# EDGAR Filing Document

**Accession Number:** 0000836906
**File Stem:** 0001104659-26-068852
**Filing Date:** 2026-6
**Character Count:** 545540
**Document Hash:** 6d3144bfe1aa7ce7c9f0cfc4aa85b234
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-068852.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001104659-26-068852

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD MALVERN FUNDS
- **CENTRAL INDEX KEY:** 0000836906

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05628
- **FILM NUMBER:** 261050046

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD ASSET ALLOCATION FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Short-Term Inflation-Protected Securities Index Fund (Series ID: S000038501)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118814 | Admiral Shares       | VTAPX           |
| C000118815 | ETF Shares           | VTIP            |
| C000118816 | Institutional Shares | VTSPX           |
| C000118817 | Investor Shares      | VTIPX           |

### Vanguard Emerging Markets Bond Fund (Series ID: S000053069)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000166997 | Admiral Shares  | VEGBX           |
| C000166998 | Investor Shares | VEMBX           |

### Vanguard Short Duration Bond ETF (Series ID: S000091408)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259071 | ETF Shares   | VSDB            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-05628**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Malvern Funds** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | **Natalie Lamarque, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: September 30

Date of reporting period: October 1, 2025—March 31, 2026

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Short-Term Inflation-Protected Securities Index Fund](#classnamecf499c8e-d5a0-4d79-92f4-3bdee0cc18ce)<br> **[Investor Shares - VTIPX](#classnamecf499c8e-d5a0-4d79-92f4-3bdee0cc18ce)**  |
|  [Short-Term Inflation-Protected Securities Index Fund](#classnameedd60ae0-bf3d-4323-a915-05d4e7b10016)<br> **[ETF Shares - VTIP](#classnameedd60ae0-bf3d-4323-a915-05d4e7b10016)**  |
|  [Short-Term Inflation-Protected Securities Index Fund](#classname5e09d8f5-afdb-46bf-bb52-a3cef5f306db)<br> **[Admiral™ Shares - VTAPX](#classname5e09d8f5-afdb-46bf-bb52-a3cef5f306db)**  |
|  [Short-Term Inflation-Protected Securities Index Fund](#classname5a0ed6b3-8a78-414a-bb57-654156477743)<br> **[Institutional Shares - VTSPX](#classname5a0ed6b3-8a78-414a-bb57-654156477743)**  |
|  [Emerging Markets Bond Fund](#classname0250b892-a10f-493c-8da9-4b25e33351d8)<br> **[Investor Shares - VEMBX](#classname0250b892-a10f-493c-8da9-4b25e33351d8)**  |
|  [Emerging Markets Bond Fund](#classname4ed89273-8960-4bfb-a1f6-8e0461ee48b5)<br> **[Admiral™ Shares - VEGBX](#classname4ed89273-8960-4bfb-a1f6-8e0461ee48b5)**  |
|  [Short Duration Bond ETF](#classnamef03afae1-74f7-4e0c-899e-9aad53bb21fc)<br> **[ETF Shares - VSDB](#classnamef03afae1-74f7-4e0c-899e-9aad53bb21fc)**  |

---

# Vanguard Short-Term Inflation-Protected Securities Index Fund
![Image](tm2611750d8_ncsrsimg001.jpg)

#### Investor Shares (VTIPX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Short-Term Inflation-Protected Securities Index Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $65953 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## Distribution by Stated Maturity % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Less than 1 Year | 18.1% |
| 1 to 3 Years | 40.7% |
| 3 to 5 Years | 40.8% |
| Other Assets and Liabilities—Net | 0.4% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1967

# Vanguard Short-Term Inflation-Protected Securities Index Fund
![Image](tm2611750d8_ncsrsimg001.jpg)

#### ETF Shares (VTIP) Nasdaq

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Short-Term Inflation-Protected Securities Index Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $2 | 0.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $65953 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## Distribution by Stated Maturity % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Less than 1 Year | 18.1% |
| 1 to 3 Years | 40.7% |
| 3 to 5 Years | 40.8% |
| Other Assets and Liabilities—Net | 0.4% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR3365

# Vanguard Short-Term Inflation-Protected Securities Index Fund
![Image](tm2611750d8_ncsrsimg001.jpg)

#### Admiral™ Shares (VTAPX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Short-Term Inflation-Protected Securities Index Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $3 | 0.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $65953 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## Distribution by Stated Maturity % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Less than 1 Year | 18.1% |
| 1 to 3 Years | 40.7% |
| 3 to 5 Years | 40.8% |
| Other Assets and Liabilities—Net | 0.4% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR567

# Vanguard Short-Term Inflation-Protected Securities Index Fund
![Image](tm2611750d8_ncsrsimg001.jpg)

#### Institutional Shares (VTSPX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Short-Term Inflation-Protected Securities Index Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $2 | 0.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $65953 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## Distribution by Stated Maturity % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Less than 1 Year | 18.1% |
| 1 to 3 Years | 40.7% |
| 3 to 5 Years | 40.8% |
| Other Assets and Liabilities—Net | 0.4% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Institutional Investor Services** • 800-523-1036

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1867

# Vanguard Emerging Markets Bond Fund
![Image](tm2611750d8_ncsrsimg001.jpg)

#### Investor Shares (VEMBX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Emerging Markets Bond Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5462 |
| Number of Portfolio Holdings | 322 |
| Portfolio Turnover Rate | 79% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Africa | 12.0% |
| Asia | 24.3% |
| Europe | 13.3% |
| North America | 26.2% |
| South America | 18.9% |
| Other Assets and Liabilities—Net | 5.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1431

# Vanguard Emerging Markets Bond Fund
![Image](tm2611750d8_ncsrsimg001.jpg)

#### Admiral™ Shares (VEGBX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Emerging Markets Bond Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5462 |
| Number of Portfolio Holdings | 322 |
| Portfolio Turnover Rate | 79% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Africa | 12.0% |
| Asia | 24.3% |
| Europe | 13.3% |
| North America | 26.2% |
| South America | 18.9% |
| Other Assets and Liabilities—Net | 5.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1531

# Vanguard Short Duration Bond ETF
![Image](tm2611750d8_ncsrsimg001.jpg)

#### ETF Shares (VSDB) Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Short Duration Bond ETF (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $459 |
| Number of Portfolio Holdings | 1079 |
| Portfolio Turnover Rate | 152% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 10.1% |
| Corporate Bonds | 44.7% |
| Floating Rate Loan Interests | 1.9% |
| Sovereign Bonds | 8.9% |
| U.S. Government and Agency Obligations | 41.0% |
| Other Assets and Liabilities—Net<sup>Footnote Reference</sup> | (6.6%) |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SRV044

**Item 2: Code of Ethics.** 

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2611750d8vanshrtdurtnbi001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Short-Term Inflation-Protected Securities Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Short-Term Inflation-Protected Securities Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (99.6%)** | **U.S. Government and Agency Obligations (99.6%)** | **U.S. Government and Agency Obligations (99.6%)** | **U.S. Government and Agency Obligations (99.6%)** | **U.S. Government and Agency Obligations (99.6%)** | **U.S. Government and Agency Obligations (99.6%)** |
| **U.S. Government Securities (99.6%)** | **U.S. Government Securities (99.6%)** | **U.S. Government Securities (99.6%)** | **U.S. Government Securities (99.6%)** | **U.S. Government Securities (99.6%)** | **U.S. Government Securities (99.6%)** |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2221450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2222144 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2749120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2787458 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3109063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3134567 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2508770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2512690 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1264970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286909 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3185225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3166189 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2813581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2812372 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3190170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3238397 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2877026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2854324 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1181609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1198456 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3147162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3158841 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1217397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279979 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2493751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2486251 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3244303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3359121 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2161355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145904 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1103101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144424 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3281683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3368596 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1395238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505277 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2546912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2477370 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3435805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3489623 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2876742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2752907 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3565116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3601045 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3149043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997003 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3654880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3621900 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3266858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3070719 |
| **Total U.S. Government and Agency Obligations (Cost $65,089,468)** | **Total U.S. Government and Agency Obligations (Cost $65,089,468)** | **Total U.S. Government and Agency Obligations (Cost $65,089,468)** | **Total U.S. Government and Agency Obligations (Cost $65,089,468)** | **Total U.S. Government and Agency Obligations (Cost $65,089,468)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65672466** |
|  |  |  |  | &nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**20,812**) | &nbsp;&nbsp;&nbsp;&nbsp;3.687% |  | &nbsp;&nbsp;&nbsp;&nbsp; 208140 | &nbsp;&nbsp; **20812** |
| **Total Investments (99.6%) (Cost $65,110,280)** | **Total Investments (99.6%) (Cost $65,110,280)** | **Total Investments (99.6%) (Cost $65,110,280)** | **Total Investments (99.6%) (Cost $65,110,280)** | **Total Investments (99.6%) (Cost $65,110,280)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65693278** |
| **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**259594** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65952872** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |  |

---

• See Note A in Notes to Financial Statements. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $65,089,468) | 65672466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $20,812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20812 |
| Total Investments in Securities | 65693278 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267665 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46742 |
| **Total Assets** | **66009279** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55237 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56407** |
| **Net Assets** | **65952872** |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 66323622 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(370750) |
| **Net Assets** | **65952872** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 121,176 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3030** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$25.01** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 345,459,954 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **17244569** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$49.92** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 966,588,053 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **24207130** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$25.04** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 977,421,357 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **24498143** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$25.06** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | 782681 |
| Total Income | 782681 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;5854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| Shareholders' Reports—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Total Expenses | &nbsp;&nbsp;12824 |
| **Net Investment Income** | **769857** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1,2</sup> | &nbsp;&nbsp;19975 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;(2776) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**17199** |
| **Change in Unrealized Appreciation (Depreciation) of Investment Securities<sup>1</sup>** | &nbsp;&nbsp;**80442** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **867498** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $14,048, $37, and ($1), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $31,188 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769857 | &nbsp;&nbsp;&nbsp;&nbsp;1921880 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18171) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80442 | &nbsp;&nbsp;&nbsp;&nbsp;1212117 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867498 | &nbsp;&nbsp;&nbsp;&nbsp;3115826 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;(456820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(335496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(752491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;(336594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(747018) |
| Total Distributions | &nbsp;&nbsp;(1128952) | &nbsp;&nbsp;&nbsp;&nbsp;(1860449) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;1055209 | &nbsp;&nbsp;&nbsp;&nbsp;4218354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;1134789 | &nbsp;&nbsp;&nbsp;&nbsp;1337168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;1648242 | &nbsp;&nbsp;&nbsp;&nbsp;1491819 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3838377 | &nbsp;&nbsp;&nbsp;&nbsp;7047322 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;3576923 | &nbsp;&nbsp;&nbsp;&nbsp;8302699 |
| **Net Assets** |  |  |
| **Beginning of Period** | **62375949** | &nbsp;&nbsp;&nbsp;**54073250** |
| **End of Period** | **65952872** | &nbsp;&nbsp;&nbsp;**62375949** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$25.04** | &nbsp;&nbsp;&nbsp;**$24.55** | &nbsp;&nbsp;&nbsp;**$23.51** | &nbsp;&nbsp;&nbsp;**$23.66** | &nbsp;&nbsp;&nbsp;**$25.90** | &nbsp;&nbsp;&nbsp;**$25.41** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.099 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.186 | &nbsp;&nbsp;&nbsp;&nbsp;(1.734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.258 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.357 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.897) | &nbsp;&nbsp;&nbsp;&nbsp;(1.497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.867) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.897) | &nbsp;&nbsp;&nbsp;&nbsp;(1.497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.867) |
| **Net Asset Value, End of Period** | **$25.01** | &nbsp;&nbsp;&nbsp;**$25.04** | &nbsp;&nbsp;&nbsp;**$24.55** | &nbsp;&nbsp;&nbsp;**$23.51** | &nbsp;&nbsp;&nbsp;**$23.66** | &nbsp;&nbsp;&nbsp;**$25.90** |
| **Total Return<sup>2</sup>** | **1.29%** | &nbsp;&nbsp;&nbsp;**5.44%** | &nbsp;&nbsp;&nbsp;**7.42%** | &nbsp;&nbsp;&nbsp;**3.20%** | &nbsp;&nbsp;&nbsp;**-3.01%** | &nbsp;&nbsp;&nbsp;**5.38%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $3 | &nbsp;&nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;$5 | &nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;$7825 |
| Ratio of Total Expenses to Average Net Assets | 0.14% | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | 2.31% | &nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;4.25% |
| Portfolio Turnover Rate<sup>4</sup> | 12% | &nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;19% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$50.61** | &nbsp;&nbsp;&nbsp;**$49.29** | &nbsp;&nbsp;&nbsp;**$47.25** | &nbsp;&nbsp;&nbsp;**$48.12** | &nbsp;&nbsp;&nbsp;**$52.56** | &nbsp;&nbsp;&nbsp;**$50.99** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.562 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.364 | &nbsp;&nbsp;&nbsp;&nbsp;(4.980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.195 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.529 | &nbsp;&nbsp;&nbsp;&nbsp;(1.436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.757 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.361) | &nbsp;&nbsp;&nbsp;&nbsp;(1.450) | &nbsp;&nbsp;&nbsp;&nbsp;(2.399) | &nbsp;&nbsp;&nbsp;&nbsp;(3.004) | &nbsp;&nbsp;&nbsp;&nbsp;(1.187) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;(1.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.361) | &nbsp;&nbsp;&nbsp;&nbsp;(1.450) | &nbsp;&nbsp;&nbsp;&nbsp;(2.399) | &nbsp;&nbsp;&nbsp;&nbsp;(3.004) | &nbsp;&nbsp;&nbsp;&nbsp;(1.187) |
| **Net Asset Value, End of Period** | **$49.92** | &nbsp;&nbsp;&nbsp;**$50.61** | &nbsp;&nbsp;&nbsp;**$49.29** | &nbsp;&nbsp;&nbsp;**$47.25** | &nbsp;&nbsp;&nbsp;**$48.12** | &nbsp;&nbsp;&nbsp;**$52.56** |
| **Total Return** | **1.35%** | &nbsp;&nbsp;&nbsp;**5.56%** | &nbsp;&nbsp;&nbsp;**7.53%** | &nbsp;&nbsp;&nbsp;**3.28%** | &nbsp;&nbsp;&nbsp;**-2.92%** | &nbsp;&nbsp;&nbsp;**5.48%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $17245 | &nbsp;&nbsp;&nbsp;$16420 | &nbsp;&nbsp;&nbsp;$11804 | &nbsp;&nbsp;&nbsp;$13783 | &nbsp;&nbsp;&nbsp;$19191 | &nbsp;&nbsp;&nbsp;$17203 |
| Ratio of Total Expenses to Average Net Assets | 0.03% | &nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 2.40% | &nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;6.98% | &nbsp;&nbsp;&nbsp;4.95% |
| Portfolio Turnover Rate<sup>3</sup> | 12% | &nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;19% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$25.07** | &nbsp;&nbsp;&nbsp;**$24.57** | &nbsp;&nbsp;&nbsp;**$23.54** | &nbsp;&nbsp;&nbsp;**$23.69** | &nbsp;&nbsp;&nbsp;**$25.93** | &nbsp;&nbsp;&nbsp;**$25.44** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.257 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.161 | &nbsp;&nbsp;&nbsp;&nbsp;(2.565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.123 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.380 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.917) | &nbsp;&nbsp;&nbsp;&nbsp;(1.518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.890) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.917) | &nbsp;&nbsp;&nbsp;&nbsp;(1.518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.890) |
| **Net Asset Value, End of Period** | **$25.04** | &nbsp;&nbsp;&nbsp;**$25.07** | &nbsp;&nbsp;&nbsp;**$24.57** | &nbsp;&nbsp;&nbsp;**$23.54** | &nbsp;&nbsp;&nbsp;**$23.69** | &nbsp;&nbsp;&nbsp;**$25.93** |
| **Total Return<sup>2</sup>** | **1.31%** | &nbsp;&nbsp;&nbsp;**5.56%** | &nbsp;&nbsp;&nbsp;**7.46%** | &nbsp;&nbsp;&nbsp;**3.29%** | &nbsp;&nbsp;&nbsp;**-2.92%** | &nbsp;&nbsp;&nbsp;**5.47%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $24207 | &nbsp;&nbsp;&nbsp;$23089 | &nbsp;&nbsp;&nbsp;$21316 | &nbsp;&nbsp;&nbsp;$19767 | &nbsp;&nbsp;&nbsp;$20803 | &nbsp;&nbsp;&nbsp;$13879 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.06%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | 2.38% | &nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;7.25% | &nbsp;&nbsp;&nbsp;4.84% |
| Portfolio Turnover Rate<sup>4</sup> | 12% | &nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;19% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$25.08** | &nbsp;&nbsp;&nbsp;**$24.59** | &nbsp;&nbsp;&nbsp;**$23.55** | &nbsp;&nbsp;&nbsp;**$23.70** | &nbsp;&nbsp;&nbsp;**$25.95** | &nbsp;&nbsp;&nbsp;**$25.46** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.219 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.149 | &nbsp;&nbsp;&nbsp;&nbsp;(2.487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.166 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.385 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.922) | &nbsp;&nbsp;&nbsp;&nbsp;(1.523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.895) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.922) | &nbsp;&nbsp;&nbsp;&nbsp;(1.523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.895) |
| **Net Asset Value, End of Period** | **$25.06** | &nbsp;&nbsp;&nbsp;**$25.08** | &nbsp;&nbsp;&nbsp;**$24.59** | &nbsp;&nbsp;&nbsp;**$23.55** | &nbsp;&nbsp;&nbsp;**$23.70** | &nbsp;&nbsp;&nbsp;**$25.95** |
| **Total Return** | **1.36%** | &nbsp;&nbsp;&nbsp;**5.55%** | &nbsp;&nbsp;&nbsp;**7.53%** | &nbsp;&nbsp;&nbsp;**3.31%** | &nbsp;&nbsp;&nbsp;**-2.94%** | &nbsp;&nbsp;&nbsp;**5.49%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $24498 | &nbsp;&nbsp;&nbsp;$22863 | &nbsp;&nbsp;&nbsp;$20951 | &nbsp;&nbsp;&nbsp;$18850 | &nbsp;&nbsp;&nbsp;$16867 | &nbsp;&nbsp;&nbsp;$16238 |
| Ratio of Total Expenses to Average Net Assets | 0.03% | &nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;0.04% |
| Ratio of Net Investment Income to Average Net Assets | 2.41% | &nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;6.90% | &nbsp;&nbsp;&nbsp;4.69% |
| Portfolio Turnover Rate<sup>3</sup> | 12% | &nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;19% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short-Term Inflation-Protected Securities Index Fund

Notes to Financial Statements

Vanguard Short-Term Inflation-Protected Securities Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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. 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. 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.

