Vanguard® Global Wellington Fund
Schedule of Investments (unaudited)
As of May 31, 2024
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 (65.4%) | ||||||
Austria (1.0%) | ||||||
Erste Group Bank AG | 483,297 | 23,749 | ||||
Finland (0.7%) | ||||||
Nokia OYJ | 4,615,505 | 18,053 | ||||
France (4.7%) | ||||||
TotalEnergies SE | 524,104 | 38,398 | ||||
BNP Paribas SA | 313,668 | 23,154 | ||||
Arkema SA | 202,227 | 20,724 | ||||
Engie SA | 1,186,511 | 20,101 | ||||
Vinci SA | 50,800 | 6,340 | ||||
Societe Generale SA | 184,901 | 5,538 | ||||
114,255 | ||||||
Germany (0.8%) | ||||||
Daimler Truck Holding AG | 473,975 | 20,280 | ||||
Hong Kong (0.9%) | ||||||
AIA Group Ltd. | 2,766,800 | 21,490 | ||||
Japan (6.8%) | ||||||
Tokio Marine Holdings Inc. | 691,791 | 23,967 | ||||
Sumitomo Mitsui Trust Holdings Inc. | 964,500 | 22,424 | ||||
Isuzu Motors Ltd. | 1,651,114 | 22,128 | ||||
Honda Motor Co. Ltd. | 1,817,200 | 20,578 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,720,322 | 18,273 | ||||
BIPROGY Inc. | 549,600 | 14,557 | ||||
Mitsubishi Estate Co. Ltd. | 730,800 | 12,324 | ||||
Marui Group Co. Ltd. | 587,365 | 8,758 | ||||
Nippon Telegraph & Telephone Corp. | 8,797,600 | 8,639 | ||||
Astellas Pharma Inc. | 791,100 | 7,767 | ||||
Resona Holdings Inc. | 953,500 | 6,619 | ||||
166,034 | ||||||
South Korea (0.9%) | ||||||
Samsung Electronics Co. Ltd. | 428,816 | 22,720 | ||||
Spain (0.4%) | ||||||
Iberdrola SA | 680,541 | 8,982 | ||||
Sweden (1.3%) | ||||||
Autoliv Inc. | 167,990 | 21,431 | ||||
Alfa Laval AB | 220,342 | 10,240 | ||||
31,671 | ||||||
Switzerland (3.0%) | ||||||
Novartis AG (Registered) | 346,765 | 35,890 | ||||
Nestle SA (Registered) | 263,402 | 27,959 | ||||
Zurich Insurance Group AG | 20,810 | 10,952 | ||||
74,801 | ||||||
Taiwan (1.1%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,063,175 | 27,226 | ||||
United Kingdom (6.6%) | ||||||
AstraZeneca plc ADR | 479,793 | 37,434 | ||||
Unilever plc | 543,912 | 29,786 | ||||
Diageo plc | 759,453 | 25,569 | ||||
Rotork plc | 4,555,299 | 19,772 | ||||
BAE Systems plc | 1,099,649 | 19,580 | ||||
WPP plc | 1,477,452 | 15,465 | ||||
Derwent London plc | 454,182 | 13,534 | ||||
161,140 |
Shares | Market Value ($000) | |||||
United States (37.2%) | ||||||
Microsoft Corp. | 84,054 | 34,893 | ||||
Chubb Ltd. | 125,489 | 33,985 | ||||
Cisco Systems Inc. | 713,383 | 33,172 | ||||
Johnson & Johnson | 223,302 | 32,752 | ||||
Duke Energy Corp. | 311,002 | 32,210 | ||||
JPMorgan Chase & Co. | 157,558 | 31,926 | ||||
Merck & Co. Inc. | 241,382 | 30,303 | ||||
American Express Co. | 121,128 | 29,071 | ||||
Texas Instruments Inc. | 147,195 | 28,704 | ||||
UnitedHealth Group Inc. | 55,521 | 27,503 | ||||
United Parcel Service Inc. Class B | 186,316 | 25,885 | ||||
Northrop Grumman Corp. | 55,862 | 25,181 | ||||
American Tower Corp. | 128,577 | 25,168 | ||||
Accenture plc Class A | 87,524 | 24,707 | ||||
* | Alphabet Inc. Class A | 139,440 | 24,053 | |||
General Motors Co. | 533,985 | 24,024 | ||||
Pfizer Inc. | 834,190 | 23,908 | ||||
Deere & Co. | 58,482 | 21,917 | ||||
Colgate-Palmolive Co. | 231,882 | 21,556 | ||||
General Dynamics Corp. | 70,194 | 21,042 | ||||
Sempra | 272,319 | 20,977 | ||||
Medtronic plc | 248,919 | 20,255 | ||||
Bank of America Corp. | 499,013 | 19,956 | ||||
Exelon Corp. | 531,288 | 19,950 | ||||
PepsiCo Inc. | 111,608 | 19,297 | ||||
PNC Financial Services Group Inc. | 122,393 | 19,263 | ||||
Gilead Sciences Inc. | 297,101 | 19,095 | ||||
Diamondback Energy Inc. | 92,267 | 18,385 | ||||
Coterra Energy Inc. | 622,348 | 17,749 | ||||
EQT Corp. | 373,735 | 15,357 | ||||
BlackRock Inc. | 19,386 | 14,967 | ||||
Kenvue Inc. | 772,546 | 14,910 | ||||
Intel Corp. | 466,624 | 14,395 | ||||
Home Depot Inc. | 42,943 | 14,380 | ||||
Shell plc | 394,151 | 14,227 | ||||
Marsh & McLennan Cos. Inc. | 68,450 | 14,209 | ||||
LyondellBasell Industries NV Class A | 141,159 | 14,034 | ||||
Union Pacific Corp. | 60,142 | 14,002 | ||||
Walt Disney Co. | 125,378 | 13,028 | ||||
Honeywell International Inc. | 64,167 | 12,974 | ||||
Visa Inc. Class A | 36,950 | 10,067 | ||||
TJX Cos. Inc. | 80,929 | 8,344 | ||||
Mondelez International Inc. Class A | 70,159 | 4,808 | ||||
KLA Corp. | 5,233 | 3,975 | ||||
Caterpillar Inc. | 10,157 | 3,438 | ||||
914,002 | ||||||
Total Common Stocks (Cost $1,241,960) | 1,604,403 | |||||
Coupon | Maturity Date | Face Amount ($000) | ||||
U.S. Government and Agency Obligations (5.4%) | ||||||
1,2 | Fannie Mae REMICS | 2.000% | 9/25/40 | 8 | 8 | |
1,2 | Fannie Mae REMICS | 2.500% | 5/25/45 | 829 | 754 | |
1,2 | Fannie Mae REMICS | 3.000% | 3/25/45–2/25/49 | 1,732 | 1,524 | |
1,2 | Fannie Mae REMICS | 3.500% | 6/25/44 | 63 | 61 | |
1,2 | Freddie Mac REMICS | 1.750% | 9/15/42 | 431 | 392 | |
1,2 | Freddie Mac REMICS | 2.000% | 7/25/50 | 1,062 | 890 | |
1,2 | Freddie Mac REMICS | 4.000% | 9/15/41 | 679 | 642 | |
1 | Ginnie Mae II Pool | 2.000% | 12/20/50–2/20/51 | 1,202 | 964 | |
1 | Ginnie Mae II Pool | 2.500% | 3/20/51–12/20/52 | 1,895 | 1,580 | |
1,3 | Ginnie Mae II Pool | 3.000% | 11/20/49–6/15/54 | 2,493 | 2,155 | |
1 | Ginnie Mae II Pool | 3.500% | 1/20/52–3/20/52 | 2,614 | 2,335 | |
1 | Ginnie Mae II Pool | 4.000% | 5/20/52–8/20/52 | 1,688 | 1,552 | |
