Semiannual Report   |   April 30, 2023
Vanguard Emerging Markets Government Bond Index Fund

 

Contents
About Your Fund’s Expenses
 1
Financial Statements
 4
Trustees Approve Advisory Arrangement
 34
Liquidity Risk Management
 36

 

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, 2023      
  Beginning
Account Value
10/31/2022 		Ending
Account Value
4/30/2023 		Expenses
Paid During
Period
Based on Actual Fund Return      
Emerging Markets Government Bond Index Fund      
ETF Shares $1,000.00 $1,103.90 $1.04
Admiral™ Shares 1,000.00 1,103.90 1.04
Institutional Shares 1,000.00 1,103.70 0.94
Based on Hypothetical 5% Yearly Return      
Emerging Markets Government Bond Index Fund      
ETF Shares $1,000.00 $1,023.80 $1.00
Admiral Shares 1,000.00 1,023.80 1.00
Institutional Shares 1,000.00 1,023.90 0.90
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 0.20% for ETF Shares, 0.20% for Admiral Shares and 0.18% 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

 

Emerging Markets Government Bond Index Fund
Fund Allocation
As of April 30, 2023
Saudi Arabia 10.3%
Mexico 10.1
Turkey 7.4
Indonesia 7.4
United Arab Emirates 6.3
Qatar 4.9
China 4.2
Brazil 3.6
Philippines 3.5
Colombia 3.3
Oman 2.5
Panama 2.5
Dominican Republic 2.4
Chile 2.3
Peru 2.3
Bahrain 2.0
South Africa 1.8
Argentina 1.8
Egypt 1.7
Uruguay 1.5
Romania 1.3
Malaysia 1.3
Hungary 1.3
Nigeria 1.1
Poland 1.0
Other 12.2
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

 

Emerging Markets Government Bond Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 2023
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 (0.3%)    
  United States Treasury Note/Bond    4.250%  12/31/24   2,325     2,324
  United States Treasury Note/Bond    4.625%   2/28/25   4,945     4,986
  United States Treasury Note/Bond    3.875%   3/31/25   3,875     3,859
  United States Treasury Note/Bond    4.000%   2/29/28     465       475
Total U.S. Government and Agency Obligations (Cost $11,632)   11,644
Corporate Bonds (13.6%)    
Azerbaijan (0.2%)                  
1 Southern Gas Corridor CJSC  6.875%   3/24/26   7,425     7,638
Brazil (0.2%)                  
  Petrobras Global Finance BV  6.875%   1/20/40       1         1
  Petrobras Global Finance BV  6.850%    6/5/15   6,126     5,344
                  5,345
Chile (0.2%)                  
  Corp. Nacional del Cobre de Chile  3.700%   1/30/50   9,800     7,370
China (2.8%)                  
  Bank of China Ltd.  5.000%  11/13/24  11,175    11,150
  China Cinda Finance 2015 I Ltd.  4.250%   4/23/25   6,250     6,078
  China Construction Bank Corp.  2.450%   6/24/30   7,375     6,972
  China Construction Bank Corp.  2.850%   1/21/32   7,400     6,987
  China Taiping Insurance Holdings Co. Ltd.  6.400% Perpetual   3,700     3,798
  CNAC HK Finbridge Co. Ltd.  5.125%   3/14/28   6,480     6,398
  CNOOC Finance 2015 USA LLC  3.500%    5/5/25   7,750     7,562
  Industrial & Commercial Bank of China Ltd.  4.875%   9/21/25   7,290     7,235
  Industrial & Commercial Bank of China Ltd.  3.200% Perpetual  22,485    21,081
  Sinopec Group Overseas Development 2015 Ltd.  3.250%   4/28/25   5,450     5,298
  Sinopec Group Overseas Development 2018 Ltd.  2.700%   5/13/30   5,550     5,031
  State Grid Overseas Investment 2014 Ltd.  4.125%    5/7/24   5,320     5,283
  State Grid Overseas Investment BVI Ltd.  3.500%    5/4/27   9,094     8,865
                  101,738
Colombia (0.6%)                  
  Ecopetrol SA  5.375%   6/26/26   5,515     5,222
  Ecopetrol SA  6.875%   4/29/30   7,675     6,875
  Ecopetrol SA  8.875%   1/13/33   7,090     6,872
  Ecopetrol SA  5.875%   5/28/45   7,247     4,771
                  23,740
4

