Semiannual
Report |
April 30, 2022
Vanguard
Total International Bond Index Fund
Contents
|
About Your Fund’s Expenses
|
1 |
|
Financial Statements
|
4 |
|
Trustees Approve Advisory Arrangement
|
163 |
|
Liquidity Risk Management
|
165 |
About Your
Fund’s Expenses
As
a shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports (like
this one), among others. Operating expenses, which are deducted from a fund’s
gross income, directly reduce the investment return of the fund.
A
fund’s expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing in your fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The
accompanying table illustrates your fund’s costs in two ways:
| • | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
To
do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for your fund under the heading ”Expenses Paid During Period.“
| • | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Note
that the expenses shown in the table are meant to highlight and help you compare
ongoing costs only and do not reflect
transaction costs incurred by the fund for buying and selling securities.
Further, the expenses do not include any purchase, redemption, or account
service fees described in the fund prospectus. If such fees were applied to your
account, your costs would be higher. Your fund does not carry a “sales
load.”
The
calculations assume no shares were bought or sold during the period. Your actual
costs may have been higher or lower, depending on the amount of your investment
and the timing of any purchases or redemptions.
You
can find more information about the fund’s expenses, including annual expense
ratios, in the Financial Statements section of this report. For additional
information on operating expenses and other shareholder costs, please refer to
your fund’s current prospectus.
1
| Six Months Ended April 30, 2022 | |||
| Beginning Account Value 10/31/2021 |
Ending Account Value 4/30/2022 |
Expenses Paid During Period | |
| Based on Actual Fund Return | |||
| Total International Bond Index Fund | |||
| Investor Shares | $1,000.00 | $929.20 | $0.62 |
| ETF Shares | 1,000.00 | 929.20 | 0.33 |
| Admiral™ Shares | 1,000.00 | 928.70 | 0.53 |
| Institutional Shares | 1,000.00 | 928.90 | 0.33 |
| Based on Hypothetical 5% Yearly Return | |||
| Total International Bond Index Fund | |||
| Investor Shares | $1,000.00 | $1,024.15 | $0.65 |
| ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
| Admiral Shares | 1,000.00 | 1,024.25 | 0.55 |
| Institutional Shares | 1,000.00 | 1,024.45 | 0.35 |
The
calculations are based on expenses incurred in the most recent six-month period.
The fund’s annualized six-month expense ratios for that period are 0.13% for
Investor Shares, 0.07% for ETF Shares, 0.11% for Admiral Shares and 0.07% for
Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to
the annualized expense ratio multiplied by the average account value over the
period, multiplied by the number of days in the most recent six-month period,
then divided by the number of days in the most recent 12-month period
(181/365).
2
Total
International Bond Index Fund
Fund
Allocation
As
of April 30, 2022
| Japan | 17.2% |
| France | 11.8 |
| Germany | 10.5 |
| Italy | 7.5 |
| United Kingdom | 7.0 |
| Canada | 6.6 |
| Spain | 5.3 |
| Supranational | 4.0 |
| Australia | 3.5 |
| United States | 3.0 |
| South Korea | 2.9 |
| Netherlands | 2.8 |
| Belgium | 2.1 |
| Switzerland | 1.5 |
| Sweden | 1.3 |
| Austria | 1.3 |
| China | 1.2 |
| Indonesia | 1.1 |
| Other | 9.4 |
The
table reflects the fund’s investments, except for short-term investments and
derivatives.
The
fund may invest in derivatives (such as futures and swap contracts) for various
reasons, including, but not limited to, attempting to remain fully invested and
tracking its target index as closely as possible.
3
Total
International Bond Index Fund
Financial
Statements (unaudited)
Schedule
of Investments
As
of April 30, 2022