1 | Ginnie Mae II Pool | 4.500% | 3/20/53 | 1,294 | 1,224 | |
1 | Ginnie Mae REMICS | 2.500% | 10/20/49 | 2,447 | 2,091 | |
1 | Ginnie Mae REMICS | 2.750% | 9/20/44 | 49 | 46 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
1,2 | UMBS Pool | 2.000% | 4/1/41–8/1/51 | 9,090 | 7,151 | |
1,2 | UMBS Pool | 2.500% | 1/1/52 | 3,778 | 3,074 | |
1,2,3 | UMBS Pool | 3.000% | 6/1/51–6/25/54 | 8,477 | 7,154 | |
1,2 | UMBS Pool | 3.500% | 7/1/51–4/1/52 | 2,525 | 2,241 | |
1,2,3 | UMBS Pool | 4.000% | 3/1/46–6/25/54 | 4,541 | 4,157 | |
1,2 | UMBS Pool | 4.500% | 1/1/38–11/1/52 | 3,996 | 3,838 | |
1,2,3 | UMBS Pool | 5.000% | 11/1/43–7/25/54 | 9,576 | 9,245 | |
1,2 | UMBS Pool | 5.500% | 1/1/53–9/1/53 | 11,196 | 11,030 | |
1,2,3 | UMBS Pool | 6.000% | 2/1/53–6/25/54 | 21,245 | 21,307 | |
4 | United States Treasury Note/Bond | 2.000% | 11/15/41 | 3,462 | 2,346 | |
United States Treasury Note/Bond | 2.375% | 2/15/42 | 288 | 207 | ||
5 | United States Treasury Note/Bond | 3.750% | 12/31/30 | 1,149 | 1,100 | |
United States Treasury Note/Bond | 3.875% | 2/15/43–5/15/43 | 4,773 | 4,262 | ||
United States Treasury Note/Bond | 4.000% | 2/29/28 | 1,020 | 1,000 | ||
United States Treasury Note/Bond | 4.125% | 2/15/27–8/15/53 | 1,023 | 987 | ||
5 | United States Treasury Note/Bond | 4.250% | 3/15/27–2/15/54 | 9,631 | 9,040 | |
United States Treasury Note/Bond | 4.375% | 12/15/26–8/15/43 | 5,222 | 5,085 | ||
United States Treasury Note/Bond | 4.500% | 3/31/26–2/15/44 | 6,958 | 6,812 | ||
5 | United States Treasury Note/Bond | 4.625% | 11/15/26–5/15/54 | 12,730 | 12,746 | |
United States Treasury Note/Bond | 4.750% | 11/15/43 | 4,169 | 4,180 | ||
Total U.S. Government and Agency Obligations (Cost $136,578) | 133,180 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (0.9%) | ||||||
Bermuda (0.0%) | ||||||
1,6 | Start II Ltd. Series 2019-1 | 4.089% | 3/15/44 | 105 | 100 | |
Cayman Islands (0.0%) | ||||||
1,6 | Horizon Aircraft Finance II Ltd. Series 2019-1 | 3.721% | 7/15/39 | 150 | 136 | |
United States (0.9%) | ||||||
1,6 | Aaset Trust Series 2019-1 | 3.844% | 5/15/39 | 32 | 28 | |
1,6 | Aligned Data Centers Issuer LLC Series 2021-1A | 1.937% | 8/15/46 | 1,260 | 1,153 | |
1,6,7 | BX Trust Series 2021-ARIA, TSFR1M + 1.411% | 6.728% | 10/15/36 | 1,290 | 1,275 | |
1,6 | Castlelake Aircraft Structured Trust Series 2019-1A | 3.967% | 4/15/39 | 149 | 134 | |
1,6 | CF Hippolyta Issuer LLC Series 2020-1 | 1.690% | 7/15/60 | 365 | 344 | |
1,6 | CF Hippolyta Issuer LLC Series 2021-1A | 1.530% | 3/15/61 | 1,041 | 949 | |
1,6 | CF Hippolyta Issuer LLC Series 2022-1A | 5.970% | 8/15/62 | 459 | 450 | |
1,6,7 | Connecticut Avenue Securities Trust Series 2021-R01, SOFR30A + 1.550% | 6.874% | 10/25/41 | 242 | 244 | |
1,6 | Enterprise Fleet Financing LLC Series 2023-3 | 6.400% | 3/20/30 | 2,160 | 2,181 | |
1,2 | Freddie Mac Multifamily Structured Pass-Through Certificates Series K142 | 2.400% | 3/25/32 | 1,600 | 1,342 | |
1,2 | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 106 | 98 | |
1,6 | Home Partners of America Trust Series 2021-2 | 2.302% | 12/17/26 | 1,168 | 1,072 | |
1,6 | Kubota Credit Owner Trust Series 2023-2A | 5.280% | 1/18/28 | 1,335 | 1,332 | |
1,6 | Navient Private Education Refi Loan Trust Series 2023-A | 5.510% | 10/15/71 | 1,490 | 1,485 | |
1,6 | New Economy Assets Phase 1 Sponsor LLC Series 2021-1 | 1.910% | 10/20/61 | 2,015 | 1,784 | |
1,6 | New Economy Assets Phase 1 Sponsor LLC Series 2021-1 | 2.410% | 10/20/61 | 425 | 362 | |
1,6 | Retained Vantage Data Centers Issuer LLC Series 2023-1A | 5.000% | 9/15/48 | 2,950 | 2,835 | |
1,6 | Towd Point Mortgage Trust Series 2018-1 | 3.000% | 1/25/58 | 43 | 42 | |
1,6 | Wheels Fleet Lease Funding LLC Series 2023-1A | 5.800% | 4/18/38 | 2,506 | 2,505 | |
1,6 | Wheels Fleet Lease Funding LLC Series 2023-2A | 6.460% | 8/18/38 | 1,480 | 1,493 | |
21,108 | ||||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $21,525) | 21,344 | |||||
Corporate Bonds (20.8%) | ||||||
Australia (0.4%) | ||||||
6 | Commonwealth Bank of Australia | 5.071% | 9/14/28 | 2,915 | 2,915 | |
6 | Glencore Funding LLC | 5.371% | 4/4/29 | 1,115 | 1,108 | |
6 | Glencore Funding LLC | 6.375% | 10/6/30 | 4,563 | 4,749 | |
6 | Glencore Funding LLC | 6.500% | 10/6/33 | 689 | 720 | |
6 | Glencore Funding LLC | 5.893% | 4/4/54 | 630 | 613 | |
10,105 | ||||||
Belgium (0.4%) | ||||||
1,8 | Anheuser-Busch InBev SA/NV | 1.650% | 3/28/31 | 635 | 611 | |
1,8 | Anheuser-Busch InBev SA/NV | 2.750% | 3/17/36 | 2,025 | 1,990 | |
Anheuser-Busch InBev Worldwide Inc. | 4.600% | 4/15/48 | 27 | 24 | ||
Anheuser-Busch InBev Worldwide Inc. | 5.550% | 1/23/49 | 837 | 838 | ||
1,8 | Argenta Spaarbank NV | 1.000% | 10/13/26 | 3,600 | 3,740 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
8 | Crelan SA | 5.250% | 1/23/32 | 2,800 | 3,162 | |
10,365 | ||||||
Canada (0.7%) | ||||||
6 | Constellation Software Inc. | 5.158% | 2/16/29 | 310 | 308 | |
6 | Constellation Software Inc. | 5.461% | 2/16/34 | 3,905 | 3,888 | |
6 | Element Fleet Management Corp. | 5.643% | 3/13/27 | 985 | 985 | |
9 | Emera Inc. | 4.838% | 5/2/30 | 3,000 | 2,163 | |
Emera US Finance LP | 2.639% | 6/15/31 | 1,365 | 1,113 | ||
Emera US Finance LP | 4.750% | 6/15/46 | 1,853 | 1,498 | ||
9 | Enbridge Inc. | 6.100% | 11/9/32 | 3,388 | 2,636 | |