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Indonesia (0.5%)                  
2 Freeport Indonesia PT  5.315%   4/14/32   4,300     4,147
  Freeport Indonesia PT  5.315%   4/14/32   1,175     1,134
  Pertamina Persero PT  6.450%   5/30/44   5,200     5,416
  Pertamina Persero PT  6.500%   11/7/48     200       208
  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara  4.125%   5/15/27   5,657     5,505
                  16,410
Kazakhstan (0.1%)                  
  KazMunayGas National Co. JSC  6.375%  10/24/48   5,550     4,701
Malaysia (0.9%)                  
  Petronas Capital Ltd.  3.500%   3/18/25   5,600     5,485
  Petronas Capital Ltd.  3.500%   4/21/30   8,150     7,703
  Petronas Capital Ltd.  4.500%   3/18/45   5,500     5,209
  Petronas Capital Ltd.  4.550%   4/21/50  10,150     9,507
2 Petronas Capital Ltd.  3.404%   4/28/61   3,670     2,688
  Petronas Capital Ltd.  3.404%   4/28/61   2,750     2,034
                  32,626
Mexico (3.9%)                  
  Mexico City Airport Trust  5.500%   7/31/47   7,779     6,023
  Petroleos Mexicanos  6.875%    8/4/26   9,140     8,638
  Petroleos Mexicanos  6.490%   1/23/27   5,656     5,071
  Petroleos Mexicanos  6.500%   3/13/27  14,705    13,205
  Petroleos Mexicanos  5.350%   2/12/28   7,370     6,122
3 Petroleos Mexicanos  8.750%    6/2/29   7,000     6,434
  Petroleos Mexicanos  6.840%   1/23/30   8,600     6,947
  Petroleos Mexicanos  5.950%   1/28/31  13,865    10,260
3 Petroleos Mexicanos  6.700%   2/16/32  24,869    19,164
  Petroleos Mexicanos 10.000%    2/7/33   7,275     6,762
  Petroleos Mexicanos  6.625%   6/15/35  10,085     7,045
  Petroleos Mexicanos  6.500%    6/2/41   5,725     3,652
  Petroleos Mexicanos  6.750%   9/21/47  20,355    12,542
  Petroleos Mexicanos  6.350%   2/12/48   5,775     3,408
  Petroleos Mexicanos  7.690%   1/23/50  29,529    19,774
  Petroleos Mexicanos  6.950%   1/28/60  13,930     8,520
                  143,567
Peru (0.1%)                  
  Petroleos del Peru SA  5.625%   6/19/47   7,400     4,692
Qatar (1.0%)                  
2 QatarEnergy  1.375%   9/12/26   3,700     3,360
  QatarEnergy  1.375%   9/12/26   2,175     1,978
2 QatarEnergy  2.250%   7/12/31   4,050     3,495
  QatarEnergy  2.250%   7/12/31   8,650     7,477
  QatarEnergy  3.125%   7/12/41  12,809    10,097
  QatarEnergy  3.300%   7/12/51  14,700    11,113
                  37,520
Saudi Arabia (2.3%)                  
  Gaci First Investment Co.  4.750%   2/14/30   6,300     6,371
  Gaci First Investment Co.  4.875%   2/14/35   7,500     7,432
  Gaci First Investment Co.  5.125%   2/14/53   6,300     5,878
2 SA Global Sukuk Ltd.  1.602%   6/17/26   3,900     3,587
  SA Global Sukuk Ltd.  1.602%   6/17/26   4,138     3,805
  SA Global Sukuk Ltd.  2.694%   6/17/31  10,050     8,972
  Saudi Arabian Oil Co.  3.500%   4/16/29  11,566    10,950
5