2. 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended March 31, 2026, the fund's average investments in long and short futures contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period. The fund had no open futures contracts at March 31, 2026.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution

------

Short-Term Inflation-Protected Securities Index Fund

expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $1,488,000, representing less than 0.01% of the fund's net assets and 0.60% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** Various inputs may be used to determine the value of the fund's investments. 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 valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;65672466 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;65672466 |
| Temporary Cash Investments | 20812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20812 |
| Total | 20812 | &nbsp;&nbsp;&nbsp;65672466 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;65693278 |

---

**E.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;65142070 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617348 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66140) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551208 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2025, the fund had available capital losses totaling $1,054,373,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended March 31, 2026, the fund purchased $10,232,408,000 of investment securities and sold $7,270,033,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $2,210,896,000 and $1,904,327,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

------

Short-Term Inflation-Protected Securities Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;3114425 | &nbsp;&nbsp;&nbsp;&nbsp;62471 | &nbsp;&nbsp;&nbsp;&nbsp;5373802 | &nbsp;&nbsp;&nbsp;&nbsp;108304 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (2059216) | &nbsp;&nbsp;(41475) | &nbsp;&nbsp;(1155448) | &nbsp;&nbsp;&nbsp;&nbsp;(23325) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;1055209 | &nbsp;&nbsp;&nbsp;&nbsp;20996 | &nbsp;&nbsp;&nbsp;&nbsp;4218354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84979 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2929689 | &nbsp;&nbsp;&nbsp;117183 | &nbsp;&nbsp;&nbsp;&nbsp;3826647 | &nbsp;&nbsp;&nbsp;&nbsp;153677 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;319766 | &nbsp;&nbsp;&nbsp;&nbsp;12904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28914 |
| Redeemed | (2114666) | &nbsp;&nbsp;(84602) | &nbsp;&nbsp;(3206011) | &nbsp;&nbsp;(128897) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;1134789 | &nbsp;&nbsp;&nbsp;&nbsp;45485 | &nbsp;&nbsp;&nbsp;&nbsp;1337168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53694 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;3000566 | &nbsp;&nbsp;&nbsp;119930 | &nbsp;&nbsp;&nbsp;&nbsp;3694905 | &nbsp;&nbsp;&nbsp;&nbsp;147962 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;334566 | &nbsp;&nbsp;&nbsp;&nbsp;13491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29950 |
| Redeemed | (1686890) | &nbsp;&nbsp;(67439) | &nbsp;&nbsp;(2945798) | &nbsp;&nbsp;(118394) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;1648242 | &nbsp;&nbsp;&nbsp;&nbsp;65982 | &nbsp;&nbsp;&nbsp;&nbsp;1491819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59518 |

---

**H.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At March 31, 2026, one shareholder was the record or beneficial owner of 26% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**I.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q19672 052026

------

![](tm2611750d8emrgmrktbondfi001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Emerging Markets Bond Fund

------

#### Contents
Financial Statements 1 <br>

------

Emerging Markets Bond Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

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 | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (5.1%)** | **U.S. Government and Agency Obligations (5.1%)** | **U.S. Government and Agency Obligations (5.1%)** | **U.S. Government and Agency Obligations (5.1%)** |  |  |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9097 | &nbsp;&nbsp; 9168 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp; 18094 |
| <sup>1,2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 219432 | &nbsp;&nbsp; 190298 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 32500 | &nbsp;&nbsp; 28818 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp; 6675 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 19521 | &nbsp;&nbsp; 15631 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 11695 | &nbsp;&nbsp; 8316 |
| **Total U.S. Government and Agency Obligations (Cost $278,765)** | **Total U.S. Government and Agency Obligations (Cost $278,765)** | **Total U.S. Government and Agency Obligations (Cost $278,765)** | **Total U.S. Government and Agency Obligations (Cost $278,765)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**277000** |
| **Corporate Bonds (10.1%)** | **Corporate Bonds (10.1%)** | **Corporate Bonds (10.1%)** | **Corporate Bonds (10.1%)** |  |  |
| **Angola (0.2%)** | **Angola (0.2%)** | **Angola (0.2%)** | **Angola (0.2%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Azule Energy Finance plc | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12270 | &nbsp;&nbsp; 12377 |
| **Brazil (0.9%)** | **Brazil (0.9%)** | **Brazil (0.9%)** | **Brazil (0.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 | &nbsp;&nbsp; 924 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Nova Securitisation Sarl | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15681 | &nbsp;&nbsp; 15186 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Nova Securitisation Sarl | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 14537 | &nbsp;&nbsp; 13873 |
|  | &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8101 | &nbsp;&nbsp; 7930 |
|  | &nbsp;&nbsp;&nbsp;Vale Overseas Ltd. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 8277 | &nbsp;&nbsp; 8160 |
|  |  |  |  |  | &nbsp;&nbsp; **46073** |
| **Bulgaria (0.3%)** | **Bulgaria (0.3%)** | **Bulgaria (0.3%)** | **Bulgaria (0.3%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Bulgarian Energy Holding EAD | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 16300 | &nbsp;&nbsp; 18469 |
| **Chile (1.2%)** | **Chile (1.2%)** | **Chile (1.2%)** | **Chile (1.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3632 | &nbsp;&nbsp; 3403 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 | &nbsp;&nbsp; 3592 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 21919 | &nbsp;&nbsp; 22398 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 6.330% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 23288 | &nbsp;&nbsp; 24237 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp; 13431 |
|  |  |  |  |  | &nbsp;&nbsp; **67061** |
| **El Salvador (0.1%)** | **El Salvador (0.1%)** | **El Salvador (0.1%)** | **El Salvador (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comision Ejecutiva Hidroelectrica del Rio Lempa | 8.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6796 | &nbsp;&nbsp; 6993 |
| **Guatemala (0.3%)** | **Guatemala (0.3%)** | **Guatemala (0.3%)** | **Guatemala (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Energuate Trust 2 0 | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18982 | &nbsp;&nbsp; 18664 |
| **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2875 |
| **Kazakhstan (0.0%)** | **Kazakhstan (0.0%)** | **Kazakhstan (0.0%)** | **Kazakhstan (0.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp; 751 |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/24/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 | &nbsp;&nbsp; 1345 |
|  |  |  |  |  | &nbsp;&nbsp; **2096** |
| **Mexico (3.8%)** | **Mexico (3.8%)** | **Mexico (3.8%)** | **Mexico (3.8%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp; 3545 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 | &nbsp;&nbsp; 4198 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8845 | &nbsp;&nbsp; 8862 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 132616 | &nbsp;&nbsp; 139420 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 8950 | &nbsp;&nbsp; 7041 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 15192 | &nbsp;&nbsp; 12100 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 23866 | &nbsp;&nbsp; 18243 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 14015 | &nbsp;&nbsp; 11009 |
|  |  |  |  |  | &nbsp;&nbsp; **204419** |
| **Morocco (0.4%)** | **Morocco (0.4%)** | **Morocco (0.4%)** | **Morocco (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;OCP SA | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20561 | &nbsp;&nbsp; 20895 |
| **Oman (0.6%)** | **Oman (0.6%)** | **Oman (0.6%)** | **Oman (0.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;OmGrid Funding Ltd. | 5.196% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17552 | &nbsp;&nbsp; 17565 |

---

------

Emerging Markets Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;OQ SAOC | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7174 | &nbsp;&nbsp; 7156 |
|  | &nbsp;&nbsp;&nbsp;Oryx Funding Ltd. | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9247 | &nbsp;&nbsp; 9378 |
|  |  |  |  |  | &nbsp;&nbsp; **34099** |
| **Peru (0.7%)** | **Peru (0.7%)** | **Peru (0.7%)** | **Peru (0.7%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Marcobre SAC | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 16250 | &nbsp;&nbsp; 15688 |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 21132 | &nbsp;&nbsp; 16724 |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 9166 | &nbsp;&nbsp; 6362 |
|  |  |  |  |  | &nbsp;&nbsp; **38774** |
| **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;ADM Elektrik Dagitim A/S | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/5/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5696 | &nbsp;&nbsp; 5434 |
|  | &nbsp;&nbsp;&nbsp;GDZ Elektrik Dagitim A/S | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7137 | &nbsp;&nbsp; 6749 |
|  |  |  |  |  | &nbsp;&nbsp; **12183** |
| **United Arab Emirates (0.5%)** | **United Arab Emirates (0.5%)** | **United Arab Emirates (0.5%)** | **United Arab Emirates (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 2.160% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 29789 | &nbsp;&nbsp; 26372 |
| **Uzbekistan (0.2%)** | **Uzbekistan (0.2%)** | **Uzbekistan (0.2%)** | **Uzbekistan (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10434 | &nbsp;&nbsp; 9980 |
| **Venezuela (0.6%)** | **Venezuela (0.6%)** | **Venezuela (0.6%)** | **Venezuela (0.6%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/17/2021 | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp; 2825 |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 12.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp; 3308 |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10075 | &nbsp;&nbsp; 3491 |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12925 | &nbsp;&nbsp; 4427 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 31807 | &nbsp;&nbsp; 10637 |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10700 | &nbsp;&nbsp; 4425 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp; 1125 |
|  |  |  |  |  | &nbsp;&nbsp; **30238** |
| **Total Corporate Bonds (Cost $551,264)** | **Total Corporate Bonds (Cost $551,264)** | **Total Corporate Bonds (Cost $551,264)** | **Total Corporate Bonds (Cost $551,264)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**551568** |
| **Sovereign Bonds (79.5%)** | **Sovereign Bonds (79.5%)** | **Sovereign Bonds (79.5%)** | **Sovereign Bonds (79.5%)** |  |  |
| **Argentina (4.1%)** | **Argentina (4.1%)** | **Argentina (4.1%)** | **Argentina (4.1%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Ciudad Autonoma De Buenos Aires | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2721 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11824 | &nbsp;&nbsp; 10358 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 82720 | &nbsp;&nbsp; 62309 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 1.750% coupon rate effective 7/9/2027 | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 127475 | &nbsp;&nbsp; 106664 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.375% coupon rate effective 7/9/2027 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 61188 | &nbsp;&nbsp; 41904 |
|  |  |  |  |  | &nbsp;&nbsp; **223956** |
| **Azerbaijan (0.4%)** | **Azerbaijan (0.4%)** | **Azerbaijan (0.4%)** | **Azerbaijan (0.4%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Azerbaijan | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25235 | &nbsp;&nbsp; 23192 |
| **Bahrain (1.1%)** | **Bahrain (1.1%)** | **Bahrain (1.1%)** | **Bahrain (1.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 34255 | &nbsp;&nbsp; 31099 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 7.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 31122 | &nbsp;&nbsp; 29198 |
|  |  |  |  |  | &nbsp;&nbsp; **60297** |
| **Benin (0.4%)** | **Benin (0.4%)** | **Benin (0.4%)** | **Benin (0.4%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Benin Government International Bond | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 18460 | &nbsp;&nbsp; 18262 |
| <sup>4,6</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 7.960% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4240 | &nbsp;&nbsp; 4162 |
|  |  |  |  |  | &nbsp;&nbsp; **22424** |
| **Brazil (2.2%)** | **Brazil (2.2%)** | **Brazil (2.2%)** | **Brazil (2.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 45918 | &nbsp;&nbsp; 45062 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 75570 | &nbsp;&nbsp; 74018 |
|  |  |  |  |  | &nbsp;&nbsp; **119080** |
| **Bulgaria (0.0%)** | **Bulgaria (0.0%)** | **Bulgaria (0.0%)** | **Bulgaria (0.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| **Colombia (1.9%)** | **Colombia (1.9%)** | **Colombia (1.9%)** | **Colombia (1.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 52616 | &nbsp;&nbsp; 51400 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 14320 | &nbsp;&nbsp; 9599 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 39837 | &nbsp;&nbsp; 28527 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 21080 | &nbsp;&nbsp; 12735 |
|  |  |  |  |  | &nbsp;&nbsp; **102261** |
| **Costa Rica (1.2%)** | **Costa Rica (1.2%)** | **Costa Rica (1.2%)** | **Costa Rica (1.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5619 | &nbsp;&nbsp; 5744 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4957 | &nbsp;&nbsp; 5224 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15806 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.158% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 19600 | &nbsp;&nbsp; 20872 |

---

------

Emerging Markets Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp;11/13/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 17735 | &nbsp;&nbsp; 19225 |
|  |  |  |  |  | &nbsp;&nbsp; **66871** |
| **Dominican Republic (4.9%)** | **Dominican Republic (4.9%)** | **Dominican Republic (4.9%)** | **Dominican Republic (4.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 24909 | &nbsp;&nbsp; 25086 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 49159 | &nbsp;&nbsp; 48762 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 73208 | &nbsp;&nbsp; 69573 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 56389 | &nbsp;&nbsp; 58344 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 48426 | &nbsp;&nbsp; 44607 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 21492 | &nbsp;&nbsp; 20923 |
|  |  |  |  |  | &nbsp;&nbsp; **267295** |
| **Ecuador (2.1%)** | **Ecuador (2.1%)** | **Ecuador (2.1%)** | **Ecuador (2.1%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 86603 | &nbsp;&nbsp; 72394 |
|  | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 27446 | &nbsp;&nbsp; 24184 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 4402 | &nbsp;&nbsp; 4321 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador, 5.500% coupon rate effective 7/31/2026 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 18607 | &nbsp;&nbsp; 14582 |
|  |  |  |  |  | &nbsp;&nbsp; **115481** |
| **Egypt (2.7%)** | **Egypt (2.7%)** | **Egypt (2.7%)** | **Egypt (2.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp; 3001 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3220 | &nbsp;&nbsp; 3179 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6775 | &nbsp;&nbsp; 6252 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 27455 | &nbsp;&nbsp; 26402 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 42283 | &nbsp;&nbsp; 36572 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.903% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 26492 | &nbsp;&nbsp; 21564 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 20509 | &nbsp;&nbsp; 17957 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.150% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 26387 | &nbsp;&nbsp; 21536 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 12258 | &nbsp;&nbsp; 9303 |
|  |  |  |  |  | &nbsp;&nbsp; **145766** |
| **El Salvador (0.8%)** | **El Salvador (0.8%)** | **El Salvador (0.8%)** | **El Salvador (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1996 | &nbsp;&nbsp; 2080 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 19320 | &nbsp;&nbsp; 20113 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 20187 | &nbsp;&nbsp; 21422 |
|  |  |  |  |  | &nbsp;&nbsp; **43615** |
| **Ghana (0.6%)** | **Ghana (0.6%)** | **Ghana (0.6%)** | **Ghana (0.6%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 | &nbsp;&nbsp; 2387 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 32553 | &nbsp;&nbsp; 31051 |
|  |  |  |  |  | &nbsp;&nbsp; **33438** |
| **Guatemala (1.7%)** | **Guatemala (1.7%)** | **Guatemala (1.7%)** | **Guatemala (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3398 | &nbsp;&nbsp; 3366 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 27613 | &nbsp;&nbsp; 27528 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 41581 | &nbsp;&nbsp; 40905 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 8/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4417 | &nbsp;&nbsp; 4498 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 14547 | &nbsp;&nbsp; 15562 |
|  |  |  |  |  | &nbsp;&nbsp; **91859** |
| **Hungary (5.4%)** | **Hungary (5.4%)** | **Hungary (5.4%)** | **Hungary (5.4%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Magyar Export-Import Bank Zrt | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8868 | &nbsp;&nbsp; 10738 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12960 | &nbsp;&nbsp; 13256 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 18810 | &nbsp;&nbsp; 18857 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2164 | &nbsp;&nbsp; 1834 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp; 69427 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 39394 | &nbsp;&nbsp; 47765 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp; 26356 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 14297 | &nbsp;&nbsp; 14506 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 17195 | &nbsp;&nbsp; 19551 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 69965 | &nbsp;&nbsp; 71164 |
|  |  |  |  |  | &nbsp;&nbsp; **293454** |
| **India (0.6%)** | **India (0.6%)** | **India (0.6%)** | **India (0.6%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Export-Import Bank of India | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 30915 | &nbsp;&nbsp; 30256 |
| **Indonesia (4.2%)** | **Indonesia (4.2%)** | **Indonesia (4.2%)** | **Indonesia (4.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13950 | &nbsp;&nbsp; 14108 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35035 | &nbsp;&nbsp; 34401 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 21938 | &nbsp;&nbsp; 24681 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 1.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 | &nbsp;&nbsp; 4809 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 98160 | &nbsp;&nbsp; 108166 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 38329 | &nbsp;&nbsp; 42569 |
|  |  |  |  |  | &nbsp;&nbsp; **228734** |