Fortis Inc. | 3.055% | 10/4/26 | 853 | 807 | ||
9 | Rogers Communications Inc. | 3.250% | 5/1/29 | 5,711 | 3,894 | |
TransCanada PipeLines Ltd. | 4.875% | 1/15/26 | 440 | 436 | ||
17,728 | ||||||
Denmark (0.4%) | ||||||
1,8 | Danfoss Finance II BV | 4.125% | 12/2/29 | 2,925 | 3,221 | |
6 | Danske Bank A/S | 6.466% | 1/9/26 | 3,193 | 3,201 | |
6 | Danske Bank A/S | 1.621% | 9/11/26 | 1,320 | 1,251 | |
6 | Danske Bank A/S | 6.259% | 9/22/26 | 200 | 201 | |
1,10 | Danske Bank A/S | 2.250% | 1/14/28 | 1,440 | 1,685 | |
6 | Danske Bank A/S | 5.705% | 3/1/30 | 725 | 725 | |
10,284 | ||||||
France (1.5%) | ||||||
1,8 | Banque Federative du Credit Mutuel SA | 4.375% | 5/2/30 | 3,100 | 3,438 | |
8 | Banque Federative du Credit Mutuel SA | 3.875% | 6/16/32 | 3,400 | 3,636 | |
1,8 | BNP Paribas SA | 0.125% | 9/4/26 | 600 | 603 | |
6 | BNP Paribas SA | 5.335% | 6/12/29 | 3,132 | 3,125 | |
1,8 | BNP Paribas SA | 4.250% | 4/13/31 | 2,900 | 3,216 | |
1,8 | BNP Paribas SA | 1.125% | 1/15/32 | 800 | 797 | |
6 | BNP Paribas SA | 5.894% | 12/5/34 | 1,635 | 1,681 | |
6 | BPCE SA | 3.250% | 1/11/28 | 525 | 488 | |
6 | BPCE SA | 5.281% | 5/30/29 | 680 | 677 | |
6 | BPCE SA | 6.714% | 10/19/29 | 2,005 | 2,084 | |
6 | BPCE SA | 2.277% | 1/20/32 | 1,100 | 890 | |
1,8 | BPCE SA | 1.750% | 2/2/34 | 2,900 | 2,805 | |
6 | BPCE SA | 5.936% | 5/30/35 | 465 | 465 | |
8 | BPCE SFH SA | 3.000% | 10/17/29 | 2,800 | 2,998 | |
1,8 | Carmila SA | 5.500% | 10/9/28 | 1,600 | 1,816 | |
1,8 | Credit Agricole SA | 3.875% | 11/28/34 | 1,000 | 1,101 | |
6 | Danone SA | 2.947% | 11/2/26 | 555 | 526 | |
1,8 | Engie SA | 0.375% | 6/11/27 | 2,300 | 2,262 | |
1,8 | Engie SA | 4.000% | 1/11/35 | 1,000 | 1,091 | |
1,8 | Engie SA | 2.000% | 9/28/37 | 1,300 | 1,117 | |
6 | WEA Finance LLC | 2.875% | 1/15/27 | 215 | 198 | |
6 | WEA Finance LLC | 3.500% | 6/15/29 | 475 | 421 | |
35,435 | ||||||
Germany (0.7%) | ||||||
6 | Daimler Truck Finance North America LLC | 5.150% | 1/16/26 | 580 | 577 | |
6 | Daimler Truck Finance North America LLC | 5.125% | 1/19/28 | 185 | 184 | |
Deutsche Bank AG | 6.119% | 7/14/26 | 3,528 | 3,533 | ||
Deutsche Bank AG | 6.819% | 11/20/29 | 1,530 | 1,589 | ||
1,10 | E.ON International Finance BV | 6.250% | 6/3/30 | 675 | 903 | |
1,10 | E.ON International Finance BV | 6.375% | 6/7/32 | 2,112 | 2,861 | |
1,8 | E.ON SE | 4.125% | 3/25/44 | 1,065 | 1,131 | |
1,8 | Eurogrid GmbH | 3.279% | 9/5/31 | 2,700 | 2,835 | |
8 | Sirius Real Estate Ltd. | 1.750% | 11/24/28 | 3,900 | 3,622 | |
17,235 | ||||||
Ireland (0.0%) | ||||||
6 | Avolon Holdings Funding Ltd. | 2.125% | 2/21/26 | 707 | 662 | |
Italy (1.0%) | ||||||
8 | Autostrade per l'Italia SpA | 2.000% | 12/4/28 | 4,030 | 3,994 | |
8 | Autostrade per l'Italia SpA | 2.000% | 1/15/30 | 1,500 | 1,449 | |
1,8 | Autostrade per l'Italia SpA | 5.125% | 6/14/33 | 895 | 1,009 | |
1,8 | Banco BPM SpA | 0.750% | 3/15/27 | 2,950 | 2,949 | |
1,8 | BPER Banca SpA | 3.750% | 10/22/28 | 4,100 | 4,489 | |
1,8 | Credit Agricole Italia SpA | 1.000% | 9/30/31 | 300 | 275 | |
1,8 | Credit Agricole Italia SpA | 3.500% | 7/15/33 | 1,800 | 1,965 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
1,8 | Credit Agricole Italia SpA | 3.500% | 3/11/36 | 1,400 | 1,523 | |
6 | Eni SpA | 5.950% | 5/15/54 | 850 | 841 | |
8 | Intesa Sanpaolo SpA | 3.625% | 6/30/28 | 6,000 | 6,521 | |
8 | Mediobanca Banca di Credito Finanziario SpA | 2.375% | 6/30/27 | 450 | 469 | |
25,484 | ||||||
Japan (0.2%) | ||||||
6 | NTT Finance Corp. | 1.162% | 4/3/26 | 1,180 | 1,095 | |
1,11 | Toyota Motor Finance Netherlands BV | 2.130% | 6/15/27 | 3,255 | 3,638 | |
4,733 | ||||||
Luxembourg (0.2%) | ||||||
1,8 | P3 Group Sarl | 1.625% | 1/26/29 | 3,570 | 3,401 | |
Mexico (0.0%) | ||||||
America Movil SAB de CV | 3.625% | 4/22/29 | 275 | 255 | ||
America Movil SAB de CV | 6.375% | 3/1/35 | 385 | 412 | ||
667 | ||||||
Netherlands (0.0%) | ||||||
1,8 | Koninklijke KPN NV | 0.875% | 11/15/33 | 1,100 | 918 | |
Norway (0.3%) | ||||||
1,8 | Aker BP ASA | 1.125% | 5/12/29 | 1,990 | 1,888 | |
6 | Aker BP ASA | 3.750% | 1/15/30 | 3,901 | 3,574 | |
6 | Aker BP ASA | 4.000% | 1/15/31 | 2,335 | 2,110 | |
7,572 | ||||||
Portugal (0.3%) | ||||||
8 | Banco BPI SA | 3.625% | 7/4/28 | 5,100 | 5,559 | |
1,8 | EDP - Energias de Portugal SA | 3.875% | 6/26/28 | 2,100 | 2,282 | |
7,841 | ||||||
South Africa (0.1%) | ||||||
1,8 | Anglo American Capital plc | 4.750% | 9/21/32 | 1,375 | 1,539 | |
Spain (0.4%) | ||||||
1,8 | Banco de Sabadell SA | 3.500% | 8/28/26 | 3,900 | 4,219 | |
1,8 | CaixaBank SA | 4.250% | 9/6/30 | 2,400 | 2,680 | |
1,8 | CaixaBank SA | 5.125% | 7/19/34 | 1,600 | 1,850 | |
8 | Cajamar Caja Rural SCC | 3.375% | 7/25/29 | 600 | 646 | |
9,395 | ||||||
Switzerland (0.9%) | ||||||
6 | Alcon Finance Corp. | 3.000% | 9/23/29 | 5,946 | 5,348 | |
6 | Alcon Finance Corp. | 5.750% | 12/6/52 | 200 | 201 | |
8 | Sika Capital BV | 1.500% | 4/29/31 | 2,525 | 2,379 | |
UBS AG | 7.500% | 2/15/28 | 4,023 | 4,296 | ||
UBS AG | 5.650% | 9/11/28 | 4,613 | 4,692 | ||
1,8 | UBS Group AG | 4.750% | 3/17/32 | 2,690 | 3,043 | |
6 | UBS Group AG | 6.301% | 9/22/34 | 1,720 | 1,795 | |
21,754 | ||||||
United Arab Emirates (0.4%) | ||||||
6 | Abu Dhabi Developmental Holding Co. PJSC | 5.375% | 5/8/29 | 2,395 | 2,412 | |