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 |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| U.S. Government and Agency Obligations (0.0%) | ||||||
| Tennessee Valley Authority (Cost $1,362) | 5.625% | 6/7/32 | GBP | 767 | 1,219 | |
| Asset-Backed/Commercial Mortgage-Backed Securities (0.0%) | ||||||
| United Kingdom (0.0%) | ||||||
| 1 | Canary Wharf Finance II plc (Cost $976) | 5.952% | 10/22/37 | GBP | 610 | 965 |
| Corporate Bonds (19.8%) | ||||||
| Australia (0.5%) | ||||||
| Amcor UK Finance plc | 1.125% | 6/23/27 | EUR | 2,743 | 2,738 | |
| Ampol Ltd. | 4.000% | 4/17/25 | AUD | 7,730 | 5,434 | |
| APT Pipelines Ltd. | 4.250% | 11/26/24 | GBP | 548 | 710 | |
| APT Pipelines Ltd. | 2.000% | 3/22/27 | EUR | 4,609 | 4,753 | |
| APT Pipelines Ltd. | 0.750% | 3/15/29 | EUR | 6,000 | 5,575 | |
| APT Pipelines Ltd. | 1.250% | 3/15/33 | EUR | 3,408 | 2,978 | |
| APT Pipelines Ltd. | 2.500% | 3/15/36 | GBP | 5,576 | 5,728 | |
| Aurizon Network Pty Ltd. | 4.000% | 6/21/24 | AUD | 1,030 | 728 | |
| Aurizon Network Pty Ltd. | 2.000% | 9/18/24 | EUR | 1,645 | 1,757 | |
| Aurizon Network Pty Ltd. | 3.125% | 6/1/26 | EUR | 12,219 | 13,415 | |
| Ausgrid Finance Pty Ltd. | 3.750% | 10/30/24 | AUD | 7,830 | 5,517 | |
| Ausgrid Finance Pty Ltd. | 1.250% | 7/30/25 | EUR | 1,810 | 1,876 | |
| Ausgrid Finance Pty Ltd. | 1.814% | 2/5/27 | AUD | 1,090 | 674 | |
| AusNet Services Holdings Pty Ltd. | 3.000% | 2/13/24 | EUR | 2,194 | 2,400 | |
| AusNet Services Holdings Pty Ltd. | 1.500% | 2/26/27 | EUR | 2,469 | 2,523 | |
| AusNet Services Holdings Pty Ltd. | 4.400% | 8/16/27 | AUD | 700 | 488 | |
| AusNet Services Holdings Pty Ltd. | 4.200% | 8/21/28 | AUD | 1,520 | 1,033 | |
| AusNet Services Holdings Pty Ltd. | 2.600% | 7/31/29 | AUD | 3,400 | 2,021 | |
| Australia & New Zealand Banking Group Ltd. | 3.350% | 5/9/23 | AUD | 321 | 229 | |
| Australia & New Zealand Banking Group Ltd. | 5.000% | 8/16/23 | AUD | 3,000 | 2,178 | |
| Australia & New Zealand Banking Group Ltd. | 0.450% | 11/22/23 | EUR | 8,779 | 9,219 | |
| Australia & New Zealand Banking Group Ltd. | 2.500% | 1/16/24 | EUR | 2,743 | 2,974 | |
| Australia & New Zealand Banking Group Ltd. | 3.100% | 2/8/24 | AUD | 7,581 | 5,343 | |
| Australia & New Zealand Banking Group Ltd. | 0.669% | 5/5/31 | EUR | 6,000 | 5,793 | |
4
Total
International Bond Index Fund
| Coupon | Maturity Date |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| Australia Pacific Airports Melbourne Pty Ltd. | 3.125% | 9/26/23 | EUR | 2,743 | 2,984 | |
| Australia Pacific Airports Melbourne Pty Ltd. | 1.750% | 10/15/24 | EUR | 7,682 | 8,175 | |
| BHP Billiton Finance Ltd. | 3.230% | 5/15/23 | CAD | 2,277 | 1,799 | |
| BHP Billiton Finance Ltd. | 3.250% | 9/24/27 | EUR | 3,053 | 3,433 | |
| BHP Billiton Finance Ltd. | 1.500% | 4/29/30 | EUR | 2,799 | 2,772 | |
| BHP Billiton Finance Ltd. | 3.125% | 4/29/33 | EUR | 1,645 | 1,773 | |
| BHP Billiton Finance Ltd. | 4.300% | 9/25/42 | GBP | 3,059 | 4,127 | |
| Brambles Finance Ltd. | 2.375% | 6/12/24 | EUR | 300 | 320 | |
| Brisbane Airport Corp Pty Ltd. | 3.900% | 4/24/25 | AUD | 2,080 | 1,437 | |
| Coles Group Treasury Pty Ltd. | 2.650% | 11/6/29 | AUD | 2,810 | 1,723 | |
| Coles Group Treasury Pty Ltd. | 2.100% | 8/27/30 | AUD | 2,010 | 1,142 | |
| Commonwealth Bank of Australia | 3.200% | 8/16/23 | AUD | 400 | 284 | |
| Commonwealth Bank of Australia | 3.000% | 1/11/24 | AUD | 9,600 | 6,758 | |
| Commonwealth Bank of Australia | 0.375% | 4/11/24 | EUR | 6,640 | 6,921 | |
| Commonwealth Bank of Australia | 0.500% | 7/27/26 | EUR | 3,569 | 3,613 | |
| Commonwealth Bank of Australia | 3.000% | 9/4/26 | GBP | 3,676 | 4,736 | |
| Commonwealth Bank of Australia | 0.875% | 2/19/29 | EUR | 5,487 | 5,480 | |
| Commonwealth Bank of Australia | 1.936% | 10/3/29 | EUR | 16,986 | 17,719 | |
| Commonwealth Bank of Australia | 1.625% | 2/10/31 | EUR | 100 | 104 | |
| CPIF Finance Pty Ltd. | 2.485% | 10/28/30 | AUD | 2,910 | 1,684 | |
| DBNGP Finance Co. Pty Ltd. | 4.225% | 5/28/25 | AUD | 1,570 | 1,109 | |