---

------

Emerging Markets Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Israel (1.4%)** | **Israel (1.4%)** | **Israel (1.4%)** | **Israel (1.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 | &nbsp;&nbsp; 1220 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp; 1217 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6770 | &nbsp;&nbsp; 6868 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 41260 | &nbsp;&nbsp; 40421 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 38600 | &nbsp;&nbsp; 24954 |
|  |  |  |  |  | &nbsp;&nbsp; **74680** |
| **Ivory Coast (0.4%)** | **Ivory Coast (0.4%)** | **Ivory Coast (0.4%)** | **Ivory Coast (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp; 5980 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 8.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 15820 | &nbsp;&nbsp; 16084 |
|  |  |  |  |  | &nbsp;&nbsp; **22064** |
| **Jordan (0.7%)** | **Jordan (0.7%)** | **Jordan (0.7%)** | **Jordan (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 21591 | &nbsp;&nbsp; 22083 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 16838 | &nbsp;&nbsp; 15877 |
|  |  |  |  |  | &nbsp;&nbsp; **37960** |
| **Kazakhstan (1.7%)** | **Kazakhstan (1.7%)** | **Kazakhstan (1.7%)** | **Kazakhstan (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Baiterek National Investment Holding JSC | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5627 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Development Bank of Kazakhstan JSC | 10.950% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp; 7185 |
|  | &nbsp;&nbsp;&nbsp;Development Bank of Kazakhstan JSC | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8996 | &nbsp;&nbsp; 9043 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.412% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 53063 | &nbsp;&nbsp; 51932 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.412% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 16605 | &nbsp;&nbsp; 16252 |
|  |  |  |  |  | &nbsp;&nbsp; **90039** |
| **Kenya (1.3%)** | **Kenya (1.3%)** | **Kenya (1.3%)** | **Kenya (1.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 6.300% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10949 | &nbsp;&nbsp; 9095 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Korea | 8.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 70485 | &nbsp;&nbsp; 63674 |
|  |  |  |  |  | &nbsp;&nbsp; **72769** |
| **Latvia (0.7%)** | **Latvia (0.7%)** | **Latvia (0.7%)** | **Latvia (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Latvia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 38805 | &nbsp;&nbsp; 38922 |
| **Lebanon (0.4%)** | **Lebanon (0.4%)** | **Lebanon (0.4%)** | **Lebanon (0.4%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Government International Bond | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/9/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 16563 | &nbsp;&nbsp; 3839 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Government International Bond | 6.150% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 4248 | &nbsp;&nbsp; 985 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2021 | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp; 586 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 15772 | &nbsp;&nbsp; 3677 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 17460 | &nbsp;&nbsp; 4074 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 17803 | &nbsp;&nbsp; 4144 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 | &nbsp;&nbsp; 825 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.200% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11070 | &nbsp;&nbsp; 2595 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3380 | &nbsp;&nbsp; 799 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.150% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4967 | &nbsp;&nbsp; 1190 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 | &nbsp;&nbsp; 872 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 347 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 346 |
|  |  |  |  |  | &nbsp;&nbsp; **24279** |
| **Mexico (5.7%)** | **Mexico (5.7%)** | **Mexico (5.7%)** | **Mexico (5.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 42268 | &nbsp;&nbsp; 40621 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 85071 | &nbsp;&nbsp; 85971 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 68097 | &nbsp;&nbsp; 66445 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 16071 | &nbsp;&nbsp; 16802 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 17964 | &nbsp;&nbsp; 17534 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;United Mexican States | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/19/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 24446 | &nbsp;&nbsp; 27224 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6740 | &nbsp;&nbsp; 7080 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/9/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 35602 | &nbsp;&nbsp; 34456 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.771% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 28573 | &nbsp;&nbsp; 17005 |
|  |  |  |  |  | &nbsp;&nbsp; **313138** |
| **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4457 | &nbsp;&nbsp; 3825 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4904 | &nbsp;&nbsp; 5591 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 23699 | &nbsp;&nbsp; 16282 |
|  |  |  |  |  | &nbsp;&nbsp; **25698** |
| **Nigeria (1.7%)** | **Nigeria (1.7%)** | **Nigeria (1.7%)** | **Nigeria (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 17691 | &nbsp;&nbsp; 18603 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.747% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 24010 | &nbsp;&nbsp; 25409 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp; 11148 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3403 | &nbsp;&nbsp; 3325 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.631% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 27893 | &nbsp;&nbsp; 28991 |

---

------

Emerging Markets Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.631% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6878 | &nbsp;&nbsp; 7162 |
|  |  |  |  |  | &nbsp;&nbsp; **94638** |
| **Oman (2.3%)** | **Oman (2.3%)** | **Oman (2.3%)** | **Oman (2.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 84874 | &nbsp;&nbsp; 84822 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17170 | &nbsp;&nbsp; 17244 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6646 | &nbsp;&nbsp; 6829 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14360 | &nbsp;&nbsp; 14519 |
|  |  |  |  |  | &nbsp;&nbsp; **123414** |
| **Pakistan (0.9%)** | **Pakistan (0.9%)** | **Pakistan (0.9%)** | **Pakistan (0.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6470 | &nbsp;&nbsp; 6463 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 12/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17812 | &nbsp;&nbsp; 17557 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 19960 | &nbsp;&nbsp; 18692 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3507 | &nbsp;&nbsp; 3123 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp; 4779 |
|  |  |  |  |  | &nbsp;&nbsp; **50614** |
| **Panama (2.6%)** | **Panama (2.6%)** | **Panama (2.6%)** | **Panama (2.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 2.252% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 97079 | &nbsp;&nbsp; 79775 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 5.227% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 65533 | &nbsp;&nbsp; 63466 |
|  |  |  |  |  | &nbsp;&nbsp; **143241** |
| **Paraguay (1.7%)** | **Paraguay (1.7%)** | **Paraguay (1.7%)** | **Paraguay (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2656 | &nbsp;&nbsp; 2659 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 57148 | &nbsp;&nbsp; 56929 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3707 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 8587 | &nbsp;&nbsp; 8911 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 20775 | &nbsp;&nbsp; 21560 |
|  |  |  |  |  | &nbsp;&nbsp; **93766** |
| **Peru (2.0%)** | **Peru (2.0%)** | **Peru (2.0%)** | **Peru (2.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.783% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70757 | &nbsp;&nbsp; 64557 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 43660 | &nbsp;&nbsp; 43563 |
|  |  |  |  |  | &nbsp;&nbsp; **108120** |
| **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** | **Philippines (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.609% | &nbsp;&nbsp;&nbsp;&nbsp; 4/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp; 3550 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp; 3447 |
|  |  |  |  |  | &nbsp;&nbsp; **6997** |
| **Romania (3.7%)** | **Romania (3.7%)** | **Romania (3.7%)** | **Romania (3.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6930 | &nbsp;&nbsp; 6921 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35962 | &nbsp;&nbsp; 41914 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.124% | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 47736 | &nbsp;&nbsp; 47414 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6634 | &nbsp;&nbsp; 7615 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/11/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3281 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 8330 | &nbsp;&nbsp; 8727 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 30460 | &nbsp;&nbsp; 27680 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 5075 |
|  | &nbsp;&nbsp;&nbsp;Romania | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp; 3011 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/4/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 36320 | &nbsp;&nbsp; 33671 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 17125 | &nbsp;&nbsp; 18923 |
|  |  |  |  |  | &nbsp;&nbsp; **204232** |
| **Saudi Arabia (3.0%)** | **Saudi Arabia (3.0%)** | **Saudi Arabia (3.0%)** | **Saudi Arabia (3.0%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 146480 | &nbsp;&nbsp; 139309 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 23432 | &nbsp;&nbsp; 22315 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 6798 | &nbsp;&nbsp; 4200 |
|  |  |  |  |  | &nbsp;&nbsp; **165824** |
| **Serbia (1.1%)** | **Serbia (1.1%)** | **Serbia (1.1%)** | **Serbia (1.1%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 41588 | &nbsp;&nbsp; 43859 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 19611 | &nbsp;&nbsp; 16909 |
|  |  |  |  |  | &nbsp;&nbsp; **60768** |
| **South Africa (3.0%)** | **South Africa (3.0%)** | **South Africa (3.0%)** | **South Africa (3.0%)** |  |  |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1092063 | &nbsp;&nbsp; 51923 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 69884 | &nbsp;&nbsp; 53934 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/11/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 55830 | &nbsp;&nbsp; 50983 |
|  | &nbsp;&nbsp;&nbsp;South Africa International Bond | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/11/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 9195 | &nbsp;&nbsp; 8414 |
|  |  |  |  |  | &nbsp;&nbsp; **165254** |
| **Sri Lanka (0.8%)** | **Sri Lanka (0.8%)** | **Sri Lanka (0.8%)** | **Sri Lanka (0.8%)** |  |  |
| <sup>4,6</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp; 1947 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.350% coupon rate effective 7/15/2027 | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7762 | &nbsp;&nbsp; 7181 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.350% coupon rate effective 7/15/2027 | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4492 | &nbsp;&nbsp; 4155 |

---

------

Emerging Markets Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 8/15/2027 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 28126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25179 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/2027 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2845 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **41307** |
| **Suriname (0.5%)** | **Suriname (0.5%)** | **Suriname (0.5%)** | **Suriname (0.5%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Suriname | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 16960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17532 |
|  | &nbsp;&nbsp;&nbsp;Republic of Suriname International | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9821 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **27353** |
| **Trinidad & Tobago (0.3%)** | **Trinidad & Tobago (0.3%)** | **Trinidad & Tobago (0.3%)** | **Trinidad & Tobago (0.3%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18949 |
| **Turkiye (3.3%)** | **Turkiye (3.3%)** | **Turkiye (3.3%)** | **Turkiye (3.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8141 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4801 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 52628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52694 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 6.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 66210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62679 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 74251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52038 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **180353** |
| **Ukraine (2.1%)** | **Ukraine (2.1%)** | **Ukraine (2.1%)** | **Ukraine (2.1%)** |  |  |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5432 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 9810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4223 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 17357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8049 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 5.500% coupon rate effective 2/1/2027 | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 67155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48486 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 5.500% coupon rate effective 2/1/2027 | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7831 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5974 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 29733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15290 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **112022** |
| **United Arab Emirates (0.1%)** | **United Arab Emirates (0.1%)** | **United Arab Emirates (0.1%)** | **United Arab Emirates (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2908 |
| **Uzbekistan (1.7%)** | **Uzbekistan (1.7%)** | **Uzbekistan (1.7%)** | **Uzbekistan (1.7%)** |  |  |
| <sup>4,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 15.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;78700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6744 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10666 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 46485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48657 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14342 |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13330 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **93739** |
| **Venezuela (0.7%)** | **Venezuela (0.7%)** | **Venezuela (0.7%)** | **Venezuela (0.7%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 12249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4664 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 12.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/23/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1837 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 37996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16157 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4299 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3199 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 17160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7935 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **38091** |
| **Zambia (0.8%)** | **Zambia (0.8%)** | **Zambia (0.8%)** | **Zambia (0.8%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Zambia, 7.500% coupon rate effective 6/30/2031 | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 48711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45666 |
| **Total Sovereign Bonds (Cost $4,381,888)** | **Total Sovereign Bonds (Cost $4,381,888)** | **Total Sovereign Bonds (Cost $4,381,888)** | **Total Sovereign Bonds (Cost $4,381,888)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4344785** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (4.0%)** | **Temporary Cash Investments (4.0%)** | **Temporary Cash Investments (4.0%)** | **Temporary Cash Investments (4.0%)** |  |  |
| **Money Market Fund (4.0%)** | **Money Market Fund (4.0%)** | **Money Market Fund (4.0%)** | **Money Market Fund (4.0%)** |  |  |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**218,476)** | 3.687% |  | &nbsp;&nbsp;&nbsp;&nbsp; 2184976 | &nbsp;&nbsp; **218476** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

Emerging Markets Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> Price | &nbsp;&nbsp;Notional<br> Value<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value•  ($000) |
| **Options Purchased (0.0%)** | **Options Purchased (0.0%)** | **Options Purchased (0.0%)** |  |  |  |
| **Foreign Currency Options (0.0%)** | **Foreign Currency Options (0.0%)** | **Foreign Currency Options (0.0%)** |  |  |  |
| **Call Options** | **Call Options** | **Call Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;USD | BNPSW | &nbsp;&nbsp;&nbsp;&nbsp;5/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;MXN 19.250 | &nbsp;&nbsp;105215 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
| **Total Options Purchased (Cost $1,968)** | **Total Options Purchased (Cost $1,968)** | **Total Options Purchased (Cost $1,968)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**371** |
| **Total Investments (98.7%) (Cost $5,432,361)** | **Total Investments (98.7%) (Cost $5,432,361)** | **Total Investments (98.7%) (Cost $5,432,361)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5392200** |
| **Other Assets and Liabilities—Net (1.3%)** | **Other Assets and Liabilities—Net (1.3%)** | **Other Assets and Liabilities—Net (1.3%)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70069** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5462269** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Securities with a value of $3,261 have been segregated as collateral for open forward currency contracts and over-the-counter swap contracts. |
| 2 | Securities with a value of $124,390 have been segregated as initial margin for open centrally cleared swap contracts. |
| 3 | Securities with a value of $26,569 have been segregated as initial margin for open futures contracts. |
| 4 | 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 March 31, 2026, the aggregate value was $684,028, representing 12.5% of net assets. |
| 5 | Face amount denominated in euro. |
| 6 | 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. |
| 7 | Non-income-producing security—security in default. |
| 8 | Step bond. |
| 9 | Face amount denominated in Kazakhstan tenge. |
| 10 | Face amount denominated in South African rand. |
| 11 | Face amount denominated in Uzbekistani Som. |
| 12 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

BNPSW—BNP Paribas. <br> USD—U.S. dollar. <br> MXN—Mexican peso.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | June 2026 | 2354 | 488326 | &nbsp;&nbsp;(2529) |
| 10-Year U.S. Treasury Note | June 2026 | 3482 | 386665 | &nbsp;&nbsp;(3717) |
| Euro-Schatz | June 2026 | 80 | 9778 | &nbsp;&nbsp;(101) |
| Long U.S. Treasury Bond | June 2026 | 57 | 6491 | &nbsp;&nbsp;14 |
| Ultra 10-Year U.S. Treasury Note | June 2026 | 473 | 53693 | &nbsp;&nbsp;(799) |
| Ultra Long U.S. Treasury Bond | June 2026 | 1821 | 212260 | &nbsp;&nbsp;(5817) |
|  |  |  |  | &nbsp;&nbsp;(12949) |
| Short Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | June 2026 | (2636) | (285162) | &nbsp;&nbsp;4125 |
| Euro-Bobl | June 2026 | (1743) | (232551) | &nbsp;&nbsp;2325 |
| Euro-Bund | June 2026 | (1337) | (193774) | &nbsp;&nbsp;2676 |
| Euro-Buxl | June 2026 | (90) | (11470) | &nbsp;&nbsp;44 |
|  |  |  |  | &nbsp;&nbsp;9170 |
|  |  |  |  | &nbsp;&nbsp;(3779) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Wells Fargo Bank N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6) |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Wells Fargo Bank N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;27973621 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;30732 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(511) |

---

------

Emerging Markets Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Royal Bank of Canada | 6/17/2026 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;212986 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;10184 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(145) |
| UBS AG | 6/17/2026 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;21602 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;18265 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6) |
| State Street Bank & Trust Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;37669 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;43590 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;35499 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;41238 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(60) |
| State Street Bank & Trust Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5) |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;— |
| Wells Fargo Bank N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2) |
| Standard Chartered Bank | 6/17/2026 | &nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;87868841 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;59010 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(468) |
| BNP Paribas | 5/13/2026 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;552257 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;29460 | &nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;— |
| HSBC Bank plc | 6/17/2026 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;61033 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;16423 | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs & Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;596424 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;12333 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(38) |
| Bank of America, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;34145 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;— |
| Bank of America, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;22038 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12) |
| UBS AG | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;16495 | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;15007151 | &nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;— |
| Wells Fargo Bank N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;34505 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;734222 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(103) |
| BNP Paribas | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;20129 | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;328072 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;285341 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2914) |
| State Street Bank & Trust Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;328072 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;284706 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2177) |
| Wells Fargo Bank N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;20640 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;17631 | &nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;— |
| HSBC Bank plc | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3052 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7) |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;205446 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(15) |
| Wells Fargo Bank N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;27171 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;486742 | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;14720 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;— |
| Bank of America, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;2844 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs & Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;12274 | &nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;590597 | &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;— |
| HSBC Bank plc | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;24990 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;422184 | &nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs & Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;16559 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;269646 | &nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;— |
| Morgan Stanley Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;16176 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;268767 | &nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;&nbsp;(6469) |

---

---

| |
|:---|
| CAD—Canadian dollar. |
| CLP—Chilean peso. |
| CZK—Czech koruna. |
| EUR—euro. |
| HUF—Hungarian forint. |
| KRW—Korean won. |
| MXN—Mexican peso. |
| PLN—Polish zloty. |
| TRY—Turkish lira. |
| USD—U.S. dollar. |
| ZAR—South African rand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold |
| Federative Republic of Brazil | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7296 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(132) | &nbsp;&nbsp;&nbsp;2 |
| Republic of Colombia | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;20568 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(716) | &nbsp;&nbsp;&nbsp;488 |
| Republic of Indonesia | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;42411 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;(56) |
| Republic of Philippines | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;46707 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;(102) |

---

------

Emerging Markets Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| Republic of South Africa | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;(4) |
| Republic of Turkiye | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;201151 | &nbsp;&nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(17912) | &nbsp;&nbsp;&nbsp;(1398) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(18641) | &nbsp;&nbsp;&nbsp;(1070) |
| Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased |
| Republic of Mexico | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;56140 | &nbsp;&nbsp;&nbsp;(1.000) | &nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;62 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(18394) | &nbsp;&nbsp;&nbsp;(1008) |

---

1 Periodic premium received/(paid) quarterly. <br> USD—U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps |
| Reference<br> Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value<br> ($000) | Remaining<br> Up-Front<br> Premium<br> Paid<br> (Received)<br> ($000) | Unrealized<br> Appreciation<br> ($000) | Unrealized<br> Depreciation<br> ($000) |
| Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating |
| Republic of Turkiye/Ba3 | 6/22/2027 | BANA | 14440 | &nbsp;&nbsp;&nbsp;1.000 | (106) | (210) | 104 |  |
| Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased |
| Republic of Malaysia | 6/21/2031 | JPMC | 14053 | (1.000) | (349) | (327) |  | (22) |
|  |  |  |  |  | (455) | (537) | 104 | (22) |

---

1 Periodic premium received/(paid) quarterly. <br> BANA—Bank of America, N.A. <br> JPMC—JPMorgan Chase Bank, N.A.

The notional amount represents the maximum potential amount the fund could be required to pay as a seller of credit protection if the reference entity was subject to a credit event.