6 | Abu Dhabi Developmental Holding Co. PJSC | 5.500% | 5/8/34 | 2,400 | 2,438 | |
6 | DAE Funding LLC | 1.550% | 8/1/24 | 1,915 | 1,898 | |
6 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 4,068 | 3,448 | |
10,196 | ||||||
United Kingdom (1.3%) | ||||||
6 | Ashtead Capital Inc. | 2.450% | 8/12/31 | 2,607 | 2,101 | |
6 | Ashtead Capital Inc. | 5.500% | 8/11/32 | 600 | 586 | |
6 | Ashtead Capital Inc. | 5.550% | 5/30/33 | 385 | 375 | |
6 | Ashtead Capital Inc. | 5.950% | 10/15/33 | 630 | 631 | |
6 | Ashtead Capital Inc. | 5.800% | 4/15/34 | 815 | 810 | |
AstraZeneca plc | 4.000% | 1/17/29 | 831 | 798 | ||
6 | BAE Systems plc | 5.250% | 3/26/31 | 580 | 575 | |
BAT Capital Corp. | 6.343% | 8/2/30 | 1,316 | 1,373 | ||
8 | BUPA Finance plc | 5.000% | 10/12/30 | 3,815 | 4,296 | |
10 | Grainger plc | 3.000% | 7/3/30 | 3,610 | 3,879 | |
10 | Hammerson plc | 7.250% | 4/21/28 | 1,075 | 1,407 | |
1,10 | Heathrow Funding Ltd. | 2.750% | 10/13/29 | 1,805 | 2,034 | |
HSBC Holdings plc | 5.597% | 5/17/28 | 2,875 | 2,883 | ||
1,10 | National Grid Electricity Transmission plc | 2.000% | 9/16/38 | 1,145 | 944 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
1,10 | National Grid Electricity Transmission plc | 2.000% | 4/17/40 | 890 | 697 | |
1,8 | National Grid plc | 0.163% | 1/20/28 | 1,700 | 1,617 | |
1,8 | National Grid plc | 3.875% | 1/16/29 | 2,125 | 2,310 | |
8 | Nationwide Building Society | 3.625% | 3/15/28 | 295 | 323 | |
1,8 | Severn Trent Utilities Finance plc | 4.000% | 3/5/34 | 1,010 | 1,071 | |
Smith & Nephew plc | 5.400% | 3/20/34 | 2,205 | 2,161 | ||
30,871 | ||||||
United States (11.6%) | ||||||
AbbVie Inc. | 4.950% | 3/15/31 | 1,500 | 1,489 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 1,428 | 1,231 | ||
AbbVie Inc. | 5.350% | 3/15/44 | 115 | 113 | ||
AbbVie Inc. | 5.400% | 3/15/54 | 280 | 276 | ||
1 | Alabama Power Co. | 4.300% | 7/15/48 | 281 | 230 | |
American Express Co. | 6.489% | 10/30/31 | 72 | 77 | ||
American Express Co. | 5.043% | 5/1/34 | 3,458 | 3,380 | ||
American International Group Inc. | 3.400% | 6/30/30 | 1,078 | 975 | ||
8 | American Medical Systems Europe BV | 3.500% | 3/8/32 | 1,300 | 1,381 | |
6 | American Transmission Systems Inc. | 2.650% | 1/15/32 | 1,178 | 972 | |
AT&T Inc. | 3.500% | 6/1/41 | 1,052 | 803 | ||
AT&T Inc. | 4.300% | 12/15/42 | 1,604 | 1,338 | ||
AT&T Inc. | 4.750% | 5/15/46 | 3,960 | 3,450 | ||
6 | Athene Global Funding | 1.450% | 1/8/26 | 2,913 | 2,724 | |
6 | Athene Global Funding | 2.500% | 3/24/28 | 2,813 | 2,515 | |
6 | Athene Global Funding | 5.583% | 1/9/29 | 1,890 | 1,888 | |
Bank of America Corp. | 2.482% | 9/21/36 | 3,947 | 3,156 | ||
Bank of America Corp. | 3.311% | 4/22/42 | 1,211 | 917 | ||
12 | Berkshire Hathaway Inc. | 0.170% | 9/13/24 | 1,190,000 | 7,559 | |
8 | Booking Holdings Inc. | 4.500% | 11/15/31 | 285 | 323 | |
8 | Booking Holdings Inc. | 4.125% | 5/12/33 | 1,210 | 1,337 | |
6 | Boston Gas Co. | 3.001% | 8/1/29 | 143 | 127 | |
BP Capital Markets America Inc. | 4.812% | 2/13/33 | 615 | 595 | ||
BP Capital Markets America Inc. | 5.227% | 11/17/34 | 1,535 | 1,519 | ||
BP Capital Markets America Inc. | 2.939% | 6/4/51 | 1,375 | 876 | ||
1,9 | BP Capital Markets plc | 3.470% | 5/15/25 | 1,350 | 976 | |
Brixmor Operating Partnership LP | 2.500% | 8/16/31 | 886 | 723 | ||
6 | Broadcom Inc. | 3.469% | 4/15/34 | 6,765 | 5,705 | |
Capital One Financial Corp. | 7.149% | 10/29/27 | 6,284 | 6,496 | ||
Capital One Financial Corp. | 5.700% | 2/1/30 | 270 | 270 | ||
8 | Carrier Global Corp. | 4.500% | 11/29/32 | 1,855 | 2,084 | |
Charter Communications Operating LLC | 4.200% | 3/15/28 | 6,901 | 6,489 | ||
Charter Communications Operating LLC | 2.250% | 1/15/29 | 215 | 183 | ||
Charter Communications Operating LLC | 5.050% | 3/30/29 | 655 | 628 | ||
Charter Communications Operating LLC | 6.384% | 10/23/35 | 391 | 381 | ||
Charter Communications Operating LLC | 3.700% | 4/1/51 | 672 | 411 | ||
Cheniere Energy Partners LP | 4.500% | 10/1/29 | 3,159 | 3,003 | ||
Cheniere Energy Partners LP | 4.000% | 3/1/31 | 3,915 | 3,537 | ||
Citizens Financial Group Inc. | 5.841% | 1/23/30 | 615 | 611 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 358 | 309 | ||
3,6 | CNO Global Funding | 5.875% | 6/4/27 | 1,930 | 1,935 | |
Coca-Cola Consolidated Inc. | 5.250% | 6/1/29 | 2,731 | 2,738 | ||
Coca-Cola Consolidated Inc. | 5.450% | 6/1/34 | 795 | 799 | ||
6 | Columbia Pipelines Holding Co. LLC | 5.681% | 1/15/34 | 455 | 446 | |
6 | Columbia Pipelines Operating Co. LLC | 5.927% | 8/15/30 | 479 | 486 | |
6 | Columbia Pipelines Operating Co. LLC | 6.497% | 8/15/43 | 1,810 | 1,885 | |
8 | Comcast Corp. | 0.000% | 9/14/26 | 3,225 | 3,221 | |
Comcast Corp. | 3.250% | 11/1/39 | 726 | 554 | ||
Comcast Corp. | 4.000% | 3/1/48 | 44 | 35 | ||
Comcast Corp. | 3.999% | 11/1/49 | 132 | 102 | ||
Comcast Corp. | 2.887% | 11/1/51 | 1,560 | 970 | ||
Comcast Corp. | 4.049% | 11/1/52 | 11 | 9 | ||
Comcast Corp. | 2.937% | 11/1/56 | 1,595 | 958 | ||
Comcast Corp. | 2.650% | 8/15/62 | 25 | 14 | ||
Comcast Corp. | 2.987% | 11/1/63 | 21 | 12 | ||
Commonwealth Edison Co. | 3.650% | 6/15/46 | 39 | 29 | ||
Commonwealth Edison Co. | 4.000% | 3/1/48 | 270 | 210 | ||
1 | Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/37 | 83 | 88 | |
Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/54 | 319 | 271 | ||
Consolidated Edison Co. of New York Inc. | 4.500% | 5/15/58 | 165 | 134 | ||
Corebridge Financial Inc. | 4.350% | 4/5/42 | 2,410 | 1,991 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
6 | Corebridge Global Funding | 5.900% | 9/19/28 | 2,152 | 2,187 | |
6 | Cox Communications Inc. | 4.800% | 2/1/35 | 100 | 91 | |
CVS Health Corp. | 2.875% | 6/1/26 | 1,602 | 1,523 | ||
CVS Health Corp. | 4.300% | 3/25/28 | 124 | 119 | ||
CVS Health Corp. | 4.125% | 4/1/40 | 259 | 209 | ||
CVS Health Corp. | 5.050% | 3/25/48 | 138 | 119 | ||
Dignity Health | 3.812% | 11/1/24 | 594 | 585 | ||
Discovery Communications LLC | 4.125% | 5/15/29 | 205 | 189 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 1,096 | 964 | ||
Discovery Communications LLC | 5.300% | 5/15/49 | 1,063 | 862 | ||
Discovery Communications LLC | 4.000% | 9/15/55 | 2,015 | 1,280 | ||
1 | Dominion Energy Inc. | 3.375% | 4/1/30 | 285 | 256 | |
Dominion Energy Inc. | 5.375% | 11/15/32 | 3,141 | 3,105 | ||
1 | Dominion Energy Inc. | 4.900% | 8/1/41 | 807 | 714 | |
1 | Dominion Energy Inc. | 4.850% | 8/15/52 | 431 | 370 | |
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 172 | 186 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 124 | 124 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 300 | 292 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 230 | 200 | ||
Eaton Corp. | 4.700% | 8/23/52 | 160 | 145 | ||
Energy Transfer LP | 6.000% | 6/15/48 | 2,761 | 2,666 | ||
6 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 165 | 158 | |
6 | Equitable Financial Life Global Funding | 1.300% | 7/12/26 | 1,123 | 1,026 | |
6 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 908 | 797 | |
6 | ERAC USA Finance LLC | 5.200% | 10/30/34 | 1,315 | 1,292 | |
Extra Space Storage LP | 5.500% | 7/1/30 | 2,140 | 2,140 | ||
Extra Space Storage LP | 5.900% | 1/15/31 | 620 | 631 | ||
1 | FirstEnergy Corp. | 4.150% | 7/15/27 | 1,610 | 1,536 | |
6 | FirstEnergy Pennsylvania Electric Co. | 5.150% | 3/30/26 | 65 | 64 | |
6 | FirstEnergy Pennsylvania Electric Co. | 3.250% | 3/15/28 | 1,766 | 1,639 | |
6 | FirstEnergy Pennsylvania Electric Co. | 5.200% | 4/1/28 | 88 | 88 | |
6 | FirstEnergy Pennsylvania Electric Co. | 3.600% | 6/1/29 | 229 | 212 | |
Florida Power & Light Co. | 5.050% | 4/1/28 | 270 | 270 | ||
8 | Fortive Corp. | 3.700% | 8/15/29 | 3,515 | 3,787 | |
6 | Foundry JV Holdco LLC | 5.900% | 1/25/30 | 420 | 426 | |
6 | Foundry JV Holdco LLC | 6.150% | 1/25/32 | 1,940 | 1,979 | |
6 | Foundry JV Holdco LLC | 6.250% | 1/25/35 | 3,109 | 3,176 | |
6 | Foundry JV Holdco LLC | 6.400% | 1/25/38 | 1,812 | 1,862 | |
6 | GA Global Funding Trust | 5.500% | 1/8/29 | 6,029 | 6,004 | |
8 | General Mills Inc. | 3.907% | 4/13/29 | 1,470 | 1,602 | |
Georgia Power Co. | 4.300% | 3/15/42 | 4,635 | 3,963 | ||
Georgia Power Co. | 5.125% | 5/15/52 | 478 | 443 | ||
GLP Capital LP | 6.750% | 12/1/33 | 3,418 | 3,556 | ||
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 3,975 | 3,697 | ||
6 | Gray Oak Pipeline LLC | 2.600% | 10/15/25 | 480 | 459 | |
6 | Gray Oak Pipeline LLC | 3.450% | 10/15/27 | 77 | 72 | |
HCA Inc. | 5.450% | 4/1/31 | 625 | 621 | ||
Healthpeak OP LLC | 3.500% | 7/15/29 | 369 | 339 | ||
HEICO Corp. | 5.350% | 8/1/33 | 4,115 | 4,074 | ||
Home Depot Inc. | 3.300% | 4/15/40 | 2,411 | 1,871 | ||
6 | Hyundai Capital America | 6.250% | 11/3/25 | 6,046 | 6,087 | |
Icon Investments Six DAC | 5.849% | 5/8/29 | 425 | 430 | ||
Icon Investments Six DAC | 6.000% | 5/8/34 | 2,888 | 2,941 | ||
Intel Corp. | 5.600% | 2/21/54 | 1,083 | 1,045 | ||
Intercontinental Exchange Inc. | 4.350% | 6/15/29 | 2,949 | 2,848 | ||
Intercontinental Exchange Inc. | 4.950% | 6/15/52 | 391 | 358 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 550 | 531 | ||
6 | ITC Holdings Corp. | 4.950% | 9/22/27 | 584 | 576 | |
JPMorgan Chase & Co. | 2.947% | 2/24/28 | 1,476 | 1,386 | ||
1 | JPMorgan Chase & Co. | 3.964% | 11/15/48 | 1,074 | 858 | |
1 | Kaiser Foundation Hospitals | 2.810% | 6/1/41 | 1,200 | 863 | |
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 650 | 606 | ||
Kenvue Inc. | 5.050% | 3/22/53 | 1,741 | 1,634 | ||
6 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 440 | 412 | |
Kite Realty Group LP | 5.500% | 3/1/34 | 2,159 | 2,105 | ||
LKQ Corp. | 5.750% | 6/15/28 | 578 | 584 | ||
LKQ Corp. | 6.250% | 6/15/33 | 557 | 572 | ||
8 | LKQ Dutch Bond BV | 4.125% | 3/13/31 | 2,855 | 3,078 | |
LXP Industrial Trust | 6.750% | 11/15/28 | 3,555 | 3,675 | ||
6 | Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | 606 | 409 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Memorial Sloan-Kettering Cancer Center | 4.125% | 7/1/52 | 150 | 123 | ||
Merck & Co. Inc. | 5.000% | 5/17/53 | 1,342 | 1,255 | ||
6 | Met Tower Global Funding | 5.250% | 4/12/29 | 770 | 769 | |
1 | Morgan Stanley | 3.125% | 7/27/26 | 2,037 | 1,946 | |
1 | Morgan Stanley | 3.772% | 1/24/29 | 628 | 595 | |
8 | Morgan Stanley | 0.497% | 2/7/31 | 1,495 | 1,344 | |
1 | Morgan Stanley | 2.511% | 10/20/32 | 5,120 | 4,207 | |
Morgan Stanley | 5.466% | 1/18/35 | 200 | 199 | ||
Morgan Stanley | 5.948% | 1/19/38 | 1,578 | 1,567 | ||
MPLX LP | 5.500% | 6/1/34 | 1,405 | 1,374 | ||