| DEXUS Finance Pty Ltd. | 3.000% | 2/3/32 | AUD | 4,010 | 2,380 | |
| ETSA Utilities Finance Pty Ltd. | 3.500% | 8/29/24 | AUD | 630 | 444 | |
| GAIF Bond Issuer Pty Ltd. | 2.584% | 11/18/27 | AUD | 2,000 | 1,294 | |
| GAIF Bond Issuer Pty Ltd. | 1.900% | 12/14/28 | AUD | 2,690 | 1,613 | |
| Glencore Capital Finance DAC | 1.125% | 3/10/28 | EUR | 8,670 | 8,327 | |
| Glencore Capital Finance DAC | 1.250% | 3/1/33 | EUR | 4,829 | 4,114 | |
| Glencore Finance Europe Ltd. | 1.875% | 9/13/23 | EUR | 200 | 212 | |
| Glencore Finance Europe Ltd. | 1.750% | 3/17/25 | EUR | 2,908 | 3,017 | |
| Glencore Finance Europe Ltd. | 3.125% | 3/26/26 | GBP | 7,024 | 8,662 | |
| Glencore Finance Europe Ltd. | 3.750% | 4/1/26 | EUR | 100 | 110 | |
| Glencore Finance Europe Ltd. | 1.500% | 10/15/26 | EUR | 200 | 202 | |
| Goodman Australia Finance Pty Ltd. | 1.375% | 9/27/25 | EUR | 2,194 | 2,239 | |
| GTA Finance Co Pty Ltd. | 2.200% | 8/26/27 | AUD | 3,210 | 1,988 | |
| Lendlease Finance Ltd. | 3.400% | 10/27/27 | AUD | 1,000 | 646 | |
| Lendlease Finance Ltd. | 3.700% | 3/31/31 | AUD | 3,210 | 1,951 | |
| Lonsdale Finance Pty Ltd. | 3.900% | 10/15/25 | AUD | 2,750 | 1,933 | |
| Lonsdale Finance Pty Ltd. | 2.100% | 10/15/27 | AUD | 1,600 | 981 | |
| Macquarie Group Ltd. | 1.250% | 3/5/25 | EUR | 8,779 | 9,203 | |
| Macquarie Group Ltd. | 0.350% | 3/3/28 | EUR | 6,816 | 6,291 | |
| Macquarie Group Ltd. | 2.723% | 8/21/29 | CAD | 1,609 | 1,099 | |
| Macquarie Group Ltd. | 0.950% | 5/21/31 | EUR | 2,414 | 2,141 | |
| National Australia Bank Ltd. | 0.625% | 8/30/23 | EUR | 100 | 105 | |
| National Australia Bank Ltd. | 2.900% | 2/26/24 | AUD | 8,944 | 6,279 | |
| National Australia Bank Ltd. | 5.000% | 3/11/24 | AUD | 3,500 | 2,552 | |
| National Australia Bank Ltd. | 0.250% | 5/20/24 | EUR | 5,487 | 5,686 | |
| National Australia Bank Ltd. | 2.250% | 6/6/25 | EUR | 987 | 1,070 | |
| National Australia Bank Ltd. | 0.300% | 10/31/25 | CHF | 5,425 | 5,426 | |
| National Australia Bank Ltd. | 3.000% | 9/4/26 | GBP | 400 | 516 | |
| National Australia Bank Ltd. | 0.875% | 2/19/27 | EUR | 5,487 | 5,608 | |
| National Australia Bank Ltd. | 2.900% | 2/25/27 | AUD | 9,770 | 6,546 | |
| National Australia Bank Ltd. | 3.515% | 6/12/30 | CAD | 4,498 | 3,371 | |
| National Australia Bank Ltd. | 1.699% | 9/15/31 | GBP | 2,414 | 2,733 | |
| NBN Co. Ltd. | 2.150% | 6/2/28 | AUD | 5,000 | 3,027 |
5
Total
International Bond Index Fund
| Coupon | Maturity Date |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| NBN Co. Ltd. | 2.200% | 12/16/30 | AUD | 4,020 | 2,207 | |
| NSW Electricity Networks Finance Pty Ltd. | 2.732% | 4/23/29 | AUD | 2,410 | 1,448 | |
| Optus Finance Pty Ltd. | 3.250% | 9/6/23 | AUD | 350 | 248 | |
| Origin Energy Finance Ltd. | 1.000% | 9/17/29 | EUR | 2,799 | 2,526 | |
| Pacific National Finance Pty Ltd. | 5.000% | 9/19/23 | GBP | 400 | 515 | |
| Qantas Airways Ltd. | 2.950% | 11/27/29 | AUD | 800 | 458 | |
| Qantas Airways Ltd. | 5.250% | 9/9/30 | AUD | 2,730 | 1,813 | |
| Scentre Group Trust 1 | 2.250% | 7/16/24 | EUR | 2,139 | 2,284 | |
| Scentre Group Trust 1 | 3.875% | 7/16/26 | GBP | 2,791 | 3,612 | |
| Scentre Group Trust 1 / Scentre Group Trust 2 | 1.750% | 4/11/28 | EUR | 4,939 | 4,951 | |
| Scentre Group Trust 1 / Scentre Group Trust 2 | 1.450% | 3/28/29 | EUR | 5,158 | 4,952 | |
| Scentre Group Trust 2 | 3.250% | 9/11/23 | EUR | 3,442 | 3,740 | |
| SGSP Australia Assets Pty Ltd. | 3.750% | 6/28/23 | AUD | 600 | 428 | |
| Stockland Trust | 1.625% | 4/27/26 | EUR | 4,185 | 4,285 | |
| Suncorp-Metway Ltd. | 3.000% | 9/13/23 | AUD | 1,200 | 849 | |
| Suncorp-Metway Ltd. | 3.250% | 8/24/26 | AUD | 600 | 411 | |
| Telstra Corp. Ltd. | 2.500% | 9/15/23 | EUR | 5,487 | 5,943 | |
| Telstra Corp. Ltd. | 1.125% | 4/14/26 | EUR | 6,310 | 6,522 | |
| Telstra Corp. Ltd. | 4.000% | 4/19/27 | AUD | 1,090 | 764 | |
| Telstra Corp. Ltd. | 1.375% | 3/26/29 | EUR | 1,363 | 1,382 | |
| Telstra Corp. Ltd. | 1.000% | 4/23/30 | EUR | 2,743 | 2,674 | |