At March 31, 2026, the counterparties had deposited in segregated accounts securities with a value of $4,280 in connection with open forward currency contracts and open over-the-counter swap contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps |
| Termination<br> Date | Future<br> Effective<br> Date | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> Received<br> (%) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> (Paid)<br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| 1/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208065<sup>1</sup> | &nbsp;&nbsp;&nbsp;12.804<sup>2</sup> | &nbsp;&nbsp;&nbsp;(14.800)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(1088) | &nbsp;&nbsp;&nbsp;(1088) |
| 1/2/2030 | &nbsp;&nbsp;&nbsp;4/1/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95806<sup>1</sup> | &nbsp;&nbsp;&nbsp;14.800<sup>3</sup> | &nbsp;&nbsp;&nbsp;(13.695)<sup>2</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| 1/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89443<sup>1</sup> | &nbsp;&nbsp;&nbsp;13.400<sup>2</sup> | &nbsp;&nbsp;&nbsp;(14.800)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp;(163) |
| 6/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;68000000<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.482<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.830)<sup>7</sup> | &nbsp;&nbsp;&nbsp;(2193) | &nbsp;&nbsp;&nbsp;(2193) |
| 6/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;26000000<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.382<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.830)<sup>7</sup> | &nbsp;&nbsp;&nbsp;(906) | &nbsp;&nbsp;&nbsp;(906) |
| 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090525<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.589<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.590)<sup>10</sup> | &nbsp;&nbsp;&nbsp;(660) | &nbsp;&nbsp;&nbsp;(665) |
| 3/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;36306955<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.483<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.830)<sup>7</sup> | &nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp;&nbsp;(280) |
| 6/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000<sup>11</sup> | &nbsp;&nbsp;&nbsp;3.930<sup>12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.415)<sup>9</sup> | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;59 |
| 9/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000<sup>11</sup> | &nbsp;&nbsp;&nbsp;3.850<sup>12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.400)<sup>9</sup> | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;317 |
| 3/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.250<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.560)<sup>10</sup> | &nbsp;&nbsp;&nbsp;(335) | &nbsp;&nbsp;&nbsp;(335) |
| 3/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65976<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.530<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.810)<sup>12</sup> | &nbsp;&nbsp;&nbsp;(448) | &nbsp;&nbsp;&nbsp;(448) |
| 3/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72024<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.800<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.840)<sup>12</sup> | &nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;(78) |
| 3/19/2036 | 3/19/2031<sup>4</sup> | &nbsp;&nbsp;&nbsp;29403353<sup>13</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.085<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.000)<sup>14</sup> | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;27 |

---

------

Emerging Markets Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swaps (continued) | Centrally Cleared Interest Rate Swaps (continued) | Centrally Cleared Interest Rate Swaps (continued) | Centrally Cleared Interest Rate Swaps (continued) | Centrally Cleared Interest Rate Swaps (continued) | Centrally Cleared Interest Rate Swaps (continued) | Centrally Cleared Interest Rate Swaps (continued) |
| Termination<br> Date | Future<br> Effective<br> Date | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> Received<br> (%) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> (Paid)<br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| 3/19/2036 | 3/19/2031<sup>4</sup> | &nbsp;&nbsp;&nbsp;3507692<sup>13</sup> | &nbsp;&nbsp;&nbsp;7.050<sup>9</sup> | &nbsp;&nbsp;&nbsp;(0.000)<sup>14</sup> | &nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;(7) |
| 6/17/2036 | 6/17/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77240<sup>8</sup> | &nbsp;&nbsp;&nbsp;4.465<sup>9</sup> | &nbsp;&nbsp;&nbsp;(0.000)<sup>10</sup> | &nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;(27) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(5812) | &nbsp;&nbsp;&nbsp;(5787) |

---

---

| | |
|:---|:---|
| 1 | Notional amount denominated in Brazilian real. |
| 2 | Interest payment received/(paid) at maturity. |
| 3 | Based on Overnight Brazil CETIP Interbank Deposit Rate as of the most recent reset date. Interest payment received/(paid) at maturity. |
| 4 | Forward interest rate swap. In a forward interest rate swap, the fund and the counterparty agree to make periodic net payments beginning on a specified future effective date. |
| 5 | Notional amount denominated in Korean won. |
| 6 | Interest payment received/(paid) quarterly. |
| 7 | Based on 3-month Korean won (KRW) Certificate of Deposit Rate as of the most recent reset date. Interest payment received/(paid) quarterly. |
| 8 | Notional amount denominated in Czech koruna. |
| 9 | Interest payment received/(paid) annually. |
| 10 | Based on 6-month Prague Interbank Offered Rate (PRIBOR) as of the most recent reset date. Interest payment received/(paid) semiannually. |
| 11 | Notional amount denominated in Polish zloty. |
| 12 | Based on 6-month Warsaw Interbank Offered Rate (WIBOR) as of the most recent reset date. Interest payment received/(paid) semiannually. |
| 13 | Notional amount denominated in Hungarian forint. |
| 14 | Based on 6-month Budapest Interbank Offered Rate (BUBOR) as of the most recent reset date. Interest payment received/(paid) semiannually. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Bond Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $5,213,885) | 5173724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $218,476) | &nbsp;&nbsp;&nbsp;&nbsp;218476 |
| Total Investments in Securities | 5392200 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| Foreign Currency, at Value (Cost $5,879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68356 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| **Total Assets** | **5476582** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 |
| Swap Premiums Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6469 |
| Variation Margin Payable—Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14313** |
| **Net Assets** | **5462269** |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 5667215 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(204946) |
| **Net Assets** | **5462269** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 28,289,766 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**295646** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.45** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 212,480,144 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **5166623** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$24.32** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Bond Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1,2</sup> | 175041 |
| Total Income | 175041 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;7094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;9667 |
| **Net Investment Income** | **165374** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | 156299 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;15752 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;(3381) |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1835 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;23101 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;1354 |
| **Realized Net Gain (Loss)** | **195363** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (236580) |
| Futures Contracts | &nbsp;&nbsp;(12592) |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(5781) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2571) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346) |
| **Change in Unrealized Appreciation (Depreciation)** | **(258364)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **102373** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,833, ($24), and ($16), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Interest is net of foreign withholding taxes of $71. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Bond Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;165374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288276 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;195363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(258364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100485 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;102373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389142 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(131546) | &nbsp;&nbsp;&nbsp;&nbsp;(274726) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(138814) | &nbsp;&nbsp;&nbsp;&nbsp;(291643) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;434767 | &nbsp;&nbsp;&nbsp;1275098 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;450021 | &nbsp;&nbsp;&nbsp;1305454 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;413580 | &nbsp;&nbsp;&nbsp;1402953 |
| **Net Assets** |  |  |
| **Beginning of Period** | **5048689** | &nbsp;&nbsp;&nbsp;**3645736** |
| **End of Period** | **5462269** | &nbsp;&nbsp;&nbsp;**5048689** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Bond Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$10.50** | &nbsp;&nbsp;&nbsp;**$10.35** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.34** | &nbsp;&nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;&nbsp;**$11.88** | &nbsp;&nbsp;&nbsp;**$11.73** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.386 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(.101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.644 | &nbsp;&nbsp;&nbsp;&nbsp;(2.929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.304 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.705 | &nbsp;&nbsp;&nbsp;&nbsp;1.238 | &nbsp;&nbsp;&nbsp;&nbsp;(2.459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.690 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.695) | &nbsp;&nbsp;&nbsp;&nbsp;(.638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.391) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.149) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.695) | &nbsp;&nbsp;&nbsp;&nbsp;(.638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.540) |
| **Net Asset Value, End of Period** | **$10.45** | &nbsp;&nbsp;&nbsp;**$10.50** | &nbsp;&nbsp;&nbsp;**$10.35** | &nbsp;&nbsp;&nbsp;**$9.34** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;&nbsp;**$11.88** |
| **Total Return<sup>2</sup>** | **2.04%** | &nbsp;&nbsp;&nbsp;**8.37%** | &nbsp;&nbsp;&nbsp;**18.88%** | &nbsp;&nbsp;&nbsp;**14.30%** | &nbsp;&nbsp;&nbsp;**-21.51%** | &nbsp;&nbsp;&nbsp;**5.91%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $296 | &nbsp;&nbsp;&nbsp;$282 | &nbsp;&nbsp;&nbsp;$248 | &nbsp;&nbsp;&nbsp;$193 | &nbsp;&nbsp;&nbsp;$170 | &nbsp;&nbsp;&nbsp;$348 |
| Ratio of Total Expenses to Average Net Assets | 0.50% | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;0.55%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.55%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.55%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.55% |
| Ratio of Net Investment Income to Average Net Assets | 5.98% | &nbsp;&nbsp;&nbsp;6.58% | &nbsp;&nbsp;&nbsp;6.87% | &nbsp;&nbsp;&nbsp;6.28% | &nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;3.21% |
| Portfolio Turnover Rate | 79% | &nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;137% | &nbsp;&nbsp;&nbsp;121% | &nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;186% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.55%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Emerging Markets Bond Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$24.44** | &nbsp;&nbsp;&nbsp;**$24.07** | &nbsp;&nbsp;&nbsp;**$21.72** | &nbsp;&nbsp;&nbsp;**$20.33** | &nbsp;&nbsp;&nbsp;**$27.64** | &nbsp;&nbsp;&nbsp;**$27.30** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.942 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(.241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.477 | &nbsp;&nbsp;&nbsp;&nbsp;(6.844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.695 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.908 | &nbsp;&nbsp;&nbsp;&nbsp;(5.684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.637 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.639) | &nbsp;&nbsp;&nbsp;&nbsp;(1.600) | &nbsp;&nbsp;&nbsp;&nbsp;(1.651) | &nbsp;&nbsp;&nbsp;&nbsp;(1.518) | &nbsp;&nbsp;&nbsp;&nbsp;(1.176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.950) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.347) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.639) | &nbsp;&nbsp;&nbsp;&nbsp;(1.600) | &nbsp;&nbsp;&nbsp;&nbsp;(1.651) | &nbsp;&nbsp;&nbsp;&nbsp;(1.518) | &nbsp;&nbsp;&nbsp;&nbsp;(1.626) | &nbsp;&nbsp;&nbsp;&nbsp;(1.297) |
| **Net Asset Value, End of Period** | **$24.32** | &nbsp;&nbsp;&nbsp;**$24.44** | &nbsp;&nbsp;&nbsp;**$24.07** | &nbsp;&nbsp;&nbsp;**$21.72** | &nbsp;&nbsp;&nbsp;**$20.33** | &nbsp;&nbsp;&nbsp;**$27.64** |
| **Total Return<sup>2</sup>** | **2.09%** | &nbsp;&nbsp;&nbsp;**8.62%** | &nbsp;&nbsp;&nbsp;**19.06%** | &nbsp;&nbsp;&nbsp;**14.45%** | &nbsp;&nbsp;&nbsp;**-21.39%** | &nbsp;&nbsp;&nbsp;**6.03%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $5167 | &nbsp;&nbsp;&nbsp;$4766 | &nbsp;&nbsp;&nbsp;$3398 | &nbsp;&nbsp;&nbsp;$2491 | &nbsp;&nbsp;&nbsp;$1890 | &nbsp;&nbsp;&nbsp;$2182 |
| Ratio of Total Expenses to Average Net Assets | 0.35% | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;0.40%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.40%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.40%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.40% |
| Ratio of Net Investment Income to Average Net Assets | 6.13% | &nbsp;&nbsp;&nbsp;6.72% | &nbsp;&nbsp;&nbsp;7.01% | &nbsp;&nbsp;&nbsp;6.49% | &nbsp;&nbsp;&nbsp;4.81% | &nbsp;&nbsp;&nbsp;3.37% |
| Portfolio Turnover Rate | 79% | &nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;137% | &nbsp;&nbsp;&nbsp;121% | &nbsp;&nbsp;&nbsp;168% | &nbsp;&nbsp;&nbsp;186% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

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| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.40%. |

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See accompanying Notes, which are an integral part of the Financial Statements.

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Emerging Markets Bond Fund

Notes to Financial Statements

Vanguard Emerging Markets Bond Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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. 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. 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, fixed income benchmark curves, foreign exchange rates, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time.

2. 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).

3. Options: The fund invests in options on foreign currency, which are transacted over-the-counter (OTC) and not on an exchange. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. Although this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options generally involve greater credit risk than exchange-traded options. Credit risk involves the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund mitigates its counterparty risk by entering into options with a diverse group of prequalified counterparties and monitoring their financial strength. The primary risk associated with purchasing options on foreign currency is that the value of the underlying foreign currencies may move in such a way that the exercise price of the option exceeds the value of the underlying investment, the position is worthless at expiration, and the fund loses the premium paid. The primary risk associated with selling options on foreign currency is that the value of the underlying foreign currencies may move in such a way that the exercise price of the option exceeds the value of the underlying investment, the counterparty exercises the option, and the fund loses an amount equal to the market value of the option written less the premium received.

Options contracts on futures and foreign currency are valued at their quoted daily settlement prices. The premium paid for a purchased option is recorded in the Statement of Assets and Liabilities as an asset that is subsequently adjusted daily to the current market value of the option purchased. The premium received for a written option is recorded in the Statement of Assets and Liabilities as an asset with an equal liability that is subsequently adjusted daily to the current market value of the option written. The notional amounts of option contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the options are recorded in the Statement of Operations as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized.

During the six months ended March 31, 2026, the fund's average value of investments in options purchased and options written represented less than 1% of net assets, based on the average market values at each quarter-end during the period.

4. 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended March 31, 2026, the fund's average investments in long and short futures contracts represented 17% and 19% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. 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

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Emerging Markets Bond Fund

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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

During the six months ended March 31, 2026, the fund's average investment in forward currency contracts represented 18% of net assets, based on the average of the notional amounts at each quarter-end during the period.

6. Swap Contracts: The fund invests in credit default swaps to adjust the overall credit risk of the fund or to actively overweight or underweight credit risk to a specific issuer or group of issuers. The fund may sell credit protection through credit default swaps to simulate investments in long positions that are either unavailable or considered to be less attractively priced in the bond market. The fund may purchase credit protection through credit default swaps to reduce credit exposure to a given issuer or issuers. Under the terms of the swaps, an up-front payment may be exchanged between the seller and buyer. In addition, the seller of the credit protection receives a periodic payment of premium from the buyer that is a fixed percentage applied to a notional amount. If, for example, the reference entity is subject to a credit event (such as bankruptcy, failure to pay, or obligation acceleration) during the term of the swap, the seller agrees to either physically settle or cash settle the swap contract. If the swap is physically settled, the seller agrees to pay the buyer an amount equal to the notional amount and take delivery of a debt instrument of the reference issuer with a par amount equal to such notional amount. If the swap is cash settled, the seller agrees to pay the buyer the difference between the notional amount and the final price for the relevant debt instrument, as determined either in a market auction or pursuant to a pre-agreed-upon valuation procedure.

The fund enters into interest rate swap transactions to adjust the fund's sensitivity to changes in interest rates and maintain the ability to generate income at prevailing market rates. Under the terms of the swaps, one party pays the other either an amount that is a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, applied to a notional amount. In return, the counterparty agrees to pay a different floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount.

The fund enters into centrally cleared credit default and interest rate swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the counterparty instead of the clearing broker or executing broker. 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. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified executing brokers; monitors the financial strength of its clearing brokers, executing brokers, and clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.

The primary risk associated with selling credit protection is that, upon the occurrence of a defined credit event, the market value of the debt instrument received by the fund (or, in a cash settled swap, the debt instruments used to determine the settlement payment by the fund) will be significantly less than the amount paid by the fund and, in a physically settled swap, the fund may receive an illiquid debt instrument. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps 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. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, 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 swap 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 swap 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the seller of credit protection is required to take delivery (or, in a cash settled swap, pay the settlement amount determined) upon occurrence of a credit event, periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The net premium to be received or paid by the fund under swap contracts is accrued daily and recorded as realized gain (loss) over the life of the contract.

During the six months ended March 31, 2026, the fund's average amounts of investments in credit protection sold and credit protection purchased represented 5% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period. The average amount of investments in interest rate swaps represented 6% of net assets, based on the average of notional amounts at each quarter-end during the period.

