320 | 316 | ||
| Johnson & Johnson | 0.950% | 9/1/2027 | 275 | 261 | ||
| Johnson & Johnson | 2.900% | 1/15/2028 | 255 | 250 | ||
| Johnson & Johnson | 4.550% | 3/1/2028 | 394 | 401 | ||
| Johnson & Johnson | 4.800% | 6/1/2029 | 185 | 191 | ||
| Johnson & Johnson | 4.700% | 3/1/2030 | 376 | 387 | ||
| Johnson & Johnson | 1.300% | 9/1/2030 | 500 | 441 | ||
| Johnson & Johnson | 4.900% | 6/1/2031 | 430 | 449 | ||
| Johnson & Johnson | 4.850% | 3/1/2032 | 266 | 276 | ||
| Johnson & Johnson | 4.375% | 12/5/2033 | 513 | 514 | ||
| Johnson & Johnson | 4.950% | 6/1/2034 | 175 | 183 | ||
| Johnson & Johnson | 5.000% | 3/1/2035 | 373 | 383 | ||
| Johnson & Johnson | 3.550% | 3/1/2036 | 235 | 212 | ||
| Johnson & Johnson | 3.625% | 3/3/2037 | 194 | 174 | ||
| Johnson & Johnson | 5.950% | 8/15/2037 | 140 | 155 | ||
| Johnson & Johnson | 3.400% | 1/15/2038 | 267 | 231 | ||
| Johnson & Johnson | 2.100% | 9/1/2040 | 165 | 115 | ||
| Johnson & Johnson | 3.700% | 3/1/2046 | 540 | 431 | ||
| Johnson & Johnson | 3.750% | 3/3/2047 | 235 | 188 | ||
| Johnson & Johnson | 3.500% | 1/15/2048 | 215 | 163 | ||
| Johnson & Johnson | 2.250% | 9/1/2050 | 340 | 197 | ||
| Johnson & Johnson | 5.250% | 6/1/2054 | 175 | 173 | ||
| Johnson & Johnson | 2.450% | 9/1/2060 | 290 | 159 | ||
| Laboratory Corp. of America Holdings | 4.800% | 10/1/2034 | 210 | 206 | ||
| Laboratory Corp. of America Holdings | 4.700% | 2/1/2045 | 170 | 149 | ||
| Merck & Co. Inc. | 1.700% | 6/10/2027 | 435 | 419 | ||
| Merck & Co. Inc. | 1.900% | 12/10/2028 | 305 | 286 | ||
| Merck & Co. Inc. | 3.400% | 3/7/2029 | 265 | 260 | ||
| Merck & Co. Inc. | 1.450% | 6/24/2030 | 264 | 233 | ||
| Merck & Co. Inc. | 2.150% | 12/10/2031 | 525 | 462 | ||
| Merck & Co. Inc. | 4.500% | 5/17/2033 | 270 | 270 | ||
| Merck & Co. Inc. | 3.900% | 3/7/2039 | 230 | 202 | ||
| Merck & Co. Inc. | 2.350% | 6/24/2040 | 345 | 243 | ||
| Merck & Co. Inc. | 4.150% | 5/18/2043 | 190 | 161 | ||
| Merck & Co. Inc. | 4.900% | 5/17/2044 | 160 | 149 | ||
| Merck & Co. Inc. | 3.700% | 2/10/2045 | 445 | 348 | ||
| Merck & Co. Inc. | 4.000% | 3/7/2049 | 235 | 185 | ||
| Merck & Co. Inc. | 2.450% | 6/24/2050 | 515 | 297 | ||
| Merck & Co. Inc. | 2.750% | 12/10/2051 | 650 | 394 | ||
| Merck & Co. Inc. | 5.000% | 5/17/2053 | 120 | 109 | ||
| Merck & Co. Inc. | 2.900% | 12/10/2061 | 255 | 147 | ||
| Merck & Co. Inc. | 5.150% | 5/17/2063 | 150 | 136 | ||
30
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Mylan Inc. | 4.550% | 4/15/2028 | 200 | 199 | ||
| Novartis Capital Corp. | 2.000% | 2/14/2027 | 375 | 366 | ||
| Novartis Capital Corp. | 3.100% | 5/17/2027 | 955 | 943 | ||
| Novartis Capital Corp. | 3.800% | 9/18/2029 | 200 | 199 | ||
| Novartis Capital Corp. | 2.200% | 8/14/2030 | 520 | 477 | ||
| Novartis Capital Corp. | 4.000% | 9/18/2031 | 75 | 74 | ||
| Novartis Capital Corp. | 4.200% | 9/18/2034 | 365 | 353 | ||
| Novartis Capital Corp. | 4.400% | 5/6/2044 | 365 | 323 | ||
| Novartis Capital Corp. | 4.000% | 11/20/2045 | 230 | 190 | ||
| Novartis Capital Corp. | 2.750% | 8/14/2050 | 210 | 132 | ||
| Novartis Capital Corp. | 4.700% | 9/18/2054 | 240 | 212 | ||
| Pfizer Inc. | 3.000% | 12/15/2026 | 320 | 316 | ||
| Pfizer Inc. | 3.600% | 9/15/2028 | 175 | 174 | ||
| Pfizer Inc. | 3.450% | 3/15/2029 | 465 | 458 | ||
| Pfizer Inc. | 2.625% | 4/1/2030 | 233 | 219 | ||
| Pfizer Inc. | 1.700% | 5/28/2030 | 222 | 199 | ||
| Pfizer Inc. | 1.750% | 8/18/2031 | 199 | 174 | ||
| Pfizer Inc. | 4.000% | 12/15/2036 | 400 | 368 | ||
| Pfizer Inc. | 3.900% | 3/15/2039 | 135 | 118 | ||
| Pfizer Inc. | 7.200% | 3/15/2039 | 770 | 912 | ||
| Pfizer Inc. | 2.550% | 5/28/2040 | 210 | 151 | ||
| Pfizer Inc. | 4.300% | 6/15/2043 | 170 | 146 | ||
| Pfizer Inc. | 4.400% | 5/15/2044 | 165 | 144 | ||
| Pfizer Inc. | 4.125% | 12/15/2046 | 470 | 382 | ||
| Pfizer Inc. | 4.200% | 9/15/2048 | 215 | 175 | ||
| Pfizer Inc. | 4.000% | 3/15/2049 | 335 | 262 | ||
| Pfizer Inc. | 2.700% | 5/28/2050 | 450 | 275 | ||
| Pfizer Investment Enterprises Pte. Ltd. | 4.450% | 5/19/2028 | 810 | 819 | ||
| Pfizer Investment Enterprises Pte. Ltd. | 4.650% | 5/19/2030 | 320 | 326 | ||
| Pfizer Investment Enterprises Pte. Ltd. | 4.750% | 5/19/2033 | 1,105 | 1,108 | ||
| Pfizer Investment Enterprises Pte. Ltd. | 5.110% | 5/19/2043 | 570 | 539 | ||
| Pfizer Investment Enterprises Pte. Ltd. | 5.300% | 5/19/2053 | 1,305 | 1,215 | ||
| Pfizer Investment Enterprises Pte. Ltd. | 5.340% | 5/19/2063 | 685 | 624 | ||
| 2 | Providence St. Joseph Health Obligated Group | 2.700% | 10/1/2051 | 185 | 107 | |
| Quest Diagnostics Inc. | 2.950% | 6/30/2030 | 110 | 104 | ||
| Quest Diagnostics Inc. | 6.400% | 11/30/2033 | 210 | 231 | ||
| Quest Diagnostics Inc. | 5.000% | 12/15/2034 | 205 | 205 | ||
| Regeneron Pharmaceuticals Inc. | 1.750% | 9/15/2030 | 270 | 237 | ||
| Regeneron Pharmaceuticals Inc. | 2.800% | 9/15/2050 | 185 | 110 | ||
| Revvity Inc. | 3.300% | 9/15/2029 | 270 | 258 | ||
| Royalty Pharma plc | 1.750% | 9/2/2027 | 145 | 138 | ||
| Royalty Pharma plc | 2.200% | 9/2/2030 | 110 | 98 | ||
| Royalty Pharma plc | 3.300% | 9/2/2040 | 145 | 110 | ||
| Royalty Pharma plc | 3.550% | 9/2/2050 | 195 | 132 | ||
| Sanofi SA | 3.625% | 6/19/2028 | 190 | 189 | ||
| Shire Acquisitions Investments Ireland DAC | 3.200% | 9/23/2026 | 149 | 147 | ||
| Smith & Nephew plc | 2.032% | 10/14/2030 | 275 | 245 | ||
| Solventum Corp. | 5.400% | 3/1/2029 | 515 | 537 | ||
| Solventum Corp. | 5.450% | 3/13/2031 | 565 | 591 | ||
| Solventum Corp. | 5.600% | 3/23/2034 | 400 | 415 | ||
| Solventum Corp. | 5.900% | 4/30/2054 | 200 | 200 | ||
| Stryker Corp. | 4.700% | 2/10/2028 | 150 | 152 | ||
| Stryker Corp. | 4.250% | 9/11/2029 | 340 | 341 | ||
| Stryker Corp. | 4.850% | 2/10/2030 | 150 | 154 | ||
| Stryker Corp. | 1.950% | 6/15/2030 | 205 | 185 | ||
| Stryker Corp. | 4.625% | 9/11/2034 | 130 | 128 | ||
| Stryker Corp. | 5.200% | 2/10/2035 | 200 | 204 | ||
| Stryker Corp. | 4.625% | 3/15/2046 | 170 | 151 | ||
| Takeda Pharmaceutical Co. Ltd. | 5.000% | 11/26/2028 | 280 | 286 | ||
| Takeda Pharmaceutical Co. Ltd. | 2.050% | 3/31/2030 | 735 | 666 | ||
| Takeda Pharmaceutical Co. Ltd. | 5.300% | 7/5/2034 | 250 | 256 | ||
| Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/2040 | 260 | 196 | ||
| Takeda Pharmaceutical Co. Ltd. | 5.650% | 7/5/2044 | 70 | 70 | ||
| Takeda Pharmaceutical Co. Ltd. | 3.175% | 7/9/2050 | 790 | 515 | ||
| Takeda Pharmaceutical Co. Ltd. | 3.375% | 7/9/2060 | 170 | 107 | ||
| Takeda US Financing Inc. | 5.200% | 7/7/2035 | 525 | 527 | ||
| Thermo Fisher Scientific Inc. | 5.000% | 12/5/2026 | 200 | 202 | ||
| Thermo Fisher Scientific Inc. | 2.600% | 10/1/2029 | 170 | 161 | ||