| Toyota Finance Australia Ltd. | 3.300% | 11/22/23 | AUD | 356 | 252 | |
| Toyota Finance Australia Ltd. | 2.280% | 10/21/27 | EUR | 8,231 | 8,864 | |
| Transurban Finance Co. Pty Ltd. | 1.875% | 9/16/24 | EUR | 1,645 | 1,752 | |
| Transurban Finance Co. Pty Ltd. | 4.555% | 11/14/28 | CAD | 1,363 | 1,054 | |
| Transurban Finance Co. Pty Ltd. | 3.000% | 4/8/30 | EUR | 4,939 | 5,384 | |
| Transurban Queensland Finance Pty Ltd. | 3.250% | 8/5/31 | AUD | 2,330 | 1,369 | |
| United Energy Distribution Pty Ltd. | 3.500% | 9/12/23 | AUD | 450 | 320 | |
| United Energy Distribution Pty Ltd. | 3.850% | 10/23/24 | AUD | 1,660 | 1,176 | |
| University of Technology Sydney | 3.750% | 7/20/27 | AUD | 240 | 167 | |
| Vicinity Centres Trust | 3.375% | 4/7/26 | GBP | 690 | 872 | |
| Vicinity Centres Trust | 1.125% | 11/7/29 | EUR | 3,212 | 2,931 | |
| Wesfarmers Ltd. | 0.954% | 10/21/33 | EUR | 4,436 | 3,912 | |
| WestConnex Finance Co. Pty Ltd. | 3.150% | 3/31/31 | AUD | 3,620 | 2,127 | |
| Westpac Banking Corp. | 2.750% | 8/31/22 | AUD | 7,200 | 5,113 | |
| Westpac Banking Corp. | 0.320% | 7/6/23 | JPY | 1,500,000 | 11,547 | |
| Westpac Banking Corp. | 3.250% | 11/16/23 | AUD | 400 | 283 | |
| Westpac Banking Corp. | 5.250% | 11/21/23 | AUD | 1,900 | 1,387 | |
| Westpac Banking Corp. | 0.500% | 12/4/23 | EUR | 11,432 | 12,010 | |
| Westpac Banking Corp. | 3.000% | 4/24/24 | AUD | 500 | 351 | |
| Westpac Banking Corp. | 0.500% | 5/17/24 | EUR | 1,372 | 1,432 | |
| Westpac Banking Corp. | 0.625% | 11/22/24 | EUR | 2,743 | 2,844 | |
| Westpac Banking Corp. | 4.125% | 6/4/26 | AUD | 800 | 570 | |
| Westpac Banking Corp. | 0.875% | 4/17/27 | EUR | 100 | 100 | |
| Westpac Banking Corp. | 1.125% | 9/5/27 | EUR | 6,090 | 6,165 | |
| Westpac Banking Corp. | 1.450% | 7/17/28 | EUR | 518 | 528 | |
| Westpac Banking Corp. | 1.375% | 5/17/32 | EUR | 5,487 | 5,503 | |
| Woolworths Group Ltd. | 1.850% | 11/15/27 | AUD | 3,210 | 1,981 | |
| Woolworths Group Ltd. | 2.800% | 5/20/30 | AUD | 7,900 | 4,805 | |
| WSO Finance Pty Ltd. | 4.500% | 3/31/27 | AUD | 2,350 | 1,671 | |
| 404,425 |
6
Total
International Bond Index Fund
| Coupon | Maturity Date |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| Austria (0.2%) | ||||||
| BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG | 0.375% | 9/3/27 | EUR | 3,700 | 3,560 | |
| BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG | 0.010% | 10/2/29 | EUR | 6,100 | 5,683 | |
| Borealis AG | 1.750% | 12/10/25 | EUR | 241 | 254 | |
| Erste Group Bank AG | 0.750% | 2/5/25 | EUR | 1,300 | 1,354 | |
| Erste Group Bank AG | 0.625% | 4/17/26 | EUR | 8,200 | 8,388 | |
| Erste Group Bank AG | 0.750% | 1/17/28 | EUR | 8,700 | 8,769 | |
| Erste Group Bank AG | 0.250% | 9/14/29 | EUR | 2,400 | 2,168 | |
| Erste Group Bank AG | 0.875% | 5/15/34 | EUR | 8,200 | 7,656 | |
| HYPO NOE Landesbank fuer Niederoesterreich und Wien AG | 0.375% | 6/25/24 | EUR | 4,000 | 4,118 | |
| HYPO NOE Landesbank fuer Niederoesterreich und Wien AG | 0.500% | 9/4/25 | EUR | 2,700 | 2,768 | |
| JAB Holdings BV | 2.125% | 9/16/22 | EUR | 1,600 | 1,701 | |
| JAB Holdings BV | 1.750% | 5/25/23 | EUR | 7,400 | 7,874 | |
| JAB Holdings BV | 1.250% | 5/22/24 | EUR | 5,500 | 5,745 | |
| JAB Holdings BV | 1.750% | 6/25/26 | EUR | 7,600 | 7,873 | |
| JAB Holdings BV | 2.500% | 4/17/27 | EUR | 2,700 | 2,882 | |
| JAB Holdings BV | 2.500% | 6/25/29 | EUR | 10,100 | 10,372 | |
| JAB Holdings BV | 2.250% | 12/19/39 | EUR | 8,500 | 7,140 | |
| Mondi Finance plc | 1.500% | 4/15/24 | EUR | 6,338 | 6,698 | |
| 2 | OeBB-Infrastruktur AG | 2.250% | 7/4/23 | EUR | 5,487 | 5,912 |
| 2 | OeBB-Infrastruktur AG | 1.000% | 11/18/24 | EUR | 6,584 | 6,925 |
| 2 | OeBB-Infrastruktur AG | 3.875% | 6/30/25 | EUR | 5,487 | 6,250 |
| 2 | OeBB-Infrastruktur AG | 3.500% | 10/19/26 | EUR | 987 | 1,134 |
| 2 | OeBB-Infrastruktur AG | 2.250% | 5/28/29 | EUR | 1,645 | 1,806 |
| 2 | OeBB-Infrastruktur AG | 3.375% | 5/18/32 | EUR | 3,841 | 4,625 |