------

Emerging Markets Bond Fund

The following table summarizes the fund's derivative assets and liabilities by counterparty for derivatives subject to arrangements that provide for offsetting assets and liabilities. Exchange traded derivatives are listed separately.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Assets<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Liabilities<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Net Amount<br> Receivable<br> (Payable) ($000) | &nbsp;&nbsp;Amounts Not Offset in<br> the<br> Statement of Assets<br> and Liabilities | &nbsp;&nbsp;Amounts Not Offset in<br> the<br> Statement of Assets<br> and Liabilities | &nbsp;&nbsp;Net<br> Exposure<sup>3</sup><br> (Not Less<br> Than $0) ($000) |
|  | Assets<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Liabilities<br> Reflected in<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Net Amount<br> Receivable<br> (Payable) ($000) | &nbsp;&nbsp;Collateral<br> Pledged<sup>2</sup><br> ($000) | &nbsp;&nbsp;Collateral<br> Received<sup>2</sup><br> ($000) | &nbsp;&nbsp;Net<br> Exposure<sup>3</sup><br> (Not Less<br> Than $0) ($000) |
| Derivatives Subject to<br> Offsetting Arrangements, by Counterparty |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | 1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;(3011) | &nbsp;&nbsp;(3006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank, N.A. | &nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(145) | &nbsp;&nbsp;&nbsp;&nbsp;(145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(468) | &nbsp;&nbsp;&nbsp;&nbsp;(468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;(2188) | &nbsp;&nbsp;(2083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank N.A. | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;(622) | &nbsp;&nbsp;&nbsp;&nbsp;(237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Centrally Cleared<br> Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;124390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange-Traded<br> Futures Contracts | &nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;26569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | 4118 | &nbsp;&nbsp;(6649) | &nbsp;&nbsp;(2531) | &nbsp;&nbsp;154220 | &nbsp;&nbsp;4280 | &nbsp;&nbsp;124 |

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1 Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

2 Securities or other assets pledged as collateral are noted in the Schedule of Investments and Statement of Assets and Liabilities. Securities or other assets received as collateral are held in a segregated account and not included in the fund's security holdings in the Schedule of Investments.

3 Net Exposure represents the net amount receivable from the counterparty in the event of default. Counterparties are not required to exchange collateral if amount is below a specified minimum transfer amount.

7. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

8. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

10. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

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Emerging Markets Bond Fund

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $129,000, representing less than 0.01% of the fund's net assets and 0.05% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** 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 March 31, 2026, based on the inputs used to value them:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;277000 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;551568 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;551568 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4344785 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4344785 |
| Temporary Cash Investments | 218476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;218476 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| Total | 218476 | &nbsp;&nbsp;&nbsp;5173724 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5392200 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9184 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 |
| Swap Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;9184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13710 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (12963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12963) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6469) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6469) |
| Swap Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7772) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7772) |
| Total | (12963) | &nbsp;&nbsp;&nbsp;(14241) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(27204) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**E.** At March 31, 2026, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Interest Rate<br> Contracts<br> ($000) | Foreign<br> Exchange<br> Contracts<br> ($000) | Credit<br> Contracts<br> ($000) | &nbsp;&nbsp;Total<br> ($000) |
| Investments in Secuties, at Value—Unaffiliated Issuers (Options Purchased) |  | 371 |  | &nbsp;&nbsp;371 |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 9184 |  |  | &nbsp;&nbsp;9184 |
| Unrealized Appreciation—Centrally Cleared Swap Contracts<sup>1</sup> | 403 |  | 552 | &nbsp;&nbsp;955 |

---

------

Emerging Markets Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Statement of Assets and Liabilities (continued) | Interest Rate<br> Contracts<br> ($000) | Foreign<br> Exchange<br> Contracts<br> ($000) | Credit<br> Contracts<br> ($000) | &nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Forward Currency Contracts |  | 3467 |  | &nbsp;&nbsp;3467 |
| Unrealized Appreciation—<br> Over-the-Counter Swap Contracts |  |  | 104 | &nbsp;&nbsp;104 |
| Total Assets | 9587 | 3838 | 656 | &nbsp;&nbsp;14081 |
| Swap Premiums Received |  |  | (537) | &nbsp;&nbsp;(537) |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | (12963) |  |  | &nbsp;&nbsp;(12963) |
| Unrealized Depreciation—Centrally Cleared Swap Contracts<sup>1</sup> | (6190) |  | (1560) | &nbsp;&nbsp;(7750) |
| Unrealized Depreciation—Forward Currency Contracts |  | (6469) |  | &nbsp;&nbsp;(6469) |
| Unrealized Depreciation—<br> Over-the-Counter Swap Contracts |  |  | (22) | &nbsp;&nbsp;(22) |
| Total Liabilities | (19153) | (6469) | (2119) | &nbsp;&nbsp;(27741) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended March 31, 2026, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Interest Rate<br> Contracts<br> ($000) | Foreign<br> Exchange<br> Contracts<br> ($000) | Credit<br> Contracts<br> ($000) | &nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 15752 |  |  | &nbsp;&nbsp;15752 |
| Options Purchased | (1059) | (2322) |  | &nbsp;&nbsp;(3381) |
| Options Written |  | 403 |  | &nbsp;&nbsp;403 |
| Swap Contracts | 1678 |  | 157 | &nbsp;&nbsp;1835 |
| Forward Currency Contracts |  | 23101 |  | &nbsp;&nbsp;23101 |
| Realized Net Gain (Loss) on Derivatives | 16371 | 21182 | 157 | &nbsp;&nbsp;37710 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |  |
| Futures Contracts | (12592) |  |  | &nbsp;&nbsp;(12592) |
| Options Purchased | 98 | (375) |  | &nbsp;&nbsp;(277) |
| Options Written |  | (217) |  | &nbsp;&nbsp;(217) |
| Swap Contracts | (4831) |  | (950) | &nbsp;&nbsp;(5781) |
| Forward Currency Contracts |  | (2571) |  | &nbsp;&nbsp;(2571) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (17325) | (3163) | (950) | &nbsp;&nbsp;(21438) |

---

**F.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5446082 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97736 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(165649) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67913) |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2025, the fund had available capital losses totaling $335,677,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**G.** During the six months ended March 31, 2026, the fund purchased $4,429,065,000 of investment securities and sold $4,036,242,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $0 and $15,234,000, respectively.

------

Emerging Markets Bond Fund

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;90115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170919 | &nbsp;&nbsp;&nbsp;&nbsp;16760 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 |
| Redeemed | &nbsp;&nbsp;(81297) | &nbsp;&nbsp;&nbsp;&nbsp;(7617) | &nbsp;&nbsp;&nbsp;&nbsp;(155332) | &nbsp;&nbsp;(15323) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;15254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;924999 | &nbsp;&nbsp;&nbsp;&nbsp;37165 | &nbsp;&nbsp;&nbsp;&nbsp;2070588 | &nbsp;&nbsp;&nbsp;&nbsp;87600 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;118762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244564 | &nbsp;&nbsp;&nbsp;&nbsp;10328 |
| Redeemed | (608994) | &nbsp;&nbsp;(24492) | &nbsp;&nbsp;(1040054) | &nbsp;&nbsp;(44031) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;434767 | &nbsp;&nbsp;&nbsp;&nbsp;17441 | &nbsp;&nbsp;&nbsp;&nbsp;1275098 | &nbsp;&nbsp;&nbsp;&nbsp;53897 |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At March 31, 2026, one shareholder was the record or beneficial owner of 35% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q14312 052026

------

![](tm2611750d8shrttrmtipindi001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Short Duration Bond ETF

------

#### Contents
Financial Statements 1 <br>

------

Short Duration Bond ETF

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (41.0%)** | **U.S. Government and Agency Obligations (41.0%)** | **U.S. Government and Agency Obligations (41.0%)** | **U.S. Government and Agency Obligations (41.0%)** | **U.S. Government and Agency Obligations (41.0%)** | **U.S. Government and Agency Obligations (41.0%)** |
| **U.S. Government Securities (29.6%)** | **U.S. Government Securities (29.6%)** | **U.S. Government Securities (29.6%)** | **U.S. Government Securities (29.6%)** | **U.S. Government Securities (29.6%)** | **U.S. Government Securities (29.6%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3444 | &nbsp;&nbsp; 3443 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4276 | &nbsp;&nbsp; 4279 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2734 | &nbsp;&nbsp; 2753 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3029 | &nbsp;&nbsp; 2987 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4892 | &nbsp;&nbsp; 4894 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2840 | &nbsp;&nbsp; 2837 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3002 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp; 6764 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1913 | &nbsp;&nbsp; 1921 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3549 | &nbsp;&nbsp; 3551 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3234 | &nbsp;&nbsp; 3259 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp; 2429 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4045 | &nbsp;&nbsp; 3847 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 | &nbsp;&nbsp; 3040 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp; 2619 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2757 | &nbsp;&nbsp; 2761 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1441 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp; 2291 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1448 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1396 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1427 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2871 | &nbsp;&nbsp; 2847 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 | &nbsp;&nbsp; 1965 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | &nbsp;&nbsp; 1547 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2852 | &nbsp;&nbsp; 2885 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2929 | &nbsp;&nbsp; 2954 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4618 | &nbsp;&nbsp; 4722 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1223 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2587 | &nbsp;&nbsp; 2540 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3688 | &nbsp;&nbsp; 3705 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 953 | &nbsp;&nbsp; 953 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2310 | &nbsp;&nbsp; 2329 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2068 | &nbsp;&nbsp; 2094 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 | &nbsp;&nbsp; 1802 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2173 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp; 855 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3810 | &nbsp;&nbsp; 3824 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2453 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1807 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1698 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1797 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp; 2779 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2469 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2089 | &nbsp;&nbsp; 2105 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1564 | &nbsp;&nbsp; 1545 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1777 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp; 2876 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1767 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2170 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4421 | &nbsp;&nbsp; 4384 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2942 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 847 | &nbsp;&nbsp; 872 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **135690** |
| **Conventional Mortgage-Backed Securities (11.4%)** | **Conventional Mortgage-Backed Securities (11.4%)** | **Conventional Mortgage-Backed Securities (11.4%)** | **Conventional Mortgage-Backed Securities (11.4%)** | **Conventional Mortgage-Backed Securities (11.4%)** | **Conventional Mortgage-Backed Securities (11.4%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3703 |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5770 |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/21/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3812 |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/2041–5/18/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 3550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3262 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/2040–4/13/2056 | &nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11828 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2053–5/13/2056 | &nbsp;&nbsp;&nbsp;&nbsp;11101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11345 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/13/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4654 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1051 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **52351** |
| **Total U.S. Government and Agency Obligations (Cost $189,234)** | **Total U.S. Government and Agency Obligations (Cost $189,234)** | **Total U.S. Government and Agency Obligations (Cost $189,234)** | **Total U.S. Government and Agency Obligations (Cost $189,234)** | **Total U.S. Government and Agency Obligations (Cost $189,234)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188041** |
| **Asset-Backed/Commercial Mortgage-Backed Securities (10.1%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (10.1%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (10.1%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (10.1%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (10.1%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (10.1%)** |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Affirm Master Trust Class A Series 2025-3A | &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Affirm Master Trust Class A Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.370% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Affirm Master Trust Class C Series 2025-3A | &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Affirm Master Trust Class C Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.720% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Affirm Master Trust Class D Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Class C Series 2025-B | &nbsp;&nbsp;&nbsp;&nbsp; 4.697% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;AMSR Trust Class A Series 2025-SFR2 | &nbsp;&nbsp;&nbsp;&nbsp; 4.275% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;AMSR Trust Class A Series 2026-SFR1 | &nbsp;&nbsp;&nbsp;&nbsp; 3.775% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;AMSR Trust Class B Series 2025-SFR2 | &nbsp;&nbsp;&nbsp;&nbsp; 4.275% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust Class B Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.030% | &nbsp;&nbsp;&nbsp;&nbsp; 8/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust Class C Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.190% | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust Class C Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.560% | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust Class D Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.630% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust Class D Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.070% | &nbsp;&nbsp;&nbsp;&nbsp; 1/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1828 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC Class A Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.280% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC Class A Series 2026-2A | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC Class B Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC Class B Series 2026-2A | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Barings CLO Ltd. Class B Series 2025-7A, TSFR3M + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5.228% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Basswood Park CLO Ltd. Class BR Series 2021-1A, TSFR3M + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5.168% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Class A3 Series 2026-5C40 | &nbsp;&nbsp;&nbsp;&nbsp; 5.248% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Class AS Series 2024-5C25 | &nbsp;&nbsp;&nbsp;&nbsp; 6.358% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO IV Ltd. Class AR5 Series 2014-IVA, TSFR3M + 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4.918% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust Class A Series 2025-5MW | &nbsp;&nbsp;&nbsp;&nbsp; 4.674% | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust Class C Series 2025-4 | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust Class C Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.440% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;BX Trust Class A Series 2019-OC11 | &nbsp;&nbsp;&nbsp;&nbsp; 3.202% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;BX Trust Class A Series 2025-ARIA | &nbsp;&nbsp;&nbsp;&nbsp; 5.031% | &nbsp;&nbsp;&nbsp;&nbsp; 12/13/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Capital Street Master Trust Class A Series 2025-1, SOFR30A + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4.772% | &nbsp;&nbsp;&nbsp;&nbsp; 8/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class C Series 2025-4 | &nbsp;&nbsp;&nbsp;&nbsp; 4.810% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class C Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class D Series 2025-2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.740% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class D Series 2025-4 | &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class D Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.930% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;CENT Trust Class A Series 2025-CITY | &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;CIFC Funding Ltd. Class AR Series 2023-2A, TSFR3M + 1.130% | &nbsp;&nbsp;&nbsp;&nbsp; 4.792% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;CIFC Funding Ltd. Class BR Series 2023-2A, TSFR3M + 1.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5.112% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A4 Series 2018-B2 | &nbsp;&nbsp;&nbsp;&nbsp; 4.009% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC Class A1 Series 2025-2A | &nbsp;&nbsp;&nbsp;&nbsp; 4.926% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer III LLC Class A2 Series 2025-3A | &nbsp;&nbsp;&nbsp;&nbsp; 5.286% | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer III LLC Class A21 Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.897% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer III LLC Class A22 Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.289% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Concord Music Royalties LLC Class A2 Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.507% | &nbsp;&nbsp;&nbsp;&nbsp; 7/20/2075 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust Class A2 Series 2025-A | &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;DB Master Finance LLC Class A23 Series 2019-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.352% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;DB Master Finance LLC Class A2I Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.891% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |

---

------

Short Duration Bond ETF

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust Class D Series 2025-2 | &nbsp;&nbsp;&nbsp;&nbsp; 4.830% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust Class D Series 2025-2 | &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp; 682 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust Class D Series 2025-5A | &nbsp;&nbsp;&nbsp;&nbsp; 5.160% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 973 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust Class D Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 436 |
| <sup>4,6,7,8</sup> | &nbsp;&nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities Class 1A1 Series 2026-R02, SOFR30A + 0.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4.612% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp; 787 |
| <sup>4,6,7,8</sup> | &nbsp;&nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities Trust Class 1A1 Series 2024-R06, SOFR30A + 1.150% | &nbsp;&nbsp;&nbsp;&nbsp; 4.812% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp; 702 |
| <sup>4,6,7,8</sup> | &nbsp;&nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities Trust Class 1A1 Series 2025-R02, SOFR30A + 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4.662% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp; 362 |
| <sup>4,6,7,8</sup> | &nbsp;&nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities Trust Class 2A1 Series 2025-R05, SOFR30A + 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4.662% | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp; 288 |
| <sup>4,6,7,8</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMICS Trust Class A1 Series 2025-DNA3, SOFR30A + 0.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4.612% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 829 | &nbsp;&nbsp; 827 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust Class C Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 981 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust Class C Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 420 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust Class D Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.220% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1032 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust Class D Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 370 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Flatiron CLO 24 Ltd. Class A1R Series 2023-2A, TSFR3M + 1.190% | &nbsp;&nbsp;&nbsp;&nbsp; 4.783% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Flatiron CLO 24 Ltd. Class BR Series 2023-2A, TSFR3M + 1.400% | &nbsp;&nbsp;&nbsp;&nbsp; 4.993% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class B Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.480% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 467 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A Class B Series 2024-3 | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 266 |
| <sup>4,6,7,8</sup> | &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMICS Trust Class A1 Series 2025-DNA2, SOFR30A + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4.762% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;GGP Trust Class A Series 2026-TY | &nbsp;&nbsp;&nbsp;&nbsp; 4.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 168 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Class C Series 2025-2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | &nbsp;&nbsp;&nbsp;&nbsp; 10/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class C Series 2025-3 | &nbsp;&nbsp;&nbsp;&nbsp; 4.730% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| <sup>4,7,8,9</sup> | &nbsp;&nbsp;&nbsp;Goldentree Loan Management U.S. CLO 28 Ltd. Class A Series 2026-28A, TSFR3M + 1.170% | &nbsp;&nbsp;&nbsp;&nbsp; 4.837% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| <sup>4,7,8,9</sup> | &nbsp;&nbsp;&nbsp;Goldentree Loan Management U.S. CLO 28 Ltd. Class B Series 2026-28A, TSFR3M + 1.400% | &nbsp;&nbsp;&nbsp;&nbsp; 5.067% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4,5,7,8</sup> | &nbsp;&nbsp;&nbsp;Goldentree Loan Management U.S. CLO 9 Ltd. Class AR2 Series 2021-9A, TSFR3M + 1.230% | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| <sup>4,5,7,8</sup> | &nbsp;&nbsp;&nbsp;Goldentree Loan Management U.S. CLO 9 Ltd. Class BR2 Series 2021-9A, TSFR3M + 1.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Harley-Davidson Motorcycle Trust Class A4 Series 2025-A | &nbsp;&nbsp;&nbsp;&nbsp; 4.790% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 404 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2025-5A | &nbsp;&nbsp;&nbsp;&nbsp; 4.620% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1595 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2025-6A | &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2025-6A | &nbsp;&nbsp;&nbsp;&nbsp; 5.820% | &nbsp;&nbsp;&nbsp;&nbsp; 5/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust Class D Series 2025-2A | &nbsp;&nbsp;&nbsp;&nbsp; 4.770% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes Class B1 Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.503% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 508 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class C Series 2025-B | &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 403 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;INT Commercial Mortgage Trust Class A Series 2025-PLAZA | &nbsp;&nbsp;&nbsp;&nbsp; 4.554% | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Jersey Mike's Funding LLC Class A2I Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.952% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 266 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;LBTY Commercial Mortgage Trust Class A Series 2026-225L | &nbsp;&nbsp;&nbsp;&nbsp; 4.593% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 158 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Lighthouse Park CLO Ltd. Class B Series 2025-1A, TSFR3M + 1.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP Class A2 Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.604% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;M&T Bank RV Trust Class A Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp; 274 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Navient Education Loan Trust Class A Series 2025-A | &nbsp;&nbsp;&nbsp;&nbsp; 5.020% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp; 163 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust Class A Series 2025-C | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp; 88 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust Class A Series 2026-A | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Class A1A Series 2025-DA | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp; 92 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Class A1B Series 2026-A, SOFR30A + 1.300% | &nbsp;&nbsp;&nbsp;&nbsp; 4.973% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp; 366 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Class B Series 2025-DA | &nbsp;&nbsp;&nbsp;&nbsp; 4.860% | &nbsp;&nbsp;&nbsp;&nbsp; 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust Class B Series 2026-A | &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 524 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust Class A2 Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.070% | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp; 812 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust Class A Series 2025-28L | &nbsp;&nbsp;&nbsp;&nbsp; 4.668% | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;OCP Aegis CLO Ltd. Class AR Series 2024-39A, TSFR3M + 1.090% | &nbsp;&nbsp;&nbsp;&nbsp; 4.762% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;OCP Aegis CLO Ltd. Class B1R Series 2024-39A, TSFR3M + 1.400% | &nbsp;&nbsp;&nbsp;&nbsp; 5.072% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Onemain Financial Issuance Trust Class A Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.820% | &nbsp;&nbsp;&nbsp;&nbsp; 7/14/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 376 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Onemain Financial Issuance Trust Class B Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp; 7/14/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class A Series 2025-SFR2 | &nbsp;&nbsp;&nbsp;&nbsp; 3.305% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp; 94 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class A Series 2025-SFR6 | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 154 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class B Series 2025-SFR6 | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp; 104 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;QTS Issuer ABS II LLC Class A2 Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.364% | &nbsp;&nbsp;&nbsp;&nbsp; 1/5/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 958 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;QTS Issuer ABS II LLC Class A2 Series 2026-4A | &nbsp;&nbsp;&nbsp;&nbsp; 5.704% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 660 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;RCKTL Class A Series 2025-2A | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 11/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Red Oak Funding Master Trust Class A Series 2025-1A, SOFR30A + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5.673% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC Class A2A Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.091% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 147 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;RKTL Trust Class B Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.330% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| <sup>4,5,7,8,9</sup> | &nbsp;&nbsp;&nbsp;Rowe CLO Ltd. Class A1 Series 2026-1A, TSFR3M + 1.230% | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| <sup>4,5,7,8,9</sup> | &nbsp;&nbsp;&nbsp;Rowe CLO Ltd. Class B Series 2026-1A, TSFR3M + 1.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;RR 44 Ltd. Class A1A Series 2026-44A, TSFR3M + 1.170% | &nbsp;&nbsp;&nbsp;&nbsp; 4.842% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;RR 44 Ltd. Class A2 Series 2026-44A, TSFR3M + 1.400% | &nbsp;&nbsp;&nbsp;&nbsp; 5.072% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Sabey Data Center Issuer LLC Class A2 Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 5.482% | &nbsp;&nbsp;&nbsp;&nbsp; 1/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp; 357 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes Class C Series 2024-A | &nbsp;&nbsp;&nbsp;&nbsp; 5.818% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp; 243 |

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Short Duration Bond ETF

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class C Series 2024-5 | &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp; 194 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class D Series 2025-3 | &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp; 311 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class D Series 2025-4 | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class D Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; 433 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust Class D Series 2025-SF1 | &nbsp;&nbsp;&nbsp;&nbsp; 5.340% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp; 376 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Securitized Term Auto Receivables Trust Class D Series 2025-B | &nbsp;&nbsp;&nbsp;&nbsp; 5.463% | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 136 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Securitized Term Auto Receivables Trust Class D Series 2026-A | &nbsp;&nbsp;&nbsp;&nbsp; 4.873% | &nbsp;&nbsp;&nbsp;&nbsp; 3/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp; 147 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust Class B Series 2024-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 335 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust Class C Series 2025-2A | &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust Class C Series 2025-3A | &nbsp;&nbsp;&nbsp;&nbsp; 4.640% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust Class C Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.460% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp; 501 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SLG Office Trust Class A Series 2021-OVA | &nbsp;&nbsp;&nbsp;&nbsp; 2.585% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 311 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A1A Series 2026-A | &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 602 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust Class C Series 2026-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.740% | &nbsp;&nbsp;&nbsp;&nbsp; 12/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp; 208 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Switch ABS Issuer LLC Class A21 Series 2025-2A | &nbsp;&nbsp;&nbsp;&nbsp; 5.121% | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 127 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Taco Bell Funding LLC Class A2I Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.821% | &nbsp;&nbsp;&nbsp;&nbsp; 8/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 286 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Lease Electric Vehicle Securitization LLC Class B Series 2025-A | &nbsp;&nbsp;&nbsp;&nbsp; 4.790% | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Lease Electric Vehicle Securitization LLC Class C Series 2025-A | &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 982 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance plc Class A2 Series 2024-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp; 366 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tricon Residential Trust Class B Series 2024-SFR4 | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 147 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing LLC Class A Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | &nbsp;&nbsp;&nbsp;&nbsp; 10/19/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp; 98 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Truist Bank Auto Credit-Linked Notes Class B Series 2025-1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.728% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp; 133 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;US Bank C&I Credit-Linked Notes Class B1 Series 2025-SUP2 | &nbsp;&nbsp;&nbsp;&nbsp; 4.818% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp; 206 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;US Bank NA Class B1 Series 2026-RVM1 | &nbsp;&nbsp;&nbsp;&nbsp; 4.959% | &nbsp;&nbsp;&nbsp;&nbsp; 12/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1135 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;US Bank NA Class C Series 2026-RVM1 | &nbsp;&nbsp;&nbsp;&nbsp; 5.595% | &nbsp;&nbsp;&nbsp;&nbsp; 12/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 299 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Vantage Data Centers Issuer LLC Class A2 Series 2025-2A | &nbsp;&nbsp;&nbsp;&nbsp; 5.239% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 315 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Vantage Data Centers LLC Class A2 Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 5.132% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 313 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;VB-S1 Issuer LLC Class C2 Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.693% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 265 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class C Series 2025-1 | &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 354 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class C Series 2025-8 | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 8/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A Series 2026-1250B | &nbsp;&nbsp;&nbsp;&nbsp; 4.833% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 594 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2017-C40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.581% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 296 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Wendy's Funding LLC Class A2II Series 2018-1A | &nbsp;&nbsp;&nbsp;&nbsp; 3.884% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 | &nbsp;&nbsp; 1017 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Wendy's Funding LLC Class A2II Series 2019-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.080% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp; 42 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust Class C Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.370% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 179 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust Class D Series 2026-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Westlake Flooring Master Trust Class B Series 2025-1A | &nbsp;&nbsp;&nbsp;&nbsp; 4.840% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $46,781)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $46,781)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $46,781)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $46,781)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $46,781)** | &nbsp;&nbsp;**46523** |
| **Corporate Bonds (44.7%)** | **Corporate Bonds (44.7%)** | **Corporate Bonds (44.7%)** | **Corporate Bonds (44.7%)** | **Corporate Bonds (44.7%)** | **Corporate Bonds (44.7%)** |
| **Communications (3.6%)** | **Communications (3.6%)** | **Communications (3.6%)** | **Communications (3.6%)** | **Communications (3.6%)** | **Communications (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Airbnb Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 170 |
|  | &nbsp;&nbsp;&nbsp;Airbnb Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp; 97 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 577 | &nbsp;&nbsp; 573 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Altice France SA | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp; 158 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Altice France SA | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp;AMC Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp; 170 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;AMC Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp; 132 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Black Pearl Compute LLC | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 139 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp; 392 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 36 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 981 | &nbsp;&nbsp; 964 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 796 | &nbsp;&nbsp; 744 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 | &nbsp;&nbsp; 1333 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1554 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Cipher Compute LLC | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp; 124 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cox Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp; 393 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cox Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 306 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 11.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 287 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 347 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp; 81 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV | &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 230 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Directv Financing LLC | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 264 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EW Scripps Co. | &nbsp;&nbsp;&nbsp;&nbsp; 9.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Flash Compute LLC | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.709% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Midcontinent Communications | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Scripps Escrow II Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SV RNO Property Owner 1 LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA | &nbsp;&nbsp;&nbsp;&nbsp; 4.103% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Univision Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Univision Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Univision Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.016% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Virgin Media O2 Vendor Financing Notes VI DAC | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Virgin Media Secured Finance plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;WULF Compute LLC | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **16314** |
| **Consumer Discretionary (4.4%)** | **Consumer Discretionary (4.4%)** | **Consumer Discretionary (4.4%)** | **Consumer Discretionary (4.4%)** | **Consumer Discretionary (4.4%)** | **Consumer Discretionary (4.4%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1588 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| <sup>7,10</sup> | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC, 10.750% PIK or 10.000% Cash | &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Belron UK Finance plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BMW US Capital LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 8/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BMW US Capital LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Boyne USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Cornell University | &nbsp;&nbsp;&nbsp;&nbsp; 4.169% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.970% | &nbsp;&nbsp;&nbsp;&nbsp; 4/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Gildan Activewear Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Light & Wonder International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Men's Wearhouse LLC | &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;MIWD Holdco II LLC / MIWD Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 |
|  | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. / Canada's Wonderland Co. / Millennium Operations LLC | &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Stellantis Finance US Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Stellantis Finance US Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Stellantis Financial Services US Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Stellantis Financial Services US Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vail Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Wynn Macau Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ZF North America Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ZF North America Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **20431** |
| **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc. / Safeway Inc. / New Albertsons LP / Albertsons LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | &nbsp;&nbsp;&nbsp;&nbsp; 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.906% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | &nbsp;&nbsp;&nbsp;&nbsp; 8/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;BAT International Finance plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.931% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cargill Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| <sup>7,11</sup> | &nbsp;&nbsp;&nbsp;Froneri Lux FinCo Sarl | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mars Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mars Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Opal Bidco SAS | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7704** |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395 |
|  | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Excelerate Energy LP | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2.160% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613 |
|  | &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;OQ SAOC | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396 |
|  | &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 |
|  | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sunoco LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sunoco LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sunoco LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Transocean International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC | &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Valaris Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global LNG Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global LNG Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global LNG Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11973** |
| **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp;&nbsp; 2.470% | &nbsp;&nbsp;&nbsp;&nbsp; 12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 7/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.737% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.532% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.085% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.016% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;AmWINS Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Apollo Debt Solutions BDC | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Apollo Debt Solutions BDC | &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ardonagh Group Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Asurion LLC & Asurion Co-Issuer Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Athene Global Funding | &nbsp;&nbsp;&nbsp;&nbsp; 5.349% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Athene Global Funding | &nbsp;&nbsp;&nbsp;&nbsp; 4.830% | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 528 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Athene Global Funding | &nbsp;&nbsp;&nbsp;&nbsp; 4.721% | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Atlas Warehouse Lending Co. LP | &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 760 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Atlas Warehouse Lending Co. LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp; 729 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 6.607% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 5.565% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 5.538% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.948% | &nbsp;&nbsp;&nbsp;&nbsp; 7/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 704 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.087% | &nbsp;&nbsp;&nbsp;&nbsp; 6/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.194% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp; 595 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp; 5.717% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp; 4.439% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.802% | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 767 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.317% | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp; 4.932% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel SA | &nbsp;&nbsp;&nbsp;&nbsp; 5.790% | &nbsp;&nbsp;&nbsp;&nbsp; 7/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 770 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel SA | &nbsp;&nbsp;&nbsp;&nbsp; 4.541% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.088% | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 753 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.521% | &nbsp;&nbsp;&nbsp;&nbsp; 2/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp; 4/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 292 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; 4.792% | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; 5.497% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 205 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BPCE SA | &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 234 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/29/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp; 4.857% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp; 5.260% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp; 182 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp; 4.631% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.493% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.722% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.643% | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Citadel LP | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.786% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp; 829 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.976% | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.952% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp; 327 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.503% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp; 315 |
|  | &nbsp;&nbsp;&nbsp;Citizens Bank NA / Providence RI | &nbsp;&nbsp;&nbsp;&nbsp; 4.575% | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.253% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;&nbsp;&nbsp; 5.564% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp; 275 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;&nbsp;&nbsp; 5.447% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 963 | &nbsp;&nbsp; 984 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corebridge Global Funding | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp; 6.316% | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 260 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp; 4.662% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1233 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp; 5.019% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 805 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Depository Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 2.552% | &nbsp;&nbsp;&nbsp;&nbsp; 1/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 5.373% | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1193 | &nbsp;&nbsp; 1207 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 6.819% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 5.297% | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 8/4/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 3.547% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp; 374 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp; 4.384% | &nbsp;&nbsp;&nbsp;&nbsp; 11/4/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp; 315 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Equitable America Global Funding | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.572% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 680 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1017 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 995 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 4.055% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp; 279 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;GA Global Funding Trust | &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 48 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.937% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.148% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp; 844 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.814% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.727% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; 428 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.049% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.692% | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.207% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.516% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 591 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC | &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp; 159 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 7.390% | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.899% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.398% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 546 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 485 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.286% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.619% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp; 602 |
|  | &nbsp;&nbsp;&nbsp;HSBC USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 6/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.443% | &nbsp;&nbsp;&nbsp;&nbsp; 8/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp; 491 |
|  | &nbsp;&nbsp;&nbsp;Huntington National Bank | &nbsp;&nbsp;&nbsp;&nbsp; 4.552% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Huntington National Bank | &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 751 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp; 5.335% | &nbsp;&nbsp;&nbsp;&nbsp; 3/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp; 4.803% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.979% | &nbsp;&nbsp;&nbsp;&nbsp; 7/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.505% | &nbsp;&nbsp;&nbsp;&nbsp; 10/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.915% | &nbsp;&nbsp;&nbsp;&nbsp; 1/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1009 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.005% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.087% | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.012% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.522% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1.764% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 482 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.347% | &nbsp;&nbsp;&nbsp;&nbsp; 1/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp; 291 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.871% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1281 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.553% | &nbsp;&nbsp;&nbsp;&nbsp; 8/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.179% | &nbsp;&nbsp;&nbsp;&nbsp; 7/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.762% | &nbsp;&nbsp;&nbsp;&nbsp; 7/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp; 665 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.195% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 240 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.197% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.159% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.505% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.254% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.711% | &nbsp;&nbsp;&nbsp;&nbsp; 7/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 6.407% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 78 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 4.238% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 430 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 5.173% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 5.042% | &nbsp;&nbsp;&nbsp;&nbsp; 7/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 4.493% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp; 389 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA | &nbsp;&nbsp;&nbsp;&nbsp; 4.952% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 602 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA | &nbsp;&nbsp;&nbsp;&nbsp; 5.016% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1279 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank NA | &nbsp;&nbsp;&nbsp;&nbsp; 4.204% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank NA | &nbsp;&nbsp;&nbsp;&nbsp; 4.734% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 747 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank NA | &nbsp;&nbsp;&nbsp;&nbsp; 4.465% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; 640 |
|  | &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 773 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.808% | &nbsp;&nbsp;&nbsp;&nbsp; 9/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 772 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.445% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Nippon Life Insurance Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.748% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.842% | &nbsp;&nbsp;&nbsp;&nbsp; 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 541 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 756 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II | &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp; 245 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 796 | &nbsp;&nbsp; 794 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp; 108 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Bank | &nbsp;&nbsp;&nbsp;&nbsp; 5.957% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.168% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.075% | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 8/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.722% | &nbsp;&nbsp;&nbsp;&nbsp; 6/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rocket Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4.522% | &nbsp;&nbsp;&nbsp;&nbsp; 10/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4.965% | &nbsp;&nbsp;&nbsp;&nbsp; 1/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4.969% | &nbsp;&nbsp;&nbsp;&nbsp; 8/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 10/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4.970% | &nbsp;&nbsp;&nbsp;&nbsp; 5/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 6.534% | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.858% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Shift4 Payments LLC / Shift4 Payments Finance Sub Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
|  | &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Starwood Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.834% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2667 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.716% | &nbsp;&nbsp;&nbsp;&nbsp; 9/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.108% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.040% | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.494% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 9/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Takeoff Merger Sub Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Takeoff Merger Sub Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Takeoff Merger Sub Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp; 4.783% | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Truist Bank | &nbsp;&nbsp;&nbsp;&nbsp; 4.144% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
|  | &nbsp;&nbsp;&nbsp;Truist Bank | &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.161% | &nbsp;&nbsp;&nbsp;&nbsp; 10/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.071% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;UBS AG / Stamford CT | &nbsp;&nbsp;&nbsp;&nbsp; 4.302% | &nbsp;&nbsp;&nbsp;&nbsp; 3/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 6.246% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.151% | &nbsp;&nbsp;&nbsp;&nbsp; 12/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2229 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 3.126% | &nbsp;&nbsp;&nbsp;&nbsp; 8/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 5.617% | &nbsp;&nbsp;&nbsp;&nbsp; 9/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.398% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 4.653% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 5.384% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp;US Bank NA | &nbsp;&nbsp;&nbsp;&nbsp; 4.730% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.393% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.808% | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.970% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.574% | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.303% | &nbsp;&nbsp;&nbsp;&nbsp; 10/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.182% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.244% | &nbsp;&nbsp;&nbsp;&nbsp; 1/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
|  | &nbsp;&nbsp;&nbsp;Willis North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **74988** |
| **Health Care (3.0%)** | **Health Care (3.0%)** | **Health Care (3.0%)** | **Health Care (3.0%)** | **Health Care (3.0%)** | **Health Care (3.0%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;1261229 BC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.775% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;&nbsp;&nbsp; 4.078% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
|  | &nbsp;&nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;&nbsp;&nbsp; 4.294% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;Augusta SpinCo Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.321% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
|  | &nbsp;&nbsp;&nbsp;Augusta SpinCo Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.398% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
|  | &nbsp;&nbsp;&nbsp;Augusta SpinCo Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.656% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.874% | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.823% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;&nbsp;&nbsp; 4.352% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;&nbsp;&nbsp; 2.782% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1.300% | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Endo Finance Holdings LP | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.857% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;IQVIA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;IQVIA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;IQVIA Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  | &nbsp;&nbsp;&nbsp;Novartis Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;Novartis Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| <sup>7,11</sup> | &nbsp;&nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co-Issuer BV | &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co-Issuer BV | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV | &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands IV BV | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.215% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13664** |
| **Industrials (3.0%)** | **Industrials (3.0%)** | **Industrials (3.0%)** | **Industrials (3.0%)** | **Industrials (3.0%)** | **Industrials (3.0%)** |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 8/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Air Canada | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Allison Transmission Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. / AAdvantage Loyalty IP Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. / AAdvantage Loyalty IP Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.259% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.298% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CompoSecure Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Fedex Freight Holding Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Fedex Freight Holding Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;First Student Bidco Inc. / First Transit Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Garda World Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Garda World Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Garda World Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Garda World Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Gates Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Honeywell Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Honeywell Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Honeywell Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. / JetBlue Loyalty LP | &nbsp;&nbsp;&nbsp;&nbsp; 9.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.565% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 11/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TK Elevator US Newco Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;United Airlines Class AA Series 2016-1 Pass Through Trust | &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;WESCO Distribution Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13674** |
| **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Alcoa Nederland Holding BV | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC | &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ARC Falcon I Inc. / Arclin USA LLC / New Arclin US Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| <sup>7,11</sup> | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Big River Steel LLC / BRS Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;CRH SMW Finance DAC | &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;CRH SMW Finance DAC | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC | &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hudbay Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hudbay Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;JH North America Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Magnera Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp. / Sealed Air Corp. US | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Smurfit Kappa Treasury ULC | &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SNF Group SACA | &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SNF Group SACA | &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SNF Group SACA | &nbsp;&nbsp;&nbsp;&nbsp; 5.626% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Standard Building Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;Vale Canada Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;WRKCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7737** |
| **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 |
|  | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
|  | &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;COPT Defense Properties LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;CubeSmart LP | &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP | &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |
|  | &nbsp;&nbsp;&nbsp;Equinix Asia Financing Corp. Pte Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
|  | &nbsp;&nbsp;&nbsp;Equinix Europe 2 Financing Corp. LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak OP LLC | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Realty LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Realty LP | &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Hudson Pacific Properties LP | &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
|  | &nbsp;&nbsp;&nbsp;Hudson Pacific Properties LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 0.993% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 |
|  | &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;Public Storage Operating Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty LP | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7450** |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Technology (4.1%)** | **Technology (4.1%)** | **Technology (4.1%)** | **Technology (4.1%)** | **Technology (4.1%)** | **Technology (4.1%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Central Parent LLC / CDK Global II LLC / CDK Financing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cloud Software Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cloud Software Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 |
|  | &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Cotiviti Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1459 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 9/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Imola Merger Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 5/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Kioxia Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Kioxia Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 7/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp;&nbsp;Leidos Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;McAfee Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp; 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp; 8/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rocket Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;UKG Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |
|  | &nbsp;&nbsp;&nbsp;VMware LLC | &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  | &nbsp;&nbsp;&nbsp;Workday Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18630** |
| **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 |
|  | &nbsp;&nbsp;&nbsp;Appalachian Power Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;California Buyer Ltd. / Atlantica Sustainable Infrastructure plc | &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Enel Finance International NV | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Eskom Holdings | &nbsp;&nbsp;&nbsp;&nbsp; 4.314% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ITC Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;National Grid plc | &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.685% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |

---

------

Short Duration Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3.490% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP / Pattern Energy Operations Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;PSEG Power LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
|  | &nbsp;&nbsp;&nbsp;System Energy Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Public Service Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners LP | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners LP | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners LP | &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12270** |
| **Total Corporate Bonds (Cost $206,585)** | **Total Corporate Bonds (Cost $206,585)** | **Total Corporate Bonds (Cost $206,585)** | **Total Corporate Bonds (Cost $206,585)** | **Total Corporate Bonds (Cost $206,585)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204835** |
| **Floating Rate Loan Interests (1.9%)** | **Floating Rate Loan Interests (1.9%)** | **Floating Rate Loan Interests (1.9%)** | **Floating Rate Loan Interests (1.9%)** | **Floating Rate Loan Interests (1.9%)** | **Floating Rate Loan Interests (1.9%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;1011778 B.C. Unlimited Liability Co. Term Loan B-6, TSFR1M + 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5.418% | &nbsp;&nbsp;&nbsp;&nbsp; 9/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. Term Loan B, TSFR3M + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6.418% | &nbsp;&nbsp;&nbsp;&nbsp; 5/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. Term Loan, TSFR3M + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5.918% | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Asurion LLC Term Loan B-13, TSFR1M + 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7.918% | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Barnes Group Inc. Term Loan B, TSFR1M + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6.168% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. Term Loan, TSFR1M + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7.418% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC Term Loan B, TSFR3M + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC Term Loan B, TSFR3M + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5.660% | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| <sup>8,13</sup> | &nbsp;&nbsp;&nbsp;Betclic Everest Group | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd. Term Loan, TSFR3M + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6.924% | &nbsp;&nbsp;&nbsp;&nbsp; 8/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Clarios Global LP Term Loan B, TSFR1M + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6.168% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Clarios Global LP Term Loan B, TSFR1M + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6.418% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Inc. Term Loan B, TSFR1M + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6.918% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dayforce Inc. Term Loan, TSFR3M + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6.663% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |
| <sup>8,11,13</sup> | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Endo Luxembourg Finance Co. I Sarl Term Loan, TSFR1M + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7.418% | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;First Student Bidco Inc. Term Loan B, TSFR3M + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;First Student Bidco Inc. Term Loan C, TSFR3M + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Froneri Lux Finco Sarl Term Loan B-6, TSFR6M + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5.877% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Graham Packaging Co. Inc. Term Loan B, TSFR1M + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5.918% | &nbsp;&nbsp;&nbsp;&nbsp; 1/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Gryphon Acquire Newco LLC Term Loan B, TSFR3M + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6.675% | &nbsp;&nbsp;&nbsp;&nbsp; 9/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| <sup>8,13</sup> | &nbsp;&nbsp;&nbsp;Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lavender Dutch BorrowerCo BV Term Loan, TSFR3M + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6.949% | &nbsp;&nbsp;&nbsp;&nbsp; 12/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;LifePoint Health Inc. Term Loan B, TSFR3M + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7.422% | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;LifePoint Health Inc. Term Loan B-1, TSFR3M + 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7.152% | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Light & Wonder International Inc. Term Loan B, TSFR1M + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5.675% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. Term Loan B, TSFR1M + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5.675% | &nbsp;&nbsp;&nbsp;&nbsp; 10/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Men's Wearhouse Inc. Term Loan B, TSFR3M + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9.414% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nexstar Broadcasting Inc. Term Loan B-7, TSFR3M + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6.427% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Opal Bidco SAS Term Loan B-4, TSFR3M + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Organon & Co. Term Loan, TSFR1M + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5.918% | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Orion US Finco Inc. Term Loan, TSFR3M + 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7.150% | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Qnity Electronics Inc. Term Loan B, TSFR1M + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5.668% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Rocket Software Inc. Term Loan B, TSFR1M + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7.418% | &nbsp;&nbsp;&nbsp;&nbsp; 11/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Sazerac Co. Inc. Term Loan B, TSFR1M + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH Term Loan B, TSFR3M + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6.442% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH Term Loan B, TSFR6M + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6.377% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |

---

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Short Duration Bond ETF

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TKO Worldwide Holdings LLC Term Loan, TSFR3M + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5.664% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp; 434 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. Term Loan J, TSFR1M + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6.168% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. Term Loan L, TSFR1M + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6.168% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp; 514 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. Term Loan M, TSFR1M + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6.168% | &nbsp;&nbsp;&nbsp;&nbsp; 8/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp; 379 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. Term Loan N, TSFR1M + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6.168% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Truist Insurance Holdings LLC Term Loan, TSFR3M + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Versant Media Group Inc. Term Loan B, TSFR3M + 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| **Total Floating Rate Loan Interests (Cost $8,971)** | **Total Floating Rate Loan Interests (Cost $8,971)** | **Total Floating Rate Loan Interests (Cost $8,971)** | **Total Floating Rate Loan Interests (Cost $8,971)** | **Total Floating Rate Loan Interests (Cost $8,971)** | &nbsp;&nbsp;&nbsp;&nbsp;**8920** |
| **Sovereign Bonds (8.9%)** | **Sovereign Bonds (8.9%)** | **Sovereign Bonds (8.9%)** | **Sovereign Bonds (8.9%)** | **Sovereign Bonds (8.9%)** | **Sovereign Bonds (8.9%)** |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp; 877 |
|  | &nbsp;&nbsp;&nbsp;Baiterek National Investment Holding JSC | &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 703 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1379 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp; 1245 |
|  | &nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 8/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp; 708 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1200 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp; 528 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 407 |
|  | &nbsp;&nbsp;&nbsp;Magyar Export-Import Bank Zrt | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1782 | &nbsp;&nbsp; 1803 |
|  | &nbsp;&nbsp;&nbsp;MFB Magyar Fejlesztesi Bank Zrt | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 196 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 19 |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 1.750% coupon rate effective 7/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp; 809 |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.375% coupon rate effective 7/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | &nbsp;&nbsp;&nbsp;&nbsp; 3.240% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 784 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2211 | &nbsp;&nbsp; 2260 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador | &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp; 388 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1041 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp; 787 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 | &nbsp;&nbsp; 1132 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1560 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1003 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 607 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; 4.412% | &nbsp;&nbsp;&nbsp;&nbsp; 10/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 979 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 936 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp; 946 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | &nbsp;&nbsp;&nbsp;&nbsp; 2.783% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1141 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1592 | &nbsp;&nbsp; 1819 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 6/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2263 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1187 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2503 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp; 874 |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;Republic of Zambia, 7.500% coupon rate effective 6/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp; 99 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Romania | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 9/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 74 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Romania | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 233 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Romania | &nbsp;&nbsp;&nbsp;&nbsp; 2.124% | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 993 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;State of Israel | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 490 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1858 |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 32 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1973 | &nbsp;&nbsp; 1925 |
| **Total Sovereign Bonds (Cost $41,452)** | **Total Sovereign Bonds (Cost $41,452)** | **Total Sovereign Bonds (Cost $41,452)** | **Total Sovereign Bonds (Cost $41,452)** | **Total Sovereign Bonds (Cost $41,452)** | &nbsp;&nbsp;**40660** |
|  |  |  |  | &nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** |
| **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3.687% |  | &nbsp;&nbsp;&nbsp;&nbsp;14894 | &nbsp;&nbsp; 1489 |

---

------

Short Duration Bond ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (2.5%)** | **U.S. Government and Agency Obligations (2.5%)** | **U.S. Government and Agency Obligations (2.5%)** | **U.S. Government and Agency Obligations (2.5%)** | **U.S. Government and Agency Obligations (2.5%)** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;3.759%–3.788% | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;11982 | &nbsp;&nbsp; 11570 |
| **Total Temporary Cash Investments (Cost $13,052)** | **Total Temporary Cash Investments (Cost $13,052)** | **Total Temporary Cash Investments (Cost $13,052)** | **Total Temporary Cash Investments (Cost $13,052)** | &nbsp;&nbsp;**13059** |
| Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> Rate | &nbsp;&nbsp;Notional<br> Amount on<br> Underlying<br> Swap<br> ($000) |  |
| **Options Purchased (0.0%)** | **Options Purchased (0.0%)** | **Options Purchased (0.0%)** | **Options Purchased (0.0%)** | **Options Purchased (0.0%)** |
| **Over-the-Counter Swaptions (0.0%)** | **Over-the-Counter Swaptions (0.0%)** | **Over-the-Counter Swaptions (0.0%)** | **Over-the-Counter Swaptions (0.0%)** | **Over-the-Counter Swaptions (0.0%)** |
| **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** |
| GSI | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% | &nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| **Total Options Purchased (Cost $2)** | **Total Options Purchased (Cost $2)** | **Total Options Purchased (Cost $2)** | **Total Options Purchased (Cost $2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4** |
| **Total Investments (109.5%) (Cost $506,077)** | **Total Investments (109.5%) (Cost $506,077)** | **Total Investments (109.5%) (Cost $506,077)** | **Total Investments (109.5%) (Cost $506,077)** | **502042** |
| **Other Assets and Liabilities—Net (-9.5%)** | **Other Assets and Liabilities—Net (-9.5%)** | **Other Assets and Liabilities—Net (-9.5%)** | **Other Assets and Liabilities—Net (-9.5%)** | **(43470)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **458572** |
| Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Securities with a value of $528 have been segregated as initial margin for open futures contracts. |
| 2 | Securities with a value of $546 have been segregated as initial margin for open centrally cleared swap contracts. |
| 3 | Securities with a value of $124 have been segregated as collateral for certain open To Be Announced (TBA) transactions. |
| 4 | 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. |
| 5 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of March 31, 2026. |
| 6 | 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. |
| 7 | 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 March 31, 2026, the aggregate value was $99,563, representing 21.7% of net assets. |
| 8 | 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. |
| 9 | Security value determined using significant unobservable inputs. |
| 10 | Payment-in-kind (PIK) security which may pay interest as additional principal. |
| 11 | Face amount denominated in euro. |
| 12 | Guaranteed by the Republic of South Africa. |
| 13 | Represents an unsettled loan as of March 31, 2026. The coupon rate is not known until the settlement date. |
| 14 | Step bond. |
| 15 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | 3M—3-month. |
|  | ABS—Asset-Backed Security. |
|  | CLO—Collateralized Loan Obligation. |
|  | DAC—Designated Activity Company. |
|  | GSI—Goldman Sachs International. |
|  | REMICS—Real Estate Mortgage Investment Conduits. |
|  | SOFR30A—30 Day Average Secured Overnight Financing Rate. |
|  | TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. |
|  | TSFR3M—CME Term Secured Overnight Financing Rate 3-Month. |
|  | TSFR6M—CME Term Secured Overnight Financing Rate 6-Month. |
|  | UMBS—Uniform Mortgage-Backed Securities. |

---

------

Short Duration Bond ETF

------

#### Derivative Financial Instruments Outstanding as of Period End

------

Options Written

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Counterparty | &nbsp;&nbsp;&nbsp;Expiration<br> Date | &nbsp;&nbsp;&nbsp;Exercise<br> Rate | &nbsp;&nbsp;&nbsp;Notional<br> Amount on<br> Underlying<br> Swap<br> ($000) | &nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| Over-the-Counter Swaptions | Over-the-Counter Swaptions | Over-the-Counter Swaptions | Over-the-Counter Swaptions | Over-the-Counter Swaptions | Over-the-Counter Swaptions |
| Put Swaptions |  |  |  |  |  |
| 5-Year CDX-NA-IG-S45-V1, Credit Protection Sold, Receives 1.000% Quarterly | GSI | &nbsp;&nbsp;&nbsp;4/15/2026 | &nbsp;&nbsp;&nbsp;0.700% | &nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;(1) |
| 5-Year CDX-NA-IG-S45-V1, Credit Protection Sold, Receives 1.000% Quarterly | GSI | &nbsp;&nbsp;&nbsp;4/15/2026 | &nbsp;&nbsp;&nbsp;0.700% | &nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;(1) |
| 5-Year CDX-NA-IG-S45-V1, Credit Protection Sold, Receives 1.000% Quarterly | GSI | &nbsp;&nbsp;&nbsp;4/15/2026 | &nbsp;&nbsp;&nbsp;0.700% | &nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;(1) |
| 5-Year CDX-NA-IG-S45-V1, Credit Protection Sold, Receives 1.000% Quarterly | GSI | &nbsp;&nbsp;&nbsp;5/20/2026 | &nbsp;&nbsp;&nbsp;0.700% | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;(7) |
| Total Options Written **(Premiums Received** $**10)** | Total Options Written **(Premiums Received** $**10)** |  |  |  | &nbsp;&nbsp;&nbsp;(10) |