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Saudi Arabian Oil Co.  2.250%  11/24/30   7,425     6,340
  Saudi Arabian Oil Co.  4.250%   4/16/39  11,075    10,178
  Saudi Arabian Oil Co.  4.375%   4/16/49  10,780     9,535
  Saudi Arabian Oil Co.  3.250%  11/24/50   8,683     6,235
  Saudi Arabian Oil Co.  3.500%  11/24/70   8,200     5,565
                  84,848
United Arab Emirates (0.8%)                  
3 Abu Dhabi Crude Oil Pipeline LLC  4.600%   11/2/47   8,075     7,623
2 DP World Ltd.  6.850%    7/2/37   6,070     6,791
  DP World Ltd.  5.625%   9/25/48     275       268
  DP World Salaam  6.000% Perpetual   5,450     5,444
  MDGH GMTN RSC Ltd.  3.700%   11/7/49   5,203     4,281
  MDGH GMTN RSC Ltd.  3.950%   5/21/50   7,700     6,587
                  30,994
Total Corporate Bonds (Cost $578,907)   501,189
Sovereign Bonds (84.3%)    
Angola (0.8%)                  
  Republic of Angola  9.500%  11/12/25   2,325     2,301
  Republic of Angola  8.250%    5/9/28   7,550     6,638
  Republic of Angola  8.000%  11/26/29   6,423     5,432
2 Republic of Angola  8.750%   4/14/32   5,000     4,137
  Republic of Angola  8.750%   4/14/32   1,650     1,369
  Republic of Angola  9.375%    5/8/48   6,150     4,727
  Republic of Angola  9.125%  11/26/49   4,200     3,147
                  27,751
Argentina (1.7%)                  
4 Provincia de Buenos Aires, 6.375% coupon rate effective 9/1/23  5.250%    9/1/37  22,685     7,017
  Republic of Argentina  1.000%    7/9/29   9,626     2,299
4 Republic of Argentina, 0.750% coupon rate effective 7/9/23  0.500%    7/9/30  58,797    14,408
4 Republic of Argentina, 3.625% coupon rate effective 7/9/23  1.500%    7/9/35  75,693    16,864
4 Republic of Argentina, 3.625% coupon rate effective 7/9/23  1.500%    7/9/46   7,649     1,767
4 Republic of Argentina, 4.250% coupon rate effective 7/9/23  3.875%    1/9/38  41,871    11,576
4 Republic of Argentina, 4.875% coupon rate effective 7/9/29  3.500%    7/9/41  38,299     9,623
                  63,554
Armenia (0.2%)                  
  Republic of Armenia  7.150%   3/26/25   1,800     1,829
  Republic of Armenia  3.950%   9/26/29   1,850     1,536
2 Republic of Armenia  3.600%    2/2/31     750       590
  Republic of Armenia  3.600%    2/2/31   1,850     1,457
                  5,412
Azerbaijan (0.1%)                  
3 Republic of Azerbaijan  3.500%    9/1/32   3,860     3,368
Bahamas (0.1%)                  
2,3 Commonwealth of Bahamas  6.000%  11/21/28     850       651
3 Commonwealth of Bahamas  6.000%  11/21/28   1,850     1,422
2,3 Commonwealth of Bahamas  8.950%  10/15/32   1,750     1,421
3 Commonwealth of Bahamas  8.950%  10/15/32   1,400     1,142
                  4,636
Bahrain (1.9%)                  
  CBB International Sukuk Co. 6 Spc  5.250%   3/20/25   2,900     2,877
  CBB International Sukuk Co. 6 Spc  6.875%   10/5/25   3,900     4,025
6