| 2 | OeBB-Infrastruktur AG | 3.000% | 10/24/33 | EUR | 120 | 141 |
| OMV AG | 0.750% | 12/4/23 | EUR | 1,372 | 1,445 | |
| OMV AG | 1.000% | 12/14/26 | EUR | 1,892 | 1,931 | |
| OMV AG | 3.500% | 9/27/27 | EUR | 1,500 | 1,717 | |
| OMV AG | 1.875% | 12/4/28 | EUR | 1,207 | 1,259 | |
| OMV AG | 2.375% | 4/9/32 | EUR | 8,228 | 8,716 | |
| OMV AG | 6.250% | 12/29/49 | EUR | 1,810 | 2,037 | |
| OMV AG | 2.875% | 12/31/99 | EUR | 5,700 | 5,342 | |
| Raiffeisen Bank International AG | 0.250% | 1/22/25 | EUR | 3,000 | 3,003 | |
| Raiffeisen Bank International AG | 0.050% | 9/1/27 | EUR | 500 | 462 | |
| Raiffeisenlandesbank Niederoesterreich-Wien AG | 0.625% | 3/3/25 | EUR | 200 | 207 | |
| Raiffeisenlandesbank Niederoesterreich-Wien AG | 0.625% | 8/28/26 | EUR | 2,700 | 2,748 | |
| Raiffeisenlandesbank Niederoesterreich-Wien AG | 0.875% | 1/24/28 | EUR | 1,600 | 1,622 | |
| Raiffeisenlandesbank Niederoesterreich-Wien AG | 0.875% | 1/30/29 | EUR | 6,500 | 6,506 | |
| Raiffeisen-Landesbank Steiermark AG | 2.375% | 6/14/28 | EUR | 200 | 220 | |
| Raiffeisen-Landesbank Steiermark AG | 1.375% | 5/11/33 | EUR | 2,700 | 2,684 | |
| Raiffeisenlandesbank Vorarlberg Waren-und Revisionsverband registrierte GenmbH | 0.500% | 9/17/25 | EUR | 2,700 | 2,767 | |
| UniCredit Bank Austria AG | 2.375% | 1/22/24 | EUR | 2,800 | 3,030 | |
| UniCredit Bank Austria AG | 0.750% | 2/25/25 | EUR | 400 | 416 | |
| UniCredit Bank Austria AG | 0.250% | 6/4/27 | EUR | 5,400 | 5,352 | |
| UNIQA Insurance Group AG | 6.875% | 7/31/43 | EUR | 2,000 | 2,180 | |
7
Total
International Bond Index Fund
| Coupon | Maturity Date |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| UNIQA Insurance Group AG | 6.000% | 7/27/46 | EUR | 800 | 932 | |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 5.500% | 10/9/43 | EUR | 800 | 861 | |
| 177,233 | ||||||
| Belgium (0.4%) | ||||||
| AG Insurance SA | 3.500% | 6/30/47 | EUR | 3,700 | 3,916 | |
| Ageas SA NV | 3.250% | 7/2/49 | EUR | 5,500 | 5,563 | |
| Anheuser-Busch InBev Finance Inc. | 4.320% | 5/15/47 | CAD | 4,916 | 3,303 | |
| Anheuser-Busch InBev SA NV | 9.750% | 7/30/24 | GBP | 1,043 | 1,511 | |
| Anheuser-Busch InBev SA NV | 2.875% | 9/25/24 | EUR | 2,469 | 2,715 | |
| Anheuser-Busch InBev SA NV | 4.000% | 9/24/25 | GBP | 6,145 | 8,048 | |
| Anheuser-Busch InBev SA NV | 2.700% | 3/31/26 | EUR | 100 | 109 | |
| Anheuser-Busch InBev SA NV | 1.150% | 1/22/27 | EUR | 9,511 | 9,739 | |
| Anheuser-Busch InBev SA NV | 1.125% | 7/1/27 | EUR | 6,438 | 6,542 | |
| Anheuser-Busch InBev SA NV | 2.125% | 12/2/27 | EUR | 5,487 | 5,821 | |
| Anheuser-Busch InBev SA NV | 2.000% | 3/17/28 | EUR | 12,566 | 13,136 | |
| Anheuser-Busch InBev SA NV | 1.500% | 4/18/30 | EUR | 494 | 489 | |
| Anheuser-Busch InBev SA NV | 1.650% | 3/28/31 | EUR | 11,358 | 11,219 | |
| Anheuser-Busch InBev SA NV | 2.875% | 4/2/32 | EUR | 5,487 | 5,940 | |
| Anheuser-Busch InBev SA NV | 3.250% | 1/24/33 | EUR | 2,799 | 3,120 | |
| Anheuser-Busch InBev SA NV | 2.000% | 1/23/35 | EUR | 3,841 | 3,641 | |
| Anheuser-Busch InBev SA NV | 2.750% | 3/17/36 | EUR | 5,349 | 5,406 | |
| Anheuser-Busch InBev SA NV | 2.850% | 5/25/37 | GBP | 5,487 | 6,190 | |
| Anheuser-Busch InBev SA NV | 3.700% | 4/2/40 | EUR | 9,727 | 10,816 | |
| Anheuser-Busch InBev Worldwide Inc. | 4.100% | 9/6/27 | AUD | 1,310 | 917 | |
| Argenta Spaarbank NV | 1.000% | 2/6/24 | EUR | 12,600 | 13,215 | |
| Argenta Spaarbank NV | 1.000% | 10/13/26 | EUR | 7,600 | 7,569 | |
| Barry Callebaut Services NV | 2.375% | 5/24/24 | EUR | 1,975 | 2,117 | |
| Belfius Bank SA | 1.750% | 6/24/24 | EUR | 400 | 428 | |
| Belfius Bank SA | 1.000% | 10/26/24 | EUR | 5,400 | 5,627 | |
| Belfius Bank SA | 0.750% | 2/10/25 | EUR | 100 | 104 | |
| Belfius Bank SA | 0.375% | 9/2/25 | EUR | 5,400 | 5,417 | |
| Belfius Bank SA | 0.375% | 2/13/26 | EUR | 3,200 | 3,171 | |
| Belfius Bank SA | 3.125% | 5/11/26 | EUR | 6,400 | 6,814 | |
| Belfius Bank SA | 0.125% | 9/14/26 | EUR | 5,400 | 5,378 | |