---

GSI—Goldman Sachs International.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | June 2026 | 89 | 18463 | &nbsp;&nbsp;(29) |
| Short Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | June 2026 | (132) | (14280) | &nbsp;&nbsp;12 |
| 10-Year U.S. Treasury Note | June 2026 | (39) | (4331) | &nbsp;&nbsp;10 |
| Euro-Bobl | June 2026 | (13) | (1734) | &nbsp;&nbsp;31 |
| Euro-Bund | June 2026 | (1) | (145) | &nbsp;&nbsp;4 |
| Euro-Schatz | June 2026 | (16) | (1956) | &nbsp;&nbsp;17 |
| Long U.S. Treasury Bond | June 2026 | (24) | (2733) | &nbsp;&nbsp;(8) |
| Ultra 10-Year U.S. Treasury Note | June 2026 | (22) | (2497) | &nbsp;&nbsp;(2) |
| Ultra Long U.S. Treasury Bond | June 2026 | (4) | (466) | &nbsp;&nbsp;2 |
|  |  |  |  | &nbsp;&nbsp;66 |
|  |  |  |  | &nbsp;&nbsp;37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 6/17/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Wells Fargo Bank N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;— |

---

EUR—euro. <br> USD—U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold |
| CDX-NA-HY-S45-V2 | 12/21/2030 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;(41) |
| CDX-NA-HY-S46-V1 | &nbsp;&nbsp;&nbsp;6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;14 |
| CDX-NA-IG-S45-V1 | 12/21/2030 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;(7) |
| CDX-NA-IG-S46-V1 | &nbsp;&nbsp;&nbsp;6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4516 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;5 |

---

------

Short Duration Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) | Centrally Cleared Credit Default Swaps (continued) |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| Republic of South Africa | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;— |
| Republic of Turkiye | 6/21/2031 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;(2) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;(31) |

---

1 Periodic premium received/(paid) quarterly. <br> USD—U.S. dollar.

The notional amount represents the maximum potential amount the fund could be required to pay as a seller of credit protection if the reference entity was subject to a credit event.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short Duration Bond ETF

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $504,588) | 500553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,489) | &nbsp;&nbsp;&nbsp;&nbsp;1489 |
| Total Investments in Securities | 502042 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Foreign Currency, at Value (Cost $31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;14533 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;4033 |
| Variation Margin Receivable—Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| **Total Assets** | **520689** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;62011 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Options Written, at Value (Premiums Received $10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;**62117** |
| **Net Assets** | **458572** |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 460780 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2208) |
| **Net Assets** | **458572** |
| **Net Assets** |  |
| **Applicable to 6,025,000 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **458572** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;**$76.11** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short Duration Bond ETF

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | 4776 |
| Total Income | 4776 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Shareholders' Reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;158 |
| **Net Investment Income** | **4618** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(67) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**259** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (4690) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(32) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| **Change in Unrealized Appreciation (Depreciation)** | **(4670)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;**207** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $119, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Short Duration Bond ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;April 1, 2025<sup>1</sup> to<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;4618 | &nbsp;&nbsp;&nbsp;&nbsp;1185 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(4670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;1953 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863) |
| **Capital Share Transactions** |  |  |
| Issued | 367347 | &nbsp;&nbsp;&nbsp;93434 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Net Increase (Decrease) from Capital Share Transactions | 367347 | &nbsp;&nbsp;&nbsp;93433 |
| Total Increase (Decrease) | 364049 | &nbsp;&nbsp;&nbsp;94523 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**94523** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **End of Period** | **458572** | &nbsp;&nbsp;&nbsp;**94523** |

---

1 Inception.

See accompanying Notes, which are an integral part of the Financial Statements.

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Short Duration Bond ETF

Financial Highlights

---

| | | |
|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;April 1, 2025<sup>1</sup> to<br> September 30, 2025 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$76.54** | &nbsp;&nbsp;&nbsp;**$75.00** |
| **Investment Operations** |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.743 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.092 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.835 |
| **Distributions** |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.469) | &nbsp;&nbsp;&nbsp;&nbsp;(1.295) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.150) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.619) | &nbsp;&nbsp;&nbsp;&nbsp;(1.295) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$76.11** | &nbsp;&nbsp;&nbsp;**$76.54** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**1.57%** | &nbsp;&nbsp;&nbsp;**3.81%** |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$459 | &nbsp;&nbsp;&nbsp;$95 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;0.15%<sup>3</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;4.37% | &nbsp;&nbsp;&nbsp;4.61%<sup>3</sup> |
| Portfolio Turnover Rate<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;110% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Annualized. |
| 4 | Includes 48%, and 27%, respectively, attributable to mortgage-dollar-roll activity. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

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Short Duration Bond ETF

Notes to Financial Statements

Vanguard Short Duration Bond ETF is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchage, Inc.; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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. 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.

2. 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).

3. 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. The fund may sell a TBA that it does not hold (Sales Commitments) to manage portfolio risks while giving the fund more flexibility. The settlement date of a Sales Commitment is not set, and the positions can be increased or decreased to ensure appropriate hedging ratios for the fund and may be offset by entering into an equal amount of TBA purchases. When the fund is a buyer of TBA transactions, it maintains cash, short-term investments, or Treasuries 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.

4. 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 substantially similar securities in the future at a predetermined price on a predetermined date. The fund forgoes principal and interest paid on the securities sold. In exchange for the forgone principal and interest paid, the fund is compensated by investing the proceeds of the sale, typically in high-quality short-term fixed income securities, and earning interest on such investments. Further the fund receives 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 substantially 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 in the Statement of Assets and Liabilities.

5. Floating Rate Loan Interests: Floating rate loan interests represent interests in amounts owed by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the fund to supply additional cash to the borrower on demand. Floating rate loan interests may be made directly with a borrower or acquired through assignment or participation. The fund's right to enforce a borrower's compliance with the terms of the loan agreement, or benefit directly from the collateral supporting the loan, varies depending on whether the loan is a direct borrowing, an assignment, or a participation. Floating rate loan interests involve various risks including risk of loss in case of default, insolvency, or the bankruptcy of the borrower and are generally subject to restrictions on transfer with limited opportunities to sell them in secondary markets. The fund may also invest in loan commitments, which are contractual obligations for a future funding. The fund may earn a commitment fee on any unfunded portion of these commitments which is amortized to interest income over the commitment period. Both the funded portion of a floating rate loan interest as well as its unfunded commitment, if any, is reflected on the Schedule of Investments.

6. Swaptions: The fund invests in options on swaps, which are transacted over-the-counter (OTC) and not on an exchange. The fund enters into swaptions to adjust the fund's sensitivity to interest rates or to adjust its exposure to the underlying investments. The fund may purchase a swaption from a counterparty whereby the fund has the right to enter into a swap in which the fund will pay either a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, and receive a different floating rate, each applied to a notional amount. The fund may also sell a swaption to a counterparty whereby the fund grants the counterparty the right to enter into a swap in which the fund will pay a floating rate and receive a fixed rate, each applied to a notional amount. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date,

------

Short Duration Bond ETF

contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. Although this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options generally involve greater credit risk than exchange-traded options. Credit risk involves the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund mitigates its counterparty risk by entering into swaptions with a diverse group of prequalified counterparties and monitoring their financial strength.

The primary risk associated with purchasing swaptions is that interest rates or the value of the underlying investments move in such a way that the exercise price of the swaption exceeds the value of the underlying investment, the position is worthless at expiration, and the fund loses the premium paid. The primary risk associated with selling swaptions is that interest rates or the value of the underlying investments move in such a way that the exercise price of the swaption exceeds the value of the underlying investment, the counterparty exercises the swaption, and the resulting interest rate swap results in a negative cash flow to the fund in an amount greater than the premium received. A risk associated with all types of swaptions is the possibility that a counterparty may default on its obligations under the swaption contract.

Swaptions are valued based on market quotations received from independent pricing services or recognized dealers. The premium paid for a purchased swaption is recorded in the Statement of Assets and Liabilities as an asset and is subsequently adjusted daily based on the current market value of the swaption. The premium received for a written swaption is recorded in the Statement of Assets and Liabilities as an asset with an equal liability and is subsequently adjusted daily based on the current market value of the swaption. The notional amounts of option contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of swaptions are recorded in the Statement of Operations as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized.

During the six months ended March 31, 2026, the fund's average value of investments in swaptions purchased and swaptions written represented less than 1% of net assets, respectively, based on the average market values at each quarter-end during the period.

7. 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended March 31, 2026, the fund's average investments in long and short futures contracts represented 1% and 5% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

8. 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

During the six months ended March 31, 2026, the fund's average investment in forward currency contracts represented 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

9. Swap Contracts: The fund invests in credit default swaps to adjust the overall credit risk of the fund or to actively overweight or underweight credit risk to a specific issuer or group of issuers. The fund may sell credit protection through credit default swaps to simulate investments in long positions that are either unavailable or considered to be less attractively priced in the bond market. The fund may purchase credit protection through credit default swaps to reduce credit exposure to a given issuer or issuers. Under the terms of the swaps, an up-front payment may be exchanged between the seller and buyer. In addition, the seller of the credit protection receives a periodic payment of premium from the buyer that is a fixed percentage applied to a notional amount. If, for example, the reference entity is subject to a credit event (such as bankruptcy, failure to pay, or obligation

------

Short Duration Bond ETF

acceleration) during the term of the swap, the seller agrees to either physically settle or cash settle the swap contract. If the swap is physically settled, the seller agrees to pay the buyer an amount equal to the notional amount and take delivery of a debt instrument of the reference issuer with a par amount equal to such notional amount. If the swap is cash settled, the seller agrees to pay the buyer the difference between the notional amount and the final price for the relevant debt instrument, as determined either in a market auction or pursuant to a pre-agreed-upon valuation procedure.

The fund enters into interest rate swap transactions to adjust the fund's sensitivity to changes in interest rates and maintain the ability to generate income at prevailing market rates. Under the terms of the swaps, one party pays the other either an amount that is a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, applied to a notional amount. In return, the counterparty agrees to pay a different floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount. The fund enters into inflation swap transactions to transfer inflation risk from one party to another through an exchange of cash flows. Under the terms of the swap, one party pays a fixed rate applied to a notional amount. In return, the other party pays a floating rate linked to an inflation index.

The fund enters into centrally cleared credit default and interest rate swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the counterparty instead of the clearing broker or executing broker. 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. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified executing brokers; monitors the financial strength of its clearing brokers, executing brokers, and clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.

The primary risk associated with selling credit protection is that, upon the occurrence of a defined credit event, the market value of the debt instrument received by the fund (or, in a cash settled swap, the debt instruments used to determine the settlement payment by the fund) will be significantly less than the amount paid by the fund and, in a physically settled swap, the fund may receive an illiquid debt instrument. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps 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. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, 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 swap 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 swap 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.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the seller of credit protection is required to take delivery (or, in a cash settled swap, pay the settlement amount determined) upon occurrence of a credit event, periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The net premium to be received or paid by the fund under swap contracts is accrued daily and recorded as realized gain (loss) over the life of the contract.

During the six months ended March 31, 2026, the fund's average amounts of investments in credit protection sold and credit protection purchased represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period. The average amount of investments in interest rate swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

10. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

11. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

12. Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in an uncommitted credit facility provided by Vanguard, which may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. Any borrowings under the facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread, or based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

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Short Duration Bond ETF

For the six months ended March 31, 2026, the fund did not utilize the credit facility or the Interfund Lending Program.

13. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Paid-in-kind interest included in income, if any, is recorded at the fair value of the securities received. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $10,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** 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 March 31, 2026, based on the inputs used to value them:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;188041 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;188041 |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46083 | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;46523 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;204835 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;204835 |
| Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8920 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8920 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40660 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40660 |
| Temporary Cash Investments | 1489 | &nbsp;&nbsp;&nbsp;&nbsp;11570 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13059 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Total | 1489 | &nbsp;&nbsp;&nbsp;500113 | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;502042 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| Swap Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| Total | &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;115 |
| Liabilities |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10) |
| Futures Contracts<sup>1</sup> | (39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(39) |
| Swap Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(50) |
| Total | (39) | &nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(99) |

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1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**E.** At March 31, 2026, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Interest Rate<br> Contracts<br> ($000) | Foreign<br> Exchange<br> Contracts<br> ($000) | Credit<br> Contracts<br> ($000) | &nbsp;&nbsp;Total<br> ($000) |
| Investments in Secuties, at Value—Unaffiliated Issuers (Options Purchased) |  |  | 4 | &nbsp;&nbsp;4 |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 76 |  |  | &nbsp;&nbsp;76 |

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Short Duration Bond ETF

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| | | | | |
|:---|:---|:---|:---|:---|
| Statement of Assets and Liabilities (continued) | Interest Rate<br> Contracts<br> ($000) | Foreign<br> Exchange<br> Contracts<br> ($000) | Credit<br> Contracts<br> ($000) | &nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Centrally Cleared Swap Contracts<sup>1</sup> |  |  | 19 | &nbsp;&nbsp;19 |
| Unrealized Appreciation—Forward Currency Contracts |  | 20 |  | &nbsp;&nbsp;20 |
| Total Assets | 76 | 20 | 23 | &nbsp;&nbsp;119 |
| Options Written, at Value |  |  | (10) | &nbsp;&nbsp;(10) |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | (39) |  |  | &nbsp;&nbsp;(39) |
| Unrealized Depreciation—Centrally Cleared Swap Contracts<sup>1</sup> |  |  | (50) | &nbsp;&nbsp;(50) |
| Total Liabilities | (39) |  | (60) | &nbsp;&nbsp;(99) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended March 31, 2026, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Interest Rate<br> Contracts<br> ($000) | Foreign<br> Exchange<br> Contracts<br> ($000) | Credit<br> Contracts<br> ($000) | &nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 237 |  |  | &nbsp;&nbsp;237 |
| Options Purchased |  |  | 5 | &nbsp;&nbsp;5 |
| Swap Contracts |  |  | (67) | &nbsp;&nbsp;(67) |
| Forward Currency Contracts |  | 58 |  | &nbsp;&nbsp;58 |
| Realized Net Gain (Loss) on Derivatives | 237 | 58 | (62) | &nbsp;&nbsp;233 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |  |
| Futures Contracts | 35 |  |  | &nbsp;&nbsp;35 |
| Options Purchased |  |  | 2 | &nbsp;&nbsp;2 |
| Options Written |  |  |  | &nbsp;&nbsp;— |
| Swap Contracts |  |  | (32) | &nbsp;&nbsp;(32) |
| Forward Currency Contracts |  | 16 |  | &nbsp;&nbsp;16 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 35 | 16 | (30) | &nbsp;&nbsp;21 |

---

**F.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;506085 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(4492) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(4027) |

---

**G.** During the six months ended March 31, 2026, the fund purchased $199,031,000 of investment securities and sold $20,695,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $455,652,000 and $344,131,000, respectively. In addition, the fund purchased and sold investment securities of $99,689,000 and $0, respectively, in
connection with in-kind purchases and redemptions of the fund's capital shares.

**H.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;April 1, 2025<sup>1</sup> to<br> September 30,<br> 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 4790 | &nbsp;&nbsp;&nbsp;1235 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Increase (Decrease) in Shares Outstanding | 4790 | &nbsp;&nbsp;&nbsp;1235 |

---

1 Inception.

------

Short Duration Bond ETF

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

At March 31, 2026, one shareholder was the record or beneficial owner of 58% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

QV0442 052026

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement - Short-Term Inflation-Protected Securities Index Fund**

A majority of independent trustees of the board of Vanguard Short-Term Inflation-Protected Securities Index Fund (Trustees) has approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving the advisory arrangements was in the best interests of the fund and its shareholders.

The Trustees based their decision upon an evaluation of VCM's investment staff, fund management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group, now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha.

The Trustees concluded that VCM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance**

The Trustees determined that VCM's Fixed Income Group, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes. The Trustees concluded the performance was such that the advisory arrangements warranted approval.

**Cost**

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VCM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that the fund's arrangement with Vanguard, and services rendered through VCM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangement - Emerging Markets Bond Fund**

A majority of independent trustees of the board of Vanguard Emerging Markets Bond Fund (Trustees) has approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving the advisory arrangements was in the best interests of the fund and its shareholders.

The Trustees based their decision upon an evaluation of VCM's investment staff, fund management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group, now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha.

The Trustees concluded that VCM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance**

The Trustees determined that VCM's Fixed Income Group, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes. The Trustees concluded the performance was such that the advisory arrangements warranted approval.

**Cost**

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VCM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that the fund's arrangement with Vanguard, and services rendered through VCM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangement - Short Duration Bond ETF**

A majority of independent trustees of the board of Vanguard Short Duration Bond ETF (Trustees) has approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving the advisory arrangements was in the best interests of the fund and its shareholders.

The Trustees based their decision upon an evaluation of VCM's investment staff, fund management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group, now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha.

The Trustees concluded that VCM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance**

The Trustees determined that VCM's Fixed Income Group, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes. The Trustees concluded the performance was such that the advisory arrangements warranted approval.

**Cost**

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VCM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that the fund's arrangement with Vanguard, and services rendered through VCM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangement again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19: Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm2611750d8_ex99-cert.htm) | [Certifications filed herewith.](tm2611750d8_ex99-cert.htm) |
| [(a)(2)](tm2611750d8_ex99-906cert.htm) | [Certifications filed herewith.](tm2611750d8_ex99-906cert.htm) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD MALVERN FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: May 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD MALVERN FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: May 26, 2026

---

| | |
|:---|:---|
|  | VANGUARD MALVERN FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: May 26, 2026

---

| | |
|:---|:---|
| \* By: | /s/ Natalie Lamarque |

---

Natalie Lamarque, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), and to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000119312526077489/f44118d9.htm) filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Malvern Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 26, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Malvern Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 26, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Malvern Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: May 26, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Malvern Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: May 26, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---