Contents

About Your Fund's Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	74
Liquidity Risk Management	76

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:

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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.

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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 Stock Index Fund
Investor Shares	$1,000.00	$1,152.50	$1.55
FTSE Emerging Markets ETF Shares	1,000.00	1,153.70	0.43
Admiral™ Shares	1,000.00	1,153.80	0.75
Institutional Shares	1,000.00	1,154.00	0.53
Institutional Plus Shares	1,000.00	1,153.90	0.43
Based on Hypothetical 5% Yearly Return
Emerging Markets Stock Index Fund
Investor Shares	$1,000.00	$1,023.36	$1.45
FTSE Emerging Markets ETF Shares	1,000.00	1,024.40	0.40
Admiral Shares	1,000.00	1,024.10	0.70
Institutional Shares	1,000.00	1,024.30	0.50
Institutional Plus Shares	1,000.00	1,024.40	0.40

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 0.29% for Investor Shares, 0.08% for FTSE Emerging Markets ETF Shares, 0.14% for Admiral Shares, 0.10% for Institutional Shares, and 0.08% for Institutional Plus 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).

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Emerging Markets Stock Index Fund

Fund Allocation

As of April 30, 2023

China	34.0%
Taiwan	17.4
India	16.9
Brazil	5.8
Saudi Arabia	4.6
South Africa	3.7
Mexico	3.1
Thailand	2.8
Indonesia	2.4
Malaysia	1.9
United Arab Emirates	1.6
Kuwait	1.0
Turkey	1.0
Qatar	1.0
Other	2.8

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.

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Emerging Markets Stock 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.

					Shares	Market Value• ($000)
Common Stocks (98.2%)
Brazil (5.6%)
	Vale SA				53,792,499	780,821
	Petroleo Brasileiro SA				59,811,330	319,814
	Petroleo Brasileiro SA Preference Shares				61,982,461	294,515
	Itau Unibanco Holding SA Preference Shares				54,656,375	284,032
	B3 SA - Brasil Bolsa Balcao				83,971,405	196,637
	Banco Bradesco SA Preference Shares				62,547,887	173,681
	Ambev SA				59,845,654	169,897
	WEG SA				20,594,264	169,782
	Centrais Eletricas Brasileiras SA				18,779,225	127,446
	Localiza Rent a Car SA				10,900,010	126,771
	Itausa SA Preference Shares				71,765,654	124,890
	Banco do Brasil SA				11,838,379	101,727
	Raia Drogasil SA				14,910,149	78,559
	Suzano SA				9,698,085	77,386
	Banco BTG Pactual SA				16,212,684	76,126
	Itau Unibanco Holding SA ADR				13,857,804	71,368
	Equatorial Energia SA				12,978,803	71,142
	Rumo SA				17,565,635	69,378
	Gerdau SA Preference Shares				13,738,134	69,354
	JBS SA				18,577,107	66,669
*	Petro Rio SA				9,419,889	65,628
	BB Seguridade Participacoes SA				9,451,121	65,012
	Banco Bradesco SA				21,725,025	54,097
	Cosan SA				16,601,861	49,861
	Telefonica Brasil SA				5,980,085	49,301
1	Rede D'Or Sao Luiz SA				10,705,015	49,085
	Cia Energetica de Minas Gerais Preference Shares				19,479,492	48,232
	Lojas Renner SA				13,544,812	43,015
	CCR SA				15,790,245	42,960
	Hypera SA				5,598,389	41,810
	Vibra Energia SA				15,555,005	41,166
	Klabin SA				10,459,738	40,117
*	Eneva SA				17,056,911	38,814
	Sendas Distribuidora SA				14,487,422	35,697
	Ultrapar Participacoes SA				11,596,019	33,571
*	Embraer SA				8,335,469	32,454
	TOTVS SA				6,283,770	32,327
	Energisa SA				3,792,438	31,782
*	Cia de Saneamento Basico do Estado de Sao Paulo SABESP				3,353,944	31,019
*,1	Hapvida Participacoes e Investimentos SA				55,625,522	30,780
*	Natura & Co. Holding SA				13,312,085	29,518
*	Magazine Luiza SA				42,514,137	28,469
	Petroleo Brasileiro SA ADR				2,924,752	27,756
	TIM SA				9,723,682	27,293
	Aliansce Sonae Shopping Centers SA				6,385,254	23,862
2	Banco Bradesco SA ADR				8,388,022	23,486
	Transmissora Alianca de Energia Eletrica SA				3,012,292	22,025
	Metalurgica Gerdau SA Preference Shares				9,306,259	21,755
	Engie Brasil Energia SA				2,535,016	20,955
*	Multiplan Empreendimentos Imobiliarios SA				3,960,145	20,564
	Centrais Eletricas Brasileiras SA Preference Shares Class B				2,555,309	18,653
	Kinea Indice de Precos FII				1,012,607	18,600
	Cielo SA				16,389,686	17,941
	Cia Paranaense de Energia ADR				2,268,435	17,558