| Belfius Bank SA | 0.125% | 2/8/28 | EUR | 6,800 | 6,404 | |
| BNP Paribas Fortis SA | 0.625% | 10/4/25 | EUR | 400 | 412 | |
| BNP Paribas Fortis SA | 0.875% | 3/22/28 | EUR | 5,400 | 5,467 | |
| Brussels Airport Co. NV SA | 1.000% | 5/3/24 | EUR | 8,900 | 9,279 | |
| Cofinimmo SA | 0.875% | 12/2/30 | EUR | 1,600 | 1,351 | |
| Elia Group SA NV | 1.500% | 9/5/28 | EUR | 1,300 | 1,323 | |
| Elia Group SA NV | 2.750% | 12/31/49 | EUR | 1,600 | 1,694 | |
| Elia Transmission Belgium SA | 1.375% | 5/27/24 | EUR | 100 | 106 | |
| Elia Transmission Belgium SA | 1.375% | 1/14/26 | EUR | 10,000 | 10,453 | |
| Elia Transmission Belgium SA | 3.250% | 4/4/28 | EUR | 200 | 229 | |
| Elia Transmission Belgium SA | 3.000% | 4/7/29 | EUR | 300 | 332 | |
| Elia Transmission Belgium SA | 0.875% | 4/28/30 | EUR | 7,700 | 7,280 | |
| Ethias SA | 5.000% | 1/14/26 | EUR | 4,700 | 5,263 | |
| Euroclear Bank SA | 0.500% | 7/10/23 | EUR | 6,859 | 7,242 | |
| Euroclear Bank SA | 1.250% | 9/30/24 | GBP | 224 | 270 | |
| Euroclear Bank SA | 0.125% | 7/7/25 | EUR | 5,000 | 5,047 | |
| Euroclear Investments SA | 1.125% | 12/7/26 | EUR | 3,200 | 3,286 | |
| FLUVIUS System Operator CVBA | 2.875% | 10/9/23 | EUR | 1,600 | 1,749 | |
| FLUVIUS System Operator CVBA | 1.750% | 12/4/26 | EUR | 3,200 | 3,393 | |
| FLUVIUS System Operator CVBA | 2.875% | 5/7/29 | EUR | 100 | 110 | |
8
Total
International Bond Index Fund
| Coupon | Maturity Date |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| FLUVIUS System Operator CVBA | 0.250% | 12/2/30 | EUR | 7,200 | 6,414 | |
| FLUVIUS System Operator CVBA | 0.625% | 11/24/31 | EUR | 4,800 | 4,300 | |
| Groupe Bruxelles Lambert SA | 1.375% | 5/23/24 | EUR | 900 | 954 | |
| ING Belgium SA | 0.625% | 5/30/25 | EUR | 7,200 | 7,446 | |
| KBC Bank NV | 0.750% | 10/24/27 | EUR | 3,900 | 3,951 | |
| KBC Group NV | 0.750% | 10/18/23 | EUR | 2,200 | 2,319 | |
| KBC Group NV | 1.125% | 1/25/24 | EUR | 6,200 | 6,555 | |
| KBC Group NV | 0.750% | 1/21/28 | EUR | 16,000 | 15,670 | |
| KBC Group NV | 0.125% | 1/14/29 | EUR | 20,500 | 18,927 | |
| KBC Group NV | 0.500% | 12/3/29 | EUR | 2,500 | 2,485 | |
| Proximus SADP | 2.375% | 4/4/24 | EUR | 1,600 | 1,730 | |
| Solvay SA | 2.750% | 12/2/27 | EUR | 4,400 | 4,736 | |
| VGP NV | 1.625% | 1/17/27 | EUR | 2,000 | 1,885 | |
| VGP NV | 1.500% | 4/8/29 | EUR | 3,600 | 3,114 | |
| 309,157 | ||||||
| Bermuda (0.0%) | ||||||
| XLIT Ltd. | 3.250% | 6/29/47 | EUR | 6,112 | 6,412 | |
| Canada (1.6%) | ||||||
| 3 | 407 International Inc. | 1.800% | 5/22/25 | CAD | 1,481 | 1,090 |
| 407 International Inc. | 2.430% | 5/4/27 | CAD | 1,179 | 860 | |
| 407 International Inc. | 3.140% | 3/6/30 | CAD | 3,002 | 2,184 | |
| 3 | 407 International Inc. | 2.590% | 5/25/32 | CAD | 1,645 | 1,098 |
| 407 International Inc. | 5.750% | 2/14/36 | CAD | 1,094 | 934 | |
| 407 International Inc. | 4.450% | 11/15/41 | CAD | 2,743 | 2,093 | |
| 407 International Inc. | 4.190% | 4/25/42 | CAD | 3,017 | 2,224 | |
| 407 International Inc. | 3.650% | 9/8/44 | CAD | 5,487 | 3,715 | |
| 407 International Inc. | 3.830% | 5/11/46 | CAD | 5,487 | 3,796 | |
| 407 International Inc. | 3.600% | 5/21/47 | CAD | 3,772 | 2,508 | |
| 407 International Inc. | 3.720% | 5/11/48 | CAD | 28 | 19 | |
| 407 International Inc. | 3.670% | 3/8/49 | CAD | 1,096 | 733 | |
| 407 International Inc. | 2.840% | 3/7/50 | CAD | 2,250 | 1,271 | |
| 55 Ontario School Board Trust | 5.900% | 6/2/33 | CAD | 2,821 | 2,568 | |
| Aeroports de Montreal | 5.170% | 9/17/35 | CAD | 1,988 | 1,656 | |
| Aeroports de Montreal | 5.670% | 10/16/37 | CAD | 1,096 | 960 | |
| Aeroports de Montreal | 3.030% | 4/21/50 | CAD | 4,412 | 2,605 | |
| AIMCo Realty Investors LP | 2.266% | 6/26/24 | CAD | 2,743 | 2,074 | |
| AIMCo Realty Investors LP | 3.367% | 6/1/27 | CAD | 1,034 | 779 | |
| AIMCo Realty Investors LP | 3.043% | 6/1/28 | CAD | 1,096 | 803 | |
| AIMCo Realty Investors LP | 2.712% | 6/1/29 | CAD | 6,145 | 4,322 | |