| Thermo Fisher Scientific Inc. | 4.977% | 8/10/2030 | 165 | 171 | ||
| Thermo Fisher Scientific Inc. | 2.000% | 10/15/2031 | 340 | 300 | ||
31
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Thermo Fisher Scientific Inc. | 5.086% | 8/10/2033 | 110 | 113 | ||
| Thermo Fisher Scientific Inc. | 2.800% | 10/15/2041 | 385 | 278 | ||
| Thermo Fisher Scientific Inc. | 4.100% | 8/15/2047 | 135 | 111 | ||
| UnitedHealth Group Inc. | 3.450% | 1/15/2027 | 300 | 297 | ||
| UnitedHealth Group Inc. | 2.950% | 10/15/2027 | 175 | 171 | ||
| UnitedHealth Group Inc. | 5.250% | 2/15/2028 | 175 | 180 | ||
| UnitedHealth Group Inc. | 3.850% | 6/15/2028 | 200 | 199 | ||
| UnitedHealth Group Inc. | 3.875% | 12/15/2028 | 445 | 441 | ||
| UnitedHealth Group Inc. | 4.250% | 1/15/2029 | 225 | 226 | ||
| UnitedHealth Group Inc. | 4.000% | 5/15/2029 | 285 | 284 | ||
| UnitedHealth Group Inc. | 2.875% | 8/15/2029 | 100 | 95 | ||
| UnitedHealth Group Inc. | 4.800% | 1/15/2030 | 360 | 368 | ||
| UnitedHealth Group Inc. | 5.300% | 2/15/2030 | 420 | 437 | ||
| UnitedHealth Group Inc. | 2.000% | 5/15/2030 | 370 | 335 | ||
| UnitedHealth Group Inc. | 4.650% | 1/15/2031 | 175 | 177 | ||
| UnitedHealth Group Inc. | 4.900% | 4/15/2031 | 330 | 338 | ||
| UnitedHealth Group Inc. | 2.300% | 5/15/2031 | 345 | 308 | ||
| UnitedHealth Group Inc. | 4.950% | 1/15/2032 | 470 | 480 | ||
| UnitedHealth Group Inc. | 4.200% | 5/15/2032 | 190 | 185 | ||
| UnitedHealth Group Inc. | 5.350% | 2/15/2033 | 480 | 496 | ||
| UnitedHealth Group Inc. | 4.500% | 4/15/2033 | 350 | 343 | ||
| UnitedHealth Group Inc. | 5.000% | 4/15/2034 | 240 | 241 | ||
| UnitedHealth Group Inc. | 5.150% | 7/15/2034 | 435 | 442 | ||
| UnitedHealth Group Inc. | 5.300% | 6/15/2035 | 440 | 450 | ||
| UnitedHealth Group Inc. | 4.625% | 7/15/2035 | 190 | 185 | ||
| UnitedHealth Group Inc. | 5.800% | 3/15/2036 | 157 | 165 | ||
| UnitedHealth Group Inc. | 6.875% | 2/15/2038 | 345 | 392 | ||
| UnitedHealth Group Inc. | 3.500% | 8/15/2039 | 260 | 211 | ||
| UnitedHealth Group Inc. | 2.750% | 5/15/2040 | 295 | 214 | ||
| UnitedHealth Group Inc. | 3.050% | 5/15/2041 | 140 | 103 | ||
| UnitedHealth Group Inc. | 4.250% | 3/15/2043 | 105 | 88 | ||
| UnitedHealth Group Inc. | 5.500% | 7/15/2044 | 510 | 496 | ||
| UnitedHealth Group Inc. | 4.750% | 7/15/2045 | 390 | 343 | ||
| UnitedHealth Group Inc. | 4.200% | 1/15/2047 | 215 | 172 | ||
| UnitedHealth Group Inc. | 3.750% | 10/15/2047 | 255 | 190 | ||
| UnitedHealth Group Inc. | 4.250% | 6/15/2048 | 250 | 200 | ||
| UnitedHealth Group Inc. | 4.450% | 12/15/2048 | 210 | 173 | ||
| UnitedHealth Group Inc. | 3.700% | 8/15/2049 | 345 | 248 | ||
| UnitedHealth Group Inc. | 2.900% | 5/15/2050 | 150 | 92 | ||
| UnitedHealth Group Inc. | 3.250% | 5/15/2051 | 380 | 248 | ||
| UnitedHealth Group Inc. | 4.750% | 5/15/2052 | 380 | 319 | ||
| UnitedHealth Group Inc. | 5.875% | 2/15/2053 | 429 | 424 | ||
| UnitedHealth Group Inc. | 5.050% | 4/15/2053 | 395 | 347 | ||
| UnitedHealth Group Inc. | 5.375% | 4/15/2054 | 350 | 322 | ||
| UnitedHealth Group Inc. | 5.625% | 7/15/2054 | 520 | 495 | ||
| UnitedHealth Group Inc. | 5.950% | 6/15/2055 | 355 | 355 | ||
| UnitedHealth Group Inc. | 3.875% | 8/15/2059 | 411 | 287 | ||
| UnitedHealth Group Inc. | 3.125% | 5/15/2060 | 365 | 216 | ||
| UnitedHealth Group Inc. | 4.950% | 5/15/2062 | 240 | 203 | ||
| UnitedHealth Group Inc. | 6.050% | 2/15/2063 | 293 | 293 | ||
| UnitedHealth Group Inc. | 5.200% | 4/15/2063 | 335 | 294 | ||
| UnitedHealth Group Inc. | 5.500% | 4/15/2064 | 175 | 161 | ||
| UnitedHealth Group Inc. | 5.750% | 7/15/2064 | 545 | 520 | ||
| Utah Acquisition Sub Inc. | 5.250% | 6/15/2046 | 310 | 253 | ||
| Viatris Inc. | 2.700% | 6/22/2030 | 180 | 162 | ||
| Viatris Inc. | 3.850% | 6/22/2040 | 265 | 198 | ||
| Viatris Inc. | 4.000% | 6/22/2050 | 495 | 326 | ||
| Wyeth LLC | 6.500% | 2/1/2034 | 340 | 380 | ||
| Wyeth LLC | 5.950% | 4/1/2037 | 515 | 549 | ||
| Zimmer Biomet Holdings Inc. | 2.600% | 11/24/2031 | 180 | 161 | ||
| Zoetis Inc. | 3.000% | 9/12/2027 | 155 | 152 | ||
| Zoetis Inc. | 2.000% | 5/15/2030 | 140 | 127 | ||
| Zoetis Inc. | 5.600% | 11/16/2032 | 75 | 79 | ||
| Zoetis Inc. | 5.000% | 8/17/2035 | 225 | 224 | ||
| Zoetis Inc. | 4.700% | 2/1/2043 | 250 | 226 | ||
| 136,550 | ||||||
| Industrials (1.9%) | ||||||
| Amphenol Corp. | 4.375% | 6/12/2028 | 200 | 202 | ||
| Amphenol Corp. | 2.800% | 2/15/2030 | 210 | 199 | ||
32
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Amphenol Corp. | 2.200% | 9/15/2031 | 190 | 168 | ||
| Amphenol Corp. | 5.000% | 1/15/2035 | 125 | 126 | ||
| Carrier Global Corp. | 2.493% | 2/15/2027 | 469 | 459 | ||
| Carrier Global Corp. | 2.722% | 2/15/2030 | 335 | 315 | ||
| Carrier Global Corp. | 2.700% | 2/15/2031 | 200 | 184 | ||
| Carrier Global Corp. | 5.900% | 3/15/2034 | 239 | 255 | ||
| Carrier Global Corp. | 3.377% | 4/5/2040 | 360 | 288 | ||
| Carrier Global Corp. | 3.577% | 4/5/2050 | 311 | 227 | ||
| Deere & Co. | 5.450% | 1/16/2035 | 285 | 297 | ||
| Deere & Co. | 3.900% | 6/9/2042 | 140 | 119 | ||
| Deere & Co. | 3.750% | 4/15/2050 | 200 | 153 | ||
| Deere & Co. | 5.700% | 1/19/2055 | 125 | 128 | ||
| 3 | FedEx Corp. | 4.750% | 11/15/2045 | 165 | 138 | |
| 3 | FedEx Corp. | 4.550% | 4/1/2046 | 285 | 233 | |
| 3 | FedEx Corp. | 5.250% | 5/15/2050 | 435 | 383 | |
| Illinois Tool Works Inc. | 2.650% | 11/15/2026 | 265 | 261 | ||
| Illinois Tool Works Inc. | 3.900% | 9/1/2042 | 300 | 249 | ||
| John Deere Capital Corp. | 4.500% | 1/8/2027 | 100 | 101 | ||
| 2 | John Deere Capital Corp. | 4.150% | 9/15/2027 | 195 | 196 | |
| 2 | John Deere Capital Corp. | 4.750% | 1/20/2028 | 190 | 193 | |
| 2 | John Deere Capital Corp. | 4.950% | 7/14/2028 | 335 | 344 | |
| John Deere Capital Corp. | 4.500% | 1/16/2029 | 155 | 157 | ||
| 2 | John Deere Capital Corp. | 4.850% | 6/11/2029 | 92 | 95 | |
| 2 | John Deere Capital Corp. | 4.550% | 6/5/2030 | 150 | 152 | |
| 2 | John Deere Capital Corp. | 4.700% | 6/10/2030 | 303 | 311 | |
| 2 | John Deere Capital Corp. | 4.900% | 3/7/2031 | 185 | 191 | |
| John Deere Capital Corp. | 4.400% | 9/8/2031 | 490 | 492 | ||
| 2 | John Deere Capital Corp. | 5.150% | 9/8/2033 | 365 | 378 | |
| 2 | John Deere Capital Corp. | 5.100% | 4/11/2034 | 170 | 174 | |
| 2 | John Deere Capital Corp. | 5.050% | 6/12/2034 | 150 | 153 | |
| Keysight Technologies Inc. | 5.350% | 7/30/2030 | 185 | 192 | ||
| LKQ Corp. | 5.750% | 6/15/2028 | 340 | 351 | ||
| Otis Worldwide Corp. | 5.250% | 8/16/2028 | 220 | 227 | ||
| Otis Worldwide Corp. | 2.565% | 2/15/2030 | 365 | 340 | ||
| Otis Worldwide Corp. | 3.362% | 2/15/2050 | 195 | 135 | ||
| Republic Services Inc. | 3.950% | 5/15/2028 | 165 | 165 | ||