8 | MSD Netherlands Capital BV | 3.750% | 5/30/54 | 2,035 | 2,141 | |
Nasdaq Inc. | 5.950% | 8/15/53 | 215 | 218 | ||
Nasdaq Inc. | 6.100% | 6/28/63 | 198 | 203 | ||
NextEra Energy Capital Holdings Inc. | 5.749% | 9/1/25 | 804 | 805 | ||
NiSource Inc. | 5.250% | 3/30/28 | 534 | 533 | ||
6 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 252 | 192 | |
6 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 40 | 27 | |
6 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 184 | 186 | |
Oglethorpe Power Corp. | 5.050% | 10/1/48 | 177 | 155 | ||
Oracle Corp. | 3.650% | 3/25/41 | 1,345 | 1,030 | ||
Oracle Corp. | 4.500% | 7/8/44 | 981 | 818 | ||
Oracle Corp. | 3.950% | 3/25/51 | 1,129 | 831 | ||
Pacific Gas & Electric Co. | 5.800% | 5/15/34 | 1,473 | 1,469 | ||
Pacific Gas & Electric Co. | 4.500% | 7/1/40 | 2,453 | 2,034 | ||
Pacific Gas & Electric Co. | 4.200% | 6/1/41 | 2,754 | 2,172 | ||
6 | Penske Truck Leasing Co. LP | 4.000% | 7/15/25 | 180 | 177 | |
6 | Penske Truck Leasing Co. LP | 5.875% | 11/15/27 | 2,370 | 2,398 | |
Philip Morris International Inc. | 5.125% | 2/13/31 | 1,355 | 1,334 | ||
Philip Morris International Inc. | 5.250% | 2/13/34 | 5,006 | 4,901 | ||
Piedmont Natural Gas Co. Inc. | 4.650% | 8/1/43 | 877 | 753 | ||
Progressive Corp. | 3.950% | 3/26/50 | 1,336 | 1,055 | ||
1,8 | Prologis Euro Finance LLC | 4.250% | 1/31/43 | 1,390 | 1,468 | |
Providence St. Joseph Health Obligated Group | 5.403% | 10/1/33 | 2,488 | 2,486 | ||
1 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 225 | 172 | |
1 | Prudential Financial Inc. | 3.700% | 3/13/51 | 1,663 | 1,212 | |
Public Service Enterprise Group Inc. | 5.200% | 4/1/29 | 1,375 | 1,366 | ||
Public Service Enterprise Group Inc. | 5.450% | 4/1/34 | 780 | 770 | ||
8 | Realty Income Corp. | 4.875% | 7/6/30 | 5,610 | 6,301 | |
6 | RGA Global Funding | 5.448% | 5/24/29 | 1,400 | 1,401 | |
Royalty Pharma plc | 3.300% | 9/2/40 | 2,790 | 2,020 | ||
Royalty Pharma plc | 3.350% | 9/2/51 | 1,821 | 1,160 | ||
RTX Corp. | 4.450% | 11/16/38 | 725 | 639 | ||
1 | San Diego Gas & Electric Co. | 4.100% | 6/15/49 | 287 | 225 | |
6 | SBA Tower Trust | 1.884% | 1/15/26 | 245 | 229 | |
6 | SBA Tower Trust | 1.631% | 11/15/26 | 2,265 | 2,046 | |
1 | SCE Recovery Funding LLC | 0.861% | 11/15/31 | 289 | 246 | |
1 | SCE Recovery Funding LLC | 1.942% | 5/15/38 | 165 | 120 | |
1 | SCE Recovery Funding LLC | 2.510% | 11/15/43 | 95 | 64 | |
6 | Schlumberger Holdings Corp. | 5.000% | 11/15/29 | 1,260 | 1,245 | |
Shell International Finance BV | 4.000% | 5/10/46 | 330 | 266 | ||
Shell International Finance BV | 3.000% | 11/26/51 | 1,338 | 871 | ||
1 | Southern California Edison Co. | 3.700% | 8/1/25 | 30 | 29 | |
1 | Southern California Edison Co. | 2.950% | 2/1/51 | 870 | 541 | |
Southern California Edison Co. | 5.875% | 12/1/53 | 894 | 893 | ||
Southern Co. | 4.400% | 7/1/46 | 7 | 6 | ||
Southern Co. Gas Capital Corp. | 5.750% | 9/15/33 | 710 | 726 | ||
1 | SSM Health Care Corp. | 3.823% | 6/1/27 | 320 | 308 | |
1 | Sutter Health | 2.294% | 8/15/30 | 190 | 162 | |
Targa Resources Corp. | 6.150% | 3/1/29 | 1,040 | 1,072 | ||
6 | Texas Electric Market Stabilization Funding N LLC | 4.265% | 8/1/34 | 1,453 | 1,390 | |
T-Mobile USA Inc. | 2.050% | 2/15/28 | 2,175 | 1,943 | ||
T-Mobile USA Inc. | 5.750% | 1/15/54 | 844 | 839 | ||
T-Mobile USA Inc. | 6.000% | 6/15/54 | 168 | 173 | ||
Toledo Hospital | 5.750% | 11/15/38 | 205 | 203 | ||
Tyson Foods Inc. | 5.700% | 3/15/34 | 3,069 | 3,051 | ||
1 | United Airlines Pass-Through Trust Class B Series 2018-1 | 4.600% | 3/1/26 | 34 | 33 | |
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 903 | 865 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 264 | 222 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 72 | 59 | ||
UnitedHealth Group Inc. | 4.750% | 5/15/52 | 99 | 88 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
UnitedHealth Group Inc. | 5.050% | 4/15/53 | 1,809 | 1,671 | ||
Verizon Communications Inc. | 2.875% | 11/20/50 | 250 | 157 | ||
Verizon Communications Inc. | 2.987% | 10/30/56 | 1,758 | 1,071 | ||
Verizon Communications Inc. | 3.000% | 11/20/60 | 260 | 155 | ||
6 | VICI Properties LP | 4.250% | 12/1/26 | 6,101 | 5,869 | |
1,9 | Walt Disney Co. | 3.057% | 3/30/27 | 2,350 | 1,645 | |
Warnermedia Holdings Inc. | 4.054% | 3/15/29 | 1,157 | 1,066 | ||
1,9 | Wells Fargo & Co. | 2.975% | 5/19/26 | 625 | 443 | |
Wells Fargo & Co. | 6.303% | 10/23/29 | 2,147 | 2,220 | ||
1 | Wells Fargo & Co. | 2.879% | 10/30/30 | 479 | 422 | |
Wells Fargo & Co. | 5.389% | 4/24/34 | 1,000 | 984 | ||
1 | Wells Fargo & Co. | 4.611% | 4/25/53 | 2,063 | 1,760 | |
Welltower OP LLC | 4.125% | 3/15/29 | 3,840 | 3,646 | ||
Westinghouse Air Brake Technologies Corp. | 5.611% | 3/11/34 | 3,870 | 3,882 | ||
8 | WP Carey Inc. | 4.250% | 7/23/32 | 3,600 | 3,858 | |
285,482 | ||||||
Total Corporate Bonds (Cost $518,553) | 511,667 | |||||
Sovereign Bonds (3.6%) | ||||||
Australia (0.2%) | ||||||
1,13 | Commonwealth of Australia | 2.750% | 11/21/27 | 135 | 86 | |
1,13 | Commonwealth of Australia | 2.250% | 5/21/28 | 4,036 | 2,511 | |
1,13 | Commonwealth of Australia | 1.000% | 11/21/31 | 1,401 | 740 | |
1,13 | Commonwealth of Australia | 4.500% | 4/21/33 | 582 | 392 | |
3,729 | ||||||