| Alberta Powerline LP | 4.065% | 12/1/53 | CAD | 2,744 | 1,945 | |
| Alberta Powerline LP | 4.065% | 3/1/54 | CAD | 677 | 486 | |
| Alectra Inc. | 2.488% | 5/17/27 | CAD | 6,035 | 4,426 | |
| Alectra Inc. | 3.958% | 7/30/42 | CAD | 450 | 329 | |
| Alectra Inc. | 3.458% | 4/12/49 | CAD | 1,268 | 843 | |
| 3 | Algonquin Power Co. | 4.090% | 2/17/27 | CAD | 518 | 399 |
| Algonquin Power Co. | 4.600% | 1/29/29 | CAD | 1,243 | 972 | |
| Algonquin Power Co. | 2.850% | 7/15/31 | CAD | 1,287 | 861 | |
| Alimentation Couche-Tard Inc. | 3.056% | 7/26/24 | CAD | 2,389 | 1,828 | |
| Alimentation Couche-Tard Inc. | 3.600% | 6/2/25 | CAD | 3,749 | 2,879 | |
| Alimentation Couche-Tard Inc. | 1.875% | 5/6/26 | EUR | 100 | 103 | |
| Allied Properties REIT | 3.636% | 4/21/25 | CAD | 2,743 | 2,088 | |
| Allied Properties REIT | 1.726% | 2/12/26 | CAD | 1,609 | 1,135 | |
| Allied Properties REIT | 3.113% | 4/8/27 | CAD | 2,743 | 1,987 | |
| Allied Properties REIT | 3.394% | 8/15/29 | CAD | 1,363 | 956 | |
| Allied Properties REIT | 3.117% | 2/21/30 | CAD | 823 | 558 | |
9
Total
International Bond Index Fund
| Coupon | Maturity Date |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| Allied Properties REIT | 3.095% | 2/6/32 | CAD | 1,609 | 1,040 | |
| AltaGas Canada Inc. | 3.150% | 4/6/26 | CAD | 995 | 746 | |
| AltaGas Canada Inc. | 4.260% | 12/5/28 | CAD | 820 | 631 | |
| AltaGas Ltd. | 1.227% | 3/18/24 | CAD | 3,541 | 2,623 | |
| AltaGas Ltd. | 3.840% | 1/15/25 | CAD | 5,028 | 3,888 | |
| AltaGas Ltd. | 3.980% | 10/4/27 | CAD | 1,645 | 1,244 | |
| AltaGas Ltd. | 2.075% | 5/30/28 | CAD | 1,635 | 1,100 | |
| AltaGas Ltd. | 4.500% | 8/15/44 | CAD | 1,694 | 1,118 | |
| AltaGas Ltd. | 4.990% | 10/4/47 | CAD | 498 | 351 | |
| AltaLink LP | 3.668% | 11/6/23 | CAD | 160 | 125 | |
| AltaLink LP | 3.399% | 6/6/24 | CAD | 5,487 | 4,268 | |
| AltaLink LP | 4.872% | 11/15/40 | CAD | 2,801 | 2,293 | |
| AltaLink LP | 4.462% | 11/8/41 | CAD | 1,316 | 1,025 | |
| AltaLink LP | 3.990% | 6/30/42 | CAD | 1,604 | 1,173 | |
| AltaLink LP | 4.922% | 9/17/43 | CAD | 1,645 | 1,363 | |
| AltaLink LP | 4.054% | 11/21/44 | CAD | 658 | 484 | |
| AltaLink LP | 4.090% | 6/30/45 | CAD | 875 | 647 | |
| AltaLink LP | 3.717% | 12/3/46 | CAD | 873 | 606 | |
| ARC Resources Ltd. | 3.465% | 3/10/31 | CAD | 2,317 | 1,600 | |
| Atco Ltd. | 5.500% | 11/1/78 | CAD | 560 | 430 | |
| Bank of Montreal | 2.890% | 6/20/23 | CAD | 6,584 | 5,109 | |
| Bank of Montreal | 3.200% | 9/7/23 | AUD | 540 | 382 | |
| Bank of Montreal | 0.100% | 10/20/23 | EUR | 5,487 | 5,739 | |
| Bank of Montreal | 2.850% | 3/6/24 | CAD | 3,841 | 2,943 | |
| Bank of Montreal | 2.280% | 7/29/24 | CAD | 20 | 15 | |
| Bank of Montreal | 2.700% | 9/11/24 | CAD | 7,702 | 5,896 | |
| Bank of Montreal | 2.370% | 2/3/25 | CAD | 6,584 | 4,913 | |
| Bank of Montreal | 4.609% | 9/10/25 | CAD | 2,743 | 2,197 | |
| Bank of Montreal | 1.758% | 3/10/26 | CAD | 3,748 | 2,679 | |
| Bank of Montreal | 1.551% | 5/28/26 | CAD | 4,024 | 2,835 | |
| Bank of Montreal | 1.000% | 9/9/26 | GBP | 3,000 | 3,437 | |
| Bank of Montreal | 2.700% | 12/9/26 | CAD | 5,487 | 4,079 | |
| Bank of Montreal | 3.190% | 3/1/28 | CAD | 7,462 | 5,591 | |
| Bank of Montreal | 0.050% | 6/8/29 | EUR | 15,881 | 14,904 | |
| Bank of Montreal | 2.880% | 9/17/29 | CAD | 1,022 | 770 | |
| Bank of Montreal | 2.077% | 6/17/30 | CAD | 4,499 | 3,264 | |
| Bank of Montreal | 1.928% | 7/22/31 | CAD | 6,036 | 4,235 | |
| Bank of Nova Scotia | 2.380% | 5/1/23 | CAD | 8,450 | 6,512 | |
| Bank of Nova Scotia | 0.250% | 1/11/24 | EUR | 5,487 | 5,732 | |
| Bank of Nova Scotia | 2.290% | 6/28/24 | CAD | 8,100 | 6,159 | |
| Bank of Nova Scotia | 2.490% | 9/23/24 | CAD | 9,658 | 7,281 | |
| Bank of Nova Scotia | 2.160% | 2/3/25 | CAD | 6,035 | 4,475 | |
| Bank of Nova Scotia | 0.010% | 3/18/25 | EUR | 7,039 | 7,161 | |
| Bank of Nova Scotia | 0.125% | 9/4/26 | EUR | 6,438 | 6,257 | |
| Bank of Nova Scotia | 1.850% | 11/2/26 | CAD | 9,899 | 6,971 | |
| Bank of Nova Scotia | 2.620% | 12/2/26 | CAD | 8,231 | 6,096 | |