| Republic Services Inc. | 4.875% | 4/1/2029 | 20 | 21 | ||
| Republic Services Inc. | 1.750% | 2/15/2032 | 125 | 107 | ||
| Republic Services Inc. | 5.000% | 4/1/2034 | 240 | 244 | ||
| Southwest Airlines Co. | 5.125% | 6/15/2027 | 150 | 152 | ||
| Trane Technologies Financing Ltd. | 3.800% | 3/21/2029 | 515 | 510 | ||
| Trimble Inc. | 6.100% | 3/15/2033 | 210 | 224 | ||
| 2 | United Airlines Pass-Through Trust Class A Series 2020-1 | 5.875% | 10/15/2027 | 231 | 236 | |
| 2 | United Airlines Pass-Through Trust Class A Series 2023-1 | 5.800% | 1/15/2036 | 369 | 379 | |
| 2 | United Airlines Pass-Through Trust Class AA Series 2024-1 | 5.450% | 2/15/2037 | 357 | 366 | |
| United Parcel Service Inc. | 3.050% | 11/15/2027 | 165 | 162 | ||
| United Parcel Service Inc. | 3.400% | 3/15/2029 | 177 | 174 | ||
| United Parcel Service Inc. | 4.450% | 4/1/2030 | 182 | 185 | ||
| United Parcel Service Inc. | 4.875% | 3/3/2033 | 165 | 168 | ||
| United Parcel Service Inc. | 5.150% | 5/22/2034 | 245 | 252 | ||
| United Parcel Service Inc. | 5.250% | 5/14/2035 | 290 | 297 | ||
| United Parcel Service Inc. | 6.200% | 1/15/2038 | 340 | 370 | ||
| United Parcel Service Inc. | 3.750% | 11/15/2047 | 110 | 83 | ||
| United Parcel Service Inc. | 4.250% | 3/15/2049 | 108 | 87 | ||
| United Parcel Service Inc. | 5.300% | 4/1/2050 | 515 | 484 | ||
| United Parcel Service Inc. | 5.050% | 3/3/2053 | 289 | 260 | ||
| United Parcel Service Inc. | 5.500% | 5/22/2054 | 80 | 77 | ||
| United Parcel Service Inc. | 5.950% | 5/14/2055 | 180 | 182 | ||
| United Parcel Service Inc. | 6.050% | 5/14/2065 | 240 | 243 | ||
| Waste Management Inc. | 3.150% | 11/15/2027 | 345 | 339 | ||
| Waste Management Inc. | 4.500% | 3/15/2028 | 175 | 177 | ||
| Waste Management Inc. | 4.875% | 2/15/2029 | 210 | 216 | ||
| Waste Management Inc. | 1.500% | 3/15/2031 | 275 | 238 | ||
| Waste Management Inc. | 4.950% | 7/3/2031 | 100 | 103 | ||
| Waste Management Inc. | 4.800% | 3/15/2032 | 175 | 179 | ||
| Waste Management Inc. | 4.150% | 4/15/2032 | 20 | 20 | ||
| Waste Management Inc. | 4.875% | 2/15/2034 | 280 | 284 | ||
| Waste Management Inc. | 4.950% | 3/15/2035 | 265 | 266 | ||
| Waste Management Inc. | 5.350% | 10/15/2054 | 320 | 307 | ||
| Westinghouse Air Brake Technologies Corp. | 3.450% | 11/15/2026 | 269 | 266 | ||
33
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Westinghouse Air Brake Technologies Corp. | 4.700% | 9/15/2028 | 210 | 213 | ||
| WW Grainger Inc. | 4.600% | 6/15/2045 | 220 | 195 | ||
| 16,797 | ||||||
| Materials (1.2%) | ||||||
| Air Products and Chemicals Inc. | 4.600% | 2/8/2029 | 120 | 122 | ||
| Air Products and Chemicals Inc. | 4.850% | 2/8/2034 | 370 | 372 | ||
| Air Products and Chemicals Inc. | 2.700% | 5/15/2040 | 240 | 176 | ||
| 3 | Amrize Finance US LLC | 4.950% | 4/7/2030 | 225 | 230 | |
| 3 | Amrize Finance US LLC | 5.400% | 4/7/2035 | 465 | 472 | |
| AngloGold Ashanti Holdings plc | 3.375% | 11/1/2028 | 175 | 169 | ||
| ArcelorMittal SA | 6.800% | 11/29/2032 | 150 | 166 | ||
| Berry Global Inc. | 5.800% | 6/15/2031 | 475 | 503 | ||
| Berry Global Inc. | 5.650% | 1/15/2034 | 315 | 327 | ||
| Carlisle Cos. Inc. | 2.750% | 3/1/2030 | 135 | 126 | ||
| CF Industries Inc. | 5.150% | 3/15/2034 | 265 | 264 | ||
| CF Industries Inc. | 4.950% | 6/1/2043 | 120 | 107 | ||
| CF Industries Inc. | 5.375% | 3/15/2044 | 215 | 201 | ||
| CRH America Finance Inc. | 5.400% | 5/21/2034 | 220 | 226 | ||
| CRH America Finance Inc. | 5.500% | 1/9/2035 | 250 | 258 | ||
| CRH SMW Finance DAC | 5.200% | 5/21/2029 | 175 | 181 | ||
| CRH SMW Finance DAC | 5.125% | 1/9/2030 | 200 | 206 | ||
| DuPont de Nemours Inc. | 4.725% | 11/15/2028 | 350 | 357 | ||
| DuPont de Nemours Inc. | 5.319% | 11/15/2038 | 155 | 162 | ||
| DuPont de Nemours Inc. | 5.419% | 11/15/2048 | 295 | 297 | ||
| Eagle Materials Inc. | 2.500% | 7/1/2031 | 160 | 143 | ||
| Martin Marietta Materials Inc. | 5.150% | 12/1/2034 | 175 | 176 | ||
| Martin Marietta Materials Inc. | 3.200% | 7/15/2051 | 285 | 189 | ||
| Martin Marietta Materials Inc. | 5.500% | 12/1/2054 | 205 | 197 | ||
| Newmont Corp. | 2.600% | 7/15/2032 | 175 | 156 | ||
| Newmont Corp. | 5.350% | 3/15/2034 | 230 | 237 | ||
| Nutrien Ltd. | 4.900% | 3/27/2028 | 350 | 356 | ||
| Nutrien Ltd. | 4.200% | 4/1/2029 | 705 | 703 | ||
| Nutrien Ltd. | 5.000% | 4/1/2049 | 84 | 74 | ||
| Nutrien Ltd. | 5.800% | 3/27/2053 | 310 | 305 | ||
| Sherwin-Williams Co. | 3.450% | 6/1/2027 | 490 | 484 | ||
| Sherwin-Williams Co. | 2.950% | 8/15/2029 | 119 | 113 | ||
| Sherwin-Williams Co. | 4.500% | 6/1/2047 | 85 | 72 | ||
| Smurfit Kappa Treasury ULC | 5.200% | 1/15/2030 | 190 | 196 | ||
| Smurfit Kappa Treasury ULC | 5.438% | 4/3/2034 | 220 | 226 | ||
| Smurfit Kappa Treasury ULC | 5.777% | 4/3/2054 | 375 | 369 | ||
| Suzano Austria GmbH | 6.000% | 1/15/2029 | 325 | 335 | ||
| Suzano Austria GmbH | 5.000% | 1/15/2030 | 175 | 175 | ||
| Suzano Austria GmbH | 3.750% | 1/15/2031 | 375 | 352 | ||
| 2 | Suzano Austria GmbH | 3.125% | 1/15/2032 | 220 | 195 | |
| Vulcan Materials Co. | 3.500% | 6/1/2030 | 240 | 232 | ||
| Vulcan Materials Co. | 5.350% | 12/1/2034 | 175 | 179 | ||
| Vulcan Materials Co. | 5.700% | 12/1/2054 | 165 | 163 | ||
| WRKCo Inc. | 4.900% | 3/15/2029 | 170 | 173 | ||
| 10,722 | ||||||
| Real Estate (1.9%) | ||||||
| Alexandria Real Estate Equities Inc. | 3.375% | 8/15/2031 | 88 | 82 | ||
| Alexandria Real Estate Equities Inc. | 2.000% | 5/18/2032 | 176 | 147 | ||
| Alexandria Real Estate Equities Inc. | 1.875% | 2/1/2033 | 233 | 189 | ||
| Alexandria Real Estate Equities Inc. | 2.950% | 3/15/2034 | 220 | 188 | ||
| Alexandria Real Estate Equities Inc. | 3.000% | 5/18/2051 | 345 | 210 | ||
| Alexandria Real Estate Equities Inc. | 3.550% | 3/15/2052 | 160 | 108 | ||
| American Tower Corp. | 3.375% | 10/15/2026 | 240 | 238 | ||
| American Tower Corp. | 2.750% | 1/15/2027 | 225 | 221 | ||
| American Tower Corp. | 3.550% | 7/15/2027 | 125 | 124 | ||
| American Tower Corp. | 5.800% | 11/15/2028 | 160 | 167 | ||
| American Tower Corp. | 3.800% | 8/15/2029 | 240 | 235 | ||
| American Tower Corp. | 2.900% | 1/15/2030 | 65 | 61 | ||
| American Tower Corp. | 2.100% | 6/15/2030 | 205 | 184 | ||
| American Tower Corp. | 1.875% | 10/15/2030 | 305 | 269 | ||
| American Tower Corp. | 5.650% | 3/15/2033 | 130 | 136 | ||
| American Tower Corp. | 5.550% | 7/15/2033 | 50 | 52 | ||
| American Tower Corp. | 5.900% | 11/15/2033 | 195 | 207 | ||
| American Tower Corp. | 3.100% | 6/15/2050 | 285 | 185 | ||
| American Tower Corp. | 2.950% | 1/15/2051 | 325 | 203 | ||
34
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Boston Properties LP | 2.750% | 10/1/2026 | 405 | 398 | ||
| Boston Properties LP | 6.750% | 12/1/2027 | 105 | 110 | ||
| Boston Properties LP | 4.500% | 12/1/2028 | 535 | 535 | ||
| Boston Properties LP | 3.400% | 6/21/2029 | 183 | 175 | ||
| Boston Properties LP | 3.250% | 1/30/2031 | 190 | 177 | ||
| Boston Properties LP | 2.550% | 4/1/2032 | 210 | 180 | ||
| Boston Properties LP | 2.450% | 10/1/2033 | 130 | 106 | ||
| Boston Properties LP | 6.500% | 1/15/2034 | 60 | 64 | ||
| Boston Properties LP | 5.750% | 1/15/2035 | 210 | 213 | ||
| Brixmor Operating Partnership LP | 4.125% | 5/15/2029 | 365 | 362 | ||
| Brixmor Operating Partnership LP | 4.050% | 7/1/2030 | 175 | 171 | ||
| Camden Property Trust | 2.800% | 5/15/2030 | 140 | 131 | ||
| CBRE Services Inc. | 5.950% | 8/15/2034 | 350 | 371 | ||
| Crown Castle Inc. | 2.900% | 3/15/2027 | 120 | 118 | ||
| Crown Castle Inc. | 3.650% | 9/1/2027 | 100 | 99 | ||
| Crown Castle Inc. | 5.000% | 1/11/2028 | 185 | 187 | ||
| Crown Castle Inc. | 3.800% | 2/15/2028 | 405 | 400 | ||
| Crown Castle Inc. | 5.600% | 6/1/2029 | 120 | 125 | ||
| Crown Castle Inc. | 3.300% | 7/1/2030 | 175 | 165 | ||
| Crown Castle Inc. | 2.250% | 1/15/2031 | 150 | 133 | ||
| Crown Castle Inc. | 2.100% | 4/1/2031 | 175 | 153 | ||
| Crown Castle Inc. | 2.500% | 7/15/2031 | 304 | 269 | ||
| Crown Castle Inc. | 5.100% | 5/1/2033 | 190 | 191 | ||
| Crown Castle Inc. | 5.800% | 3/1/2034 | 110 | 115 | ||
| Crown Castle Inc. | 2.900% | 4/1/2041 | 250 | 179 | ||
| Crown Castle Inc. | 3.250% | 1/15/2051 | 250 | 163 | ||
| Digital Realty Trust LP | 3.700% | 8/15/2027 | 185 | 184 | ||
| Digital Realty Trust LP | 5.550% | 1/15/2028 | 215 | 221 | ||
| Digital Realty Trust LP | 3.600% | 7/1/2029 | 210 | 205 | ||
| Equinix Europe 2 Financing Corp. LLC | 5.500% | 6/15/2034 | 185 | 190 | ||
| Equinix Inc. | 3.200% | 11/18/2029 | 350 | 334 | ||
| Equinix Inc. | 2.150% | 7/15/2030 | 164 | 148 | ||
| Equinix Inc. | 2.500% | 5/15/2031 | 150 | 135 | ||
| Equinix Inc. | 3.900% | 4/15/2032 | 713 | 679 | ||
| ERP Operating LP | 4.500% | 7/1/2044 | 165 | 143 | ||
| Extra Space Storage LP | 5.700% | 4/1/2028 | 135 | 139 | ||
| Extra Space Storage LP | 5.500% | 7/1/2030 | 165 | 172 | ||
| Healthcare Realty Holdings LP | 2.000% | 3/15/2031 | 115 | 100 | ||
| Healthpeak OP LLC | 3.000% | 1/15/2030 | 235 | 222 | ||
| Healthpeak OP LLC | 5.250% | 12/15/2032 | 110 | 112 | ||
| 2 | Host Hotels & Resorts LP | 3.500% | 9/15/2030 | 120 | 113 | |
| Prologis LP | 4.875% | 6/15/2028 | 140 | 143 | ||
| Prologis LP | 2.250% | 4/15/2030 | 265 | 244 | ||
| Prologis LP | 1.250% | 10/15/2030 | 81 | 70 | ||
| Prologis LP | 4.750% | 6/15/2033 | 345 | 345 | ||
| Prologis LP | 5.125% | 1/15/2034 | 230 | 235 | ||
| Prologis LP | 5.000% | 3/15/2034 | 405 | 408 | ||
| Prologis LP | 5.250% | 5/15/2035 | 150 | 153 | ||
| Prologis LP | 5.250% | 6/15/2053 | 175 | 164 | ||
| Prologis LP | 5.250% | 3/15/2054 | 145 | 135 | ||
| Public Storage Operating Co. | 5.350% | 8/1/2053 | 155 | 147 | ||
| Realty Income Corp. | 3.250% | 1/15/2031 | 195 | 184 | ||
| Realty Income Corp. | 5.625% | 10/13/2032 | 150 | 158 | ||
| Realty Income Corp. | 5.125% | 2/15/2034 | 90 | 92 | ||
| Sabra Health Care LP | 3.200% | 12/1/2031 | 539 | 487 | ||
| Simon Property Group LP | 3.250% | 11/30/2026 | 95 | 94 | ||
| Simon Property Group LP | 3.375% | 6/15/2027 | 70 | 69 | ||
| Simon Property Group LP | 3.375% | 12/1/2027 | 315 | 311 | ||
| Simon Property Group LP | 1.750% | 2/1/2028 | 130 | 123 | ||
| Simon Property Group LP | 2.450% | 9/13/2029 | 500 | 469 | ||
| Simon Property Group LP | 2.650% | 7/15/2030 | 160 | 149 | ||
| Simon Property Group LP | 4.750% | 9/26/2034 | 220 | 216 | ||
| Simon Property Group LP | 3.250% | 9/13/2049 | 318 | 214 | ||
| Simon Property Group LP | 3.800% | 7/15/2050 | 165 | 123 | ||
| Sun Communities Operating LP | 2.700% | 7/15/2031 | 115 | 104 | ||
| Ventas Realty LP | 4.400% | 1/15/2029 | 180 | 181 | ||
| Welltower OP LLC | 4.250% | 4/15/2028 | 220 | 221 | ||
| Welltower OP LLC | 3.100% | 1/15/2030 | 185 | 176 | ||
35
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Welltower OP LLC | 2.800% | 6/1/2031 | 45 | 41 | ||
| 17,049 | ||||||
| Technology (11.9%) | ||||||
| Accenture Capital Inc. | 3.900% | 10/4/2027 | 50 | 50 | ||
| Accenture Capital Inc. | 4.050% | 10/4/2029 | 265 | 265 | ||
| Accenture Capital Inc. | 4.250% | 10/4/2031 | 70 | 70 | ||
| Adobe Inc. | 2.150% | 2/1/2027 | 370 | 361 | ||
| Adobe Inc. | 4.750% | 1/17/2028 | 125 | 127 | ||
| Adobe Inc. | 4.800% | 4/4/2029 | 120 | 123 | ||
| Adobe Inc. | 2.300% | 2/1/2030 | 260 | 242 | ||
| Adobe Inc. | 4.950% | 4/4/2034 | 185 | 189 | ||
| Apple Inc. | 2.050% | 9/11/2026 | 332 | 326 | ||
| Apple Inc. | 3.350% | 2/9/2027 | 30 | 30 | ||
| Apple Inc. | 3.200% | 5/11/2027 | 590 | 584 | ||
| Apple Inc. | 3.000% | 6/20/2027 | 230 | 227 | ||
| Apple Inc. | 2.900% | 9/12/2027 | 430 | 423 | ||
| Apple Inc. | 3.000% | 11/13/2027 | 304 | 300 | ||
| Apple Inc. | 1.200% | 2/8/2028 | 470 | 442 | ||
| Apple Inc. | 4.000% | 5/10/2028 | 490 | 493 | ||
| Apple Inc. | 4.000% | 5/12/2028 | 275 | 277 | ||
| Apple Inc. | 1.400% | 8/5/2028 | 570 | 534 | ||
| Apple Inc. | 3.250% | 8/8/2029 | 200 | 196 | ||
| Apple Inc. | 2.200% | 9/11/2029 | 480 | 449 | ||
| Apple Inc. | 1.650% | 5/11/2030 | 410 | 370 | ||
| Apple Inc. | 4.200% | 5/12/2030 | 150 | 152 | ||
| Apple Inc. | 1.250% | 8/20/2030 | 320 | 281 | ||
| Apple Inc. | 1.650% | 2/8/2031 | 610 | 539 | ||
| Apple Inc. | 1.700% | 8/5/2031 | 145 | 127 | ||
| Apple Inc. | 4.500% | 5/12/2032 | 125 | 127 | ||
| Apple Inc. | 3.350% | 8/8/2032 | 430 | 408 | ||
| Apple Inc. | 4.300% | 5/10/2033 | 125 | 126 | ||
| Apple Inc. | 4.750% | 5/12/2035 | 125 | 127 | ||
| Apple Inc. | 4.500% | 2/23/2036 | 288 | 289 | ||
| Apple Inc. | 2.375% | 2/8/2041 | 365 | 256 | ||
| Apple Inc. | 3.850% | 5/4/2043 | 595 | 497 | ||
| Apple Inc. | 4.450% | 5/6/2044 | 295 | 271 | ||
| Apple Inc. | 3.450% | 2/9/2045 | 715 | 554 | ||
| Apple Inc. | 4.375% | 5/13/2045 | 435 | 384 | ||
| Apple Inc. | 4.650% | 2/23/2046 | 820 | 749 | ||
| Apple Inc. | 3.850% | 8/4/2046 | 550 | 444 | ||
| Apple Inc. | 4.250% | 2/9/2047 | 300 | 257 | ||
| Apple Inc. | 3.750% | 9/12/2047 | 320 | 251 | ||
| Apple Inc. | 3.750% | 11/13/2047 | 225 | 178 | ||
| Apple Inc. | 2.950% | 9/11/2049 | 265 | 176 | ||
| Apple Inc. | 2.650% | 5/11/2050 | 635 | 393 | ||
| Apple Inc. | 2.400% | 8/20/2050 | 280 | 164 | ||
| Apple Inc. | 2.650% | 2/8/2051 | 645 | 396 | ||
| Apple Inc. | 2.700% | 8/5/2051 | 265 | 163 | ||
| Apple Inc. | 3.950% | 8/8/2052 | 520 | 409 | ||
| Apple Inc. | 4.850% | 5/10/2053 | 195 | 184 | ||
| Apple Inc. | 2.550% | 8/20/2060 | 435 | 247 | ||
| Apple Inc. | 2.800% | 2/8/2061 | 435 | 254 | ||
| Apple Inc. | 2.850% | 8/5/2061 | 380 | 224 | ||
| Apple Inc. | 4.100% | 8/8/2062 | 125 | 98 | ||
| Applied Materials Inc. | 3.300% | 4/1/2027 | 251 | 249 | ||
| Applied Materials Inc. | 1.750% | 6/1/2030 | 80 | 72 | ||
| Applied Materials Inc. | 4.350% | 4/1/2047 | 215 | 183 | ||
| Applied Materials Inc. | 2.750% | 6/1/2050 | 325 | 203 | ||
| Autodesk Inc. | 2.400% | 12/15/2031 | 205 | 181 | ||
| Automatic Data Processing Inc. | 1.700% | 5/15/2028 | 185 | 175 | ||
| Automatic Data Processing Inc. | 1.250% | 9/1/2030 | 145 | 127 | ||
| Automatic Data Processing Inc. | 4.750% | 5/8/2032 | 180 | 184 | ||
| Automatic Data Processing Inc. | 4.450% | 9/9/2034 | 375 | 369 | ||
| Broadcom Corp. | 3.875% | 1/15/2027 | 595 | 593 | ||
| Broadcom Inc. | 3.459% | 9/15/2026 | 235 | 233 | ||
| Broadcom Inc. | 5.050% | 7/12/2027 | 260 | 264 | ||
| 3 | Broadcom Inc. | 1.950% | 2/15/2028 | 110 | 105 | |
| Broadcom Inc. | 4.150% | 2/15/2028 | 125 | 125 | ||
| Broadcom Inc. | 4.800% | 4/15/2028 | 465 | 474 | ||
36
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Broadcom Inc. | 4.110% | 9/15/2028 | 545 | 545 | ||
| 3 | Broadcom Inc. | 4.000% | 4/15/2029 | 305 | 303 | |
| Broadcom Inc. | 4.750% | 4/15/2029 | 585 | 595 | ||
| Broadcom Inc. | 5.050% | 7/12/2029 | 1,044 | 1,073 | ||
| Broadcom Inc. | 4.350% | 2/15/2030 | 210 | 210 | ||
| Broadcom Inc. | 5.050% | 4/15/2030 | 230 | 237 | ||
| Broadcom Inc. | 4.150% | 11/15/2030 | 610 | 604 | ||
| 3 | Broadcom Inc. | 2.450% | 2/15/2031 | 580 | 524 | |
| Broadcom Inc. | 5.150% | 11/15/2031 | 450 | 465 | ||
| 2 | Broadcom Inc. | 4.550% | 2/15/2032 | 125 | 125 | |
| 3 | Broadcom Inc. | 4.150% | 4/15/2032 | 300 | 290 | |
| Broadcom Inc. | 5.200% | 4/15/2032 | 225 | 232 | ||
| Broadcom Inc. | 4.300% | 11/15/2032 | 600 | 584 | ||
| 3 | Broadcom Inc. | 2.600% | 2/15/2033 | 435 | 376 | |
| 3 | Broadcom Inc. | 3.419% | 4/15/2033 | 523 | 476 | |
| 3 | Broadcom Inc. | 3.469% | 4/15/2034 | 595 | 533 | |
| Broadcom Inc. | 4.800% | 10/15/2034 | 340 | 336 | ||
| Broadcom Inc. | 5.200% | 7/15/2035 | 550 | 555 | ||
| 3 | Broadcom Inc. | 3.137% | 11/15/2035 | 565 | 478 | |
| 3 | Broadcom Inc. | 3.187% | 11/15/2036 | 930 | 774 | |
| 3 | Broadcom Inc. | 4.926% | 5/15/2037 | 422 | 410 | |
| 3 | Broadcom Inc. | 3.500% | 2/15/2041 | 590 | 468 | |
| 3 | Broadcom Inc. | 3.750% | 2/15/2051 | 650 | 484 | |
| Broadridge Financial Solutions Inc. | 2.900% | 12/1/2029 | 295 | 279 | ||
| Broadridge Financial Solutions Inc. | 2.600% | 5/1/2031 | 200 | 180 | ||
| Cadence Design Systems Inc. | 4.300% | 9/10/2029 | 260 | 261 | ||
| Cadence Design Systems Inc. | 4.700% | 9/10/2034 | 95 | 94 | ||
| CDW LLC | 2.670% | 12/1/2026 | 265 | 259 | ||
| CDW LLC | 3.569% | 12/1/2031 | 205 | 191 | ||
| Cintas Corp. No. 2 | 3.700% | 4/1/2027 | 215 | 214 | ||
| Cisco Systems Inc. | 2.500% | 9/20/2026 | 340 | 335 | ||
| Cisco Systems Inc. | 4.800% | 2/26/2027 | 295 | 299 | ||
| Cisco Systems Inc. | 4.550% | 2/24/2028 | 245 | 249 | ||
| Cisco Systems Inc. | 4.850% | 2/26/2029 | 765 | 786 | ||
| Cisco Systems Inc. | 4.750% | 2/24/2030 | 212 | 218 | ||
| Cisco Systems Inc. | 4.950% | 2/26/2031 | 720 | 745 | ||
| Cisco Systems Inc. | 4.950% | 2/24/2032 | 222 | 229 | ||
| Cisco Systems Inc. | 5.050% | 2/26/2034 | 870 | 893 | ||
| Cisco Systems Inc. | 5.100% | 2/24/2035 | 171 | 175 | ||
| Cisco Systems Inc. | 5.900% | 2/15/2039 | 425 | 457 | ||
| Cisco Systems Inc. | 5.500% | 1/15/2040 | 390 | 403 | ||
| Cisco Systems Inc. | 5.300% | 2/26/2054 | 415 | 398 | ||
| Cisco Systems Inc. | 5.500% | 2/24/2055 | 115 | 113 | ||
| Cisco Systems Inc. | 5.350% | 2/26/2064 | 275 | 262 | ||
| Concentrix Corp. | 6.600% | 8/2/2028 | 210 | 222 | ||
| Corning Inc. | 4.375% | 11/15/2057 | 285 | 228 | ||
| Corning Inc. | 5.450% | 11/15/2079 | 200 | 182 | ||
| Dell International LLC | 4.900% | 10/1/2026 | 272 | 273 | ||
| Dell International LLC | 5.250% | 2/1/2028 | 100 | 102 | ||
| Dell International LLC | 4.750% | 4/1/2028 | 97 | 98 | ||
| Dell International LLC | 5.300% | 10/1/2029 | 260 | 269 | ||
| Dell International LLC | 5.000% | 4/1/2030 | 85 | 87 | ||
| Dell International LLC | 5.300% | 4/1/2032 | 331 | 341 | ||
| Dell International LLC | 5.750% | 2/1/2033 | 340 | 358 | ||
| Dell International LLC | 5.400% | 4/15/2034 | 250 | 255 | ||
| Dell International LLC | 4.850% | 2/1/2035 | 155 | 151 | ||
| Dell International LLC | 5.500% | 4/1/2035 | 390 | 397 | ||
| Dell International LLC | 8.100% | 7/15/2036 | 215 | 260 | ||
| Dell International LLC | 3.375% | 12/15/2041 | 205 | 153 | ||
| Equifax Inc. | 5.100% | 12/15/2027 | 205 | 209 | ||
| Equifax Inc. | 2.350% | 9/15/2031 | 185 | 163 | ||
| Fidelity National Information Services Inc. | 1.650% | 3/1/2028 | 140 | 132 | ||
| Fidelity National Information Services Inc. | 2.250% | 3/1/2031 | 235 | 209 | ||
| Fidelity National Information Services Inc. | 5.100% | 7/15/2032 | 80 | 82 | ||
| Fidelity National Information Services Inc. | 3.100% | 3/1/2041 | 125 | 92 | ||
| Fiserv Inc. | 5.150% | 3/15/2027 | 160 | 162 | ||
| Fiserv Inc. | 2.250% | 6/1/2027 | 250 | 242 | ||
| Fiserv Inc. | 5.450% | 3/2/2028 | 170 | 175 | ||
| Fiserv Inc. | 4.200% | 10/1/2028 | 270 | 270 | ||
| Fiserv Inc. | 3.500% | 7/1/2029 | 485 | 471 | ||
37
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Fiserv Inc. | 4.750% | 3/15/2030 | 219 | 222 | ||
| Fiserv Inc. | 2.650% | 6/1/2030 | 475 | 439 | ||
| Fiserv Inc. | 5.600% | 3/2/2033 | 190 | 197 | ||
| Fiserv Inc. | 5.625% | 8/21/2033 | 330 | 343 | ||
| Fiserv Inc. | 5.450% | 3/15/2034 | 140 | 143 | ||
| Fiserv Inc. | 5.150% | 8/12/2034 | 485 | 486 | ||
| Fiserv Inc. | 4.400% | 7/1/2049 | 437 | 349 | ||
| Hewlett Packard Enterprise Co. | 4.450% | 9/25/2026 | 260 | 260 | ||
| Hewlett Packard Enterprise Co. | 4.400% | 9/25/2027 | 255 | 256 | ||
| Hewlett Packard Enterprise Co. | 4.550% | 10/15/2029 | 500 | 503 | ||
| Hewlett Packard Enterprise Co. | 4.850% | 10/15/2031 | 245 | 247 | ||
| Hewlett Packard Enterprise Co. | 5.000% | 10/15/2034 | 510 | 501 | ||
| Hewlett Packard Enterprise Co. | 6.350% | 10/15/2045 | 384 | 395 | ||
| Hewlett Packard Enterprise Co. | 5.600% | 10/15/2054 | 350 | 323 | ||
| HP Inc. | 3.000% | 6/17/2027 | 275 | 269 | ||
| HP Inc. | 4.750% | 1/15/2028 | 410 | 415 | ||
| HP Inc. | 4.000% | 4/15/2029 | 135 | 133 | ||
| HP Inc. | 2.650% | 6/17/2031 | 220 | 197 | ||
| HP Inc. | 5.500% | 1/15/2033 | 280 | 288 | ||
| HP Inc. | 6.000% | 9/15/2041 | 333 | 338 | ||
| IBM International Capital Pte. Ltd. | 4.900% | 2/5/2034 | 320 | 320 | ||
| IBM International Capital Pte. Ltd. | 5.250% | 2/5/2044 | 85 | 81 | ||
| IBM International Capital Pte. Ltd. | 5.300% | 2/5/2054 | 305 | 282 | ||
| Intel Corp. | 3.750% | 3/25/2027 | 205 | 203 | ||
| Intel Corp. | 3.150% | 5/11/2027 | 225 | 221 | ||
| Intel Corp. | 3.750% | 8/5/2027 | 260 | 257 | ||
| Intel Corp. | 4.875% | 2/10/2028 | 330 | 334 | ||
| Intel Corp. | 1.600% | 8/12/2028 | 215 | 199 | ||
| Intel Corp. | 4.000% | 8/5/2029 | 130 | 128 | ||
| Intel Corp. | 2.450% | 11/15/2029 | 505 | 466 | ||
| Intel Corp. | 5.125% | 2/10/2030 | 250 | 256 | ||
| Intel Corp. | 3.900% | 3/25/2030 | 305 | 297 | ||
| Intel Corp. | 2.000% | 8/12/2031 | 210 | 182 | ||
| Intel Corp. | 4.150% | 8/5/2032 | 230 | 219 | ||
| Intel Corp. | 4.000% | 12/15/2032 | 280 | 263 | ||
| Intel Corp. | 5.200% | 2/10/2033 | 585 | 589 | ||
| Intel Corp. | 5.150% | 2/21/2034 | 305 | 305 | ||
| Intel Corp. | 4.600% | 3/25/2040 | 355 | 312 | ||
| Intel Corp. | 2.800% | 8/12/2041 | 240 | 161 | ||
| Intel Corp. | 4.800% | 10/1/2041 | 155 | 135 | ||
| Intel Corp. | 5.625% | 2/10/2043 | 255 | 242 | ||
| Intel Corp. | 4.900% | 7/29/2045 | 295 | 250 | ||
| Intel Corp. | 4.100% | 5/19/2046 | 230 | 172 | ||
| Intel Corp. | 4.100% | 5/11/2047 | 155 | 115 | ||
| Intel Corp. | 3.734% | 12/8/2047 | 355 | 247 | ||
| Intel Corp. | 3.250% | 11/15/2049 | 555 | 348 | ||
| Intel Corp. | 4.750% | 3/25/2050 | 555 | 444 | ||
| Intel Corp. | 3.050% | 8/12/2051 | 315 | 186 | ||
| Intel Corp. | 4.900% | 8/5/2052 | 340 | 276 | ||
| Intel Corp. | 5.700% | 2/10/2053 | 350 | 321 | ||
| Intel Corp. | 5.600% | 2/21/2054 | 135 | 123 | ||
| Intel Corp. | 3.100% | 2/15/2060 | 305 | 168 | ||
| Intel Corp. | 4.950% | 3/25/2060 | 185 | 148 | ||
| Intel Corp. | 3.200% | 8/12/2061 | 290 | 163 | ||
| Intel Corp. | 5.050% | 8/5/2062 | 265 | 213 | ||
| Intel Corp. | 5.900% | 2/10/2063 | 190 | 175 | ||
| International Business Machines Corp. | 1.700% | 5/15/2027 | 190 | 183 | ||
| International Business Machines Corp. | 4.150% | 7/27/2027 | 670 | 673 | ||
| International Business Machines Corp. | 4.500% | 2/6/2028 | 245 | 248 | ||
| International Business Machines Corp. | 3.500% | 5/15/2029 | 660 | 647 | ||
| 2 | International Business Machines Corp. | 4.800% | 2/10/2030 | 190 | 195 | |
| International Business Machines Corp. | 1.950% | 5/15/2030 | 275 | 248 | ||
| International Business Machines Corp. | 4.400% | 7/27/2032 | 460 | 457 | ||
| International Business Machines Corp. | 4.750% | 2/6/2033 | 415 | 418 | ||
| 2 | International Business Machines Corp. | 5.200% | 2/10/2035 | 325 | 330 | |
| International Business Machines Corp. | 4.150% | 5/15/2039 | 704 | 620 | ||
| International Business Machines Corp. | 4.000% | 6/20/2042 | 145 | 120 | ||
| International Business Machines Corp. | 4.250% | 5/15/2049 | 705 | 563 | ||
| International Business Machines Corp. | 2.950% | 5/15/2050 | 350 | 221 | ||
| International Business Machines Corp. | 4.900% | 7/27/2052 | 135 | 119 | ||
38
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Intuit Inc. | 5.250% | 9/15/2026 | 250 | 253 | ||
| Intuit Inc. | 5.125% | 9/15/2028 | 95 | 98 | ||
| Intuit Inc. | 5.200% | 9/15/2033 | 215 | 223 | ||
| Intuit Inc. | 5.500% | 9/15/2053 | 260 | 255 | ||
| KLA Corp. | 4.100% | 3/15/2029 | 195 | 195 | ||
| KLA Corp. | 4.650% | 7/15/2032 | 350 | 353 | ||
| KLA Corp. | 3.300% | 3/1/2050 | 200 | 138 | ||
| KLA Corp. | 4.950% | 7/15/2052 | 235 | 213 | ||
| KLA Corp. | 5.250% | 7/15/2062 | 135 | 125 | ||
| Lam Research Corp. | 4.000% | 3/15/2029 | 170 | 170 | ||
| Lam Research Corp. | 1.900% | 6/15/2030 | 135 | 122 | ||
| Lam Research Corp. | 4.875% | 3/15/2049 | 165 | 149 | ||
| Lam Research Corp. | 2.875% | 6/15/2050 | 250 | 159 | ||
| Marvell Technology Inc. | 2.950% | 4/15/2031 | 145 | 133 | ||
| Microchip Technology Inc. | 4.900% | 3/15/2028 | 175 | 178 | ||
| Microchip Technology Inc. | 5.050% | 3/15/2029 | 405 | 413 | ||
| Microchip Technology Inc. | 5.050% | 2/15/2030 | 125 | 128 | ||
| Micron Technology Inc. | 6.750% | 11/1/2029 | 610 | 662 | ||
| Micron Technology Inc. | 4.663% | 2/15/2030 | 400 | 402 | ||
| Micron Technology Inc. | 5.300% | 1/15/2031 | 265 | 273 | ||
| Micron Technology Inc. | 2.703% | 4/15/2032 | 270 | 237 | ||
| Micron Technology Inc. | 5.875% | 2/9/2033 | 120 | 126 | ||
| Micron Technology Inc. | 5.875% | 9/15/2033 | 145 | 153 | ||
| Micron Technology Inc. | 5.800% | 1/15/2035 | 175 | 181 | ||
| Micron Technology Inc. | 6.050% | 11/1/2035 | 345 | 362 | ||
| Microsoft Corp. | 3.300% | 2/6/2027 | 965 | 958 | ||
| Microsoft Corp. | 3.500% | 2/12/2035 | 325 | 305 | ||
| Microsoft Corp. | 3.450% | 8/8/2036 | 525 | 474 | ||
| Microsoft Corp. | 4.100% | 2/6/2037 | 177 | 170 | ||
| Microsoft Corp. | 4.450% | 11/3/2045 | 255 | 234 | ||
| Microsoft Corp. | 3.700% | 8/8/2046 | 656 | 528 | ||
| Microsoft Corp. | 4.250% | 2/6/2047 | 295 | 261 | ||
| 4 | Microsoft Corp. | 2.525% | 6/1/2050 | 1,295 | 791 | |
| Microsoft Corp. | 2.500% | 9/15/2050 | 460 | 279 | ||
| Microsoft Corp. | 2.921% | 3/17/2052 | 979 | 642 | ||
| Microsoft Corp. | 4.500% | 2/6/2057 | 330 | 294 | ||
| Microsoft Corp. | 2.675% | 6/1/2060 | 815 | 472 | ||
| Microsoft Corp. | 3.041% | 3/17/2062 | 525 | 330 | ||
| Motorola Solutions Inc. | 4.600% | 5/23/2029 | 210 | 212 | ||
| Motorola Solutions Inc. | 2.300% | 11/15/2030 | 370 | 333 | ||
| Motorola Solutions Inc. | 2.750% | 5/24/2031 | 365 | 332 | ||
| Motorola Solutions Inc. | 5.400% | 4/15/2034 | 175 | 180 | ||
| NVIDIA Corp. | 3.200% | 9/16/2026 | 235 | 233 | ||
| NVIDIA Corp. | 1.550% | 6/15/2028 | 258 | 243 | ||
| NVIDIA Corp. | 2.850% | 4/1/2030 | 570 | 545 | ||
| NVIDIA Corp. | 2.000% | 6/15/2031 | 265 | 237 | ||
| NVIDIA Corp. | 3.500% | 4/1/2040 | 230 | 194 | ||
| NVIDIA Corp. | 3.500% | 4/1/2050 | 595 | 443 | ||
| NXP BV | 4.300% | 6/18/2029 | 265 | 265 | ||
| NXP BV | 3.400% | 5/1/2030 | 155 | 148 | ||
| NXP BV | 2.500% | 5/11/2031 | 320 | 287 | ||
| NXP BV | 2.650% | 2/15/2032 | 260 | 229 | ||
| NXP BV | 5.000% | 1/15/2033 | 175 | 175 | ||
| NXP BV | 3.250% | 5/11/2041 | 220 | 163 | ||
| Oracle Corp. | 2.800% | 4/1/2027 | 1,067 | 1,044 | ||
| Oracle Corp. | 3.250% | 11/15/2027 | 495 | 485 | ||
| Oracle Corp. | 2.300% | 3/25/2028 | 465 | 444 | ||
| Oracle Corp. | 4.500% | 5/6/2028 | 375 | 378 | ||
| Oracle Corp. | 4.800% | 8/3/2028 | 460 | 468 | ||
| 2 | Oracle Corp. | 4.200% | 9/27/2029 | 605 | 603 | |
| Oracle Corp. | 6.150% | 11/9/2029 | 110 | 118 | ||
| Oracle Corp. | 2.950% | 4/1/2030 | 635 | 598 | ||
| Oracle Corp. | 4.650% | 5/6/2030 | 126 | 128 | ||
| Oracle Corp. | 2.875% | 3/25/2031 | 655 | 601 | ||
| Oracle Corp. | 5.250% | 2/3/2032 | 435 | 447 | ||
| Oracle Corp. | 6.250% | 11/9/2032 | 685 | 740 | ||
| Oracle Corp. | 4.900% | 2/6/2033 | 340 | 340 | ||
| Oracle Corp. | 4.300% | 7/8/2034 | 385 | 365 | ||
| Oracle Corp. | 4.700% | 9/27/2034 | 865 | 835 | ||
| Oracle Corp. | 3.900% | 5/15/2035 | 365 | 329 | ||
39
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Oracle Corp. | 5.500% | 8/3/2035 | 551 | 562 | ||
| Oracle Corp. | 3.850% | 7/15/2036 | 280 | 246 | ||
| Oracle Corp. | 3.800% | 11/15/2037 | 333 | 284 | ||
| Oracle Corp. | 6.500% | 4/15/2038 | 450 | 488 | ||
| Oracle Corp. | 6.125% | 7/8/2039 | 249 | 260 | ||
| Oracle Corp. | 3.600% | 4/1/2040 | 445 | 353 | ||
| Oracle Corp. | 5.375% | 7/15/2040 | 465 | 449 | ||
| Oracle Corp. | 3.650% | 3/25/2041 | 380 | 297 | ||
| Oracle Corp. | 4.500% | 7/8/2044 | 420 | 351 | ||
| Oracle Corp. | 4.125% | 5/15/2045 | 200 | 157 | ||
| Oracle Corp. | 4.000% | 7/15/2046 | 550 | 419 | ||
| Oracle Corp. | 4.000% | 11/15/2047 | 170 | 129 | ||
| Oracle Corp. | 3.600% | 4/1/2050 | 851 | 581 | ||
| Oracle Corp. | 3.950% | 3/25/2051 | 680 | 490 | ||
| Oracle Corp. | 6.900% | 11/9/2052 | 607 | 657 | ||
| Oracle Corp. | 5.550% | 2/6/2053 | 655 | 601 | ||
| Oracle Corp. | 5.375% | 9/27/2054 | 655 | 583 | ||
| Oracle Corp. | 4.375% | 5/15/2055 | 240 | 182 | ||
| Oracle Corp. | 6.000% | 8/3/2055 | 485 | 473 | ||
| Oracle Corp. | 3.850% | 4/1/2060 | 560 | 375 | ||
| Oracle Corp. | 4.100% | 3/25/2061 | 330 | 231 | ||
| Oracle Corp. | 5.500% | 9/27/2064 | 150 | 133 | ||
| Oracle Corp. | 6.125% | 8/3/2065 | 200 | 194 | ||
| Paychex Inc. | 5.600% | 4/15/2035 | 625 | 646 | ||
| Qorvo Inc. | 4.375% | 10/15/2029 | 105 | 103 | ||
| QUALCOMM Inc. | 3.250% | 5/20/2027 | 277 | 274 | ||
| QUALCOMM Inc. | 1.300% | 5/20/2028 | 60 | 56 | ||
| QUALCOMM Inc. | 2.150% | 5/20/2030 | 285 | 262 | ||
| QUALCOMM Inc. | 1.650% | 5/20/2032 | 315 | 265 | ||
| QUALCOMM Inc. | 4.650% | 5/20/2035 | 95 | 95 | ||
| QUALCOMM Inc. | 4.800% | 5/20/2045 | 274 | 250 | ||
| QUALCOMM Inc. | 4.300% | 5/20/2047 | 340 | 284 | ||
| QUALCOMM Inc. | 3.250% | 5/20/2050 | 225 | 154 | ||
| QUALCOMM Inc. | 4.500% | 5/20/2052 | 240 | 201 | ||
| QUALCOMM Inc. | 6.000% | 5/20/2053 | 290 | 303 | ||
| Quanta Services Inc. | 2.900% | 10/1/2030 | 155 | 144 | ||
| RELX Capital Inc. | 4.000% | 3/18/2029 | 410 | 408 | ||
| RELX Capital Inc. | 4.750% | 3/27/2030 | 265 | 271 | ||
| RELX Capital Inc. | 3.000% | 5/22/2030 | 165 | 157 | ||
| RELX Capital Inc. | 5.250% | 3/27/2035 | 51 | 52 | ||
| Roper Technologies Inc. | 4.200% | 9/15/2028 | 265 | 265 | ||
| Roper Technologies Inc. | 1.750% | 2/15/2031 | 180 | 156 | ||
| Roper Technologies Inc. | 4.900% | 10/15/2034 | 150 | 148 | ||
| Roper Technologies Inc. | 5.100% | 9/15/2035 | 300 | 299 | ||
| S&P Global Inc. | 2.450% | 3/1/2027 | 910 | 889 | ||
| S&P Global Inc. | 2.700% | 3/1/2029 | 285 | 273 | ||
| S&P Global Inc. | 4.250% | 5/1/2029 | 150 | 151 | ||
| S&P Global Inc. | 2.900% | 3/1/2032 | 165 | 151 | ||
| S&P Global Inc. | 3.700% | 3/1/2052 | 350 | 261 | ||
| Salesforce Inc. | 3.700% | 4/11/2028 | 250 | 249 | ||
| Salesforce Inc. | 1.500% | 7/15/2028 | 105 | 98 | ||
| Salesforce Inc. | 1.950% | 7/15/2031 | 200 | 177 | ||
| Salesforce Inc. | 2.700% | 7/15/2041 | 308 | 221 | ||
| Salesforce Inc. | 2.900% | 7/15/2051 | 450 | 285 | ||
| Salesforce Inc. | 3.050% | 7/15/2061 | 195 | 118 | ||
| ServiceNow Inc. | 1.400% | 9/1/2030 | 284 | 249 | ||
| Synopsys Inc. | 4.650% | 4/1/2028 | 295 | 299 | ||
| Synopsys Inc. | 5.000% | 4/1/2032 | 1,000 | 1,020 | ||
| Synopsys Inc. | 5.700% | 4/1/2055 | 530 | 520 | ||
| Texas Instruments Inc. | 2.250% | 9/4/2029 | 175 | 164 | ||
| Texas Instruments Inc. | 1.750% | 5/4/2030 | 160 | 144 | ||
| Texas Instruments Inc. | 4.900% | 3/14/2033 | 165 | 169 | ||
| Texas Instruments Inc. | 3.875% | 3/15/2039 | 225 | 198 | ||
| Texas Instruments Inc. | 4.150% | 5/15/2048 | 300 | 245 | ||
| Texas Instruments Inc. | 5.150% | 2/8/2054 | 160 | 150 | ||
| Texas Instruments Inc. | 5.050% | 5/18/2063 | 435 | 391 | ||
| TSMC Arizona Corp. | 1.750% | 10/25/2026 | 200 | 195 | ||
| TSMC Arizona Corp. | 3.875% | 4/22/2027 | 110 | 110 | ||
| TSMC Arizona Corp. | 2.500% | 10/25/2031 | 240 | 218 | ||
| TSMC Arizona Corp. | 4.250% | 4/22/2032 | 340 | 339 | ||
40
ESG U.S. Corporate Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| TSMC Arizona Corp. | 3.125% | 10/25/2041 | 220 | 173 | ||
| TSMC Arizona Corp. | 3.250% | 10/25/2051 | 170 | 126 | ||
| TSMC Arizona Corp. | 4.500% | 4/22/2052 | 180 | 165 | ||
| VMware LLC | 3.900% | 8/21/2027 | 255 | 254 | ||
| VMware LLC | 1.800% | 8/15/2028 | 100 | 93 | ||
| VMware LLC | 4.700% | 5/15/2030 | 205 | 207 | ||
| VMware LLC | 2.200% | 8/15/2031 | 175 | 154 | ||
| Workday Inc. | 3.500% | 4/1/2027 | 150 | 149 | ||
| Workday Inc. | 3.700% | 4/1/2029 | 250 | 246 | ||
| Workday Inc. | 3.800% | 4/1/2032 | 280 | 265 | ||
| Xilinx Inc. | 2.375% | 6/1/2030 | 170 | 157 | ||
| 107,929 | ||||||
| Utilities (0.2%) | ||||||
| American Water Capital Corp. | 4.450% | 6/1/2032 | 310 | 308 | ||
| American Water Capital Corp. | 5.250% | 3/1/2035 | 345 | 351 | ||
| American Water Capital Corp. | 3.750% | 9/1/2047 | 140 | 106 | ||
| Commonwealth Edison Co. | 4.000% | 3/1/2048 | 125 | 99 | ||
| Oncor Electric Delivery Co. LLC | 5.650% | 11/15/2033 | 130 | 138 | ||
| Oncor Electric Delivery Co. LLC | 4.950% | 9/15/2052 | 360 | 320 | ||
| Oncor Electric Delivery Co. LLC | 5.550% | 6/15/2054 | 315 | 304 | ||
| PPL Electric Utilities Corp. | 5.250% | 5/15/2053 | 115 | 109 | ||
| 1,735 | ||||||
| Total Corporate Bonds (Cost $898,792) | 882,852 | |||||
| Total Investments (98.4%) (Cost $904,794) | 888,862 | |||||
| Other Assets and Liabilities—Net (1.6%) | 14,280 | |||||
| Net Assets (100%) | 903,142 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| 1 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of August 31, 2025. |
| 2 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 3 | 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 August 31, 2025, the aggregate value was $9,875, representing 1.1% of net assets. |
| 4 | Securities with a value of $108 have been segregated as initial margin for open futures contracts. |
| DAC—Designated Activity Company. |
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| 2-Year U.S. Treasury Note | December 2025 | 8 | 1,668 | 4 |
| 5-Year U.S. Treasury Note | December 2025 | 5 | 547 | 3 |
| 10-Year U.S. Treasury Note | December 2025 | 3 | 338 | 2 |
| 9 | ||||
| Short Futures Contracts | ||||
| Long U.S. Treasury Bond | December 2025 | (1) | (114) | (1) |
| Ultra 10-Year U.S. Treasury Note | December 2025 | (11) | (1,258) | (5) |
| Ultra Long U.S. Treasury Bond | December 2025 | (5) | (583) | — |
| (6) | ||||
| 3 | ||||
See accompanying Notes, which
are an integral part of the Financial Statements.