Bermuda (0.0%) | ||||||
1,6 | Bermuda | 2.375% | 8/20/30 | 200 | 167 | |
1,6 | Bermuda | 3.375% | 8/20/50 | 200 | 133 | |
300 | ||||||
Bulgaria (0.1%) | ||||||
1,8 | Republic of Bulgaria | 4.500% | 1/27/33 | 2,320 | 2,646 | |
Canada (0.7%) | ||||||
9 | Canadian Government Bond | 0.750% | 10/1/24 | 1,395 | 1,011 | |
9 | Canadian Government Bond | 4.500% | 2/1/26 | 1,553 | 1,143 | |
9 | Canadian Government Bond | 2.750% | 9/1/27 | 1,700 | 1,207 | |
9 | Canadian Government Bond | 1.500% | 6/1/31 | 350 | 223 | |
9 | Canadian Government Bond | 3.250% | 12/1/33 | 1,652 | 1,176 | |
9 | Canadian Government Bond | 3.000% | 6/1/34 | 1,321 | 919 | |
9 | Canadian Government Bond | 3.500% | 12/1/45 | 693 | 504 | |
9 | Canadian Government Bond | 2.000% | 12/1/51 | 250 | 135 | |
9 | Canadian Government Bond | 1.750% | 12/1/53 | 634 | 316 | |
9 | City of Montreal | 3.150% | 12/1/36 | 750 | 472 | |
9 | City of Montreal | 3.500% | 12/1/38 | 410 | 262 | |
9 | City of Montreal | 2.400% | 12/1/41 | 1,000 | 528 | |
9 | City of Toronto | 3.200% | 8/1/48 | 1,000 | 568 | |
9 | Municipal Finance Authority of British Columbia | 4.950% | 12/1/27 | 2,200 | 1,660 | |
1,13 | Province of British Columbia | 5.250% | 5/23/34 | 6,850 | 4,561 | |
9 | Province of Ontario | 2.900% | 6/2/28 | 1,910 | 1,347 | |
1,11 | Province of Ontario | 0.250% | 6/28/29 | 985 | 1,024 | |
9 | Regional Municipality of York | 2.150% | 6/22/31 | 800 | 513 | |
17,569 | ||||||
Chile (0.0%) | ||||||
1 | Corp. Nacional del Cobre de Chile | 3.625% | 8/1/27 | 650 | 612 | |
France (0.2%) | ||||||
1,6,8 | French Republic | 2.000% | 11/25/32 | 3,790 | 3,787 | |
Germany (0.6%) | ||||||
1,8 | Federal Republic of Germany | 3.100% | 12/12/25 | 9,560 | 10,352 | |
8 | Federal Republic of Germany | 2.200% | 2/15/34 | 1,710 | 1,783 | |
8 | Federal Republic of Germany | 2.500% | 8/15/54 | 1,960 | 2,007 | |
14,142 | ||||||
Israel (0.1%) | ||||||
State of Israel | 5.375% | 3/12/29 | 2,245 | 2,205 | ||
State of Israel | 5.500% | 3/12/34 | 299 | 286 | ||
2,491 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Japan (0.4%) | ||||||
1,12 | Japan | 0.000% | 6/3/24 | 232,150 | 1,476 | |
1,12 | Japan | 0.000% | 11/11/24 | 729,750 | 4,639 | |
1,12 | Japan | 1.100% | 6/20/43 | 276,400 | 1,562 | |
1,12 | Japan | 0.700% | 6/20/51 | 117,800 | 533 | |
1,12 | Japan | 0.700% | 9/20/51 | 87,500 | 394 | |
1,12 | Japan | 1.200% | 6/20/53 | 72,900 | 370 | |
8,974 | ||||||
Mexico (0.1%) | ||||||
1 | United Mexican States | 6.400% | 5/7/54 | 2,275 | 2,194 | |
Norway (0.1%) | ||||||
Equinor ASA | 3.000% | 4/6/27 | 1,701 | 1,614 | ||
Qatar (0.0%) | ||||||
1,6 | State of Qatar | 5.103% | 4/23/48 | 255 | 243 | |
1,6 | State of Qatar | 4.400% | 4/16/50 | 780 | 668 | |
911 | ||||||
Saudi Arabia (0.3%) | ||||||
1,6 | Kingdom of Saudi Arabia | 5.000% | 1/16/34 | 2,990 | 2,913 | |
1,6 | Kingdom of Saudi Arabia | 5.000% | 1/18/53 | 765 | 670 | |
1,6 | Kingdom of Saudi Arabia | 5.750% | 1/16/54 | 3,768 | 3,634 | |
1,6 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 680 | 631 | |
7,848 | ||||||
Spain (0.0%) | ||||||
6,8 | Kingdom of Spain | 0.600% | 10/31/29 | 1,050 | 1,000 | |
Supranational (0.7%) | ||||||
1,8 | European Investment Bank | 1.500% | 10/16/48 | 2,760 | 2,099 | |
1,8 | European Union | 0.000% | 7/4/35 | 1,740 | 1,340 | |
1,8 | European Union | 0.200% | 6/4/36 | 5,385 | 4,129 | |
1,8 | European Union | 4.000% | 4/4/44 | 1,410 | 1,644 | |
1,8 | European Union | 2.625% | 2/4/48 | 6,155 | 5,868 | |
1,8 | European Union | 3.000% | 3/4/53 | 1,415 | 1,404 | |
16,484 | ||||||
United Kingdom (0.1%) | ||||||
10 | United Kingdom | 3.250% | 1/22/44 | 860 | 891 | |
10 | United Kingdom | 0.625% | 10/22/50 | 4,905 | 2,431 | |
3,322 | ||||||
Total Sovereign Bonds (Cost $93,613) | 87,623 | |||||
Taxable Municipal Bonds (0.5%) | ||||||
United States (0.5%) | ||||||
Broward County FL Airport System Revenue | 3.477% | 10/1/43 | 110 | 89 | ||
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue | 6.899% | 12/1/40 | 339 | 375 | ||
Dallas-Fort Worth TX International Airport Revenue | 3.089% | 11/1/40 | 90 | 71 | ||
Dallas-Fort Worth TX International Airport Revenue | 4.087% | 11/1/51 | 55 | 45 | ||
Dallas-Fort Worth TX International Airport Revenue | 4.507% | 11/1/51 | 110 | 97 | ||
Georgia Municipal Electric Power Authority Revenue | 6.637% | 4/1/57 | 906 | 1,018 | ||
Golden State Tobacco Securitization Corp. California Revenue | 3.000% | 6/1/46 | 130 | 120 | ||
Grand Parkway Transportation Corp. Texas System Toll Revenue | 3.236% | 10/1/52 | 320 | 228 | ||
Illinois GO | 5.100% | 6/1/33 | 3,765 | 3,690 | ||
14 | Kansas Development Finance Authority Revenue | 2.774% | 5/1/51 | 475 | 323 | |
15 | Kansas Development Finance Authority Revenue (Employees Retirement System) | 5.371% | 5/1/26 | 220 | 220 | |
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 3.395% | 10/15/40 | 175 | 143 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.200% | 11/15/26 | 15 | 15 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.668% | 11/15/39 | 170 | 184 | ||
New York Metropolitan Transportation Authority Revenue (Build America Bonds) | 6.814% | 11/15/40 | 805 | 876 | ||
16 | Philadelphia PA Authority for Industrial Development Revenue | 6.550% | 10/15/28 | 635 | 674 | |