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  CBB International Sukuk Programme Co. WLL  6.250%  11/14/24   3,562     3,587
  CBB International Sukuk Programme Co. WLL  4.500%   3/30/27   3,456     3,366
  CBB International Sukuk Programme Co. WLL  3.950%   9/16/27   3,725     3,579
  CBB International Sukuk Programme Co. WLL  3.875%   5/18/29   3,750     3,392
2 CBB International Sukuk Programme Co. WLL  6.250%  10/18/30   3,900     3,954
  Kingdom of Bahrain  7.000%   1/26/26   5,625     5,786
  Kingdom of Bahrain  4.250%   1/25/28   2,375     2,195
  Kingdom of Bahrain  7.000%  10/12/28   5,700     5,846
  Kingdom of Bahrain  6.750%   9/20/29   4,550     4,537
  Kingdom of Bahrain  7.375%   5/14/30   3,650     3,760
  Kingdom of Bahrain  5.625%   9/30/31   3,570     3,308
  Kingdom of Bahrain  5.450%   9/16/32   3,700     3,309
  Kingdom of Bahrain  5.250%   1/25/33   3,680     3,188
2 Kingdom of Bahrain  5.625%   5/18/34   1,500     1,314
  Kingdom of Bahrain  5.625%   5/18/34   2,200     1,930
2 Kingdom of Bahrain  7.750%   4/18/35   3,700     3,727
  Kingdom of Bahrain  6.000%   9/19/44   4,525     3,570
  Kingdom of Bahrain  7.500%   9/20/47   3,225     2,931
  Kingdom of Bahrain  6.250%   1/25/51   1,900     1,494
                  71,675
Belarus (0.1%)                  
  Republic of Belarus  5.875%   2/24/26   2,175     1,023
  Republic of Belarus  7.625%   6/29/27   2,035       921
  Republic of Belarus  6.200%   2/28/30   2,100       779
  Republic of Belarus  6.378%   2/24/31   2,500       920
                  3,643
Bermuda (0.3%)                  
  Government of Bermuda  3.717%   1/25/27   2,150     2,083
  Government of Bermuda  2.375%   8/20/30   2,000     1,716
2 Government of Bermuda  5.000%   7/15/32   2,000     2,015
  Government of Bermuda  5.000%   7/15/32   1,600     1,609
2 Government of Bermuda  3.375%   8/20/50   1,000       715
  Government of Bermuda  3.375%   8/20/50   1,600     1,146
                  9,284
Bolivia (0.1%)                  
2,3 Bolivian Government  4.500%   3/20/28     700       396
3 Bolivian Government  4.500%   3/20/28   3,506     1,967
2 Bolivian Government  7.500%    3/2/30   1,400       953
  Bolivian Government  7.500%    3/2/30   1,200       815
                  4,131
Brazil (3.4%)                  
  Federative Republic of Brazil  4.250%    1/7/25  16,328    16,145
  Federative Republic of Brazil  8.750%    2/4/25   3,248     3,448
  Federative Republic of Brazil  2.875%    6/6/25   7,350     7,033
  Federative Republic of Brazil  6.000%    4/7/26   6,400     6,636
  Federative Republic of Brazil 10.125%   5/15/27   2,900     3,406
  Federative Republic of Brazil  4.625%   1/13/28  11,175    10,950
  Federative Republic of Brazil  4.500%   5/30/29   7,250     6,890
  Federative Republic of Brazil  3.875%   6/12/30  12,700    11,348
  Federative Republic of Brazil  3.750%   9/12/31   5,475     4,742
  Federative Republic of Brazil  6.000%  10/20/33  11,600    11,410
  Federative Republic of Brazil  8.250%   1/20/34   1,600     1,843
  Federative Republic of Brazil  7.125%   1/20/37   6,100     6,524
  Federative Republic of Brazil  5.625%    1/7/41   8,025     7,118
7

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Federative Republic of Brazil  5.000%   1/27/45  12,586     9,920
  Federative Republic of Brazil  5.625%   2/21/47   8,273     7,002
  Federative Republic of Brazil  4.750%   1/14/50  16,485    12,152
                  126,567
Chile (2.1%)                  
  Republic of Chile  3.125%   1/21/26   2,600     2,527
  Republic of Chile  2.750%   1/31/27   5,800     5,481
  Republic of Chile  3.240%    2/6/28   7,690     7,369
  Republic of Chile  2.450%   1/31/31   8,332     7,323
  Republic of Chile  2.550%   1/27/32     600       523
  Republic of Chile  2.550%   7/27/33   8,522     7,146
  Republic of Chile  3.500%   1/31/34   7,650     6,929
  Republic of Chile  3.100%    5/7/41  10,050     7,760
  Republic of Chile  4.340%    3/7/42   7,225     6,561
  Republic of Chile  3.860%   6/21/47   4,625     3,848
  Republic of Chile  3.500%   1/25/50   8,400     6,474
  Republic of Chile  4.000%   1/31/52   3,750     3,113
  Republic of Chile  3.500%   4/15/53   5,450     4,171
  Republic of Chile  3.100%   1/22/61   7,300     4,892
  Republic of Chile  3.250%   9/21/71   3,750     2,498
                  76,615
China (1.4%)                  
  China Government Bond  1.950%   12/3/24   7,900     7,616
  China Government Bond  0.550%  10/21/25   8,220     7,542
  China Government Bond  2.625%   11/2/27   4,324     4,161
  China Government Bond  3.500%  10/19/28   3,600     3,597
  China Government Bond  2.125%   12/3/29   8,200     7,557
  China Government Bond  1.200%  10/21/30   4,950     4,226
  China Government Bond  1.750%  10/26/31   3,200     2,808
  China Government Bond  2.750%   12/3/39   2,775     2,310
  China Government Bond  4.000%  10/19/48   2,000     1,948
  China Government Bond  2.250%  10/21/50   1,200       830
2 China Government Bond  2.500%  10/26/51   2,325     1,662
  China Government Bond  2.500%  10/26/51   1,400     1,015
  Export-Import Bank of China  3.625%   7/31/24   5,275     5,198
                  50,470
Colombia (2.6%)                  
  Republic of Colombia  8.125%   5/21/24   2,380     2,428
  Republic of Colombia  4.500%   1/28/26   6,317     5,991
  Republic of Colombia  3.875%   4/25/27   6,150     5,537
  Republic of Colombia  4.500%   3/15/29   7,225     6,295
  Republic of Colombia  3.000%   1/30/30   5,725     4,387
  Republic of Colombia  3.125%   4/15/31   9,415     6,975
  Republic of Colombia  3.250%   4/22/32   7,675     5,550
  Republic of Colombia  8.000%   4/20/33   5,142     5,131
  Republic of Colombia  7.500%    2/2/34   8,846     8,466
  Republic of Colombia  7.375%   9/18/37   6,562     6,099
  Republic of Colombia  6.125%   1/18/41   8,845     6,961
  Republic of Colombia  4.125%   2/22/42   4,200     2,601
  Republic of Colombia  5.625%   2/26/44   8,875     6,459
  Republic of Colombia  5.000%   6/15/45  16,500    11,044
  Republic of Colombia  5.200%   5/15/49   9,770     6,569
  Republic of Colombia  4.125%   5/15/51   6,050     3,551
8

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Republic of Colombia  3.875%   2/15/61   4,900     2,680
                  96,724
Costa Rica (0.6%)                  
  Republic of Costa Rica  4.375%   4/30/25   1,800     1,770
  Republic of Costa Rica  6.125%   2/19/31   4,650     4,703
2,3 Republic of Costa Rica  6.550%    4/3/34   5,350     5,467
  Republic of Costa Rica  5.625%   4/30/43   1,900     1,661
  Republic of Costa Rica  7.000%    4/4/44   3,530     3,487
  Republic of Costa Rica  7.158%   3/12/45   4,701     4,690
                  21,778
Dominican Republic (2.3%)                  
  Dominican Republic  5.500%   1/27/25   4,850     4,808
  Dominican Republic  6.875%   1/29/26   6,495     6,627
  Dominican Republic  5.950%   1/25/27   6,150     6,106
  Dominican Republic  6.000%   7/19/28   4,919     4,857
2 Dominican Republic  5.500%   2/22/29   2,550     2,433
  Dominican Republic  5.500%   2/22/29   3,950     3,765
  Dominican Republic  4.500%   1/30/30   7,406     6,556
2 Dominican Republic  7.050%    2/3/31   2,000     2,035
2 Dominican Republic  4.875%   9/23/32     700       603
  Dominican Republic  4.875%   9/23/32  10,650     9,200
2 Dominican Republic  6.000%   2/22/33   1,300     1,216
  Dominican Republic  6.000%   2/22/33   6,100     5,689
  Dominican Republic  5.300%   1/21/41   5,450     4,330
  Dominican Republic  7.450%   4/30/44   5,250     5,105
  Dominican Republic  6.850%   1/27/45   7,194     6,492
  Dominican Republic  6.500%   2/15/48   3,600     3,079
  Dominican Republic  6.400%    6/5/49   5,600     4,712
  Dominican Republic  5.875%   1/30/60  11,677     8,943
                  86,556
Ecuador (0.6%)                  
3 Republic of Ecuador  0.000%   7/31/30   3,655     1,127
4 Republic of Ecuador, 2.500% coupon rate effective 7/31/23  1.500%   7/31/40  12,558     4,101
4 Republic of Ecuador, 3.500% coupon rate effective 7/31/23  2.500%   7/31/35  30,976    11,303
4 Republic of Ecuador, 6.000% coupon rate effective 7/31/23  5.500%   7/31/30  13,585     7,167
                  23,698
Egypt (1.7%)                  
  Arab Republic of Egypt  5.750%   5/29/24   4,345     3,632
  Arab Republic of Egypt  5.875%   6/11/25   5,600     4,049
  Arab Republic of Egypt  5.250%   10/6/25   3,150     2,171
  Arab Republic of Egypt  3.875%   2/16/26   2,900     1,871
  Arab Republic of Egypt  7.500%   1/31/27   7,100     4,783
  Arab Republic of Egypt  5.800%   9/30/27   4,725     2,904
  Arab Republic of Egypt  6.588%   2/21/28   4,600     2,837
  Arab Republic of Egypt  7.600%    3/1/29   6,175     3,793
  Arab Republic of Egypt  5.875%   2/16/31   5,375     2,884
  Arab Republic of Egypt  7.053%   1/15/32   3,400     1,885
  Arab Republic of Egypt  7.625%   5/29/32   5,969     3,354
2 Arab Republic of Egypt  7.300%   9/30/33     925       499
  Arab Republic of Egypt  7.300%   9/30/33   3,900     2,109
  Arab Republic of Egypt  6.875%   4/30/40   1,575       807
  Arab Republic of Egypt  8.500%   1/31/47   8,980     4,742
  Arab Republic of Egypt  7.903%   2/21/48   5,800     2,936
  Arab Republic of Egypt  8.700%    3/1/49   5,400     2,875
9

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Arab Republic of Egypt  8.875%   5/29/50   7,340     3,913
2 Arab Republic of Egypt  8.750%   9/30/51     950       502
  Arab Republic of Egypt  8.750%   9/30/51   1,875       995
  Arab Republic of Egypt  8.150%  11/20/59   1,750       895
2 Arab Republic of Egypt  7.500%   2/16/61   3,000     1,500
  Arab Republic of Egypt  7.500%   2/16/61   2,500     1,246
2 Egyptian Financial Co. for Sovereign Taskeek 10.875%   2/28/26   5,425     4,475
                  61,657
El Salvador (0.3%)                  
  Republic of El Salvador  6.375%   1/18/27   2,762     1,743
  Republic of El Salvador  8.625%   2/28/29   2,385     1,395
  Republic of El Salvador  8.250%   4/10/32   1,732       974
  Republic of El Salvador  7.650%   6/15/35   3,650     1,837
  Republic of El Salvador  7.625%    2/1/41   2,518     1,257
  Republic of El Salvador  7.125%   1/20/50   4,275     2,084
2 Republic of El Salvador  9.500%   7/15/52     150        83
  Republic of El Salvador  9.500%   7/15/52   3,350     1,845
                  11,218
Ethiopia (0.1%)                  
  Federal Republic of Ethiopia  6.625%  12/11/24   3,750     2,621
Gabon (0.2%)                  
  Republic of Gabon  6.950%   6/16/25   2,800     2,591
3 Republic of Gabon  6.625%    2/6/31   3,000     2,217
2,3 Republic of Gabon  6.625%    2/6/31     700       517
2 Republic of Gabon  7.000%  11/24/31   2,125     1,569
  Republic of Gabon  7.000%  11/24/31     600       443
                  7,337
Georgia (0.0%)                  
2 Republic of Georgia  2.750%   4/22/26     750       674
  Republic of Georgia  2.750%   4/22/26   1,000       898
                  1,572
Ghana (0.5%)                  
3,5 Republic of Ghana  8.125%   1/18/26   4,645     1,887
3,5 Republic of Ghana  6.375%   2/11/27   6,051     2,290
3,5 Republic of Ghana  7.875%   3/26/27   1,980       772
3,5 Republic of Ghana  7.750%    4/7/29   3,400     1,267
3,5 Republic of Ghana  7.625%   5/16/29   3,700     1,375
3,5 Republic of Ghana 10.750%  10/14/30   3,650     2,502
3,5 Republic of Ghana  8.125%   3/26/32   4,500     1,670
5 Republic of Ghana  8.625%    4/7/34   3,350     1,245
3,5 Republic of Ghana  7.875%   2/11/35   3,854     1,436
2,5 Republic of Ghana  8.875%    5/7/42     200        70
5 Republic of Ghana  8.875%    5/7/42   1,900       670
3,5 Republic of Ghana  8.627%   6/16/49   3,250     1,147
3,5 Republic of Ghana  8.950%   3/26/51   3,725     1,319
2,3,5 Republic of Ghana  8.750%   3/11/61     200        69
3,5 Republic of Ghana  8.750%   3/11/61   3,050     1,070
                  18,789
Guatemala (0.5%)                  
  Republic of Guatemala  4.500%    5/3/26   2,250     2,199
  Republic of Guatemala  4.375%    6/5/27   2,000     1,930
  Republic of Guatemala  4.875%   2/13/28   2,400     2,339
2 Republic of Guatemala  5.250%   8/10/29   1,700     1,660
10

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Republic of Guatemala  4.900%    6/1/30   2,000     1,919
  Republic of Guatemala  5.375%   4/24/32   2,000     1,952
2 Republic of Guatemala  3.700%   10/7/33     900       754
  Republic of Guatemala  3.700%   10/7/33   1,075       899
  Republic of Guatemala  4.650%   10/7/41   2,100     1,721
3 Republic of Guatemala  6.125%    6/1/50   5,000     4,695
                  20,068
Honduras (0.1%)                  
  Republic of Honduras  6.250%   1/19/27   2,570     2,311
  Republic of Honduras  5.625%   6/24/30   2,100     1,664
                  3,975
Hungary (1.3%)                  
2 Republic of Hungary  6.125%   5/22/28   5,300     5,507
  Republic of Hungary  6.125%   5/22/28     200       207
2 Republic of Hungary  5.250%   6/16/29   4,675     4,642
  Republic of Hungary  5.250%   6/16/29   3,150     3,123
2 Republic of Hungary  2.125%   9/22/31   5,200     4,059
  Republic of Hungary  2.125%   9/22/31   2,950     2,308
  Republic of Hungary  6.250%   9/22/32   5,025     5,212
2 Republic of Hungary  5.500%   6/16/34   3,825     3,754
  Republic of Hungary  5.500%   6/16/34   1,800     1,768
  Republic of Hungary  7.625%   3/29/41   5,970     6,796
2 Republic of Hungary  3.125%   9/21/51   4,600     2,849
  Republic of Hungary  3.125%   9/21/51   2,700     1,677
2 Republic of Hungary  6.750%   9/25/52   4,600     4,780
                  46,682
Indonesia (6.8%)                  
  Perusahaan Penerbit SBSN Indonesia III  3.900%   8/20/24   2,450     2,442
  Perusahaan Penerbit SBSN Indonesia III  4.350%   9/10/24   5,200     5,209
  Perusahaan Penerbit SBSN Indonesia III  4.325%   5/28/25   7,619     7,637
  Perusahaan Penerbit SBSN Indonesia III  2.300%   6/23/25   3,005     2,884
  Perusahaan Penerbit SBSN Indonesia III  4.550%   3/29/26   6,320     6,364
2 Perusahaan Penerbit SBSN Indonesia III  1.500%    6/9/26   2,950     2,689
  Perusahaan Penerbit SBSN Indonesia III  1.500%    6/9/26   2,495     2,274
  Perusahaan Penerbit SBSN Indonesia III  4.150%   3/29/27   7,377     7,357
2 Perusahaan Penerbit SBSN Indonesia III  4.400%    6/6/27   3,575     3,590
  Perusahaan Penerbit SBSN Indonesia III  4.400%    6/6/27   3,300     3,314
  Perusahaan Penerbit SBSN Indonesia III  4.400%    3/1/28   5,790     5,829
  Perusahaan Penerbit SBSN Indonesia III  4.450%   2/20/29   3,835     3,872
  Perusahaan Penerbit SBSN Indonesia III  2.800%   6/23/30   3,950     3,563
  Perusahaan Penerbit SBSN Indonesia III  2.550%    6/9/31   3,500     3,068
2 Perusahaan Penerbit SBSN Indonesia III  4.700%    6/6/32   4,400     4,493
  Perusahaan Penerbit SBSN Indonesia III  4.700%    6/6/32   1,050     1,072
  Perusahaan Penerbit SBSN Indonesia III  3.800%   6/23/50   2,900     2,360
2 Perusahaan Penerbit SBSN Indonesia III  3.550%    6/9/51   1,300     1,022
  Perusahaan Penerbit SBSN Indonesia III  3.550%    6/9/51   1,450     1,140
  Republic of Indonesia  4.125%   1/15/25   7,300     7,281
  Republic of Indonesia  4.750%    1/8/26   7,325     7,375
  Republic of Indonesia  4.350%    1/8/27   4,700     4,706
  Republic of Indonesia  3.850%   7/18/27   3,570     3,514
  Republic of Indonesia  4.150%   9/20/27   2,725     2,705
  Republic of Indonesia  3.500%   1/11/28   4,886     4,717
  Republic of Indonesia  4.550%   1/11/28   3,400     3,430
  Republic of Indonesia  4.100%   4/24/28   4,000     3,959
11

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Republic of Indonesia  4.750%   2/11/29   4,558     4,637
  Republic of Indonesia  3.400%   9/18/29   2,450     2,316
  Republic of Indonesia  2.850%   2/14/30   4,600     4,193
  Republic of Indonesia  3.850%  10/15/30   5,800     5,581
  Republic of Indonesia  1.850%   3/12/31   4,650     3,840
  Republic of Indonesia  2.150%   7/28/31   5,050     4,245
  Republic of Indonesia  3.550%   3/31/32   3,800     3,541
  Republic of Indonesia  4.650%   9/20/32   6,500     6,519
  Republic of Indonesia  4.850%   1/11/33   3,280     3,329
  Republic of Indonesia  8.500%  10/12/35   5,600     7,402
  Republic of Indonesia  6.625%   2/17/37   5,112     5,966
  Republic of Indonesia  7.750%   1/17/38   7,150     9,118
  Republic of Indonesia  5.250%   1/17/42   8,250     8,357
  Republic of Indonesia  4.625%   4/15/43   5,210     4,940
  Republic of Indonesia  6.750%   1/15/44   7,255     8,581
  Republic of Indonesia  5.125%   1/15/45   7,401     7,395
  Republic of Indonesia  5.950%    1/8/46   4,616     4,997
  Republic of Indonesia  5.250%    1/8/47   5,350     5,373
  Republic of Indonesia  4.750%   7/18/47   3,700     3,538
  Republic of Indonesia  4.350%   1/11/48   6,350     5,717
  Republic of Indonesia  5.350%   2/11/49   3,173     3,240
  Republic of Indonesia  3.700%  10/30/49   3,550     2,856
  Republic of Indonesia  3.500%   2/14/50   2,900     2,250
  Republic of Indonesia  4.200%  10/15/50   6,650     5,788
  Republic of Indonesia  3.050%   3/12/51   7,300     5,428
  Republic of Indonesia  4.300%   3/31/52   3,200     2,810
  Republic of Indonesia  5.450%   9/20/52   2,000     2,048
  Republic of Indonesia  5.650%   1/11/53   2,480     2,619
  Republic of Indonesia  3.200%   9/23/61   2,400     1,657
  Republic of Indonesia  4.450%   4/15/70   3,700     3,191
  Republic of Indonesia  3.350%   3/12/71   3,075     2,112
                  251,450
Iraq (0.2%)                  
3 Republic of Iraq  5.800%   1/15/28   6,216     5,809
Ivory Coast (0.2%)                  
3 Ivory Coast  6.375%    3/3/28   2,950     2,833
3 Ivory Coast  6.125%   6/15/33   4,600     3,896
                  6,729
Jamaica (0.5%)                  
3 Jamaica  6.750%   4/28/28   5,650     5,953
3 Jamaica  8.000%   3/15/39   4,350     5,271
  Jamaica  7.875%   7/28/45   6,500     7,592
                  18,816
Jordan (0.6%)                  
  Kingdom of Jordan  4.950%    7/7/25   1,800     1,734
  Kingdom of Jordan  6.125%   1/29/26   3,500     3,440
  Kingdom of Jordan  5.750%   1/31/27   3,600     3,449
  Kingdom of Jordan  7.750%   1/15/28   1,800     1,828
2 Kingdom of Jordan  7.500%   1/13/29   5,750     5,761
  Kingdom of Jordan  5.850%    7/7/30   4,261     3,835
  Kingdom of Jordan  7.375%  10/10/47   3,650     3,086
                  23,133
12

 

Emerging Markets Government Bond Index Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Kazakhstan (0.7%)                  
  Republic of Kazakhstan  3.875%  10/14/24   5,720     5,732
  Republic of Kazakhstan  5.125%   7/21/25   9,000     9,286
  Republic of Kazakhstan  4.875%  10/14/44   2,950     2,711
  Republic of Kazakhstan  4.875%  10/14/44     850       781
  Republic of Kazakhstan  6.500%   7/21/45   5,280     5,640
                  24,150
Kenya (0.5%)                  
  Republic of Kenya  6.875%   6/24/24   7,025     6,081
  Republic of Kenya  7.000%   5/22/27   3,600     2,902
  Republic of Kenya  7.250%   2/28/28   3,600     2,784
  Republic of Kenya  8.000%   5/22/32   4,550     3,426
2 Republic of Kenya  6.300%   1/23/34   1,100       717
  Republic of Kenya