| Bank of Nova Scotia | 0.010% | 1/14/27 | EUR | 5,487 | 5,399 | |
| Bank of Nova Scotia | 2.950% | 3/8/27 | CAD | 12,900 | 9,477 | |
| Bank of Nova Scotia | 1.400% | 11/1/27 | CAD | 4,078 | 2,733 | |
| Bank of Nova Scotia | 0.010% | 12/15/27 | EUR | 9,603 | 9,272 | |
| Bank of Nova Scotia | 3.100% | 2/2/28 | CAD | 7,645 | 5,711 | |
| Bank of Nova Scotia | 3.890% | 1/18/29 | CAD | 2,663 | 2,065 | |
| Bank of Nova Scotia | 2.836% | 7/3/29 | CAD | 5,179 | 3,914 | |
| Bank of Nova Scotia | 3.934% | 5/3/32 | CAD | 6,000 | 4,537 | |
| Bankers Hall LP | 4.377% | 11/20/23 | CAD | 85 | 66 |
10
Total
International Bond Index Fund
| Coupon | Maturity Date |
Currency | Face Amount (000) |
Market Value• ($000) | ||
| BCI QuadReal Realty | 1.680% | 3/3/25 | CAD | 1,096 | 804 | |
| BCI QuadReal Realty | 1.747% | 7/24/30 | CAD | 2,446 | 1,561 | |
| bcIMC Realty Corp. | 2.840% | 6/3/25 | CAD | 3,842 | 2,900 | |
| bcIMC Realty Corp. | 3.000% | 3/31/27 | CAD | 1,830 | 1,357 | |
| Bell Telephone Co. of Canada or Bell Canada | 2.700% | 2/27/24 | CAD | 10,907 | 8,339 | |
| Bell Telephone Co. of Canada or Bell Canada | 3.350% | 3/12/25 | CAD | 7,243 | 5,534 | |
| Bell Telephone Co. of Canada or Bell Canada | 3.550% | 3/2/26 | CAD | 1,645 | 1,252 | |
| Bell Telephone Co. of Canada or Bell Canada | 2.900% | 8/12/26 | CAD | 1,645 | 1,215 | |
| Bell Telephone Co. of Canada or Bell Canada | 3.800% | 8/21/28 | CAD | 1,645 | 1,235 | |
| Bell Telephone Co. of Canada or Bell Canada | 2.900% | 9/10/29 | CAD | 2,743 | 1,914 | |
| Bell Telephone Co. of Canada or Bell Canada | 2.500% | 5/14/30 | CAD | 8,048 | 5,374 | |
| Bell Telephone Co. of Canada or Bell Canada | 7.850% | 4/2/31 | CAD | 2,743 | 2,547 | |
| Bell Telephone Co. of Canada or Bell Canada | 4.750% | 9/29/44 | CAD | 1,921 | 1,380 | |
| Bell Telephone Co. of Canada or Bell Canada | 4.350% | 12/18/45 | CAD | 2,618 | 1,773 | |
| Bell Telephone Co. of Canada or Bell Canada | 4.450% | 2/27/47 | CAD | 4,444 | 3,039 | |
| Bell Telephone Co. of Canada or Bell Canada | 3.500% | 9/30/50 | CAD | 5,761 | 3,288 | |
| Bell Telephone Co. of Canada or Bell Canada | 4.050% | 3/17/51 | CAD | 3,340 | 2,108 | |
| Bridging North America GP | 4.341% | 8/31/53 | CAD | 1,195 | 808 | |
| British Columbia Ferry Services Inc. | 4.702% | 10/23/43 | CAD | 3,075 | 2,483 | |
| British Columbia Ferry Services Inc. | 2.794% | 10/15/49 | CAD | 2,743 | 1,599 | |
| Brookfield Asset Management Inc. | 5.040% | 3/8/24 | CAD | 823 | 653 | |
| Brookfield Asset Management Inc. | 4.820% | 1/28/26 | CAD | 7,371 | 5,839 | |
| Brookfield Asset Management Inc. | 3.800% | 3/16/27 | CAD | 2,323 | 1,762 | |
| Brookfield Infrastructure Finance ULC | 3.315% | 2/22/24 | CAD | 2,743 | 2,114 | |
| Brookfield Infrastructure Finance ULC | 4.193% | 9/11/28 | CAD | 2,330 | 1,768 | |
| Brookfield Infrastructure Finance ULC | 3.410% | 10/9/29 | CAD | 2,688 | 1,904 | |
| Brookfield Infrastructure Finance ULC | 2.855% | 9/1/32 | CAD | 1,096 | 693 | |
| Brookfield Renewable Partners ULC | 3.752% | 6/2/25 | CAD | 2,908 | 2,243 | |
| Brookfield Renewable Partners ULC | 3.630% | 1/15/27 | CAD | 2,140 | 1,621 | |
| Brookfield Renewable Partners ULC | 3.380% | 1/15/30 | CAD | 3,017 | 2,162 | |
| Brookfield Renewable Partners ULC | 4.290% | 11/5/49 | CAD | 2,140 | 1,491 | |
| Brookfield Renewable Partners ULC | 3.330% | 8/13/50 | CAD | 241 | 140 | |
| Bruce Power LP | 3.000% | 6/21/24 | CAD | 1,096 | 839 | |
| Bruce Power LP | 3.969% | 6/23/26 | CAD | 2,743 | 2,120 | |
| Bruce Power LP | 4.010% | 6/21/29 | CAD | 1,509 | 1,137 | |
| Bruce Power LP | 4.000% | 6/21/30 | CAD | 1,744 | 1,295 | |
| Bruce Power LP | 4.132% | 6/21/33 | CAD | 2,414 | 1,759 | |
| Bruce Power LP | 4.746% | 6/21/49 | CAD | 1,756 | 1,313 | |
| Calgary Airport Authority | 3.199% | 10/7/36 | CAD | 7,501 | 4,965 | |
| Calgary Airport Authority | 3.341% | 10/7/38 | CAD | 2,752 | 1,819 | |
| Cameco Corp. | 4.190% | 6/24/24 | CAD | 1,510 | 1,178 | |
| Cameco Corp. |