41
ESG U.S. Corporate Bond ETF
Statement of Assets and Liabilities
As of August 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $904,794) | 888,862 |
| Investment in Vanguard | 22 |
| Cash | 11,589 |
| Receivables for Investment Securities Sold | 2,963 |
| Receivables for Accrued Income | 10,833 |
| Variation Margin Receivable—Futures Contracts | 10 |
| Total Assets | 914,279 |
| Liabilities | |
| Due to Broker | 446 |
| Payables for Investment Securities Purchased | 10,644 |
| Payables to Vanguard | 47 |
| Total Liabilities | 11,137 |
| Net Assets | 903,142 |
At August 31, 2025, net assets consisted of: | |
| Paid-in Capital | 939,359 |
| Total Distributable Earnings (Loss) | (36,217) |
| Net Assets | 903,142 |
| Net Assets | |
| Applicable to 14,225,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 903,142 |
| Net Asset Value Per Share | $63.49 |
See accompanying Notes,
which are an integral part of the Financial Statements.
42
ESG U.S. Corporate Bond ETF
Statement of Operations
| Year Ended August 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 37,962 |
| Total Income | 37,962 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 23 |
| Management and Administrative | 783 |
| Marketing and Distribution | 37 |
| Custodian Fees | 13 |
| Auditing Fees | 38 |
| Shareholders’ Reports and Proxy Fees | 36 |
| Trustees’ Fees and Expenses | — |
| Other Expenses | 19 |
| Total Expenses | 949 |
| Net Investment Income | 37,013 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1 | (3,827) |
| Futures Contracts | (57) |
| Realized Net Gain (Loss) | (3,884) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (116) |
| Futures Contracts | (4) |
| Change in Unrealized Appreciation (Depreciation) | (120) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 33,009 |
| 1 | Includes $63 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
43
ESG U.S. Corporate Bond ETF
Statement of Changes in Net Assets
| Year Ended August 31, | ||
| 2025 | 2024 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 37,013 | 23,003 |
| Realized Net Gain (Loss) | (3,884) | (6,253) |
| Change in Unrealized Appreciation (Depreciation) | (120) | 31,382 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 33,009 | 48,132 |
| Distributions | ||
| Total Distributions | (35,929) | (21,963) |
| Capital Share Transactions | ||
| Issued | 260,406 | 197,540 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (6,177) | — |
| Net Increase (Decrease) from Capital Share Transactions | 254,229 | 197,540 |
| Total Increase (Decrease) | 251,309 | 223,709 |
| Net Assets | ||
| Beginning of Period | 651,833 | 428,124 |
| End of Period | 903,142 | 651,833 |
See accompanying Notes,
which are an integral part of the Financial Statements.
44
ESG U.S. Corporate Bond ETF
Financial Highlights
| For a Share Outstanding Throughout Each Period | Year Ended August 31, | September 22, 20201 to August 31, 2021 | |||
| 2025 | 2024 | 2023 | 2022 | ||
| Net Asset Value, Beginning of Period | $63.91 | $61.16 | $62.65 | $74.86 | $75.00 |
| Investment Operations | |||||
| Net Investment Income2 | 2.936 | 2.719 | 2.217 | 1.542 | 1.211 |
| Net Realized and Unrealized Gain (Loss) on Investments | (.463) | 2.657 | (1.574) | (12.307) | (.330) |
| Total from Investment Operations | 2.473 | 5.376 | .643 | (10.765) | .881 |
| Distributions | |||||
| Dividends from Net Investment Income | (2.893) | (2.626) | (2.133) | (1.445) | (1.021) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.893) | (2.626) | (2.133) | (1.445) | (1.021) |
| Net Asset Value, End of Period | $63.49 | $63.91 | $61.16 | $62.65 | $74.86 |
| Total Return | 4.01% | 9.05% | 1.09% | -14.54% | 1.20% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $903 | $652 | $428 | $338 | $217 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12%3 | 0.12%3 | 0.12%4 |
| Ratio of Net Investment Income to Average Net Assets | 4.68% | 4.40% | 3.62% | 2.26% | 1.74%4 |
| Portfolio Turnover Rate5 | 33% | 32% | 28% | 34% | 24% |
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.12%. |
| 4 | Annualized. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral
part of the Financial Statements.
45
ESG U.S. Corporate Bond ETF
Notes to Financial Statements
Vanguard ESG U.S. Corporate
Bond ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
ETF Shares are listed for trading on Cboe BZX
Exchange, Inc.; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds 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. Structured debt securities, including mortgages and asset-backed
securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted
average maturity, credit enhancements, and collateral, as furnished by independent pricing services. 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 by methods deemed by the valuation designee to represent fair value and subject to oversight by the
board of trustees.
2. Futures Contracts:
The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced,
or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices
of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further
mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing
brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any
securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the year ended August
31, 2025, the fund’s average investments in long and short futures contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest
income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt
securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
46
ESG U.S. Corporate Bond ETF
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $22,000, representing less than 0.01% of the fund’s net
assets and 0.01% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The
inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of August 31, 2025, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| U.S. Government and Agency Obligations | — | 6,010 | — | 6,010 |
| Corporate Bonds | — | 882,852 | — | 882,852 |
| Total | — | 888,862 | — | 888,862 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 9 | — | — | 9 |
| Liabilities | ||||
| Futures Contracts1 | (6) | — | — | (6) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. | |||
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These
reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, in-kind redemptions, swap agreements, and distributions in connection
with fund share redemptions.
Permanent differences were
reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 63 |
| Total Distributable Earnings (Loss) | (63) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
gains or losses from certain derivative contracts, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. As of period end,
the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 3,022 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | (16,401) |
| Capital Loss Carryforwards | (22,838) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | (36,217) |
47
ESG U.S. Corporate Bond ETF
The tax character of
distributions paid was as follows:
| Year Ended August 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 35,929 | 21,963 |
| Long-Term Capital Gains | — | — |
| Total | 35,929 | 21,963 |
| * | Includes short-term capital gains, if any. |
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 905,263 |
| Gross Unrealized Appreciation | 14,278 |
| Gross Unrealized Depreciation | (30,679) |
| Net Unrealized Appreciation (Depreciation) | (16,401) |
E. During the year ended August 31, 2025, the fund purchased $148,901,000 of investment securities and sold $154,934,000 of investment securities, other than U.S. government securities and
temporary cash investments. Purchases and sales of U.S. government securities were $107,991,000 and $102,811,000, respectively. In addition, the fund purchased and sold investment securities of $255,244,000 and
$5,945,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. Capital shares issued and redeemed were:
| Year Ended August 31, | ||
| 2025 Shares (000) | 2024 Shares (000) | |
| Issued | 4,125 | 3,200 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (100) | — |
| Net Increase (Decrease) in Shares Outstanding | 4,025 | 3,200 |
G. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
At August 31, 2025, one
shareholder was the record or beneficial owner of 27% of the fund’s net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s
expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
H. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
48
ESG U.S. Corporate Bond ETF
I. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
49
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard World
Fund and Shareholders of Vanguard ESG U.S. Corporate Bond ETF
Opinion on the Financial
Statements
We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard ESG U.S. Corporate Bond ETF (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund")
as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the
related notes, and the financial highlights for each of the four years in the period ended August 31, 2025 and for the period September 22, 2020 (inception) to August 31, 2021 (collectively referred to as the
"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then
ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the four years in the period ended August 31, 2025 and for the
period September 22, 2020 (inception) to August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are
the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received
from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
50
Tax information (unaudited)
The fund hereby designates for
the fiscal year $45,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income
tax.
The fund hereby designates
100%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the
regulations thereunder for the fiscal year.
The fund hereby designates
82.7%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.
Q41580 102025
51
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Trustees Approve Advisory Arrangement – Global Wellesley Income Fund
The board of trustees of Vanguard Global Wellesley Income Fund has renewed the fund’s investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The board determined that renewing the fund’s advisory arrangement was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For the advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team’s ongoing assessment of the advisors.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services provided to the fund since its inception in 2017; it also took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, founded in 1928, is among the nation’s oldest and most respected institutional managers. For the equity portion of the fund, Wellington Management focuses on global companies whose stocks pay above-average levels of dividend income and are considered to have the potential for capital appreciation. The advisor primarily invests the fixed income portion of the fund in government and mortgage securities in addition to high-quality corporate bonds. The fund’s bond portion will maintain an intermediate-term duration. The equity sub-portfolio is focused on global companies whose stocks pay above-average levels of dividend income and are considered to have the potential for capital appreciation.
The board concluded that the advisor’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of Wellington Management, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also below the peer-group average.
The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fee, because Wellington Management is independent of Vanguard and the advisory fee is the result of arm’s-length negotiations.
The benefit of economies of scale
The board concluded that the fund’s shareholders benefit from economies of scale because of breakpoints in the fund’s advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
Trustees Approve Advisory Arrangement – Global Wellington Fund
The board of trustees of Vanguard Global Wellington Fund has renewed the fund’s investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The board determined that renewing the fund’s advisory arrangement was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For the advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team’s ongoing assessment of the advisors.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services since its inception in 2017; it also took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, founded in 1928, is among the nation’s oldest and most respected institutional managers. For the equity portion of the fund, Wellington Management focuses on high-quality companies in out-of-favor industries that generate superior returns. The equity subportfolio includes large- and mid-cap stocks, with a valuation discount, premium dividend yield, and market-like earnings growth. The advisor primarily invests the fixed income portion of the fund in government and mortgage securities in addition to high-quality corporate bonds. The fund’s bond portion will maintain an intermediate-term duration.
The board concluded that the advisor’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also below the peer-group average.
The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fee, because Wellington Management is independent of Vanguard and the advisory fee is the result of arm’s-length negotiations.
The benefit of economies of scale
The board concluded that the fund’s shareholders benefit from economies of scale because of breakpoints in the fund’s advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: 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. There were no changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19: Exhibits.
| (a)(1) | Code of Ethics filed herewith. |
| (a)(2) | Certifications filed herewith. |
| (a)(2) | Certifications filed herewith. |
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 WORLD FUND | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: October 22, 2025
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 WORLD FUND | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date: October 22, 2025
| VANGUARD WORLD FUND | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER |
Date: October 22, 2025
| * By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.