					Shares	Market Value• ($000)
	CPFL Energia SA				2,631,947	17,487
	Itau Unibanco Holding SA				3,889,912	17,228
	Santos Brasil Participacoes SA				10,012,106	16,982
	Bradespar SA Preference Shares				3,567,484	16,951
2	Banco Santander Brasil SA ADR				3,101,965	16,782
	Cia Siderurgica Nacional SA				5,885,582	16,768
	EDP - Energias do Brasil SA				3,654,995	16,488
	Auren Energia SA				5,045,886	15,964
	Atacadao SA				7,360,775	15,864
*	3R Petroleum Oleo E Gas SA				2,379,732	15,110
1	GPS Participacoes e Empreendimentos SA				5,901,318	14,896
	Cia Paranaense de Energia Preference Shares				9,078,620	14,598
	Sao Martinho SA				2,274,987	14,322
*	BRF SA				11,238,343	14,285
	Tres Tentos Agroindustrial SA				6,328,471	13,766
	Porto Seguro SA				2,646,136	13,332
	Arezzo Industria e Comercio SA				925,967	12,323
*	Cyrela Brazil Realty SA Empreendimentos e Participacoes				3,883,238	12,029
	SLC Agricola SA				1,368,258	11,933
	Caixa Seguridade Participacoes SA				6,283,200	11,917
*	Cia de Saneamento do Parana				3,103,030	11,820
*,2	Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR				1,274,724	11,791
	CSHG Logistica FI Imobiliario				350,492	11,419
	CTEEP-Cia de Transmissao de Energia Eletrica Paulista Preference Shares				2,292,246	10,593
*	Cogna Educacao SA				25,742,500	10,529
	Grupo De Moda Soma SA				6,248,790	10,524
	Raizen SA Preference Shares				16,402,435	10,490
	Banco Santander Brasil SA				1,916,877	10,326
	Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A				7,137,089	10,303
	Kinea Rendimentos Imobiliarios FII				528,734	10,280
	Petroreconcavo SA				2,601,296	10,264
	Fleury SA				3,494,585	10,173
	M Dias Branco SA				1,734,445	9,945
	Kinea Renda Imobiliaria FII				339,410	9,935
	Neoenergia SA				3,142,659	9,735
	FII Iridium				592,403	9,383
	Unipar Carbocloro SA Preference Shares Class B				683,473	8,941
	Cia de Saneamento de Minas Gerais Copasa MG				2,574,370	8,795
	Alupar Investimento SA				1,618,829	8,776
	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA				3,542,440	8,679
*	Azul SA Preference Shares				3,892,842	8,476
	Odontoprev SA				4,105,974	8,232
*	Log-in Logistica Intermodal SA				1,045,500	8,106
*	Via SA				21,595,573	7,967
	Grendene SA				4,797,397	7,858
	XP Log FII				375,000	7,518
*	Braskem SA Preference Shares Class A				1,887,969	7,491
	AES Brasil Energia SA				3,456,100	7,400
	Cia Energetica de Minas Gerais ADR				3,055,900	7,395
2	Cia Siderurgica Nacional SA ADR				2,553,679	7,278
*	Omega Energia SA				3,903,647	7,232
*	Embraer SA ADR				454,270	7,018
*	IRB-Brasil Resseguros SA				1,087,477	6,861

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund

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Emerging Markets Stock Index Fund