Port Authority of New York & New Jersey Revenue | 5.647% | 11/1/40 | 2,060 | 2,130 | ||
Port Authority of New York & New Jersey Revenue | 4.458% | 10/1/62 | 225 | 196 | ||
Texas Natural Gas Securitization Finance Corp. Revenue (Winter Storm Uri) | 5.102% | 4/1/35 | 951 | 949 | ||
Texas Natural Gas Securitization Finance Corp. Revenue (Winter Storm Uri) | 5.169% | 4/1/41 | 745 | 739 | ||
Total Taxable Municipal Bonds (Cost $13,219) | 12,182 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (3.5%) | ||||||
Money Market Fund (3.5%) | ||||||
17 | Vanguard Market Liquidity Fund (Cost $86,612) | 5.397% | 866,401 | 86,631 | ||
Total Investments (100.1%) (Cost $2,112,060) | 2,457,030 | |||||
Other Assets and Liabilities—Net (-0.1%) | (1,936) | |||||
Net Assets (100%) | 2,455,094 |
Cost is in $000. |
* | Non-income-producing security. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
3 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2024. |
4 | Securities with a value of $754,000 have been segregated as initial margin for open futures contracts. |
5 | Securities with a value of $3,189,000 have been segregated as collateral for open forward currency contracts. |
6 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2024, the aggregate value was $160,258,000, representing 6.5% of net assets. |
7 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
8 | Face amount denominated in euro. |
9 | Face amount denominated in Canadian dollars. |
10 | Face amount denominated in British pounds. |
11 | Face amount denominated in Swiss francs. |
12 | Face amount denominated in Japanese yen. |
13 | Face amount denominated in Australian dollars. |
14 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
15 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
16 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
17 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
ADR—American Depositary Receipt. | |
DAC—Designated Activity Company. | |
GO—General Obligation Bond. | |
REMICS—Real Estate Mortgage Investment Conduits. | |
SOFR30A—30 Day Average Secured Overnight Financing Rate. | |
TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. | |
UMBS—Uniform Mortgage-Backed Securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Short Futures Contracts | ||||
5-Year U.S. Treasury Note | September 2024 | (4) | (423) | 1 |
Euro-Bobl | June 2024 | (15) | (1,887) | 14 |
Euro-Buxl | June 2024 | (22) | (3,018) | 92 |
Ultra 10-Year U.S. Treasury Note | September 2024 | (135) | (15,124) | 34 |
141 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
Goldman Sachs International | 6/28/24 | EUR | 2,152 | USD | 2,340 | — | (3) |
Bank of America, N.A. | 6/28/24 | EUR | 1,759 | USD | 1,907 | 3 | — |
Bank of America, N.A. | 6/28/24 | GBP | 507 | USD | 646 | 1 | — |
JPMorgan Chase Bank, N.A. | 6/28/24 | GBP | 2 | USD | 3 | — | — |
Bank of America, N.A. | 6/28/24 | JPY | 270,800 | USD | 1,727 | 1 | — |
Goldman Sachs International | 6/28/24 | USD | 11,304 | AUD | 17,012 | — | (23) |
JPMorgan Chase Bank, N.A. | 6/28/24 | USD | 23,111 | CAD | 31,706 | — | (163) |
Bank of America, N.A. | 6/28/24 | AUD | 900 | CAD | 818 | — | (1) |
JPMorgan Chase Bank, N.A. | 6/28/24 | USD | 4,737 | CHF | 4,314 | — | (57) |
JPMorgan Chase Bank, N.A. | 6/28/24 | USD | 179,672 | EUR | 165,419 | — | (9) |
Goldman Sachs International | 6/28/24 | USD | 4,384 | EUR | 4,041 | — | (5) |
JPMorgan Chase Bank, N.A. | 6/28/24 | GBP | 2,921 | EUR | 3,427 | 1 | — |
JPMorgan Chase Bank, N.A. | 6/28/24 | USD | 24,827 | GBP | 19,480 | 2 | — |
Goldman Sachs International | 6/28/24 | USD | 8,339 | JPY | 1,302,773 | 24 | — |
JPMorgan Chase Bank, N.A. | 6/28/24 | USD | 4,751 | JPY | 743,000 | 9 | — |
Goldman Sachs International | 6/28/24 | AUD | 3,555 | JPY | 366,900 | 25 | — |
Bank of America, N.A. | 6/28/24 | GBP | 1,169 | JPY | 231,758 | 11 | — |
Bank of America, N.A. | 6/28/24 | USD | 3 | SEK | 30 | — | — |
77 | (261) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
JPY—Japanese yen. |
SEK—Swedish krona. |
USD—U.S. dollar. |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.
D. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund’s portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased.
E. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
F. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open
contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).
G. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of May 31, 2024, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 899,775 | 14,227 | — | 914,002 |
Common Stocks—Other | 58,865 | 631,536 | — | 690,401 |
U.S. Government and Agency Obligations | — | 133,180 | — | 133,180 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 21,344 | — | 21,344 |
Corporate Bonds | — | 511,667 | — | 511,667 |
Sovereign Bonds | — | 87,623 | — | 87,623 |
Taxable Municipal Bonds | — | 12,182 | — | 12,182 |
Temporary Cash Investments | 86,631 | — | — | 86,631 |
Total | 1,045,271 | 1,411,759 | — | 2,457,030 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 141 | — | — | 141 |
Forward Currency Contracts | — | 77 | — | 77 |
Total | 141 | 77 | — | 218 |
Liabilities | ||||
Forward Currency Contracts | — | 261 | — | 261 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |