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.